[0:00] Raleigh Ann Vachek: I get that phone call from, you know, an adult daughter or son, and, "Mom, Dad always said that we could call you, and-"
[0:05] Shannon Warwick: Wow
[0:05] Raleigh Ann Vachek: ... "this has happened, and we don't know what to do, but we're sure you're, you're gonna help us through this." I, I distinctly remember some phone calls, like, "Wait a minute. Where, where's, where's the money? Why were we in all these tech stocks?"
[0:15] Shannon Warwick: But you said to me one day, "I think you should make the next investment. What do you want to do?" And I cried because no one had ever asked me that before.
[0:22] Ryan Warwick: And it came out that this gentleman had a list in his desk of, uh, things he wanted to do-
[0:29] Shannon Warwick: Mm-hmm
[0:30] Ryan Warwick: ... at some point during his life. His wife is sitting here and has no idea that that list exists.
[0:34] Shannon Warwick: Wow. When Ryan brought up your life raft drills, I loved it. We can actually go through scenarios. We can run a drill. We can talk about the what ifs. I say it's putting the face to that monster that's so scary, and all of a sudden he's not so scary anymore.
[0:48] Raleigh Ann Vachek: Mm-hmm.
[0:49] Shannon Warwick: That's one of the, if not the biggest question that families ask, "Are we going to be okay?"
[0:54] Ryan Warwick: Welcome to the Worth Beyond Wealth podcast.
[0:56] Shannon Warwick: Where net worth meets personal worth. I'm Shannon.
[0:59] Ryan Warwick: I'm Ryan. We help families navigate the emotional, relational, and personal realities that money alone can't solve.
[1:06] Shannon Warwick: If you've built wealth but still wonder what it all means, or how to keep your family grounded while protecting your legacy, you're in the right place.
[1:14] Ryan Warwick: We sit down with experts, and with you, to talk identity, purpose, and connection beyond the balance sheet.
[1:21] Shannon Warwick: Because true wealth isn't measured in dollars. It's measured in the impact we make and the relationships we nurture.
[1:27] Ryan Warwick: So grab a seat-
[1:28] Shannon Warwick: Take a breath
[1:29] Ryan Warwick: ... and let's redefine what it means-
[1:31] Shannon Warwick: To be truly wealthy together
[1:33] Ryan Warwick: ... this is the Worth-
[1:35] Shannon Warwick: Beyond Wealth
[1:36] Ryan Warwick: ... Beyond Wealth podcast.
[1:37] Shannon Warwick: I think we can start with just saying that we know there's a historic amount of wealth moving to women in particular, and the job here at RW is to help them feel ready, confident. The word that comes to me is safe. Uh, does that resonate with you?
[1:51] Raleigh Ann Vachek: Absolutely.
[1:52] Shannon Warwick: The word safe? Good.
[1:52] Raleigh Ann Vachek: Absolutely.
[1:53] Shannon Warwick: Yeah, and I think in particular we're introducing Raleigh Bacek today, and you show what strong stewardship looks like in real life, clear plans, shared decision-making, simple next steps trying to lower the stress. This episode in particular, we're wanting to give families and women language and habits that they can start to use right away. Who are you here at RW? You-
[2:17] Raleigh Ann Vachek: Yes
[2:17] Shannon Warwick: ... principal.
[2:18] Raleigh Ann Vachek: Yes.
[2:19] Shannon Warwick: You're a wealth advisor, a CFP. You lead the advisory team, and you set the bar for great client meetings. Uh, you started at RW in a support role, and you've grown into ownership. Talk about that for a second.
[2:32] Raleigh Ann Vachek: I- when I talk about how I started in this industry, I fell into it. I had a class my senior year of college that was, um, you know, really looking at all different areas of finance and investments, and I didn't really know what that meant.
[2:44] Shannon Warwick: Mm-hmm.
[2:44] Raleigh Ann Vachek: But the professor said, "Write down an industry that you're curious about and that you would like to, um, maybe go job shadow."
[2:51] Shannon Warwick: Mm.
[2:51] Raleigh Ann Vachek: So I went and met with a gentleman at an investment firm, and I just said, "You know, I really wanna help people, but I don't wanna sell stuff. Like, I'm not really a salesman."
[3:02] Shannon Warwick: Mm-hmm.
[3:02] Raleigh Ann Vachek: "But I wanna help people." And he's like, "Oh, I think you have a great rapport. You're a good listener. You'd be great in our industry." And this was in, in northern Colorado, and I said, "Well, I, I wanna move back to Idaho." And this was right in the spring of 2000. So naively, um, I thought it would be really easy for me to, you know, find a job. And it was early enough, before the tech bubble, that I was able to fall into a job. So he literally picked up the phone, um, called a cohort here in Boise, and said, "I have a gal you should consider hiring." And he said, "I don't have a job open." He's like, "Well, make one." And- And I literally said, "I'll do anything."
[3:37] Shannon Warwick: Mm.
[3:37] Raleigh Ann Vachek: I was just hungry and curious and wanted to learn, and I thought, oh, investments would be great.
[3:41] Shannon Warwick: Mm-hmm.
[3:41] Raleigh Ann Vachek: And so moved to Boise, and at that time, um, we had a wire operators, brokers, uh, now hopefully financial advisors, but brokers at that time would hand write tickets, um, and we would enter them on the wire to put in orders.
[3:54] Shannon Warwick: Mm.
[3:54] Raleigh Ann Vachek: So just a very different time. Um, phones were ringing like crazy to-
[3:59] Shannon Warwick: Mm-hmm
[3:59] Raleigh Ann Vachek: ... locally buy extended systems. Um, so just a very different time. I liked the energy. Every day was something different, but I knew that I wanted something deeper. So I really, really quickly decided I wanted to get my CFP, become a certified financial planner. Um, I did not feel satisfied by picking stocks. Um, I knew there had to be a better way.
[4:19] Shannon Warwick: Mm-hmm.
[4:19] Raleigh Ann Vachek: And, you know, very quickly in the early 2000s, the tech bubble happened. A lot of people lost a lot of money. There definitely was a better way, and so that's kinda how I, um, I think, fell into the industry to start, and then got my CFP, and then was fortunate to work with another great team-
[4:35] Shannon Warwick: Mm-hmm
[4:35] Raleigh Ann Vachek: ... and just grow into the planning piece, uh, more professional institutional management. And then, so really started from the ground up, though. Just went into-
[4:43] Shannon Warwick: Mm-hmm
[4:43] Raleigh Ann Vachek: ... an associate advisor role-
[4:45] Shannon Warwick: Yeah
[4:45] Raleigh Ann Vachek: ... um, and just really cared about the clients, the people, the planning. That part I really enjoyed.
[4:51] Shannon Warwick: It's really, um, kind of an organic story for you.
[4:54] Raleigh Ann Vachek: Yes.
[4:54] Ryan Warwick: When I listen to that story, it's, it was intuitive to you to seek worth beyond wealth.
[5:03] Shannon Warwick: Mm-hmm.
[5:03] Ryan Warwick: So there was nothing attractive about-
[5:06] Shannon Warwick: Selling
[5:07] Ryan Warwick: ... the idea of selling, the idea of being a broker, of trading. It was, "How do I plan for people? How do I help people?"
[5:15] Shannon Warwick: Mm.
[5:16] Ryan Warwick: I think that that gives you, still to this day, that is the activity and, and the, the stuff that gives you joy.
[5:24] Raleigh Ann Vachek: Absolutely.
[5:24] Ryan Warwick: So are there, when you think about what gives you joy today in this, in this industry, is there anything that comes to mind?
[5:31] Raleigh Ann Vachek: I think we're so fortunate to be part of these families.
[5:35] Shannon Warwick: Mm-hmm.
[5:35] Raleigh Ann Vachek: I have said, you know, when I'm working with younger advisors, oftentimes we're a first phone call that happens when there's some amazing news or some tragic news, and what a privilege to be part of these families. And, and hopefully help guide them. So whether it's a marriage or a new birth, and, "What should I do for my grandchild?"
[5:55] Shannon Warwick: Mm.
[5:55] Raleigh Ann Vachek: Those are the fun conversations. Or when it's a scared, unexpected death, and, "What do I do?" Um, you know, we can do that steady voice, that voice of calm. There's, there's many instances where I get that phone call from, you know, an adult daughter or son, and, "Mom, Dad always said that we could call you, and-"
[6:11] Shannon Warwick: Wow
[6:11] Raleigh Ann Vachek: ... "this has happened, and we don't know what to do, but we're sure you're, you're gonna help us through this." And so I think, uh, it is such a privilege. And so while it can be hard at times, it's a blessing to be part of these families. And I think that that can give me such joy, just knowing that you can provide-
[6:26] Shannon Warwick: Mm-hmm, mm-hmm
[6:26] Raleigh Ann Vachek: ... a sense of peace of mind, which is really hard. So just, you know, knowing you have that phone call, that person that can help you through it-
[6:33] Shannon Warwick: Mm-hmm
[6:33] Raleigh Ann Vachek: ... during exciting or difficult times.
[6:35] Shannon Warwick: Right.
[6:35] Raleigh Ann Vachek: So I think that. That's what I would say.
[6:37] Shannon Warwick: So the transitions-
[6:38] Raleigh Ann Vachek: It's enjoyable
[6:38] Shannon Warwick: ... planned and unplanned, I think.
[6:39] Raleigh Ann Vachek: Yeah, all of them.
[6:40] Shannon Warwick: Yeah, absolutely. Worth beyond wealth. When you picture a good life, what matters most that money can't buy? When, when you're, when you're working with these families-
[6:51] Raleigh Ann Vachek: Yeah
[6:51] Shannon Warwick: ... you know, that's kind of a, I, I'm sure that's always in the back of your mind, right?
[6:55] Raleigh Ann Vachek: Absolutely.
[6:56] Shannon Warwick: Mm-hmm.
[6:56] Raleigh Ann Vachek: And I think families have different but similar challenges. One of the basics that I, I think you hear is, "Gosh, I want the same opportunities for my kids that I had, and-
[7:06] Shannon Warwick: Mm-hmm
[7:06] Raleigh Ann Vachek: ... if not the same, maybe even better opportunities."
[7:08] Shannon Warwick: Better, mm-hmm.
[7:09] Raleigh Ann Vachek: Um, so I think that's something that's really important, and, and oftentimes that doesn't have anything to do with finances. Sometimes it does, but a lot of times it's just, "I want, I want my kids to have meaningful relationships."
[7:21] Shannon Warwick: Mm.
[7:21] Raleigh Ann Vachek: "I want them to have connections." And so there are challenges i- in this world today. I mean, even watching our kids grow up, they're growing up-
[7:28] Shannon Warwick: Yeah
[7:28] Raleigh Ann Vachek: ... in a different world than we did.
[7:29] Shannon Warwick: Yeah.
