Helping Classic TV Characters With Their Financial Planning


Even though these are fictional characters, we see their personalities all the time in real life. Isaac will explain what their personality looks like when it’s manifested in a real person and what he would do to help that client.

Transcript

John Stillman: You're listening to Wright Money Tips. I'm John Stillman, alongside Isaac Wright, chartered financial consultant and president of Financial Dynamics and Associates. You can get in touch with Isaac and the team by calling (804) 777-9999. Isaac, back in my day, I don't even know what that means, back in my day, but I used to love watching TV Land when they had shows Like Beverly Hillbillies, and Andy Griffith, Leave It To Beaver, classic TV shows, right?

John Stillman: I happened upon TV Land the other day, and King of Queens was going off, and then they were about to start an episode of Everybody Loves Raymond. I said, "Wait, how old am I that these are now the classics?" Both good shows, but it's hardly what I would call classic TV, but I guess as people age... Everybody Loves Raymond, I think went off the air in like 2005 or something like that. I don't know, that's a weird sensation.

Isaac Wright: Yeah, I was going to say old school TV, I wouldn't throw the 2000s in that category.

John Stillman: Yup.

Isaac Wright: I don't know if you saw by the way, John, man, I can't remember where I pulled this from but, that a lot of people with all this craziness going on this year have really... a lot more TV is being watched with shows that, let's call it we're in a simpler time and makes people feel good about the good old days. It wouldn't surprise me that more people are watching TV Land.

John Stillman: Yup, a lot of nostalgia there, a lot of escapism from everything that's going on, swirling around you. Well, what we're going to do today is look at some classic TV characters and not Ray Romano, I'm talking about the actual classics. We're going to talk about classic TV characters and how they relate to financial planning.

Isaac Wright: Okay.

John Stillman: We're going to start with Jed Clampett, the guy who got rich overnight, essentially. I'm sure you've seen somebody who kind of fits into the Jed Clampett category. How did they get to this place? I'm sure it wasn't they fired off a shotgun and oil started bubbling out of their yard. So, what does this situation look like and how do you deal with somebody in this got rich quick sort of scenario?

Isaac Wright: Sure. We also have to assume that people understand that this is part of the Beverly Hillbillies. Jed Clampett to me is somebody who personifies, of course, TV plays this up, but that got rich quick and really doesn't know how to handle the money.

Isaac Wright: Now, let me just say this relative to many of you that if you do listen to the podcast, and you've heard me on radio, and had been to any of my events, I mean, there's different personality types and you got to understand who you are when you're doing financial planning, especially if you are looking in the later years of having money to live on in retirement.

Isaac Wright: Listen, we're not going to have oil strike in our backyard, I think we all can agree to that. But more likely than not, if you have an inheritance, if you have some type of legal settlement, or let's say you have a severance from a retirement buyout right now, a lot of people are being laid off and they're being offered severance packages, or, now you have your lump sum available in a pension or a 401k.

Isaac Wright: I mean in a way, that can be a windfall for somebody that maybe had never have had that much money in the past. Maybe you put the money away diligently for years, and now this lump sum is something you got to figure out what to do with. What I'm saying here is this, don't be Jed Clampett and look to, again, just go out and run rough shot over that money and have that money gone in no time at all. I think you want to make sure you have a plan.

Isaac Wright: Of course, we've seen how crazy the market's been this year, how crazy the overall economy is being right now, and I think we've created some really good strategies with the families that we serve. We've had a lot of new families come in to visit us. We had a great, it's called a great last couple of months really. People are getting back out of the house a little bit. We have a good protocol as far as being able to sit down with you.

Isaac Wright: But long story short, if you just want to sit down and have a chat about if you are in this predicament, if you go to our website, we have so much information out there, but know that we're here to help you especially when it comes to how to manage the lump sums of money that come your way. (804) 777-9999. Feel free to call me, I'm happy to talk to you about it. I know we're kind of putting a crazy little spin on the conversation today with classic TV characters, but in a way, John, a lot of that is true.

John Stillman: Again, (804) 777-9999. If you struck oil, or, maybe the more realistic scenarios like Isaac mentioned, you've got a severance, a big pension buyout offer or something like that, an inheritance, a legal settlement, whatever it might be, and you want to get a little bit of help, reach out to the team at Financial Dynamics.

John Stillman: Okay, our next character is Barney Fife. Always has the best of intentions, really wants to do great things, he just never is quite able to do great things. Where do you see that in the financial planning realm, Isaac?

Isaac Wright: Yeah, the good old Andy Griffith Show. Let me just say this, Barney is the type of person that talks a big game and wants to do great things, but when it really comes down to it, he only has one bullet. If y'all ever watch the show, it's not even in his gun, it's in his shirt pocket.

