Special Guest Expert - Jim Magadanz: Video automatically transcribed by Sonix

Special Guest Expert - Jim Magadanz: this eJwdjttOg0AQhl-F7IVXCIXSiiSNadV4iprU1MMVGXcH3LgHsjsLatN3F3o588_3_bNn3BpCQzX9dsgqtmYxk8YTGI61FKyaz2dlVhRZzHjwZHXw6I5BvsyWxSKPGXBuw2g4Xpfni-wsZo1EJWoDenI2UuGo_R7AtZ5VexacGtdfRJ2v0nQYhqS1tlUInfQJtzoVTvaY9nk6oT7Ndpty_fSs-vJhk5Xb9y2KvOhfzefdx-XV7dusvQBFK41Cwom3wXFcCTsYZUHsxqqYkSQ1ffLSIZegopuAnqLrnw4dRafRvdTRI7QgwPwluitGorFOA43INB4O_2UrYk8:1o9CRC:y6gVtbtMxMIPli7EUsPsmUqCI_8 video file was automatically transcribed by Sonix with the best speech-to-text algorithms. This transcript may contain errors.

Brigitta Hoeferle:
Here's the big question. How is it that most entrepreneurs hustle and are always busy and struggle to take just one step forward, only to fall two steps back their dedicated, determined and driven, but only a few finally break through and win. This show uncovers those quantum leap patterns of highly successful people so you can simply model what they do and apply to your future success. That's the question. And the answers are right here. My name is Brigitta Hoeferle and this is the Success Patterns Show. And that is right. Welcome, everyone, on this Tuesday. Thank you for tuning in to the success pattern show where we put the do in learn do teach. My name is Brigitta Hoeferle. I'm the founder of the Success Patterns Movement and the CEO of the Center of NLP. And we look with our guest experts here in this show of different patterns that lead to success. Now, can we agree that success is an interesting thing, right? It shapes its meaning within within each individual success seeker. And it's not really limited to either business or personal life or finances or fitness or health, because success is a unique concept. We give we give the scaffolding within the success pattern show to build your own empire. We give you the the the outline and I like to call it the scaffolding to do that with the success pattern show with this show were decoding patterns that led to our our guest expert success. So you can then encode it for your success today. Now, the definition of a pattern is an example to follow others and as humans were hardwired for hands on application by a living teacher. We're not theoreticians because they just talk a good game. We are grandmasters at work here and we give you tips on how to model success because that's one of the laws of NLP. It is all about expert modeling and we give you that model in a fun, informative way. So success is already yours. Stay tuned. At the end of this show, we have a very special gift that is a guideline and a reminder of the laws of success and many other great gifts. As our guest experts always come with great goodies that they share with us.

Brigitta Hoeferle:
Today is a great show. We have an incredible, knowledgeable and very heart centered financial guru, and I know the word guru can be misused. Now, this guy is a very centered and Zen kind of person, but boy, does he know his stuff. He tailors education after formal education, and he is a genius when it comes to retirement distribution strategies. He's here to add value as this people when no one else can, which he derived from over 42 years of experience. And he's not really that old 20 plus professional designations and just under 20,000 sales appointments. Now, that is a lot. He makes finances fun. I think he advises financial, financial advisors and financial planners. And we're going to talk more about finances, but not in a dry or boring way. We're going to make it a lot of fun. So if you are in your office and you are sitting down, this is a really good time to stand on your feet and help me welcome Mr. Jim McAdams. Hey, Jim, good to see you.

Jim Magadanz:
Thank you so much, Brigitta. Thank you for allowing me to visit with you and in your audience today. It's such a pleasure and it's great to see you again. Thank you very much.

Brigitta Hoeferle:
Yeah. Thanks for being here. Thank you for making the time. You know, before we started today's show, we talked about the last two years coming out of the pandemic and doing a lot of things here online. Now, you are someone before the pandemic and now after the pandemic. You're someone that is invited in to speak in front of a living audience. Like we have a living audience here, but actually with people in a real room.

Jim Magadanz:
Yes.

Brigitta Hoeferle:
And they invite you to speak. On what?

