1 00:00:00,000 --> 00:00:02,550 Mike Stohler: Hey everybody. Welcome back to another episode 2 00:00:02,580 --> 00:00:06,480 of The Richer Geek Podcast. Today's episode is brought to 3 00:00:06,480 --> 00:00:11,970 you by REI Words, your go to SEO agency for increasing traffic to 4 00:00:11,970 --> 00:00:17,640 your website. Check it out at reiwords.com. Today, we have 5 00:00:17,640 --> 00:00:22,200 Mark Murphy, CEO of Northeast Private Client Group. He's an 6 00:00:22,200 --> 00:00:25,290 accomplished author, speaker motivator, he's revolutionizing 7 00:00:25,290 --> 00:00:29,040 the financial planning and wealth management industry. He 8 00:00:29,040 --> 00:00:32,220 helps entrepreneurs like a lot of us. She had multi 9 00:00:32,220 --> 00:00:34,710 generational wealth through personalized strategies 10 00:00:34,710 --> 00:00:37,020 leveraging his strategic planning and financial 11 00:00:37,020 --> 00:00:40,830 engineering expertise. Forbes has actually ranked him as 12 00:00:40,830 --> 00:00:44,220 number one financial security professional in New Jersey. And 13 00:00:44,220 --> 00:00:45,990 number 15 nationwide. 14 00:00:47,220 --> 00:00:51,240 Mark Murphy: Acutally, No. 3 nationwide, that was 15 to 3. 15 00:00:51,720 --> 00:00:53,670 Mike Stohler: Well, there you go. Congratulations. 16 00:00:53,970 --> 00:00:56,610 He also has a book that we'll get into a little bit the 17 00:00:56,610 --> 00:01:00,030 ultimate investment. No. 1 best seller and new release on 18 00:01:00,030 --> 00:01:01,350 Amazon. How're you doing, Mark? 19 00:01:01,770 --> 00:01:04,530 Mark Murphy: Welcome. I'm doing great, Mike, I'm happy to be 20 00:01:04,530 --> 00:01:04,890 with you. 21 00:01:05,310 --> 00:01:06,810 Mike Stohler: Everyone wants to know a little bit about your 22 00:01:06,810 --> 00:01:08,520 background, who you are. 23 00:01:08,000 --> 00:01:11,840 Mark Murphy: I just think I'm somebody who's endlessly 24 00:01:11,840 --> 00:01:14,390 curious. You know, I grew up dumb and broke in Suffern, New 25 00:01:14,390 --> 00:01:20,330 York. I just always knew about myself that I was always at my 26 00:01:20,330 --> 00:01:23,900 best when I was serving others. And so when I got up, I got off 27 00:01:23,900 --> 00:01:26,720 the campus of Indiana University at the Kelley School of Business 28 00:01:26,720 --> 00:01:31,190 with a degree in Finance. That's my passion right now. It's been 29 00:01:31,190 --> 00:01:34,730 for many, many years, especially Indiana basketball, and Indiana 30 00:01:34,730 --> 00:01:39,080 football. But when I accepted the job at my company in 1985, 31 00:01:39,080 --> 00:01:42,770 they offered me $1,000 a month. And that was $1,000 a month more 32 00:01:42,770 --> 00:01:45,530 than I was making. And it wasn't even really a salary. It's 33 00:01:45,530 --> 00:01:48,650 really a draw against commissions. But I realized that 34 00:01:48,650 --> 00:01:52,730 when I did for my own company, later that year, I realized that 35 00:01:52,730 --> 00:01:55,460 I thought we'd make money, I would hope I hoped we'd be 36 00:01:55,460 --> 00:01:58,610 successful. But this was really my vehicle to make other 37 00:01:58,610 --> 00:02:02,660 people's lives better. And we've built that into what it's become 38 00:02:02,660 --> 00:02:05,510 today, which we're known as the key business strategists and 39 00:02:05,510 --> 00:02:08,690 critical thinkers and financial advisors to entrepreneurs and 40 00:02:08,690 --> 00:02:12,140 entrepreneurial thinking people. And we're the guys that, that 41 00:02:12,140 --> 00:02:14,180 teach people how to create multi generational wealth. 42 00:02:15,260 --> 00:02:19,040 Mike Stohler: Yeah, so I also went to Bobby Knight University. 43 00:02:19,430 --> 00:02:23,540 Yes, basketball, our class this year, transfer portal, I think 44 00:02:23,540 --> 00:02:26,210 is going to be fantastic. I'm really looking forward to the 45 00:02:26,210 --> 00:02:26,690 season. 46 00:02:27,710 --> 00:02:30,320 Mark Murphy: Well, I'm on the National Varsity Club Board. And 47 00:02:30,320 --> 00:02:34,910 so I am tickled pink, I'm very involved with the NFL. As I 48 00:02:34,910 --> 00:02:38,330 said, I've got basketball and football tickets. If anytime you 49 00:02:38,330 --> 00:02:40,160 and your family want to come to a game, I would love you to be 50 00:02:40,160 --> 00:02:40,760 my guest. 51 00:02:41,000 --> 00:02:41,540 Mike Stohler: Absolutely. 52 00:02:41,540 --> 00:02:44,720 Thank you very much. No, there's a lot of commercial students, a 53 00:02:44,720 --> 00:02:48,620 lot of it seems like we're getting inundated with financial 54 00:02:48,620 --> 00:02:53,030 strategists and financial planners, what differentiates 55 00:02:53,030 --> 00:02:56,810 yourself from all these other firms in the industry that 56 00:02:57,290 --> 00:02:58,220 everyone sees. 57 00:02:58,000 --> 00:03:03,880 Mark Murphy: I think that money market CDs, IRAs, 401(k)s 58 00:03:03,880 --> 00:03:08,020 stocks, bonds, mutual funds, blah, blah, blah. Most of our 59 00:03:08,020 --> 00:03:11,260 clients have some or all those assets, most of our clients will 60 00:03:11,260 --> 00:03:14,530 have some or all those assets all their life. But at best 61 00:03:14,530 --> 00:03:17,770 their inflation adjusted holding tanks, Bill Gates was on this 62 00:03:17,770 --> 00:03:20,770 call today wouldn't say "I'm worth $110 billion, because my 63 00:03:20,800 --> 00:03:25,060 401(k)." True wealth is created in one of three areas. It's 64 00:03:25,060 --> 00:03:28,060 investing in your business or some other operating company. 