Today’s guest is Peter Lazaroff (LAZZ-ar-off), who knew from a young age that he had a future in investing. Today, Peter is the Chief Investment Officer at Plancorp, which manages over $4 billion for its clients. What makes Peter unique is his personable “big brother” perspective and unique ability to simplify complex issues for anyone. He’s here to share insights from his upcoming book, Making Money Simple, and help you understand what today’s financial landscape means for your money.
What Expert Authority World™ is saying about the show:
- Loved the Craig Handley Episodeby MHillfan from United States
Mario’s energy is infectious and Craig Handley is a character and some. But really every episode brings out the uniqueness of each guest. This pod has become one of my must listens›
- Inspiring. Informative.by SunDevil from United States
Mario is incredibly inspiring and does something few other podcast hosts can manage to do… allow his guests to actuall talk at length and answer his questions. He offers great information and I really appreciate that he is invested in what his guests have to offer as well. Other podcasts come across as an ego stroke for the host, but this podcast is truly here to help guests share their stories as well to the benefit of the listener. Worth subscribing.
- Game changerby TimLawson21 from United States
This podcast is informative and inspiring. I love it!
- If you are a wanna be entrepreneur look no further!by Elisa Di Napoli from United Kingdom
Great podcast full of interesting insights. The host is engaging and thoughtful and I can say I have enjoyed listening to each episode!
- Amazing Interviews not to miss!!!by Jbower1282 from United States
Consistantly uniques interviews or amazing people really making it happen.
- Mario is a great host with great questions!by alexdesigns from United States
Take a few minutes out of your day to listen to Mario. He is a super smart guy and I love the questions he asks his guests.
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Lots of great information and inspiration for anyone who wants to turn dreams into reality. Mario brings a lot of spot-on information to this podcast.
- Great Showby Palminchen from London from United Kingdom
Love the broad selection of topics for inner
- Amazing inspirational storiesby colas_18 from United Kingdom
This podcast is so good. The stories from the people sharing their stories about their struggles in life and how they overcame these struggles is just inspirational and helped me push harder when things get tough. Keep up the good work with these amazing interviews Mario.
- Fantasticby sttoggyigctdrvy from United States
Mario goes above & beyond on his show. Lots of great information for his listeners!
- Top Learningby BLNT PPTT from Hungary
Love hearing these great interviews with a great host. Keep up the good work!
- Mario inspires!by Fatherof10yrold from United States
These interviews are fantastic. Mario inspires with great questions that draw out great answers from his guests!
- Expert authority!by Tara Williams Phone from United States
Mario shares some amazing people on this podcast and they have some gold to share!
- Great show!by Karen @ Interview Valet from United States
Mario is an awesome podcast host! I love the FB Live interviews and the opportunity for listeners to engage in real time. The audio and video quality is spot on every time. Be sure to subscribe so you don't miss anything! You won't be sorry.
- A Podcasters Inspiration!by JamieKullman from United States
Mario has so much insight and delivers such incredible value through his show. I just started listening, but I've already learned so much from him and his wonderful interviews. Keep up the awesome work!!
- Quality professionalismby VirtForce from United States
I can’t say enough about how pristine and professional Mario is in his interviews. He truly wants his guests to have the best experience and recording possible. And not to mention he is fun and knows how to put people at ease in front of the camera.
- How to conquer your limiting beliefsby Dave4syth from United States
Listen to episode 103 an dlearn how to overcome your limiting beliefs. Great advice.
- I can’t believe how much I learned in just one episodeby AwesomeMontana from United States
Mario is knowledgeable, curious and able to bring great guests that deliver value that every business needs to understand! Outstanding podcast!
- Great content!by Cory Lee Leadership from United States
Mario does a great job of providing relevant information and bringing on guests to share their expertise in a variety of fields. Highly recommend his podcast!
- Fascinating interviewsby Bill Ringle from United States
Mario brings on accomplished guests and draws out their expertise and stories in a way that leaves me on the edge of my seat. Keep up the great work, Mario!
- Love It!by Laura Moreno Cabanillas from India
Loving this podcasts, an entrepreneur I really appreciate the energy and passion being shared to help us grow our business. Keep up the great work.
- Boost my Amazon sales!by SurvivalDad from United States
I tap Amazon as one of my sales channels and your interview with John Ghiorso was an eye-opener. Ignore at your own peril!
- Love It!by LauraMore from United States
I loved the Memorial Day episode, Mario! Thanks so much for creating this awesome podcast!
- Flawless interview styleby GninraeL14 from United States
Mario makes everyone appear even more interesting to me. Great format and style!
- Come here for valueby Joshua User 202! from Canada
Really appreciated this podcast for the raw, genuine interviews. Love it!
- Crisp and interesting interviewsby Joel Goobich from United States
As someone who created one of the first podcasts dedicated to video marketing, I was very impressed by your recent episode about using video. Your interview style is crisp and interesting
- If you are in business, this podcast needs to be on your playlist.by Macstephen1 from United States
Mario has a great conversational style that helps his guests shine. This show is a must if you have an entrepreneurial spirit. It provides thought provoking content that will help any businessperson in their quest for success.
- New Subscriber here and on your YouTube Channelby Angela Brown Oberer from United States
Wow Mario you have a real knack for interviewing. You ask great questions and have a fun way of keeping the conversations lively and interesting. After listening to your episode with Owen Video I subscribed to your podcast and then I hunted you down on YouTube. High Five and great job!
- Very Professional & Engaging Show!by Mitche Graf from United States
Mario is extremely engaging and can hold your attention, and is a great interviewer! He has some great guests that really get into the details of running a successful business. Keep up the great work Mario!
- Great Contentby Pilar S. from United States
Excellent! LOTS of advice from experts. The most recent episode talks about speaking–a must-listen for anyone who presents or is thinking about presenting.
- Great content!by @Mentally_Strong from United States
I really enjoy your podcast each time I listen. The content helps any entreprenur level up with they do. Keep it up and thanks for each episode.
- Professional and Informativeby Bruce at Mindfulness Mode from Canada
Mario Fachini is an excellent interviewer and has terrific guests on the show. I highly recommend this podcast.
- Great Podcastby Amber Fuhriman from United States
I love the topic of this podcast. The episode with Tod Lindsay is super super helpful!!
- Great find!by Reed Stiles from United States
Great message and content. Stumbled upon this due to the cool logo, stayed for the content.
- Great show and great host!by Laurapowers44 from United States
Love what Mario offers! So glad he is doing his show and providing all this helpful info! Keep them coming!
- Walks the walkby Me15463 from United States
Mario encapsulates everything he talks about on the show. Be sure to tune in to this!
- Honest and authenticby Deano3622 from United Kingdom
Wow, just come across this podcast. Mario is such an awesome guy. He comes across so honest and genuine. Loved the content. I honestly don’t know where you find the time?! Keep it up Mario, love how honest and real you are!
- Great and insightful!by Karty12345 from Australia
I really enjoyed this podcast, so much relevant content. Thank you!
