From Chaos to Clarity: Victor Idoko Transforms Personal and Business Finances that Create Advocates

Freddy D: 00:02:36

Hey, super fans.

Superstar Freddy D. Here in this episode 143, we're joined by Victor Idoko, a wealth strategist, CFA charter holder, and the author of Seven Basic Wealth Strategies.

Victor is also the host of the elevate your wealth podcast where he helps high performing professionals and small business owners simplify their finances, shift their money mindset and build lasting wealth. What makes Victor stand out is his ability to combine deep technical expertise with a coach's heart.

Break down complex financial concepts into clear, practical steps that anyone can apply beyond money. He's passionate about growth, fitness, and living up to your full potential. And he brings that same energy into every conversation.

Get ready for an inspiring and practical discussion and how to align your finances with your life you truly want to live. Welcome, Victor, to the Business Superfans podcast. We're excited to have you here this morning.

It's actually afternoon for me and morning for you, so good morning, Victor. Welcome to the show.

Outro: 00:03:52

Thanks, Freddy. Yeah, it's amazing being here only in my time, so. Looking forward to the show. Yeah.

Freddy D: 00:03:58

So let's go back to the beginning. And I know you do a lot of stuff with financials, both for personal people and small businesses, but how did you get there? What's the backstory?

Outro: 00:04:06

Yeah, so backstory was I was working for a bank then, and I was with the bank for about five years and they were going through some restructuring. There was a little bit of a inquiry into the banking and financial system. And what happened?

The regulators came up with lots of rules compliance and all that. So lots of people were getting out of business, out of wealth management, wealth strategy, financial planning.

And I then saw it as an opportunity to then step out and actually start. Start my own business at that point in time.

So I guess it was an opportunity just to be able to create something and build something off our condition, create good following where we can help them, they can help us to win with.

Freddy D: 00:04:44

I know that you do some personal stuff and some business stuff. Let's clarify that for our listeners. What is it that you really do from a financial perspective? Because there's a lot of aspects to that.

Outro: 00:04:55

Correct, correct. And yes, very good question. When I sit down with clients, I always kind of break that into two buckets. Most people think about the tangibles.

Tangibles will help you make money, will help you save money, will help you choose the right products and all that.

But the intangibles, on the other hand, when someone comes to sit down with you, especially from a financial perspective, they want clarity, they want direction, they want they want a plan to get them to that ultimate goal in 3, 5, 10 years time. So we give them that plan, we hold them accountable, we get them to whatever goal they want. I was sitting out with the clients the other day.

He came and he didn't have two many goals. Okay. But after that conversation, kind of had a really good conversation. He then said, okay, look, Victor, let's set an ambitious goal.

Let's walk towards that. We give them the confidence to try to achieve what they truly want in life as well.

It's on the personal side and we do the same for small businesses as well. So we work with some small businesses and it's that guidance and clarity as to, well, you have money in the bank, what should you be doing with it?

How does that lead to your ultimate goal? So that's what we do.

Freddy D: 00:05:59

Yeah, because you're doing a little bit different than just like a CFO that comes in there and make sure that all the accounting and everything else is in place. You're really helping them take, okay, you've gotten a profit this year. What are we going to do with that profit? Let's multiply that profit.

But at the same time make sure that if you need to have access to it, you can get access to a business sometimes is up and down and so you might be riding a curve and then all of a sudden you run a flat spot. And so you've got to be able to get funding real quickly. How does that work from the business perspective?

Outro: 00:06:30

Yeah, so I love dealing with business owners because I always say there's another layer of aspects we can work with and just makes it a lot more complex for the average person to deal with your personal finances and business finances as well.

So definitely when we come in is ensuring that they are managing your cash flow, which many business owners, they're very good in a certain area of business or technical expertise, but you're not good with money and might we kind of guide them with that money management and that really helps in good and bad times. Because if you're managing money as you should in the good times, what happens?

It just flows through to the bad times because you have enough and then that's the way you survive in business and helping them as well. In terms of should they be investing outside the business, should they be investing inside the business?