65 00:03:28,450 --> 00:03:31,720 It's investing in real estate, it's financing deals, I'll leave 66 00:03:31,720 --> 00:03:34,990 out divorce and inheritance. And I think that primarily, it's 67 00:03:35,020 --> 00:03:37,390 whether you own a business, or you just have an entrepreneurial 68 00:03:37,390 --> 00:03:41,920 mindset. I always say it's all BS, it's all belief systems. And 69 00:03:41,920 --> 00:03:44,740 it's about an entrepreneurial mindset of how you think about 70 00:03:44,740 --> 00:03:48,040 money, how you think about your life. And I think that success 71 00:03:48,040 --> 00:03:52,180 is not defined just by wealth. It's defined to me by having a 72 00:03:52,180 --> 00:03:55,510 life by design, as my friend Dennis Marble says, "The life by 73 00:03:55,510 --> 00:03:59,320 design, so you're designing your life to be successful in all 74 00:03:59,320 --> 00:04:01,000 areas, not just financially." 75 00:04:01,480 --> 00:04:04,060 Mike Stohler: Yeah, that's very good, because a lot of people 76 00:04:04,330 --> 00:04:06,910 really don't know anything outside of maybe their IRA, 77 00:04:06,910 --> 00:04:11,650 their 401(k), whatever their job gives them, and then they don't 78 00:04:11,650 --> 00:04:16,750 know how to go about choosing in person, this fiduciary thing, 79 00:04:16,750 --> 00:04:20,950 not fiduciary, there's some terms out there that people just 80 00:04:20,950 --> 00:04:25,480 don't understand. And they get kind of caught up and this fund 81 00:04:25,900 --> 00:04:31,330 this bond, you have to do the S&P 500. You have to do these 82 00:04:31,330 --> 00:04:34,510 certain things because they get all this information, or what 83 00:04:34,510 --> 00:04:36,790 would you tell someone that's best looking at the different 84 00:04:36,820 --> 00:04:40,090 options, especially in this type of time period, and we'll get 85 00:04:40,090 --> 00:04:43,630 into this a little bit later on, but someone's just going to your 86 00:04:43,630 --> 00:04:46,780 website and saying, I don't even know what any of this stuff is. 87 00:04:46,780 --> 00:04:51,040 Someone's told me that do the index. Someone says, Hey, but 88 00:04:51,040 --> 00:04:54,880 somebody in risky stuff. What do you tell him at first, the first 89 00:04:54,880 --> 00:04:55,450 timers? 90 00:04:56,110 --> 00:04:59,950 Mark Murphy: I'm telling people that I go back to life by design 91 00:04:59,980 --> 00:05:03,490 I want to sit back and go, "What ultimately does your life look 92 00:05:03,490 --> 00:05:07,030 like?" You know, meaning? What what do you aspire to do? Or 93 00:05:07,030 --> 00:05:09,940 your aspire life to look like? And then how do we reverse 94 00:05:09,940 --> 00:05:12,220 engineer to get there? So before you decide where to put your 95 00:05:12,220 --> 00:05:14,860 money or what to do, I think it has to start with a 96 00:05:14,860 --> 00:05:19,240 visualization of what you want your life to look like, and what 97 00:05:19,240 --> 00:05:23,830 your career should look like. I think sometimes you plan your 98 00:05:23,830 --> 00:05:27,280 life too meticulously. God has a way of laughing at you. But at 99 00:05:27,280 --> 00:05:29,650 the same time, I think things don't happen by happenstance, 100 00:05:29,650 --> 00:05:32,560 I'm not going to, you know, sit on my couch and eat Cheetos, and 101 00:05:32,590 --> 00:05:35,560 the world's going to come to my feet, I think it's going to come 102 00:05:35,560 --> 00:05:38,830 because you're going to go do it with intentionality. And I think 103 00:05:38,830 --> 00:05:43,240 you want to create a strategy, not just a plan, but strategy, a 104 00:05:43,240 --> 00:05:47,170 plan and a strategy around that plan. I'm just a big believer 105 00:05:47,170 --> 00:05:49,960 that people are not planning, I think if more people are 106 00:05:49,960 --> 00:05:53,200 planning on spending more time planning a family vacation than 107 00:05:53,200 --> 00:05:54,310 they're working on their finance. 108 00:05:55,570 --> 00:05:58,510 Mike Stohler: Yeah, that's actually very true. And now how 109 00:05:58,510 --> 00:06:02,500 do you know there's a test up there? The four questions you 110 00:06:02,500 --> 00:06:06,400 need to ask yourself to know if I'm in that right place or not? 111 00:06:07,090 --> 00:06:10,060 Mark Murphy: And those questions clearly are: Am I passionate 112 00:06:10,060 --> 00:06:14,620 about what I'm doing? Am I good at it? Does the world need that 113 00:06:14,620 --> 00:06:18,670 product or service? And can I get paid to do it? And so I look 114 00:06:18,670 --> 00:06:21,100 at that through everything through the prism of those four 115 00:06:21,100 --> 00:06:25,510 questions. And it can't be a yes to one or two, or even all four. 116 00:06:25,870 --> 00:06:28,300 Mike, it's got to be a hell yet to me, for me to move forward. 117 00:06:28,630 --> 00:06:31,000 And if I don't do it, I probably will not do it, I'll find 118 00:06:31,030 --> 00:06:33,460 something else. Because the challenge is always time and 119 00:06:33,460 --> 00:06:36,880 attention. So everybody tells me I don't know anybody who doesn't 120 00:06:36,880 --> 00:06:38,980 tell me how busy they are. They're swamped, they're 121 00:06:39,040 --> 00:06:43,720 overburdened. And I'm saying, what are you willing to give up? 122 00:06:44,110 --> 00:06:47,110 To be able to have what you want to have? Or what are you willing 123 00:06:47,110 --> 00:06:51,250 to do that you're not doing now? That what you don't have the 124 00:06:51,250 --> 00:06:53,710 thing that I listened to very carefully, because remember, the 125 00:06:53,710 --> 00:06:57,700 good ones, till the great ones ask what I listened to, is not 126 00:06:57,700 --> 00:07:00,490 what people want to tell me like, on the vision of what they 127 00:07:00,490 --> 00:07:04,240 want to do, I really listened to what's the plan of what they're 128 00:07:04,240 --> 00:07:07,480 going to do to actually execute it. Because everybody wants all 129 00:07:07,480 --> 00:07:11,110 the prizes in the money in the rewards, the titles and all the 130 00:07:11,140 --> 00:07:14,830 glory that comes from being successful and doing the job and 131 00:07:14,830 --> 00:07:17,890 doing the work. But they're not willing to put the time in to be 132 00:07:17,890 --> 00:07:20,470 able to go do that. They just want to magically appear and 133 00:07:20,470 --> 00:07:24,070 like they're entitled to it. And I think you got to go get you 134 00:07:24,070 --> 00:07:25,240 got to do the work. 135 00:07:26,050 --> 00:07:29,560 Mike Stohler: Yeah and especially for those, when you 136 00:07:29,560 --> 00:07:34,210 say doing the work, how about those people that feel like, I 137 00:07:34,210 --> 00:07:36,310 should probably just do this by myself. 