“The Psychology of Investments 360”

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Our Guest

Louis Barajas is the CEO of Wealth Management Lab. He was born in East Los Angeles, and is a living example of the American Dream…hard work, a successful business, and a rich family life.

After some personal life changing events and years of experience at major financial planning, accounting, and consulting firms in Southern California, Louis formed his own wealth and business management firm in 1991.

His intention was to help hard working men and women, who because of a lack of information or understanding, often made bad choices. Since then he has created a special financial framework to help people who are inspired to create wealth and use their money to live a better life.

He also helps are those who have more desire than money, but are committed to create wealth to reach their full potential. His business management firm is the only Latino owned firm that manages the businesses and finances of some of the most iconic internationally recognized Latin celebrities.

He is a multi-book author, speaker, as well as has been featured in magazines such as Money, Senior Market Advisor, Hispanic Journal, Mutual Funds, Hispanic Business, and People en Español.

I used several of his books in my dissertation which was “The strategic positioning of Latino Business Leaders”.

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Hello and welcome to the Dr. Nilda Business Foresight Show. We have today a very special guest. My guest, I feel like I’ve known him for a long time because when I was doing my dissertation I read several of his books. Which was on Latinos in business, Latinos in finances and that was a very important topic to cover when talking about Latinos in business. So, as a result, I feel like I’ve known him for a long time. So, let me welcome Louis Barajas. Louis Barajas, how are you?

I’m doing great. How are you?

I’m doing well. I want to read a little bit of your bio because it was very interesting. Louis Barajas is the CEO of Wealth Management Lab. He was born in East Los Angeles and living an example of what he calls the American Dream which I love. He’s worked hard. He’s successful. He’s had successful businesses. He has, like most of us Latinos, a very rich and loving family life. After some personal life events, he experienced at major financial planning, accounting and consulting firms in South California. Louis formed his own business management in 1991. Seems like such a long time ago and really it wasn’t. His intention was to help hard-working men and women who because of lack of information and understanding they often made bad choices. So, since then he’s created this special financial framework to help people who are inspired to create and use their money to live a better life. He also helps those that have a more desirable than money but are committed to creating wealth to reach their full potential. His business management firm is the only Latino-owned firm that manages the businesses and the finances of some of the most iconic international or recognized Latino celebrities. He’s a multi-book author which is how I met him. He is a speaker. He is a well-known featured in magazines such as Money Magazine, Senior Market, Hispanic Journal, Mutual Funds, Hispanic Business and People en Español. His books have been very important and very critical to me to understand where Latinos stand in terms of finance. Most of us in all honesty really don’t know how to manage our finances. So, welcome Louis.

It’s my pleasure Dr. Nilda. It’s an honor to know somebody for so long and for you to interview me. I was out really late last night but I was pretty giddy this morning waking up and getting ready for this interview. So, thank you for having me on your show.

I love it. I’m very excited to have finally feel like I’ve met you in person. We definitely have to shake hands and hugs the way Latinos do, right? I’ve known you for such a long time through your books and it’s amazing because when you read someone’s books you almost feel like you know them. You brought such a critical piece to my dissertation. So, I never really kind of understood like you always feel that in terms of finances and things like that well this is just my family. This is the way my family functions but, you’ve actually concluded that this is kind of widespread in the Latino community. I think a lot of the times the reason why this happened, and this is a hypothetical but, you’re going to fix this you’re going to tell me, is because we feel that we have no money. So, if we have no money how can we possibly have a financial plan?

I call it the why bother serenade. 25 or 27 years ago when I left a big high-powered firm to come back to the barrio in East Los Angeles and help people financial illiteracy was a huge issue. Right, because there was no financial literacy. I realized financial literacy wasn’t the issue it was a cultural mindset issue and it was the why bother? Why do you bother to teach me this if I’m never going to have any money. I think that’s what you’re alluding to.

Yeah sort of. Let me give you a hypothetical in my family my father always had businesses. At some point, he had several at a time. But, I know the financial literacy was not something that they taught us. They taught us how to always have a little savings. They taught us about tithing very young. They taught us hard work but, how to financially invest was never part of the lesson. Hence when my dad got very sick that was a huge pang financially on our family because he was a sole provider.

