EP #113: Wealth over Riches with Jim Grace
There’s a different between money and fulfillment. And so there is a difference between wealth and riches. The financial services industry has taken on a few different forms over the years. Recently, there is a deeper focus on purpose. It’s not always about the numbers. A good money manager has to provide good returns but what does a good financial planner have to provide?
Jim Grace is the Director of Wealth Management at Silver Pine Capital. His focus is to help people understand their “why” and how to live out their purpose with what they have. Money is a tool that can be used wisely or not and it’s a matter of aligning it with your goals that determines your success. You can build riches but that doesn’t mean you have wealth.
What You'll Learn In Today's Episode:
How becoming an entrepreneur can be a challenge
How there’s nothing more rewarding than entrepreneurship
How Jim met his business partner
How Jim helps people find a deeper purpose with their finances
What resources are helpful for people to find their “why”
What emotions effect your financial decisions
How you can be euphoric over an investment decision
How people are seeking more than investment returns
How the financial services industry has changed
Why how you make people feel is most important
How aligning purpose with goals is essential
How money is just a means to an end
How distractions prevent you from reaching fulfillment
How to not be “lazy brained”
The difference between being rich and being wealthy
How sports and other activities teach life lessons
How trauma can hold a child back
Ideas Worth Sharing:
“I just didn’t know who would take advice or buy insurance from a 22 year old.” - Jim Grace
“I wouldn’t really change any of those challenging times for anything.” - Jim Grace
“We started building out a monthly subscription financial planning model.” - Jim Grace
“They really wanna explore what they’re doing here on planet Earth.” - Jim Grace
“There’s so many different variables that come together to make a human being.” - Jim Grace
“They want to go a little bit deeper.” - Jim Grace speaking of his clients
“Spend a little time with yourself…thinking about what makes them happy.” - Jim Grace
“It’s okay to not have your purpose defined.” - Jim Grace
“…not just how do we accumulate more.” - Jim Grace
“When your basic needs are taken care of, it allows you to explore some of these things.” - Jim Grace
“What a lot of folks should focus on is that ‘why.’” - Jim Grace
“We need constant reminders to keep us on track.” - Jim Grace
“I think people have really good instincts but they don’t necessarily know it.” - Jim Grace
“What are we bringing with us?” - Jim Grace
“How do we differentiate between being rich and being wealthy?” - Jim Grace
“Being part of a community is very important to me.” - Jim Grace
“We’re all on a journey here.” - Jim Grace
“I hope that they have passion and interest. If it’s baseball, great. If it’s piano, that’s cool too.” - Jim Grace speaking of his kids
“Every person’s situation is unique and there are no guarantees in our world.” - Bob DePasquale
“When you talk about being a good steward and being fulfilled and not ‘Did my account make 8% last year?’” - Bob DePasquale
“The relationship that one has with their money is so important.” - Bob DePasquale
Resources In Today's Episode:
Jim Grace - LinkedIn
The Geometry of Wealth by Brian Portnoy
Think Again by Adam Grant
Atomic Habits by James Clear
The Experience Economy by B. Joseph Pine II and James H. Gilmore
Transcend by Scott Barry Kaufman
Hero on a Mission by Donald Miller
Bob’s Book - Personal Finance in a Public World
This week’s E-Impact Blog Entry
Episodes Referenced: