Dave Mull

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Author: Dave Mull

  • Taking Breaks

    I recently took a week away from the office to take my family on a spring break trip. I’m lucky to have a leader and a team that supports this. One thing I’ve learned through my 20+ year career is that there is NEVER a “good” time to take vacations and to truly unplug and I’m one of the most guilty people about not taking PTO. There is always more work to be done then there is time to do it. Those expectations only intensify the higher up you climb. The next fire drill, the next important meeting, the next presentation, the next budget, the nexts just continue. Because of this, it’s more important than ever, as MJ would say to “Just Do it”. These are my top 5 reasons it’s important to take time, especially if you have a family.

    You’ve only got 1 family and 1 lifetime

    Your family needs you a lot more than your job needs you. Marriages take effort, raising kids takes effort and having healthy relationships take effort. This effort can not be the leftovers because all your effort was all spent at work. This is time and investment that will have a greater ROI than anything you do professionally. I’ve seen both sides, I struggle with this in a big way. I often feel guilty about my family getting the leftovers. I’m sharing this as a way to challenge myself but also encourage others.

    Time is the only resource we can’t make more of

    One of my favorite quotes is that it’s not the years in your life that matter, it’s the life in your years that counts. I have to remind myself of this constantly. Saying that I’ll do that tomorrow, or we’ll take that trip next year or in 5 years. Whatever your time box is and the reasons for it, tomorrow is not promised. I do not want to look back at my life with a lot of I wish I would haves. I’d much rather look back on my life with a lot of, wow, I can’t believe I did that’s.

    The work will be there when you get back (most of the time)

    Most important work related activities don’t come and go in a week. Some do, but that is where the value of a team and the benefit of leadership can really be fruitful. Being a good leader means engaging and involving your team. It means helping those on your team develop the tools so that they can step up and fill in if it’s needed. It means having the faith and the trust in your team, your peers and your leaders that most things can be covered while your out.

    Breaks are good for your mental health

    Taking a break to reset and recharge have proven to increase performance. Stepping back for a bit can give you new perspective. It allows you to see how things go while your away. It allows you to see folks true colors. It also lets you clear your mind, find fresh ideas, get excited about jumping back in and importantly a feeling of appreciation.

    Be the leader that encourages and celebrates these breaks

    Todays workforce is extremely competitive. Top talent can find jobs faster and easier than ever before. People want more than anything to feel appreciated and supported. Be a leader, be an organization, be a culture that celebrates peoples value and life outside of the the business. When people feel supported and valued, not only will they stay longer but they will work harder and give more. Be the leader that not only supports but models these traits, your business will benefit from it. I guarantee it.

  • New Adventure

    Today (2/24/22) is officially my last day at Humana. I will be forever grateful for the relationships, friendships, mentorships and more that I’ve experienced during my 17 years. In addition to the people, I’ve had incredible opportunities to learn and grow in a number of roles across the organization. I’ve been blessed with great leaders and teammates all along this journey and I’m hopeful our paths will cross again.

    I have received so many notes of congratulations, encouragement and gratitude. Knowing that I’ve had an impact on peoples lives as a leader and colleague helping them progress in their own careers and life is really what’s its all about. I love business, I love our customers and the mission but above all of that are the people that make it all worth it.

    With that said, I’m extremely excited to share that I am joining the talented leadership team at Honest Medical Group a Rubicon Founders portfolio company as CFO. I’m grateful for the opportunity to be a part of this team that’s focused on building products and services that focus on improving care and member satisfaction while reducing costs for people with Medicare.

    Here’s to new challenges and new beginnings!

  • The Growth Mindset & Why it Matters

    Almost 4 years ago I had the opportunity to do something new in my career. I got to become the COO/CFO for a start up within the large company I had 14 years working in. I knew this would be a significant change for me, I knew it would be challenging, I knew it wasn’t safe but what I didn’t fully appreciate was the amount of change it would do for me. It was scary, it would take me out of my comfort zone and push me in ways I’ve never been pushed. What I’ve also experienced through his is how important mindset is. Being open to that challenge, excited about it, starting with a beginners mindset and embracing a growth mindset has been a game changer for me. I’m not the same person, leader or employee that I was 4 years ago and I want to share a little about what I mean by that.

    Something I’ve always tried to embrace is “rethinking routine”. Which means I love to ask why we do things. Why we do them at all, why we do them certain ways, is there a better way or a better thing? I tend to get bored easy and I don’t like feeling in a rut, so shaking things up is a natural tendency I have. In business, I’ve found this to be a successful part of my career journey. It’s really easy to for people, teams and organizations to get into a rhythm of process. The challenge with that is that our world changes so rapidly, this can easily mean you find yourself behind. Behind in technology, efficiency and organizational design including talent. Being open to and embracing this fact allows you to see and address things starting with curiosity. If you don’t try to disrupt yourself every single day in business, someone else will. Which is at the heart of a beginners approach and feeds the growth mindset.

