Paul Pagnato | CEO / Founder Of PagnatoKarp Wealth Management | Transcription

Transcription for the video titled "Paul Pagnato | CEO / Founder Of PagnatoKarp Wealth Management".


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Intro (00:00)

This is 15 Minutes of Freedom. I'm your host, Ryan Neidell, and today's episode is with Paul Pagnotto, the CEO and founder of his own fund, Pagnotto and say the carp. Carp, like the fish. Got it. Got it. Laughingly, of course, I put it into the ethos that I was going to somehow butcher this. I wrote it down on a sheet of paper. I'm looking at it. I can't even read my own writing, Paul, as I say that out loud. Like, you know, talk about bringing what we want into fruition.

Central Topics And Themes

Own Ventures &ccsup2;³ Formula (00:44)

I mean, it's truly own writing, Paul, as I say that out loud. Like, you know, talk about bringing what we want into fruition. I mean, it's truly crazy. But Paul, I appreciate you hopping on here with me. Really under such short notice, right? Your staff has been incredibly accommodating. Really one of the most professional follow-ups that I have ever seen, right? I wanted to commend you for however that got there, right? There was initial reach out and then back and forth and consistent follow-up. I'm like, man, this is how business should be because I'm admittedly a little self-centered, right? I forget things and don't follow up with emails like I want to. And it's like, man, I feel badly. But every time that happened, your team was there. So thank you. Super. Awesome. Well, I'll report back on that. I look forward to you doing that. And as I share that with Paul, I want to make mention to you. Paul has a book coming out in the next 30, 60 days, give or take. And depending on when this episode airs, I'm not exactly sure. Your book might be out, Paul, pretty close to the same time. I think it could be really, really close that way. That's all about transparency And what that looks like. And sure, we can dive into the fun backstory about all the crazy stuff you've done and the brilliance that you are and the successes you've had. But my entire life now is built around, as I call it, authentic vulnerability, which is just a fancy way of overstating transparency. I would love to hear about the book, about the backstory, about how it came about, just all the pieces and parts that would compel me to spend more time with you. You bet. So transparency is here and it's here to stay and we're living and breathing it every day in our society. And when I, from my science background, what I've studied, the prior massive waves and transformation of human society. It started with the Industrial Revolution, amazing wave with combustion engine, telephone, all the way to the digital era, which we're still in, slowly winding out of, which has been the event of so many digital solutions we have, to now the transparency wave. The digital era has really enabled us to launch now the transparency wave. The digital era has really enabled us to launch into the transparency wave. And this transparency wave, which is really started about a decade ago, has unleashed the greatest wealth creation ever. Literally, there's been $5 trillion of wealth created just in our country in just 17 by 17 companies that have taken transparency to a whole new level in their respective areas and this ultimately has global global impact so paul tell me about these these companies right like when you say transparency right i'm a little fish in a big pond, right?

Ill Billionaire Has the Answer (03:07)

Little guy in Columbus, Ohio sharing my truth. But when you're saying trillions of dollars being manufactured, like I've been, I'll say almost preaching to the pulpit now for a long time of like just get out there and share your truth. Like it's empowering and it's impactful and it's way more difficult than people – like at surface level, it should be so easy, right? Just say, oh, I made this mistake. It's simple. That's not really how it works. No, it doesn't. It's hard. So I'll talk about the corporate world, which is really run by people. So ultimately, it's the human beings that are providing this transparency. So look at some of the companies that have just flourished, like Uber. Uber went public today. Great one. companies that have just flourished like Uber. Uber went public today. Great one. So before Uber, we would call a cab. When we called a cab, we didn't know who was going to pick us up. We didn't know the person's name. We didn't know what car they were going to pick us up. We didn't know where they were. We didn't know what the exact price was going to be. We didn't have transparency with all of that. Uber now provides complete transparency at a whole new level. Look at Netflix. Prior to Netflix, you would go to Blockbuster Video. You'd go there. You didn't know which movies were going to be available. And you didn't know which ones you can rent for a week, three days. You didn't really know what the cost was going to be if you turned in one late. Netflix took care of all that. You have complete transparency now. You know exactly what you can get, when. That's all at your fingertips. Cost, transparency, Amazon. Look at Sears. Sears used to be one of the Dow companies, and now they're almost out of business. And you look at Amazon, you know exactly what you're going to pay. Now they just came out with same day delivery. If you don't like what you bought, you can send it right back. And the company at one point hit a trillion dollars in value. There's a number of reasons, obviously, why that happened. But you can go company after company, industry after industry.

