E26 – Stephen Rischall from 1080 Financial Group

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Today we are talking to Stephen Rischall from聽1080 Financial Group. Stephen began learning to invest at the age of thirteen.

In college, he helped manage the University Corporation Student Investment Fund while starting his career in financial services.

Stephen is an award winning financial adviser and has been featured in the Wall Street Journal, Los Angeles Times and Investment News.

Welcome, Stephen!
[3:11]聽Tell us a little about yourself.
路聽聽聽聽聽聽 Dad would tell stories about investing
路聽聽聽聽聽聽 Started investing in cool companies at a young age

[4:30]聽Have you made any financial mistakes?
路聽聽聽聽聽聽 Over confident in investing strategy
路聽聽聽聽聽聽 Spent money on silly things

[6:1]聽Let鈥檚 talk about 1080 Financial. Where did the idea come from?
路聽聽聽聽聽聽 Mom was victim to fraud
路聽聽聽聽聽聽 Wanted to help people

[9:1]聽What was the biggest struggle about starting out?
路聽聽聽聽聽聽 Taking the first leap
路聽聽聽聽聽聽 Establishing relationships
路聽聽聽聽聽聽 Trust is very important
[9:59]聽What is the most common money misconception your clients have?
路聽聽聽聽聽聽 It鈥檚 not how much money you make, rather how you save it and spend it
路聽聽聽聽聽聽 鈥淪ome day鈥 syndrome
[11:5]聽What services do you offer at 1080 Financial?
路聽聽聽聽聽聽 Make financial decisions in customer鈥檚 best interest
o聽聽 Employee benefits
o聽聽 Making budgets
o聽聽 Investment portfolios

[12:37]聽How much do your services cost?
路聽聽聽聽聽聽 No such thing as free investing

路聽聽聽聽聽聽 2 ways of compensation
o聽聽 Flat dollar amount (subscription based)
o聽聽 Flat percentage (highest fee- 1% annually)
[15:19]聽What is the average age range that you work with?
路聽聽聽聽聽聽 All ages
路聽聽聽聽聽聽 About 30% are young professionals and families

[16:24]聽What advice do you have for people who are starting to save a little later in their life?
路聽聽聽聽聽聽 Stop making excuses
路聽聽聽聽聽聽 Double down on savings


[15:56]Chain of Wealth聽鈥 Are you deciding whether or not you want to rent your house out? Check out our guide on becoming an聽airbnb host聽and see how much money you can make.

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Value Link Round

[18:14]聽Why do you think that people fail at achieving their dreams?
路聽聽聽聽聽聽 Treat them like dreams
路聽聽聽聽聽聽 Make SMART goals

[19:28]聽What other books or podcasts do you recommend?
路聽聽聽聽聽聽 Book:聽Thinking fast and slow,聽Ice Cream Maker
路聽聽聽聽聽聽 Podcasts:聽The entrepreneurs,聽the Pitch

[20:20]聽What is the best advice that someone has given you?
路聽聽聽聽聽聽 Life isn鈥檛 fair. Tough. Deal with it.

[21:6]聽What is your favorite quote?
路聽聽聽聽聽聽 Were all sitting in the shade of a tree today, because someone planted the seed a long time ago- Warren Buffet

[21:45]聽How can listeners get in touch with you?
路聽聽聽聽聽聽聽Reply to ALL messages
路聽聽聽聽聽聽聽Facebook Friday 12:30 PT Live question/answer

[22:25]聽Any last advice?
路聽聽聽聽聽聽 There is always room for improvement.

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Chain of Wealth

Chain of Wealth

The Chain of Wealth podcast is a biweekly podcast boasting over 300,000 downloads. We interview inspirational guests about money topics. You can learn more about us here.

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