Your stories are absolutely hilarious. Your delivery is comedic. Not having a doctor as a client is a windfall for you. You won’t get as many headaches for sure. C
Now I understand better why Doctors and Lawyers often end up with meager savings at the end of their careers. When you "always know" you're the smartest person in the room, it's hard to recognize sound advice.
Thanks for your stories. Very interesting. Such a great point about chasing more money for no reason other than a bigger number. My financial guy recently asked the same question you posed to your mom regarding how she would live differently with an extra 50 million. My answer is the same: Not much other than maybe feel more comfortable with starting to spend some of what I already have.
Back in the 1990's my financial planner used to say the similar things about doctors as clients. To sell me more mutual funds he'd tell me how much further ahead I'd be (despite my modest income) vs. his foolishly spendy know-it-all doctor clients. He's say doctors are almost entirely motivated by money and typically believe they deserve a far richer lifestyle than they could afford. He also spoke about the ridiculous amounts of debt many doctors carry, and how many seemingly successful doctors actually live pay-cheque to pay-cheque with stressful financial pressures. My planners point was that modest income clients like me could easily be far better off financially than the typical doctor.
One story I was going to tell was how I believe the average teacher is wealthier than the average doctor due to keeping it simple. Every doctor should be a multi-millionaire, but they choose to take silly risks by listening to people who can sell them on a pipe dream.
broader problem for more affluent retirees in general is the peer-pressure they face, everyone knows someone doing much better than themselves, and it becomes socially awkward to continue associating with those people after retirement without some prospect of achieving some kind of financial gain after the regular income stops. The challenge for the retiree is be open to building a new network of associates who, in retirement, are a better match in terms of financial status and goals. Finding new friends or associates, and activities can be its own source of reward during retirement.
It’s a tough business, because the biggest obstacle you face is competing for returns, which are completely out of our control, so it adds an annoying element to the equation. Money is also a very emotional and touchy subject. There’s a general rule that I have where I won’t deal with people who believe they are entitled to more than others, because they have money and feel superior. If a wealthy person is humble, I’m more than happy to deal with them. You’re welcome for the stories. I have a lot of them. 😊
Thank you. Funny thing is that we celebrated his life yesterday when the video went out, which was not my intention. Watched his funeral footage for the first time and reaffirmed that I am doing what he would have wanted me to do in my position
Funny video.I find that doctors appreciate a logic-based, clear explanation. When they get a logical explanation and their questions answered clearly, they usually shut up and actually listen. I know I do. Your problem may be in the way you explain stuff to them.
Interesting conversation. I guess you have to discern what a clients expectations are before you begin. A question would be for a doctor would he risk an experimental surgery for a faster recovery or a tried a true method over a longer period. Because of doctors high consistent income they figure they can make up for any shortfall they encounter. Qualifying your client is important. I enjoy your content overall but your delivery comes across low energy and monotone. This might be a factor on retaining some clients. I would emphasize that you are not the fast talking salesman but you take a sure footed methodical approach. Keep up the good work.
Oh, my delivery is certainly a factor in not being as successful as I could be, but not much I can do about it, so we just have to work with what we have. My thought is that I will never change who I am for anyone, or any reason, so it either works for you, or it doesn’t. If it doesn’t work for you, that’s fine, because we’re not a good fit and I certainly don’t need everyone to be a client in order to be as successful as I would like to be.
@@K4Financial As long as you are not calling a hockey game you’re OK 🙂. I don’t believe you should change yourself but we could always refine ourselves. As an entrepreneur we are own sales people, so getting and keeping clients is critical to our own success. I remember my father in-law joining toastmasters and I thought he was already a good speaker. I then he realized joined to be able to project more confidence when he speaks. My comments are hopefully coming out constructive and not to critical. I appreciate your UA-cam channel and the info you deliver so happy to subscribe and will consider using your services in the future.
I enjoy Kent's videos due to his delivery. Its very methodical and slow paced and therefore easy to understand with a touch of dry humour thrown in for entertainment value. Times have changed and the gift-of-the-gab type of salesperson is actually an annoyance to most ppl nowadays who actually prefer facts and honesty over presentation. Confidence grows from customer loyalty over time, not from a finely tuned sales presentation. But trying to convey this to old school salespeople is impossible.
@@K4Financialthe Ramsey study is a great example of base rate neglect. The real reason why there are more millionaire teachers than doctors is because teacher is a much more common occupation than doctor, not because of some behavioural trait common to teachers or lacking in doctors. I can only hope that Ramsey misinterprets his own study in order to encourage his audience members, and not because he misunderstands statistics…
As an example, Every Dr that tried to pass the Air Traffic controller exam hasn't , Many people we know have as many if not more degrees than their Dr. so its no big deal. and ask any moving company about dealing with Dr's? Its story after story of putting claims for a so called moving scratch you need to buy me a new appliance..
It used to be Volvo owners who were not good listeners
Your directness is refreshing AF!
Thanks. I do my best to be as honest as possible with clients and viewers. It may not translate into money, but that’s ok.
Your stories are absolutely hilarious. Your delivery is comedic. Not having a doctor as a client is a windfall for you. You won’t get as many headaches for sure. C
Glad you enjoy the humour. I always choose the least amount of headaches over money.
You’re a smart man!!
@@robertross8565 that’s debatable, but thanks 😉
@@K4Financial You are absolutely hilarious.
Now I understand better why Doctors and Lawyers often end up with meager savings at the end of their careers. When you "always know" you're the smartest person in the room, it's hard to recognize sound advice.
Sorry to hear. You're a great guy with great advise thanks for the channel
No need to apologize. Appreciate it though
Thanks for your stories. Very interesting.
Such a great point about chasing more money for no reason other than a bigger number.