138 00:07:36,850 --> 00:07:39,370 Mark Murphy: I was thinking about doing the same. Instead of 139 00:07:39,370 --> 00:07:41,800 hiring my dentist, I was going to just do my own root canals 140 00:07:41,800 --> 00:07:46,780 from now on, because, I could I could do it better. I think that 141 00:07:46,810 --> 00:07:49,450 that ultimately, there are probably a few people that can 142 00:07:49,450 --> 00:07:53,740 do it well. But to me, there's been lots of studies out that 143 00:07:53,740 --> 00:07:57,220 there's an inverse correlation to the amount of education and 144 00:07:57,220 --> 00:07:59,890 intelligence you have, and the success you have with money, 145 00:08:00,400 --> 00:08:02,710 that the smarter you are, the worse you do, because for so 146 00:08:02,710 --> 00:08:07,630 many people, there's a level of hubris around it. And as we 147 00:08:07,630 --> 00:08:11,110 know, he versus the ruination of all habit. And I think the idea 148 00:08:11,110 --> 00:08:14,980 is that, you know, like, I think in life, you can grind things 149 00:08:14,980 --> 00:08:20,350 out. And you can get a 1x or 2x, or 3x, return on whatever that 150 00:08:20,380 --> 00:08:23,920 that money or that event or that business or whatever. But if you 151 00:08:23,920 --> 00:08:27,370 want to get a 5x, or 10x, or 20x, it's about collaboration 152 00:08:27,370 --> 00:08:30,190 with other like minded people, to help you be able to get what 153 00:08:30,190 --> 00:08:33,970 you need to do. And I think that ultimately, I think, what for 154 00:08:33,970 --> 00:08:35,890 most people, you're talking about personal finance versus 155 00:08:35,890 --> 00:08:37,780 business finance, they're similar, but very, very 156 00:08:37,780 --> 00:08:41,380 different is that if you look at yourself as the person, the 157 00:08:41,380 --> 00:08:45,010 center of the universe, and almost like a sun, where rays 158 00:08:45,010 --> 00:08:48,340 are coming out of the out of the circle, I think most people that 159 00:08:48,340 --> 00:08:52,120 I know have somewhere between five and 15, we call micro 160 00:08:52,150 --> 00:08:54,790 micromanagers. They have an accountant, they have an 161 00:08:54,790 --> 00:08:57,640 attorney, they have a property casualty insurance agent, a life 162 00:08:57,640 --> 00:09:00,700 insurance agent, a money manager, a pension advisor, a 163 00:09:00,700 --> 00:09:04,090 consultant, it depends who you are, you know what kind of 164 00:09:04,090 --> 00:09:06,190 people everyone, some people have very few many people have, 165 00:09:06,460 --> 00:09:09,220 you know, many more, but most of these folks don't know each 166 00:09:09,220 --> 00:09:12,310 other. And so one of the things we try to do is help coordinate 167 00:09:12,310 --> 00:09:16,090 and integrate the micromanagers. And if you've got good people, 168 00:09:16,420 --> 00:09:19,090 let's make them better informed and have them work harder and 169 00:09:19,090 --> 00:09:21,460 more efficiently for you. And if you've got some folks that 170 00:09:21,460 --> 00:09:24,610 really aren't up to speed or not up to speed, where you are or 171 00:09:24,610 --> 00:09:27,610 where you're going right now, let's get them replaced with 172 00:09:27,610 --> 00:09:30,820 people that are like minded to you and espouse your values and 173 00:09:30,820 --> 00:09:33,130 your ideals and your vision of where you want to go. 174 00:09:33,430 --> 00:09:36,310 Mike Stohler: Yeah and I think that is very important. I've 175 00:09:36,310 --> 00:09:38,950 seen financial advisors say no, this is what you need to do. And 176 00:09:38,950 --> 00:09:43,120 I'm like, why? Well, unbeknownst to me, it's because he makes 5% 177 00:09:43,330 --> 00:09:45,850 on the front end in front of 5% on the back end, and then he 178 00:09:45,850 --> 00:09:49,900 tried to do with things but I couldn't get that why, why is 179 00:09:49,900 --> 00:09:53,350 this good for me? And I think that relationship is extremely 180 00:09:53,350 --> 00:09:58,180 important for someone to trust with, their money, this is their 181 00:09:58,180 --> 00:10:01,510 livelihood. It's very important. To know this person and trust 182 00:10:01,510 --> 00:10:05,950 him. Now, we've talked a little bit about getting it going and 183 00:10:05,950 --> 00:10:11,350 starting it, like this one phrase is called, going from 184 00:10:11,710 --> 00:10:16,240 paychecks to go into paychecks. I think that's what all of us 185 00:10:16,240 --> 00:10:16,960 want to get to. 186 00:10:17,290 --> 00:10:19,330 Mark Murphy: I think, ultimately, what we want our 187 00:10:19,330 --> 00:10:23,710 clients to do, is we want them to set up, as somebody who 188 00:10:23,710 --> 00:10:26,830 manages not millions of dollars, but billions of dollars for 189 00:10:26,830 --> 00:10:30,220 somebody that there's really dozens, Mike dozens of asset 190 00:10:30,220 --> 00:10:33,460 classes. But for our purpose, there's only two, and we call 191 00:10:33,460 --> 00:10:37,090 them paychecks or either free capital or paychecks, what we 192 00:10:37,090 --> 00:10:40,270 want our clients to do is create a series of assets that will 193 00:10:40,270 --> 00:10:43,570 give them either a guaranteed or a highly reliable stream of 194 00:10:43,570 --> 00:10:46,030 income to replace their income at their job. And we'll call 195 00:10:46,030 --> 00:10:49,240 those paychecks. But we also want them to have another series 196 00:10:49,240 --> 00:10:51,370 of assets where you can spend it, you can save it, you can 197 00:10:51,370 --> 00:10:54,700 give it away. But the important thing is it will not be 198 00:10:54,700 --> 00:10:58,000 responsible for producing income for your family. So if you have 199 00:10:58,000 --> 00:11:00,160 both paychecks and play checks, that's financial freedom. 