[7:29] Raleigh Ann Vachek: So I think, um-
[7:30] Shannon Warwick: Mm-hmm
[7:30] Raleigh Ann Vachek: ... just facilitating some of those conversations-
[7:32] Shannon Warwick: Mm
[7:32] Raleigh Ann Vachek: ... with families about what's important to you, how are you gonna make that happen. Sometimes it is, you know, maybe encouraging them to do some, some big family excursion, um-
[7:42] Shannon Warwick: Mm
[7:43] Raleigh Ann Vachek: ... that maybe the, the gen one is going to finance. Um, but it allows for making memories and connections-
[7:48] Shannon Warwick: I love that
[7:49] Raleigh Ann Vachek: ... and, and sharing something that's important. So I think oftentimes we're just facilitating some conversations around what's important-
[7:55] Shannon Warwick: Mm-hmm
[7:55] Raleigh Ann Vachek: ... and then saying, "Well, have you thought about this? Maybe you should do this." And sometimes that involves, you know, spending some money and-
[8:01] Shannon Warwick: Mm-hmm
[8:01] Raleigh Ann Vachek: ... and sometimes it involves, um, getting involved in, in charities that are important to them-
[8:05] Shannon Warwick: Mm
[8:05] Raleigh Ann Vachek: ... and sharing that with the next gen-
[8:07] Shannon Warwick: Mm
[8:07] Raleigh Ann Vachek: ... um, sharing some of those values.
[8:09] Shannon Warwick: So do you think just your life experience as a daughter, a wife, a mother, do you think that that has just kind of brought this, this holistic picture for you that, that helps feed the way you coach families?
[8:23] Raleigh Ann Vachek: Completely, and, and maybe you've, you've talked about working genius on here or not, but one of my working geniuses is enablement, and I used to think that was a bad word. Uh-
[8:33] Shannon Warwick: Right
[8:34] Raleigh Ann Vachek: ... I, I used to think enablement is, is, is terrible.
[8:36] Ryan Warwick: Different than-
[8:37] Raleigh Ann Vachek: I guess
[8:37] Ryan Warwick: ... enabling, right?
[8:38] Raleigh Ann Vachek: There's different meanings.
[8:39] Shannon Warwick: Exactly.
[8:39] Raleigh Ann Vachek: There's different meanings.
[8:39] Shannon Warwick: When I first heard that, it was, because that's me too with working ge- I was like, "Wait a second."
[8:43] Raleigh Ann Vachek: Yes.
[8:43] Shannon Warwick: "That's really negative, right?"
[8:45] Raleigh Ann Vachek: Yes.
[8:45] Shannon Warwick: No.
[8:45] Raleigh Ann Vachek: No.
[8:46] Shannon Warwick: Yeah.
[8:46] Raleigh Ann Vachek: So what I've come to realize, um, as a daughter, as a wife, as a mother, as an advisor, for me, enablement is really trying to anticipate unmet needs.
[8:58] Shannon Warwick: Mm.
[8:58] Raleigh Ann Vachek: And, and that's me to a T.
[9:00] Shannon Warwick: Intriguing.
[9:01] Raleigh Ann Vachek: I, I like to-
[9:01] Shannon Warwick: Yeah, I love it
[9:02] Raleigh Ann Vachek: ... um, to plan and prepare and, and make sure that there's enough food. I don't wanna run out of food. Or, gosh, if someone got injured, do I have the right first aid supplies? So just thinking through all those pieces. Um, so, so absolutely. I think these other various roles very much has prepared me, um, for my role as a financial advisor-
[9:22] Shannon Warwick: Mm-hmm
[9:23] Raleigh Ann Vachek: ... really a coach, part of that family, coming alongside, helping them, um, prepare and, and, and plan ahead.
[9:30] Shannon Warwick: And helping, I heard you say encouraging them to make memories.
[9:33] Raleigh Ann Vachek: Yes.
[9:33] Shannon Warwick: Encouraging them to, what's that good life?
[9:36] Raleigh Ann Vachek: Yes.
[9:36] Shannon Warwick: Make memories.
[9:37] Raleigh Ann Vachek: Yes.
[9:37] Shannon Warwick: That's what I heard you say.
[9:38] Raleigh Ann Vachek: Absolutely.
[9:39] Shannon Warwick: Yeah.
[9:39] Raleigh Ann Vachek: Absolutely.
[9:40] Shannon Warwick: Yeah, that that for you is worth beyond wealth.
[9:44] Raleigh Ann Vachek: Completely.
[9:45] Ryan Warwick: Yeah, you, you said it. I'll just echo. We, we are in such a privileged position to be-
[9:50] Raleigh Ann Vachek: Mm
[9:50] Ryan Warwick: ... guides for heroes on their journey. It's interesting, um, all the various things, and for one family it's, it's trips, and in, for another it might be a second home. And y- you know, all the, the different ways that that family, uh, values various things. I just wanna bring this up. You've done this so well over the years. You, you do lifeboat drills with people. Can you talk about that?
[10:16] Raleigh Ann Vachek: And I, I think of this in my role right now. So I have a daughter that I just dropped off at college, and-
[10:21] Shannon Warwick: How you doing, Mom?
[10:23] Raleigh Ann Vachek: Doing all right.
[10:24] Shannon Warwick: We have orientation today-
[10:25] Raleigh Ann Vachek: Yes
[10:25] Shannon Warwick: ... with our daughter, so yeah.
[10:27] Raleigh Ann Vachek: Hang on. Hang on.
[10:28] Raleigh Ann Vachek: I think if we can talk about some of the what ifs, it's less scary if and when it happens.
[10:35] Shannon Warwick: Yeah.
[10:35] Raleigh Ann Vachek: And, um, if we can just prepare, again, it's less scary. So I think with clients, we don't wanna just talk about all the exciting, fun stuff, which is important.
[10:45] Shannon Warwick: Mm-hmm, mm-hmm.
[10:45] Raleigh Ann Vachek: We wanna talk about, okay, what are some of your fears, and, and let's go down that path, and let's understand, okay, well, what if this does happen? What does this mean for you? Because, yes, if that happens to your finances, to your-
[10:59] Shannon Warwick: Mm
[10:59] Raleigh Ann Vachek: ... money, what's the impact to your life?
[11:01] Shannon Warwick: Sure.
[11:01] Raleigh Ann Vachek: What's the impact to your family?
[11:03] Shannon Warwick: Right.
[11:03] Raleigh Ann Vachek: So thinking through all those pieces. So when we do lifeboat drills, it's really talking about some of those what if scenarios, and then from there I think it's good to talk about, well, what's the likelihood that this could happen? Because you also have to put it in perspective. So I think getting it down on, you know, paper or a whiteboard, talking through it, seeing it, and then also understanding that if we can plan properly, I'm going to be okay. I can navigate-
[11:30] Shannon Warwick: Mm
[11:30] Raleigh Ann Vachek: ... a lot of these storms. I can handle it. Maybe I'll have to adjust my lifestyle. Maybe I'll buy, you know, a car every five years instead of every three. You know, you make some changes.
[11:40] Shannon Warwick: Mm-hmm.
[11:40] Raleigh Ann Vachek: But they're choices that you can make. I, I just think so much of what's important is just, it's in talking through those what if scenarios, um, and understanding that I can navigate-
[11:51] Shannon Warwick: Mm-hmm
[11:51] Raleigh Ann Vachek: ... some of this hard stuff. Same thing with, with parenting a, a young daughter, first year of college. What are you most afraid of, and, I mean, is that likely to happen? Okay, well, what if it does happen? What do you need to do to be prepared for that?
[12:03] Shannon Warwick: Yeah. It really, it resounded with me. You, you know we're working on the Life Raft project, right?
[12:08] Raleigh Ann Vachek: Yes.
[12:08] Shannon Warwick: And you have been so lovely with bringing your own stories to the Life Raft. And when Ryan brought up your life raft drills, I loved it. I loved it so much. Okay, we can, we can actually go through scenarios. We can run a drill. We can talk about the what ifs. I say it's putting the, the face to that monster that's so scary, and all of a sudden he's not so scary anymore.
[12:31] Raleigh Ann Vachek: Mm-hmm, 100%.
[12:33] Shannon Warwick: I can identify him. I know what he looks like. So, you know, he might roar and get really loud, but, you know, he's, he's not that scary. But I like how you said put it in perspective. So if you're talking to, let's say women.
[12:44] Raleigh Ann Vachek: Mm-hmm.
[12:45] Shannon Warwick: Let's say a widow.
[12:46] Raleigh Ann Vachek: Mm-hmm.
[12:46] Shannon Warwick: Okay? And, and you've run some of these drills, right?
[12:49] Raleigh Ann Vachek: Yeah.
[12:49] Shannon Warwick: You've gone through this, and she comes in and you get that first phone call, and that is- I, I think it's important to, to talk about kind of the, the heaviness of that. I mean, that's, that's a weight on your shoulders to get that first phone call, right?
[13:04] Raleigh Ann Vachek: Absolutely.
[13:04] Shannon Warwick: Right. And so you get the phone call. The thing that we didn't want to happen has happened. What would you say to her? What are some of those first words that you're going to kind of wrap her up in based upon what you've heard and you've-
[13:17] Raleigh Ann Vachek: Yeah
[13:17] Shannon Warwick: ... seen and you've already run and hear?
[13:20] Raleigh Ann Vachek: Yeah. It's going to be okay. And, and oftentimes, you know, we're crying with them because-
[13:26] Shannon Warwick: Yeah, me
[13:26] Raleigh Ann Vachek: ... these are people that we-
[13:27] Shannon Warwick: I can see your emotions right now
[13:28] Raleigh Ann Vachek: ... have known potentially for a long time.
[13:30] Shannon Warwick: Yeah.
[13:30] Raleigh Ann Vachek: You're connected with them.
[13:32] Shannon Warwick: 100%.
[13:32] Raleigh Ann Vachek: So you're feeling their pain because-
[13:34] Shannon Warwick: It's all personal
[13:36] Raleigh Ann Vachek: ... so it's going to be okay. And I think some of the best advice we can give is, "Oh, you don't need to worry about that right now."
[13:43] Shannon Warwick: Yeah.
[13:43] Raleigh Ann Vachek: Like, there are things that they do need to take care of right away, but there's a lot of things that can wait.
[13:48] Shannon Warwick: This can wait.
[13:49] Raleigh Ann Vachek: And so trying to just-
[13:51] Shannon Warwick: Mm-hmm
[13:51] Raleigh Ann Vachek: ... I think, give them, um, some assurance that you don't have to get through all of this right now.
[13:56] Shannon Warwick: Mm-hmm.
[13:57] Raleigh Ann Vachek: We're going to be right there beside you, um, every step of the way. And hopefully, the ideal scenario, we work with their other professional team.
[14:05] Shannon Warwick: Yes.
[14:05] Raleigh Ann Vachek: So we know their estate attorney, we know their tax accountant. Um, so we're working closely with them to really try to alleviate just some of those immediate fears and, I mean, there is some administration that has to happen, but we can s- simplify it and, and try to, try to keep it moving along and, and, and again, but just that peace of mind. I, I can't emphasize that enough. So it's going to be okay. Do what you need to do with your family right now. Take time to process. All of these things that maybe you're worried about, they can wait. There's-
[14:35] Shannon Warwick: Mm-hmm
[14:35] Raleigh Ann Vachek: ... there's not an urgency to a lot of it. So I think just having that, that person you can call, and again, I, I just, I can't emphasize enough, it's such a privilege and an honor, um, to n- to have that trust in place that you get that phone call, and you can provide them some, some peace of mind during a, a tough time.
