Money Matters 327- From Paycheck to Purpose W/ Derrick Kinney

Derrick Kinney: Money Matters Podcast Interview

April 10, 2025 . 1:57 PM . ID: 340650221

Transcript

00:01 - 00:04
Christopher Hensley, RICP®
This conference will now be recorded.

00:05 - 00:10
Christopher Hensley, RICP®
What if more money wasn't the end goal, but the beginning of your bigger purpose?

00:10 - 00:18
Christopher Hensley, RICP®
Too many of us have been taught to fear money, feel guilty about success and sacrifice happiness to get ahead.

00:18 - 00:21
Christopher Hensley, RICP®
But what if you could earn more and live with more meaning?

00:22 - 00:29
Christopher Hensley, RICP®
Today on Money Matters, we're talking to Derek Kinney, bestselling author of Good Money Revolution and the host of Good Money Podcast.

00:29 - 00:33
Christopher Hensley, RICP®
He's known as America's financial educator and for good reason.

00:34 - 00:39
Christopher Hensley, RICP®
Derek believes that money isn't bad and wanting more of it doesn't make you selfish.

00:39 - 00:47
Christopher Hensley, RICP®
In fact, when you tie your income to impact and your profits to purpose, you don't just make more money, you make good money.

00:48 - 01:00
Christopher Hensley, RICP®
In this episode, we'll explore the three levers of money that unlock wealth and freedom, why your generosity purpose could be the key to earning more, and how to flip your money script to finally live the life that you deserve.

01:00 - 01:08
Christopher Hensley, RICP®
Whether you're stuck in debt, underpaid at work, or unsure how to build a financial future with meaning, this conversation is for you.

01:08 - 01:09
Christopher Hensley, RICP®
Let's dive in.

01:10 - 01:12
Christopher Hensley, RICP®
Derek, thank you so much for being on the show today.

01:13 - 01:13
Derrick
My pleasure, Chris.

01:13 - 01:14
Derrick
Thanks for having me.

01:14 - 01:15
Derrick
I'm looking forward to this conversation.

01:16 - 01:17
Christopher Hensley, RICP®
Yeah, absolutely.

01:17 - 01:22
Christopher Hensley, RICP®
And I was honored to have you interview me at the T3 conference.

01:23 - 01:28
Christopher Hensley, RICP®
And then when we spoke there briefly, I let you know that I saw you speak at the future proof.

01:29 - 01:31
Christopher Hensley, RICP®
I want to say like a year ago or a year and a half.

01:31 - 01:31
Derrick
Ago.

01:32 - 01:33
Christopher Hensley, RICP®
Yeah, yeah.

01:33 - 01:35
Christopher Hensley, RICP®
And you stood out from the crowd.

01:35 - 01:42
Christopher Hensley, RICP®
The that was one of my favorite topics that your ex Ameriprise guy is myself as am I and that kind of got on my radar there.

01:42 - 01:44
Christopher Hensley, RICP®
So I really liked what you have to say.

01:45 - 01:47
Christopher Hensley, RICP®
So let's let's dive right in.

01:48 - 01:51
Christopher Hensley, RICP®
For listeners, let's just let's start with the mission.

01:51 - 01:58
Christopher Hensley, RICP®
And you have the book out and I think a lot of people or familiar with with the book, what does the phrase good money actually mean?

01:58 - 02:00
Christopher Hensley, RICP®
And how does it differ from the traditional view of wealth?

02:01 - 02:03
Derrick
Well, let me tell you a quick story, Chris.

02:03 - 02:11
Derrick
So as I built a financial planning business for 25 years, I began to hear a change of tone with people as they would come into my office.

02:11 - 02:17
Derrick
And the goal of a financial advisor is to help people make lots of money, grow their wealth so they can achieve their goals.

02:18 - 02:18
Derrick
Right.

02:18 - 02:26
Derrick
But what I began to hear was people telling me, Derek, I keep reading or hearing things that say, if you have a lot of money, then you're a bad person.

02:26 - 02:35
Derrick
And if you're the CEO of a successful company, well, you must be pushing down your employees, robbing them of opportunities so you can make all the money.

02:35 - 02:40
Derrick
And some of them even said, Derek, I don't know if I want to make a lot of money so people don't think that I'm a bad person.

02:41 - 02:46
Derrick
And I really had to process that because it went against the free enterprise system.

02:46 - 02:49
Derrick
And what America stands for is this American dream.

02:49 - 02:51
Derrick
How can you work hard, achieve it?

02:51 - 03:01
Derrick
And I prided myself as a financial advisor of walking alongside my clients and helping them craft a personalized strategy so they could achieve their goals.