My financial guy recently asked the same question you posed to your mom regarding how she would live differently with an extra 50 million. My answer is the same: Not much other than maybe feel more comfortable with starting to spend some of what I already have.
👍. Really great video. I understand your frustration!!!
Thanks 😊
Throw lawyers into that Dr. “pile” too. As an ex-sales professional, they soured me on their business dealings 95% of the time
Many Thanks for creating these amazing content..!!!
Back in the 1990's my financial planner used to say the similar things about doctors as clients. To sell me more mutual funds he'd tell me how much further ahead I'd be (despite my modest income) vs. his foolishly spendy know-it-all doctor clients. He's say doctors are almost entirely motivated by money and typically believe they deserve a far richer lifestyle than they could afford. He also spoke about the ridiculous amounts of debt many doctors carry, and how many seemingly successful doctors actually live pay-cheque to pay-cheque with stressful financial pressures. My planners point was that modest income clients like me could easily be far better off financially than the typical doctor.
One story I was going to tell was how I believe the average teacher is wealthier than the average doctor due to keeping it simple. Every doctor should be a multi-millionaire, but they choose to take silly risks by listening to people who can sell them on a pipe dream.
Great Video. Sharing your honest opinion takes ‘balls’. And yes you are right on.
Thank you.
That sounds like my doc.
broader problem for more affluent retirees in general is the peer-pressure they face, everyone knows someone doing much better than themselves, and it becomes socially awkward to continue associating with those people after retirement without some prospect of achieving some kind of financial gain after the regular income stops. The challenge for the retiree is be open to building a new network of associates who, in retirement, are a better match in terms of financial status and goals. Finding new friends or associates, and activities can be its own source of reward during retirement.
Those situations are insane!
People can be ‘challenging’.
(I’m being kind lol)
Bless you & thank you for your stories!!! 👏
It’s a tough business, because the biggest obstacle you face is competing for returns, which are completely out of our control, so it adds an annoying element to the equation. Money is also a very emotional and touchy subject.
There’s a general rule that I have where I won’t deal with people who believe they are entitled to more than others, because they have money and feel superior. If a wealthy person is humble, I’m more than happy to deal with them.
You’re welcome for the stories. I have a lot of them. 😊
@@K4Financial
Thank you!!!
Glad to hear your transparent condolences to the loss of you Father. That is a very mean cancer. A loss for the community he served.
Thank you. Funny thing is that we celebrated his life yesterday when the video went out, which was not my intention.
Watched his funeral footage for the first time and reaffirmed that I am doing what he would have wanted me to do in my position
Funny video.I find that doctors appreciate a logic-based, clear explanation. When they get a logical explanation and their questions answered clearly, they usually shut up and actually listen. I know I do. Your problem may be in the way you explain stuff to them.
Could be
Good rant dude. I call that the intelligence trap, it's really Dunning Kruger for ppl who think they are smarter than everybody else.
Interesting conversation. I guess you have to discern what a clients expectations are before you begin. A question would be for a doctor would he risk an experimental surgery for a faster recovery or a tried a true method over a longer period. Because of doctors high consistent income they figure they can make up for any shortfall they encounter. Qualifying your client is important.
I enjoy your content overall but your delivery comes across low energy and monotone. This might be a factor on retaining some clients. I would emphasize that you are not the fast talking salesman but you take a sure footed methodical approach. Keep up the good work.
Oh, my delivery is certainly a factor in not being as successful as I could be, but not much I can do about it, so we just have to work with what we have.
My thought is that I will never change who I am for anyone, or any reason, so it either works for you, or it doesn’t. If it doesn’t work for you, that’s fine, because we’re not a good fit and I certainly don’t need everyone to be a client in order to be as successful as I would like to be.
@@K4Financial As long as you are not calling a hockey game you’re OK 🙂.
I don’t believe you should change yourself but we could always refine ourselves. As an entrepreneur we are own sales people, so getting and keeping clients is critical to our own success.
I remember my father in-law joining toastmasters and I thought he was already a good speaker. I then he realized joined to be able to project more confidence when he speaks.
My comments are hopefully coming out constructive and not to critical.
I appreciate your UA-cam channel and the info you deliver so happy to subscribe and will consider using your services in the future.
I enjoy Kent's videos due to his delivery. Its very methodical and slow paced and therefore easy to understand with a touch of dry humour thrown in for entertainment value. Times have changed and the gift-of-the-gab type of salesperson is actually an annoyance to most ppl nowadays who actually prefer facts and honesty over presentation. Confidence grows from customer loyalty over time, not from a finely tuned sales presentation. But trying to convey this to old school salespeople is impossible.
@@bradgraystock5966 Do you intend to use him as a advisor in the future?
Totally agree with you. Most doctors are good at making money but not keeping money. Great idea not to have them as clients.
Dave Ramsey always quotes his list of most common professions that are millionaires and Doctors never make the top 5.
Yeah. They should be at the top. There’s a reason for that, which has been my experience.
@@K4Financialthe Ramsey study is a great example of base rate neglect. The real reason why there are more millionaire teachers than doctors is because teacher is a much more common occupation than doctor, not because of some behavioural trait common to teachers or lacking in doctors. I can only hope that Ramsey misinterprets his own study in order to encourage his audience members, and not because he misunderstands statistics…
@@Thundermonk99 that’s fair. Obviously needs to be interpreted as a percentage of people in the profession, in my opinion.
As an example, Every Dr that tried to pass the Air Traffic controller exam hasn't , Many people we know have as many if not more degrees than their Dr. so its no big deal. and ask any moving company about dealing with Dr's? Its story after story of putting claims for a so called moving scratch you need to buy me a new appliance..
My GP spends more time talking about wacky investment advice than my health. It's less depressing at least.
Haha, I love it