    The reason I call this out as mindset is because I believe and studies show that it is in fact a mindset characteristic. Luckily this mindset can be built, grown and nurtured. Individuals can of course take this on themselves but it’s drastically more successful if it’s supported by the organization and its leaders. Meaning that rethinking routine is celebrated and not criticized. This feeds a culture of safety vs. a culture of fear. It takes mature and strong leaders to accept and embrace when their world is challenged. But leaders that can do that and do it successfully, build a culture that is fired up for it. When your team members not only feel welcomed to question things but actually expected to. The level of freedom, empowerment and buy-in explodes.

    I’ve luckily embraced this in just about every role I’ve had. Which has often then led me to the next role. But none more so then when I had the opportunity to start a start up within my company. Myself, my peers and our teams were given the task to 100% focus on the member fist and challenge everything we knew about how things were done today. Some of those things were excellent, absolutely no reason to change, best in class. But in many cases, there was a better way to organize, better technology to use, better processes to implement. All building toward a better way to serve our customers, which was 100% our focus. This opportunity was sparked by our leader, who on my very first day handed me a book and said read this. It was a book called “Start with Why” by Simon Sinek. That gesture, that book, that push from my new boss at the time sparked something in me. I felt a new level of push to not only embrace this mindset, but lead and build a team where this was deeply embedded in our culture. It also kicked off a new burning desire to learn more and since then I’ve ready over 50 books and listened to countless podcasts relating to this topic.

    I’d be remiss to suggest this was easy and not something that has gotten even harder the longer we exist and the bigger we get. But even to this day, almost 4 years later, it still sits at the epicenter of how we act and what we do each day. The mindset allows us to navigate the hard days, the challenges and see them as opportunities to learn and improve. I’m forever grateful for that leader, the push and this opportunity. I’m excited about the future and continuing to build and grow this mindset wherever it may take me.

    I ask you to lean into learning about the growth mindset. There are great books and podcasts on the subject. It’s not only great for business but in your personal life to. As a husband, father, son, friend, mentor, mentee, you name it. If you can embrace being open to other views, opinions, ways of doing things. If you see challenges as opportunities instead of blockers and start with “why” and “curiosity” the growth and happiness you will experience is something I can’t wait for you to tell me about, because it will come.

  • My 2013 Ironman Louisville a Story of GRIT

    I had a phase in my life where competing in triathlons and running races was something I spent a considerable about of time, money, energy and focus on. The sense of accomplishment the challenge and growth from them was something that spilled over into the rest of my life as well. I’ve completed 2 full Ironmans, both in Louisville in 2012 and 2013. An Ironman triathlon consists of a 2.4 mile swim followed by 112 mile bike ride and they are capped off with a 26.2 mile run. They give you about 17 hours to complete the event. As challenging as that sounds, the year long training routine leading up to it is actually where all the magic happens. The early morning wake ups for swims or runs in the dark. The late evening bike rides or runs on the treadmill. The 2 a days of doing both of those things. All while trying to have a career, be a husband and a dad. Todays blog is my story of the 2013 Ironman, it didn’t go down like I had hoped and as disappointing as that day was, I’m grateful for the experience.

    WAKE UP

    As with most race days it gets going EARLY. Double checking all your gear, nutrition just making sure you got all your stuff together for a long day. You also have to get your morning food (fuel) dialed in so you know what works for your stomach and can sustain for a while. Then you make your way down to the first transition zone (which happens to also be the 2nd for this race) to set up everything you need for when you get out of the swim. This includes getting your bike shoes set up, helmet, glasses, bottles, nutrition for the bike, extra tubes and everything possible to make sure you get through that 112 mile ride. You also get your run stuff set up so that you can be as quick and efficient as possible when you get off the bike to head out on the run. Once you get all of that set up and ready to go, you make your way down to the swim start and wait for the start.

    In Louisville, the swim start is single file and a decent little walk from the transition area. This is honestly one of my favorite parts of the day. My wife made that walk with me both years, other family comes down to wish you luck, you see friends, training partners and other competitors. The nerves are legit knowing you put in all that work for this day. The hay is in the barn as my buddy Kevin used to say and it’s time to party. But holy moly I could feel it in my gut. That time from getting in line to when the start officially gets going feels like forever. Then once the gun goes off, you take the slow sludge toward the dock for your turn to jump in and get after it. For some reason, both years, I really had to pee. I’ve learned that it’s darn near impossible to pee while swimming, which seems weird but is very true. So I had to take care of that at the last minute which isn’t super cool.

    SWIM START

    Now you are on the dock, staring at the water and all the nerves are gone. It’s go time and there is no going back. This race was going to be a badass race. My training leading up to this day, all my prep races were all FAST for me. I was setting PRs, super lean, felt fast and I was pumped to knock a ton of time off my prior year. Confidence was very strong until about 500 years into the swim. I started having cramps in my feet almost immediately. It was brutal as I couldn’t point my toes or kick with my feet at all. The only way to fight it off was to pull my toes toward my knees. Which was like putting on the breaks in the water. Those cramps started creeping into my calves before I was even 25% into the swim and I started to panic. There just happens to be a shallow part of the Ohio River right about at that spot, so I stood up thinking I could stretch them out. Wow was that a bad idea. When I stood up both legs, complete cramps from top to bottom. A safety guy on a canoe happen to see what was going on and said he was going to pull me out. The only thing I could think was no way in HELL are you pulling me out and I took off swimming.