- So much Value..!by Alex Dali Rizo from United States
Great content, I really recommend this to any Entrepreneur looking to excel in their path, Mario brings topic experts to teach and inspire your day
- Inspirational Intentional Informationby 10Kforte from United States
This podcast shares the stories from people that are doing whatever it takes to rise up and help others along the way. “What Are You Made Of” is one of the many messages shared on the podcast. There are so many takeaways that are applicable to anyone. I really enjoyed listening.
- Wow!by Tyscoaching from Australia
Just listened to the 'rescue site AED Program' episode! If you love epic stories and inspirational people, this is the podcast for you!
- Motivation on Tapby AnthonyPGarcia from United States
Mario brings on some of the most impactful entrepreneurs to hear from. He dives into the key performance factors of their business. He extracts information very well and keeps the show flowing very smoothly. Definitely a show to subscribe to!
- Starting a Movementby JustMe2say from United States
There are many areas of business and entrepreneurs have an opporunity to gain some insight with this podcast. Excellent interviews!
- Great Podcast For Entrepreneurs!by The Big Game Hunter from United States
Full of knowledgeable guests and useful information that will help you accomplish your goals in business and in life!
- Mario Truly Care About His Guestsby Podcast Junkies from United States
Having met Mario and spent time with him at Podfest I can truly say that he is passionate about his show. He’s genuine and that clearly comes through in his own story and what he brings to every interview.
- Put your thinking cap on!by Cliff Duvernois from United States
This is probably one of the most information dense podcasts I’ve listened to in many moons. Each episode could easily be expanded out into 2 or 3 hours. Mario does a great job of asking the right questions to get his guests to reveal great tips, tricks and advice. Sure a lot of information can be applied to an entrepreneur but I found a lot of advice applicable to my personal life. This podcast is definitely worth my time to listen to and I’m looking forward to more episodes to come. Great job!
- Relavant for anyone!by HarloB from United States
I really enjoy Mario and his shows. The Stress and Anger in the Workplace episode was great because it cut to the chase of all the issues around this topic. Great interview!
- Mario nails it!by Mickiezada from United States
I've listened to Mario for a long time...his podcast is well produced, his guests are influencers and authentic authority, and chock full of insights and inspiration for entrepreneurs. Love it!
- Mario is the real dealby jamesnewcomb.io from United States
I’ve known Mario personally and professionally for over a year now. He is genuinely interested in helping people succeed, and consistently over delivers in his interactions and valuable advice with fellow entrepreneurs, podcasters, what have you. In this era of showmen who “give value” only if they think they’ll get something in return, Mario stands out as a man among men. Listen to his show and learn what true leadership and value in the marketplace mean.
- Listening On My Entrepreneurial Journeyby FromLisa2 from United States
I was surprised when I stumbled over the servant leadership that shows up in these episodes. It's collaborative. It's focused on relationships with clients versus transactions. I especially enjoyed the episode on getting clients without "selling" because it's more about genuine relationship building.
- A Giftby Lisa Vogt from United States
Mario uses all his talents, gifts and abilities to produce this life affirming show. It's incredible that we are able to grow our abilities and develop our talents and gifts just through subscribing and listening. Thank you Mario!
- This show is ON FIRE!by tibor.mindsethorizon from United States
Love your show Mario! Your niche is close to mine but I focus more on mindset and manifestation in a business setting. I tuned into episode #103 with Karen Brown which is dope! Keep up the great work!
- Entrepreneur Must Listenby HWoodwriter from United States
If you’re an entrepreneur this is a must listen show. So many inside tips and thought processes behind moving your business forward. Mario does a great job with the guests by asking the right questions at the right time. He and his guests give the information you need to grow your business and leadership skills.
- What a show!!by CWLuecke from United States
Man, do I love interviews with world-changers! Mario does an excellent job gathering the cream of the crop for his show and giving insightful interviews. Check it out!
- Loved it!by Seodrigo from United States
This interview was very enjoyable. Mario brought on a wise guest by the name of Michael Lauria. I loved the interview and Michael's perspective on the topic. He had wonderful insights and around min 31, he hit something very profound. Excited to share what I learned today with others. Way to go!
- Great listenby trinity3712 from United States
Good listen. Great range of guests and topics. Something here is you keep listening will help you in many areas of life and leadership b
- Great Knowledge!by Jon Vroman FRD from United States
Great show Mario! So much valuable information in one episode!
- Excellent show, very imformative!by Shaolin Soprano from United States
Mario loving the podcast bro, great content, immense value. Enjoying these interviews!!!
- Helpful Information!by The Medicare Nation from United States
Love the valuable information on these episodes! Lots of tips & tricks for every Entrepreneur to use. Kudos Mario! Diane Daniels Host of Medicare Nation
- Love Mario’s Attitudeby marisaimon from United States
Mario’s heart shines through his interviews, making these fun and positive, and the people he brings on offer such a wealth of knowledge.
- Lots of Great Info!by DarlajPowell from United States
Mario provides lots of great info and advice in this 7 day a week show.
- Great Content!by LanceJohnson_ from United States
Mario does a great job of share valuable information that every entrepreneur could use and apply to their journey. Great work! 🙂
- Important information!by Allmenow from United States
Very engaging information. Mario draws out experiences and knowledge from his guests. Loved the show!
- Difference-Makerby Unlimited Beliefs from United States
Mario is a master at bringing out, shining a light on, and internalizing the difference-making mindset. His knowledge and experience and mission enable him to synthesize information into diamonds for all of us! What you want is accessible by taking in this show!
- Excellent Informationby Stallion golf from United States
Great advice and information with a wonderful blend of topics! Loved the episode with the british healthcare professional and the ideas shared on how to make the industry better.
- Motivating and valuable informationby Calvin Javier from United States
Great insight on mindset from business leaders and entrepreneurs making things happen. Definitely worth your attention. Will be listening and learning more!
- Good informationby FIRE NATION! from United States
Engaging interview with a british health pro, I was surprised to hear the similarties and the application she has for making healthcare better
- Greatnessby MiaSportFanatic from United States
Have had the chance to listen to one show so far but man, we should be paying for this information. Lots of greatness. Thanks for the heart to serve.
- Listen to the experts - and thrive!by The Marketing Book Podcast from United States
There's a lot of advice out there these days but, sadly, a lot (and I mean a LOT) of is from people with little to no expertise. That's not the case with this gem of a show. Listen to what the experts say and profit from the experience!
- Show is amazing!by BestMorningRoutineEver from United States
I love learning about mindset and how to master my thoughts. This show provide the tools!
- Great show!by Jefferson_79 from United States
Great information for all businesses.
- Good value!by Audrey purplele from United States
Great information that applies to any business! I really felt he provided value for my time.
- Interesting Topicby Real Estate Journeys Podcast from United States
Interesting topic. Great interviews. Keep up the hard work!
- Helpful Advice from Expertsby ichuck2 from United States
Mario talks to experts in a wide range of subject matters and asks good questions to pull out helpful advice.
- What a great show!by Christopher List from United States
Mario really brings out the best in his guests. The police dog trainer had such a great story. Can’t wait to hear more!