[14:52] Shannon Warwick: That's really beautiful, and that's actually one of the big questions, and we talk about it in Life Raft. That's one of the, if not the biggest question that families ask, "Are we going to be okay?"
[15:04] Raleigh Ann Vachek: Mm-hmm.
[15:04] Shannon Warwick: It's exactly the question that-
[15:04] Raleigh Ann Vachek: Mm-hmm
[15:04] Shannon Warwick: ... keeps coming back over and over again. So I love that your first response is, "It's going to be okay."
[15:12] Raleigh Ann Vachek: Yeah.
[15:12] Shannon Warwick: And then you start to kind of cut away
[15:15] Shannon Warwick: and get the main focus, right? "I, I can't deal with this," and you don't have to-
[15:19] Raleigh Ann Vachek: Mm-hmm
[15:19] Shannon Warwick: ... let me assure you. But I also heard you saying you're kind of... You're, you're running things behind the scenes.
[15:24] Raleigh Ann Vachek: Uh-huh.
[15:25] Shannon Warwick: You're starting to coordinate behind the scenes. You're keeping, you said, moving... You're keeping things moving along.
[15:30] Raleigh Ann Vachek: Mm-hmm.
[15:30] Shannon Warwick: But you're creating a space for them to grieve-
[15:33] Raleigh Ann Vachek: Mm-hmm
[15:34] Shannon Warwick: ... and for them to focus on the immediate need. Everything else will get handled, and we're gonna help you with that.
[15:41] Raleigh Ann Vachek: Absolutely.
[15:41] Shannon Warwick: We're, we're a good guide.
[15:42] Raleigh Ann Vachek: Absolutely.
[15:43] Shannon Warwick: That's my job.
[15:44] Raleigh Ann Vachek: I love that.
[15:45] Shannon Warwick: Thank you for sharing that.
[15:46] Raleigh Ann Vachek: Absolutely. Thank you.
[15:47] Ryan Warwick: And how important is it that that spouse-
[15:50] Raleigh Ann Vachek: Mm-hmm
[15:50] Ryan Warwick: ... if, if we're talking about a, a loss of a spouse-
[15:53] Raleigh Ann Vachek: Mm-hmm
[15:54] Ryan Warwick: ... has been involved before that event?
[15:56] Shannon Warwick: Yes.
[15:57] Ryan Warwick: Have you seen it both ways?
[15:58] Raleigh Ann Vachek: I've seen it both ways.
[16:00] Shannon Warwick: Let's talk about that.
[16:01] Raleigh Ann Vachek: I've seen it both ways where, you know, e- especially I think, um, in a more traditional role, if I, if I rewind in my career back to the early 2000s, you know, tech bubble, I, I distinctly remember, you know, some phone calls like, "Wait a minute. Where, where's, where's the money? Why were we in all these tech stocks?" Again, that's why I wanted to go into planning and get to know both spouses.
[16:23] Ryan Warwick: So you had some
[16:26] Ryan Warwick: s- s- people that lost spouses that then realized their spouse had been-
[16:31] Raleigh Ann Vachek: Investing a little aggressively, yes-
[16:33] Ryan Warwick: Got it
[16:33] Raleigh Ann Vachek: ... at that time.
[16:34] Ryan Warwick: Yeah.
[16:34] Shannon Warwick: Okay.
[16:34] Ryan Warwick: Scary.
[16:34] Raleigh Ann Vachek: Yes. So I think those are good, good things of what not to do. But I think it's, again, it's not uncommon in certain, um, traditional, you know, relationships where you're, you're going to have a spouse that has maybe more interest in-
[16:46] Shannon Warwick: Mm-hmm
[16:47] Raleigh Ann Vachek: ... in the investment piece, uh, and that is fine. But what we do really want to s- to do is get to know both spouses because it is important for them to have a comfort level with us.
[16:56] Shannon Warwick: Mm-hmm.
[16:57] Raleigh Ann Vachek: So in, in an ideal scenario, we've met both spouses. We've worked with both of them.
[17:01] Shannon Warwick: Mm-hmm.
[17:01] Raleigh Ann Vachek: We've talked through their goals.
[17:02] Shannon Warwick: Absolutely.
[17:03] Raleigh Ann Vachek: Understand the plan together.
[17:05] Shannon Warwick: Mm.
[17:05] Raleigh Ann Vachek: And again, you might have a point person, which is fine.
[17:07] Shannon Warwick: Mm-hmm.
[17:07] Raleigh Ann Vachek: You should. If you're in a trusted relationship, you, you can delegate. You don't have to do-
[17:11] Ryan Warwick: Yeah. Yeah
[17:11] Raleigh Ann Vachek: ... everything, uh-
[17:12] Shannon Warwick: Right
[17:12] Raleigh Ann Vachek: ... and really do duplicate. Um, but when we don't have any relationship with, with the spouse, I think that is really challenging because once, if something does happen, you know, I've see it's worked out well where they're like, "Hey, my husband said to give you a call, and that he trusted you, so I'm gonna trust you," which is great. But we also would prefer to have those relationships up front.
[17:33] Shannon Warwick: Mm-hmm.
[17:33] Raleigh Ann Vachek: And then I would also add, we definitely are not licensed, um, marriage counselors, um-... but we often facilitate conversations that didn't happen.
[17:43] Shannon Warwick: We're mediating. We're mediating a lot.
[17:45] Raleigh Ann Vachek: Correct.
[17:45] Shannon Warwick: Yeah.
[17:45] Raleigh Ann Vachek: And we're just bringing-
[17:46] Shannon Warwick: Yep. Yep
[17:46] Raleigh Ann Vachek: ... up some questions and, and oftentimes they didn't realize that they would answer it differently.
[17:50] Ryan Warwick: Sure.
[17:50] Raleigh Ann Vachek: And we're all busy. You know, I'm married.
[17:53] Shannon Warwick: Mm-hmm.
[17:53] Raleigh Ann Vachek: I have kids. Like, I'm not having the conversations I should be having at home. You're living your busy lives.
[17:58] Shannon Warwick: Mm-hmm.
[17:58] Raleigh Ann Vachek: And so I think it is so important to try to be that safe space, that area that can facilitate conversations-
[18:04] Shannon Warwick: Mm
[18:04] Raleigh Ann Vachek: ... that can talk through these goals, can talk through these fears, and then hopefully come to a unified front where they feel-
[18:11] Shannon Warwick: Yeah
[18:11] Raleigh Ann Vachek: ... like, "Oh, yeah, we're in lockstep. We're moving in the same direction."
[18:15] Shannon Warwick: Yeah.
[18:15] Raleigh Ann Vachek: "We're rowing the same way."
[18:15] Shannon Warwick: We're stronger. We're stronger for having had a conversation-
[18:18] Raleigh Ann Vachek: Completely
[18:18] Shannon Warwick: ... that we didn't know we needed to have.
[18:20] Raleigh Ann Vachek: Completely.
[18:21] Shannon Warwick: And we had a good guide-
[18:22] Raleigh Ann Vachek: Yes
[18:23] Shannon Warwick: ... mediating that conversation.
[18:24] Raleigh Ann Vachek: Absolutely.
[18:25] Shannon Warwick: Yeah.
[18:25] Raleigh Ann Vachek: Absolutely.
[18:26] Shannon Warwick: I love that. That's great.
[18:27] Ryan Warwick: It's the essence of what Life Raft is about.
[18:30] Shannon Warwick: It is, actually.
[18:31] Ryan Warwick: We started this journey because we noticed that there's this, this thing happening in relationships, that, that there's some drift, and, and it's not intentional. But we want to not just prepare people for the loss of a spouse-
[18:44] Shannon Warwick: Yeah
[18:44] Ryan Warwick: ... but we want to, uh, help facilitate what the acronym is, LIFE, living in family enterprise. How do we live a flourishing life? And, um, it was interesting when Shannon first started talking about this, and, and you called and said-
[19:00] Shannon Warwick: Yeah, we had a great conversation.
[19:02] Raleigh Ann Vachek: We did. We did
[19:04] Ryan Warwick: You know, if we, if we can get vulnerable-
[19:06] Raleigh Ann Vachek: Yeah
[19:06] Ryan Warwick: ... here. Um-
[19:06] Raleigh Ann Vachek: Absolutely
[19:08] Ryan Warwick: ... you said, "Hey, I'm, I feel some guilt."
[19:11] Raleigh Ann Vachek: Mm-hmm.
[19:11] Shannon Warwick: I think you said convicted.
[19:12] Ryan Warwick: Like-
[19:12] Shannon Warwick: I'm so convicted.
[19:13] Ryan Warwick: Yeah.
[19:14] Raleigh Ann Vachek: Absolutely. I think, Shannon, you were talking a little bit about, you know, the genesis that you've had as a couple in terms of, um, just realizing that Ryan's been an entrepreneur, he's been a financial advisor-
[19:24] Shannon Warwick: Mm-hmm
[19:25] Raleigh Ann Vachek: ... wealth guide. Um, and you're like, "Wait a minute"-
[19:26] Shannon Warwick: And I've, of course, trusted him.
[19:28] Raleigh Ann Vachek: Yes. But you're like, "Wait a minute, what if something happens to you?"
[19:31] Shannon Warwick: Come on, buddy.
[19:31] Raleigh Ann Vachek: And it's like, oh no.
[19:32] Ryan Warwick: Nothing will happen to me.
[19:34] Shannon Warwick: No.
[19:34] Raleigh Ann Vachek: I'm like, my husband just said something very similar. I'm like, "Don't worry about it. It's taken care of."
[19:40] Shannon Warwick: Yeah.
[19:40] Raleigh Ann Vachek: And, yes.
[19:40] Shannon Warwick: Ex- exactly. We kind of, and John issued this-
[19:43] Raleigh Ann Vachek: Yes
[19:43] Shannon Warwick: ... so I actually loved something that you, you said to Ryan. It's not as if we have uneducated spouses that are-
[19:52] Raleigh Ann Vachek: Mm-hmm
[19:52] Shannon Warwick: ... uh, unaware and don't know what's going on in the world. That's, that's not what we're dealing with here. But we're working within something that is just, like, breathing to us. This is just second nature, and we just handle it. And then we go home, and I think you said, "He'll ask me a question, and I'll just say to him, 'I've already taken care of it. It's fine. Don't worry.'" And you felt guilt.
[20:12] Raleigh Ann Vachek: Yes.
[20:12] Shannon Warwick: And I think my response to you was, no, I think you're fatigued at the end of the day because you've been doing this all day, and it's just second nature. And you know it's okay, and you know you've done your job for your family, too.
[20:23] Raleigh Ann Vachek: Yes.
[20:23] Shannon Warwick: So you're just kind of ready to go into I'm home mode.
[20:25] Raleigh Ann Vachek: Right.
[20:26] Shannon Warwick: Yeah. And so giving yourself a little bit of grace instead of that guilt that you were feeling. But there's also that wake-up call that, that, that we're realizing, that you're realizing, and we all need to have more conversations, more training.
[20:39] Ryan Warwick: Intentionality.