Sometimes even for Latinos who do make it they’re very entrepreneurial. I wrote a book called Small Business Big Life. The purpose of a business is to give you more life. The problem with Latinos is that they’re very entrepreneurial but they create jobs for themselves and if they’re not there they’re not earning any income. So, part of the process of building wealth is how do you build a business that can run without you being there. So, if your dad would have gotten sick you still want to receive the income, right? Or his business would have been sellable and there would have been equity for the family. So, the family could have sold the business if he let’s say if he didn’t get sick but got old or couldn’t work in the business that business would have been sellable. We just have to think a different way of how to structure what we already do naturally anyway in building wealth so we can build that wealth that really is more for multi-generational wealth.

With that said how are you doing this to change that mindset? For me what helped me is being surrounded by people that actually have wealth and have taught you need to invest, these are the things that you do and this is how you do it. But for Latinos that are in that same environment that are still in the Latino environment. I know that right now, I don’t know if you know her, but she’s an amazing woman who is doing My Money My Future. And she is teaching millennials about investment. Her focus is really minorities because we’re not really taught that. How do we teach people that are not millennials how to do this?

Well first of all the problem is with the financial planning industry. What happens is the financial planning industry is really product-driven and most of the people out there who are financial planners don’t even have the background to teach this stuff. They have the backgrounds to sell products and so sometimes they’re not preparing us what we need. Then the other people that are really successful in doing this don’t have the time to come back and help the community out. You said you had access because you had an entrepreneurial father, you have other people around you that you know very well, and you have access to people. But a lot of people in the barrios don’t have that access to those people. So, what I’ve been doing is by either speaking on national platforms through National Public Radio, the television or writing books. Everything I write about I write for my father for my mother but all the experience that I have in working with all these wealthy individuals, right? I work with people who are underserved or don’t have access. I work with people who are really wealthy. Constantly the conversations with the really wealthy is hey if I can simplify the information of how you got to where you got and take it to somebody like my dad who comes from Mexico who’s been immigrated here who just wants a better life for him and his kids how would we put that together? That’s what my books are. My books are 20 years of experience of taking complicated stuff and make it very simple but are very impactful and very powerful not only to give people hope but to give them tools.

I started to do something different now that I’ve done before like for example on my Facebook page I started putting a lot of my coaching material in there for free which we never used to do. I’m a professor at East LA college teaching personal finance and investing which is another way that I help out the community. To bring warriors up into the community. I provide all the coaching material I do in my class besides the investment and the financial planning. So, the goal like what you’re doing. What we’re doing right now having this conversation and putting it out into the world someone’s going to watch it. Someone’s going to tell somebody else and then from there they’ll start looking at the material and reading it. Then it will start changing people’s lives and people’s finances.

I’m a foresight strategist which is basically I help people to position their business for the future. What I’m finding in the Latino community is I can’t afford it. I get I have that poverty mindset. As a result of that I was like okay so we need to teach Latinos. Which is definitely not my strength. It is funny because a lot of people tell me oh you’re a business so then you do accounting. I don’t do accounting. I don’t do marketing. That’s not what I do. I literally do business foresight positioning the business for the future. But someone like you a financial planner who knows how to, and that’s what I do with my programs, who knows how to simplify. I really have a problem with dumbing it down also so, I get it. I get your point. Simplifying it. Making it comprehensive. learned that from working with our kids where we would actually try to simplify things and the more simple it was the more they could conceptualize. Whenever we were teaching anything we taught them what we would do was try to make it conceptual to something that they related to because that’s how I learn.