- Great!!!by tommye w-c from United States
Great podcast, awesome guests, incredible host!!!
- Fun & informativeby Saoirse Sky from United States
Some people want something fun, others want something informative. This podcast gives you both!
- Great show!by CJThomas6 from United States
Very inspirational show! Appreciate the advice and thoughts shared by the host and his guests!
- Great podcastby Rosie81200 from United States
Great podcast! Love hearing about the guests’ journeys and what they learned from them.
- Never Stop Learning!by Terri in Fairhope from United States
Tune in to this great podcast and host! You're probably really good at what you do (top of your game...an Expert Authority), but there is always more to learn...streamline processes and gain more freedom in your life. It's not always about the bottom line. This one is worth a listen!
- Amazing!by KatieHBrooks from United States
If you're looking for inspiration, tune in to listen to Mario and his top notch guests. I find that I am always much more motivated after listening to an episode of Expert Authority Effect!
- Wonderful show!by @IV-Heather Tieben from United States
Mario is a great host & puts on a wonderful show. The quality of his interview guests and entire production is impeccable, I couldn't recommend Expert Authority Effect more!
- You Will Not Be Disappointed!by Composer 1853 from United States
Mario does such a great job of engaging his guests from several different disciplines.
- The hardest working man in Podcastingby EOFire.com from United States
Mario brings the HEAT with real energy and FIRE...don't miss the meteoric rise of this show! ~ John Lee Dumas
- Great interviews and guests!by Mel Good Karma from United States
Thanks for hosting such great interview guests. Look forward to hearing more and kudos on so many a week and also videos!
- Fantasticby Jason A. Duprat from United States
Awesome podcast, going to be adding this one to my list. Interesting topics with great interviews, good sound quality.
- Enjoying!by Slordan from United Kingdom
Enjoy listening to Mario and how he opens up the conversations to ensure it’s as relevant to us as listeners!
- Nice variety and interesting topicsby emjgreen from United States
Love the variety of topics presented here on this show. Looking forward to listening to more of Mario's show.
- Great Content! Great Interviews!by No BS Mompreneur from United States
Wow! Really enjoy listening to all these fabulous expert authorities!! Lots of valuable take aways that I can implement into my life. I will continue to listen and share with others!! A+++
- A great addition to build authority and create an impactby Cloris Kylie from United States
A great addition to build authority and create an impact. Also, a different twist on the topic. Engaging. 5 stars!
- Filled with motivation and ideasby Thomas O'Grady, PhD from United States
Mario does a great job interviewing and pulling the stories behind people's stories or success. Good pleasant listen. If you are in a journey of your own, these episodes will give some things to bring into your on life.
- spartancvby spartancv from United States
Great job following your passion, your purpose and creating this podcast to help serve others! Keep up the excellent work.
- This podcast is the bombby Posturedoc from United States
Mario always crushed it, and this podcast is another example of his amazing insights and knowledge!! Great work.
- Wow - love the video show.by Thehighenergygirl from United States
Thank you for the encouragement and tips on how to succeed on video and the repurposing idea.
- Motivating and Inspiring!by KatyJoyWells from United States
Mario brings such enthusiasm to his shows and his content is fantastic. I’m always learning new things to implement or new ways to grow, thanks Mario!
- What a great show!by Gene_HPLN from United States
Awesome podcast! Mario brings great topic, great guests, and it is very easy to listen to. I definitely recommend for anybody interested in business success!
- It's greatby Ian Ryan from United States
Just had a chance to check out your most recent episode appreciate the great insight! Great delivery from the host & can’t wait to dig into future content.
- Love it!by Brendan @ Entrepreneurs&Coffee from United States
I love that this interview podcast doesn't feature the same old folks that everybody has on their show. Keep it up, Mario!
- Amazing!!!!by Lindsey Russo from United States
This show is so impactful! Hearing from the experts and how they take authority in their space is so amazing. Looking forward to more episodes!
- Learned what I didin't even know I neededby Camilla-Jean from United States
Great info. I love the Q episode because I get just quic interst snippets that may get me thinking about where my business might go.
- Fabulous Interviews!by Life&RelationshipCoach from United States
Mario does a fantastic job interviewing really interesting and successful business people who explain how they got to where they are - tips you won't want to miss when your trying to grow your business! Keep up the great work Mario! Coach Riana Milne
- A+ Showby Gisele_Oliveira from United States
I love this show. It's so entertaining and I learn a lot from the interviews. I highly recommend this show if you want to level up his game as an authority.
- Inspiration, transformation, success stories!by Chabo101 from United States
The title of this review should just be enough but it is just more than that. Its life lessons, its listening to personal struggles and how they over came those struggles. Love to hear from people that change the world through their struggle and the lessons that i learn from them are just more than amazing. I love this.
- Great interviews!by AlyciaDarby.com PodcastManager from United States
These interviews are well done and his guests are prepared to give really specific insights and stratagies... great podcast, Mario!!
- Inspiring story of courageby StrongHeart<3 from United States
I love that she found gratitude in her circumstances. lorie is an inspiration
- Powerful!by The Food Heals Podcast from United States
Mario's interviews cover a variety of topics and provide great value in all areas of your life! Episode 15 discusses how change is temporary and transformation is permanent which was really powerful for me. I love this message! Thank you!
- Great content!by Blakeob85 from United States
Great answers to common questions many entrepreneurs have! Thanks Mario for sharing your and your guests' insight!
- Real Actionable Tactics!by MattBMaverick from United States
What I like about Mario's podcast is that he pulls out actionable tactics from his guests that we, the listeners, can actually use. Great show!
- Great Listen!by Real Estate Investor from United States
Mario and his guests provide useful techniques to succeed in any business venture. The interview style promotes learning through real life examples of his guests. Great listen!
- Great interviews!by Matt B 1818 from United States
Love hearing these interviews and learning from people who are top in their industry. Mario is a great host and is not afraid to share his emotion!
- Love itby Duffash from United States
I love hearing interviews of successful business women and taking away what I can learn from their journey. Mario is a great host! I have enjoyed what I have learned so far. Congrats on the launch of your new podcast!
- Strong, professional, enthusiastic!by pm legs from Canada
If you're looking for an interviewer who's going to take you to investigative places to help you be your best you, through your professional life, you'll love listening to Mario!
Watch The Episode
Subscribe to EAInterviews
Resources Mentioned• FREE Business Book Publishing Course
• Winning The Loser’s Game | Charles Ellis
• Random Walk Down Wall Street | Burton Malkiel
• The Little Book Of Common Sense Investing | Jack Bogle
• Atomic Habits | James Clear
• Making Money Simple | Peter Lazaroff
3+ Expert Authority Insights™ To Apply Now
- Do not deprive yourself.
- Any sort of prioritizing your retirement is always the number one goal.
- “I honestly think the biggest issue we have is that we have not addressed the retirement crisis in our country.”
- Any good relationship, whether you’re selling a product or service ought to be a win win.