[20:39] Shannon Warwick: Intentional-
[20:40] Ryan Warwick: Right
[20:40] Shannon Warwick: ... yes.
[20:41] Raleigh Ann Vachek: Completely. I don't know, I think there's a old, uh, cliche that's like you can't learn a sport from your spouse or something. Like, I don't want-
[20:48] Shannon Warwick: My, my husband tried to teach me tennis-
[20:49] Raleigh Ann Vachek: No, it's true
[20:49] Shannon Warwick: ... and I was like-
[20:50] Raleigh Ann Vachek: Same
[20:50] Shannon Warwick: ... "That's a disaster. Don't, don't."
[20:51] Raleigh Ann Vachek: Same.
[20:51] Ryan Warwick: I tried to teach her tennis.
[20:52] Raleigh Ann Vachek: He tried to teach me tennis, and we just-
[20:54] Ryan Warwick: Terrible
[20:54] Raleigh Ann Vachek: ... we-
[20:54] Ryan Warwick: She can't serve.
[20:55] Raleigh Ann Vachek: No.
[20:56] Shannon Warwick: We very quickly said, "This is a mistake. We want to stay married."
[20:59] Raleigh Ann Vachek: So I think, as you mentioned, uh, you know, this is our world. We live and we breathe in this world. We live and we breathe with the investments, the planning. Um-
[21:06] Shannon Warwick: Yeah
[21:07] Raleigh Ann Vachek: ... so when, when John asks me questions, ah, it's taken care of, because I, I, you know, naturally don't have that same level of patience that I should. So I think that's where, again, having that trusted-
[21:17] Shannon Warwick: Yeah
[21:17] Raleigh Ann Vachek: ... team in place.
[21:18] Shannon Warwick: Yeah.
[21:18] Raleigh Ann Vachek: Uh, he's joked and said, "Well, who's my financial advisor?" And I'm like, "Okay, we need to get you one 'cause it can't be me." But I have told him-
[21:25] Shannon Warwick: I love it
[21:25] Raleigh Ann Vachek: ... you know, if something happens, I'm like, "Call Ryan."
[21:28] Shannon Warwick: Yeah.
[21:28] Raleigh Ann Vachek: "Call Melissa, call Cam."
[21:29] Shannon Warwick: Yeah.
[21:29] Raleigh Ann Vachek: Like, you've got the people in place-
[21:31] Shannon Warwick: Mm-hmm
[21:31] Raleigh Ann Vachek: ... to take care of you.
[21:32] Shannon Warwick: Mm-hmm.
[21:32] Raleigh Ann Vachek: But it is important. Um, these conversations need to be happening, but you need that trusted partner. You need that facilitator.
[21:40] Shannon Warwick: Mm-hmm.
[21:40] Raleigh Ann Vachek: You need that guide, that person that can fill all those different roles.
[21:43] Shannon Warwick: Mm.
[21:43] Raleigh Ann Vachek: They can provide that education. They can facilitate conversation.
[21:47] Shannon Warwick: Mm-hmm.
[21:47] Raleigh Ann Vachek: They can mediate if needed.
[21:49] Shannon Warwick: So good.
[21:49] Raleigh Ann Vachek: So I think that's also important because while it's money, it's also emotional. Um-
[21:54] Shannon Warwick: Yes
[21:55] Raleigh Ann Vachek: ... because it, it is one way that we can potentially, you know, achieve some of these goals that we want to achieve.
[22:01] Shannon Warwick: Mm-hmm.
[22:01] Raleigh Ann Vachek: And so it is emotional. It, it's personal, and then also spouses have a different lens that they look at when they're looking at money based on their past experiences, based on their childhood.
[22:14] Shannon Warwick: Yes.
[22:14] Raleigh Ann Vachek: So that impacts it greatly. Um-
[22:17] Shannon Warwick: I love how you said that
[22:18] Raleigh Ann Vachek: ... how secure was their childhood?
[22:19] Shannon Warwick: Yeah.
[22:19] Raleigh Ann Vachek: What, what kind of, you know, jobs did their parents have? Was money really tight? Did they talk about money?
[22:26] Shannon Warwick: Yep.
[22:26] Raleigh Ann Vachek: Did they give generously? And so all of those things vastly impact how spouses look at money in their own lives, so I think those are conversations.
[22:34] Shannon Warwick: I love that you, I love that you brought that up because that is also, in LifeRacked, we've learned so much, um, in the psychology of money, just that these, the worldview of money that you have does get formed in your childhood. And we carry it with us, and then we carry it into our relationships, and, and we don't even necessarily understand where it's coming from or why we have that view of money. But exactly, it goes back to that early development and what we witness with money.
[23:03] Raleigh Ann Vachek: Absolutely. And those are often some of the questions we're asking when we're first meeting with a couple.
[23:08] Shannon Warwick: Mm.
[23:08] Raleigh Ann Vachek: And it is, it never fails to amaze me, oftentimes, like, they'll, the couples will be like, "Oh, that's why you're that way with money."
[23:16] Shannon Warwick: Wow.
[23:16] Raleigh Ann Vachek: And so there are these light bulb moments where, again, if we just go back in time and, oh, what was your mom's job? What was your dad's job? Um, did they talk about money? Did they talk about investing? And then it really brings out some great stories and then oftentimes helps spouses understand each other, and oh, that's why, you know, you always buy the generic brand and I tell you not to, or -
[23:38] Shannon Warwick: Right. Exactly
[23:40] Raleigh Ann Vachek: ... so it just helps.
[23:40] Shannon Warwick: I, I think there is something incredibly powerful, and, and the word that I'm thinking is sweet to this. Because instead of this hurried, can we just get on with business? Can you just sign the papers? Can you just let me do my job and take care of your portfolio, and just I'll see you in a year for the review? You're stopping and saying, "What was it like when you were a kid?"
[24:02] Raleigh Ann Vachek: Mm-hmm.
[24:02] Shannon Warwick: "How did it look in your house?"
[24:03] Raleigh Ann Vachek: Mm-hmm.
[24:04] Shannon Warwick: And all of a sudden, relationship can get stronger, and maybe we can learn something about ourselves and why we tick the way we tick.
[24:11] Raleigh Ann Vachek: 100%.
[24:12] Shannon Warwick: And it can be healing.
[24:14] Raleigh Ann Vachek: Yeah.
[24:14] Shannon Warwick: Right?
[24:14] Raleigh Ann Vachek: Yeah, absolutely.
[24:16] Ryan Warwick: Clients end up, tell their stories of-
[24:17] Shannon Warwick: Mm-hmm
[24:18] Ryan Warwick: ... you know, living in, in a hotel. Living-
[24:21] Shannon Warwick: Mm-hmm
[24:21] Ryan Warwick: ... living in-
[24:21] Shannon Warwick: Yep
[24:21] Ryan Warwick: ... their car.
[24:22] Shannon Warwick: Paycheck to paycheck.
[24:24] Ryan Warwick: And, and wanting-
[24:25] Shannon Warwick: Not always happy. Mm-hmm
[24:26] Ryan Warwick: ... and wanting, you know, it's interesting, wanting some of the same things for their, for their family, but also wanting to give them a better-
[24:32] Shannon Warwick: Mm-hmm
[24:32] Ryan Warwick: ... a better life. And it's hard to balance that. The way we attach to money based on how we were raised is, is such a vital component in this thing-
[24:40] Shannon Warwick: Well, it can impact-
[24:40] Ryan Warwick: ... addition, called the, the psychology of money
[24:42] Shannon Warwick: ... our relationships.
[24:43] Ryan Warwick: It, it, it does.
[24:43] Shannon Warwick: It can impact our relationships.
[24:44] Raleigh Ann Vachek: Absolutely.
[24:45] Ryan Warwick: Um-
[24:45] Shannon Warwick: And we're trying to live, as you said, in family enterprise, but how can we do that if we don't even understand what the dynamic is between us and why it's there?
[24:53] Raleigh Ann Vachek: Mm-hmm. And then are you intentionally choosing that? I mean, I think that's the other thing. We all have our defaults that we-
[24:59] Shannon Warwick: Yes
[24:59] Raleigh Ann Vachek: ... lean into. So when you have the conversation, you're like, "Oh, that is why I default that way, but I don't want to default that way."
[25:07] Shannon Warwick: And I recognize I don't have to-
[25:08] Raleigh Ann Vachek: Right
[25:09] Shannon Warwick: ... if I'm willing to learn and change, work with my trusted advisor-
[25:13] Raleigh Ann Vachek: Mm-hmm
[25:13] Shannon Warwick: ... this good guide-
[25:14] Raleigh Ann Vachek: Mm-hmm
[25:15] Shannon Warwick: ... and kind of stretch and get vulnerable It's not always comfortable-
[25:19] Raleigh Ann Vachek: Right
[25:19] Shannon Warwick: ... but it can be so good.
[25:21] Raleigh Ann Vachek: Absolutely.
[25:22] Shannon Warwick: So freaking-
[25:22] Raleigh Ann Vachek: Absolutely
[25:24] Ryan Warwick: I had a situation where we were, we were talking, you know, s- similar, just drawing out information and, and it came out that this, um, gentleman had a list in his desk of things he wanted to do-
[25:38] Raleigh Ann Vachek: Mm-hmm
[25:39] Ryan Warwick: ... at some point during his life. And, and his wife is sitting here and has no idea that that list exists.
[25:44] Raleigh Ann Vachek: Wow.
[25:46] Ryan Warwick: And, and they both go to tears and-
[25:47] Raleigh Ann Vachek: Mm
[25:48] Ryan Warwick: ... you know, and it was through that process then that they even learned that they could start thinking about retirement.
[25:54] Raleigh Ann Vachek: Right.
[25:54] Ryan Warwick: And a few months later and getting a phone call and... So it was just fun to see-
[25:58] Raleigh Ann Vachek: Mm
[25:58] Ryan Warwick: ... facilitation of conversation-
[26:00] Raleigh Ann Vachek: Mm-hmm
[26:00] Ryan Warwick: ... and to, then to now watch them living this, I think, flourishing life-
[26:04] Raleigh Ann Vachek: Mm-hmm
[26:04] Ryan Warwick: ... because they took steps that they otherwise wouldn't have. What, what sticks out to me is how, I've probably watched this half a dozen times-
[26:13] Raleigh Ann Vachek: Mm-hmm
[26:13] Ryan Warwick: ... people get to retirement and they're gone within a year.
[26:17] Raleigh Ann Vachek: Yeah, absolutely.
[26:18] Ryan Warwick: It happens all the time. We know this.
[26:19] Raleigh Ann Vachek: Absolutely.
[26:20] Ryan Warwick: So, I mean, you've probably seen that.
[26:22] Raleigh Ann Vachek: I was gonna say, have you had this happen?
[26:23] Ryan Warwick: And-
[26:24] Raleigh Ann Vachek: Yeah. Yes.
[26:25] Ryan Warwick: You know, and, and so I think that's part of this worth beyond wealth that we, that we wanna talk about. So any, any stories that come to mind or any-
[26:34] Raleigh Ann Vachek: Well, I think it- it- it does happen, and I think similar to the conversation with a, a new widow, a new retiree, um, we want to get them excited about that next chapter.