What can we do in both of those scenarios to get them to that goal?

Many business owners are either very ambitious to just create something and change the way the world works and change the way the world sees some Things like, well, okay, yeah, how do we support you to get there? How do we ensure that? Okay, yes, you're doing that, but your personal finances are still taking care of. How do we ensure that?

Okay, you build in some investments in the business that later on, whenever you get to that goal, you're still very comfortable and happy as to what the business has done. And you can show that you have actually built something.

Because as I said, with many business owners, they might be a little bit focused on just the one thing, but we help them with all those other things that they don't have time and expertise to do.

Freddy D: 00:07:56

Yeah, because I've experienced here in the States where I've worked with some businesses where they've got a sort of a lifestyle business.

They've got things not properly classified from an accounting perspective because it's a husband and wife team or whatever that they started that business and it's running and it's operating. But there's really no long term strategy like you're talking about.

They may have some cash in the bank, but it's sometimes not very well invested or they've invested it in like one company that I know with bought stocks through the company which was really not necessarily the smartest thing that they could have done. They got a loan and the loan was, if I remember correctly, I think it was a personal loan that they guaranteed that they tied to the business.

And so there was a multitude of different things that we had to get a forensic CPA to come in and tear all that apart, recategorize everything because it was unfortunately not set up properly and the husband unfortunately passed away and they didn't have things properly set up.

So what you're doing is you're really helping them not only from a financial perspective, but also making sure that they've got things set up so that when something happens and then an unfortunate situation takes place, they're prepared.

Outro: 00:09:12

Yeah, we call that having a will for your business being in such a position that.

And you have a plan that if something unfortunate happens to you, your business can still survive if you want to survive, or there's a smooth transition as to winding that down and passing on the wealth to whichever beneficiary many people don't think about how do businesses should have a will. So it's pretty important that we sort that out and we guide them to think about the right things at the right time.

And just what you mentioned about being able to invest in the business, there are ways you can invest in the business smartly. But if you then look at just buying shares of stocks. That's not the best way to invest in the business.

So we'll guide them with that, we'll help them set it up and then shortly thinking in the right direction. Another thing that I do when I sit down with business owners is clarifying, what's the exit plan? Okay.

Because for example, if your exit plan is to sell, you definitely need to ensure those books are really nice and clean that you can show things and sell while as if you're running it as you said that person was running it as a family lifestyle business, it's very hard to sell or you might not get the value which you should have gotten if you ran that appropriately.

So small things like that, which people don't really think about until to 10, 20 years in and then they want to sell in the next two years and trying to change everything. So we'll definitely guide them. And one thing I definitely love doing for my clients is getting them to think very ambitiously.

And why that's important as well is those that have created ambitious, all successful businesses, you're not that much smarter. You've just done the right things at the right time. So if we can do the same and get you from 2x to 5 or 10x, why not quickly share a.

Freddy D: 00:10:49

Story where you actually work with somebody that they were not necessarily in a great financial position, but they had some expectations, but they really had no compass to get there. And how did you work with them to actually help them achieve their. Give them a direction, as you just mentioned, to achieve their objectives.

And maybe they didn't even have their objectives properly set up because they weren't thinking big enough. And that's probably a lot of big things that people sell themselves short. And so you come in and says, okay, well, yeah, we can do that.

But did you ever think of this?

Outro: 00:11:23

Correct. Yeah. I'll share a few stories in that regard. One is with a personal client. So not a business or not just a normal PAYTM person.

And when she came to me about eight years ago, she was like, someone said I should just come to see a financial planner because it's a good thing to tell her. Okay. So when she came, she had no goals, nothing. But one thing about this client that I really love, she was a very good saver.

She knew how to stick and live within her means. Okay. But without any goals or without any planning ahead, what that means is you're just saving. You're probably not using money efficiently.

So when I sat down with how I was like okay, well look, you're single, you're in your early 30s I think then it was actually late 20s, early 30s, less planned towards one, we'll get your house.