Wheel of Whatever™
[28:57] With all your knowledge of taxes and all the people you’ve been able to help, you created this one, by the way. You created this one about eight minutes ago. What do you think the US could do better with taxes for businesses to stimulate the economy, but also reward the business owners? Do you think we should keep doing a whatever it’s called the graduated tax, or should there be a flat tax nationwide?
What You’ll Learn In This Episode
Click the time stamp to jump directly to that point in the episode.
[1:05] Thanks to our sponsor, Business Book Publishing Course
[2:40] Identifying lifestyle creep and preventing it
- Most of your income gains are going to come in your 30s and 40s and then you peak out in your 50s.
- Business owners are dramatically under estimating their expenses.
- Where does lifestyle creep stems from?
[5:14] “I don’t think you should deprive yourself.”
- It’s just being more aware that as humans, it’s our human nature to be quite adaptable.
- You don’t notice the incremental changes, it’s the big changes that we notice.
- Basically everything about our DNA and genetic makeup, has us making poor money decisions.
- We think of saving for our future selves, as the same way that we think of giving money away to a complete stranger.
[8:34] Is there a percentage that you feel you can also save across the board?
- If you have no plan, as of right now, set an arbitrary number like 10% of income and go ahead and set that aside. Then plan to have it increased every year.
- There’ll be a natural barrier resistance based on your lifestyle that you’re unwilling to make a few increases to what you’re saving.
- The whole point of financial success, it’s not really magic. It’s just simple engineering, and there is no perfect answer.
[9:34] Automation is your best friend
[12:55] What is a good investment in the personal and financial arena?
- Any sort of prioritizing your retirement is always the number one goal.
- Continual learning is extremely important.
[14:58] The age of retirement
- The thing that people are shooting for today is financial independence.
[18:37] Peter’s clients
- A good financial advisor can change your life. It could really make a big difference. But a bad financial adviser can also change your life in a bad way.
- The way that we’re really helping people is minimize the taxes that they’re paying, and make the entire financial picture work together.
[20:44] Why is it important to have a financial advisor?
[22:54] Peter’s success story
- Somebody who’s doing everything right and having a lot of success, yet still wasn’t getting the most out of their money that they wanted.
- They know what they wanted, but they just didn’t have the confidence there to really grab it.
[28:59] The Wheel Of Whatever
- Simplicity would be the best option for tax policy.
- “I honestly think the biggest issue we have is that we have not addressed the retirement crisis in our country.”
[32:08] Let’s take a moment to thank our sponsor, Business Book Publishing Course
[33:39] Imperfect Action Round
- The fastest path to the profits is automation.
- Overconfidence is a bad thing. Not knowing what you don’t know. Try to learn and have multiple perspectives.
- The best way to maximize customer lifetime value is to be able to accomplish two out of three things: Solve a problem, make their life simpler, and help them make more money.
[37:29] Peter’s book recommendation
- Winning The Loser’s Game | Charles Ellis
- Random Walk Down Wall Street | Burton Malkiel
- The Little Book Of Common Sense Investing | Jack Bogle
- Atomic Habits | James Clear
[38:16] Learn more about Peter Lazaroff
[39:04] Thanks to our sponsor, Business Book Publishing Course
EA Interviews Episode 188. Inspiration, transformation, success stories and the Imperfect Action Round seven days a week. Join Mario Fachini for today’s Expert Authority Effect Interview.
Mario Fachini [0:13]
Have you ever wanted to grow your business? I’m sure you have. But what about the personal side of things? Do you want that new car? Do you want that new house? Do you want to go to that event? You know, maybe it’s that new advertising campaign, maybe it’s any and all of the above. And that’s why I’m excited to have Chief Investment Officer, author of Making Money Simple. And we’re going to be talking about how to avoid self sabotage with your finances for your business and your personal life. Getting rid of that lifestyle creep. Okay, getting rid of the business creep that comes in there. Maybe it’s, we need to do this, we need to do that. No, no, no, no, we’re gonna get down to it, and learn how to stay focused on our financial goals both personally and in our business with Peter Lazaroff, right after we thank our sponsor.
Sponsor – Business Book Publishing Course [1:05]
Every business needs a book, including yours. Visit FreeBusinessBookPublishingCourse.com today to learn the seven steps to publish and promote your nonfiction lead and profit generating business book in eight weeks. Once again, FreeBusinessBookPublishingCourse.com.
Mario Fachini [1:21]
Here he is ladies and gentlemen, Mr. Peter Lazaroff. Peter, how are you doing today?
Peter Lazaroff [1:25]
I’m doing great. How about yourself?
Mario Fachini [1:27]
I’m feeling wonderful. And I’m excited to hear what you have to say. Because there’s so many people in Expert Authority World who have business goals that want to achieve the best for their business and their families. And I want to know your thoughts on it because I saw something about that lifestyle creep. And you know, the business creep and would you say there’s a lot of things to distract us from staying on track?
Peter Lazaroff [1:51]
Absolutely. It’s kind of this sneaky financial phenomenon that derails all these wonderful business plans, derails all these wonderful personal financial planning plans. And lifestyle creep, it happens in such a way that we don’t notice, it’s kind of like if you put your hand into a bowl of water, and you start to heat it up. Eventually, that water is gonna get so hot that it hurts, it burns you. But you don’t notice it’s incremental. Now, when you take your hand out of that warm water and dunk it into a bowl of ice water, you notice that, what that is like is trying to stomp out lifestyle creep after years or decades of it happening. And so what’s really important is to identify what these areas of lifestyle creep are in the early stages, so that you’re not dunking your nice warm hand into some ice water later.
Mario Fachini [2:40]
What are some areas that across the board, you can identify is lifestyle creep, and how do we prevent them?
Peter Lazaroff [2:47]
Well, so, keep in mind that most of your income gains are going to come in your 30s and 40s and then you peak out in your 50s. That’s just what the research shows whether it’s from the Federal Reserve or the Department of Labor. And it starts out with little things that candidly aren’t that big of a deal. Maybe it’s a slightly nicer bottle of wine or better seats in an event, whether it’s a sporting event, or a theater event, or perhaps it’s an upgrade in your hotel room, or just a slightly nicer birthday gift for your loved one. All these things individually, may not be that big a deal, particularly if you are earning more income over time. It’s really the collective of all of them that you don’t notice that you’re doing it, particularly if you’ve been a good saver. And the most common outcome that I see is someone gets near retirement, and maybe they have been a good saver, and they’ve had some lifestyle creep, and they realize they’re living differently now than they were 5, 10, 20, 30 years ago. But they are dramatically under estimating their expenses. If you’re a business owner, and you push expenses through the business, which is pretty common, it does make it hard to identify what do I need to live on after I’ve sold the business? Or had part of the succession plan kick in?
Mario Fachini [3:58]
Why? Where do you think it stems from? Because when you were saying the nicer hotel rooms and the nicer food and nicer things, I remember some of the first things I did when I started making more years ago. And it’s like, you know, there’s that delayed gratification. And I believe everyone should do it starting off. Because you’re not going to win in all areas. And it’s like if you really believe in what you’re doing, you know, there will be a turning point. If not, well, yeah, you’re just cutting out a lot of stuff in your life, but you start going for those nicer things and building up and building up. Do you think it essentially forms a habit? Or is there a deeper driver? You know, it kind of sounds like keeping up with the Jones’ personally and keeping up with I don’t know, I’ll just say the newest shiny object for business.