    The cramps never went away, I dealt with them for about an hour swimming 2.4 miles in the Ohio freaking river. I kept a constant eye on where the safety team members were, just in case I needed to scream for help. I would rotate to my back and float at times when it got really bad. I one point I got so lost in the situation I was in the middle of the river and WAY away from the shore or the nearest competitor. I had some real talk with God that day. I made lots of promises, shed some tears. Thought about my family if I was to drown and how selfish it was I was out here doing this, spent all that time training and here I am thinking about my wife being husbandless and kids being fatherless. Holy moly that was some emotional stuff I went through that day. I also battled with what happens if I have to quit and all these people that were coming down to support me. All the folks that had supported me the entire way. All I kept saying is that I am not a quitter, not today, I’m going to GRIT this thing out.

    Some how I made it to the swim finish, climbing out of the water I felt like I could barely walk. My legs felt like I had done a million squats and all I thought about was how am I going to finish this thing. Then my eyes caught the clock and somehow I was 9 minutes faster than last years time. I knew it was because of the current, but I didn’t care and all of a sudden my legs felt fine. I started jogging to the bike and it was like a fresh start. I couldn’t believe it and with a new found energy I was ready to hit the bike!

    To the BIKE

    Making a good transition I was heading out on the bike and was going WAY to fast. I had a plan for a pace out of the gate, it’s super flat to start in Louisville and it’s easy to burn yourself up early. I was purposely making myself go slower than I wanted but was flying and felt like I wasn’t even trying. It was a crazy feeling. Next thing I know I’m at the out and back section of the course which has a really steep valley on it. So you fly down at first, climb up then turn around and do it again. On my way climbing out the valley a guy coming the opposite way hit the pavement hard. Maybe the worst crash I’d seen in a race. His helmet was busted, there was blood on the ground and an ambulance was making it’s way through the race crowd to get to him. Many of the same emotions from the swim started flooding back in. I was questioning everything that day, why am I doing this, how could I put my family thought this, ugh it was tough. But I got through that and kept pushing.

    Still feeling pretty good I’m on the loop in Oldham County at this point. There is an up coming aid station and I need to refill my water and grab some food. Another thing about Ironman races is that you really don’t ever want to stop or slow down all that much in reality. For me, stopping makes it really hard to get going again. So my goal is NOT to get off that bike the entire time. So as you roll into an aid station you slow down, get over to the right and hold your hand out. The amazing volunteers and will hand you what you need as you go past. It’s pretty awesome really how easy it is and how hard they work to help the athletes. I’d done this dozens of times during my races and never had a problem. On this particular day, someone in front of me decides to take a hard left turn. This results in him slamming into my front wheel while I only have 1 hand on the bars. This sends me FLYING over the handle bars, landing square on my should with all of my gear sent flying through the air.

    I land hard, slide across the asphalt and immediately think, what in the hell just happened. My next immediate thought is holy crap I’m on the ground, my bike looks twisted up and my stuff is all over the place. I’ve got one of those volunteers trying to help me up, get my stuff and wanting me to come to the side so they can check me out for injuries. He looked terrified in his eyes, was looking at my shoulder and trying to hold me. As much as I appreciated the concern and all the help all I could think was holy crap I have to get going. He tried to convince me to stop, check my bike, check my body but I was like nope, gotta go. As I’m getting going again I’m checking over my bike for loose parts, bent parts, broken parts and for the most part everything seemed fine so I was back after it. It didn’t take long for my shoulder to start hurting and the road rash to start burning. It made it hard to stay in the proper aero position and get comfortable again and I still had a LONG way to go. The emotions started flooding back in, my back really started to hurt and I knew it was going to be a REALLY long rest of the race.

    Part of the Ironman bike course goes through a town called Lagrange. In the middle of town is a place a lot of families come to cheer you on. Usually its a major lift in energy and emotion to see folks out there cheering for you, spending their time to do all they can to show you love. This year, on this lap it almost broke me. I saw my family, friends and people cheering, with matching t-shirts and signs and I immediately started crying, I wanted so bad to stop the bike and get off to hug someone. It had been an emotionally and physically challenging day already and I still had a really long way to go. But like the swim, I kept pushing and after what felt like an eternity I made it to the bike finish. Somehow, again I was still ahead of last years time and I actually extended that advantage so I was ready to get after the run.

    Time to Run

    Heading out on the run it was nice again to see my family, who still didn’t know about all the challenges I’ve had. I didn’t say anything and tried to hide the road rash. I knew people would worry and I didn’t want that, the day would be over soon enough and I could tell the whole story then. Right off the bat I felt great. Legs felt good and I was on a good pace. I was at about mile 5 and I hadn’t taken any walk breaks and thought it was probably time to walk through the next aid station to make sure I got in some gel and fluids. So that was my plan, I walked through the next aid station being very purposeful to get the fuel down. I went to start running again and I seriously couldn’t do it. My hips SHUT DOWN to the point it felt like the joints were going to freeze up. It was the craziest thing I’ve ever experienced running. I tried to run through it, job, walk/jog, nothing I could do was helping. It was depressing to say the least. I did my best to move as fast as possible but there just wasn’t much there. Luckily I met some other guy who was in a similar situation. He was a preacher from Georgia and had a thick southern accent and we paired up and pretty much walked the last 20 miles together. He really kept my mind off the pain and disappointment of the day. I’m pretty sure God sent him as I’m not sure how I would have managed those last 20 miles to be honest. We separated near the finish line and I did see him again, wish I would have gotten his name.