For example, what I did is that most of the clients that I have are our minority entrepreneurs who start a business and who’ve never done a business plan. The first thing they tell you is when you start a business you do a business plan. My experience is that 98% of most successful business owners have never done a business plan. What I did is I created on the book Small Business Big Life and I’ve got one for women Small Businesses Big Life for women is a business blueprint. So, it says what happens if you’ve already, because out of necessity, you’ve had to start your own business? How do you actually run a business? What does it look like? So, I’ve created a one-page document called The Business Blueprint where we basically break everything into the core functions of a business. So, people know what it’s like because just because you know how to do something doesn’t mean you know how to run a business that does have something. So, everything I do I said it’s in my head one is I’m very visual multiple are visual and I want to show this is how you run your business. So, let’s take a look at the four concepts but it’s not a book it’s a one-page document. It’s the same thing when we deal with finances. It’s the one-page document. I’m interested in simplicity but also impact. And also into execution because I used to be called a financial planner years ago and I said I’m tired of being a financial planner. I don’t want to be financial I want to be a financial doer. That’s what we’re doing now so my whole shift, at least in my firm, is let’s not plan as much. Let’s just plan a little bit but let’s do a lot more. So, it’s the execution and how to do the execution right.

Exactly and that’s really important. It’s funny because in my program I have a curriculum that I also kind of break this all down. One of my modules is literally execution because you can have all the plans in the world. You can have everything in place and it looks beautiful. This is what I want to do. This is how I want to do it. But, never actually execute and that really at the core if you don’t execute you’ve done nothing. So, some people waste the time that you’ve spent on the planning without executing. I actually give them action plans, checklists, all that because it’s really critical. It’s critical to actually make things happen. So, I totally agree.

Here’s a quote of the day, I always say thinking determines what you want but action determines what you get. I say that all the time. Thinking determines what you want but action determines what you get. But you need to know how to take that action and the problem with again most people listening to us it’s how do I take that first step? Once they take that first step you’ve already got some momentum but they don’t know which step to take. How do I start? Where do I start my business? Sometimes people are thinking five ten steps ahead and they get overwhelmed with what they have to do. We have to chunk everything down and say what’s the first step?

Absolutely. I totally agree. So, I’m a kinesthetic learner. I need to see. I need to hear. I need to see. I need to do. It’s amazing don’t ask me how it works but if I write something down I’ll remember it years later. I could lose a piece of paper it doesn’t matter but something about that writing it. I remember, it was really bizarre, but that’s how I went through college. One day I was like I can’t I would read the book and I would highlight it and it did nothing for me. So, I started writing stuff down then that’s when the color post-its came out. I was like oh my god I love this and in my car Louis I literally had like different colors for the different of questions or the different aspects of the class. And when I have to study for a test that’s how I do it. So, I’d sit in the class and I close my eyes and I’m like on the right side oh and I aced the test. So, this is basically what you and I are doing. We’re offering people the audio, the visual and the kinesthetic where they actually have action plans that they can actually follow. So, that this way it’s more broad and you can actually reach people where they’re at.

And it’s the experience. We offer the experiences because we’ve been doing it for so long. The other thing to keep in mind though is that even though people know what to do and you’ve given them what to do you still have to get in the mindset to be able to believe that they can do it. It’s internal you have to believe that you can do it not that somebody else did it but that’s not me. If you can believe that you can do it and that somebody’s already did it and wants to give you the step because I feel so blessed. That’s how I’ve always felt. I’ve been blessed beyond belief. I don’t know why I’ve always you know my life has not been perfect. I’ve had some tragedies in my life but I’ve always been blessed. I always feel like the right people always show up at the right time. I always feel like I need to help people who didn’t have that access like my parents. I always put myself in their shoes. What was it like to come from Mexico with not even a penny? How did they make it here? How did they do it? If they would have had access to resources where would they be now? I find that sometimes with even having the right material the people will self-sabotage. They sabotage themselves into not having or when they get comfortable and start having a certain level of success they sabotage themselves. Then bring themselves where they feel comfortable. The goal is to figure out how we can teach them that abundance is okay that making money is okay. That making lots of money is okay because sometimes culturally we believe that and unconsciously we believe that money is bad. For some reason, we unconsciously stop ourselves from being and living an abundant life.