Peter Lazaroff [4:46]
Well, here’s a good example with myself is I used to wait to upgrade my cell phone until the point at which my current cell phone basically didn’t work. Nowadays, if I want a new cell phone every three years or even every two years I go ahead and do it, because you know what? I feel like it. And I feel like I’ve gotten to a place financially where I can afford to do that. But I recognize that that’s a change in my habits in that sense. But really one of the important and also, let me also put in there that I don’t think you should deprive yourself. That’s not really what I’m getting at, I think it’s just being more aware that as humans, it’s our human nature to be quite adaptable. And the novelty of different items tends to wear off pretty quickly. So my new iPhone with its great camera, and it’s faster processing speed, one month, two months later, I don’t really notice it. And it kind of goes back to what I lead with, with the hand example in a bowl of lukewarm water, if you keep heating it up, you don’t notice the incremental changes, it’s the big changes that we notice. So I would say there is some sort of inherent human nature involved here. And that’s what’s always so challenging with money is basically everything about our DNA and genetic makeup, has us making poor money decisions. And a lot of that’s very deep rooted in the way that we evolved as a species. But even when you look at more recent research, where they say, do the brain scan, and they can identify that we think of saving for our future selves, as the same way that we think of giving money away to a complete stranger. So if we know that, we have to make the right decision by doing something that feels like giving money away to a complete stranger, how can you make that disconnect go away? With lifestyle creep, you know, it’s gonna happen. And again, I don’t think you should deprive yourself, I think it’s just being aware that it’s happening. And as you increase your spending in small categories, or you take advantage of some lifestyle luxuries, because you’ve earned it, what’s really important is that you also have a way to systematically increase what you’re saving to help offset some of that, because by saving more, one, you’re going to be better prepared at the time that you want to be financially independent. So that’s kind of the obvious piece, the perhaps less obvious piece, if you’re saving more, you can’t spend more. So it’s a way to sort of prevent yourself, acknowledges that you can’t take the human nature out of humans. So how can we acknowledge those human flaws that I’ll call them, and work around them in a way that isn’t so painful and is easier to stick with, then perhaps, having to fill out a budget every single day?
Mario Fachini [7:22]
You are just dropping all kinds of wisdom here. And there’s two things that I wanted to ask you about. And there’s like three more that I picked up on. One, how come humans are just don’t like doing it? Two, how do you break the disconnect of the saving for yourself and having the disconnect of someone else. And I can attest to the saving more and putting it away, because there was one year I got my taxes back and there was like, there’s over $8,000 of stuff I didn’t notice. And I was like, “Huh, that was kind of like a huh?” I mean, it’s not a ton of money. But it’s not 20 bucks, either. And, you know, when you do start saving more, and it’s more fun, because what I’ve been doing, what I started doing, and I’m still doing thankfully, paying for stuff in advance, like a month in advance, a quarter in advance, a year in advance, you know, you get less notifications, and you get a better deal. So when you were talking about the lifestyle creep and all this I also wanted to ask about, is there a percentage that you feel you can also save across the board? You know, from doing it ahead of schedule instead of after the fact?
Peter Lazaroff [8:45]
Well, I’ll answer that question first. There is not a one size fits all answer here. And I think in general, the best thing you can do, if you have no plan, as of right now is set an arbitrary number like 10% of income and go ahead and set that aside. But also plan to increase that by a percentage point every year so that you’re going to 11%, then 12%. You may be stopped at a point, there’ll be a natural barrier resistance based on your lifestyle that you’re unwilling to make a few increases… additional increases to that saving percentage, like you might reach 20% and say, “Look, there’s no way I can save more income. There’s all these things I want to do.” And that’s okay. The whole point of financial success, it’s not really magic. It’s just simple engineering, and there is no perfect answer. So I would, you know, anytime you’re discouraged, know that there’s a workaround and that nobody’s perfect with this. Which kind of goes back to your other, you know, the first point you’ve made is, you know, we, as humans tend to make all these poor decisions with money and we have these wrong instincts. And I think the best way you fight those is you automate, you try to automate as much as humanly possible. Remove all ability for yourself to make the decision and automation we all think of as technology. But if you look up the definition of automation, hiring a human to do that work for you also falls under the camp of automation as well. And so any sort of line coaching of any kind always improves outcomes, whether it’s health coach with your eating, or fitness coach with your professional, excuse me, your physical health, your professional coach, you can get a financial coach, which everyone knows, as a financial advisor, you know. These are all ways that you can improve your outcomes. And when you think of automation, yes, technology is essential. And it’s never been easier to automate your finances on the technology front. I know personally, the system that I talked about, in my book, Making Money Simple, the system that I talked about, on the podcast, Making Money Simple, on my blog, you know, everywhere talks about automation, and originally, it was hard for me to put that system in place, because you couldn’t automate as much as you can today. But really, automation is your best friend. It prevents you from getting lazy, it prevents you from deciding you don’t feel like making these changes, or sticking to a plan. That’s really the best way, in my opinion, to get around our human nature.
Mario Fachini [11:08]
And I’m glad you brought that up about the person because there’s also that accountability. And when you’re paying someone and investing, because, not an expense, it’s an investment. You’re also more accountable to yourself and what you pay for you pay attention to.
Peter Lazaroff [11:25]
I know that’s true for me. Anytime I’ve had a gym membership, I use the gym.
Mario Fachini [11:30]
Peter Lazaroff [11:31]
I know when I wrote my book, I tried to write a book on my own. And it wasn’t until I hired a project manager and all this person did was send me text messages and emails, and I was paying them about $500 a month to bully me into writing. And if I’m going to pay that much to have somebody sending me texts telling me to go right, you can eventually do it. So I think, anytime you’re hiring, and I’m obviously biased, I am a financial advisor, I’m an owner of the financial advisory firm, I obviously am biased and thinking that that’s a great investment. However, I also have a financial advisor, I’ve hired a financial advisor, despite my own knowledge, just knowing that it’s a good, like you said, a good investment in myself to get all those nudges to have an unbiased party there. And your outcomes undoubtedly are better since making that decision than when I was just doing it myself.
Mario Fachini [12:19]
Well, I’m glad you’re sharing that with us. Because there’s a lot of people who… I love investing in stuff that’s going to, one, get an ROI and two, make me a better person. You know, because wisdom is that the only real asset we have. I mean, the building the house, the cars, all that stuff can burn down, blow up whatever the case may be, or get washed away. But when all the stuff you invest in, in your brain, as long as that thing is still working, you’re good. And if it’s not, well, it’s not really a problem anymore.
Peter Lazaroff [12:53]
Yeah, I’m with you on that one.
Mario Fachini [12:55]
What, other investments can you make financially? Well, what else would you say is a good investment? Whether it’s for yourself, your business in the financial arena?
