Financial Confidence, what is that? You have your business (which you are totally *crushing* by the way). You are getting some consistent income coming in. You are even paying yourself– it is your business, after all.
But what the heck are you supposed to do once you have a strong financial foundation? Maybe you haven’t even had time to think about that, or it gets so overwhelming to think about it that you just put off the “f-word.” (Finances… what were you thinking?)
In today’s episode, Emily is speaking with accomplished financial consultant, mentor, and educator– Eunicia Peret. Taxes, leveraging your wealth, having your money work for you, financial empowerment; these are all topics that are discussed in the episode. The goal is to get you in a place where you are able to make empowered and educated decisions about the money you have worked so hard to get!
Are you resonating with anything you’ve heard so far? Tune in for the full episode!
Connect with Eunicia
Pitfalls Link: https://www.empoweredfinancialplanner.com/pitfalls
Emily Woodruff 3:06 Well, hello, and thank you so much for being here for another week of the No Mercy business podcast. I am your host Emily Woodruff, and I'm super excited to invite yuneisia Paret on our show today, why don't you go ahead and tell us a little bit about yourself and yeah, your business and what you're doing? Eunicia Peret 3:26 Absolutely. Emily, it's a pleasure being here with you. My apologies if we have any sort of static because of my travel situation, but yuneisia Brad here the owner and founder of the Empowered financial planner, what we focus on is working with successful business owners and I hear we have a lot of them here on this podcast, as well as high net worth individuals and executives in corporate America to help them truly optimize their wealth creation efforts. What we do is we focus on helping clients transcend between minimizing their tax exposure, optimizing how and where their money is invested, and then also starting to think about what does that extra strategy look like and we can never start too early for that. Particularly for business owners. It's important both from the value that they build in the business but also looking at what will those income streams look like in retirement? And so we're having fun with that and we're being a blessing for our clients every day. Emily Woodruff 4:25 That's great. So is your business is your business, your boys businesses geared more towards larger companies than so corporate big corporations? Eunicia Peret 4:35 No, not necessarily. We do take. We do work with clients. Most of our companies, the companies that we service are going to be under that $20 million threshold. But we work with a lot of business owners, smaller businesses and business owners that it could be just though a one man show or you know, a handful of employees. It's really individuals that are focused on addressing the question of what am I missing? Right? They a lot of people know that. That they have a huge exposure on the tax side. And they have not found what are the solutions? What are the answers that we can we that can help them minimize their tax exposure? So most of the clients that we work with will see reduction in their taxes anyway, anywhere between 20 to 3020 to 40% year over a year. And then when it comes to how wealth grows, a lot of folks, you know, they're thinking about investments, typical investments, the IRAs, the 401, K's, the the exposure to the market, but a lot of those individuals have questions that go beyond that those types of vehicles and those types of investments. But what they don't have is the availability, the ability and the understanding of what are the other options that they have at artists at their disposal. So we work with them on that side as well. And generally what we see is for many clients, they're able to actually put a multiplier on how that money grows. Particularly because some of the things that we deal with are alternative types of investments and investment strategies that will really position them that much further ahead than what historically they've known. And then when we're talking about the retirement side is very important. Not just for business owners that own a large company, but also even for individuals that might potentially be executive in the corporate world or doctors or pilots and are looking at how do I shift maybe once they want to become a business owner? How do we take that that wealth that they've accumulated and start thinking about what how they what retirement will look like, but also how can they enhance that those streams, whether it be in retirement or at a point where they no longer want to work for money? Emily Woodruff 6:47 Okay, that's great. That's great. That's a really interesting business that you're in, I'm sure you see a lot of a lot of unique scenarios and a lot of people who can really benefit from it. Eunicia Peret 7:00 100% Yes, so Emily Woodruff 7:02 good. So how could somebody if somebody was listening today and they were interested in optimizing their wealth and leveraging wealth within their business? What would that look like with you? How would that look if they work directly with you? Eunicia Peret 7:18 Well, if they work directly with us, oftentimes individuals come to us and they're pre programmed, sadly, by their prior experiences to say, what do you need me to do? Where do you need me to invest my money and the approach that we take is not so fast, we want to understand first and foremost, what are their goals? What are they trying to achieve? What are those fears that historically it's so hard for people to talk about? Because when we discover those things, it gives us an opportunity to say Okay, have you how optimized Have you been on the tax side? Well, not so much. All right, here are some questions to take to the current CBA team, tax professionals depending on what the responses come back, this is again on the tax side then we we kind of assess Okay, can we is that is the person or the team that you're working with are they are they thinking outside of the box? enough that we can provide them some additional things to think about? Or have they always done what they always do? And if they've always wanted that, what they done what they always do, the responses will automatically inform the client and the client will generally say, hey, we