200 00:11:00,520 --> 00:11:02,890 Mike Stohler: Yeah, and it's exactly what you want. It's like 201 00:11:02,890 --> 00:11:05,860 you, you need that paycheck, you want to be comfortable, man, as 202 00:11:05,920 --> 00:11:08,740 soon as you start getting some wealth, and you have that 203 00:11:08,740 --> 00:11:12,040 paycheck, then just starts having a little bit more fun. 204 00:11:12,520 --> 00:11:15,520 Mark Murphy: It's about ACR. Annual Recurring Revenue, the 205 00:11:15,520 --> 00:11:17,800 biggest risk I think people have, there's lots of risks, but 206 00:11:17,800 --> 00:11:21,460 the biggest one is the permanent loss of income. And so that 207 00:11:21,460 --> 00:11:24,460 means if you get disabled, but it really also means if you 208 00:11:24,460 --> 00:11:28,270 retire, where are you going to get that income replaced? So 209 00:11:28,270 --> 00:11:30,910 that you can retire? Or you have the opportunity to retire? If 210 00:11:30,910 --> 00:11:31,720 you choose to do that? 211 00:11:32,200 --> 00:11:34,900 Mike Stohler: Yeah, you can't rely on someone who people say, 212 00:11:34,900 --> 00:11:37,420 Well, I'm gonna get Social Security, I'm gonna get this and 213 00:11:37,420 --> 00:11:39,790 that. And I'm like, I think younger people would probably 214 00:11:39,790 --> 00:11:42,580 never see the Social Security or any of those types of things. 215 00:11:43,120 --> 00:11:45,070 Mark Murphy: I talked about, you mentioned belief systems, or you 216 00:11:45,070 --> 00:11:47,890 may answer a question, which I'm going to go back to, we talked a 217 00:11:47,890 --> 00:11:51,370 little bit about, differential mindsets, you said, should I put 218 00:11:51,370 --> 00:11:54,040 the money in the S&P 500 Index, or I should have put it into, 219 00:11:55,240 --> 00:11:57,580 some other vehicle or this or that or the other thing, and I 220 00:11:57,580 --> 00:12:02,800 think the issue is one of the my least proud moments in my career 221 00:12:02,980 --> 00:12:06,280 that I was so proud of at the time. And I look back, and I'm 222 00:12:06,400 --> 00:12:10,720 not proud of is I would come and sit with somebody, and they'd be 223 00:12:10,720 --> 00:12:14,110 in a in a mess, they have a lot of debt. And they had, I'll call 224 00:12:14,110 --> 00:12:17,590 it bad values around money. And what I did is I restructured 225 00:12:17,590 --> 00:12:20,650 their debt, I cleaned it up, I did all kinds of things to help 226 00:12:20,650 --> 00:12:22,690 I help if they owned a business, and I helped them grow their 227 00:12:22,690 --> 00:12:25,990 income or grow their business. And then you check back in a 228 00:12:25,990 --> 00:12:29,620 year. And what you did was because they didn't have good 229 00:12:29,620 --> 00:12:32,320 values around money, by getting them out of debt and then 230 00:12:32,320 --> 00:12:35,680 growing their business. Instead, if you doubled their income you 231 00:12:35,680 --> 00:12:39,610 about 10x their problems, because it was like giving an 232 00:12:39,610 --> 00:12:42,820 alcoholic a gallon of vodka or a drug addict and eight ball of 233 00:12:42,820 --> 00:12:43,330 cocaine. 234 00:12:43,600 --> 00:12:43,990 Mike Stohler: Yeah. 235 00:12:44,290 --> 00:12:47,320 Mark Murphy: And so until they had good values around money, it 236 00:12:47,320 --> 00:12:50,350 was the belief systems weren't right or, or the arrogance of 237 00:12:50,350 --> 00:12:52,870 what happens. Like there's so many folks that I think one of 238 00:12:52,870 --> 00:12:57,400 the great lessons is I hope that adversity comes to you when 239 00:12:57,400 --> 00:13:01,990 you're young, not to scare you. And not so that it hurts you in 240 00:13:01,990 --> 00:13:06,670 the long term. But sometimes realize you don't have the Midas 241 00:13:06,670 --> 00:13:09,880 touch on everything allows you to have a little bit of 242 00:13:09,880 --> 00:13:13,600 perspective and not make silly decisions out of arrogance, the 243 00:13:13,600 --> 00:13:15,730 risk, I think is like when people say, Well, I've been 244 00:13:15,730 --> 00:13:17,860 successful here and I was successful, he maybe even a 245 00:13:17,860 --> 00:13:21,880 second time, so that no matter what I touch turns to gold. And 246 00:13:21,880 --> 00:13:23,740 you're and people are I see a lot of people out there making a 247 00:13:23,740 --> 00:13:27,070 lot of silly, foolish decisions, that they're going to wake up 248 00:13:27,070 --> 00:13:31,210 one day and go, Oh, my God, what did I do? I? I screwed the 249 00:13:31,210 --> 00:13:31,690 pooch. 250 00:13:31,900 --> 00:13:35,442 Mike Stohler: Yeah. Now, you did this. And it was a lesson 251 00:13:35,522 --> 00:13:40,272 learned. What is your belief? Now? How did you switch? What 252 00:13:40,353 --> 00:13:45,344 you're doing now then from when you made that those ierrors in 253 00:13:45,425 --> 00:13:46,150 the past? 254 00:13:46,150 --> 00:13:48,281 Mark Murphy: I think that there's a couple of things. One 255 00:13:48,329 --> 00:13:51,187 is that the simple answer is, there's only three things you 256 00:13:51,236 --> 00:13:54,336 can do with your money. You can save it, you can pay your bills, 257 00:13:54,384 --> 00:13:57,339 or you can spend it. If you do it in any other order. There's 258 00:13:57,387 --> 00:14:00,293 never any money to save. No matter how much you make. You've 259 00:14:00,342 --> 00:14:03,006 got to pay yourself first, you've also got to make sure 260 00:14:03,054 --> 00:14:05,767 that your money works while you sleep. And if you have a 261 00:14:05,815 --> 00:14:08,673 business, you that business must generate revenue or income 262 00:14:08,722 --> 00:14:10,030 without you doing the task. 263 00:14:10,020 --> 00:14:12,736 Mike Stohler: Yeah. And that makes a lot of sense. It's and 264 00:14:10,690 --> 00:14:14,020 Mark Murphy: We should pick it up because my mother would 265 00:14:12,796 --> 00:14:15,452 that's why so many entrepreneurs, successful 266 00:14:14,020 --> 00:14:20,200 really appreciate if you bought a copy if you bought the book 267 00:14:15,513 --> 00:14:18,953 entrepreneurs, make sure that they put some back into the 268 00:14:19,014 --> 00:14:22,334 business to grow the business, they make sure that they 269 00:14:20,230 --> 00:15:02,500 but other other than and that the other reason would be that 270 00:14:22,394 --> 00:14:25,835 diversify their portfolios. Instead of I just it kills me 271 00:14:25,895 --> 00:14:29,457 when I see these young kids that are making a lot of money. 