Peter Lazaroff [13:09]
Well, that’s a great question. If we’re going to narrow it to the financial arena, you I think any sort of prioritizing your retirement is always the number one goal in my mind. And I don’t think retirement for people saving today looks the same as retirement even 20 years ago, you know, it’s not just a big 30 year vacation. It’s really this financial independence, where you have the ability to walk away if you want to, or work less, if you want to. Largely do whatever you want. That’s what financial independence is. And I do think that it will become more normal for people to work until they’re 70, as opposed to 60 or 65. And so no matter what, if you can invest in accounts that give you some sort of tax break that are designed for retirement, whether that’s a 401k, or IRAs or HSAs, or if you have a business and you can do a cash balance plan, you know, that’s typically someone who has a lot of excess cash and needs to put away tax deferred dollars, you know, those are tools that really can enhance your well being over the long term. When I think of investing in myself beyond finances, and just being a good saver, a comment you made earlier that I think resonates is continual learning is extremely important. I don’t know anybody who is good at their craft or their profession who doesn’t continually learn. And we also know there’s a lot of research that shows that continually learning stimulates the brain and helps prevent cognitive decline, which is morbid as it sounds, it’s something we’re all going to have to deal with at some point in time. And so I think exercising, eating healthy and learning, those are all things to show that have shown to really increase your brain health and increase those neural connections and strengthen them and prevent that cognitive decline that so many people unfortunately have to deal with.
Mario Fachini [14:58]
I’m glad you brought that up and after I said it, I didn’t want to interrupt you. But I was like, why did I say financial because there’s a lot of stuff outside of that. That’s also good for business and personal. And, like you’re saying, as we age, there’s things to consider, and not just preventing them now as much as humanly possible, but also being prepared for it in the future. And I was actually going to ask you, do you think, when you’re talking about the retirement, do you really think that retirement is an age? Or… because I’ve heard people say, “Well, I want to retire at 35, 40, 45, 50”? Fifty five seems to be like the new from people I hear, maybe not so much in business. But like, if I can get out by 55, that would be like, you know, you get five, seven more years. And you’re saying most people are going to work till they’re 70? Is that because they have to or because they want to?
Peter Lazaroff [15:52]
I think if we’re talking about the United States in aggregate, that’s because they have to.
Mario Fachini [15:57]
Peter Lazaroff [15:58]
Successful business owners, I think if you’re working till 70, it’s because you want to, and the word retirement is something that everybody understands. But in reality, I think the thing that people are shooting for today is financial independence. It’s two words, it’s longer. Not everybody necessarily knows what it means. So we always just default to the word retirement. But to me, when somebody comes to me, and they’re 55, and they want to retire when they’re 55, or 50, I think to myself, “Yeah, right.” Like this successful person’s not going to do any work starting at age 50 or 55. And it’s just not a real thing. And people who are driven and successful and are able to achieve that type of goal, don’t want a 40 year vacation on the beach, that’s not what they’re looking for. They’re looking for the freedom to do what they want when they want. And so in that sense, I think you see a pretty broad spectrum. But when you remember that the vast majority of the population lives off of social security for retirement, you know, yes, I do think that a lot of people to be working till 70 and beyond, out of necessity. But also, I do think there gonna be a lot of people who just failed to save early and often enough, and they’ll still have a nice lifestyle. And hopefully, we know more about health, in terms of taking care of ourselves that our 70s should be better than people living in their 70s 20 years ago. And we know that smoking is bad for you, we know that exercise is important. There’s a lot of real low hanging fruit out there for us to make better use of our time here.
Mario Fachini [17:26]
Excellent. Well, I’m so glad you’re sharing all of that, because it does resonate. And it’s things to think about, you know, when you’re in your 20s, 30s, 40s, 50s, it’s like, “Hey, you can be hard charging and do all these things.” But what are you going to do 20, 30 years from now? And when you were talking about just sitting around, it’s like, I am nowhere near 70. And I can tell you that even around Christmas or New Year’s or whatever, and it’s just like, okay, is there’s, you know, like some charitable thing I can be doing or it’s just like sitting around literally doing nothing. Yeah, there. I like to be productive. Yeah. I mean, don’t get me wrong, I like relaxing and doing stuff with family and friends. But you know, I’ll just leave it at that. You should have purpose and passion, even if it’s not work necessarily. There’s a lot you can be doing to make the world a better place with your time, talents and abilities. So as far as your clients go, obviously, you know, you’re a rock star with this. But what’s the main thing that you’re really helping them with? What would you say is, if you were to take 80, 20 of your clients, what are they mainly coming to you for?
Peter Lazaroff [18:37]
Well, let me give you a little bit of background. So I serve as the Chief Investment Officer at Plan Corp, and we work with people across 44 states, we manage a little over $4 billion. And I always tell people that a good financial advisor, you know, can change your life, it could really make a big difference. But a bad financial adviser can also change your life in a bad way. And I think the big way that we differentiate is with tax planning. So I and we are really big believers that, you know, you should pay your fair share of taxes, you should pay your IRS bill to what you owe, but you don’t need to leave them a tip. And so for about 80% of our clients, I am most proud of the tax planning work we do. And we manage portfolios, the way that most people think a financial advisor should, but a lot of people leave money on the table, particularly those kind of in their peak earning years and in the years just leading up to retirement. And right now there are a handful of legislation. They’re in place that are going to sunset after a couple of years. Anytime a new law is passed, there’s always some new little tax loophole to play with. And so, you know, I think the way that we’re really helping people is minimize the taxes that they’re paying, and make the entire financial picture work together. So when you get your financial house in order, in order to keep it that way forever, it’s not just a portfolio. It’s not just a tax return. It’s not just a single insurance policy, it’s everything. And so try to interconnect those, I think that’s what makes us special and 80% of our clients who come to us, I would say, they’re delegators. And they recognize the value of creating time for themselves. And they also are generally pretty good about understanding that they don’t know what they don’t know. And again, that’s why you hire professionals, why you go to a doctor, it’s why you’d hire an attorney to argue a case for you in court, it’s just, again, I come off as biased saying this, because it’s my profession. But I also, again, I eat my own cooking in the sense that I also have an advisor, the advisor being there for.
Mario Fachini [20:44]
That is excellent. And it’s interesting what you’re saying about that. And I’m glad you did, because it’s not a single one time thing, like you set it up, and it’s good for 50 years, because you said it, the tax laws change. So even if you’re as protected and best case scenario, right now, next year it’s going to be different. The year after that, it’s going to be different. And would you say that’s why it’s good to have someone that knows what they’re doing and is constantly in it, who can stay up with it?