Two, we'll try to ensure in the next 15 years time you choose to work, if you want to work and we'll just ensure that, okay, past that when there's something called superannuation in Australia will ensure that your retirement is taken care of. And she's like okay, let's do that. Fast forward, you know now which is about eight years time we've been able to get her into her first home.

And if you think about prices in Sydney, Sydney school, quite expensive before we started recording her.

Freddy D: 00:12:30

Yes, love the city, but yes, it's not cheap.

Outro: 00:12:33

No, definitely not cheap. I think they're just pricing the harbor into the property prices in any way you buy a property in Sydney.

So we're able to get a house which was pretty amazing because she never thought she could get one. She just didn't have that vision.

And is the classic saying that we overestimate what we can do in the short term but underestimate what we can do in the long term. So it's like well no, we'll give it a few years. This is not a 12 year journey, it's a 5 plus years journey. So got her into a first house.

She's built a portfolio of hundreds of thousands of dollars on top of being in the first house. And her retirement is fully taken care of generally in about the next eight years time she can decide to stop working if she wants.

And that's just amazing.

That's someone that just came and I think it was just pure luck, right that she came and she listened to her friends just go see a financial planner and see what they can do for you.

And fast forward eight years she's in the house, a few hundred thousand dollars under her belt and being a lot more comfortable and living the lifestyle she wants. It's also interesting, she messaged me the other day and she was like, oh, I was going to take a trip to Europe but I don't want to do it.

I don't want to spend too much money. I don't know how it's going to affect my budget.

And I was like, you can take a trip to Europe every year for the next five years and spend X amount and is not going to do anything to your world. She's like ah, okay, cool. It's just fascinating how some people are not wired that way.

But we come in, we help Them, just give them the life they want, at least the opportunity to live the life they want. That's one example. Another example with a business owner is he was running a construction business.

And when he first came to see me, it was the classic thing, okay, money in the bank, I'll spend it. Money in the bank, I'll spend it. There was no plan, there was no idea as to what should be done. The structures around him were not right as well.

But fast forward now we're able to connect him with the right professionals because, look, I don't give accounting advice, but I give advice around structuring and all that. So we're able to ensure he has a family trust, he set up a company. Right.

He's saving money towards his retirement, he's saving money towards the near term goal, saving money for his kids. He wasn't doing any of that. And he started working with me about three and a half years ago.

And I remember catching up with him again about a year ago and he was like, oh, I feel like I don't have any money. I was like, why? And he was like, oh, there's actually nothing. The bank account, it feels like we haven't done anything.

And I was like, I pulled up his portfolio, I was like, did you forget about this? He's like, oh, I forgot about this. And that's just structure, structure that. Okay? You're saving and you get in ahead. That's what we do for people.

And I think sometimes people underestimate or that overestimate what we can do in one year. And they're like, oh, after one year is like, well, we're not really getting the head. Okay, that's it.

It's like you've lost the benefits because that's just when things starting to work. It's a long term journey, but it works.

Freddy D: 00:15:14

So you could say from that lady individual that she would be a super fan of you because you've completely transformed her life.

Outro: 00:15:21

Exactly.

For example, she has sent me a few clients as well and she's just become a super fan because we delivered on what we agreed on and we also ensured that we're taking care of her. All the small things that clients warrant and then mention, if you remember that they just love that.

For example, you might just be calling them with your preferred name, small thing like that. And they just love it because it's not your legal name, but it's your preferred name. And you do that.

Just ensuring that you're responding to them and doing what you said, just doing the small Things really well, really ends up being a huge things and then they become super fans. And as we're saying, it's the cheapest form of marketing you could ever do.

Freddy D: 00:16:02

I mean it's one of my quotes is the little things are really the big things you just did is you just talked about the little things. Calling people by their preferred name. Especially in the United States most people will shorten somebody's name.

So if it's Jonathan, they'll say John or Richard, they'll say Rich or Frederick, they'll say Fred.