272 00:14:29,517 --> 00:14:33,139 They're driving around in the Bentley's and the Lamborghinis 273 00:14:33,199 --> 00:14:37,062 and things like that. I'm like, That's not getting you anywhere. 274 00:14:37,123 --> 00:14:40,563 It's not doing anything. You know, go buy a house, go buy 275 00:14:40,624 --> 00:14:44,185 some real estate, do something with it. That gives you that 276 00:14:44,246 --> 00:14:48,169 passive income. Now let's dive a little bit and to your book, The 277 00:14:48,230 --> 00:14:51,851 Ultimate Investment. Tell us a little bit about what that is 278 00:14:51,912 --> 00:14:54,870 what's in it and why should we should pick it up. 279 00:15:02,530 --> 00:15:05,170 one of the things and we've kind of expanded on it since then, 280 00:15:05,230 --> 00:15:08,470 and I've trademarked it is the pyramid of great multi 281 00:15:08,470 --> 00:15:11,770 generational wealth. And I think that the number one reason why 282 00:15:11,770 --> 00:15:16,090 people do not succeed or do not succeed, as great or as or as 283 00:15:16,090 --> 00:15:18,940 well as they should succeed, is because they don't have cash 284 00:15:18,940 --> 00:15:22,150 confidence. meaning in life, you got to start with cash 285 00:15:22,150 --> 00:15:24,910 confidence, that cash conference can either be, money that's 286 00:15:24,910 --> 00:15:27,850 liquid and available to you, or stream of income that is 287 00:15:27,850 --> 00:15:31,120 reliable to you. That's what I mean by cash confidence. Because 288 00:15:31,120 --> 00:15:35,170 remember, the best deals are made. When I have cash, and 289 00:15:35,170 --> 00:15:38,470 somebody needs money. I've created a lot of my wealth, when 290 00:15:38,470 --> 00:15:41,170 I had money, and other people needed it. The second thing is, 291 00:15:41,170 --> 00:15:44,860 it's hard to go long term in a plan, because life is not fair. 292 00:15:44,860 --> 00:15:48,250 And it's not level. And it's not, you know, arithmetic, the 293 00:15:48,250 --> 00:15:53,470 world goes like this. And so you must have enough staying power 294 00:15:53,470 --> 00:15:56,410 by having enough cash confidence to better withstand a bad 295 00:15:56,410 --> 00:16:00,130 quarter or a bad year or bad event. And so it starts with 296 00:16:00,130 --> 00:16:02,380 cash conference. The second thing we talked about is if you 297 00:16:02,380 --> 00:16:06,880 only have $1, to invest, the best place I suggest people put 298 00:16:06,880 --> 00:16:09,550 his is in their money machine. And so for people that own a 299 00:16:09,550 --> 00:16:13,240 business, I'm very simple. If you're an expense, you're on the 300 00:16:13,240 --> 00:16:15,940 chopping block, if you're an investment, as long as I can get 301 00:16:15,940 --> 00:16:19,060 a four or five to one return on my money or more, I have an 302 00:16:19,060 --> 00:16:21,730 unlimited appetite for investments. So I want to feed 303 00:16:21,730 --> 00:16:24,700 my money machine first. And then we discussed it earlier in the 304 00:16:24,700 --> 00:16:27,610 podcast is that I want to start to create paychecks and play 305 00:16:27,610 --> 00:16:30,760 checks. But there's still one more level at the top of the of 306 00:16:30,760 --> 00:16:35,470 the pyramid, that if you can have earned income beyond normal 307 00:16:35,470 --> 00:16:38,710 retirement age. So when all your friends are going to early bird 308 00:16:38,710 --> 00:16:42,730 specials or worried about living too long, or drinking domestic 309 00:16:42,730 --> 00:16:45,970 beer instead of imported beer, you could be a net saver in your 310 00:16:46,000 --> 00:16:49,450 50s, your 60s or 70s, even your 80s where you can really create 311 00:16:49,450 --> 00:16:52,630 multi generational wealth by having income beyond that time 312 00:16:52,690 --> 00:16:56,560 by having annual recurring revenue beyond that beyond a 313 00:16:56,560 --> 00:17:00,190 normal retirement income. Remember, what we want people to 314 00:17:00,190 --> 00:17:03,850 do is get paid for what they know not what they do. Even 315 00:17:03,850 --> 00:17:07,180 people that own a business, most people that own a business are 316 00:17:07,180 --> 00:17:09,910 not entrepreneurs, they bought themselves a job. And for the 317 00:17:09,910 --> 00:17:12,760 people watching this, Mike. The other thing is they go well, 318 00:17:12,760 --> 00:17:14,800 what does that have to do with me? I don't own a business. 319 00:17:15,280 --> 00:17:18,280 Well, if you don't own a business, you're the product, 320 00:17:18,370 --> 00:17:21,370 you are the company. And so you sit back and you say to them, 321 00:17:21,760 --> 00:17:24,340 what kind of training do I need? Or education? Do I need to get 322 00:17:24,340 --> 00:17:27,010 the next rung? And among the ladder? Do I need to invest 323 00:17:27,010 --> 00:17:29,590 myself? Do I need to make better presentations? Do I need to 324 00:17:29,650 --> 00:17:32,650 think more entrepreneurially? Do I need to build my network. So I 325 00:17:32,650 --> 00:17:35,110 have a greater network of folks that I can collaborate with to 326 00:17:35,110 --> 00:17:37,630 grow my business. I mean, there's dozens and dozens of 327 00:17:37,630 --> 00:17:40,600 different ways that you can invest, not where you are right 328 00:17:40,600 --> 00:17:44,920 now. And I think what my great skill is, is that I see people 329 00:17:44,920 --> 00:17:48,130 where they are right now. Because if you you can't see 330 00:17:48,130 --> 00:17:51,160 people through rose colored glasses or Pollyanna ish, I got 331 00:17:51,160 --> 00:17:54,250 to see you where you are. But what I want to do is see you at 332 00:17:54,250 --> 00:17:58,360 your highest potential, and help you aspire to be the highest the 333 00:17:58,360 --> 00:18:02,680 best version of what you want to be. And again, that if I was 334 00:18:02,680 --> 00:18:05,440 looking at, one of the very few gifts that I may have, that may 335 00:18:05,440 --> 00:18:05,980 be one of them. 336 00:18:06,790 --> 00:18:09,340 Mike Stohler: Yeah and you talk also about transformational 337 00:18:09,340 --> 00:18:13,000 language. Right. Tell us a little bit about that. And how 338 00:18:13,000 --> 00:18:16,300 does that how's that transform your roles? 