Sean Allen is the CEO and Co-Founder of WizeFi, a personal finance platform that helps you make the most of your money and helps you make more money so you can live your ideal lifestyle. With 20+ years experience in the financial advising industry, Sean is bringing a tool once reserved for professional financial planners to the masses.
In this show, Sean explains how important behavior change is to achieving your desired financial goals, and how WizeFi illustrates how each decision you make can impact your current and future net worth. Through his platform, he believes that anyone, no matter their income, can learn to spend their money in a way that makes them more money, which in turn lead them to their best financial future. Sean also speaks to his journey back into startups after decades in the professional industry and gives advice to new entrepreneurs, young and old, on how to structure a business to eventually become passive income.
Some Questions I Ask Sean:
- What is WizeFi? [1:42]
- What does WizeFi do? [2:00]
- What carries more weight on the platform, the affiliate program or the investment side of it? [2.44]
- Do you provide training to your users on how to onboard their friends? [3:41]
- What’s the benefit of going with WizeFi over a Wealthfront-type competitor? [4:50]
- Why do you think it is that doctors/lawyers/dentists bring in half a million a year but end up having so much debt? [10:53]
- Where does the quote “Wealth begins in the mind” originate from? [13:23]
- Why is it that people behave as if they’re wealthy when they’re not? [15:49]
- It seems that people are always chasing but never reaching their financial goals - why do you think that is? [18:05]
- Productive and nonproductive assets - why is it important to understand the difference? [21:41]
- What would be a very tangible example of a productive asset? [23.37]
- Does the current market climate impact what is a productive or nonproductive asset? [25:38]
- Is affiliate marketing a good example of a productive asset? [28:31]
- What’s a nonproductive asset? [34:01]
- Is your goal in your own businesses to replace yourself and let it run on their own? [36:42]
- What advice would you have to founders who are trying to replace themselves? [38:41]
- Why do founders try to do everything? [40:38]
- When have you learned from your business failures? [47:37]
- Why circle back around to a startup after 20+ years in the industry? [51.48]
- Why is dedicating time to planning so pivotal? [59:14]
- What books would you recommend for financial help? [1:00:18]
- What are 3 primary pieces of financial advice you would give to someone? [1.03.49]
Some Things You’ll Learn in This Episode:
- Invest your money in productive assets - things that bring you additional income. Otherwise you’re just transferring your wealth to someone else.
- A budget by itself is useless if not accompanied by behavior change.
- The first step to achieving your financial goals is making sure they are realistic.
- As an entrepreneur, your goal should be to surround yourself with talented operations people. It opens the door for you to remove yourself later.
- The hardest moment in starting a new business is the idea phase - step one, get it onto paper and figure out what your role should be. Whatever you can’t do, you should look for in a partner.
- Great companies are 1% good idea and 99% good execution.
- Most great entrepreneurs will say that they wouldn’t be where they are without learning from many failures along the way.
- We’re a product of our surroundings - influences from the media and those around us can heavily impact how we behave and spend.
- Pivoting quickly is essential to success - otherwise you risk spending too much time running down the wrong path.
- The best entrepreneurs take their business one quarter at a time - execute for 12 weeks and spend one week in reflection and planning.
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