00:00:00 Thanks for joining me on Episode 5 81 A special rebroadcast of Episode 2 56 with Darryl Lions brought to you because of these uncertain times and Darryl's take on investing and looking for the future. It's fresh and different, and I wanted everyone to have a chance to hear it again. I'm Dara Lines, author of 18 to 80. I challenge you to invest in yourself, invest in others, develop your influence and impact the world by using your time, your talent and your treasures toe. Live out your calling.
00:00:34 Having the right behavior with your money is key to doing that. And one way to be inspired to do that is to listen to this. The inspired stewardship podcast with my friend Scott made her had asked people like What? What is it? How is this possible? How my being recognizes, mentoring and some people close to me said that I just, uh, they said that I have of curiosity for other people, and that is true now I can I can attest to that. I do have a sense your curiosity welcome and thank you for joining us on the inspired stewardship podcast.
00:01:20 If you truly desire to become the person who God wants you to be. Then you must learn to use your time, your talent and your treasures for your true calling in the inspired stewardship Podcast will learn to invest in yourself, invest in others and develop your influence so that you can impact the world. In today's interview with Daryl Lions, he talks with you about investing and others. Darryl shares with you tips about being in the sandwich generation, how his idea of pivot is different than traditional retirement. He talks about the value of mentorship and lots more.
00:02:12 One reason I like to bring you great interviews like the one you're gonna here today is because of the power in learning from others. Another great way to learn from others is through reading books. But if you're like most people today, you find it hard to find the time to sit down and read. And that's why today's podcast has brought to you by Audible Go to inspired stewardship dot com slash audible to sign up and you can get a 30 day free trial. There's over 100 and 80,000 titles to choose from,
00:02:44 and instead of reading, You can listen your way toe. Learn from some of the greatest minds out there that's inspired. Stewardship dot com slash audible to get your free trial and listen to great books the same way you're listening to this podcast. He's an Arthur, a personal finance expert in an ambitious entrepreneur. Darryl Lions knows what it means to run a business and to live in the middle class. Now he's ready to help you achieve the dream of financial freedom so you can enjoy life. Darryl San Antonio,
00:03:20 Texas, company packs Financial Group is a Inc 5000 fastest growing company and the best place to work there. Also a company that I work with. His work and his passion have allowed Daryl Toe also give back to his community, earning him the praise of the likes of Dave Ramsey and San Antonio Mayor Julian Castro. Darryl also helped establish a Eurasia award called The David Robinson Award that recognizes an athlete in Eurasia who shows character an athletic excellence. And Daryl's latest mission is to help redefine retirement, where we no longer think of retiring but rather pivot into the next chapter of life with purpose.
00:04:06 This idea is rooted in thousands of one on one conversations with people about money and the study of behavioral finance. Welcome to the show, Darryl. Thank you for having me. I'm I'm excited to have a conversation with you. Absolutely. And just to clarify When I said I work with packs, I'm one of y'all's clients. So I appreciate you coming on as a guest. Ah, as opposed to just talking to you like I do occasionally as a client to you have some unique insight, don't you?
00:04:36 Yeah. I've seen both sides of your business, which which helps. If you're one of the many people facing having aging parents and Children who are either in or approaching college age, then you're gonna find yourself with some unique money challenges. Darryl, what suggestions do you have for the many people that find themselves in this sandwich situation so that they can continue to invest in others without feeling trapped? Yes, of the people who are sandwiched. Somebody came in the other day and said they were they were starting a new business and they came in and his business was going to be consulting.