339 00:18:16,300 --> 00:18:19,570 Mark Murphy: I think the reason you want to have 340 00:18:19,570 --> 00:18:23,620 transformational language with people is, we have so many 341 00:18:23,620 --> 00:18:29,140 conversations today. By say phone, we have interaction with 342 00:18:29,140 --> 00:18:33,160 people, which we've always had, for anybody's alive as has been 343 00:18:33,160 --> 00:18:36,220 around since the telephone and private interactions. But when 344 00:18:36,220 --> 00:18:41,020 you now add texting and emails to the mix, people are having 345 00:18:41,050 --> 00:18:44,170 1000s of interactions with people almost a date, hundreds 346 00:18:44,170 --> 00:18:47,950 or 1000s. And so it's it's almost impossible to remember 347 00:18:47,980 --> 00:18:50,320 what you had for lunch, much less every conversation that you 348 00:18:50,320 --> 00:18:53,320 have. And so part of the reason I have transformational language 349 00:18:53,320 --> 00:18:57,730 is you need to have a soundbite that sticks in their mind, so 350 00:18:57,730 --> 00:19:03,910 that people can internalize things, you're telling them so 351 00:19:03,910 --> 00:19:07,870 that it's not your idea. But it becomes their idea. You know 352 00:19:07,870 --> 00:19:10,360 that things are working in your business, when your customer, 353 00:19:10,360 --> 00:19:12,520 your client, your patient, whatever you call the people you 354 00:19:12,520 --> 00:19:15,880 do business with, when they start repeating back what you've 355 00:19:15,880 --> 00:19:19,090 taught them, and that becomes their mantra. And I think you 356 00:19:19,090 --> 00:19:22,180 can't do that with a dissertation that may you know 357 00:19:22,210 --> 00:19:24,670 may lay it out it comes back with a transformational language 358 00:19:24,670 --> 00:19:28,360 that allows them to go to then get it like I got it because the 359 00:19:28,360 --> 00:19:31,570 attention span of most people for very good and very bad 360 00:19:31,570 --> 00:19:34,750 reasons is not very, not very, not very robust. 361 00:19:35,800 --> 00:19:37,480 Mike Stohler: That's very true. That's why you don't have one 362 00:19:37,480 --> 00:19:40,990 hour long podcast or two hour long podcast. It needs to be 363 00:19:40,990 --> 00:19:44,590 short and sweet to the point. A lot of bullet points for people. 364 00:19:44,890 --> 00:19:48,610 Now part of the five ingredients to successful life or getting 365 00:19:48,610 --> 00:19:52,000 that you know to me, we've talked about the paycheck 366 00:19:52,000 --> 00:19:56,200 paychecks having multi generational wealth but it's 367 00:19:56,200 --> 00:20:01,720 also kind of like that that time off that me time, to be able to 368 00:20:01,720 --> 00:20:06,190 have this type of wealth, to be able to work from anywhere to be 369 00:20:06,190 --> 00:20:09,280 able to take time off to be able to have kind of like the 370 00:20:09,280 --> 00:20:12,520 meantime, can you explain a little bit that some of the 371 00:20:12,520 --> 00:20:16,240 examples that you've seen from some of your clients where 372 00:20:16,390 --> 00:20:19,510 they've actually said, Thank you, because I actually have 373 00:20:20,440 --> 00:20:22,090 time to think now? They're not? 374 00:20:22,630 --> 00:20:25,030 Mark Murphy: I think that's mean, that's sort of what what 375 00:20:25,030 --> 00:20:27,460 in our wheelhouse meaning what the question, Mike. 376 00:20:27,460 --> 00:20:32,440 I've been asked probably 10,000 times, is some version of how do 377 00:20:32,440 --> 00:20:36,160 I grow my income? How do I grow my business? How do I grow my 378 00:20:36,370 --> 00:20:39,250 freedom of time to take more time off? How do I grow my 379 00:20:39,250 --> 00:20:41,470 freedom of relationships to spend time with the people I 380 00:20:41,470 --> 00:20:44,620 want to spend time with? Or how do I grow my freedom of purpose 381 00:20:44,680 --> 00:20:48,280 to have a purposeful, meaningful life? And you're one person, I'm 382 00:20:48,280 --> 00:20:52,660 one person, pretty daunting when you think about it? And so the 383 00:20:52,660 --> 00:20:55,720 idea is, it's that's probably always the wrong question. It's 384 00:20:55,720 --> 00:20:58,330 not how but it's who do we need to collaborate with to grow our 385 00:20:58,330 --> 00:21:00,970 income, our business, our freedom of relationship, freedom 386 00:21:00,970 --> 00:21:05,290 of time, and, and freedom of purpose. That's the place that 387 00:21:05,290 --> 00:21:09,820 people look, because if you're working 13 hours a day, and you 388 00:21:09,820 --> 00:21:13,060 want to double your income, you actually can't double the amount 389 00:21:13,060 --> 00:21:16,900 of hours you work. So the idea is that it's it's to figure 390 00:21:17,110 --> 00:21:20,770 people how to leverage and scale their their life. And to make 391 00:21:20,770 --> 00:21:24,490 sure that they've got a life by design. What I mean by that is, 392 00:21:24,940 --> 00:21:27,850 to be able to, I think in a perfect world, you don't have 393 00:21:27,850 --> 00:21:30,460 people always say, what is your business life and your personal 394 00:21:30,460 --> 00:21:33,490 life, like, and I go, I don't really understand that. What I 395 00:21:33,490 --> 00:21:37,990 do understand is I have a life. And I put myself in a position 396 00:21:38,020 --> 00:21:40,600 that I go from one thing I love to something, I love more to 397 00:21:40,600 --> 00:21:43,870 something I love more than that, whether it's working spending 398 00:21:43,870 --> 00:21:46,780 time with my five kids spending time with Lisa, spending time 399 00:21:46,780 --> 00:21:50,290 with, I'm gonna date myself at this point, I'm heading to New 400 00:21:50,290 --> 00:21:53,590 York Knicks playoff game. Tonight, as soon as we get off 401 00:21:53,590 --> 00:21:54,430 this podcast. 