Manage Money You Make with David Stein
Jack Butala: Manage Money You Make with David Stein. Every Single month we give away a property for free. It's super simple to qualify. Two simple steps. Leave us your feedback for this podcast on iTunes and number two, get the free ebook at landacademy.com, you don't even have to read it. Thanks for listening.
Jack Butala:
Your bio says, "Hey, I'm David Stein. I teach people about money, how it works, how to invest it, and how to live without worrying about it. Through stories, analogies, and easy to understand examples, I give individuals the tools and confidence they need to navigate and increasingly complex and unpredictable investing landscape."
This is what I found really interesting. This is what he did before he retired. "For close to two decades, I advised and managed assets for institutions and financial planners. I was the chief investment strategist, and chief portfolio strategist and Fun Evaluation Group, LLC, a $33,000,000,000 investment advisory group where, I co-headed the 21-person research group," and it goes on to say some pretty impressive stuff.
Fill us in. What are you doing these days?
David Stein:
I did retire as a professional investor and adviser. Since then, I spent essentially a year calling myself retired, and the local paper asked me to start writing a person finance column. Suddenly, I found myself back to writing regularly on the economy, investing.
Shortly after that, I launched the podcast, Money for the Rest of Us, which is done very well. It is a great platform just to teach people about what's going on. It's a weekly show. Then, as listenership grew, listeners kept asking for more guidance, more help. I didn't want to be a registered investment adviser again, so I launched a education platform on investing and the economy called the Money for the Rest of Us Hub. I spend my time ... It's still part time, but I typically spend my week, when I'm working, just writing and teaching either through the podcast or the membership site.
Jack Butala:
That's great. Jill and I had a very similar experience. We tried to tone it down for a while and, ultimately, ended up teaching through our company, Land Academy, teaching what we know best: buying and selling land.
David Stein:
It's a different dynamic. What I missed about the investment space was the teaching aspect. I worked with a lot of institutional investors, and [inaudible 00:02:24] foundations, and their investment committees and boards, and I kind of missed that. What I didn't miss was the day to day pressure of actually managing people's money, either institutions or individuals through financial planners. This is a way that I can still give back, still help without having to feel ... Essentially, let the individuals make their own investment decisions, as opposed to me actually pulling a trigger, and looking at their accounts on a day by day basis.
Jill DeWit:
I love it, David. It sounds like we have a lot in common. Your story's a little bit like us. You think you're retired and you're just going to kind of coast, but you've probably got that personality where you just can't sit still. I appreciate, too, what you said about the giving back. That's part of what we're doing now, and it's just so much more fun watching other people be as successful than even my own success. Parent pride.
David Stein:
Absolutely. You realize people ... they just need some guidance. They need some help.
Sometimes, they just need a mentor to guide them along, and then they do very well, especially in the investment space. Most people, or many people, don't necessarily trust an adviser to turn everything over to them. They want to have the control themselves, but they're seeking help so they can maintain that control, but still get insights from professionals or others. Ultimately, they feel very comfortable making the final investment decision on thei...