03:01 - 03:03
Derrick
And so this really came out of left field.

03:04 - 03:15
Derrick
And that really was the impetus for the book because what I realized was if people begin thinking that making money is bad, that flips everything the other direction.

03:15 - 03:33
Derrick
And instead what I did is I said, you know what, let's come up with a concept that says, go make more money, but don't do it just to pad your bank account and have this bulging investment account and think that that's going to buy you meaning and purpose, that that's going to make you feel better because it won't.

03:33 - 03:41
Derrick
It's going to lead to loneliness and emptiness and you'll reach the top of this mountain and you realize nobody else is there to share it with you.

03:41 - 03:47
Derrick
You've sacrificed relationships and your own personal interests and you've got this money, but nothing good to do with it.

03:47 - 03:52
Derrick
So I said, let's do this, let's tie money to meaning.

03:52 - 04:01
Derrick
Let's say, go make a lot of money, go make as much money as you possibly can and do it by adding value to people's lives.

04:01 - 04:07
Derrick
So you're improving people's lives and therefore you're helping them make money, therefore you make money.

04:07 - 04:11
Derrick
Then the beauty is tie a cause to your cash.

04:11 - 04:16
Derrick
Pick something that you say to yourself, that is just not right.

04:16 - 04:26
Derrick
There shouldn't be that in the world and what can I do in a small way to make an impact and then use that to motivate you to make more money, to do more good.

04:26 - 04:40
Derrick
So the name of the book is The Good Money Revolution, but the hidden meaning behind it is that when you make money and you do more good, it makes you feel so good that you want to make more money, to give more money, to keep feeling that good feeling.

04:41 - 04:49
Derrick
That to me is like the ultimate feeling of when you lay your head on the pillow at night, you've lived a day and eventually a life of meaning and purpose.

04:49 - 04:50
Christopher Hensley, RICP®
I love it.

04:50 - 04:50
Christopher Hensley, RICP®
I love it.

04:50 - 04:54
Christopher Hensley, RICP®
Now I'm remembering why you stuck out because that speaks to me.

04:54 - 04:57
Christopher Hensley, RICP®
I think this, it's probably speaks to quite a few people.

04:57 - 05:01
Christopher Hensley, RICP®
I mean, um, I growing up, uh, was raised in a trailer park, right?

05:02 - 05:02
Christopher Hensley, RICP®
And now I'm.

05:02 - 05:03
Derrick
Managing millions.

05:03 - 05:03
Christopher Hensley, RICP®
Of dollars.

05:04 - 05:07
Christopher Hensley, RICP®
There's something called clash, class consciousness, right?

05:07 - 05:07
Christopher Hensley, RICP®
So.

05:07 - 05:08
Derrick
That.

05:08 - 05:13
Christopher Hensley, RICP®
Kind of, you know, guilty feeling of like, Oh, am I so not imposter syndrome, but am I supposed to be here?

05:13 - 05:14
Christopher Hensley, RICP®
Right?

05:14 - 05:17
Christopher Hensley, RICP®
So when you talked about this, this really spoke to me.

05:17 - 05:18
Christopher Hensley, RICP®
I like what you have to say here.

05:19 - 05:24
Christopher Hensley, RICP®
Let's talk about, you say money is good, so make more of it, right?

05:24 - 05:28
Christopher Hensley, RICP®
That's a bold statement in a world where money often gets blamed for problems.

05:28 - 05:33
Christopher Hensley, RICP®
Why do people feel guilty about making money and how can they shift their mindset?

05:34 - 05:37
Derrick
Well, one thing we need to go back to is people's bad money belief.

05:37 - 05:38
Derrick
So let me tell you a.

05:38 - 05:38
Derrick
Story.

05:38 - 05:45
Derrick
I was in the office several years ago prior to selling my business on a Saturday morning, catching up on some things.

05:45 - 05:51
Derrick
And I saw my voicemail light blinking and a voice clearly inside said, you need to listen to that message.

05:52 - 05:56
Derrick
When I pressed it, I wasn't prepared for what I was about to hear, Chris.

05:57 - 06:02
Derrick
A frantic woman's voice that I quickly recognized and she said, Derek, I know it's Saturday.

06:02 - 06:03
Derrick
You've got to call me back.

06:03 - 06:06
Derrick
They're about to send me to jail and I don't know what to do.

06:07 - 06:08
Derrick
Now, Chris, let me ask you a question.

06:09 - 06:14
Derrick
Has anybody ever left a voicemail message for you saying they're about to be tossed into jail.

06:14 - 06:15
Christopher Hensley, RICP®
No, I have not gotten that one.