402 00:21:54,430 --> 00:21:54,730 Mike Stohler: Yeah. 403 00:21:55,690 --> 00:21:57,730 Mark Murphy: Spending time as we talked about watching our 404 00:21:57,730 --> 00:22:02,170 Indiana Hoosiers, hanging a six banner, hopefully, in the near 405 00:22:02,170 --> 00:22:05,860 future, I think, it could be more charitable work, or the 406 00:22:05,860 --> 00:22:09,490 things I want to do to make people's lives better. You know, 407 00:22:09,490 --> 00:22:11,830 I think my goal at this point in my life, you talk about a life 408 00:22:11,830 --> 00:22:15,550 of purpose is I've been so blessed. And all I want to just 409 00:22:15,550 --> 00:22:19,120 help as many people as I can, my goal is to, is to improve the 410 00:22:19,120 --> 00:22:23,950 lives of 100 million people. And I know I can't do that by myself 411 00:22:23,950 --> 00:22:26,470 bike. But if I could collaborate with guys like you, and like 412 00:22:26,470 --> 00:22:29,620 minded people like us, imagine what we could do together to 413 00:22:29,620 --> 00:22:32,290 make everybody's lives better, and create abundance. And 414 00:22:32,290 --> 00:22:34,900 remember, the great thing about abundance is, some of the most 415 00:22:34,900 --> 00:22:38,110 selfish people I know, are people that have just enough, 416 00:22:38,290 --> 00:22:40,630 because they have just enough for themselves in no excess 417 00:22:40,660 --> 00:22:43,270 excess, what I want to do is create as much abundance in the 418 00:22:43,270 --> 00:22:46,690 world as possible, we can create a community of helping as many 419 00:22:46,690 --> 00:22:49,480 people as we can, and making this the kind of world and the 420 00:22:49,480 --> 00:22:51,970 kind of place that we all want to live and raise our kids and 421 00:22:51,970 --> 00:22:52,570 grandkids in. 422 00:22:53,050 --> 00:22:56,710 Mike Stohler: Yeah and that's profound, it's something that I 423 00:22:56,710 --> 00:23:01,120 do in my business is, I have it on the wall in my offices, I 424 00:23:01,120 --> 00:23:06,100 want to build a life I don't need to vacation from. And 425 00:23:06,100 --> 00:23:07,690 that's what I want to do. 426 00:23:08,620 --> 00:23:10,690 Mark Murphy: That is profound. I love that I'm gonna steal that 427 00:23:10,690 --> 00:23:12,940 if you don't mind, I'll give you a credit, I'm gonna steal it. 428 00:23:12,940 --> 00:23:13,870 That's brilliant. 429 00:23:14,170 --> 00:23:16,630 Mike Stohler: You can and you know, I look at it every day. 430 00:23:16,630 --> 00:23:19,780 And when you get down to get this when you get that. And 431 00:23:19,780 --> 00:23:24,970 something else that once you achieve this through some like 432 00:23:25,360 --> 00:23:29,020 Mark Murphy, then you can start giving back because now I have 433 00:23:29,260 --> 00:23:33,280 more freedom that I can. And ladies and gentlemen, that's 434 00:23:33,280 --> 00:23:37,330 listening, you can now go to charities, cheer charities, you 435 00:23:37,330 --> 00:23:40,900 can give back in ways that you didn't think why don't have time 436 00:23:40,900 --> 00:23:45,850 to do this. So build that life, having those paychecks and play 437 00:23:45,850 --> 00:23:48,520 checks, and then all of a sudden, it's like, oh, wow, now 438 00:23:48,520 --> 00:23:51,880 I can get involved and give back. And you can't do that 439 00:23:51,880 --> 00:23:55,300 alone. It's very, very difficult to do that alone. And that's why 440 00:23:55,300 --> 00:23:58,570 you're always saying, I think several times during this 441 00:23:58,570 --> 00:24:01,870 podcast, you're talking about your inner circle, and choosing 442 00:24:01,870 --> 00:24:05,140 your inner circle wisely. And that's just, it's very, very 443 00:24:05,140 --> 00:24:05,890 important, isn't it? 444 00:24:06,340 --> 00:24:09,850 Mark Murphy: I think everybody who's watching this would say 445 00:24:10,180 --> 00:24:13,090 that somebody has said something to them at some time, that ruin 446 00:24:13,090 --> 00:24:15,160 their day. You know, I realize you don't want to give people 447 00:24:15,160 --> 00:24:19,360 control over how you feel about yourself. But they, like myself, 448 00:24:19,360 --> 00:24:22,690 I put out a few pounds over the winter go, somebody's got a you 449 00:24:22,690 --> 00:24:24,760 know, you gotten fat. Well, that's not going to make me 450 00:24:24,760 --> 00:24:27,550 happy. Maybe I'll go home and watch what I eat and move the 451 00:24:27,550 --> 00:24:30,760 move my body a little more. But it doesn't make me feel good. Or 452 00:24:30,760 --> 00:24:33,580 when someone says, I just want to call you and tell you that 453 00:24:33,580 --> 00:24:36,340 you spoke to my son the other night. And it changed how he 454 00:24:36,340 --> 00:24:38,290 thought about his life. And I just want to call you and thank 455 00:24:38,290 --> 00:24:41,020 you for that because he's a different person to just spoke 456 00:24:41,020 --> 00:24:44,920 to, or thank you for something to go. I'm six foot two. When I 457 00:24:44,920 --> 00:24:47,320 have that conversation, I'm seven foot two. And so what we 458 00:24:47,320 --> 00:24:51,400 can make somebody's day or he can ruin someone's day because 459 00:24:51,400 --> 00:24:55,510 of what we're doing. So imagine if we create a community and 460 00:24:55,510 --> 00:24:59,050 ecosystem around us people that are like minded, that no there's 461 00:24:59,050 --> 00:25:01,810 no right way to do the wrong thing. And imagine the 462 00:25:01,810 --> 00:25:06,130 creativity that we can have to inspire each other to create 463 00:25:06,220 --> 00:25:09,430 this incredible synergy, where one plus one does equal two, or 464 00:25:09,430 --> 00:25:12,460 one plus one doesn't equal one and a half, one plus one equals 465 00:25:12,460 --> 00:25:15,430 five, or 10, or 20. That's where I want to be. 466 00:25:16,090 --> 00:25:20,020 Mike Stohler: Yeah. And that's, I think all of us, just most of 467 00:25:20,020 --> 00:25:21,820 us don't know how to do it and don't know how to get there. 