Isaac Wright: Let's say in the financial planning realm, Barney Fife would have big dreams and goals, but quite frankly, doesn't have the self-discipline or the organizational skills to make that goal happen. The reality behind it is this, is whether or not you're Barney Fife, but I was just thinking the bigger picture is this, is in today's world, I think everybody can agree. You wake up, and as soon as you wake up, you got multiple alerts activities, things coming and going, and it's easy to get segmented, it's easy to be able to get caught up and go in 10 different directions.

Isaac Wright: I think it's really nice to have, let's call it professionals, that have your back. When it comes to financial, and/or let's say financial and retirement planning, you can easily get segmented because, again, sometimes money is all over the place, you have multiple accounts at multiple locations, you haven't had somebody to build, really communicate well enough with you to understand who you are. Sometimes it's as simple as that.

Isaac Wright: Barney, if you're the type that let's say is ready to go out and get them, and let's say you are rock 'em sock 'em the first few days of let's say working out. Sometimes people get these New Year's resolutions, and within seven days they're back out of the gym. It doesn't mean you're a bad person, it doesn't mean anything at all actually, it just means that probably if you're going to be honest with yourself, it's nice to have... If you remember on the Andy Griffith Show, it's nice to have the quote Andy Griffith that was a little bit more of a beacon, a little bit more of that solid figure that was always the voice of reason.

Isaac Wright: Listen, I'm not saying I'm the best at everything, but I think I do a pretty good job of weighing out pros and cons. Sometimes, I found that that has been very helpful for families that have to sometimes make stressful decisions when it comes to money, or just not really wanting to be involved to a super detailed degree about that and wants to have somebody help them with that.

Isaac Wright: Again, John, here at our firm, Financial Dynamics, it's really important. We've seen such a crazy year this year, and I just want to let people know that, listen, that's what we're about.

John Stillman: You are the sheriff without a gun of the financial realm, just like Andy was in Mayberry. All right, talk through-

Isaac Wright: Andy could communicate and mediate through a lot of those things.

John Stillman: There you go. I like that. All right, so we're going to move from black and white to color, but still classic TV. Let's go to Gilligan. Who is the Gilligan that you encounter in the financial planning process, and how do you help that person?

Isaac Wright: Well, everybody knows Gilligan's Island, I would imagine. As you all already know, extremely lovable character, just had always the really bad luck on his side that kept him, of course, and his buddies, stranded on the island. Let's be honest, kind of was a victim of his own dumb decisions, and we see a lot of people in that similar boat, pun intended.

Isaac Wright: I think you just have to understand hardworking, usually very friendly folks. If you also, maybe in the past have had a rough time financially, you may be doing things in your world as best that you can do them, so please understand that. Everybody has things that happen that they can't predict, or they can't depend upon sometimes when it comes to this life and the way it works. But maybe you have an illness, and I don't know, maybe you've had a divorce or something that's taken money away from you, you really had a lifestyle change. Really now, maybe you're getting back on your feet.

Isaac Wright: If you have a situation where financial planning comes to be more important to you. A lot of times, when somebody has had a bad experience, they understand the importance of a financial plan. Sometimes you don't know what you have until it's gone. Once you are able to start reclaiming that and going through that process, having somebody that can help share that burden, in some respects, I think is helpful.

Isaac Wright: Just know that we're all on the same journey to try to be productive, trying to do the best that we can, and I think there's strength in numbers. Let's say in the world that we are living in today, we wanted to have a little fun, kind of harken back to the classic TV era, and understand some of these characters we watched on TV sometimes when it comes to money, can sometimes have a lot of similarities to how we operate day in and day out.

Isaac Wright: John, I think it's been fun. Hope all of you have enjoyed this. I think more importantly, hoping as we go into this later half of the year, that we can start seeing some further improvements. Always nice to be able to have a little bit of escapism, let's call it, and I think this show hopefully provided that with some present day commentary.

John Stillman: Well, if you'd like to get in touch with the team at Financial Dynamics, you don't have to pick up the phone and ask for Sarah to connect you like they had to do in Mayberry, all you have to do is dial the number (804) 777-9999. Fun discussion, and we'll look forward to talking with you again soon right here on the Wright Money Tips. Have a great day.

Announcer: Information is for illustrative purposes only and does not constitute tax, investment or legal advice. Always consult with a qualified investment, legal or tax professional before taking any action.

Announcer: Advisory services offered through J.W. Cole Advisors, Inc. (“JWCA”). Financial Dynamics and Associates, Inc. and JWCA are unaffiliated entities.

Advisory services offered through J.W. Cole Advisors, Inc.
 
J.W. Cole Advisors, Inc., and Financial Dynamics and Associates, Inc. are unaffiliated entities.

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