[26:45] Shannon Warwick: Mm-hmm.
[26:45] Raleigh Ann Vachek: But it's also a conversation about, um, I think being patient, like this is a- another major life transition, and maybe you don't quite know what it's going to look like.
[26:55] Shannon Warwick: Mm-hmm.
[26:55] Raleigh Ann Vachek: Um, but try a few different things. And, and I think the other piece that we're facilitating that conversation well in advance of retirement-
[27:03] Shannon Warwick: Mm-hmm
[27:03] Raleigh Ann Vachek: ... and I think that helps, um-
[27:05] Shannon Warwick: In your drills?
[27:06] Raleigh Ann Vachek: Just, just-
[27:07] Shannon Warwick: Or-
[27:07] Raleigh Ann Vachek: ... talking about what does it look like, what do you want it to look like?
[27:10] Shannon Warwick: Because this-
[27:11] Raleigh Ann Vachek: Now what?
[27:11] Shannon Warwick: Be- because this is control and this is safety-
[27:13] Raleigh Ann Vachek: Yes
[27:13] Shannon Warwick: ... and this is security. There wasn't enough.
[27:15] Raleigh Ann Vachek: Yes.
[27:15] Shannon Warwick: And, and I have to hold very tightly to it.
[27:17] Ryan Warwick: When you just... You- you've been seeing-
[27:19] Shannon Warwick: Well
[27:19] Ryan Warwick: ... money go in, and the account balance grow and grow and grow-
[27:22] Raleigh Ann Vachek: Yeah
[27:22] Ryan Warwick: ... for three, four decades.
[27:24] Raleigh Ann Vachek: Mm-hmm.
[27:24] Ryan Warwick: And we're asking them to shift-
[27:26] Raleigh Ann Vachek: Right
[27:26] Ryan Warwick: ... to-
[27:26] Shannon Warwick: So one of the things-
[27:27] Ryan Warwick: ... no more saving.
[27:28] Shannon Warwick: Right, right
[27:29] Ryan Warwick: ... start taking. Wait, that's, that's-
[27:31] Shannon Warwick: But if we talk about-
[27:31] Ryan Warwick: ... uncomfortable
[27:31] Shannon Warwick: ... our brain and the way that we're wired, it, it... This neuroplasticity, we've ta- you know, our brains have the ability to learn and shift and grow and change and mold. But if you've heard the phrase fire together, wire together-
[27:42] Raleigh Ann Vachek: Mm-hmm
[27:43] Shannon Warwick: ... these neural pathways for all of these years have been firing in one direction.
[27:47] Raleigh Ann Vachek: Mm.
[27:47] Shannon Warwick: Safe.
[27:48] Raleigh Ann Vachek: Right.
[27:48] Shannon Warwick: Invest. Right? Plan.
[27:50] Raleigh Ann Vachek: Build.
[27:51] Shannon Warwick: Prepare.
[27:51] Raleigh Ann Vachek: Accumulate.
[27:52] Shannon Warwick: Build.
[27:52] Raleigh Ann Vachek: Yeah.
[27:52] Shannon Warwick: Accu- all of it. So we've been firing in one direction, and then one day, we're supposed to fire in a different direction, and we're supposed to draw that down?
[28:01] Raleigh Ann Vachek: Mm-hmm.
[28:01] Shannon Warwick: Well, that's all of a sudden very unco- I know that's been the goal-
[28:05] Raleigh Ann Vachek: Mm-hmm
[28:05] Shannon Warwick: ... but I haven't been doing it, and so now I don't know how to do that.
[28:09] Raleigh Ann Vachek: Right.
[28:10] Shannon Warwick: Yeah.
[28:10] Raleigh Ann Vachek: So we're having those conversations. Um, we know one of the planning tools we use runs a, you know, a Monte Carlo simulation and, you know, of clients with a score of 99, I tell them, "You can't get 100, and you don't want 100." Um, you're not taking this with you.
[28:24] Shannon Warwick: Yeah.
[28:24] Raleigh Ann Vachek: Remember these, these dreams, these goals you've talked about?
[28:27] Shannon Warwick: Those memories you're trying to encourage them to make?
[28:30] Raleigh Ann Vachek: Start, start doing it.
[28:30] Shannon Warwick: Yeah. Take the pl-
[28:31] Raleigh Ann Vachek: You know, and some of it is spending some money.
[28:32] Shannon Warwick: Yeah.
[28:32] Raleigh Ann Vachek: Some of it's giving away.
[28:33] Shannon Warwick: Yeah.
[28:33] Raleigh Ann Vachek: Maybe you want to start this scholarship fund at your alma mater.
[28:37] Shannon Warwick: Mm.
[28:37] Raleigh Ann Vachek: Like, maybe there's different things that are important to you. So again, uh, running them through their plan so that they can see they're okay.
[28:45] Shannon Warwick: Mm.
[28:45] Raleigh Ann Vachek: They're okay financially, but you're right. It's a, it's a major, um, mental, emotional shift to start spending their assets and-
[28:53] Shannon Warwick: Yeah
[28:54] Raleigh Ann Vachek: ... but we try to-
[28:55] Shannon Warwick: Give commissions
[28:56] Raleigh Ann Vachek: ... try to encourage them.
[28:56] Shannon Warwick: I love that.
[28:56] Ryan Warwick: I've been thinking about this concept of today versus tomorrow-
[29:01] Shannon Warwick: Mm
[29:02] Ryan Warwick: ... and how our industry historically puts more emphasis on tomorrow.
[29:07] Raleigh Ann Vachek: Mm-hmm.
[29:09] Ryan Warwick: And I think that they're both important.
[29:11] Raleigh Ann Vachek: Absolutely.
[29:12] Ryan Warwick: And I think that's what we're... What you're saying here, is that you can't just save and save and save forever, and who cares if you leave a big, you know, nest egg, but you miss out on experiences-
[29:24] Raleigh Ann Vachek: Right
[29:24] Ryan Warwick: ... you miss out on relationship. Kids don't just want your wealth.
[29:27] Raleigh Ann Vachek: Right.
[29:27] Ryan Warwick: Or maybe they don't want your wealth.
[29:29] Raleigh Ann Vachek: Right.
[29:29] Ryan Warwick: They, they want you. They want relationship.
[29:30] Raleigh Ann Vachek: They want you.
[29:30] Ryan Warwick: Right? So I, I think that we need to honor both-
[29:33] Raleigh Ann Vachek: Mm-hmm
[29:34] Ryan Warwick: ... and somehow, you know, how do you, beyond what you've already said, maybe guide people-
[29:38] Raleigh Ann Vachek: Mm-hmm
[29:39] Ryan Warwick: ... in this concept of, "Let's honor today-
[29:42] Raleigh Ann Vachek: Mm-hmm
[29:42] Ryan Warwick: ... and tomorrow." You know, we need to save appropriately.
[29:44] Raleigh Ann Vachek: Mm-hmm.
[29:44] Ryan Warwick: But we also need to have experiences. Have you read, um, Die With Zero?
[29:49] Shannon Warwick: Yeah, I was gonna ask you about Die With Zero.
[29:51] Raleigh Ann Vachek: I have not.
[29:51] Ryan Warwick: Oh, you haven't read that?
[29:51] Raleigh Ann Vachek: But I, I-
[29:52] Shannon Warwick: I'm curious about it. I've heard a little bit about it
[29:53] Ryan Warwick: ... it, it's not, you know, it's not the idea that, a, you really need to have zero-
[29:56] Raleigh Ann Vachek: Right
[29:56] Ryan Warwick: ... at, at death.
[29:56] Raleigh Ann Vachek: No.
[29:56] Ryan Warwick: It's the idea that experiences need to happen-
[30:00] Raleigh Ann Vachek: The right way. Mm-hmm
[30:01] Ryan Warwick: ... in the right order in life, because guess what, Raleigh?
[30:03] Raleigh Ann Vachek: Mm.
[30:03] Ryan Warwick: You can't take your infant or toddlers back to Disneyland.
[30:06] Raleigh Ann Vachek: Right.
[30:07] Ryan Warwick: Right? You can't have-
[30:08] Raleigh Ann Vachek: Right
[30:08] Ryan Warwick: ... those kind of experiences. So if we say, "No, save, save, save," we, we can miss out on certain things.
[30:14] Raleigh Ann Vachek: Mm-hmm. I, I go back to the word, or the words, um, what are you intentionally choosing? And so if you're in retirement, and yes, you wanna just keep building this, be intentional. Is that what you're choosing?
[30:25] Ryan Warwick: Yeah.
[30:26] Raleigh Ann Vachek: But what are you saying no to as well?
[30:28] Shannon Warwick: Mm.
[30:28] Raleigh Ann Vachek: And so I think it, it's just facilitating those conversations, asking the right questions, um, so that they can understand, "I'm choosing this."
[30:37] Shannon Warwick: Mm-hmm.
[30:37] Raleigh Ann Vachek: I, I don't want it to be fear-based. Like, we want to try to address the fears. Um, and so if the fears are addressed, are you intentionally choosing this path over another? And-
[30:48] Shannon Warwick: Mm
[30:48] Raleigh Ann Vachek: ... and it's often, um, in fact, it just happened last week, where, you know, I met with a client for a review, and in this scenario it was like, "Oh, we talked about this is a year for a new car." He's like, "Oh, no, I'm, I'm good." Few days later, called in, spoke with, uh, one of our other advisors. "Oh, yeah, I met with Raleigh, and you know what? We're, we are gonna go buy that new car."
[31:07] Shannon Warwick: Yeah.
[31:07] Raleigh Ann Vachek: So you do want that new car. So, um, sometimes it's just reminding them that we've planned for this, we prepared for it, the, the money is set aside for that. It's fine if you don't want to do that.
[31:18] Shannon Warwick: That's fine.
[31:19] Raleigh Ann Vachek: But-
[31:19] Shannon Warwick: Yeah
[31:20] Raleigh Ann Vachek: ... uh, but it's just, again, you know, back to-
[31:22] Shannon Warwick: Mm-hmm. Permission
[31:23] Raleigh Ann Vachek: ... permission.
[31:24] Shannon Warwick: Permission.
[31:25] Raleigh Ann Vachek: It's a little silly.
[31:26] Shannon Warwick: No, it's, uh, I-
[31:27] Raleigh Ann Vachek: You've saved, you've worked hard, you've been a good steward of your money. What do you wanna do with it? Um, and-
[31:31] Shannon Warwick: Yeah
[31:32] Raleigh Ann Vachek: ... what, I, I g- another, I guess, one of my favorite examples, um, it's a family that we have the privilege of, I guess, serving three generations. Um, but they did a major, uh, family trip, but every single- One of those family members that I spoke with was like, "Best memory ever." Like, just-
[31:50] Shannon Warwick: Oh, wow
[31:50] Raleigh Ann Vachek: ... it had such impact. Whether, um, it was 22-year-old grandson or a 55-year-old, you know, adult, um, son, like the just, the impact was amazing, the memories they made.
[32:03] Shannon Warwick: Mm-hmm.
