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KJCE 1370AM>Audio on Demand>>WorthPointe Wealth Watch Podcast 3/30/14

WorthPointe Wealth Watch Podcast 3/30/14

Mar 30, 2014|

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And for work quite well watch -- Christopher -- -- Partner and founder of worst point so we'll see. Tired of the same sales pitches disguised as financial advice Crist is a certified financial plan. Investment. -- -- -- Good afternoon Austin, Texas this is Christopher rants like can you are listening to the worst point twelfth watch. Would you view peeked under the hood of the wealth management. Ferrari. We have a really exciting show for you today. This is little different to for us would you say -- is an interesting is going to be interesting I don't know what I meant for here I feel so I feel good stories coming on -- I know which hearing for picnic and a little. Let's hope so I'm joined in studio. By Morgan Smith and Scott O'Brien worth point and also Sherri Foleo. Like portfolio. Which is gonna dovetail nicely there -- -- her -- who is a a manager for rock general bands out of California is that right Terry. That's right out of California. OK so. This is Austin which is very binge kind of place although we don't have big time. Brass like sharing and around here. Hope if you get the stories often has this stories. That's true that sure it's full story idea went to college here I got stories -- expect that the Tampa which is not quite as big time. Anyway so we're gonna talk about money and then what it does in rock and roll because I think it has a lot to do with what it does to the rest of us is just. To an extreme that first historical news item. So yeah neither is anybody. That seemed to -- fourth Wall Street movie I know I heard it was violent disgusting but there is a little over the top. Morgan Morgan you -- I heard was over the top and violent discuss technical quick and we haven't seen a much stronger -- So. Is so Tony six point seven billion dollars is what the bonuses were last year for. For the wall streeters. That's up 15% from the year before -- didn't look that good you know it we'll catch this a 164530. Dollars -- Wall Street employee. On their bonus. While and that includes the secretaries. And does include stop banks. So you get bonuses for -- own stuff French. Well I think that that was that was sort of the -- regular clients know their Pannemon and it's just more the more commissions they made the more they get bonuses that inning clean you include the stock options that they might have done so. And mom doesn't that's an astounding number that surprised I'm surprise anybody actually makes any money after Wall Street does like that E*Trade -- You know where the guys talking about as or Germany immigrants is -- Armin -- he hits it straight expect. How to convert your net worth and in my network. All right well let's let's wade right in with we're sharing. Cherries Tulsa little bit about your background. How did you get into this business who have you worked really I don't know what you can talk about but if you can share some of the names of -- bands you worked with them. And and we'll talk about what it's been like observing their financial habits. All right well I think just -- again. I think I heard my first kiss album. Was the first -- live album. Actually fell in love with that double that the Pentagon Denver wind -- So that we can John Denver to -- alive. In my life is changed. And started working with local bands in the area and before I knew it I went from my. Paul -- Get ready -- into Los Angeles and started working for bands and just kind of breaking up the charts. Started with the local band called 20/20. Went on to walk. In Los yes black you lawless yeah. And I looked up for the management team called McGhee entertainment. That -- Young upstarts Bon Jovi. Skid Row did yeah -- we ended up picking up but the scorpions. Make -- that's for -- around Motley -- I'm Dave and then once you let us say before. I did I worked my picks up an extra. -- Stewart get a commercial production company in LA and Dave was so shouldn't some kind of a spot this kind of big deal -- he was hanging out. But it was downloads while because he is not a Metallica. I begin. DE LA. He's a force and I tell you -- bookkeeper at a book a year or two ago. That I read on a trip to Italy and sitting in the middle of the Vatican. Can they can't put this book -- jaws hanging open. Trying to get this book and it might not get until I had basic highly recommend that book the good record -- -- -- -- I know they creatively he's just unbelievable so bottom line is you work with the biggest bonanza Thurmond Bon -- kids so I'm kind of ahead -- -- I like the groups that Syria and -- They made millions. That they really did. Yeah it is there is -- number about billions more than the other spelling person not a Matt I think -- -- way way up there and in the greatest thing is. It all of them. Are still going. It's mostly stand he'd be giving guns. Giving got -- broad and they've got to residents it's kind of you know. They gone they gone with the oh you're saying that -- the Guns 'N Roses was someone you didn't work -- You know it OpenId you know I did it well enough but -- -- that they even fell apart. You know there infrastructure -- and they all went their separate ways but all the -- -- workers are still together and touring heavily two days they'll. I'd take a little bit of pride in that. But I am and what and why so would what do you think what he why do you think that once you worked with. Were able to survive not only in terms of being an act but I guess they survive financially to -- personally what what was different. I would hate that we were all serious and maybe. That's what drew us to each other. Everybody was very aware of what we had this. And how important it was it's just -- didn't have a whole. The business of music itself. And so we all kind of carried ourselves in that way now