And one of the things I learned traveling around the world in some countries that's very insulting because of the fact that you didn't get permission. Especially you go to the Asian culture and you don't even say their first name until they tell you that it's okay to say their first name.

That's what you do. It's business, it's respect. And what you're doing is you're respecting the individual by okay, this is what I prefer to be called.

Outro: 00:16:50

Okay, great.

Freddy D: 00:16:51

That's what I call you from now on. It's a little thing, but to them it's a very big thing.

Outro: 00:16:56

True, true.

Freddy D: 00:16:57

It's the same thing with people don't recognize that birthdays is. Another thing that I talk about a lot is recognizing an individual's birthday and sending them an old fashioned card through the mail.

Because one, it's old school and sets you apart from anybody else. But more importantly, that might be the only birthday card that they got. They'll tell everybody about it.

Oh, they have my financial advisor, Victoria sent me a birthday card. How cool is that?

Outro: 00:17:27

Well, I like that. I'm going to steal that idea. We do the emails for now, but I'm going to go to the birthday cards.

Freddy D: 00:17:32

It's a different thing people forget.

One of the things I talk a lot about is I've been in sales and marketing for a long, long time and we've gotten to all this digital age but old school still works and it's still the fact that it comes in through the mail. You look at it, you put it up. Especially if it's a birthday card or a little personalized gift.

One of the things I talk about is you send a personalized water bottle with your logo on it. That's all about you.

Outro: 00:18:01

Yeah, right.

Freddy D: 00:18:01

You don't really care. But if I change this and add an individual's name on it, what did that just do?

Outro: 00:18:08

It's my water bottle personalized it.

Freddy D: 00:18:10

A little thing that really becomes a big thing. Use that as an example because now you're still marketing, but now, hey, don't touch my water bottle. They're not saying don't touch the water bottle.

It's don't touch my water bottle.

Outro: 00:18:21

My water bottle.

Freddy D: 00:18:23

Right.

Outro: 00:18:23

I like that. I'm definitely stealing some of your tips and tricks, Freddie.

Freddy D: 00:18:27

My pleasure.

If you really kind of elevate people and that's your thing, is one of my other quotes in the book is people will crawl through broken glass for appreciation and recognition. Doesn't matter what where you are, what religion, what color, doesn't matter. Fundamentals are the fundamentals.

And you taking the time to work with those people and recognizing their challenges and helping them straighten out their finances is an important aspect.

Outro: 00:18:53

Yeah, yeah, it is. You've mentioned very key points there. As to human nature, with all the tech and everything, human nature is still the same.

Going back to the way we feel loved, the way we feel appreciated, it's still the same. Tech has just given us the way to do it better.

But sometimes we're replacing it with that classic human nature or making them feel loved in the way we humans want to feel loved and appreciated to then make them super fans.

Freddy D: 00:19:18

Yeah, I say an old fashioned phone call still works. We get caught up in the text messaging and everything else.

But a buddy of mine that I've known for, geez, 30 years, I just saw something that he posted on LinkedIn the other day and I just reached out to him and said, hey man, I just saw the thing and I just thought, I haven't talked to you in a while. I thought I'd reach out and say hi.

Yesterday we reconnected and we just laughed about some of the stuff that we had, the shenanigans that we had done back 30 some years ago, we're going.

Outro: 00:19:46

To keep that off the podcast.

Freddy D: 00:19:47

Let's talk a little bit more of some of the things that you do from a financial aspect, because there's more to just helping people put their funding and all that stuff. Let's explore some more of that.

Outro: 00:19:56

Sure. Other things we do as well. You kind of mentioned that before. Boys. In terms of protection. Okay.

So just ensuring if anything happened to someone yesterday, your life can still go and they can still maintain a certain lifestyle. If they have kids and family, the kids and family still taken care of so you're not put into a disadvantaged situation.

Some things in my job that I see regularly that I wish other people could just see to really understand the value of protection is once someone goes through a life, a Significant life change or life event like having lose a loved one, be totally or permanently disabled, be unable to work for a long time, they come to us. So we kind of see that and we kind of see the pain, the stress they go through as well as dear family.

