Ken Moraif, Better Business Bureau, Laos discussed on Money Matters with Ken Moraif


This is money matters with Ken moraif. And of course, I am your host Ken moraif. Spouses, go back. If Laos is go back to their spouses when their stock goes down, then boy two thousand eight must have been a lot of family reunions. Anyway, sorry about this. I know it's a bit silly. It's very silly. And not actually very funny because people suffered in two thousand eight now. Before I go step further. Let me make sure you know, who I am. I am Ken moraif. The host of money matters. With Ken moraif. I've been a certified financial planner professional for the last twenty marvelous wonderful and very exciting years, and all of the ideas that we talk about on this show. These are the very same ideas that we talk about with our beloved and most valued clients, and we now serve clients in forty three states, and we're very blessed to be able to do that. And for the second year in a row. Our firm money matters is was named as a finalist and in two thousand eighteen a winner of the Better Business Bureau ethics award. They have this award that they call the torch award for ethics and we wanted in the large companies category. And this is the North Texas Better Business Bureau and. And that is allow I was very very, I didn't know I got, you know, they don't tell you. Right. They tell you, you're you're a finalist, but they don't tell you you one they forced you to go to the thing and dress up and look nice and take your spouse. And then they found out we found out that we wanted. It was very very nice. And ethics. We believe is the most important thing your reputation and your ethics in all walks of life. Not just if you're a financial adviser, but in particular now because we specialize in retirement planning, we work primarily with people who are retired or retiring soon. And so our focus is on preservation of what you spent your lifetime accumulating. Okay. So you've worked you saved you put money away you've done all that. And now you wanna retire? You wanna have your second childhood without parental supervision. You want to go play and have fun, and you don't want to lose half your money or something like that. And cause yourself issues. So I wanna talk with you. This is actually write a blog for kiplinger. And there was a the the last one I wrote was on cash flow planning for retirees. Okay. And basically, I want you to think of your investments as you would the company that you worked for that gave you your wages. Okay. So once you retire if you need money from your investment investments to supplement. Lament your your your cost of living to provide you with income to support. To pay for your cost of living. Then thinking of it as a wage that you're getting from your company, I think is very instructive. So your investments are a company you're running this company, and this company is generating profits, and it pays you away. So you invest your money. It gets you dividends and income and capital gains, and you and you distribute that to to supplement your retirement. So you're running this company. Right. So you're the CEO you're the president of this company, and this company has one customer that represents forty percent of your revenue, okay, which is bad planning on. But, but there are a lot of companies that that's the case they have one customer that is a vast majority. It's you know, it's the biggest customer they have by far. So you have one customer that represents forty percent of all the revenue that your business provide gets, and this business is giving you the wages that you live on. Now, this customer leaves you they go to a competitor. And you lose forty percent of your revenue. What do you do Mr. MRs CEO? Would you do? Now. This question was asked when I was in MBA school by guy by the name of salmon's, who's a billionaire. He came and talked a bunch of NBA students and he asked that question. You lose your best customer forty percent of your revenue is gone. What do you do? And all of these smart kids. You know, we're in there, we say, well, you get your salespeople out on the street, and you start beating the drum bang on doors you increase your advertising, and he was like, Nope. Nope. You create a new marketing strategy new sales strategy. Nope. Nope. And we went through it all no one can figure out what you're supposed to do. And he said, you know, what you do you cut your expenses? First thing you do you got to stop the bleeding? If your revenue went down by forty percent, you gotta cut your expenses commensurately because if your if your expenses continued to level they were before, and you don't have the revenue supported you will go out of business. That's. That same.

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