of course everybody everybody got crazy left and right. But commuted with a very serious in the touring with very serious. And you know if opportunity knocked you had your coat on. And you were -- goes so this video Jon Bon Jovi. The guys this scorched for sure. -- and of course you know. Gene and Paul my god you know yes brilliant and the word just days they've lived it edict they didn't -- bit and and it it worked. Syria take a break here but when we come back I want you to you mean you saw these bands go from zero to a 150 miles an hour. Right and what happened when the money came Roland you can tell their stories we come back from the break yeah. I had a wrong. Heard. Between ramping government spending in uncertainty about our economic future most Texans are having doubts about their own financial future. Are you ready to take a serious look at your financial goals using the experience the only certified financial planner practitioner is it worth point. Would you like a second opinion on your current advisor who may be selling you investments and insurance for commissions is it worth when he radioed I've come to make an appointment or call 8885447. 760. That's worth point radio dot com 8885447760. Welcome back to work quite well watch giving you an unbiased people under the hood of wealth management investment and financial planning. Once again here's Christopher advanced. -- Welcome back ladies and gentlemen. You're listening to the -- went -- watch. And today we have a very interesting show for you. We're talking with -- Foleo. Who is a rock and roll business manager tour manager -- business manager Heidi describe yourself. You know very well well. It now I've crossed over into the there's legal side of things to get management part of the management team we do a little bit everything. -- see it kind of -- seen it all and done it all in the Iraq general business. Okay that's that's an -- are heard the screeching. And that it and it -- the Petronas and guess who could stay. So so tell us by the way ladies and gentlemen you can find us now on Linkedin. Twitter and FaceBook by searching for work point and we -- -- point radio and come. And if you -- replays show. You can go to worth when he radioed dot com we will host the show so. Sherri what happens when I'm. I get off the bus on the Sunset Strip and I go to the Iraq C. And I'm living in someone's apartment. And then all of a sudden my album goes to number one. What happens. It felt like you -- an uproar that was pretty. In my head many times. It's bad enough that it. Picture here -- guys together and you're playing in your mother's basement and everybody's traveling around and an old beat up banner at the same car and you don't care where you play. You don't care what money -- you Gary -- ketchup packets and toilet paper out of you know restaurants and it's I would almost say it's the best -- your life. Because you're just living for your art but it all the series you're working on songs and here at a club that we hear you and it's time. So it -- if you get spent 567 years writing all those songs and now you have an album out and you go from. You know five guys -- strippers -- -- boa constrictor no one room apartment having. We only had. Although Alice Cooper reference with the boat constrict. Yes so it's it's it's shocking. Very very shocking you know you you've been wearing this -- -- issues -- hold them and now all of a sudden he gets thick skin boots. It went in these young guys in the big skipped college hall room. Okay you go from -- Brian may queen no. The people that you couldn't nail -- music. Jagr did neither -- they -- the London school of economics. Community. Some of those -- have got escorted pretty impressive. -- different kettle of fish from the what you have a. But most out of -- I'm thinking about Guns 'N Roses some intimately familiar their story they they didn't you know they went straight to the clubs that probably didn't even graduate high school. No probably not -- really impregnated a teacher accused. -- I apologize for that. Let's hope the younger yeah -- hasn't done that -- -- money is huge and I find it it is managers step then. I don't want their very first thing they say it is by house by house. So that might well. Way to make it's yeah I'd say they did that way eventually but but Jovi getting Johnny -- seven. At this point in his life it. I did you put a Disco slide over there in the corner. And yeah they did a poll ranked -- and Google local exactly. Come we're gonna need a ten characterizes. The gonna pick it. It's good I I get very happy for them did you watch. It is what their lives changed from white castle burgers to sushi. But you know it did this probably come along yeah oh I forgot to pay my taxes what is that and so did give -- -- what do. What you know you know this -- -- and a Morgan about this. You know this really affects. Is of the one hit wonders. Because you know if your Bon Jovi you can go bankrupt seven times and step out on a stage and make more money. But that is a rare rare exception. Most of them have one or two hits and then they're off the scene. Yeah and the analogy is really for a one hit wonders does somebody out there who. Discuss an inheritance from the for gambling nor somebody who just sold the business and and that's it there we are less money. Yeah there's got to be a lot of mistakes that you've seen people make out there shouldn't. And then losing money. It but what it worsened some of them most egregious things you've seen. I would just get the fact of thinking that it's never gonna end. That's the big part. Bad people in record labels. In managers -- -- job is to keep you inspired in in keeping thinking that this that this train is never gonna end. And they want sure head's so big that you disappeared people writing and reading and writing and being is created -- that you -- be. And depending on the market heritage -- of the changing music. You know here today -- amount. So does