00:05:25 It was it was it was a support. It was a missing piece and financial vice industry. And so what he was gonna do was help counsel. He pull and walk with people who had complex financial issues, and he was gonna focus on the estate tax side of the business. And I said, You know, the biggest issue I'm dealing with almost every day is the sandwich generation, and the sandwich generation is for clarity. Purposes is somebody. And I'm you know, this number does very quite a bit fifties and sixties in their fifties,
00:06:00 mainly sixties that are stuck between Children. Do you need help? And parents who are ageing now Children that need help. Interestingly enough, 29% of Children adult Children are moving back with their parents. Uh, this is an alarming rate, and sometimes it's temporary, and sometimes it's self inflicted. And you know the cause is still, uh, I think there's speculation on why this is happening,
00:06:28 but 29% of moving back with their parents and what I'm seeing quite a bit is unfortunate. Divorce rates cause Children to move back with their parents,
00:06:42 and that's, you know, that puts pressure on, um, on the mom, not the one that's getting divorced.
00:06:49 But but her mom, Graham, all call her grandma, who's 60. And she's she sad because it's put a lot of pain on people that she loves.
00:07:00 And she's got to take some time to console, maybe even two, maybe even two, to drop her grand kids off at school or pick them up or just be there for the family.
00:07:12 But at the same time, at the same time, her parents are in their slate seventies early eighties and starting to show signs of Alzheimer's and dementia.
00:07:23 And that's worrisome, and the idea of them falling or not hearing from them for a few days is very concerning.
00:07:30 So this degree of worry is just colliding in these families lives, and it's happening all across the country.
00:07:38 There's many different ways to tiu work through this, but I want to suggest one that might be helpful to consider as somebody's in this situation,
00:07:49 and they're starting to identify aging parents if there are siblings involved. I really I really suggest getting a family meeting together and identify who's responsible for what and the reason this is important is because if these robust conversations don't happen up front.
00:08:05 What happens is siblings become resentful because one is taking on more responsibility both financially and time over the others.
00:08:14 And this resentment is breaking apart family. So I don't want to see that happen. I would I would I would like in the front.
00:08:21 And if somebody is in this sandwich generation to get with siblings, have some meetings, identify who's responsible,
00:08:28 make sure there's high level of communication. And the whole effort to help aging parents is rooted in love.
00:08:33 And so that would be my suggestion for those that are sandwich right now, Darryl In 18 80 you talk about not focusing on retirement,
00:08:45 but rather pivot. So how is this idea of pivot different from traditional retirement? And how does this help us to prepare to invest in others?
00:08:57 So one of the definitions of retirement is the disposition of an asset over its useful life. Almost say that one time cause kind of nerdy,
00:09:07 the disposition of an asset over its useful life, and so that by that definition you would assume that,
00:09:14 uh, somebody who's retiring is no longer useful. Right in the retirement, by that definition doesn't make sense to me.
00:09:23 So what I have encouraged our community to do is to not retire but pivot into the next chapter with purpose.
00:09:31 Now Pivot is an acronym. Um, and I can always share that with you later, but it's,
00:09:36 um, I don't want to lose the point. The point is, is that when we pivot, if somebody is going to live a life of Fox News and flowerbeds and consider their life no longer useful,
00:09:51 they have not pivoted well, somebody who pivots well takes the time to explore their personal finances to make sure that they can do the things that they've been called to do in the second chapter of their lives.
00:10:07 And one of the biggest questions is How do I identify what this next chapter looks like? The next chapter is typically rooted in your story.
00:10:17 So if somebody is about to pivot and transition into retirement, then if they look at their life story and look at the climax of their story,
00:10:24 the time in which they may have had the most pain or one of the biggest challenges and and somebody came alongside of them and pull them up,
00:10:34 that is typically where you can find your purpose because you want to repeat either somebody that helped you or somebody that didn't help you.
00:10:41 And so it's really important that you look at the climax of your story and identify your purpose from that story.
00:10:47 Now those that identify their purpose. And this was well documented. And Victor Frankl's Man's search for Meeting,
00:10:54 uh, they live seven years longer than those that go into retirement with Fox News and Flowerbeds, and I'm gonna suggest you that there's nothing wrong with relaxing but those that clearly focusing on their purpose.
00:11:07 They leave the world better than they found in. There was a survey done with Fast Come Fast Company magazine,
00:11:12 and they asked a group of nine year old women, If you could do anything different in life, what would you do?