Jim Magadanz:
It's a great question, Brigida. The the in-person meetings are so dynamic compared to the zoom, particularly once you get to ten, 15, 20 people. The thing you miss with Zoom and I think Zoom is important from an efficiency standpoint, but you're missing that synergy of the group and the dynamics of seeing everyone at once. And the topics I talk about are both what I call hard skill in soft skill topics. The hard skill would involve such things as solutions that people need for concerns that they have in their daily life. Maybe it's a concern about living your money or gosh, the stock market goes up, it goes down. How often should I check my for one key account balance? And what do I do if it's down? Those types, those are hard solutions. But the soft solutions are really the emotional aspect is what happens when the market goes down from an anxiety and stress standpoint. Point of retirement, for example. What do I do in regards to health insurance? When do I take Social Security? Builds a lot of anxiety in people of some not eating as well. We're losing sleep. And so one of the things I can do is help reassure people that if we ask some of these key questions, you'll become much more clear in what you want to achieve and achieve that peace of mind. So that's not always hard. Skill answers a lot of it is what is it you want to achieve and then allow me to help you do that.

Brigitta Hoeferle:
Yeah. And you know, you talked about emotions and finances and I learned many, many moons ago that emotions and finances just don't necessarily go together. Right, especially when checking your your funds or your stocks or whatever you have it's being emotionally attached to it is probably not a good thing.

Jim Magadanz:
No, you're exactly right. And so when I work with with individuals, I'm very objective. In a now you have to listen to what they're trying to achieve, but then you recommend that solution that's going to help them that you truly believe is going to help them achieve and address their needs versus just throwing out any different type of solution. That's fad of the day.

Brigitta Hoeferle:
Yeah. Now you've written several books and you're in the process of writing even more books. What made you write those books?

Jim Magadanz:
That's a great question. It goes all the way back to the college when I used to write articles for the college newspaper. Then over the years as a professional, I've actually had probably 40 plus magazine articles published on a variety of topics. And over the years, you acquire expertise in different areas. And one of my areas of expertise is definitely the retirement distribution strategy area. In terms of what concerns do we have in retirement? Is is it outliving your money? Is it inflation, which is on the increase now? Is it market risk? If so, then what strategies can we put in place to give you that peace of mind? Quite frankly, I never worry about retirement issues at all in regards to contribution amounts. I can have enough. Is it diversified? Because if you ask the right questions, you can develop the strategies then to make that happen. It's asking the right questions and working with someone to help guide you through that process.

Brigitta Hoeferle:
You know, you mentioned that twice now asking the right questions. And I as a coach, I'm a big believer in asking quality questions. And just the other day, I was I was asked to jump on a call with someone who wanted to sell me health insurance. Well, first of all, that person didn't even ask me if I already had health insurance, so he forgot to ask some. Really, I'd say fundamental questions, but it's it's I love that you harp on the asking the good questions, asking the quality questions. Why, what what what do you get from asking those quality questions? I'm not asking that for me. I am asking that for me. And I'm also asked.

Jim Magadanz:
So let's take that question and turn it around. Is what happens if we don't ask the right questions because of possible solutions once your expertise hits the level? Well, there are actually literally hundreds of solutions to any given situation. Some are much better than others. But without knowing the specific need, quite frankly, you're guessing. And so one of the things I do when I sit down with individuals and this may take just a few moments or it could take up to 45 minutes, I will continually ask questions until I get really clear on what their need is. Then at that point the solution becomes very apparent and I feel very confident in making a recommendation that I truly think will help them going forward. Many times individuals will say, Gosh, Jim, you ask a lot of questions and you know what I say to them, why do you suppose that is? I ask another question.

Brigitta Hoeferle:
And I love what you said about assumptions, because too many people go in and assume as we're not mind readers, right? The more information we have, the better we can mold the solution. That is just right for you, the the receiver. So there's a there's a great pattern in that. And I'm always it's a success pattern show. I'm always looking for those patterns. And the questions seem to be one of those patterns. Now, I would assume with the 40 plus years that you have under your belt, what would you say is the number one pattern that drives you or that has brought you to where you are today? Or strategy.

Jim Magadanz:
For myself professionally?

Brigitta Hoeferle:
Yes.