468 00:25:21,850 --> 00:25:26,050 They need help. And they need that professional, that mentor. 469 00:25:26,140 --> 00:25:29,170 And no matter how successful you are, you still need the mentors, 470 00:25:29,170 --> 00:25:32,020 you still need the coaches you still need, you can never stop 471 00:25:32,020 --> 00:25:32,770 learning. Can you? 472 00:25:34,240 --> 00:25:38,590 Mark Murphy: That to me is sad. I've said a few things in life. 473 00:25:39,040 --> 00:25:42,250 There are no finish lines, there's only milestones. And so 474 00:25:42,250 --> 00:25:45,820 I think there's something sad when you see people that have 475 00:25:45,820 --> 00:25:48,610 stopped learning and growing, that they have, they're fully 476 00:25:48,610 --> 00:25:51,160 formed, and they've arrived. And what happens is your future has 477 00:25:51,160 --> 00:25:54,430 to be bigger than your past. So what you see people is who stop 478 00:25:54,430 --> 00:25:56,350 learning and growing, their world goes like this, it just 479 00:25:56,350 --> 00:25:59,650 starts getting smaller and smaller and smaller. I always 480 00:25:59,650 --> 00:26:02,260 have a theory that people don't die, their life gets small. It 481 00:26:02,260 --> 00:26:05,980 gets just gets too small, or people stop being having 482 00:26:05,980 --> 00:26:10,270 excitement in life, part of the part of the challenge of not 483 00:26:10,270 --> 00:26:12,940 retiring. There's a lot of trials. And I'll tell you, I 484 00:26:12,940 --> 00:26:15,550 mean, for some people again, there's some people I know 485 00:26:15,550 --> 00:26:18,220 who've retired and they go, Oh my god, this is like going to 486 00:26:18,220 --> 00:26:20,830 summer camp for senior citizens. I should have retired five years 487 00:26:20,830 --> 00:26:21,130 ago. 488 00:26:21,370 --> 00:26:21,700 Mike Stohler: Yeah. 489 00:26:23,680 --> 00:26:26,920 Mark Murphy: But for every entrepreneur I know, if they 490 00:26:26,920 --> 00:26:30,070 were to do that, they must always their mind must always be 491 00:26:30,070 --> 00:26:32,350 in creation and fascination mode, always learning and 492 00:26:32,350 --> 00:26:37,060 growing. When you retire structure goes away. team goes 493 00:26:37,060 --> 00:26:39,160 away. You got a team in your business, you got no team in 494 00:26:39,160 --> 00:26:45,430 retirement. no risk, no reward, no excitement. But and then and 495 00:26:45,430 --> 00:26:47,950 last but not least is the the applause stops. There's nobody 496 00:26:47,950 --> 00:26:51,880 saying "Hey, Mike. Oh my God, I'm gonna steal that sign on the 497 00:26:51,880 --> 00:26:54,880 wall." Well, you just said something profound that this 498 00:26:54,880 --> 00:26:57,400 will be applauding when you retire. I just think there's a 499 00:26:57,400 --> 00:27:00,550 lot of reasons why people want to create, which I thought that 500 00:27:00,610 --> 00:27:03,250 it would you had said was so brilliant that I want to create 501 00:27:03,250 --> 00:27:05,860 a life that I don't need a vacation from. I want to create 502 00:27:05,860 --> 00:27:07,120 a life I don't have to retire from. 503 00:27:07,390 --> 00:27:10,360 Mike Stohler: Yeah and that is profound. And that's why we 504 00:27:10,360 --> 00:27:14,080 really, were into hotels, we own hotels, and I don't ever have to 505 00:27:14,080 --> 00:27:18,790 retire. You just create that team to where I can take a step 506 00:27:18,790 --> 00:27:21,730 back, but you're always still running the business. Before we 507 00:27:21,730 --> 00:27:26,380 leave, Mark, where can people find you? People are interested. 508 00:27:27,010 --> 00:27:30,610 They want to get to know you more? How can they do that? 509 00:27:30,600 --> 00:27:33,743 Mark Murphy: They can call my assistant, Maureen Motherway, 510 00:27:33,812 --> 00:27:37,844 Vice Chief of Staff and call us at Northeast Private Client 511 00:27:37,912 --> 00:27:41,261 Group. I think it's www.northeastprivate.com. Our 512 00:27:41,329 --> 00:27:45,430 headquarters is in Roseland, New Jersey. There's a couple of 513 00:27:45,498 --> 00:27:49,462 other companies around the country that are northeast, but 514 00:27:49,530 --> 00:27:53,972 we're in Roseland where they can call Maureen Motherway, my chief 515 00:27:54,041 --> 00:27:57,731 of staff and I'd be happy to talk to them at area code 516 00:27:57,800 --> 00:28:02,037 973-422-9140. I'd be more than happy to to have a conversation 517 00:28:02,105 --> 00:28:06,411 with anybody. And I just want to tell you how much I appreciate 518 00:28:06,479 --> 00:28:10,648 you and how much gratitude I have for you for including me in 519 00:28:10,716 --> 00:28:11,400 your show. 520 00:28:11,000 --> 00:28:14,660 Mike Stohler: Well, thank you, sir. And it's been some profound 521 00:28:14,660 --> 00:28:18,920 lessons that and takeaways and I think the audience will 522 00:28:18,920 --> 00:28:22,850 absolutely love this. Ladies and gentlemen, Mark Murphy, 523 00:28:22,850 --> 00:28:26,840 Northeast Private and you can go to I think it's 524 00:28:26,840 --> 00:28:27,200 northeastprivate.com? 525 00:28:28,430 --> 00:28:29,870 Mark Murphy: Yes, northeastprivateclientgroup.com 526 00:28:30,500 --> 00:28:35,960 in Roseland, New Jersey, and so it's all good things. Mike, 527 00:28:35,960 --> 00:28:37,310 thank you so much. I appreciate it. 528 00:28:37,640 --> 00:28:39,560 Mike Stohler: Absolutely, Mark. And go Hoosiers!