06:15 - 06:17
Christopher Hensley, RICP®
I've got a lot of interesting ones, but not that.

06:17 - 06:18
Derrick
One.

06:18 - 06:19
Derrick
I was the first.

06:19 - 06:23
Derrick
And I knew this couldn't wait until Monday for me to call her back.

06:23 - 06:25
Derrick
That news would not age very well.

06:26 - 06:27
Derrick
Quickly called her back.

06:27 - 06:28
Derrick
She was so appreciative.

06:28 - 06:30
Derrick
And I said, first of all, let's get right to it.

06:30 - 06:32
Derrick
Why are they going to send you to jail?

06:33 - 06:35
Derrick
So she begins to read a letter that she received in the mail.

06:35 - 07:09
Derrick
And basically the letter said, you didn't move money from your savings to your checking when you wrote this check and the check bounced therefore you're going to go to jail and i said does the letter actually say you're going to go to jail she said no but that's what's going to happen and so she began to tell me a story she said derek when i was seven years old i overheard a conversation my dad received he had just gone to the store to buy some school supplies for she and her sister and he had accidentally bounced a check and the store manager called and told the dad.

07:09 - 07:10
Derrick
I know you did this on purpose.

07:11 - 07:14
Derrick
I'm going to send the cops over there and haul you off to jail.

07:14 - 07:22
Derrick
So as a seven year old girl, she grew up believing that if you bounce a check, or you make any type of financial mistake, you're going to go to jail.

07:22 - 07:26
Derrick
Well, I told her, look, the good news is, you're not going to get fitted for the orange jumpsuit.

07:27 - 07:28
Derrick
You're not going to get hauled off to jail.

07:29 - 07:35
Derrick
I will call you personally Monday, we'll call the bank, I'll help you move the money from savings to checking to get this taken care of.

07:36 - 07:44
Derrick
But I said, And most importantly, come in the office Wednesday and let's talk through this and unpack what I think are some things we need to deal with.

07:44 - 07:45
Derrick
So she comes in the office.

07:45 - 07:50
Derrick
Now, keep in mind, Chris, this is a woman that on the outside looks successful.

07:50 - 07:52
Derrick
She dresses well.

07:52 - 07:57
Derrick
People think she's wildly successful, but inside she was a wilting flower.

07:57 - 08:05
Derrick
This was a woman who in all of our visits, every single time we met together, would talk about, Derek, why aren't I getting the promotion I deserve?

08:05 - 08:26
Derrick
Why aren't I getting paid what I know I'm worth and what we began to unpack was growing up She had begun to build up bad money beliefs and it began with her seeing her dad Almost get quote hauled off to jail and her believing that if I make any mistake or take any risk Or lose money that just confirms.

08:26 - 08:39
Derrick
I'm not good with money and therefore I need to settle for where I'm at and what we did is we unpacked all this and she began to realize The biggest aha was she said, Derek, I can't believe I've been thinking like this.

08:39 - 08:43
Derrick
This has held me back and it was a breakthrough moment.

08:43 - 08:49
Derrick
I mean, as a financial advisor, there's nothing more rewarding than those moments where the light bulbs go off for the client.

08:49 - 08:52
Derrick
It's one thing if I say it, but when they discover it, it's even better.

08:53 - 09:02
Derrick
Get this, within three months, she got a $25 ,000 a year raise and finally got promoted to vice president.

09:02 - 09:08
Derrick
And she said, Derek, it's all because of this situation and the conversation we had that brought this whole issue to light.

09:09 - 09:15
Derrick
And so what I would tell people listening right now is, you may feel like and look like the most successful person.

09:15 - 09:27
Derrick
But if you know in your heart that you're not getting paid what you're worth, and you're not in a position that you know you deserve, you probably have some bad money beliefs that are holding you back.

09:27 - 09:31
Derrick
And here's what I say, I like to think of myself as an anti regret specialist.

09:31 - 09:36
Derrick
I do not want you at the end of your life to look back just like in all these movies.

09:36 - 09:44
Derrick
And there's that gravelly voice that says, Oh, if only I spend more time doing the things I love and taking more risks and having more courage.

09:45 - 09:52
Derrick
Live that today, so that every day when your head hits the pillow at night, you know, you lived your best life.

09:53 - 09:56
Derrick
And let's let's say no more to bad money beliefs.

09:57 - 09:58
Christopher Hensley, RICP®
I love that.

09:58 - 10:02
Christopher Hensley, RICP®
I love that very strong information for listeners there.

10:02 - 10:07
Christopher Hensley, RICP®
I love the anti-regret specialist, the idea that we're looking back on our life.

10:07 - 10:09
Christopher Hensley, RICP®
What did we regret there?