[32:03] Raleigh Ann Vachek: And that's always stood out to me, and I thought, "Gosh, someday if I can do that with my kids and their spouses and our grandkids, how special"-
[32:13] Shannon Warwick: Mm
[32:13] Raleigh Ann Vachek: ... um, to just be able to take one of those once in a lifetime trips, um, do that as a family, and make those memories together.
[32:20] Shannon Warwick: That's really precious. I love that.
[32:21] Raleigh Ann Vachek: And I, I know that cost a lot of money.
[32:23] Shannon Warwick: Yeah.
[32:23] Raleigh Ann Vachek: But grandpa and grandma funded, so.
[32:25] Shannon Warwick: Thanks, grandma.
[32:26] Raleigh Ann Vachek: Yeah.
[32:27] Shannon Warwick: So on stewardship, how do you keep, 'cause we've talked a lot about marriages or, or relationships, but how do you keep both voices engaged in a couple over that long run? How, how do you, how do you try to keep them both engaged, both feeding the conversation, both having a voice?
[32:47] Raleigh Ann Vachek: Great question, Shannon. I think it ebbs and flows. I think, um, as I mentioned, it's not uncommon that one spouse has more interest in this topic.
[32:56] Shannon Warwick: Sure.
[32:56] Raleigh Ann Vachek: Um, so perhaps, you know, I think a win for me is if we can sit down together at least once a year. So if we can try to have that face-to-face connection at least once a year with both spouses.
[33:07] Shannon Warwick: At a minimum.
[33:08] Raleigh Ann Vachek: At a minimum, yes.
[33:09] Shannon Warwick: What would you prefer?
[33:11] Raleigh Ann Vachek: You know, probably depends on the situation. Um-
[33:15] Shannon Warwick: Mm-hmm
[33:16] Raleigh Ann Vachek: ... I think once a year is, is fine.
[33:19] Shannon Warwick: Mm-hmm
[33:19] Raleigh Ann Vachek: ... um, because it, as long as you're able to really connect and, and make sure that we're still rowing in the same direction for-
[33:27] Shannon Warwick: Right
[33:27] Raleigh Ann Vachek: ... everyone's goals, and make sure that those fears aren't suddenly accumulating.
[33:31] Shannon Warwick: Mm.
[33:31] Raleigh Ann Vachek: I would also add if there's a health issue that happens-
[33:34] Shannon Warwick: Mm-hmm
[33:34] Raleigh Ann Vachek: ... that oftentimes gets both spouses re-engaged.
[33:37] Shannon Warwick: Sure.
[33:37] Raleigh Ann Vachek: Because now, you know, our, uh, fragility feels real again.
[33:41] Shannon Warwick: Again, mm-hmm.
[33:42] Raleigh Ann Vachek: Um, so I, I think if we have that relationship built, if they know they can reach out-
[33:47] Shannon Warwick: Mm-hmm
[33:48] Raleigh Ann Vachek: ... um, and they're willing to sit down and it's not too painful-... once a year to go through everything. We try to keep it fun. That's, I think that's the-
[33:56] Shannon Warwick: Once a year at a minimum
[33:57] Raleigh Ann Vachek: ... good start. Yeah.
[33:57] Shannon Warwick: But if something, if an unexpected life event happens, or if there's some fears that were starting to percolate and, gosh, we, I mean, we met three months ago, but I feel this way-
[34:08] Raleigh Ann Vachek: Call.
[34:09] Shannon Warwick: Okay.
[34:10] Raleigh Ann Vachek: Absolutely call. And, and we don't want, we're, if there's anything keeping you up at night, I mean, just we're a phone call away, and, and maybe that results in a meeting. Um, but oftentimes it's just a phone call, and then oftentimes as we're talking through, it often has nothing to do with the initial fear. It's like digging deeper.
[34:27] Shannon Warwick: Mm.
[34:27] Raleigh Ann Vachek: Oh, there's something else going on. That's really, I- is referred pain is maybe a, a term in-
[34:32] Shannon Warwick: Yeah
[34:33] Raleigh Ann Vachek: ... medical world.
[34:33] Shannon Warwick: It, yes.
[34:34] Raleigh Ann Vachek: So I think that's, that's not-
[34:36] Shannon Warwick: Mm-hmm
[34:36] Raleigh Ann Vachek: ... not that different-
[34:37] Shannon Warwick: Yep
[34:37] Raleigh Ann Vachek: ... in the financial world-
[34:38] Shannon Warwick: Exactly. Yep
[34:39] Raleigh Ann Vachek: ... where I'm frustrated, I'm scared-
[34:41] Shannon Warwick: Mm-hmm
[34:41] Raleigh Ann Vachek: ... this is coming out.
[34:42] Shannon Warwick: Mm-hmm.
[34:43] Raleigh Ann Vachek: Oh, this is the real issue.
[34:44] Shannon Warwick: Mm-hmm.
[34:44] Raleigh Ann Vachek: And so that's where we just have to take time, we have to be patient, we have to listen, we have to ask those questions, um, and really understand-
[34:50] Shannon Warwick: It's, it's a systems check
[34:50] Raleigh Ann Vachek: ... what's going on.
[34:51] Shannon Warwick: It's a systems check.
[34:52] Raleigh Ann Vachek: Yeah.
[34:53] Shannon Warwick: Yeah. And so you kind of find often there's, there's a symptom.
[34:57] Raleigh Ann Vachek: Mm-hmm.
[34:58] Shannon Warwick: And, and we want to pay attention because, uh, pain, let's say pain, that that's not a bad thing. Uh, everybody is like, "Pain's bad." Mm, pain can actually be really beneficial-
[35:07] Raleigh Ann Vachek: Mm
[35:07] Shannon Warwick: ... because it is an alert and it's telling us we need to do a systems check.
[35:12] Raleigh Ann Vachek: That's right.
[35:12] Shannon Warwick: And then we can go down and find, oh, it's actually here.
[35:14] Raleigh Ann Vachek: Mm-hmm.
[35:15] Shannon Warwick: Okay. So instead of waiting that year, we dealt with it very quickly, and then once that review comes up, it's a really great review.
[35:23] Raleigh Ann Vachek: That's a great analogy. Um, write that down, Ren. We gotta think through a systems check.
[35:30] Shannon Warwick: Systems check.
[35:30] Raleigh Ann Vachek: There's some pain.
[35:31] Shannon Warwick: Yeah.
[35:31] Raleigh Ann Vachek: There's some fear happening.
[35:32] Shannon Warwick: Not a bad thing.
[35:33] Raleigh Ann Vachek: What's going on?
[35:33] Shannon Warwick: Really good.
[35:34] Raleigh Ann Vachek: Let's make sure we're-
[35:35] Shannon Warwick: Yeah. Mm-hmm
[35:35] Raleigh Ann Vachek: ... checking all the boxes.
[35:36] Shannon Warwick: Yeah.
[35:36] Raleigh Ann Vachek: And then we might discover, oh, that's really what's scary. Like, in some cases, maybe it's your sleep at night, your savings account.
[35:42] Shannon Warwick: Mm-hmm.
[35:42] Raleigh Ann Vachek: Maybe you dipped into it, um-
[35:44] Shannon Warwick: Mm-hmm
[35:44] Raleigh Ann Vachek: ... and now it's, that's what's, "Oh, let's replenish that."
[35:47] Shannon Warwick: Mm-hmm.
[35:47] Raleigh Ann Vachek: I mean, or, you know, just simple-
[35:48] Shannon Warwick: Mm-hmm
[35:48] Raleigh Ann Vachek: ... little things, um-
[35:49] Shannon Warwick: Yeah
[35:49] Raleigh Ann Vachek: ... that we can-
[35:50] Shannon Warwick: Yeah
[35:51] Raleigh Ann Vachek: ... address.
[35:51] Shannon Warwick: And it's kind of funny because, you know, someone will come in and say, "I'm having this pain," and instead of, "Oh, uh, I- I'm sorry you're having pain," and yet I'm not 'cause I'm so glad that you're here.
[35:59] Raleigh Ann Vachek: Right.
[35:59] Shannon Warwick: What's going on?
[36:00] Raleigh Ann Vachek: Yeah.
[36:01] Shannon Warwick: Yeah.
[36:01] Raleigh Ann Vachek: What's going on?
[36:01] Shannon Warwick: Yeah.
[36:02] Raleigh Ann Vachek: How can we help?
[36:03] Shannon Warwick: Yeah.
[36:03] Raleigh Ann Vachek: Let's have a conversation.
[36:04] Shannon Warwick: Really good.
[36:05] Ryan Warwick: What's been on my mind is, you know, this, there's this historic transfer of wealth happening, and I- I've had two, two situations, um, where, where I've thought about this. So one was I was presenting at, uh, an organization, and I looked around the room at the business owners, and, and it was about 25 men and two or three women. It, you know, the data says that most of those men have spouses. Most of those men are probably the ones taking care of the money decisions right now-
[36:40] Shannon Warwick: Mm-hmm
[36:40] Ryan Warwick: ... because they're running businesses, so they're the ones that know. And yet-
[36:43] Raleigh Ann Vachek: That know.
[36:43] Ryan Warwick: That's right.
[36:44] Shannon Warwick: I love-
[36:45] Raleigh Ann Vachek: Sorry. I had to-... emphasize that.
[36:47] Ryan Warwick: And, and-
[36:47] Shannon Warwick: Yep
[36:48] Ryan Warwick: ... and yet-
[36:48] Shannon Warwick: Great
[36:49] Ryan Warwick: ... at some point they're not going to be there.
[36:51] Shannon Warwick: Mm-hmm.
[36:52] Ryan Warwick: And that spouse is going to find themselves-
[36:54] Shannon Warwick: Yeah. Mm-hmm
[36:55] Ryan Warwick: ... responsible for, in, in this case-
[36:58] Shannon Warwick: Mm-hmm
[36:58] Ryan Warwick: ... large family-
[37:00] Shannon Warwick: Wealth
[37:01] Ryan Warwick: ... wealth.
[37:01] Shannon Warwick: Yeah.
[37:01] Ryan Warwick: That what we call-
[37:02] Shannon Warwick: Yeah
[37:02] Ryan Warwick: ... you know, a, a family enterprise that-
[37:04] Shannon Warwick: Right
[37:05] Ryan Warwick: ... in many cases is bigger than most businesses ever grow to.
[37:08] Shannon Warwick: Mm-hmm.
[37:08] Ryan Warwick: I think most businesses, the, the vast majority, 90%, maybe never get to a million dollars in sales.
[37:14] Shannon Warwick: Yeah.
[37:14] Ryan Warwick: So these, these largely women will find themselves in charge of something that they're not equipped for.
[37:22] Shannon Warwick: Mm-hmm.
[37:22] Ryan Warwick: And I think that's what is resonating with me about LifeCraft.
[37:26] Raleigh Ann Vachek: I'm gonna maybe-
[37:26] Ryan Warwick: Yeah
[37:26] Raleigh Ann Vachek: ... interject and just say it's not that they're, they're not equipped for it. They haven't been prepared for it.
[37:31] Ryan Warwick: That's right. Yeah.
[37:32] Raleigh Ann Vachek: Yeah.
[37:32] Ryan Warwick: Okay.