00:11:15 Different? And they said that they would take more risks. They would stop and smell the roses, and they would do something that would outlive them.
00:11:25 And so I'm suggesting that somebody pivots into the next chapter of life getting their financial life in order, making sure they don't outlive their money to make making the effort to be wise with their money,
00:11:36 identify their purpose. And then finally, this is a key point. Very well documented by Richard Dollar in his study studies on longevity 80 year study.
00:11:46 And when they find their purpose, they do it in community where they're surrounded by people giving high fives and hugs.
00:11:54 The release of oxytocin gets us encouraged and excited. And as our bodies a raging, this is so key to longevity,
00:12:01 longevity and happiness. Because when you retire, the probability of a cardiac arrest does go up considerably. So we've got a fight against retirement.
00:12:10 We've gotta pushing instant push back. We've got to say no. This is the next chapter of life where I have a purpose and I give back and I have wisdom in time and focus in on that really,
00:12:19 really spend time there and Russell with this. And I think if we do that, if we live with purpose in this next second chapter of life,
00:12:27 we end up doing what were called to do. Does that make sense? Got absolutely. It makes sense.
00:12:33 It The idea is that it's really around the mindset that you take into this approach of am I gonna retire and just sit on the park bench and,
00:12:42 you know, feed the pigeons and and nothing is left to do. And I've seen people who retire like that and typically very short order there either ill or passing away.
00:12:54 Or are you gonna retire with the idea of I'm not done yet? And I've worked hard. I've got myself into a position where I can live out my purpose and really do something else.
00:13:05 It's just the next chapter in the journey that I'm on. Is that Did I capture that? Well,
00:13:10 that's perfect, said it more succinctly. So I appreciate it. So go ahead and share for us,
00:13:17 since you mentioned that Pivot is actually an acronym. What what does pivot stand for that piece? Imagination,
00:13:25 vigor, opportunity in time. And that's what we want. That's what we want in that second chapter of life.
00:13:33 We don't want to be disposed of as a unuseful asset. Yeah, I think that's an interesting that that that's the definition of retirement.
00:13:40 And yet so many people say, Oh, I want to retire. That's my whole goal and it's like,
00:13:44 Well, but how do you mean that word? Let's talk about that. One of the litmus test to the differentiating.
00:13:52 The difference between retiring pit pivot is if you find yourself in the second chapter of life telling people that you are a former something may have not quite pivoted Well,
00:14:02 um, and when you win, you pivot. You're no longer a former anything you are who you are.
00:14:07 And if you haven't identified what you're doing now and you're described yourself as a former pilot, a former financial adviser,
00:14:14 former doctor, maybe you haven't pivoted and you're still living from that prior identity. And so that that's a litmus test.
00:14:21 Not a not a foolproof one, but one that you might want to consider. Absolutely. That's worth its weight in gold right there,
00:14:28 because that can happen at any stage in life, too. That doesn't just happen, you know, quote unquote retirement age.
00:14:34 That can happen in your twenties and your thirties and in your forties. One thing we talk about a lot on the podcast is this value that we have in being a mentor for others.
00:14:45 And, you know, last week one of the things you mentioned is is having this idea of surrounding yourself with good counsel and bringing in the child the sage and a friend a za form of advice.
00:14:56 But can you talk about how people can be an effective mentor for others? Yeah. You know, it's interesting here,
00:15:05 Scott. I would have never thought this before, but, um, I was I was voted by,
00:15:14 uh, I guess awarded mentor of the Year in the city of San Antonio and Mayor I, Ivy Taylor and some of the state delegation.
00:15:24 I was blown away. I was nominated, and then, um, and they had this bank, but it was really fascinating,
00:15:31 and I never really thought about it. But the only reason I say that is because it it caused it caused me to think.
00:15:38 Why would somebody suggests that I'm good at mentoring? Because it's not something I'm doing? Um, like,
00:15:46 it's not an occupation thing. It's It's odd, like, Okay, I'm mentoring. Okay. How am I mean,
00:15:52 there's no formal ID. I haven't really read any books on mentoring. So how am I getting recognized for being a good mentor?