It’s funny because again I did my dissertation on this. One of the areas that I touched upon was the fact that namely Latinos we come from that religious background that we all came from that Christian Catholic Christian background. What is the first thing that they teach? Humility. But, the truth is that humility is not poverty. There is a difference. What I did is that I researched and I’m like okay in the Bible when God blessed he blessed people with abundance. For us it’s the opposite we believe well you need to be poor. I was coaching someone and they were like I just want to live well, I want to live comfortable, and I don’t want to be rich. I’m like why not? Oh, you know we can’t ask for that. I’m like yes, we can. So, I’m with you in terms of that mindset. I believe that that mindset comes from our religious beliefs that we’re taught humility is being comfortable not asking for more than you need. But the more that you have the more you can do to help those that can’t.

I’m going to switch a little bit on you because one of the things that I see when I’m working with a lot of people is that their financial foundations are very weak. I’ve seen a lot of people who’ve done very well made lots of money actually made millions of dollars and lost everything. Again, it’s because they’re not focused on the right things. For example, not thinking that money is good for you. But what I want for somebody to listen to us today when we talk about more specific money tips imagine that they’re going to build this house you probably need about maybe 12 to 18 inches of foundation, right? And to build a house that’s all you need. If you’re going to build a two-story house the foundation should be a little bit deeper and if you’re going to do a four-story building maybe a little deeper. But a rascacielos a skyscraper it’s a very profound very deep shallow foundation. When we think about that I need every person that’s listening to us to see their foundation is a lot of different things. It’s besides you having an estate plan, will, or trust if they got kids. It’s besides having life insurance if they have kids. Just getting term insurance. Besides starting to put some money away for an emergency reserve. But it’s also their ethics. It’s also who they are when they’re building all this stuff. It’s not just the financial side of it as well because the thing is that to build wealth we need to save as a community. We need to save because I’m tired. For 26 years we keep saying no. When I started, the Latino population was 14% then they went to 15% then to 16% then to 17%. And we spend close to one trillion another one trillion then over one trillion we spend. Tell me about how much we have saved? Tell me how much power we have? Because the problem as you now know in this economy is the wealthy the people who actually have access to capital are who are running the United States. We can continue to grow as a population and the demographic continues to grow but it continues to be in poverty. There’s no power. The recent study that just came out maybe about a couple months ago that said that in the next 20 to 30 years African Americans and Latinos will have a negative net wealth. We’re going backwards and this to me everything we’re talking about even though we’re talking about the abundance whatever really is something that we now need to really start focusing on at a higher level. Because I think there’s more people who are awake. There’s more people who are now conscious to the fact that for minorities we need to focus on building wealth and wealth starts with savings. But it also makes sure that you have life insurance for your family. Again, I don’t sell anything. One of the things that I think to tell people is I don’t sell. I don’t make a dime in commissions or referral fees. My job is to say but how do you plan for that? Where do you get that? How do you not pay commissions? How do you make the most of it because we don’t have a lot of money? How do you leverage my dollar to get the best for my family to build that financial foundation? This is a lot of topics we can talk about but that’s my core. What I’ve been focusing lately on what I’ve been teaching or speaking out there.

I love that. Now I know that you also do a lot of work with famous international Latino celebrities. How do they think different? How are they different from the everyday Latino?

It’s interesting because I started writing books I did a commercial over a decade ago. One of the actresses on the commercial was a guy that worked at Sony and then all of a sudden, he became the president. And I started working with celebrities and now I have some of the most iconic Latin celebrities with a big team here that handles all that. When I’m having dinner or lunch or breakfast or we’re at their house we’re talking and when I’m listening to them, love to listen to people and really see where they’re coming from, they’re really big dreamers. What they aspire is huge. They have this thinking they don’t shoot for the stars they shoot for the planets out there. So, it’s that conversation. Then the second thing that I’ve constantly learned from working with celebrities are that they’re good at building teams. They have a manager. They have an agent. They work with their attorney. They have their business manager and I’ve always said it you can’t be successful unless you have a dream team. You always want to surround yourself with great people. Tell me who you are I’ll tell you who you’re hanging out with I guess. They build these teams and most people on their own feel like they don’t want to ask for help. They don’t want to pay for help and they think they can do it themselves. They don’t want to bother you to ask you a question. Oh, I knew you were busy and didn’t want to bother you. The celebrities or the people who are aspiring to do big things they’ll pick up the phone. They call you hey I need your help who do you know that can put me together with that person so we can make this thing happen. They’re very good at networking and connecting people together.