    At some point during he last 10 miles a friend of mine came out to see me. I told him about my day and the wreck and other craziness. Little did I know he shared that with the rest of my support crew so by the time I made it to the finish I think they all were in some mix of worried to death, thinking I was totally nuts or mad at me. haha. But coming down that finish line all I could think about was how I failed, didn’t hit my goal and was disappointed and embarrassed in my performance. My wife was the first person I remember seeing as I cross the finish line. Really the only thing I remember about that finish was falling into her arms and sobbing like a baby. She is my rock and that is a moment I will never forget. All she and my 3 kids felt were pride in me and thankfulness I was ok. I am a blessed man…

    Lessons Learned

    Looking back on that day is emotional. It took me a while to get over the disappointment but after a while and after talking to some friends that disappointment started to change. I started looking at this day as a day that made me stronger. A day I could always look back on and be proud of. I pushed through things that many will never experience or push through. The toughness that I found that day sits in me today and I recall it regularly as a source of strength. Remembering that I can do absolutely anything I put my mind to. Challenges can either stop you or make you strong, I chose to use this one to make me stronger. GRIT is something that can be learned, experience, nurtured and grown. This was a GRIT day for me and I’m better for it.

    I hope you take from this memory the same thing I hope my kids take from it. NEVER EVER GIVE UP! You are worth it and you can accomplish amazing things if you just want it bad enough. Life truly does happen on the other side of your comfort zone, I know, I’ve been there.

    I’m targeting doing another Ironman when I’m 50. I have no idea why, but it’s a target on my list. Hopefully I’ll see you out there. And I won’t have crazy cramps or a wreck to tell you about.

  • Morning Routine

    COVID has touched our lives in so many different ways. From sickness, loved ones lost, jobs, education, freedom and more. It’s also given some an opportunity to step back and really look at their life. Their job situation, their health, their finances, their future, their day to day. Many have used this time to learn new skills or to grow in others ways. For me, it’s been a great time of reflection. The lack of needing to travel or commute for work as allowed me to really find a new focus in my life. I credit a lot of that to my daily morning routine and being purposeful and disciplined into building habits to support it. I’ve pieced mine together from several different books and other leaders to build what I believe works for me. I’ll share my routine and schedule below, but beyond the actual routine the benefits from this have been a renewed focus on my health (mental and physical). It’s also been a turbo charger for my productivity and drive. I highly recommend finding what works for you, get disciplined around it for a least 30 days and see how great you feel.

    5:00 – 5:45 AM – Wake up, COLD Shower, Breakfast and Coffee

    I’ve found waking up early, before anyone else in the house to be one of the most powerful actions you can take. This is a hard habit to form, getting out of bed on a cold morning when you really don’t have to, at times sucks. But when you so quickly start to see the benefits and the freedom you have during this time which then unlocks more time later in the day. You will start to love and enjoy these early hours.

    After waking up, first thing I do is jump in the shower. For me its the best way to start the day. I start off with hot water to settle in and lather up. But then turn it to as COLD as possible to rinse off (for at least 30 seconds), work through the shock and really wake up. I’ve read there are health benefits to a cold shower and those are easily found via a google search. But I also believe the mental benefits that come from doing something you really don’t want to do that early in the morning builds GRIT and toughness. It rewires your brain to accept and at times enjoy the hard stuff. It takes me back to my triathlon days and how much I dreaded getting into the cold pool at 5:30 AM at the YMCA. But as much as I dreaded those mornings, I never once regretted those mornings.

    Next is breakfast and coffee and I like to focus on taking in protein first things in the morning. I don’t really have a preference for how, but find that making it easy is what’s best to stick to. For me that is Adkins products such as their bars or shakes. It’s easy, they taste good and have good levels of protein. I also love eggs, cooked almost any way but usually save that for the weekends.

    5:45 – 6:15 AM – Meditation & Journaling

    I’ve really taken to my morning meditation practice. There are so many great ways to meditate and wether it’s through prayer or a mindfulness practice nothing has been more beneficial than this for me. I’ve used everything from the CALM app, Peleton Meditation, Apple Fitness+ Meditation, non guided with nature sounds and more. I have to say I love them all. I enjoy rotating through instructors, platforms and methods. Some days I really need some guided support and maybe I want to focus on gratitude or happiness or energy/positivity. And other days I just want to focus on my breath and really center myself. Regardless to how you do it, doing it is what matters. The skills and the mental muscle developed through a mindfulness practice will have positive effects on all aspects of your live. I love it so much I’ve found myself also wanting to do it more, longer and working it into my day. Wether it’s to prepare for a meeting, presentation, coaching session or anything else. If you get your mind right, focus on the current moment and the goodness to be found in it. You will be better for it.