[37:33] Shannon Warwick: I, I think-
[37:33] Raleigh Ann Vachek: Yeah
[37:33] Shannon Warwick: ... and that's, uh, just here in just some of the research that, that I had pulled, just many women reporting feeling unprepared-
[37:40] Raleigh Ann Vachek: Yes
[37:40] Shannon Warwick: ... to manage that, that windfall of inheritance.
[37:42] Raleigh Ann Vachek: Yes.
[37:43] Shannon Warwick: Um, and so those challenges and considerations that are coming up, um, low confidence in managing inherited wealth The, I thought this was interesting. A significant share of women have not yet opened investment accounts or established estate plans on their own. Like, they've never touched this world.
[38:01] Raleigh Ann Vachek: Mm-hmm.
[38:01] Shannon Warwick: It's all been done for them.
[38:04] Raleigh Ann Vachek: Mm-hmm.
[38:05] Shannon Warwick: That resonated personally with me-
[38:07] Raleigh Ann Vachek: Mm-hmm
[38:07] Shannon Warwick: ... because I remember the day. We were sitting in our dining room, and w- I'd been involved. You know, you would say, "Hey, this opportunity's come up. I really feel that we should," and, "Oh, okay. That, that sounds great. I'd love to meet them." But you said to me one day, "I think you should make the next investment. What do you want to do?" And I cried,
[38:28] Shannon Warwick: because no one had ever asked me that before. And so that was really a growing opportunity-
[38:35] Raleigh Ann Vachek: Different
[38:35] Shannon Warwick: ... for us in our marriage, and the fact that, well, you're my financial advisor, but I had never been asked that question, right? And so I, I look at this, and I think, "Oh, there's a whole world that can open up for women," right, who are not in finance. And so what, how can RW get ready-
[38:58] Raleigh Ann Vachek: Mm-hmm
[38:58] Shannon Warwick: ... for this, this great opportunity-
[39:01] Raleigh Ann Vachek: Mm-hmm
[39:01] Shannon Warwick: ... to prepare even?
[39:02] Raleigh Ann Vachek: Yes. Yeah. I, I think that's so important, and I, I think changing, I think oftentimes women do still have a heavier load of the historical home responsibilities.
[39:13] Shannon Warwick: They do.
[39:14] Raleigh Ann Vachek: So whether it's caring for the young kids, um, whether it's taking them to school, drop off, the household duties, um, aging parents-
[39:22] Shannon Warwick: Doctor's appointments, aging pa- on, on
[39:25] Raleigh Ann Vachek: ... all, all of those things. I think it's challenging. Um, so it's also meeting them where they are.
[39:31] Shannon Warwick: I love that. Really.
[39:32] Raleigh Ann Vachek: Um, so what-
[39:33] Shannon Warwick: Because you're not wanting to overwhelm
[39:35] Raleigh Ann Vachek: ... correct. So much of it-
[39:36] Shannon Warwick: You're, you're wanting to simplify this
[39:38] Raleigh Ann Vachek: ... is, yes.
[39:39] Shannon Warwick: Yeah.
[39:39] Raleigh Ann Vachek: So it's meeting them where they are today, and what, what can they take on today?
[39:44] Shannon Warwick: Mm.
[39:44] Raleigh Ann Vachek: So I think, um, that's going to look different in every scenario.
[39:48] Shannon Warwick: I agree.
[39:48] Raleigh Ann Vachek: So first and foremost, it's, it's letting them know that we exist. "Hi, Shannon. I'm here."
[39:52] Shannon Warwick: I love it. "I'm here."
[39:54] Raleigh Ann Vachek: "I'm here."
[39:54] Shannon Warwick: "I'm on your side."
[39:55] Raleigh Ann Vachek: "If you have any questions, if you're scared, call. I'm here."
[39:58] Shannon Warwick: "Are my questions stupid?"
[40:00] Raleigh Ann Vachek: No questions are stupid.
[40:01] Shannon Warwick: No que- Okay.
[40:02] Raleigh Ann Vachek: And I think that's, in, in fact-
[40:04] Shannon Warwick: "Should I know this? Why don't I know this?"
[40:06] Raleigh Ann Vachek: Right.
[40:06] Shannon Warwick: Why would you have to?
[40:07] Raleigh Ann Vachek: Just walking through all of it.
[40:09] Shannon Warwick: Yeah.
[40:09] Raleigh Ann Vachek: And I, but but back to that initial, gosh-
[40:11] Shannon Warwick: Mm
[40:11] Raleigh Ann Vachek: ... if we can, if we can take one meeting a year to start, like-
[40:15] Shannon Warwick: Right
[40:15] Raleigh Ann Vachek: ... and, and I know at certain times in your lives, that seems overwhelming.
[40:19] Shannon Warwick: Yep.
[40:20] Raleigh Ann Vachek: "Okay, I gotta get, I gotta get childcare. I need to arrange for this, but you know what? Let's sit down for one meeting a year."
[40:25] Shannon Warwick: Mm.
[40:25] Raleigh Ann Vachek: And then what I've noticed is the curiosity happens, and-
[40:29] Shannon Warwick: Mm
[40:29] Raleigh Ann Vachek: ... the trust goes up. And then, uh, you start having maybe more frequent meetings, or then an email happens-
[40:36] Shannon Warwick: Okay
[40:36] Raleigh Ann Vachek: ... or a phone call.
[40:37] Shannon Warwick: Yeah.
[40:37] Raleigh Ann Vachek: Yes.
[40:37] Shannon Warwick: Mm.
[40:38] Raleigh Ann Vachek: So I think, um, it doesn't have to happen all at once. In fact, that can be overwhelming.
[40:43] Shannon Warwick: Or maybe it's still an annual meeting, but all of a sudden you're not as quiet as you were.
[40:48] Raleigh Ann Vachek: Yes.
[40:48] Shannon Warwick: You have a lot more to ask or say-
[40:50] Raleigh Ann Vachek: Yes
[40:50] Shannon Warwick: ... or participate in.
[40:51] Raleigh Ann Vachek: Yes.
[40:52] Shannon Warwick: Ah.
[40:52] Raleigh Ann Vachek: Absolutely.
[40:53] Shannon Warwick: Yeah.
[40:53] Raleigh Ann Vachek: And then really, you know, providing that safe space that, um, okay, that's, this is what Ryan i- is, you know, curious about, but what's Shannon curious about?
[41:02] Shannon Warwick: Wow.
[41:02] Raleigh Ann Vachek: And so just really trying to open, it, it's going back to some of those questions like, "What was your childhood like?" And-
[41:08] Shannon Warwick: Mm-hmm
[41:09] Raleigh Ann Vachek: ... and so again, that informs so much information about how we look about, look at money, how we think about money, how we think about spending, saving, investing-
[41:18] Shannon Warwick: Mm-hmm
[41:19] Raleigh Ann Vachek: ... all of it. So I think-
[41:20] Shannon Warwick: Mm
[41:20] Raleigh Ann Vachek: ... meeting them where they are, um, which guess what? Maybe it has to do with their aging parents.
[41:25] Shannon Warwick: Mm.
[41:26] Raleigh Ann Vachek: Maybe all of their questions right now have nothing to do with their own personal finances.
[41:30] Shannon Warwick: No.
[41:30] Raleigh Ann Vachek: But they're like, "You know what? I need to be introduced to an elder law attorney. I need to know how to navigate this with, with Mom. You know-
[41:38] Shannon Warwick: Mm
[41:38] Raleigh Ann Vachek: ... I need to know what-"
[41:40] Shannon Warwick: "Do I have the money to help care for her if they don't have-"
[41:43] Raleigh Ann Vachek: That. Completely.
[41:44] Shannon Warwick: Oh my gosh.
[41:44] Raleigh Ann Vachek: So often it's just all of those questions-
[41:46] Shannon Warwick: Mm. Mm-hmm
[41:47] Raleigh Ann Vachek: ... um, that are happening first too.
[41:48] Shannon Warwick: That's wonderful.
[41:49] Raleigh Ann Vachek: So just being there.
[41:50] Ryan Warwick: For last thoughts, what is your definition of real wisdom?
[41:54] Shannon Warwick: Gray hair. No, I'm kidding. Um, great. One of my-
[41:57] Ryan Warwick: I don't think you have to be, though.
[41:59] Shannon Warwick: Mm.
[41:59] Ryan Warwick: I mean, I think that's an, that's an interesting... And it's why we talk about stewardship, right?
[42:04] Shannon Warwick: Correct.
[42:04] Ryan Warwick: So you can be a fiduciary, and having, uh, you, you have passed your test yesterday.
[42:11] Shannon Warwick: Mm-hmm.
[42:11] Ryan Warwick: So you have no experience.
[42:12] Shannon Warwick: Mm-hmm.
[42:13] Ryan Warwick: So I think there is a, a real depth to this definition that comes-
[42:17] Shannon Warwick: Mm-hmm
[42:17] Ryan Warwick: ... with experience.
[42:18] Shannon Warwick: Mm-hmm.
[42:18] Raleigh Ann Vachek: Absolutely. I, all I can think about right now is, again, since I dropped my daughter off at college-... I've had, so I have an 18-year-old daughter and a 16-year-old daughter, and, and they're brilliant. And they are little sponges, and they can absorb things so quickly, and there's so many things that they are better at than I am.
[42:38] Shannon Warwick: Mm-hmm.
[42:38] Raleigh Ann Vachek: But I tell them, "But I have time and wisdom and maturity," and which they just laugh at, "Yeah, you're old," you know? Um, that there is just something about, gosh, I've, I've experienced this, or I've witnessed this scenario-
[42:52] Shannon Warwick: Mm-hmm
[42:52] Raleigh Ann Vachek: ... or, um, so I think, I think real wisdom, it doesn't have to be about age or-
[43:00] Shannon Warwick: Mm
[43:00] Raleigh Ann Vachek: ... maturity necessarily, but it does, it does take some experience, some observation, some collective exposure. Um, so I guess-
[43:10] Ryan Warwick: Would you say some humility?
[43:11] Raleigh Ann Vachek: Absolutely. Absolutely.
[43:14] Ryan Warwick: Yeah.
[43:14] Raleigh Ann Vachek: Which I think maybe that comes with age. I think that's hard to have-
[43:18] Ryan Warwick: Maybe
[43:19] Raleigh Ann Vachek: ... right away. Um-
[43:20] Ryan Warwick: I, I don't think it always does.
[43:21] Raleigh Ann Vachek: No, it doesn't.
[43:22] Ryan Warwick: Mm.
[43:22] Raleigh Ann Vachek: But, um, so, so yes, just talking through, you know, finding that guide, finding that mentor. Be willing to listen. Be humble. Um, you don't have all the answers.
[43:31] Shannon Warwick: Mm.
[43:31] Raleigh Ann Vachek: And with our teenagers, your brains aren't fully developed, so-... I love to remind them that.
[43:35] Shannon Warwick: Oh, yes.
[43:36] Raleigh Ann Vachek: I need to be the one to support that.
[43:36] Shannon Warwick: I tell them all the time, yeah, I tell them all the time, "You know, your frontal lobe is very squishy."
[43:41] Raleigh Ann Vachek: Yes.
[43:41] Shannon Warwick: That's what I share.