anybody you know when you've got the number one now more or worse than number one song right where does anybody say hey look -- Yeah let's let's not spend all this because you know you look let's let's have some more success before we. We get this that but let's stick with -- one house and maybe a couple cars. Because we don't know this might be your last success and happens that way but but probably that never happens because everybody wants to blow sunshine up from they're you know what -- -- Eighties and nineties that would -- didn't think you know -- you left your your high school girlfriend. Of a million years you got your first street record all but not yet the Playboy -- girlfriend or your money starts to get the TV. That your money gone any that your -- like you know those those kind of girls look like -- fixtures. Considering who's up who's this. Girls go hand in hand. And you get you over to live. You're here living way beyond your means. Because you're trying to keep up with the perception of -- Ever no one bit on the first hit with the first sign a big success they said you know what I don't know what's gonna happen next I'm gonna be conservative. Did you ever -- Michaels poison. Was -- white young man. And and -- -- right. He knew that everyone is still got a thorn good TV. Great thing gone and he's a mogul. It did you know -- -- brand themselves that they know that's the big thing in the music business but just has been branding. I think all of us through like seven told us it's not a new concept that yes some people some people really did do right. The majority did not race that we had lunch yesterday with. Mark this year from the bullet boys who wrote a song shoot up. On the Warner Bros. -- was number one for almost a year. 88 million records sold and there were just talking and is that money was here today gone tomorrow because you get the idea that it's never gonna stop. And he did get all of a sudden what you've had a Mercedes he can't go back. -- status of of these nodded impressive card because you get your mind to your fans you're still in the war. So there's a lot of head gave David I think a lot of head into the problem as well. What I think I -- that what we'd like to talk about it is. That is seems to me like in our profession there's a lot of conflicts of interest and I'm sure there's a lot of conflicts of reached out there. That these RC getting for financial advice and I think could be. And of interest to talk about once we come back to the break your your. Okay. I always. Ten. Between ramping government spending and uncertainty about our economic future most Texans are having doubts about their own financial future. Are you ready to take this serious look at your financial goals using the experience the only certified financial planner practitioner is it worth point. Would you like a second opinion under current advisor who may be selling you investments and insurance for commission's -- -- when he radioed I've come to make an appointment or call 8885447. 760. That's worth point radio dot com 8885447768. Welcome back to work quite -- watch giving you an unbiased people under the hood of wealth management. Investment and financial planning. Once again here's Christopher -- Welcome back Austin here listening to the work went well watch and we were very uninteresting guest today -- Foleo. Or were you were -- we gutter not assist him Jerry you wanna be on this radio show and usual. What time is it -- If it was too early she wouldn't be in -- here and yet whether it has harnisch has not in the morning and -- certainly expect morning. I remember I asked that I I called large the drummer for Metallica what and I said where are you any good I don't know let me check the money. Never forget that I think he didn't Denmark based. That guy is a character yeah. Cheers I have followed him over the years he's a real Smart guy. It really Smart tennis pro yeah yeah idiotic. They well so. If if you look. What should these guys do first of all are there any changes I know the way it was in the sixties were they should they would Sino. Ridiculous record contract where the record company got 99% of all the money. Forever and they've always getting these you think surely wolves of Wall Street. Certainly. There and -- because the Internet you know -- rock star I Google things not to do when you make it I mean are they smarter now. I would say they're smarter now because they're -- major record labels are gone. They're gone and away fifty. That they used to be so you know you didn't accept it you know capital and Warner Bros. that. They're here but they don't play the same part in primarily all they are at the bank anymore these. It has the power shifted to the business manager. Power is shifted back to the -- itself the bells and they can put out their own record. And they can make your own deal with iTunes didn't. And it states if it had been and it's Smart they would just put eighteen together of both local people around them that believe in them. And and just kick it out themselves until they've got something to really bargain with. Well with the bigger company and so they can get paid you know better return on their dollars. Well what about in terms of personal financial management go to these give my experience in working with entertainers and athletes was that I never got near them. All I ever talked to was the business manager and the agent and the accountant and lawyer they never talked to me. So I couldn't say things like you know this might not last forever because they were gonna let me anywhere near these these as these artists. And that's really unfortunate because how many stories have you heard where those assets to people that you just mentioned I have -- robbed. People blind. Well it whether they robbed them or not they robbed them of the opportunity to plan for a stable financial future right it's almost like they wanna put him on the camps the -- trail. And how I am running around in