Peter Lazaroff [21:14]
Absolutely. And you can do a lot of this stuff yourself. It’s not rocket science. But it is a full time job. So it’s not you read the paper every so often, you have to read the tax law, which I’m fairly certain not that many people do for fun. The people here who are CPAs and are tax experts, they really enjoy that stuff. So give it to someone who’s enjoying it and getting deep in it and can give you proactive advice. It’s one less thing you have to worry about. And, you know, here I’m focused on the tax side, my role is primarily tied to investment strategy. And I think one of the things that people struggle with there is they see somebody smart on TV make an eloquent argument for one specific point of view that takes one specific set of inputs and data points. And they think suddenly they understand the world. Similarly, you read the Wall Street Journal once and suddenly you think you have special information that the rest of the world doesn’t know. But the more that I study markets, the more research that we do on a regular basis, the more I realized, “Gosh, there’s so much to learn.” And so giving it to someone who has their finger on the pulse of the market, as well as the latest academic research that really can lead to a lot better outcomes.
Mario Fachini [22:26]
Excellent. Well, I appreciate you for sharing those expert authority insights. I want to ask you about the biggest transformation you’ve been able to give someone. You don’t need to use names or specifics. Well, I’d like some specifics in like ROI, percentages, dollar amounts, but you don’t need to name names, who’s been one of your biggest success stories that came to you and you just were able to do a 180 in the good direction for them?
Peter Lazaroff [22:54]
Well, actually, so I’m gonna talk about somebody who came to us about six months ago, and a couple in their 40s. Wife is attorney, husband was corporate executive, I guess for lack of a better word, and he’s paid in… He had equity compensation to a non qualified stock options, and he had some in ESPPs, employee stock purchase plan. And what’s really interesting about this couple as they’re entering peak earning years, they have two kids, one of whom I think is in high school, and the other one is junior high. And they were doing everything right, they had never had an advisor. But they were maxing out all their retirement accounts. They were really good savers, they had a great grasp on how much they were spending. So we let off talking about lifestyle creep, they probably had lifestyle creep, but they knew to the dollar what it was. However, you know, when we were speaking to them, they realized they were getting busy, and they needed to outsource, you know, they felt like maybe there’s something we can be doing more and then having these conversations, they kept bringing up and making these somewhat self deprecating jokes about how they used to travel more before the kids and I can’t wait to when the topic of college would come up. They say, “Well, once they go to college, we can finally travel again.” And eventually we asked, “Why don’t you travel with the kids?” And it was always felt like they couldn’t afford it because they were such rigid savers and they thought about their careers. And you I think the success here ultimately for them was they knew what they’re supposed to do. They knew they’re supposed to go be professionally successful and save a lot of that money, and then things would work out. But there wasn’t a lot of intentionality behind it. And so as we built out a financial plan for them, and gave them some real projections on where they were headed, one, that allowed us to find some more unique tax opportunities. And again, they were doing really well on that front to begin with. Two, it suddenly made them realize, “Oh my gosh, we’re gonna have way more money than we need. We need to live life a little bit.” You know, “We need to travel. We can afford to take the two kids on these lavish overseas trips.” And when I say lavish, I mean just going to what feels like exotic places, but they felt like if we had to take four people instead of two, that just wouldn’t work out. And you know, what was the most rewarding phone call, and I remember the comment being made to them somewhat casually, because they kept joking about it and bring it up. They called when they’re on their way to the airport, they’re headed to Asia, they’re going to hop around a couple different countries with their two kids. And they had done a lot of travel in the States with the kids, they ski, they do the beach, but they were so excited. And they called to say thank you. And to me, that represented a type of success. That, you know, is really fulfilling, because I know that the earlier we reach somebody in their life, the bigger the changes we can make in terms of you let compounding work for multiple decades, if we make some changes at the margin, those changes are going to be massive, after 20, 30, 40 years. But here’s somebody who’s doing everything right and having a lot of success, yet still wasn’t getting the most out of their money that they wanted. And I think I referenced in my book a lot of the happiness researches has it pertains to money. And this is one of those wins to me that allowed these people to turn around their view of their finances, which I think they knew were strong, but they were borderline paranoid that they weren’t as strong as they couldn’t be, as they could be. And they looked around their peer group thinking, “Well, we have to do this, that and the other in order to live this life that will make us successful.” But then really opening their eyes to the things that they were saying themselves that they wanted. They just didn’t have the confidence there to really grab it.
Mario Fachini [26:28]
Yeah, and you said something in there. And it’s interesting, what a role confidence does play, because when you just casually said we’re gonna have more money than we need, we can travel. I mean, clearly, they were doing good, but they didn’t think they were. And I’ve seen that in my own clients, and in myself also where it’s like, “What is wrong with you? You clearly did a 180 the last five or 10 years? What the problem is right now?” And there is none, it’s in your head.
Peter Lazaroff [27:01]
Yeah, and I think what’s really challenging for people who are successful is when you have an objective third party that can sit there and say, “Look, you objectively, are doing great.” And if I project these things that you’re doing today, out into the future, this is what it looks like. And I think it’s just that projection into the future, when you’re kind of building out a financial plan that tends to catch people off guard, because our brains don’t think exponentially, they think linearly. And compound interest is an exponential. And when you put that in place, and you’re plugging in all these inputs, a lot of people are just adding and subtracting annual contributions or annual expenditures in their head thinking, is this going to be enough? And it’s really when you go through the planning process, and you build in all sorts of conservatism, where you can take deep breaths and say, “Oh, my gosh, yes, it is.” Of course, you can also go through that exercise and realize you don’t have what you think you did. And there are turnaround stories that could have shared there. And I think those are perhaps the more obvious ones. But to me, it’s really those ones who are finding, the people who are finding ways to make the most of the hard earned wealth that they’ve obtained over the years, those are really rewarding.
Mario Fachini [28:08]
Well, I appreciate you for sharing that with us. Because I’m glad you use that one too. Because I’m sure you have dozens and dozens if not hundreds, but I love hearing the ones where it’s like, “Hey, you’re bringing the families closer together.” Or you know, you just gave them five or 10 years back or “Hey, maybe just how about this? Every single day is more enjoyable and you’re not stressed about it. You have that confidence.” I mean, that’s a huge win, regardless of the dollar amount.
Peter Lazaroff [28:35]
Yeah, it’s priceless, priceless feeling right there.
Mario Fachini [28:38]
All right. So I have one more fun thing before we thank our sponsor, and it is the Wheel Of Whatever. I love this thing, because it always gives the right question that wasn’t enough of spin. Here we go. It always lands right where I need it to. What’s that?
Peter Lazaroff [28:54]
I need a big powerful spin there. I like that it’s really going down.
Mario Fachini [28:57]
Well, almost fell. It always ends where it needs to right on the right question, right at the right time. And here’s today’s. So I want to ask you, with all your knowledge of taxes and all the people you’ve been able to help, you created this one, by the way. You created this one about eight minutes ago. What do you think the US could do better with taxes for businesses to stimulate the economy, but also reward the business owners? Do you think we should keep doing a whatever it’s called the graduated tax, or should there be a flat tax nationwide?