So when we also talk to clients now, it's like, well, look, we also want to protect you just in case because you're sending things that are out of our control, out of us just pushing through and getting up and going to work. We want to cover that. So that's something we do with clients as well.

Just ensuring that they are in a situation, whether anything unfortunate, what's to happen, they can take care of themselves or the family. And look personally as well. I mean the transition of the upgrading mind. Okay.

Because it's something that changes every time depending on your life stage.

Someone that started off with no kids and later on they have two kids, you need a higher level of COVID So on earth that then have the kids grow up and move out of the house, they need a lower level of COVID So all those kind of things are very important. Then look other variables in there. So that's another aspect that we help clients with.

One of my other super fans was a lady who came in about eight, nine years ago and she was fit, she was fine, but no issues. She came to reduce her protection. At that point in time, I was like, wow, it actually sounds like you need more protection.

And then she wasn't too happy. She was like, victor, I came to reduce my protection, not increase it. But you've convinced me to increase it.

I was like, yes, because it's what you need at this point in time. Fast forward nine months after that conversation with her, she had breast cancer. So then she had to claim on that.

So we helped her through the process. She was grateful that we actually increased the COVID because you then ensure she can take care of her daughter. She need to worry about money.

She could focus on recovery. Someone like that as well.

Just helping her set it up or rather maintain it because I actually didn't set it by it helped her increase it and then ensuring that she gets a claim as well, she gets the money paid out, was pretty good and pretty significant for her and us as well.

Freddy D: 00:22:25

Yeah, so you really transformed her again as well because an unfortunate life event took place and you helped her be prepared for the unforeseen that happened to come true.

Outro: 00:22:37

Yeah, those are other things that we do as well. I think what we do is quite broad. And the good thing about me running savior Advisories.

Once I see something we can help clients with that isn't really being done at this point in time, we can incorporate that into the business model and ensure that we can help clients through that aspect in life.

Freddy D: 00:22:55

Yeah, because a lot of times I don't know what it is like in Australia and in the schools, but I know in the United States they don't teach any financial planning in school. And you don't even really learn how to balance your checkbook.

And then, poof, you go out into life and next thing you know, you have no financial direction unless you have the wherewithal to go get and talk to a financial advisor. You're just winging it and just the wind is batting you around versus you controlling how life is going.

So what you're really doing is helping people put control into at least the financial part of their life by helping them get that structured so they're being proactive versus reactive. Because when you're reactive, usually it's too late.

Outro: 00:23:43

Yeah, generally. Usually it's too late. I think my story as well is I got lots of my good financial attitudes from my parents.

My mom was a teacher, my dad was a soldier. You can imagine the amount of structure and discipline we had in the house just growing up.

But look, I got a lot of my good financial attitudes from them, so I'm definitely super fast for them. And I'm glad they were able to impact that in me at a young age, because then when I grew up, it was a lot easier to maintain those attitudes.

But just top that up with knowledge, because those are two things people need. You need the attitude, one, to just be disciplined and not spend that money when you shouldn't spend.

But at the same time, I need the knowledge to, okay, know what that looks like. Where should you then put the extra money? Growing up in that house would really help me.

And that's what I try to encourage my clients now that are parents to do. You need to start teaching the kid as soon as you're like two years old.

You need to start giving them subtle ways or subtle training to actually help them build the right attitude. Like, my story is where I remember my mom always telling me, because back in Africa back then, I left Africa about 17 years ago.

Back in Africa, they'll usually give out money to kids on a birthday, or if you're being nice, they'll just be like, hey, that's it.

And my mom would always say, give it to me, let me keep it for you, because you might need it later if you want we can take some of it to use and buy you lollies or whatever the case is. And I was, okay, so all of a sudden that's saving and saving for a rainy day and spend just a little bit on things you love.

So that was my first knowledge as to, okay, how do you save, how do you invest?