probably need to look at you know, maybe augmenting that team. When we then we then start talking about okay, when it comes to building wealth, what are the things that that are are making them feel comfortable, feel secure, be able to actually sleep at night but at the same time giving them the awareness that hey, I'm building this wealth I'm building I'm continuing to to enhance my wealth portfolio, whatever that looks like, right? Wealth is relative to people. I want our listeners to understand that. But we need to address the questions of what what will enable them to sleep better at night. And as we discover those those things that historically nobody really talks about? Then we're able to talk about the different options that they have at their disposal. And only then do we look at okay, what are the different strategies that domino effect if you will, that we need to start thinking about to optimize what they have to enhance what they have to really make sure that they have a super solid foundation when it comes to building wealth through investments. And then we of course, as part of those conversations, also understand what is it that they're looking and hoping for, hoping to achieve? When it comes, you know, 510 1520 years down the road, and what we do is we start looking at what that looks like backwards. So it's a backwards and forwards approach all throughout the the time that we work together and beyond to make sure that the goals that they have for the future and the strategies that we discussed today are able were able between those two to devise a path that's customized to them individually that will help them get there. So it's a process it's not a Come let's work together and here's where you should put your money not at all because I know a lot of people are very afraid about that. Emily Woodruff 10:11 For sure. It's always scary, especially as a business owner when it's like this is your your blood sweat and tears. It feels like you know when you start to make investments or you start to to gain that traction and you're at a point where you can really level yourself up and then to have to trust somebody new to manage that or to work with that alongside of you. It's scary. It's um, it's something that we're not used to and especially the way that a lot of corporate America handles their finances for their employees and IRAs and things like that. I think there's a lot of abuse. And a lot of a lot of misdirection like it's not intentional abuse, but I think that the larger corporations have that kind of dirty name along alongside of them. So it's scary to start investing as a small business, you know, that's great to hear your your approach Eunicia Peret 11:05 Yes. And to be honest with you, Emily, one of the main reasons why we started taking this approach is because I was a an executive in corporate America and when I started in my prior life, I was working with Fortune 500 companies primarily but when I started working with smaller businesses, business owners, individuals that are giving executives, individuals that have already found success for themselves, but are looking to optimize, what we realize is that there are a lot of blind spots, frankly, that people have. So you were mentioning, you know, 401 K's IRAs and the large companies it's not that they're mal intention. It's truly by law. They're not allowed to provide guidance, frankly, nor should they but there's also not this awareness to the end consumer of Here are the options that you Mr. Klein have at your disposal. And so what we do is we are very passionate about that because without that empowerment to understand what's happening, people are are along for the ride. And one of the things that I also noticed is very risky. As a matter of fact, it came up just this morning in conversation with someone who is an executive in corporate America and and there was a statement that was made along the lines of well, I chose my financial advisor because everybody on my team uses that individual and they've been able to retire or exit corporate America or whatever the case may be. So I assume that he did well for them financially. And when we sat and talked about it and deciphered and pick that apart. I'm like, how many how many assumption points have we had? And just like just this very short conversation? We're assuming that they're doing well, we're assuming that because they exited, they were fine, we're assuming. But do we know what's really happening with the individual inside of their heart inside of their mind? Are they truly at peace? Do people really talk about those things? The reality is, they don't. And so we're judging a book by the covers and that we know we cannot do that and we should not do that. And so that's something that I encourage people to really step back and think about how that may or may not impact their future financially. In the long term without having a truly customized approach for themselves. Emily Woodruff 13:15 That's great. So that's a really good segue before I forget, I mean, I meant to ask you where you are located. Eunicia Peret 13:21 So I am located in Atlanta. We are our offices in Atlanta, but right now I'm actually traveling and I'm in California. Emily Woodruff 13:29 Okay. Great. I just like to I'm trying to develop a little map of everywhere that this podcast has been. And it's really impressive and really exciting so far, and now I'm trying to be super intentional with it. So Oh, my Eunicia Peret 13:42 goodness. So so there you go. I just gave you two different places to record a podcast we do have clients all throughout the United States. So if that helps with anything, as our clients here, there'll be hearing you in other parts of the country as well. Emily Woodruff 13:59 Nice, awesome. Um, so back to what we were just talking about. You kind of started a good segue. You have a wealth freedom formula. You want to speak to that a little bit and kind of share what that what that looks like. Eunicia Peret 14:13 Absolutely. So the wealth freedom formula is in essence, the methodology that we've developed that we use with all of our clients. When it comes to those three core pillars that we talked about earlier by the taxes, how do we grow wealth? How do we maximize income streams and revenue streams? And it's been designed honestly based on conversations and helping hundreds and hundreds of clients