So, that’s where you find that there’s the difference. That they’re more apt to ask questions, to ask for help, and to pay for help.  

And at the same time just dream big. Their plans are very aspirational. They don’t sometimes even think about an emergency reserve. It’s almost like the assumptive they’re just going to have it and they just plan for it. It’s almost like they bring it in the reticular activating system. Like they put it in their mind it’s a focus and you know there’s Law of Attraction or whatever you call it. It’s almost like they seem to will and bring that energy to them and bring the people to them. The problem is that some people because they’re so busy and they’re so creative remember artist tend to be very right brained people. They’re not very logical thinkers and so sometimes they don’t pay attention to their finances and they get ripped off sometimes. You hear stories about these famous athletes or professionals who got ripped off by somebody because they tend not to put that focus on there. Then they tend to be bigger targets of people who are financial predators. So that’s the only thing that sometimes we have to watch out for but that’s really the core. The other thing is this they’re some of the hardest-working people I’ve ever met. I’m telling you right now when you see a celebrity and they’re up there or you see a superstar singing and it seems so easy and their lifestyle must be really great they’re not. Their lifestyle is great but they are working like you cannot believe. They put years and effort. It wasn’t like I want to go out there and make a million bucks overnight. There is no overnight. There is no lotto syndrome. There is none of that what can I do to make a million bucks? What do I do to come out of college and be the owner of the company in the next week or two. They don’t do that. They started from the ground. They work their butt off. They study. They put a lot of effort in and it takes years to be really successful. So, I think people sometimes don’t really understand that. They think there’s an overnight success and just made a lot of money very quickly. That doesn’t happen.

I love that you that you talk about that because that’s usually what I find a lot of times when I talk to people. They’re like okay so if I do this is it going to be quickly? Like how quickly can I get on my ROI? And I’m like anything that’s worth it is not quick. Selling drugs if you want to make quick money. But you don’t want to do that so, the reality is that that fast money, that instant gratification, that becoming instantly wealthy. I’m so glad that you touched upon that because you know what that is such a farce. Everything is hard work, staying focused and being able to work hard in the different areas. I say that because of this what I find is that oftentimes we put a lot of time into operations and making the business function. But, we don’t take the time to analyze our finances. I always do at the end of the year like an annual review of my goals. I divide it in four areas: personal goals, our business goals, financial goals which is different than the business goals and spiritual. So, I divide it in those four different areas very consciously because I set goals in the beginning of the year. And at the end of the year I want to know how far I came in meeting those goals. So, you can’t be like tunnel vision and you can’t put all of your energy put all your eggs in one basket so to speak. Like you don’t want to spend all of your energy in just operations and making your business function and not pay attention to the finances, not pay attention to your family, and not pay attention to spirituality. Whatever that is for you so, does that make sense?

Absolutely because what you’re doing is basically what we talked about you’re working on your business, working on your life versus working in it. The day-to-day stuff when you wake up and brush your teeth and take a shower whatever that’s working in your life. When I’m answering phone, calls talking that’s working in my business. But working on is I take a day off every quarter to just strategize where am I at and how close am I getting to my goals. I know I can’t but if I could change my direction or meet this person that’s strategic thinking. And you’re right let me just share with you because when I meet clients especially if I’m doing business consulting and they say can you help me turn my business around? I said you know what, yes. What’s it going to cost me I’ll give them a certain price. Well how long do you think we’re going to take to turn my business around? I think we could do it within the next couple of years. I think you’re going to be where you need to be. We can make some quick changes but it takes about a year and then we start implementing. They go oh I mean if I pay you we can’t make this like in about six weeks a month? Well you’ve had your business for a decade. You’ve kind of not grown for a decade it takes time. Then they won’t sign up because they’ve wanted that quick fix of instant gratification. Then I’ll see them again three to five years later and guess where they’re at? In the exact same place when I saw them five years before. And in those five years, we could’ve made tremendous transformation. It takes time you know. You don’t pay a college to get a PhD in six weeks. So, a tremendous amount of work. You got a dissertation you got to do a lot. It’s just a lot of work and I go back to the same thing with the business. It’s a constant and never-ending process of improving, getting better, the economy changes, business demographics change, and type of businesses you’ve been working at. Like you said you’re the expert in foresight. Well if you’re talking to somebody that does I don’t know graphic design and you were talking to them five years ago that business has changed five years later. I mean completely different business. That business model and you have to prepare for that change. So, there’s constant never-ending improvement and again you got to stay I would say keep one eye on the future. And that’s what you do you keep that eye on the future for your clients and then one eye on the now. Like don’t forget that you’ve got a business and you’ve got to take care of your clients but you’ve got to keep that eye on the future. Sometimes you need somebody like you or like me to pull you out and so we can talk about the future. Otherwise you’ll never be there because you have intentions to talk about the future but you never will.