Jim Magadanz:
The number one thing I've done consistently over the years is continue to study and read on a daily basis. Actually make that what I do first thing in the morning is read when a part of my career has a pension tax specialist. So I actually read the daily tax report first thing in the morning. Now, I don't recommend that for most people, but I still have my reading. I do the same reading process every single morning, which is really, really important to stay up to date. And in the evening then I will generally have 3 to 5 books out on a variety of topics and I'll just read maybe half an hour or two if you get going on any topic I want, it could be gardening, it could be taxation. Whatever topic that that interest you. Right now, I've got one of the Socrates books out there and asking questions, as a matter of fact.

Brigitta Hoeferle:
Well, if you go, it goes all the way back to Socrates. So what would you say? I'm pretty sure that you have several books in your bookshelf.

Jim Magadanz:
Behind me there.

Brigitta Hoeferle:
That you continue to go back to. Is there one of your favorite books that you have not just read once or twice?

Jim Magadanz:
So one book I've read. Roughly eight times in the last 12 to 18 months is a book called The Go Getter that's written by Bob Burg and John David Mann. And it talks about the five loves of stratospheric success. And it's all built around this concept of giving. The first law, for example, is you have to provide something of value. In other words, you just can't not offer any value to people. You have to have something of value. And then the second law is compensation is tied directly to the number of people you help. And the more people you help, the more compensation, shall we say, you'll earn. But it's not about the compensation. It goes back to that law. Number one, the value is what value do you want to provide people? And then the more people you help will just keep increasing the compensation. The third law is influence and then authenticity. Authenticity is the fourth one. Be a real person. But the fifth one is the most unique, and that's the law of reciprocal reciprocity. That's where you have to be willing to receive, because if you think about it, nobody can give to you. If you don't receive, nobody would receive anything nobody could get. So when somebody offers you something, there's only one correct answer. And that's thank you. You all say no, no. One thing I always talk about when I work with people, when you're in somebody home and they offer you something, it's irrelevant if you like it or not. That's not the point. What they're doing is welcoming you into their home. So whatever they're offering you, you accept and say thank you. That's really important. It's got nothing. It's nothing to do with, Oh, I like that or I don't. It's got everything to do with them welcoming you and your home.

Brigitta Hoeferle:
Yeah. And it's respect. Absolutely.

Jim Magadanz:
I highly recommend that book. When you read it, you won't be able to put it down.

Brigitta Hoeferle:
Is it go go giver. Is that what it's called.

Jim Magadanz:
The go getter.

Brigitta Hoeferle:
Go getter.

Jim Magadanz:
Yep.

Brigitta Hoeferle:
Got it. I want to talk more about what you do and and how you teach others. And when we talked earlier, you clearly you're looking at distribution strategies and with our with people being out living or out living their usual average years in life. You said longevity is a risk. And that really struck me. And we're all striving to live, to be healthier, to live longer, to look younger, to be out there and be most successful and continue to be successful. But there is a risk in that. How?

Jim Magadanz:
Yeah. So could you explain that wrist the risk part one more one more time the risk.

Brigitta Hoeferle:
So so the people are are trying to live longer, be healthier, look younger, continue to be you know, continue to live like they would almost live forever. Well, if I look like I live forever, but eventually my body, you know, my joints or my heart or whatever might not get that memo of all of the plastic surgery one might get or not. So there is a risk in that's there from a financial point of view.

Jim Magadanz:
Yeah. And that all ties in to life expectancy. Back in ancient Roman times, the agent soldier only. The Roman soldier only lived to age 22. It wasn't. It wasn't that old. Yeah, 22. Matter of fact, when they came out with Social Security in United States in around 1935, the life expectancy in the United States at that time was 65. Look it up. It's crazy. It's like, what? So they never really anticipated anybody would receive Social Security because that was where life expectancy.

Brigitta Hoeferle:
So where are we now with our life?