How Facebook Screwed The Workplace Market (05:27)

Every single one is done is taking transparency to a whole new level in a certain place. Now success is failure turned inside out and we're going to have failure with things. Look at Facebook. So Facebook created networking, created transparency. Some people complain it's too much transparency, right? You know everything about everybody that's going on. That's people's decisions as to what to post. But Facebook has also caught a lot of flack for not being transparent about their algorithms, not being transparent about privacy. Mark Zuckerberg was grilled before Congress, and now they're doing a 180. So we'll see what happens, but they've lost millions and millions of dollars in advertising. They have had a lot of deflections, and that is an example of people demanding transparency. Certainly. And Paul, along that line, what sparked this incredible interest in transparency, right? Because you've had, from my, the quick rundown, I love shooting this off the hip, right? So we didn't get to know each other a ton beforehand because I like the rawness of this. And right, we have NASA, we have microbiology, we have hedge fund, we have investments, we have billions under management, but then there's this pretty stark right-hand turn of like, no, let's just get into transparency. How, how does that happen? Yeah. So what happened is one of the biggest life-changing events for me is when the financial crisis hit at the time I was working for the largest brokerage firm in the country. And I thought I was being transparent with all my clients. And I thought the firm I was with was being transparent. I later learned that there was so much lack of transparency. At the time, about $800 million, $900 million of people's wealth. They worked for their whole life. They trusted me with. And in a period of six months, I never knew. I did not know if it was safe or not. I slept maybe three hours a night. And from that life-changing event, I vowed to fix it. And I vowed to change it. Take a look at Bernie Madoff. Great dichotomy is Bernie Madoff and Warren Buffett. Last week, I attended Warren Buffett's shareholder meeting. Highly recommend doing it. So Bernie Madoff never got caught. He scounded $60 billion of people. These are bright people Eliot Spitzer former New York New York Attorney General the owners of the Mets Kevin Bacon former CEO of Merrill Lynch these are great people and they had capital with Bernie Madoff 60 billion dollars never got caught and up turning himself then people ask me how in the world is that possible? Well, that's possible because the rules and regulations allow a firm, a bank, someone like Bernie Madoff, to create his own financial statements, to calculate his own performance returns, to collect the money to be a custodian.

Definition Issue (08:38)