10:09 - 10:13
Christopher Hensley, RICP®
And the deep conversations about bad money beliefs.

10:13 - 10:20
Christopher Hensley, RICP®
Where do some of these ideas come from that we have in our heads that we know aren't right, but they're there, right?

10:20 - 10:22
Christopher Hensley, RICP®
So super duper important.

10:22 - 10:27
Christopher Hensley, RICP®
Now you do, you talk about this concept of generosity purpose.

10:27 - 10:32
Christopher Hensley, RICP®
Can you explain what that is and how aligning money with meaning can actually help someone earn more?

10:33 - 10:37
Derrick
So let me tell you a story about how I began as a financial advisor.

10:37 - 10:40
Derrick
So I was 26 years old, but I had a problem.

10:40 - 10:42
Derrick
I looked like I was 13.

10:42 - 10:45
Derrick
No gray hair, not a wrinkle on my face.

10:45 - 10:50
Derrick
But the bigger problem I faced was I didn't come from the gene pool of the popular kids.

10:50 - 10:53
Derrick
I didn't have the Rolodex of all the key contacts.

10:54 - 10:56
Derrick
I didn't have the money in my family.

10:56 - 10:57
Derrick
I didn't have any of that.

10:57 - 11:00
Derrick
And so I realized I needed to do something different.

11:01 - 11:07
Derrick
But what I did was I had a passion and the passion was how can I support local education?

11:07 - 11:20
Derrick
So when I was a senior in high school, one of the regrets that I have is no one ever came back who was successful to talk to the students about what their life could look like post high school.

11:20 - 11:21
Derrick
I mean, we were robbed of that.

11:21 - 11:26
Derrick
They just said, take your math and your science and your history and everything is gonna be fine.

11:26 - 11:26
Christopher Hensley, RICP®
Oh, good.

11:26 - 11:27
Derrick
Luck.

11:27 - 11:29
Derrick
Report a story there, right?

11:29 - 11:31
Derrick
And so I said, I don't want that to happen anymore.

11:31 - 11:32
Derrick
That was just not right.

11:32 - 11:39
Derrick
So I called my alma mater principal and said, look, I want to recognize a student and a teacher of the month.

11:40 - 11:44
Derrick
He quickly said yes, because they're strapped for resources and they wanna give recognition.

11:44 - 11:46
Derrick
So I came, this is going to sound so simple.

11:47 - 11:54
Derrick
I came with a $50 Amazon gift card for the teacher and a $25 Amazon gift card for the student.

11:54 - 12:03
Derrick
We printed up a certificate and I just wanted to breathe life and let the student and the teacher know how much they were appreciated and valued.

12:03 - 12:14
Derrick
You know, I told the student, yeah, I know you're probably taking classes you don't even like, but just so you know, you've been recognized as a leader on campus and I believe your future is really, really bright.

12:15 - 12:17
Derrick
Enjoy this gift card, treat yourself to something nice.

12:17 - 12:21
Derrick
And it made me feel good to recognize a student and to see their face light up.

12:21 - 12:30
Derrick
Then to the teacher, I said, you're the type of teacher that on Christmases and Thanksgiving years from now, it'll be your name that gets brought.

12:30 - 12:30
Christopher Hensley, RICP®
Up.

12:30 - 12:33
Derrick
It'll be your name as the person that made the impact.

12:33 - 12:38
Derrick
And so let me give you this $50 gift card as a small thank you of appreciation.

12:38 - 12:42
Derrick
And then we got a picture taken of the student and the teacher and the principal of myself.

12:42 - 12:47
Derrick
Well, back in those days, this was 20 years ago, we had this technology called newspapers.

12:47 - 12:48
Christopher Hensley, RICP®
Kind of this.

12:48 - 12:48
Derrick
Kind of.

12:48 - 12:51
Christopher Hensley, RICP®
Stuff, kind.

12:51 - 12:53
Derrick
Of out of favor.

12:53 - 12:53
Christopher Hensley, RICP®
Now.

12:53 - 12:56
Derrick
But what happened was I did not see coming.

12:56 - 13:00
Derrick
So we put these pictures in the paper because I wanted to recognize the student and the teacher.

13:01 - 13:04
Derrick
And about three months later, I get a phone call.

13:04 - 13:13
Derrick
And what this woman said to me changed how I ran my business for the next 25 years, and how I helped a lot of other people run their business differently.

13:14 - 13:17
Derrick
She said, Derek, we know you're young, but we want you to be our financial advisor.

13:18 - 13:20
Derrick
And I crazily said to her, why?

13:21 - 13:22
Derrick
I'm so new to this.

13:22 - 13:23
Derrick
Why do you want to work with me?