00:15:57 And so I had asked some people like what? What is it? You know? How is this possible?
00:16:01 How am I being recognizes? Mentoring and and some people close to me said that I just They said that I have,
00:16:07 ah, curiosity for other people, and, uh, that is true. Now I can I can attest to that.
00:16:14 I do have a sincere curiosity for other people. Now, I never say one of things. I'll never say my You have heard my kids.
00:16:21 I've got, you know, four kids, and I forgot my kids say I don't like this kid,
00:16:25 right? I don't like Jane Smith or whatever, right? I don't like her. I don't like him.
00:16:29 I think How can you not Like somebody would look with Jesus if Jesus send you. He would never say I don't like them.
00:16:36 You may not like some of the things that they're doing, but it's not that you don't like them.
00:16:41 Um, so I really I really have a sincere curiosity for other people's lives. Life stories. Um,
00:16:50 I sincerely and I think it's a byproduct of my relationship with God. I would be very candid with you.
00:16:55 The more I abide in him, the more I have a desire to just enjoy the up the presence of others.
00:17:03 And and I think I'm gonna suggest you that I don't have a strategy for mentoring, but I do have.
00:17:10 I do have a desire to follow God's will. And so if people are, if people are coming around my life,
00:17:20 I want to just be curious about him and just hang out with him and get to know him and help him.
00:17:25 And so what's happened over the years is that I've started to do that just out of sincere curiosity for others that nothing else.
00:17:33 There's nothing else other than I'm curious about you. I want to try to help you if I can.
00:17:38 If you're struggling with something, I want to listen to you. I try to be a CZ relatable as possible,
00:17:44 but there's nothing magical that I'm doing. I think it just really starts with the sincere, authentic curiosity for others.
00:17:50 That's a byproduct of our relationship with God, and I think from there, everything else just kind of works out in our world,
00:17:56 calls it mentally. You know, that may or may not be the best answer, but that's really as I flopped through that.
00:18:04 That's just that's just how it is. I absolutely think that's a great answer, I think because there's a lot of things you highlighted in that,
00:18:14 including this idea of you're not going towards people with this intent of what can you get out of the relationship?
00:18:22 You're actually going into the relationship with just this sincere desire to know them. And if there's a way you can help them great,
00:18:30 you'll help him. If not, you at least got to know. And there's no real ulterior motive to that.
00:18:35 And I think that's actually a great mind set for a mentor tohave. So I think that's an excellent,
00:18:40 excellent idea. If you're a small business owner, then listen up, Darryl. I know that you've worked with many entrepreneurs.
00:18:51 You worked with small business owners as they transition through and and head into retirement will use that term. So what?
00:19:01 What are some of the biggest challenges that this group faces? And how can they be better prepared so they can continue?
00:19:09 You know, to do this, this kind of change, that you're talking about a pivot and invest in others after they transition.
00:19:16 Good question. So a Hib, it really is. If you look at the way we've organized, it is the five years prior to Trans.
00:19:24 It's a transitionary period in somebody's life usually takes about five years to just practice the next chapter of life.
00:19:31 So, um so for business owners, this is important now. Business owners, the word business owners really far reaching.
00:19:38 So there's Solo Preneurs that you may have many listeners that air coaching or consulting in their solo preneurs. And then there's this other business owners that have no employees W two employees,
00:19:49 maybe business owners that have inventory. So does its its its broad. So I'm gonna talk about those that maybe have employees and those that are so Lokeren or sell a preneurs.
00:19:59 Um, really, it's best you could do this forever. I mean, a celebrant, or you could be a coach or consultant forever.
00:20:07 But there is a time, unfortunately, that our minder or body isn't as sharp as it once was.
00:20:13 And so you you might want to start considering the reality that we age and as a result of that,
00:20:21 um, it's important that you be wise with your with your business. And so even though you are a solo preneurs ring,
00:20:30 all your revenue is a direct result of your, um, your expertise. You do need to increase your net worth.
