Who is Bri?
Bri Smith is a financial coach who helps parents manage their finances. She specializes in helping people understand their finances and set financial goals. Many parents come to her with the misconception that they have bad credit, but Bri teaches them that the real issue is not knowing how to manage their money. She helps her clients make a plan for their finances and teaches them how to achieve their financial goals. Bri believes that wishful thinking doesn't make anything happen, and with the right plan, anyone can achieve financial success.
Key Takeaways
[00:01:43] "Social Media's Get Rich Quick Scheme Pitfalls"
[00:06:01] "Unleashing Financial Success with Cash Flow Quadrants"
[00:09:11] "Subscribe to our newsletter for exclusive content!"
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Transcript
Note, this was transcribed using a transcription software and may not reflect the exact words used in the podcast)
SUMMARY KEYWORDS
Warren Buffett, budgeting, saving, credit management, financial planning, goal setting, get-rich-quick schemes, investing, education, personal finance, Robert Kayosaki, Cash Flow Quadrants, financial success, client consultation, one-on-one program, group setting, financial breakthrough calls, budget creation, money management, generational wealth, newsletter subscription, upcoming guests, podcast rating.
SPEAKERS
Bri Smith, Stuart Webb
Stuart Webb [00:00:18]:
Hi, and welcome back to It's not Rocket science. Five questions have got me. I've got a slight hoarse voice today, so I'm sucking on lemon and honey water. Brie, I know you've got a lipton tea in front of you, so we're both not quite coffeeed up, but we're both ready to talk to you today about this five questions of a coffee. Brie is a wealth strategist who works with parents to really build generational wealth in their families. That's a brilliant thing to talk about. BRI. Welcome to it's not rocket science. Five questions over coffee.
Bri Smith [00:00:51]:
Thank you for having me. I love being here.
Stuart Webb [00:00:54]:
Thank you. So let's start with the sort of people you help to work with. What are the problems they have? What is it that you're trying to help them to overcome?
Bri Smith [00:01:04]:
So, a lot of parents that come to me, their main problem is that they think that they have bad credit, so that's usually what they see as their main issue. But usually it's just that they don't know how to manage their money. They don't know where their money is going, they have no plan for the future. So they have a lot of goals and they feel like they're unachievable because they stay in the same place year after year because they're getting no closer there. Just because they don't have a plan to get there. And wishful thinking doesn't make anything happen.
Stuart Webb [00:01:33]:
Yeah, I know that feeling. So what are the things they've tried to do to overcome these issues on their own without sort of resorting to help that you can give them?
Bri Smith [00:01:43]:
I think a lot of them try and find stuff on Instagram or Facebook. They get into, like this forex trading or crypto trading or whatever it is, that they think is this get rich quick scheme that's going to give them $10,000 tomorrow. Right? And so they try these things out and then they find out that, yeah, maybe initially you get $500 so that then they can steal 5000 from you. But then they find out that they're really upset because they were getting into something that they don't even understand. And when it comes to investing, you're just gambling if you don't understand what you're getting into. Gambling are two different things.
Stuart Webb [00:02:26]:
The thing that worries me so much about these get rich quick schemes is about the gold rush down in San Francisco. Back in the day, the people that got rich were the people that sold the shovels and not the people that were digging for the gold. It is easy to see the people that you're working with getting rich, but somehow it never happens to you, does it?
Bri Smith [00:02:47]:
Exactly, and I love that analogy because that's exactly what is happening. The people that are selling the shovels, the people that are selling the methods, so to speak, are the ones that are getting rich from it. And it also just messes up the whole financial space because it's unregulated. So a lot of people are just really getting scammed and don't know who to trust anymore.
Stuart Webb [00:03:09]:
Love it. Brilliant. I'm glad you're there trying to help them through it. Tell me, is there a valuable piece of free advice or something valuable? And I think there is something because we talked about it before. Something valuable you can do to help people to sort of overcome this. And I think this might have something to do with it.
Bri Smith [00:03:27]:
So, yes, people can book a free financial breakthrough call with me, and basically what I go over there is like, what are your goals? What is it that you're really trying to achieve? And can we create a custom plan for you to reach that? So instead of me trying to sell different financial products and say, this is what's going to fix your problem, I really like to get into the root of it with my clients and fix their poor money habits and also teach them about money because they never learned about it at school or at home. And they just need a plan to get to where they want to go.
Stuart Webb [00:04:00]:
Now, it sounds like a lot to cover in one call. So is that a long call? Is that a short call? Do you try and cover everything or do you just try and work with people with what you can do to help them at that point?
Bri Smith [00:04:10]:
So during that call, we're really just getting very clear on what their goals are. So what are your goals and what is your current situation? So basically, where are you? Where do you want to go? And can I give you a plan that will help you get there? This is what I have to offer to help you get there. And do you think that's a good fit for working with me? Because working with me is going to be much longer. I have an eight week course, and then I have three month program where people work with me one on one if they don't like the group setting.