Peter Lazaroff [29:33]
Well, I think one thing, let me put a little context here is that…
Mario Fachini [29:37]
Peter Lazaroff [29:37]
We often say we, I’m going to say the collective nation often go back and forth over taxes, being at some perfect level. I don’t think there is a perfect level. And I think when you look at long term history, our rates are actually quite low. Now I’m saying that with no sort of trying to take sides of an argument of should they be higher or lower. Just Let’s all remember that they are actually historically low. I think simplicity would be the best option for tax policy. And I think that our biggest issues are not necessarily the graduated tax or flat simple tax, or the level of which we’re paying tax. I honestly think the biggest issue we have is that we have not addressed the retirement crisis in our country, something as simple as Social Security by rate, you know, it’s a problem, that’s very fixable. But the longer we wait, the more painful it’s going to be. So we have lifestyle creep of Social Security, if you just increase the retirement age, if you increase the amount of wages in which people had to be paying taxes on or you do some means testing, when you actually do the benefits, the whole system looks a lot different. And that’s kind of one of the bigger pieces of why we have, I mean, taxes cover a lot of stuff. But I think when people are thinking, how do we pay for something like Social Security, that alone does… not that much to the tax policy side, but also takes a lot of the pressure off of the need for that sort of fiscal cash raising. I also will say I did write my, one of my senior economic theses on sales tax. A national sales tax is actually quite attractive unless the government treats it like a piggy bank. And I do know that overseas, there’s the VAT, and those governments do treat it like a piggy bank. So I like that concept, but not if we’re going to abuse it.
Mario Fachini [31:29]
Well, I appreciate the honesty and fair answer. And when you were talking about all this stuff, you were earlier I was like, “Oh, I know what I’m going to ask him.” So thank you for that. And it wasn’t to get it politicized or anything I just legit wanted to know cause it seems like no matter if you have a business or don’t or whatever, the second you start paying taxes, everyone, it’s on everyone’s mind.
Peter Lazaroff [31:50]
No one likes paying taxes. But you know, that’s the whole point. Let’s, let’s pay our fair share.
Mario Fachini [31:56]
I like when you said, “But don’t tip them.”
Peter Lazaroff [31:58]
Yeah, don’t leave that IRS a tip. You just pay your bill, be done after that. Yep.
Mario Fachini [32:03]
All right. Well, this has been great. We’re gonna thank our sponsor, and come back for the Imperfect Action Round.
Sponsor – Business Book Publishing Course [32:08]
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Mario Fachini [33:39]
And we are back with the Imperfect Action Round. Peter, are you ready to take Imperfect Action?
Peter Lazaroff [33:45]
Let’s do it. Mario.
Mario Fachini [33:46]
First question, what is the fastest path to the profits?
Peter Lazaroff [33:51]
I think it’s automation. I think automation works around all those human tendencies that make having good financial decisions happen. A lot of times they don’t. You automate something, whether it’s via technology, or you outsource somebody else to take care of it for you. That’s undoubtedly going to be the best way and fastest way to achieve results.
Mario Fachini [34:12]
Excellent. Number two, what is the biggest problem you see your prospects making and the fastest way for them to fix it?
Peter Lazaroff [34:20]
Broadly speaking, it’s overconfidence. Whether it’s overconfidence in their knowledge, overconfidence in their personal capability to earn or to live or to work. It’s a lot of not knowing what you don’t know. And that’s a really dangerous thing. And so I think the best way to fix that, it’s not easy, but it’s just trying to learn and have multiple perspectives. Again, coaching, whether it’s on the financial, and you asked about my prospects, so we’re acting as the behavioral coach, as a financial coach to financial life advocate. But regardless of what part of your life, we as a species evolved due to overconfidence, the caveman who went out and attacked the giant beast, that group of people live. They were confident they could do it. The people who are coward behind did not evolve. And so we’re an overconfident bunch. I think it’s recognizing that and trying to get help to uncover those blind spots that you have.
Mario Fachini [35:16]
So if you read the Wall Street Journal, don’t go saying you’re a financial advisor the next day and have a course on it?
Peter Lazaroff [35:23]
Yes, I would say you would not believe the level of competition in markets, we could have spent hours talking about that alone. But when you remember that there are millions of market participants, many and many of whom are very highly incentivized, and have custom mobile apps to track data on people and use satellite imagery. And they have so much information, the competitor on the other side of every trade you make, you got to be, remember that there is someone on the other side of every trade you make, and chances are they have a lot more information than you do.
Mario Fachini [35:58]
I would love to dive into that. I’m trying to stay focused for this last little bit here.
Peter Lazaroff [36:02]
Yeah. We’ll do this next time. Yeah,
Mario Fachini [36:03]
That is fascinating. Customer lifetime value. That’s it. What is the best way to maximize customer lifetime value?
Peter Lazaroff [36:12]
I’m a big believer, regardless of the business, that you should be able to do at least two of three things, hopefully all them. One is to make life simpler. One is to solve a problem. And one is to help them make more money. So I think if you can solve a problem, make life simpler, help someone make more money. That is really the ultimate thing that you could deliver to your customer. And I think that’s true for just about anybody with any business, whether you’re selling shoes, financial advice, or fitness. Those are all accomplishable things.
Mario Fachini [36:45]
That sounds like a win win win.
Peter Lazaroff [36:48]
Oh, no doubt. I mean, any good relationship, whether you’re selling a product or service ought to be a win win. And in reality, not all things are that way. But I think those are all… if you can accomplish two of those three things. And I think anybody that I sit down with, I try, I think we have the ability to do all three here. But I want to at least do two things. But I’ve never met someone who doesn’t have a problem. I’ve never met someone who can’t help make life a little simpler for and most people you’d like to think we’re putting in a position to help them make more money, or at least grow their net worth more optimally.
Mario Fachini [37:23]
Excellent. What are some books you could recommend that have made a difference in your life?
Peter Lazaroff [37:29]
Okay, so on the investment side, and because my specialty is investments, the classics, like Winning The Loser’s Game by Charles Ellis or Random Walk Down Wall Street by Burton Malkiel. With The Little Book of Common Sense Investing by Jack Bogle, those are all kind of classic investment things that have made a big difference. I think Atomic Habits is a more recent book that I give out to more people, by James Clear, I think that’s wildly useful, regardless of your profession. But those are the things that immediately come to mind before we go really deep into the geeky stuff on the investment side.
Mario Fachini [38:07]
All right, excellent. Well, I appreciate you for sharing. I’ve gotten a lot out of this and know Expert Authority World has. Where can they learn more?
Peter Lazaroff [38:16]
So you can go to my website, PeterLazaroff.com and then basically every social media platform, I’m @PeterLazaroff, the real trick is spelling Lazaroff. But if you put into Google, Google’s pretty smart, they know who you’re looking for. So you can check out my podcast Making Money Simple, or the book Making Money Simple. I try to put everything though in the end on my website.
Mario Fachini [38:39]
Excellent. And I’ll make sure it’s on your show notes page on EAInterviews.com as well with all the links to all that. So it is simple for everyone. All right. Well, thank you again, Peter. It’s been great. And it’s been a pleasure having you.
Peter Lazaroff [38:55]
Mario, thanks for having me, love to do this again.
Mario Fachini [38:58]
All right, Expert Authority World. We have another great episode today. I’ll see you tomorrow. Have a great day and God bless.
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