that fit the profile of clients that we were mentioning earlier as well, to really look at all of the different angles, not just a blind spots, but how do we address some of those nuances that historically have and continue to be left out by by just the financial services industry at large. Those same things that are being left out that there are making people feel uncomfortable, feel that anxiety at the lack of ease, especially in an environment where most individuals have experienced heavy heavy losses in the last year. On top of that, we're dealing with this inflation and frankly, nobody really knows what 2023 is going to look like for those of our listeners that might be listening either more immediately or in the future. There isn't one economist or one person that looks at next year to say, we think it's going to just be, you know, a bed of roses and we're going to be walking on rose petals. On the contrary, everybody's kind of bracing for the very worst. So when we're thinking about our money, shouldn't we have a strategy that then enables us to do that? And that's exactly what the will freedom formula helps us do to deliver that Uber customized approach to every single client Emily Woodruff 15:53 that's great. And I know that it's very customized. I know it's very hands on and it's it's a personal approach for the business owner or your client that you're working with. It's not just something that is cookie cutter and for me when I'm looking at investments and things along those lines, it's that's really important to me, I don't want to just fit into a box I don't want to fit into, you know, just a package that's out there. I want it to be what's really best for me and my business or me and my financial situation. So that's really great. I think that's an awesome opportunity. Absolutely. And I really like hearing about how Empower is a trigger word for me because I'm a I'm a boudoir photographer also. So I love working with women and empowering them and helping them to learn more about how they can tap into themselves and and learn to love their situation better or love themselves or better themselves in whatever area it is. So hearing that you're somebody who, you know really seems to support that and seems to work with that is really exciting. So Eunicia Peret 16:59 it's, it's the one word I actually was asked on another podcast just explain why empowered is so critical, and to us is is exceptionally critical because what we're seeing with every single client that we have the pleasure of working with, they they find that empowerment and we we a lot of those most of those clients go from a situation where perhaps historically, they would have just preferred for somebody else to just do it. Just do it and money is a lot to deal with. It's for some it's nasty for some is this like bad relationship with money. Just have somebody else do it for me. And what happens is what we do is we don't tell the clients we don't teach the clients here's how you do it yourself because that would just be too overwhelming. But we want them to feel empowered, because when they're empowered, they they can be with anybody in the financial services industry and they will no longer as one of my coaches say they will no longer feel like they're being bamboozled. They will no longer feel like they're asking questions that maybe are silly or stupid or they feel like maybe it's the wrong question to ask they will feel like hey, you know what, I'm on a level playing field and, and the rug can just be pulled from underneath me because I don't understand it. It's really more about the understanding the awareness, the the feeling like we're in control without us or them needing to truly do some of these things because between ourselves and our broader team of strategic partners and experts, we help with implementation side, but the client having that awareness just puts them in a so much stronger position overall. Emily Woodruff 18:34 I love that well thank you so much. If there's if there's one piece of advice that you have for somebody for a female entrepreneur who is pursuing your services or pursuing financial services, what what would that be Eunicia Peret 18:48 for somebody that this was actually a very it's very timely, let's take the approach of if they're pursuing wanting to do better on the financial side, do not assume do not assume that. Like, for example, one of the big lessons learned for me this morning was we were talking to I was talking to someone and she said after I spoke with you, etc, I went ahead and I I knew I had to make a shift and I got myself another financial advisor. And my question to her was, what did I say or didn't say, that got you to go to somebody else, when in reality, we have a team of experts that focus on the strategies that the her financial advisor historically have leveraged. That's what they focus on. And they're so good at it that it's not just we have access to those strategies, but we do so much more. Because a one financial advisor will have X number of things that they like to do and they have in their toolbox. So now the clients get limited, they're limiting their options. And so the what I would encourage everybody out there is don't assume that just because somebody that you know that you think that they've done well, because and you know the the assumptions continue that you need to follow the same path if you truly want that true wealth optimization. Again, whatever wealth looks like to you don't forget that you paying yourself first, setting money aside Hell or High Water regardless of what's happening in the business. First and foremost is very important. But then equally as important is to make sure you have a team of trusted resources that you can be comfortable and confident with and if you want to for those are listeners that are wanting to understand more about that. I have a five the five financial pitfalls. It's a quick PDF, quick white page white paper that they can read. And if they like what they hear, and they like what they see. Then we also have an opportunity for them to book a strategy call and we'll figure out at a minimum give them some resources but if they are a good candidate to work with us and vice versa, then we will have that conversation as well. Emily Woodruff 21:06 That's perfect. And yeah, we definitely will share your resources with my I'll share it with