00:20:38 And so there's two ways to do that. First of all, every business owner should say 15% of their gross income.
00:20:45 I say gross gross being, um after So you've got your income, your revenues minus expenses. And then you have your net business income.
00:20:57 Uh, that would be many times that income that hits your personal bank account is what I'm looking for.
00:21:02 Not your top line is a symptom of the business. The revenue that cash, Well, that hits your personal account.
00:21:08 Your personal account. You should sit, say, 15% of that. Now, your your best investment is in your business.
00:21:16 There's no doubt the best portfolios and un diversified portfolio when you're right. So having having your your most of your profits go back into your business is gonna have the best return on your investment.
00:21:28 But But if you are a hardware store and you do everything right, you're the best entrepreneur with best prices invest inventory and WALMART moves next door,
00:21:37 you're toast. And so that's why saving 15% of your income is so so important to create to build your network.
00:21:45 The other thing to do is a solo preneurs is not only say 15% but also excuse me, try to create something that could be sellable,
00:21:56 so creating an inverted, creating a quantifiable asset that could be transferred to somebody else. I know one business owner that's,
00:22:04 Ah, Solo Preneurs who's creating a community group that's not rooted in his name, but rather 1/3 party name that can be sold to another consulted that has a quantifiable value.
00:22:19 So you have to think about developing something independent of your name that you can sell to somebody else. That's for solo preneurs Now those people that have employees w two employees,
00:22:28 maybe a little bit more complexity to their business, it's so, so important. This is this is what they have to do a curb appeal.
00:22:34 You know, when we sell our house, we spend some time cleaning up our yard with business owners.
00:22:39 Sometimes we just wake up one day and try to just sell it, and it doesn't quite work that way.
00:22:43 What we have to do is we have to have, uh, rising and accelerating not to a huge degree,
00:22:51 but growing net income business, that income. And it has to trend that way for three years, so you have to have positive net in comfort.
00:23:00 A trend for three years. That's a key financial metric when you're looking at selling so curb appeal for five years.
00:23:07 But make sure that net income is going up. Clean up your desk, you know, clean up the office.
00:23:11 Make things look good. Clean up your files, clean up your books, but to make sure that you have a positive cash flow positive net income trend for three consecutive or three.
00:23:21 Yeah, three consecutive years. That makes sense. Scott. A lot of information. I know So you can connect with Darryl by following him on Lincoln as Darrel W.
00:23:34 Lions. And just because he's got a couple of unusual spellings. Darryl is d a R R Y l and Lyons is L Y O N s.
00:23:46 And so that's Darrel W. Lions. Or on his Twitter as Pac's financial group with the group is G R P.
00:23:56 So that's packs financial G, R P at Facebook Packs Financial Group, and you can also find Darryl over at his website.
00:24:03 That's kind of the home base, and you can find links to all of this of course, in our show.
00:24:07 Notes over It inspired stewardship, but his website is pax financial group dot com. Darryl, is there anything that you'd like to add?
00:24:16 Yeah. So I set up a link for your listeners packs financial group dot com slash inspired. And in that leak,
00:24:25 there's, uh I have a video that will inform you of whether or not Social Security will be there.
00:24:31 Um, I have a 40 point pivot checklist, a cz well, and so you can find that there.
00:24:36 And we should also, um, have a link. If we don't have it up, let me know.
00:24:42 But we should have it out by the time you get on there, because my next book, 18 to 80 will be out,
00:24:48 and you should be able to grab it on there. But if not, you'll be able to get it on Amazon.
00:24:52 Just searchin 18 to a t t 0 18 to 80. Um, and that's a helpful resource for you as well.
00:25:03 Thanks so much for listening to the inspired stewardship Podcast. As a subscriber and listener, we challenge you to not just sit back and passively listen.
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00:25:53 your talent and your treasures develop your influence and impact world.