[43:42] Raleigh Ann Vachek: So we're helping guide them. Um, not sure I answered that fully, Ryan-
[43:46] Ryan Warwick: No, I think that's a great answer
[43:48] Raleigh Ann Vachek: ... but I think, I think it's a combination of all of that.
[43:50] Shannon Warwick: Mm-hmm.
[43:50] Ryan Warwick: It's experience and humility.
[43:51] Raleigh Ann Vachek: Yes.
[43:51] Shannon Warwick: Experience and humility.
[43:52] Raleigh Ann Vachek: Yes.
[43:53] Ryan Warwick: Gray hair is a great one-liner.
[43:55] Raleigh Ann Vachek: Oftentimes knowing what you don't know.
[43:57] Ryan Warwick: You don't have any, though
[43:58] Raleigh Ann Vachek: I, g- that's, uh-
[43:59] Shannon Warwick: Don't go there. I mean-
[44:00] Raleigh Ann Vachek: That gets fixed every few months
[44:01] Shannon Warwick: Don't go there, Warwick.
[44:03] Raleigh Ann Vachek: Um, I think it's powerful in being vulnerable and saying-
[44:07] Shannon Warwick: Mm-hmm
[44:07] Raleigh Ann Vachek: ... "Hey, I don't know what I don't know."
[44:10] Ryan Warwick: Yeah.
[44:10] Shannon Warwick: Yeah.
[44:10] Raleigh Ann Vachek: And so asking questions, um, my younger daughter i- is, uh, looking at colleges, looking at playing, um, college soccer. We're going through the recruiting process. You know, I very often am encouraging her to ask them, "What do you think I should be thinking about?" Or, you know-
[44:26] Shannon Warwick: Mm
[44:26] Raleigh Ann Vachek: ... just turn the role around-
[44:27] Shannon Warwick: Mm
[44:27] Raleigh Ann Vachek: ... because we don't know everything. And so being humble enough to say, "I don't know. This is my first time going through this."
[44:33] Shannon Warwick: Right.
[44:33] Raleigh Ann Vachek: "What do you think I should be considering? What are the, what are some non-negotiables?" And, you know, just-
[44:38] Shannon Warwick: That's good
[44:39] Raleigh Ann Vachek: ... um, not that you're going to agree with everything, but-
[44:42] Shannon Warwick: Mm
[44:42] Raleigh Ann Vachek: ... having the conversation. So I think that's wisdom.
[44:45] Shannon Warwick: That's good.
[44:45] Ryan Warwick: One thing that just constantly comes back to me is when I walked through this program, uh, the, the chartered financial analyst program, and I learned a lot, but at the end of that program, I felt like now I just know how much information is out there in the world.
[45:03] Shannon Warwick: Mm-hmm.
[45:04] Ryan Warwick: Not that I'm an expert. Uh, so my humility actually grew. My, my awareness of all the things that existed that I didn't even know before, and I, I'm sure you had a similar-
[45:16] Shannon Warwick: Absolutely
[45:16] Ryan Warwick: ... experience through, through the CFP program. But I think it's, that's an important, uh, aspect of, of looking for a guide.
[45:24] Shannon Warwick: Mm-hmm.
[45:24] Ryan Warwick: I mean, I, I, I think at, at RW, we, we try to bring wisdom and-
[45:29] Shannon Warwick: Mm-hmm
[45:30] Ryan Warwick: ... and wisdom is this combination of, of experience mixed with humility.
[45:35] Shannon Warwick: Mm-hmm.
[45:36] Ryan Warwick: Uh, and we talk about the, you know, the care, skill, and caution we bring to relationships-
[45:41] Shannon Warwick: Mm-hmm
[45:41] Ryan Warwick: ... based on our experience and education. So yeah, we wanna have industry best credentials and education, but man, we have to have, we have to have some gray hair and, and some, some humility. So any last words on any of that?
[45:54] Raleigh Ann Vachek: I think I would just add, um, I don't have all the answers.
[45:58] Ryan Warwick: Yeah.
[45:58] Raleigh Ann Vachek: And, and, and you just I, I think summarized that, um, you know, oftentimes when we go through some advanced training, you realize what we don't know, but also having the perspective of, "I will find out that answer."
[46:09] Shannon Warwick: Yep.
[46:10] Raleigh Ann Vachek: Like, who should I talk to?
[46:11] Ryan Warwick: Yeah.
[46:11] Raleigh Ann Vachek: Who should I connect you with? Um-
[46:13] Shannon Warwick: Yeah
[46:13] Raleigh Ann Vachek: ... and, and being humble enough to make those phone calls, you know, understand, "Hey, this is something I haven't seen before." And I think that's what's really special about RW is, um-
[46:23] Shannon Warwick: Mm-hmm
[46:23] Raleigh Ann Vachek: ... we often are sitting in a meeting with our advisors.
[46:25] Shannon Warwick: Mm-hmm.
[46:25] Raleigh Ann Vachek: "Hey, I have this situation come up."
[46:27] Shannon Warwick: I love that.
[46:28] Raleigh Ann Vachek: "Have you seen this before?"
[46:29] Shannon Warwick: So good.
[46:29] Raleigh Ann Vachek: And often, uh, collectively, one of us have been through something similar, so we can help point them in the right direction. "Let's, let's call this other professional. Let's, let's do this." Um, so I think that's so important-
[46:42] Shannon Warwick: It's beautiful
[46:42] Raleigh Ann Vachek: ... is just the shared experience, um, the shared wisdom.
[46:46] Shannon Warwick: Mm-hmm.
[46:46] Raleigh Ann Vachek: Uh, back to, you know, being humble enough, I don't have all the answers. I could probably find the answer.
[46:51] Shannon Warwick: But that's a steward, right?
[46:53] Raleigh Ann Vachek: Yes. Yeah.
[46:54] Shannon Warwick: I, he- hey, team, I, I don't know, but I have to do what's best for this client. Help me serve them well. That's really beautiful, and I know we said we'd wrap up, but I do have a que- like, as, as a mom who just-
[47:05] Raleigh Ann Vachek: Yes
[47:05] Shannon Warwick: ... dropped off this-
[47:06] Raleigh Ann Vachek: Yes
[47:06] Shannon Warwick: ... beautiful girl at school-
[47:07] Raleigh Ann Vachek: Yes
[47:08] Shannon Warwick: ... what would you say to a young lady who came to you and said, "Hey, Mrs. Washeck, what, what,
[47:14] Shannon Warwick: what would you say to me? I'm thinking about going into finance. I don't know anything about this."
[47:18] Raleigh Ann Vachek: Mm-hmm.
[47:18] Shannon Warwick: What, what would you say to a young lady who is interested-
[47:21] Raleigh Ann Vachek: Mm-hmm
[47:22] Shannon Warwick: ... in the financial industry?
[47:23] Raleigh Ann Vachek: Um, I would say jump in. I, I think you can do hard things, and oftentimes, um, again, I, I don't know why, but oftentimes I've seen it with my young daughters, you get to a certain point in school, and they start opting out of certain classes.
[47:37] Shannon Warwick: Yeah.
[47:37] Raleigh Ann Vachek: But I constantly remind them, like, lean into that. You can do hard things. And then I also, at least in our area of finance, we're so blessed. Um, yes, there's so many important things that happen behind the scenes that are numbers. It's data, and, and that is, uh, very important, but it's, um, it's the human piece, so connection.
[47:56] Shannon Warwick: Mm.
[47:56] Raleigh Ann Vachek: I would encourage any, uh, young individuals today to go do some job shadowing.
[48:02] Shannon Warwick: Mm-hmm.
[48:03] Raleigh Ann Vachek: Find some people in the community.
[48:04] Shannon Warwick: Mm-hmm.
[48:04] Raleigh Ann Vachek: Find mentors.
[48:06] Shannon Warwick: Good.
[48:06] Raleigh Ann Vachek: Look for internship opportunities.
[48:08] Shannon Warwick: Mm.
[48:08] Raleigh Ann Vachek: I think the more, uh, real-life experiences you can have, the better.
[48:12] Shannon Warwick: Mm-hmm.
[48:13] Raleigh Ann Vachek: Um, as I mentioned, my story, I mean, that's how I fell into this career was-
[48:17] Shannon Warwick: Mm
[48:17] Raleigh Ann Vachek: ... I'm thankful I had a professor that asked some of those questions, and then I-
[48:20] Shannon Warwick: Interesting
[48:21] Raleigh Ann Vachek: ... happened upon a, you know, a job shadow that turned into a job. And, and so I think, um, just be open. And then the other piece of advice, which my mom gave me, uh, which I try to tell my children, too, no job is beneath you. So just realizing that-
[48:38] Shannon Warwick: Mm
[48:39] Raleigh Ann Vachek: ... where you start is not where you end, and but jump in and be willing to do whatever, even if you think you're overqualified for it.
[48:48] Shannon Warwick: Mm-hmm.
[48:49] Raleigh Ann Vachek: Be willing to file paperwork.
[48:51] Shannon Warwick: Mm-hmm.
[48:51] Raleigh Ann Vachek: Be willing to scan documents. Be willing to do things that feel beneath your qualifications-
[48:58] Shannon Warwick: Mm
[48:58] Raleigh Ann Vachek: ... but no job is beneath you.
[49:00] Shannon Warwick: Mm.
[49:00] Raleigh Ann Vachek: So it does come back to that humility.
[49:01] Shannon Warwick: I was just gonna say-
[49:01] Raleigh Ann Vachek: I think that humility-
[49:02] Ryan Warwick: Yeah
[49:02] Raleigh Ann Vachek: ... is really important.
[49:03] Shannon Warwick: That humility-
[49:04] Ryan Warwick: Yeah
[49:05] Shannon Warwick: ... and I guarantee you, when you're scanning those documents, when you're filing that paperwork, you'll learn something-
[49:09] Raleigh Ann Vachek: You will
[49:10] Shannon Warwick: ... you didn't know.
[49:11] Raleigh Ann Vachek: If you're open. Yeah.
[49:13] Ryan Warwick: I typed data into a DOS system for two years.
[49:15] Raleigh Ann Vachek: Yes. You got really good-
[49:18] Ryan Warwick: That's right
[49:19] Raleigh Ann Vachek: ... at the techie.
[49:22] Ryan Warwick: Thank you.
[49:22] Shannon Warwick: Thank you.
[49:22] Raleigh Ann Vachek: Thank you.
[49:23] Shannon Warwick: This was fun.
[49:24] Ryan Warwick: Good.
[49:24] Shannon Warwick: Thank you.
[49:25] Raleigh Ann Vachek: Thank you.
[49:26] Ryan Warwick: Thank you for listening to the Worth Beyond Wealth podcast. If you liked this podcast, please like, share, and subscribe. The highest compliment you could give would be sharing this with a friend. Thank you. The opinions expressed in this program are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or any specific security. RW Investment Management, LLC, dba RW Investment Management, is a registered investment advisor. Testimonials given by current clients are not in exchange for compensation. This document is solely for informational purposes. Advisory services are only offered to clients or prospective clients where RWIM and its representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by RWIM unless a client service agreement is in place. RWIM is not a legal or tax advisor.