Absolutely and that is really where the problem is for most people they want the instant gratification. They want the quick here and now. I think we’re kind of programmed wrong. We’re programmed to believe that things happen instantly and that stars become stars because they want to and then they just become a star. We don’t realize all of the hard work that there is. That’s why higher education to me is so important that you realize that it takes consistency. Even when you finish that degree you don’t get out of college or you don’t get out of a master’s program or doctoral program and instantly create wealth. It takes consistency. It takes you becoming an expert after you learn. I always tell people that’s where you get your theory. That’s where you get your tools. It’s how you put those tools into practice that’s going to make all the difference because if you walk out and you stay in the same job and you don’t learn anything more and you do the same thing that degree served you no purpose. That’s with everything. I love the fact that you’re saying you’re right three years later they’re still in the same place but they refuse to wait a year. The thing is that it’s not that you wait a year to become so to speak wealthy but it takes a year for you to start building. And for you to start seeing the difference. But, in that year you’re seeing small consistent change small consistent progress. That’s why the projections are so important.

I know we don’t have a lot of time left but can I bring up just a couple things so people who are listening can think about money and how they’re approaching money. I want people when they sit down with anybody who’s an advisor to be very conscious of the fact of whether that person who’s giving them advice is really looking for their best interest versus trying to sell a product. I’ve got a lot of kids and we’re going to talk about it a little bit about with education. So, what’s happening is when a person sits in front of an advisor to do college funding planning is they’ll try to sell them a 529 plan. When I sit down with a client that has a thirteen year old child I don’t show them which investments to invest in that 529 plan. I talk to them. Where’s your child? Are they A student’s? B students? C students? D students? On the scale of one to ten one having no self-esteem to ten having high self-esteem where are they at? I ask the parents if they have been to college and have any college experience. Those things make a big difference. If somebody comes to me and they said look Louis we have about two hundred dollars a month that we could start saving for my kid’s college fund I’ll say great. But, if I find out that their kids are C students, the parents have never been to college, and the kids have low self-esteem I would rather take that money and invest it in a self-confidence program for the kid, tutoring or mentoring for the kid. I’d want to have money spent so they can travel to college with the parents and the kids so they can see what an experience is like. We have to be careful about how we use money to create the highest and best social impact. The other thing we want to talk about when we’re sitting down looking at retirement planning for couples. For example, I’m sitting down I’ll ask them on a scale of one to ten one being where your marriage sucks the ten is you have the most incredible marriage where is your marriage? Most men are clearly pretty much clueless they’ll tell me they’re a level 8. I’ve had women tell me they’re in a level 5. I said well where do you have to be to be thinking about divorce? They said a level 4. I said oh my goodness. If I took their money to put into a 401k or retirement plan I’d have been basically saving it for the divorce attorney. Sometimes the highest social impact is you say with that money it’s best to say let’s work with a marriage therapist. Let’s invest that to get your family strong and then we’ll start putting money for your retirement. So, we need to start thinking in a completely different way about how we’re using money. The same thing with you is for something is that you say Louis I’ve got a thousand dollars I wish I had invested. If I really knew you well Dr. Nilda and you said Louis if I knew that you needed to go to the next level and it would be this conference in Switzerland or Europe and maybe that would be the best investment. Because that investor would create a lot more opportunities for career and for your business. So, we need to start thinking and not get lost in the world of products and say I’ve got this much money right now. What’s the highest and best social impact effect for me for my family. Sometimes the people that I work with see that money as an expense versus an investment. An expense is not the marriage therapist it’s an investment. An expense is not the college tutor it’s an investment. When I tell people there’s this great book that I just read you need to read it it’s going to change your life. Some people will ask me well how much is the book? I think are you kidding me whatever the book if you got a book that is going to cost you 100 bucks or ten bucks buy the damn book because it’s going to change your life. So, we need to start thinking about what’s an investment versus what’s an expense and how do we use money to create the greatest impact in our lives.