13:23 - 13:24
Derrick
By the way, don't ever.

13:24 - 13:25
Christopher Hensley, RICP®
Say that.

13:25 - 13:27
Christopher Hensley, RICP®
Not a good thing to say.

13:27 - 13:27
Derrick
But.

13:27 - 13:28
Christopher Hensley, RICP®
Yes, I remember those days.

13:30 - 13:32
Derrick
But what she said to me changed everything.

13:32 - 13:38
Derrick
She said, Derek, we wanna work with you because you care about what we care about.

13:39 - 13:41
Derrick
You care about what we care about.

13:41 - 13:44
Derrick
She said, we love how you support local education.

13:45 - 13:47
Derrick
And Chris, it was in that moment the light bulb went off.

13:48 - 13:55
Derrick
Wait a minute, I didn't have to be the smartest or the best looking or the best connected in my community.

13:55 - 14:00
Derrick
I just needed to care about what my ideal clients cared about.

14:00 - 14:03
Derrick
And she and her husband became my first million-dollar client.

14:04 - 14:08
Derrick
And what it taught me was to go deep on generosity.

14:09 - 14:17
Derrick
And so it was crazy to think that giving $75 a month to the teacher and the student generated a million-dollar client.

14:17 - 14:26
Derrick
And what I realized was, as I began to attract a lot more high-net-worth clients, they loved the fact that they worked with an advisor that knew what they were doing.

14:27 - 14:27
Derrick
We knew our stuff.

14:27 - 14:34
Derrick
We didn't guarantee returns, but we provided great service and helped them achieve their goals in a very custom tailored way.

14:34 - 14:39
Derrick
But then the other part of that magnet was, there was a cause that they could be a part of.

14:40 - 14:48
Derrick
And what we found is that most people, when you think about Maslow's hierarchy of needs, at the very top is this feeling of, did my life make an impact?

14:49 - 14:56
Derrick
And busy people, people that own companies, they're executives, they've got money, they typically don't have time to give back like they would like.

14:56 - 15:04
Derrick
So what they do is the cheat code is they can work with service providers and professionals that are involved in the community.

15:04 - 15:15
Derrick
So there's this sort of a status that they get because they're partnering with a great financial advisor or attorney or CPA or realtor who is involved in the community.

15:15 - 15:16
Derrick
And so it's magnetic.

15:16 - 15:23
Derrick
When you can, I like to say when you can own a problem that your ideal client struggles with, you become the owner of that.

15:23 - 15:34
Derrick
They know that if you have that problem, go to that person to solve it, and you have a cause you care about, it's a magnetic pull that is irresistible for people not to want to work with you.

15:35 - 15:36
Christopher Hensley, RICP®
I love that.

15:36 - 15:39
Christopher Hensley, RICP®
So much information there for people, for listeners.

15:40 - 15:45
Christopher Hensley, RICP®
The idea of that deep generosity, what you call the cheat code, right?

15:45 - 15:57
Christopher Hensley, RICP®
So the person who is successful out in his career, but maybe they don't have the time to give as much as they want, but they find this affinity that's something that you're passionate about, that they're passionate about as well.

15:57 - 16:06
Christopher Hensley, RICP®
And then there's this magnetism that, that pulls each of you together and you're attracting those higher net worth clients when you came into the industry with no natural market, right?

16:06 - 16:09
Christopher Hensley, RICP®
That's saying, so, so I love that.

16:09 - 16:10
Christopher Hensley, RICP®
I love it.

16:10 - 16:17
Christopher Hensley, RICP®
That's where, you know, the, in, in a way you're making the world better because you're doing, you're finding these things that you're passionate about.

16:17 - 16:18
Christopher Hensley, RICP®
I see this.

16:18 - 16:19
Christopher Hensley, RICP®
I love this.

16:20 - 16:23
Christopher Hensley, RICP®
Let's, let's pivot just a little bit because there's something else that you talk about.

16:23 - 16:41
Christopher Hensley, RICP®
You talk about the three levers of money, um, you, the book outlines, what you call the three levers of money, save more, crush your debt and earn more, which of these people, which of these do people struggle with the most, would you say, and why?

16:42 - 16:47
Derrick
I think the biggest struggle people have is a belief that they have a lid on their income.

16:48 - 16:51
Derrick
And I'm a big believer in let's trade the lid in for a sun roof.

16:51 - 16:57
Derrick
If you have a lid on your income, that means you're believing I'm only worth this amount of money.

16:57 - 17:08
Derrick
And let me say this, and this may be very controversial, but every day that you cash that paycheck, even though you may think to yourself, I am worth more than this, you're actually not.