circles Jason after the Karen I'm a little wheel so that they just because they make ten or 15%. Of gross revenues it is they just need to earnings to come in if these. If these artists ever got wealthy enough to still live off the interest on the money agents when you pay in Indianapolis is. Other thing -- still do a lot of these agents they have -- hand in the pocket for all these other deals that they're kind of presenting to the artist and this happens a lot with everyone -- to psyche of we've got this great annuity to Saudi we've got this land in the Bahamas or this franchise down in Mississippi. And then they've got some incentive to sell it to the artists 'cause there didn't think there in the mix there's -- reason they're getting money left and -- Do you ever see where what's called fee only financial advisor which means we. We don't take any commissions we don't have our hands it in any of this that deals and investments that we recommend are -- is our fee and we act as a fiduciary put in the clients. Does best interest first. Did you ever see an artist working with someone like I've never even heard of an advisor like yes. You know it's it's funny that you say that I I believe I'm only aware of the business manager and boy do they keep the lid. They keep everybody away. So that they can it's just them speaking to the artist and not even managers so much the worst so busy. Mining business and making sure the guitarist or there. And -- keeping ex wife away from girlfriends. And I think that that's your that no quarterback you know our our places instead tell you what to do with your money we're just -- we're there to help you make it. But the business managers are the ones. That stepped in in place to invest in logging companies then Coca-Cola machine. Minister on. Kinda crazy -- don't know from. Well I have not heard basically about what you guys are doing -- in relation to the music business. That's interesting right. But I just feel like this incredible wall between me and the ultimate client. That's our job to job -- to put it all up. But what he lives in the -- doesn't benefit from the the school of a really good advisor you get because there are things. Where I was I was never saying that you guys didn't know your business but you didn't know my business. In my businesses Peoples Financial security and as much money is these guys make most of them aren't Bon Jovi. So they need to be careful -- their money. And you know I worked with a lot of -- Delist. Actors and so forth who The Who you know didn't get top billing then they get paid 500000 dollars 700000 dollars when they did a project. And in California you get half of that when the tax man's done and that's just not that much money. Some. You know and I I did just -- of human I'd say you know. You need you don't need all these cars and houses and -- is to be honest. I am afraid of not looking. Wealthy only but I -- but everybody knows your. Only true. Yeah. Are you act if you look at the public the continue to get this -- really know much about perception. Yeah I know by now -- in on me you know we're sitting in Texas where it's located at. Not have the tall hat no cattle -- like to have small -- and cattle -- -- it's like a professional athletes who may Helio in the first college and they. Get all these people -- going after them. Because in nearly a big contracts but I think the NFL only NBA amateur -- Major League Baseball axiom that go to class now and clearly they have I think -- rock -- not -- -- And then maybe advisors are extremely wouldn't like -- of her life. Yeah I totally totally agreed and that's that part of part of what we buy and rock and roll is the fantasy of the lifestyle that. The -- do do not care let it all hang out so we're gonna have to go and about a minute and a half here -- but. Tell us the just give us a really good rock general story. Here's hoping money. And I could be -- a lot. I'll. Involving money you know the excesses -- supply and lots of money or just what ever did it did -- pile up money in the middle of the table and jump in the middle of that with Playboy bunnies or anything. Oh sure -- -- thinking he'd heard about the first. My original dream yeah I remember just went went Motley crew without getting debater and -- four million a month ensuring. And it it and enemy alien would actually go. Three million would join their pocket his earnings -- a million would go just for this crazy hotels in the limos and the planes that not. It it it's basically is saying -- so basically a million a month. Bought out the window. First 3800. Thirty days. -- -- that yeah we've been we we go to many many strip bars and I'd have to fit their category and I guess I can't believe I get paid for this. And not enough. With all the guys as this specially Tommy Lee. Dollars in there was a girl getting on a table and she'd wiggle in a way in and he -- she. Bent over in -- -- and it's basically look at -- he goes powerful. Could embolden muddy and a rock and roll that again without club. Pretty darn that's a great way to end the show was shares you you've got your book you're running just I hope. That you can get it out there for history -- -- -- -- grade and we'd love to get you on the show him down around. Acute -- out -- if you write a book we'd love to hear about now maybe we'll have you back on the future wanna. Thank you for come anomalous send. Adding a little color to run ordinarily fairly dry so I don't understand of the financial advisor. -- Sit Morgan caddie leave the media business with a million dollars in your pocket make sure you show up with two yeah. Digit rate visits a whole lot of fine and now I'm sure you guys could help us more that you think that you possibly can so don't get. All right well don't forget about us -- thanks so much for being on the solution. Yeah yeah. The -- yeah we'll see you next week Clinton's own. -- -- -- -- -- Can ask said man. Yeah.

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