    I like to next go right into journaling. I like this because there are a lot of great thoughts that walk their way through your head during meditation and sometimes I want to make sure I capture them. Wether it be an idea or a thought I don’t want to lose, this has helped me not dwell on it during meditation but go deeper into it after. I’ve also found a structured journal helps me. I use “The Best Journal Ever” which can be found on Amazon. I really like how it starts off the page with a quote, then moves into 3 things you are grateful for that day (I have a hard time limiting to 3), then your personal affirmation for the day followed by blank space for journaling.

    6:15 – 7:00 AM – Side hustle, blog writing or some deep work

    I’ve really enjoyed adding this to the mix the last couple of years. I’ve done everything from setting up an LLC and doing tons of market research around real estate. To starting an Ecommerce drop shipping coffee business called www.connectcoffeecompany.com. I’ve also learned a lot about angel investing through crowdsource funding on platforms like SeedInvest. All of these have opened my eyes to a lot of alternative investing strategies and ways to add additional income streams to my life. Not only do I really enjoy it, I’m learning a ton and helping set up my families financial future.

    I also really like writing and have a goal to write a book one day. Until then I am working on this blog thing to share my experiences in hopes others find value in it as well. Establishing a website on godaddy.com and using their built in WordPress application for blogging has been really easy and a fun experiment. I’ve also played with shooting some short videos on the same topics to post to my YouTube channel and other social platforms. Video editing is something I’d love to learn and get better at it, but it takes a significant amount of time. So I’ve also started using upwork to find a video editor I can work with to create those videos. He’s doing a great job and I’m really enjoyed doing that.

    All of this can be deep work, but sometimes I need to use this time to dive in on some of my “day job” work as well. This quiet time in the morning with my headphones on really being able to focus in on some important work has been really great for me.

    7:00 – 7:30 – Reading, News, Investing (learning time)

    For this block I really like to focus on learning something new. Weather that be market trends, CNBC daily insights, a podcast, book or audio book. Sometimes I like to take this in while walking on the treadmill, but other days I enjoy a nice morning on the patio enjoying nature a bit. I enjoy mixing it up but whatever works for you is value add to your life.

    7:30 – Whenever 🙂

    This time is really focused on my career job. I’m lucky to do something I enjoy that I’m passionate about. I don’t see this as “work” but as something that is making a difference. Whether that be for the Medicare members we serve of the team members I lead, coach and mentor. I enjoy hard work and like everyone, adding value and being appreciated makes all the difference. I also enjoy using my finance degree and MBA to help advance my career and in my day to day. It’s challenging, rewarding and pushes me to be better every single day. I’m thankful for my career so far.

    Wrap up

    I hope you take some insights from my routine and experience with it. I’ve toyed with it over the years to find what works for me. People will tell you that they have it all figured out, their way is the best way. I don’t believe that. I think we all have different situations and have to figure out what works best for us individually and for our families. It can also change as your lifestyle or stage of life changes. I look forward to the day I can have more freedom, play more golf, go fishing more, enjoy the outdoors and all that. But that day will come, enjoy the moment and live each day to the fullest!

  • Multiple Income Sources

    It’s taken me way longer than it should to think and learn about income streams, what that really means, what the options are and what it can do for me and my family. Over the last couple of years I’ve dove in on this topic to learn more and be more plan-full and purposeful about it. I recently saw an interview with Kevin O’Leary from the SharkTank talk about how a salary from a job can be so addictive. He said it’s like a drug that people get hooked to and they rarely look at or consider what that means for them. I’ve personally had a great career, I enjoy what I do, I’m well compensated, I feel connected to mission of the organization. I hope that is true for all of. But I also have a desire to create on my own. Something that earns money while I sleep and that may live on well past my corporate working days or even hopefully after I’m gone.

    There are many types and ways to add income streams. Some are more passive than others. Some are more straight forward than others. Some are more risky and so on. In todays post I’m going to touch on 4 that I spend the most time on. My professional career, dividends from publicly traded stocks, crowdsource real estate platforms and side hustle businesses.

    Professional Career as an Employee

    I’ve been very lucky to have experienced the majority of my working life in a field that I am passionate about and that I have found success in. I use my degree and my many years of experience to continue to climb the corporate ladder and add value for my employer but also as a leader and coach of my team and others around me. I’ve always strived to be the hardest worker in the room. That means I’ve also many times been the first one in the office and the last one to leave. This has also meant that personal life, time and balance has been sacrificed over the years. Whether that was because of late meetings, business travel, project needs or leader expectations. With all of that said, that hard work and dedication has helped get to where I am today. Even if I would have spent all these years as a business owner, that balance would have also been heavy on the work side. I’ve always believed if something is worth doing, do it all out. One other thing I’d like my younger readers to really understand is that hard work alone doesn’t guarantee success (based on how you define that). You communication style, your presence, the relationships you build, your trustworthiness, being a person that others like to work with and know they can count on are ALL just as important if not more so. You are your own personal brand. Make it something people want to buy and invest in.