And it just became an attitude because even till this day, I feel very, very weird if I'm not saving, if I'm not putting some away, and if I'm not setting myself up for the future. She always talk about, in the future you might need it. In the future you might need it.

And then my first memory about investing as well was me opening checks for my dad. And back then he would give me checks to open. And I always say my mom was definitely conscious and I know she was really teaching me.

My dad, I don't know if he was just like, hey, just open it for me, I can't be bothered. But either way, I'll open checks in there. He'll ask me to read out the numbers, and the numbers are very small. And I'll read it out.

I'll be like, what's this? It's like someone is giving him money because he gave them money. I was like, why?

He was like, well, they're using it and they're working with the money and they'll give him some of it. And that's the way that he just explained it back then. And to me, back then, I was about 5, 6, I vividly remember this.

I was like, okay, but he planted that seed of investing in my head, right? And all of a sudden he's like, later on I know you could put money somewhere and you can get back some as long as you put it in the right place.

That attitude and that upbringing is needed. So parents and guardians and people that are responsible for others, you need to teach them about things like this.

So for our high end families that have wealth, we actually teach the kids and teach the next generation about money. That's another misconception that some people have that, well, if you've a rich family, don't let the kids know, don't let the next generation know.

So they don't get sports.

It's like, on the contrary, you need to let them know they have money and let them know, do stewards and guidance for this money so they shouldn't run, run out of it or spend it in a wise way. And that way they actually grew up knowing how to spend the money versus inheriting a few million dollars.

In your 20s or 30s, and you have no education or no idea as to what to do with money. Those are things we do as well for clients.

Freddy D: 00:27:03

Yeah. What you're bringing up there, Victor, very important. Because you see a lot of sports, individuals, all of a sudden, poof, they're playing a sport.

They're right out of college, they're in their early 20s, and poof, they get a $10 million contract to play a sport. They're buying the Lamborghinis, they're buying this, and they're really not running it as a business. They're just. It's them, it's their money.

And then all of a sudden their career gets cut short because of an injury and everything else. And next thing, some of these guys are broke and they're working at the grocery store. I've seen it.

And because there was no financial education with them whatsoever, what you're talking about is very, very important.

Outro: 00:27:45

Yeah.

Freddy D: 00:27:46

Whether you don't have money and you are striving to save that money, you helping those people, or if they've come from a family of money, how to keep that money because it's easy to go and spend it. And then all of a sudden it's gone and it's not replenishing itself. You have a little bit of a problem.

Outro: 00:28:03

Yes. Yeah, for sure. I was speaking to a friend yesterday. He's a very good friend, and we have discount conditions.

He was like, when things are booming, you better be banking, and when you're banking, you better be balancing. This is what people miss.

Because as soon as you're making money every time, especially for sports, the sports professionals, you have a certain period of time where you make so much money. Right. And if you're not balancing things out, then you're going to run out of that money.

Because they said you don't earn $10 million a year and you're earning nothing before all of a sudden he's like, yeah, I can buy this, I can buy that. It's like, well, no, now this $10 million, you're probably going to end up for maybe 10 more years, but then you have another 50 years to live.

What are you going to do? So it's like, well, you should be saving a lot of that towards the future or putting that into something that gets you more every time.

So once this 10 million contract goes, you're still getting $10 million from all your investments. So that kind of thinking is really needed. Yeah.

Freddy D: 00:28:57

And it's important. So that's really some of the things that you're doing helping people get themselves out of their own way by being able to understand that.

Okay, yes, it's cool, you got a big pile of cash, but let's plan. And I really like what you just said is let's turn that into 10 million a year perpetually versus okay, you got this big chunk of cash.

Okay, that's wonderful. And then tomorrow it's gone and it goes like this.

Outro: 00:29:25

Definitely goes very quickly. Definitely things that I loved and I'm very passionate about as well.

Well, and I wish a lot of people just sat down and got the advice and thought about it, picked up a book, even just read about it. I've written a book as well.