Jim Magadanz:
So because people are are living healthier but more anything else is medical technology that is helping the life expectancies up into those early eighties. Now, COVID has had an impact. After one year, it rolled back life expectancy 1 to 2 years, and now it actually shortened by 2 to 3 years. Now that will get back. Once COVID passes, the life expectancy will get back up to where it was, right around 80 to 83 ish. The challenge is those are averages. So if you're in good health and you have longevity in your family, the odds of one spouse and a married couple living to the nineties is in the 90%. It's almost a given. One of those two people are going to make it to nineties. Well, the challenge is if we right. Retire, let's say 63, that's the average retirement age now and that's another 30, 37 years where we're not working but need income to age 100. Most people don't budget or plan for that. And the challenge is once we factor in the impact of inflation, it starts to look really ugly because if we use something called the Rule 72, if we divided 3%, if we had 3% inflation, and right now inflation is twice that and divide 72 divided by three, I think it's 24, but I'll look at it, 72 divided by three is 24. That means if I'm living off 30,000 now in 24 years in real dollars, that's going to be 15,000 that I'm still trying to buy the same stuff. And at that point, if I retire at 65, I'm 89.

Brigitta Hoeferle:
So. So I'm basically. Outliving my money that I thought at one point I'm going to be okay with because one does not necessarily factor in the inflation. One does not necessarily, in fact, factor in things that we don't even know to factor in, like a pandemic. We didn't see that coming.

Jim Magadanz:
Right.

Brigitta Hoeferle:
So how do you how do you plan for those unplanned things?

Jim Magadanz:
So it's a conversation. We start asking questions. Generally, roughly ten, ten risk in retirement things. Everybody gets inflation, but there's there's tax risk. There's interest rate sequence risk. How you get your returns is very, very important to long term financial health. There's long term care issues. Longevity concerns. Tax diversification. Market risk. And what we tried to do is identify the ones that that will impact your specific situation. And then what strategies can we put in place to mitigate, reduce or eliminate those risk or even transfer them to some other entity? And so we develop that plan. The best time to start thinking about that is the mid fifties. While you're still in really good health, yet you're in, you're still working, you've got the income to help start planning for those issues because if you wait until a week before you want to apply for Medicaid for assisted living, it's really hard to plan. Even elder care attorneys can only do so much. There's four documents in your mid fifties everybody should address, and that's your will. That's the power of attorney for financing power of attorney for health and your living. Well, the health directive. So the difference between power of attorney for health is that gives someone else the ability to make daily medical decisions for you. If you can't, the health directive makes that final decision of ending life when you can't maybe put you in a coma for whatever reason. You had a ventilator from COVID that will address then your final wishes. And so I can't do those, but attorneys can. So everybody should bounce those off. They're their attorney. They work with and. Some attorneys will have different fee structures. Almost all attorneys will have the first initial meeting free of charge. So you shouldn't let price dictate. At least go in and look at your options. You can do some things online legal zoom dot com and print them off, but you do so at your own risk, particularly if you own a business previous marriage, then you really highly recommend talking with an attorney.

Brigitta Hoeferle:
That's that's incredible information because up till now, I thought that a power of attorney for health also makes can include that final that final call.

Jim Magadanz:
That's interesting. Again, if it's designed and written by an attorney, they can write that in.

Brigitta Hoeferle:
Aha.

Jim Magadanz:
It doesn't have to be a second document. Got it. Although a lot of health clinics will have a separate document and a lot of people will just complete that.

Brigitta Hoeferle:
Got it. Got it. What? You're a great planner. Clearly you have to be in the business that you're in. What do you avoid at all costs?

Jim Magadanz:
Lack of clarity. In other words, you don't. You have to be really careful. Sometimes people will come in and it's like, I need this, this and this. But a lot of times. People don't know how to ask the right questions or communicate their need properly because it's not their area of expertise. It's not a good or a bad thing. It's just that it's hard for them to communicate their needs. So we need to ask more questions to really clarify. But sometimes people want that solution right away without going through the process of addressing those questions. It's like, Oh, just, just give me anything. Just give it to me. It's like I can, but probably. And so working with people who are impatient, who do want to go with the process, quite frankly, the process can go really quick or long, depending on what they put into it. But there needs be some process. That's that always. And sometimes it's not even an option. Sometimes you have to put solutions in place really quick.

Brigitta Hoeferle:
Yeah, yeah, for sure. So the the the risk averse ness and the clarity really drives not just who you are, but it drives what you do. What would you say? Is the one thing that a person. Needs to strive. For success or to success?

