Mike on the Money: How to become a ‘Financial Olympian’
Mike Giordano, a financial adviser with Williams Wealth Management in Greenville, SC, shares advice.
Updated: 5:26 PM EDT Jul 24, 2024
BECAUSE IT’S WEDNESDAY. TIME FOR MIKE ON THE MONEY. MIKE GIORDANO FINANCIAL ADVISOR WITH WILLIAMS WEALTH MANAGEMENT, IS JOINING US. MIKE, LOOKING AT THOSE NUMBERS, WHAT’S GOING ON TODAY? YEAH, I MEAN THIS IS A GREAT REMINDER. THERE’S VOLATILITY IN THE MARKET. WE JUST HAVEN’T SEEN IT IN A WHILE RIGHT SINCE 2022. SO SO YOU TAKE THIS IS YOU SAY YOU KNOW SOMETIMES YOU’RE DRIVING TOO FAST DOWN THE HIGHWAY. AND ALL OF A SUDDEN THERE’S A LITTLE LIKE TREAD OR A TIRE IN THE ROAD AND ALL OF A SUDDEN YOU SWERVE OUT OF THE WAY AND YOU’RE LIKE, I’M DRIVING A LITTLE BIT TOO FAST. I NEED TO DIAL IT BACK A LITTLE BIT. THIS IS A GREAT DAY TO TAKE A LITTLE REMINDER, TAKE STOCK OF YOUR PORTFOLIO AND GO, AM I DRIVING A LITTLE TOO FAST? CAN I HANDLE THIS, THIS KIND OF VOLATILITY? BECAUSE THIS IS NORMAL FOR THE ENVIRONMENT. ALL RIGHT. GOOD TAKEAWAY FOR US THERE. BUT WE ALSO HAVE YOU HERE THIS AFTERNOON BECAUSE WE’RE GETTING VERY EXCITED ABOUT THE START OF THE SUMMER OLYMPIC GAMES. I KNOW THE VERY ENTHUSIASTIC HERE IN THE IN THE STUDIO THE OLYMPICS START THIS WEEK AND YOU ARE GOING TO TELL US HOW TO APPLY SOME OF THOSE DISCIPLINES. UH, THE SAME DISCIPLINES AS THE ATHLETES THAT ARE COMPETING IN PARIS SO THAT WE CAN BECOME FINANCIAL OLYMPIANS. YES. OKAY. BUT I’M NOT GOING TO DO THIS IN FRENCH IN CASE ANYONE WAS WORRIED ABOUT THAT. I’LL JUST SAY MERCI BEAUCOUP. AT THE END OF THIS WAY. OKAY. LET’S FIRST LET’S START WITH WITH HOW THE ATHLETES ALWAYS SET A GOAL. OF COURSE. RIGHT. SO HOW IS THIS SIMILAR TO OUR FINANCIAL GOALS? YEAH. I MEAN THINK ABOUT ALL THESE ATHLETES THAT ARE THAT ARE, THAT ARE GOING TO BE COMPETING IN THE NEXT COUPLE OF WEEKS. THEY DIDN’T JUST START SWIMMING OR DIVING OR DOING GYMNASTICS A YEAR OR TWO AGO. THEY MAY HAVE DONE THIS SIX, EIGHT, TEN YEARS AGO. AND THEY HAD THEIR EYES SET ON, OKAY, I’M GOING TO TRY TO GET TO PARIS IN 2024. AND SO ONCE THEY SET THAT GOAL NOW ALL OF THEIR ENERGY, ALL OF THE THEIR TIME IS GOING INTO TRYING TO ACHIEVE THAT GOAL. IT’S THE SAME THING WITH OUR FINANCIAL GOALS. IF YOU WANT TO BUY A HOUSE IN TWO YEARS, THEN YOU’RE MAKING EFFORTS TO BUY THAT HOUSE IN TWO YEARS. IF YOU’RE TRYING TO RETIRE IN SIX YEARS, THEN YOU’RE STARTING TO MAKE YOUR PLANS TO HOW YOU’RE GOING TO RETIRE IN SIX YEARS. SO YOU SET THE GOAL, AND THEN YOU NEED TO FOCUS ON THAT GOAL. SO HOW CAN WE BETTER FOCUS ON OUR MONEY? YEAH, I MEAN, FOCUS IS SO IMPORTANT IF YOU’RE A SWIMMER AND YOU ONLY SPEND 5% OF YOUR TIME IN THE POOL SWIMMING, YOU’RE PROBABLY NOT GOING TO MAKE IT TO THE OLYMPICS, RIGHT? IT’S THE SAME THING WITH WITH YOUR FINANCIAL LIFE. IF YOUR GOAL IS I WANT TO RETIRE IN 3 OR 4 YEARS, AND YET YOUR INVESTMENTS, YOU’RE BASICALLY DOING A BUNCH OF MINDLESS SPENDING OR YOU’VE GOT MOST OF YOUR INVESTMENTS IN CASH FOR THE LONG TERM AND FOR THE SHORT TERM. YOU GOT THEM IN IN RECKLESS, YOU KNOW, UH, MORE, MORE VOLATILE STOCKS FOR SHORT TERM INVESTMENTS. THEN YOU MIGHT BE ALL OVER THE PLACE. AND SO THE KEY IS GETTING YOURSELF FOCUSED ON THIS IS WHAT I NEED FOR THE SHORT TERM. THIS IS WHAT I NEED FOR THE LONG TERM. HERE’S MY GOAL I NEED