17:09 - 17:10
Derrick
And here's why.

17:10 - 17:15
Derrick
Because you are willingly agreeing to accept that check and cash it.

17:15 - 17:19
Derrick
By you being willing to cash that check, you're saying to the company, I do agree with you.

17:19 - 17:21
Derrick
That's what I'm worth right now.

17:21 - 17:25
Derrick
And so if you don't like that, then you have a problem to solve.

17:25 - 17:44
Derrick
And one of the things that we've done, there's a downloadable called gettheraysyouwant.com that we've prepared for people, but it's a way that whatever job they're in to ask a couple key questions, it's just an easy to follow checklist and it's a way to approach your boss to get more than the typical 4% raise.

17:44 - 17:53
Derrick
So many Americans are sort of conditioned to believe that, well, a good year for me is if I get the 4% raise, that's table stakes.

17:54 - 18:00
Derrick
You will not become a millionaire and escape the middle class by getting a yearly 4% raise, it just doesn't happen.

18:01 - 18:16
Derrick
And so what I tell people is you gotta focus on not only the goals that you have financially, so you know what you're working hard for, but the more you can drive up that income and the way to do that is by asking three key questions in your current job.

18:16 - 18:23
Derrick
And by the way, before I tell you those three questions, You no longer want to see yourself as the job title that you have at the company.

18:23 - 18:31
Derrick
So many people say, well, I'm an administrative assistant or I'm the marketing coordinator or the vice president or the manager of whatever it is.

18:31 - 18:32
Derrick
That doesn't matter.

18:32 - 18:36
Derrick
I want you to begin thinking of yourself as a problem solver.

18:37 - 18:42
Derrick
What problem are you solving in the job you're in right now?

18:42 - 18:50
Derrick
And when you shift your thinking to that, now you're a paid problem solver with a specialty in solving a specific problem.

18:50 - 18:55
Derrick
If you just think of yourself as a commodity, you will never get paid what you're worth.

18:55 - 18:59
Derrick
But if you see yourself as a true problem solver, then the key is, here's the three questions.

18:59 - 19:05
Derrick
Number one, in my current role, how can I help the company make more money?

19:05 - 19:09
Derrick
Number two, how can I help the company save more money?

19:09 - 19:12
Derrick
And number three, how can I help the company be more productive?

19:12 - 19:18
Derrick
Okay, now, if you want to get less than a 4% raise, here's the guaranteed approach.

19:19 - 19:24
Derrick
Knock on your boss's door and say, you know what, the price of eggs are through the roof.

19:24 - 19:28
Derrick
Inflation is so high, I need to be paid more money.

19:28 - 19:30
Derrick
And here's the problem with that.

19:30 - 19:38
Derrick
Every boss, male, female, all around the world, they have this one favorite radio station they all listen to every day.

19:38 - 19:41
Derrick
It's called WIIFM.

19:41 - 19:43
Derrick
What's in it for me?

19:43 - 19:50
Derrick
You see, your boss necessarily doesn't really care about your personal financial situation.

19:50 - 19:53
Derrick
They deal with the price of eggs themselves, they have their own expenses.

19:54 - 20:02
Derrick
But when you can come to the table, and by the way, you're already proving this and in my job, I'm helping the company make money, save money and be more productive.

20:03 - 20:06
Derrick
Now you become highly valuable.

20:06 - 20:09
Derrick
When you add value, then you become more valued.

20:09 - 20:16
Derrick
And that's the biggest mistake people make is when they ask for a raise, they say, well, the research I've done based on my position.

20:17 - 20:18
Derrick
Nobody cares.

20:18 - 20:20
Derrick
Well, I deserve more money.

20:20 - 20:21
Derrick
Nobody cares.

20:21 - 20:22
Derrick
The cost of living.

20:23 - 20:23
Derrick
Nobody cares.

20:24 - 20:28
Derrick
When you make the company money, save the company money, make it more productive.

20:29 - 20:29
Derrick
That's how to do it.

20:29 - 20:31
Derrick
So you've got to shift your thinking.

20:31 - 20:36
Derrick
We've had people that are making 50 ,000 go to 65 ,000.

20:36 - 20:41
Derrick
People at 75 go to 100 and above because they shift how they view themselves.

20:41 - 20:46
Derrick
And by the way, if you're making more money, you become irreplaceable.

20:46 - 20:51
Derrick
The company has to pay you more because of how much money you're making for them.

20:51 - 20:55
Derrick
It's a different way of thinking, but it's the way people go from middle-class to millionaire.

20:55 - 20:56
Christopher Hensley, RICP®
I love it.

20:56 - 20:57
Christopher Hensley, RICP®
I love it.