It's called 7 Basic Wealth Strategies and it just talks about 7 basic things people need to be doing to have a rewarding and fulfilling life. Seven basic things people need to be doing that if they do these things Dear Finance Wincheck.

Freddy D: 00:29:48

Let's talk more about that book. Share about that book.

Outro: 00:29:51

I'd read so many other finance books because I do read a lot finance motivational books and all the books I read usually talked about one or two of those seven things. They never really spoke about all seven. And I'm like, well, you need all seven.

If you don't have all seven, it's not going to be a fulfilling life you're going to live. Okay. And I'm going to still use that example of the sports person getting $10 million per year.

If you don't have goals and if you haven't written them down, your long term goals, you're going to really live in the moment. And in the moment is yeah, buy the Lamborghini, buy the huge house and not worry about the Future.

So the first chapter talks about how you plan your 10 years every time. And if you plan your 10 years every time, one year from now you're still planning 10 years ahead.

So it's always just a moving thing that you always do. So first chapter talks about that. Second chapter talks about your spending plan and how you manage how you manage your money.

So money management is the ins and the outs, okay. And the universal principle around that is always keep a little bit more than you're giving out. Okay?

So if you earn 10 million, ensure that, okay, well, spots people a little bit different because they need to keep a lot more because it's not a ongoing salary, but at least you want to ensure that you're keeping a lot more than that versus just spending the whole $10 million.

So that's cash flow and the General rules around that must to set some for your bills, set some for the short term things that come up once three years time. Set some for the long term things making that $10 million you received in the year be now 10 million perpetual. You build that over a 10 year period.

You can call it the 10-10-10, whatever you want to call it. And then have some that you play around with.

Like for example that sports person getting $10 million away give probably earns the right to spend a million dollars however they want. As long as they're using the other nine wisely, there will not be any problem.

And the other nine might be okay, well use two, three of that for your living expenses and accommodation. The rest you definitely want to be investing that because you're in a short term kind of career.

It's not a long term career if you're in a long term different for cash flow. So that was the second chapter. Other chapters talk about investment retirement protection and we also talked about how to manage debt.

Debt is one of the underutilized items for people that are high net worth. Okay. They don't really want to use debt because they don't need to.

But you're kind of putting losing dollars on the table if they don't use smart debt to build more wealth. Those are the key things which we spoke about and just gives people the basic knowledge.

I think for someone earning $10 million, you definitely need to have very good advisor helping and guiding you with your finances.

Freddy D: 00:32:34

And it's the same thing with a small business owning, making 500,000 to million, million and a half, 2 million. Same thing they need to be planning for what you just said. It really just the numbers are different, but the fundamentals are still the fundamentals.

Outro: 00:32:49

Yeah, exactly. The good thing about business that I always tell my business clients is you can really do good things with the business.

Like you can scale a business as a small business. You can take that business from $500,000 a year to $5 million a year. That can be easily done in a short period of time if you do the right things.

However, you still need to be have that proper money management because if you don't have that property management, Whether you're making 500,000, $5 million, you're gonna have cash flow and money issues if you don't manage that properly. But yeah, still the same concept.

And for businesses, for people that want to run businesses for a long period of time, if you're running that for 10, 20, 30 years and you're doing the right things, Every time. And keeping some investing, some growing the business. You'll be laughing after just a few. Yes, sure. What's the name of the book, Victor?

It's called 7 Basic Wealth Strategies and that can be found on Amazon, easily accessible to people around the world, which is good. And it can also be found on Audible. So seven Basic Wealth Strategies and we'll.

Freddy D: 00:33:49

Definitely make sure that that's in our show notes. Important stuff that you're bringing up there because a lot of businesses and individuals really don't plan for it. Especially individuals have a job.

Like we talked earlier with that one lady. They're basically a lot of times they're spending more than they need to because they want to have the lifestyle.

And so they're living in a moment and we'll deal with tomorrow, like you just said, down the road. And it's like kicking the can down the road but unfortunately the can is empty when you get down the road.