TO PUT ENOUGH TIME, ENERGY AND MONEY INTO ACHIEVING THAT GOAL. AND WE KNOW THAT THESE OLYMPIANS HAVE SOME REALLY CONSISTENT TRAINING HABITS. SO HOW CAN ALL OF US BECOME MORE CONSISTENT WITH OUR FINANCES? CONSISTENCY IS SO CRITICAL AND OBVIOUSLY, YOU KNOW, FOR AN OLYMPIAN, THEY’VE GOT TO MAKE SURE THAT THEY EAT THE PROPER FOODS, THEY SLEEP, THEY DO ALL OF THE STRETCHING, ALL THE OTHER STUFF BESIDES THEIR ACTUAL SPORT, AND THEN THEY NEED TO SPEND A BUNCH OF TIME ON THEIR SPORT CONSISTENCY IN YOUR FINANCIAL GOALS IS MAKING SURE THAT YOU’RE YOU’RE SPENDING LESS THAN YOU MAKE EVERY YEAR, EVERY MONTH. AND IT’S MAKING SURE THAT YOU’RE PUTTING MONEY AWAY FOR RETIREMENT, PUTTING MONEY AWAY FOR YOUR OTHER GOALS ON A CONSISTENT BASIS, WHETHER IT’S OUT OF YOUR PAYCHECK OR YOU’RE DROPPING INTO IRA ACCOUNTS EVERY MONTH. SO BY MAKING THOSE CONSISTENT LITTLE HABITS OVER TIME, YOU’LL BE YOU’LL BE CLOSER TO REACHING YOUR GOALS FINALLY AND QUICKLY. WE KNOW THE SUMMER OLYMPICS ONLY COME AROUND EVERY FOUR YEARS. OF THESE OLYMPIANS WHO WANT TO COMPETE, DO YOU NEED TO BE PATIENT? AND YOU’RE SAYING WE SHOULD ALL DEVELOP SOME SOME MORE PATIENCE WITH OUR MONEY? I THINK ALL OF US COULD USE A LITTLE BIT OF PATIENCE RIGHT? THESE OLYMPIANS ARE REALLY PATIENT BECAUSE THEY HAVE SOME COMPETITIONS YEAR TO YEAR. BUT I MEAN, IT’S REALLY THIS IS THE MONUMENTAL EVENT EVERY FOUR YEARS. AND SO THEY HAVE TO GRIND, GRIND, GRIND AND OVERCOME A WHOLE BUNCH OF OBSTACLES, NOT KNOWING WHETHER THEY’RE GOING TO MAKE THE OLYMPICS OR HOW WELL THEY’RE GOING TO DO IN THE OLYMPICS. AND SO THERE’S A LONG PERIOD OF TIME BEFORE THAT REWARD HAPPENS. THE SAME THING HAPPENS WHEN YOU’RE INVESTING. YOU CAN MAKE LIKE LITTLE INVESTMENTS, LITTLE INVESTMENTS, LITTLE INVESTMENTS, AND THEY DON’T REALLY SHOW UP AS BEING ANYTHING MEANINGFUL. BUT THE POWER OF COMPOUND INTEREST IS THE MORE YOU GET IT GOING, A THOUSAND TURNS INTO 2000, A 4000, 8000. EVENTUALLY IT’S 500,000, A MILLION, 2 MILLION, 4 MILLION, EVENTUALLY, THAT WHOLE TIDAL WAVE COMES. SO YOU JUST HAVE TO BE PATIENT, KEEP MAKING ALL OF YOUR YOUR INVESTMENTS, KEEP COMMITTING TO THE PLAN. BUT THE THE KEYS TO BEING SUCCESSFUL IN ANY FIELD ARE THE SAME. AND IT’S THE SAME TYPE OF DISCIPLINES. GREAT ADVICE. AND NOW WE CAN ALL BECOME FINANCIAL OLYMPIANS. OUI, OUI. MERCI BEAUCOUP, MON AMIE. OH WOW. I DON’T KNOW WHAT THE LAST PART OF THAT WAS IS. MY FRIEND. MERCI BEAUCOUP, MY FRIEND. THANK YOU SO MUCH. MY JARRED HILL
Mike on the Money: How to become a ‘Financial Olympian’
Mike Giordano, a financial adviser with Williams Wealth Management in Greenville, SC, shares advice.
Updated: 5:26 PM EDT Jul 24, 2024
Mike Giordano, a financial adviser with Williams Wealth Management in Greenville, South Carolina, is sharing advice for how you can become a “Financial Olympian” by applying some of the same disciplines as the athletes competing at the Summer Games in Paris this summer. Watch the video above to learn more.
GREENVILLE, S.C. —
Mike Giordano, a financial adviser with Williams Wealth Management in Greenville, South Carolina, is sharing advice for how you can become a “Financial Olympian” by applying some of the same disciplines as the athletes competing at the Summer Games in Paris this summer.
Watch the video above to learn more.