20:57 - 20:59
Christopher Hensley, RICP®
So you are not the title of your job.

20:59 - 21:03
Christopher Hensley, RICP®
You are a problem solver and start thinking of it that way.

21:03 - 21:07
Christopher Hensley, RICP®
Then come back because they're not looking out for you.

21:07 - 21:11
Christopher Hensley, RICP®
They're never going to tap you on the shoulder and say, hey, time for a raise, right?

21:11 - 21:33
Christopher Hensley, RICP®
Without you, you know, table stakes, we're not just talking cost of living, but we're talking about these things, this laundry list of things that you have to put together, those three questions that you're telling people that they need to come at it that way that puts them in a position of power where they can actually come back and have those great conversations as opposed and get them to turn off the what's in it for me channel.

21:33 - 21:33
Christopher Hensley, RICP®
Right?

21:34 - 21:36
Christopher Hensley, RICP®
Get their full attention so that they can hear them.

21:36 - 21:37
Christopher Hensley, RICP®
I love it.

21:37 - 21:38
Christopher Hensley, RICP®
I love it.

21:38 - 21:46
Christopher Hensley, RICP®
Now your book in part two, you get into what's called bad money, especially harmful money mindsets.

21:46 - 21:50
Christopher Hensley, RICP®
What's one of the most common what you would call toxic beliefs that you see?

21:51 - 21:53
Christopher Hensley, RICP®
And how can people start flipping their money script?

21:54 - 22:05
Derrick
Well, it's important to look back and say, again, if you're not where you are right now financially, then you've got to something different to improve your financial situation.

22:05 - 22:13
Derrick
You hope in a prayer while a prayer is great but hope in a prayer without a plan is probably not going to get you to where you want to go.

22:13 - 22:15
Derrick
That's just the cold hard truth.

22:15 - 22:19
Derrick
And so the key here is to know what it is that you want financially.

22:19 - 22:32
Derrick
So many people get pitched different ideas and if they're at their office they're by the water cooler and their co-worker shares this hot stock story that they made a whole lot of money on and they want to jump in and buy it.

22:32 - 22:38
Derrick
But the reality is by the time the hot stock tip gets to you, it has cooled down dramatically.

22:38 - 22:39
Derrick
Okay.

22:39 - 22:40
Derrick
So remember that.

22:40 - 22:42
Derrick
And also what do you see on social media?

22:43 - 22:44
Derrick
Most of it are pretenders.

22:44 - 22:46
Derrick
These are people have never met payroll before.

22:46 - 22:48
Derrick
They've never had to bring on a client.

22:49 - 22:50
Derrick
They never struggled to grow their business.

22:51 - 23:05
Derrick
So know that there's a lot of pretenders out there and to stay focused on your goal path and be willing to say to people, I am so happy that that is good for you, but it's not the best for my goal path.

23:05 - 23:08
Derrick
Those words should just roll off your tongue, okay?

23:08 - 23:14
Derrick
So going back to the bad money beliefs, one of the things we might have to look back on is what is a person's past?

23:14 - 23:28
Derrick
Now keep in mind, most of this occurs from well-meaning parents and grandparents wanting to keep you from pain, wanting to save you from great disappointment, wanting to keep you from having a hurtful experience.

23:29 - 23:30
Derrick
So here's typically how that sounds.

23:31 - 23:35
Derrick
There might be a fist that bangs on the kitchen table and you're a young, very young person at home.

23:36 - 23:40
Derrick
And someone says, if only we had more money, then we would be happier.

23:40 - 23:44
Derrick
So then we begin to hear that money equals happiness.

23:44 - 23:47
Derrick
And the lack of it means we live less than.

23:48 - 23:53
Derrick
Or there's the most common and fatal comment that an adult can say to a young person.

23:53 - 24:00
Derrick
And that is, you know, in life, there's the haves and the have-nots, and we are part of the have-nots.

24:00 - 24:03
Derrick
That's just our lot in life.

24:04 - 24:21
Derrick
Now that, without using a better word, sucks, that that is the worst possible terrible thing you can say to anyone, especially a young person who respects you, the person saying it, and they begin to put that lid over themselves.

24:21 - 24:48
Derrick
That lid starts to form at a very very young age and what I want to do is we want to trade in lid thinking and we want to purchase sunroof thinking because the goal is just because you might grow up very very poor you don't have to have a poor mindset you see the smartest parents I mean parents of athletes do this very very well one of the ways that many many athletes can escape almost abject poverty.

24:49 - 24:51
Derrick
Is they become very, very skilled at their craft.

24:51 - 24:57
Derrick
And they have parents around them that say, Look, right now, financially, things are very, very bleak.