Outro: 00:34:21

Exactly. Everyone has the advantages. Even the payg where you're going to be on a salary and it's probably going to grow up 2 to 10% every year.

You still have an advantage. You can clearly plan that out with a little bit of consistency.

The sports person that's getting the 10 million every year for 10 years or 15 years if you're lucky, you can still plan that. Everyone just needs a little bit of planning. It's very specific to your situation as well.

Freddy D: 00:34:46

Yeah, it's very good stuff. Especially, you know, I think there was a book that's called the Millionaire Next Door.

Outro: 00:34:51

I've read that one.

Freddy D: 00:34:52

Yeah, it's the same thing. The person's not making a hundred thousand dollars or they're making 50,000, 75,000. What? But they're doing.

What you're talking about is they're investing it wisely. They're being not necessarily frugal, but they're basically not spending more than they should.

They're looking at what their expenses should be and they're planning for that long term. And the next thing, all of a sudden you're finding out, geez, John next door isn't working anymore and he's only 42. And why?

Because they basically put those. What you're talking about put that in place when they were 22.

Outro: 00:35:26

Correct. The key thing I love about that bookie and as every book has, the got some great points. The thing, there's consistency.

You know, people really underestimate consistency.

I've seen people earning $50,000, I've seen people earning $400,000 and sometimes the people with $50,000 are living an amazing life in terms of peace of mind and having what they want versus those with that amount. And it all comes down to that consistency as to saving, investing, doing the right things with your money.

And that consistency can work in the opposite way as well. If you're consistently outspending what you're getting, you're going to run into a huge, serious amount of troubles in that regard because.

Yeah, that debt keeps building debt as well. Compounds debt can be a compounding thing. Sure.

Freddy D: 00:36:13

Because the interest under debt is just. That's how it's compounding.

Outro: 00:36:17

Yeah.

And interest on top interest, when you have debt, it's a lot higher than the interest you get on your investments, because your credit card debt can be up to 20, 25%. If you have an investment that's giving you 15, 20% consistent ear now annual basis. That is amazing.

Freddy D: 00:36:34

Totally makes sense. Victor, it's been a great conversation as we kind of get in towards the end here. How can people find you?

Outro: 00:36:40

Yeah, so I am on Instagram and on LinkedIn and just on our website. So with Instagram, my Instagram handle is I am VictorDoco. So just I am. And then my name. And we have a company, Instagram as well.

I've just started building my own personal, professional Instagram and then on LinkedIn as well. So you find myself there, Victor Idoko. And then you'll see lots of letters next to my name. Those are all the studies that I've done.

So I have my cfa, my cfp. You'll easily find me because there are a few Victor Dokos. So that will be on LinkedIn and then you can just find us on our website.

Website is cfvservices.com We've actually just rebranded to cfvadvisory.com, but either of them, you'd go to the same website.

Freddy D: 00:37:27

Okay, we'll make sure that that's on our show. Notes for our listeners and great conversation.

You and I could probably talk on this stuff for a little while and definitely would love to have you on the show down the road.

Outro: 00:37:38

Thanks very much, Freddie. It's been an amazing show. Thanks for having me.

Freddy D: 00:37:40

Yeah, thank you. That's a wrap on today's episode.

We've been leaning into the Superfans framework pillar E elevate turn experiences into loyalty, Turning ordinary interactions into extraordinary moments that make your customers and team say, I'm never leaving this brand. Victor showed us that when you raise the bar on experience, you raise the ceiling on loyalty. So here's your challenge.

Pick one area of your client or team journey and ask, how can I make this feeling unforgettable? When you do, you don't just earn business, you earn superfans. And remember, one action, one stakeholder, one superfan closer.

Until next time, keep building your business Superfans. Thank you for listening. And know this, when you do, success grows. Freedom follows.

Speaker C: 00:38:42

We hope you took away some useful knowledge from today's episode of the Business Superfans Podcast. The path to success relies on taking action. So go over to businessuperfans.com and get your hands on the book.

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