my email subscribers and then link things in the show notes. Where can our listeners connect with you? What's the best way to find you online? Eunicia Peret 21:20 They can find us on social media under either the Empowered financial planner or under yuneisia Paret. Also, if they go to our website, it's www dot empowered financial planner.com and you can you can message us there you can reach out to us you can schedule a call but also if you want to get the pitfalls which they will be in the show notes. It's the same website and power financial planner.com forward slash pitfalls really easy. Very quick read I would definitely encourage everyone that's listening to go check it out. You'll get at least one good golden nugget that can make a huge difference to your bottom line. Emily Woodruff 22:01 Awesome. Well, thank you so much for your time today. This was great. I'm really excited to have had this time with you. Eunicia Peret 22:07 Likewise, Emily, thank you so much for having me here on the show today. recording stopped. Unknown Speaker 22:13 Perfect. That was so great. Thank you so much. Unknown Speaker 22:17 My pleasure. I did not do you want me to send you a link I'll set what I'll do is I'll send you a the links to social media and all of that including the pitfalls. And if I can if I can be of service to you, Emily, as you're thinking about some of your what you're dealing with, on a personal note, but also in terms of your listeners. Certainly let me know and we can, I'd love for us to to schedule a call. Awesome. Thank you. Sorry. You're also talking about your email distribution list. One of the things that we do we have a lot of strategic partners and strategic affiliates even though I hate using the strategic affiliates name because it has such a bad connotation in the industry. But if that's something that that we're you're thinking of of potentially putting it out there, let you and I keep in touch because one of the things that our team can do is we can actually have like a series of emails or or kind of really an outreach campaign that you can leverage you can tweak however you wish. When for example, we're going to be having a launch probably January February timeframe. It will be a great opportunity for you to say hey, if you liked what you heard on the podcast, great way to give the podcast, another kind of boost but at the same time, figure out if there are opportunities for us to potentially collaborate. Unknown Speaker 23:42 Yeah, no, that's great. I will definitely follow up with you on that. Unknown Speaker 23:47 Awesome. Yeah, that I wanted to offer up because I know that your podcast is more at the kind of at the beginning. It looks like you're doing awesome stuff with the female entrepreneurs that you work with. Yeah, I have. I have access to a lot of frankly amazing coaches and consultants that focus on things that could be very, very helpful to your audience. Personal Development coaches, individuals that are focused on on mindset, doing things better for themselves, etc, but also leadership both on the corporate side but also on the on the for business owners. If that's something that that you're interested in, let me know and I can create some introductions and you'll get some additional podcasts podcast guest for you. Unknown Speaker 24:37 Yeah, I would love that. I'm catching up with all of the ones that I had just scheduled in October. Okay, so I will be opening for more guests come January the end of January. But yeah, that would be awesome. If you could make some introductions or share some emails with me or whatever their best contact method is that would be great. Unknown Speaker 25:01 Perfect. I jotted that down. I was actually talking to some of those experts just earlier this morning over breakfast. So what I'm going to do is I'm going to pull that together, send it to you, and then I'll also we'll also be in touch when we get ready for the launch. And we'll be happy like I said to provide some of those assets if it makes it Unknown Speaker 25:18 easier for you. Yeah, great. That's awesome. Well, thank you so much. Unknown Speaker 25:21 Thank you so much, Emily. Appreciate you having me on. Unknown Speaker 25:24 Yeah, and I will. I got your headshot I got your bio, and I will email you the week that it's gonna go live. I don't know the date right off of my head right now. But the day that it goes, the week that it goes live, I'll send you any of the graphics that are created, the transcript and then the recording. So if you want to share it anywhere you certainly can. Unknown Speaker 25:46 Perfect and as you put it on social media feel feel free to grab our handle. We are connected or LinkedIn at all. Unknown Speaker 25:55 I don't really use it. I'm on it, but I don't use it very much. Unknown Speaker 25:58 So depending on this is my guidance to you because you deal with business owners that are looking to scale. A lot of that will actually be on LinkedIn, that might be a place you want to check out. Because especially since podcast it's Unknown Speaker 26:14 yeah, I use it. So I have a regular nine to five job and I use it basically to manage our business account. Got it so I kind of keep it separate like my my Facebook my Instagram my email is just kind of where I nurture my my clients but LinkedIn is kind of reserved for my my corporate job Unknown Speaker 26:36 your other life for now. Yeah, hear you. Unknown Speaker 26:38 Yeah, so no, I'm I'm hearing that and being told that over and over, I'm just not quite ready to make that switch. Yeah, Unknown Speaker 26:47 I tell you what we tried. We tried everything on the LinkedIn, Facebook and all of that. And what we found is that, truly, our audience is there because at first it was so bad that I thought our audience just isn't there and then when I would we validated was no no, no, they are. They just do not want to consume any content that's perceived as heavier talk about, you know, money over Christmas or holiday vacations. Everybody loves our family pictures. Nobody likes. You know, the idea of Let me dig into this financial stuff, but on LinkedIn is a little bit different. LinkedIn is really more on the business side. Yeah. Unknown Speaker 27:24 Awesome. Well, thank you so much, and I look forward to talking more with you and staying connected. Likewise, take care have a good day. Bye. You Transcribed by https://otter.ai