Jim Magadanz:
That's a really good question because he can address it so many different ways. My first reaction, though, is what is success look like to you?

Brigitta Hoeferle:
There's the question again.

Jim Magadanz:
Because that's going to be different for everybody. What's success mean to me? It is what it's going to mean to you. Some people associate success monetarily. If I make 100,000 a year that I'm success. But I know a lot of people. It's not tied to money at all. It's truly helping people. Think of some of the greatest people. Mahatma Gandhi, Mother Teresa. It wasn't all it all about money. It was about success to them is helping the most people they could. Mahatma Gandhi was about guidance. The Dalai Lama actually comes to to Madison. They actually built a pagoda in Madison from from over there. They actually brought it here in pieces and put it together. And so he visits Madison periodically. He's all about guidance with with individuals that if he can help people follow their path, then that's a success to him. So that's got nothing to do with with money. So my first question is what's that look like to people get on projects or whatever? What let's define success. What how do we know when we've won.

Brigitta Hoeferle:
Whatever that is? I love that there's a question again. So looking back at your life, which rituals have you adapted or rituals or habits that you can confidently say? Consistently lead to, however you are defining success.

Jim Magadanz:
One of the biggest things I have developed over the years is focus. I see so many people multitask. All I have to say about that is multitasking simply allows you to make multiple mistakes at once. You just can't focus on more things. And so. Laser focus is really important in what you're doing because all of a sudden you look and it's like a half hour is gone. It felt like a minute, but you're so focused on what you're doing. Time literally ceases to exist because you're so absorbed in what you're doing. That's when you know you become passionate about a topic.

Brigitta Hoeferle:
And that would have been my next question. How do you know when you have what it takes? Right. And you just answered that as well. There's so much beautiful knowledge and strategies that you bring and you and you and it's even in your business name. You make it fun, you make it interactive, you make it personal, right? It's not just here in your head, it's here. You're coming from your heart. And that's the beautiful thing. And that's what I, I really appreciate and adore about you, is that you have that beautiful balance of of knowledge and strategies and headiness, if you will. But you also have that love and that care for people and really want to set them up for success. And I think that's why, you know, we constantly have been in contact over the years, specifically during the pandemic. And now that I've said that, how do people learn more about you get to hear you get to learn from you get to read your book.

Jim Magadanz:
Yeah. So a variety of ways people can get in touch. One is the fun. Some company I son actually stands for serving unlimited needs. And that's what I originally wanted was the son company, but that was already taken, so I had to add fun. It went back and forth with that. And otherwise. Jim dot magazines dot com, mag a, D, A and z all a's kind of Prussian czechoslovakia name and Jim at the fun some company dot com. Will work and my schedule is busy. But if we go out a couple of quarters and I can fit in person or even virtual meetings in my schedule, I'm always open to that as well.

Brigitta Hoeferle:
And you you brought a gift as well, did you not?

Jim Magadanz:
I did not today. Oh, yes, I did. So if people request, I will I provide an hour free consultation. It may take some time to book it, but I'd be happy to do that with anyone. Simply adding more focus to your specific situation and different strategies that that might help you out.

Brigitta Hoeferle:
Yeah. So one hour free consultation regarding retirement plan distribution. Jim is an absolute expert in that. Just give him a quick shout or send him an email to Jim Dot, Magadan, Magadan, Z at gmail.com, Jim Magadan at gmail.com and get with him in that way. And I think people can also get in touch with you on Facebook, can they not?

Jim Magadanz:
Yes. And yep. Find some company there as well.

Brigitta Hoeferle:
Yeah. So Facebook funds and SEO Company. Go ahead and follow Jim there as well. And and yet we have one more gift that we have here from the center of NLP and the success pattern show. And that is your success loss checklist. So go ahead and download your success loss checklist as well a bit that Lee slash center of NLP. That's where you get that get in touch with him. Get in touch with us. Stay tuned. We're going to have another great show next week, same time, same place. Jim, thank you for being here. You are an wealth of knowledge and it's beautiful to learn from you. So everyone get back with Jim Magadan and tune in again next Tuesday, same time, same place. Thank you for tuning in to the Success Pattern Show at www.TheSuccessPatternsShow.com My name is Brigitta Hoeferle.

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