The Intersection of Insurance, Entrepreneurship, and Trust with Bradley Flowers
Trust is important, whether you’re finding an insurance agent you’re comfortable with, managing finances as a married couple, or building it as a business owner.
In this episode of the Stuff About Money podcast, Erik Garcia, CFP®, BFA, and Xavier Angel, CFP®, ChFC, CLTC, are joined by the entrepreneur (and #41st in the world in Oculus golf) Bradley Flowers of The Insurance Guys Podcast and Portal Insurance to talk about running multiple ventures and why insurance agents in Nebraska shouldn’t write for policies on the Gulf Coast.
Episode Highlights:
- Erik shares that the name “Stuff About Money” came from Bradley. (5:47)
- Bradley believes that as an entrepreneur, the first 3 to 4 businesses should be run in parallel. (8:31)
- Bradley explains that the most important value a financial advisor must have is the people’s trust. (12:50)
- Bradley explains effective budgeting is something he wishes he had learned 20 years ago. (13:45)
- Bradley discusses the significance of budgeting and investing wisely. (18:56)
- Bradley suggests that newlyweds plan their finances together and approach them as one thing instead of a separate thing. (20:46)
- Xavier mentions that it’s a good idea for couples to have a joint account because he has seen a lot of couples who don’t have them and get into disagreements because they don’t know what’s being spent and where the money is going. (22:56)
- Erik explains that a couple doesn’t need to have a joint account, but they do need to be rowing in the same direction. (24:33)
- Bradley shares that one thing he isn’t afraid to do, that he believes many business owners are afraid of, is hiring, outsourcing, and delegating when necessary. (27:22)
- Erik discusses the benefits of hiring a fractional CFO. (29:42)
- Bradley explains that the best advice is from people who are unbiased about your situation and aren’t emotionally connected to it. (32:08)
- According to Bradley, if you own a business, you should look for an insurance firm that specializes in your industry. (34:53)
Key Quotes:
- “The best advice is from people who are unbiased to your situation and aren’t emotionally connected to it. If you can get some sort of advisor in any facet of your life or business, that know your situation, but are not emotionally or physically vested. That’s the best advice you can get. That’s the advice you need.” – Bradley Flowers
- “I’m not scared to do what I think a lot of business owners are, which is hiring out, outsourcing, and delegating when it’s called for.” – Bradley Flowers
- “The one piece of advice I would give you is be very, very, very careful when it comes to buying insurance online and doing it yourself.” – Bradley Flowers