    Dividend Income

    Another form of income that we hear a lot about is income via dividends payments from stocks we own. Many stocks (like AT&T) pay monthly, quarterly or annual dividend payments. These are typically at some defined $ amount. Say $.50 per share as an example. So for every share you own, you would get this payment. This type of income is often popular with people in retirement living on income being produced from their investments since they are not working generating a paycheck any longer. I believe that even before retirement, dividend stocks should have a place in your portfolio. These stocks usually don’t have the big gains in price but that isn’t what you buy them for if looking for income. They are typically more stable and if you do your homework and choose proven companies can be a reliable source of income. If you are younger and not in need of the income, a great option for owners of these stocks is to set them up with a reinvestment option. So instead of getting the dividend payment sent to you, it’s reinvested to buy more shares that then will produce more income. This is a proven long term approach at adding an income stream to your life. Many investors only believe in buying dividend paying stocks.

    Crowdsource Real Estate Platform

    This is a fairly new one and I’ve only been investing for a little over a year now but the returns have been pretty good. Platforms like Fundrise.com allow you to invest and they, the real estate experts pool your money with other investors to make real estate purchases, fund projects etc. You then receive dividend payments from those deals in addition to value increases of the underlying properties. Fundrise is a private REIT with an underlying stock price, since they are private your investment is not very liquid but its not subject to the daily swings of the stock market. Similar to Fundrise is a platform call Crowdstreet. Crowdstreet on the other hand allows you to directly invest in properties via pooling your money with other investors. They share their targeted IRR, you do your research, understand the terms, the structure and then receive your monthly payments. This is a great way to put your money to work for you. You buy assets that produce more income. You can use that income to support your lifestyle or reinvest it to continue building for the future.

    Starting or Buying Businesses

    I definitely don’t want to make this one seem easier than is really is. This is hard, business is hard, most businesses especially start up don’t make it over the long term. But the hardest thing are often the most rewarding. I recently launched www.connectcoffeecompany.com as a first experience in starting my very own business. There are so many tools offered today to get Ecommerce off the group. Platforms like Shopify make this incredible easy. There are still lots of steps and things to do, but they do a great job with resources to help people with each of those steps. I chose to work with a drop shipper, so I hold no inventory, I don’t do any of the manufacturing, sourcing, packaging or shipping. That is all done by vendors I’ve selected as part of my product offering. I evenly want to get into all those parts and own the E2E, but this is a great first step in the process and with the primary goal to learn, grow and encourage others to get out there and try things. I’m not in a big hurry to take it deeper. I share this as an example of starting your own business, that although it can be small can help produce some additional income sources. You can launch and run many Ecommerce businesses as part of your portfolio. Do something you are passionate about that adds value to the world. There are also ways to buy business or act as an Angel investor where you put up money and help with your experience in a consultative owner perspective. This is risky of course but also rewarding and potentially lucrative from a return perspective.

    Just do it

    It really doesn’t matter how you choose to build multiple income streams. Get out there and try some things, have some confidence in yourself, your drive, your experience and embrace a growth mindset. You might just surprise yourself and change your life in the process!!!

  • Kids, Money and Their Future

    I’ve long wondered why we as a society do not talk much about or teach our kids about money at a young age. Of all the subjects taught in school, it’s rare to find places that focus on personal finance and investing. Not only are we not purposeful about talking about it, in many cases we do the opposite. We tell kids not to ask what things costs, or how much we make or how much money we have. We as adults grumble about going to work and earning it, we grumble about not having enough of it, we stress about it, we fight about tit and do we really think our kids aren’t learning from our attitudes around it? It’s no wonder that kids often grow up not only with a misunderstanding of money but also a tainted view of it. I think it’s time we do our kids a favor and make real change about how to discuss money, finance, investing and wealth.

    Why It Matters

    A study done by TD Ameritrade showed that 41% of divorced generation Xers said that money was a driving factor. Another recent study by Nielsen suggests that between 50% and 75% of all Americans are living paycheck to paycheck. Which means that if you miss just 1 pay check you will have bills you can not pay. So for everyone that says money isn’t everything, I completely agree but it sure as heck is something and that something needs to be talked about. We also know the importance of starting young, not only in habit forming and understand but also because of the compounding effect that exists from how growth and interest work. For all these reasons and many more our youth deserve to get a better baseline understanding of how all of this works and not have to figure it out on their own in their 20s, post college with a lot of debt and stress already hanging on their shoulders.

    What Can We Do

    First, let’s take the stigma away by having more open, regular conversations about it with our kids. Share with them what you make, share with them what things cost, share with them the things you wish you knew when you were younger. Admit your mistakes and the things you learned from them throughout your life. You can also talk about work as a positive thing, something we should be thankful for. Instead of I HAVE to go to work lets flip it and say we GET to go to work. We GET to create something today, do something that adds value, earn a living to support your family. These are things to be grateful for.

    Second, let’s get tactical about sharing things like how a personal income statement looks and works. Have a personal balance sheet and help them understand the differences between assets and liabilities. Help them understand how credit cards work, the good and the bad and how easy it can get out of control. Share with them how discipline in life applies to financial decisions. Help them establish financial goals early and teach them about the effects of compound interest. Help them set up a custodial brokerage account or savings accounts and see what saving and investing looks like. Watch some YouTube videos, listen to podcasts or read blogs on the subject. Make it fun!