Stuart Webb [00:04:42]:
Wow, okay, good. All right, thank you for that explanation. So, Brie, there must be a book or a course or something which brought you to this position in your life where you started to understand finances. What was that book or course or whatever that you really sort of embraced in order to get to the stage where you took this on for yourself.
Bri Smith [00:05:02]:
So there was not a book or course. That was the problem. I'm a CPA, so I'm a certified public accountant. I went to school. I double majored in accounting and finance, concentrated on personal financial planning. That gave me a lot of my base. But then there was also so much more that school didn't teach me. So I listened to a ton, like hundreds of hours of different podcasts from the NPR station or just wherever I can get information. I've read a ton of different books. So it wasn't like one that was like, oh my God, this is the best one ever. It really answered all my questions. It was really a bunch of them that kind of helped me piece together the different parts that I needed for my financial plan to work.
Stuart Webb [00:05:45]:
Is there something you can recommend that people I mean, other than working with you, Tara? Is there something out there that you think would be useful for people to start to at least understand, so when they come to you and talk to you, they've got the basic questions out of the way so that they can actually sort of have a conversation.
Bri Smith [00:06:01]:
They don't have to start with anything. But I would recommend Rich dad, poor dad by Robert Kayosaki. Everyone reads that. It's a great book. But also the one that slept on is Cash Flow Quadrants by Robert Kayosaki. So when I read that one, it was recommended to me by a client. I was doing their taxes, and in 2020, they made one hundred K. And then in 2021, when I was doing their tax return, they had made over $500,000. And I said, how did you go from being a school teacher making like $50,000, combined with your husband making $100,000, to you both now bringing in over a half a million dollars a year? That's a big jump. And she said that the big difference. For her. What changed her life was cash flow. Quadrants by Robert Kayasaki. She also had a very wealthy dad and brother who she's investing with and things like that. So not to say that we can all go from just five X our money in one year like that. She did have help, but nonetheless, it's still possible. If one person can do it, we all can do it.
Stuart Webb [00:07:08]:
Brilliant. I love the story. I love the story. So, look, we've had a couple of couple of minutes now where we've just talked about these sort of things, but there must be one question you're thinking that I haven't yet asked you, which you would like me to have asked. So what's the question that I should have asked you that I haven't? And please, once you've asked the question, would you please give us the answer?
Bri Smith [00:07:32]:
So the main thing is, what is the biggest thing that's holding people back from reaching their financial goals? And I will say that is just like starting with a budget. That is one thing that anyone can start. That is the one thing that I want everyone to take away, whether you work with me or not. Please do a budget so that you understand your money, you know where it's going, and you can start telling it where to go. Because if you don't tell it where to, it will find places to go for you. And that is just not ideal.
Stuart Webb [00:08:00]:
Yeah, I think it was. I can't remember if it was Warren Buffett that said you should spend what you've got left after you've saved, not the other way around. So, simple budget that enables you to work out exactly, make sure that you put this amount about it, money about aside and saved it, and then once you put that aside, that's the rest you've got to live on and manage within that budget is the way to sort of get richer and richer every year. Warren Buffett seems to have done okay.
Bri Smith [00:08:29]:
I love Warren Buffett. I have read his autobiography or his biography and he has a lot of great wisdom to give to everyone.
Stuart Webb [00:08:38]:
Yeah, well, he still lives in the same house that he's lived in for a long time. So it's another great story. To make yourself better, more wealthy, is not spend your money on large, expensive houses, isn't it?
Bri Smith [00:08:54]:
Well, I don't know. I'm going to get a large, expensive house and he could get a lot of large, expensive houses if he wants to, but I think it's just his preference. But, yeah, I'm going to get a large, expensive house. I don't know about Warren, but I know about BRI.
Stuart Webb [00:09:11]:
Been great chatting to you for a few minutes. Thank you so much for spending a few minutes with us talking about this stuff. You have a good day. And I would really encourage anybody who's currently not listening and subscribing to this, would you join our newsletter. That way you get onto the mailing list which tells you about when we have great people like Brie coming up and giving you advice. And that is if you go to https link the completeapproach Co UK that's link thecompletroach Co UK newsletter that gets you onto the newsletter. You can get to know about people like Brie. And you'll hear Brie on the podcast in a couple of weeks time when it's published on Apple podcasts. Please go and like and subscribe there and give us a nice rating as well. Brie, thank you so much for spending a few minutes with us. I really appreciate you coming on and talking about this. Look forward to seeing more of the stuff you're doing online and more of the stuff you're doing to help people increase that generational wealth.
Bri Smith [00:10:10]:
Thank you. Thank you for having me.
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