That is the truth. I am so glad that I chose you for my dissertation because I made the right choice I know. I love this because it’s such a fact and this is the struggle that I have often with people. Oh, how much is the course? How much is it to sit with you? That’s expensive. I’m like, to be honest with you it’s actually priceless because what this is going to do for your mindset, for your business, for how you’re going to start looking at your business is literally going to change your life. I know for a fact when you start thinking futures you start applying that to everything. I find that I look at life completely different and my clients have told me the same thing. I just don’t see life the same way when they see things. Wow maybe that’s something I could apply to my job and to my business. How can I change that or structure that to fit what I do? It’s just well-rounded. I love that because that really is at the end of the day that’s the point. I know we need to end and this where I want to end. Give me three points on money that people can start using immediately.

Whenever you’re going to invest with money the very first thing is you say what am I going to be using the money for and when am I going to need the money? It’s not about like do I invest it in stock. It’s like is it for education funds but for how long? If it’s long term you want to invest in equities. If it’s short term you want to make sure you have emergency reserve that’s very liquid. Like in a savings account even though they’re not paying anything. The best financial planners are going to ask you what’s the goal and then how long is the goal? What’s the time horizon? That’s the most important thing. Second thing right now is when you’re going to work with ideally, I love people to work with other coaches get financial coaches, you need to ask them for their credentials and how they’re getting paid. You don’t want to work with someone that’s getting paid on commissions or they have really high fees or they’re using products that have really high fees. Because those will eat all your returns up and you will not see really much money down the road. Ask for people’s credentials and how they are getting paid. That’s on the real nitty-gritty stuff. The third thing is really take a look at and start listening to other people’s conversations about money and become conscious about how maybe you might be sabotaging your own. Have conversations with your family don’t make it a taboo. Talk to your kids about money. Talk to your friends about money. What are they doing? How are they doing it? Is it working for them or not? Conversations about money to feel comfortable about talking about money. In the neighborhood that I live in I’ve got eight-year-old kids outside talking about mutual funds. Where I grew up nobody still knows what a mutual fund is. So, be comfortable with the conversations about money.

I love that so I want to thank you so much for taking the time. I know you’re a very busy man you do a lot and you’re a very busy person. I want to thank you for coming on the show. I think money is a very important topic for us to discuss with our people because it’s important. You don’t only work with Latinos though you work with pretty much anyone. We’re going to follow up with all of the information at the end of the show so that people can contact you directly if they want and definitely read your books. You have about six seven books out there, right?

Well, I’ve got five books down and I’m writing the sixth book right now When Financial Disasters Strike. I’ve had a lot of people who had a disaster and weren’t prepared. So, how do you handle those? That book will be out in the spring of 2018. I’m working really hard on that book right now.

Okay fantastic so Louis Barajas I want to thank you. Rachel is going to make sure that your information is put up for your books and the links to your books. Your books are fantastic I have to tell you. If you can’t see Louis Barajas you definitely have to read his books because this information is unbelievable. I want to thank you so much for being here. I know you’re busy and I love the fact that you took the time to talk to me and to speak to my audience who really wants and needs this information. So, thank you.

Thank you, my pleasure.

Alright guys so, I want to thank you for being here again for another Dr. Nilda Business Foresight show. In the meantime, we will look forward to seeing you next week where I have yet another amazing guest that’s going to be here with us. Okay bye guys.



Interview With Louis Barajas

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