    Lastly, let’s put pressure on and talk to school administrators to bring in proven curriculum around finance and investing. I sometimes struggle to understand why we put our kids through hours of learning of the periodic table but almost zero on how to balance a checking account, how to buy stocks, how business works or the markets. We set our kids up with a primary focus of going into a job market, working 40+ hours a week for most of their lives until they can afford to retire without giving them tools to make that easier. Then if they are lucky they get a handful of years to be free to enjoy life living on social security, a pension (which few seem to get these days) and the money they worked hard to save along the way. That just doesn’t sit well with me these days. We should be teaching our kids how to build the life they want, how to chase their dreams, live with passion. How to create, innovate, add value and enjoy all of their days. Learning how money works early can make all of this easier.

    We can do this, our kids and the next generation deserve it. We will all be better for it.

  • What’s With the 401K?

    What is a 401K, how do I use it and why does it matter?

    A 401K is an employer sponsored account that is funded directly from payroll deductions. With traditional 401Ks, this money is taken out of your pay before it is taxed. This means it also grows tax free until you take it out in retirement. Many employers will work with a brokerage firm like Charles Schwab to set these up. The employee then goes in, selects how much of their pay they want to go into this account and how it should be invested within the account. In many ways it automates your savings/investing so you are paying yourself first.

    401Ks for most people are a great way to save for retirement. The automation allows you to purposefully move money into your investments before you really have control to spend it. Many employers pay packages include some matching on these dollars also. As an example, you may put in 5% of every paycheck and your employer would match that 5%. So I put in $200 and they also put in $200. I would strongly encourage anyone that has an employer match to make sure they are taking full advantage of this benefit. It’s a 100% return on your money that you could be missing out on. I’ve been very shocked at the number of people that do not do this.

    I understand that many people in America live pay check to pay check. The thought of taking 5% and setting it aside feels like something they cannot afford. I believe that you cannot afford NOT to do this. There are disadvantages to 401ks and I’ll get to those in a bit. But to not take advantage of employer matching will hurt you for the rest of your life. Downgrade your car, downgrade your phone plan, downgrade your lifestyle. Do it now, take advantage of this benefit and thank yourself in 20 years.

    Now 401Ks are not something everyone loves. They are often limited in what investments you can choose within the account. These are typically chosen by someone at the employer with support from someone at the broker. They are mostly mutual funds that to offer some diversification options but also can have hefty management fees. The limitations on these accounts make them not as appealing for many that like to be more active in managing their investments or who like choices. And one of the biggest selling features to them is that the money is put in before tax and grows tax deferred. The benefit of this is fueled by the idea that you will have a lower tax rate in retirement than you do in working years. So it’s better to pay tax then vs. now. A flaw to that could be that our government is growing and society is evolving in many ways and many believe it’s naïve to think that taxes will not be much higher in the future.

    Some employers also offer a Roth 401K. Much like a Roth IRA this is funded with after tax $ and therefor you pay your taxes up front and not when you withdraw in the future. Many see these as a better alternative based on future tax assumptions. I believe that everyone has to make the right call for themselves. There are benefits to both. I actually have some of my 401K in traditional and some in Roth.

    Another thing I have seen that I would like to caution people on is not speaking to a professional at the brokerage or someone else to help you learn about diversification within your 401K. Many people follow the set it and forget strategy. This means that when you first set up your account, you pick your investments (which mutual funds) and you go on never to really look at it again. This can be a problem based on how your matching goes, are there targeted stock funds included (like a fund that solely investments in your company’s stock), are some of the mutual funds performing way better than others, etc. etc. This can lead to your account becoming very “unbalanced” and not match what you originally set out as your strategy. Also, as you age, as your income increases, as your lifestyle and or goals change, you will want to review your allocation and account to ensure it’s still on the right track. This is another place a professional investment adviser can really add value for you. I would recommend at least an annual checkup to ensure all is still on track.

    At the end of the day, if your employer offers a 401K and especially provides a matching contribution a 401K is a great way to automate your savings/investing plan for the future. It’s really easy to say that you will do it on your own, but it’s even easier for life to get in the way. Those funds get spent, used up and never saved. Then you get to retirement and you have nothing put away to support the life you want in your later years. Social Security is often NOT enough to support your lifestyle desires. You can’t even access SS dollars until you are least 62 and with how long people are living and how few people are being born and paying into the system. Something is gonna have to change in a big way for SS to be able to support your retirement at all. Do yourself a favor and automate your saving/investing. Do what you have to do to make it work and maximize any benefit your employer is offering. Your future you is dependent on it and YOU ARE WORTH IT.

  • Top 5 Leadership Insights

    I’ve been very lucky in my career to experience some really great leadership as well as some truly terrible leadership. I believe both help you grow if you see them as learning opportunities and embrace a growth mindset. There is always something to learn whether it be things you would like to model or things you definitely do not want to model. I also know that as important as leadership is to me, I’ve not always shown up as the best leader in all situations. I’ve also read things from people like Gary V about the importance of hiring slow and firing fast. While that may be great advice, wow is it hard!!! After 20+ years of experience either being led or as a leader, here is my top 5.