24:57 - 25:04
Derrick
But if you keep on this path and stay focused, we will achieve a path for you that will lead to financial independence.

25:04 - 25:06
Derrick
We can learn a lot from that.

25:06 - 25:11
Derrick
They take away distractions, they're focused, they're exercising, they're doing all they need to do to achieve that goal.

25:12 - 25:30
Derrick
But when you about people who tell us that they're not trying to hurt us because their generation before them told them just get the safe job, just get the secure job, get the job with the great medical benefits or the great 401k or the pension and stay there the rest of your life.

25:31 - 25:37
Derrick
And the problem is that generation for the most part hated their jobs their entire lives.

25:38 - 25:44
Derrick
I want to rip that playbook up and throw it out the window because you deserve better.

25:44 - 25:47
Derrick
And right now there's so many opportunities for people.

25:47 - 26:03
Derrick
So even if you are 50 years old listening right now, just ask yourself, just like if you went to the doctor, he would do an X-ray to see what the problem you were having was do a financial X-ray and simply write down my assets, my liabilities, what I own minus what I owe.

26:03 - 26:38
Derrick
Hopefully that's a positive number and just write it all on one sheet of and say you know what enough's enough these things are going to change and begin to write down on the right-hand side here are three financial goals that I have for myself and now you've got purpose and you begin to think about what's at stake if I don't achieve that goal for example we had a couple recently that came in the office this was a couple years back and they were really worried about having enough money to save for retirement and I began to them what would happen if you don't save enough to retire how you want.

26:38 - 26:52
Derrick
And they began to describe to me this visual image of the two of them walking along the beach feeling the kernels of sand scrunch between their toes and seeing the sun go down and they're holding hands together.

26:52 - 26:59
Derrick
And that image was seared in my mind as they described it and they said if we don't save we can't have that.

26:59 - 27:01
Derrick
I said, that's going to be the motivation.

27:01 - 27:08
Derrick
So every time they came back into my office, I actually had a picture printed that made it look like it was the two of them walking on the beach.

27:08 - 27:10
Derrick
I would show them reminder.

27:10 - 27:21
Derrick
Here's why you're doing this because life comes at you so doggone fast without a reminder daily of why you're doing this and where you're wanting to go.

27:21 - 27:26
Derrick
You will easily get distracted, not intentionally, but just because life comes you.

27:26 - 27:30
Derrick
Life has a plan in absence of your working your plan.

27:31 - 27:32
Christopher Hensley, RICP®
I love it.

27:32 - 27:32
Christopher Hensley, RICP®
I love it.

27:32 - 27:34
Christopher Hensley, RICP®
We are right here, Derek.

27:34 - 27:35
Christopher Hensley, RICP®
We're right here at the end of the show.

27:36 - 27:42
Christopher Hensley, RICP®
Do you imagine that that that went by in 30 minutes and I just, we barely even tipped the tip of the iceberg here.

27:42 - 27:43
Christopher Hensley, RICP®
I had so many other questions I wanted to ask you.

27:44 - 27:46
Christopher Hensley, RICP®
The book, Good Money Revolution.

27:46 - 27:50
Christopher Hensley, RICP®
Derek, what have I forgot to ask you that you'd like to leave listeners with today?

27:51 - 28:07
Derrick
I think the key is our website is derekkenney.com and the whole principle here is, if having built a successful financial planning business for 25 years, one of the top in the country, there were five key steps that we discovered that would lead people to go from middle class to millionaire.

28:08 - 28:09
Derrick
We call it the millionaire money map.

28:09 - 28:13
Derrick
And so people can access that at derekkenney.com.

28:13 - 28:21
Derrick
We just want to democratize and give everyone the secrets that for so long, people have felt like they were locked up in a vault that only a few people had access to.

28:21 - 28:25
Derrick
We want everybody who wants to leave the middle class, who's working hard.

28:25 - 28:28
Derrick
They've got a great income, but they feel like they're still living paycheck to paycheck.

28:28 - 28:30
Derrick
We want to stop that right now.

28:30 - 28:31
Christopher Hensley, RICP®
I love it.

28:31 - 28:33
Christopher Hensley, RICP®
If you're driving right now, don't feel like you have to stop.

28:33 - 28:37
Christopher Hensley, RICP®
We're going to have that on the show notes there so you can find the link that Derek just shared with us.

28:37 - 28:39
Christopher Hensley, RICP®
Derek, thank you so much for being on the show.

28:39 - 28:41
Christopher Hensley, RICP®
Have a good rest of the day there.

28:41 - 28:41
Derrick
My pleasure.

28:41 - 28:42
Derrick
Thank you, Chris.