    #5 – Honesty

    Sometimes being honest is really hard. I have at times struggled with the hard truths, sharing things that people may not want to hear and that may cause uncomfortable situations. As a young leader I wanted to avoid this and felt like “kindness” was how I would avoid these conversations. What I’ve come to appreciate and learn is that kindness is found in the honesty, even if it’s a hard and uncomfortable truth. And although my truth may not be the person you are leadings truth. It is most valuable for all parties to share it and be open and honest about performance and other challenging conversations. The only time better than yesterday to have these conversations is today. Being honest is being kind if you do it right!

    #4 – Be mindful of what you tolerate

    There is a saying, that the fastest way to cause a great employee to disengage is to allow a bad employee to get by with bad behavior. I’ve experienced this first hand as a leader and as an employee. The longer we make excuses for bad behavior or experience excuses made for bad behavior, the harder it is to build and nurture a great culture. I’ve found it’s extremely important to confront bad behavior early and often. Set a standard that this is not welcomed or tolerated. It will be difficult at times but will pay off in the long run!

    #3 – Every team member is different

    One thing I really love about sports, both playing them growing up but also coaching them as my kids grew up is that every person is different. This makes leadership hard but always extremely rewarding. What drives, encourages, engages or motivates one person may be very different from the next. Lazy leadership misses this fact and doesn’t care to take into account that each person has their own needs, desires and goals. As leaders we must know our teams, our associates as people. What makes them tick, what drives them and really work to understand these things so that we can show up in way that is best for them.

    #2 – Intimidation is OUT

    For a long time leaders would often lead out of fear or intimidation tactics. It was the hammer vs. nail approach. The leader was the hammer and the employee was the nail. Those days are long gone and leaders and organizations that fail to pivot will find themselves in a very tough spot soon if not already. Todays job market is extremely tight, top talent has so many options for employment. With remote work becoming more of the norm, even location restrictions are a thing of the past. Leaders that can embrace leading in an engaging and supportive way. By facing situations with curiosity and supporting team members as people helping them to grow and reach their own goals will find a much more trusting and engaged workforce. This leads to lower turnover, higher productivity and overall more business success.

    #1 – Integrity

    Integrity is defined as “the quality of being honest and having strong moral principles; moral uprightness.” This shows up in many different ways in the workplace. One way that I’ve experienced this many times is showing up the same way in meetings no matter who is in attendance. If it’s the board, the CEO, your boss, your peers or your employees you are the same person with the same message. I’ve experienced leaders playing the political game that is always felt by the organization as a whole. Also, personal conduct matters. Who you are in the office, outside the office and everywhere in between should be an accurate and consistent version of who you are. Similarly, holding people to different standards than you hold yourself to or that senior leaders are held to is a road to failure. No person should is every so important that they get by with low integrity behavior.

    I share all of these because leadership is something I am very passionate about and find great joy in while constantly learning and growing. Helping others and an organizations mission to succeed, grow and prosper is something I find as a calling. All of the above can be areas of failure, all of the above will go through seasons but if we learned anything from “Good to Great” and the history lessons of business, it’s that leadership and embracing the value of it along with a growth mindset is required for long term success. It takes real leadership to focus on these things at ALL levels of an organization to truly make a difference. People are often afraid to speak up, afraid to share their truth and their experiences. Create a culture where that is expected and rewarded where people feel safe. It’s been well documented that culture eats strategy for breakfast. And culture starts with and ends with LEADERSHIP.

  • Real Estate For the Busy passive real estate for busy people and diversification

    I’ve long been interested money and investing. As someone who has had a steady job since 14 and enjoyed having a little cash in his pocket. Understanding how money works is something I’ve been on a learning journey with for over 25 years. From those first paychecks, to working in a bank through college, majoring in finance, interning at large institutional investment companies, being a trader at a hedge fund, working as a financial advisor to then working in finance at a fortune 100 company, things with dollar signs have always been around me.

    Real Estate was something until recently I hadn’t paid much attention to. Primarily because I wasn’t around anyone involved in it, it seemed like it was either for the super rich, shady people selling get rich quick scams or really handy people that could do some amazing flipping work. I’ve since learned that all of those are true in some ways, but there are also lots of other good people and good ways to be involved in real estate investing.

    I believe most people should have real estate as part of their investment strategy and there are lots of ways to do that. Given I don’t have the time, talent or desire at the moment to dive into physical real estate. I’ve started learning a lot about passive options. 1 of those that I have come to really like is the emerging crowd sourced options. Platforms like FundRise have opened up real estate for everyone and given people an option for investing in private deals through pooling money that used to be reserved for the ultra wealthy.

    What I love about the FundRise platform is how simple and transparent it is. You can see exactly what properties your money is being invested in. You can set your strategy, whether it be income or longer term growth and they do the rest. Real estate is a longer term investment and it is considerably illiquid. You should only invest in it with money you do not have a short term need for as it will be harder and sometimes costly to get it back out.

    Real estate is a way to help offset inflation and add some diversification to your investment portfolio. It’s been a tried and true way to support people in their path to building wealth for many many years. If you are like me and have interest in real estate but not interested in physical ownership and would like some diversification away from the equity market and reits, give crowdfunding a look. There are several very interesting options out there to consider.

    Let me know what you think and if you have any questions. Would love to share more about by experience. Passive Real Estate passive real estate for busy people and diversification