All these things were allowed then and they're allowed today. And this was part of the root. It's the lack of transparency that's not demanded and required of advisors, of firms. And so that was a life-changing event for me and I vowed to change and I vowed to fix it. So that's 2008, 2009? 2009. to fix it. So that's 2008, 2009, right? So this is a, this is a 10 year path to get to here right now. Yeah. It's been, it's been quite a, quite a journey. Um, the first step, this is what we did. And the beautiful thing is anybody can do this. Anybody can create a set of transparency standards so what you do is you find out figure out what the problem is so what what is the issue and then whatever the issue is create a set of five to ten standards that avoids that problem avoids that issue issue. So for an example, in the financial world, allowing an advisor to hold the assets takes care of that problem. You know, that wouldn't have happened with Bernie Madoff. Not allowing an advisor to calculate performance numbers, having somebody else. Not allowing an advisor to generate their own client statement. So you identify the issues, create these standards of transparency, it doesn't matter what industry it is for us as humans, and then you can overcome the problem, you can overcome the issue. So anybody can do it. So then Paul, with that being said, are you lobbying for new regulations, new oversight inside the financial world? I mean, that's got to be something that's a pull to you, right? I know we're not going too deep down the political route, but I feel like that's an okay place to tiptoe. So, yes. So I'm approaching it two ways. So one, working with the regulators. I'm on the board of the Institute for Fiduciary Standard, and we're an advocacy for true fiduciary, real fiduciary, which is covering a advocacy for true fiduciary real fiduciary which is covering a lot of things that I just just spoke about and then I've launched a nonprofit it's called the truth of the sharing Institute and so what we're doing is we're teaching the students the generation coming up the proper way to have financial well-being believe it or not it's crazy but longevity I've spent a lot of time with Stanford the Center for longevity they're the leader we have now hit this period of exponential longevity in the last hundred years we're now living 30 years longer it's an unbelievable in a hundred year period and it not stopping. So there's three pillars of longevity. The first pillar, the most important one, is financial stability. If one doesn't have financial stability, they're stressed. The average person makes 18 different financial decisions every single day. Do you buy? What kind of loaf of bread do you buy? What kind of fish do you buy? What kind of meat do you buy? What kind of meat do you buy? What about the car? Literally 18 financial decisions. And the average person has unfortunately less than $1,000 in their account. So they're stressed. The second pillar is social engagement. The reality is if you're not financially in a good place, you don't have the confidence to go out with your peers and your friends. So the financial one impacts the first two. And then the third one is mobility, just simply being active. So it literally impacts how long you live. Well, I love this so much because as I shared, like the psychology side of things and the overlapping principles you're sharing that mirror essentially Maslow's hierarchy of needs, right? They're their own – it's its own ecosystem that ends up being something that's able to be, you know, really spread across a bunch of individual ecosystems. It's just so much beauty in that and how you're sharing it, right? That I think – I know even myself, right? There's been plenty of times where I've taken for granted the ability to produce Right at some level right you're an entrepreneur you have been it in some capacity another your whole life I think we're kind of born in with this or we're not right Certainly could be learned, but I think it's a longer more painful road maybe But like it's just like it no matter what no matter what I've been through no matter the shortcomings of downfalls the Truck repossessions and bankruptcies and crazy stuff like it never dawned on me all of a sudden like I couldn't produce and so that always left a little bit of social circle because Of course like I don't have a chip on my shoulder, but I know I can make this happen and then From there being able to go out and scale and the way I talk to myself in my head and the way I talk to others And it's crazy. I haven't ever looked at it that way. That's a beautiful thing to share. You bet. So we're trying to instill this with the generation coming up because there's just some basic simple habits. If we create that, we're going to be okay. We're with 10 universities we're helping right now. we're with 10 universities we're helping right now and when I explained the students I said I said to them if you save say 10% of your income for 10 years in age 21 to 31 or you save 10% of your income from 31 all the way to age 65 for 30 years 30 plus years same amount of money, which person has more left over? It's the person who saved them his first 10 years. So Albert Einstein said, the greatest wonder in the universe, the greatest gift to human beings is compound interest. And so these people coming up and the students in college coming out, they have the opportunity of a lifetime. Well, absolutely. That is almost a perfect segue into your fund, right? Having $4 billion in management is no small feat in itself, right?

Fund + Investment Management (14:34)

Especially post-financial collapse, post-everything. And you said, what, 100 families, 10 families? 100 families. Right. There's a lot of generational wealth that's trusted to your hands and the responsibility that falls upon your shoulders. And I'll assume that the listeners have no idea what a hedge fund is. They have no idea how this operates. They might not even know what I'm sharing with them. I would love it if you would peel back a little bit of what that could look like and what it means and what it is that you do with $4 billion. There's a lot of zeros there. Yes. Yeah. So we're more, think of us as a family office. So what we do is we have a team of people that is comprised of portfolio managers, planners, attorneys, CPAs, lifestyle experts. So our job is to make our clients' lives as simple as possible. The most valuable asset we all have is our time. When I attended the Warren Buffett shareholder meeting last weekend, he's the third wealthiest person in the world. He spent five minutes on time. He said, I have all the money I'm ever gonna be able to spend one wish I had is I wish I had more time so what we've done is we've created a family office so that an entrepreneur doesn't need to have a separate relationship with a third-party firm attorney a separate relationship with a CPA a separate relationship with a CPA, a separate relationship with a travel agent, a separate relationship with a private banker, a separate relationship with a planner, a separate relationship with a financial advisor. We have it all under one roof. We make it simple and seamless for the entrepreneur. So that's what we do. It's a breakthrough value proposition. And we were advising about 10 years ago, we were advising you know about ten years ago we were advising around eight hundred million dollars in assets and now we have four billion and I really attribute that to the breakthrough value simplifying things for people and then these standards of transparency that we talked about earlier we call it true fiduciary these true fiduciary standards so that people feel confident that their money is going to be safe and unobstructed from conflicts. Of course. And what would be minimum requirements to be involved in a fund or an operation like that? Are you taking on new capital still or is it closed? Yep. So we are bringing on new clients. Our minimum assets is around $10 million. $10 million. That's it. That's all.

Eight years down the path of transparency (17:05)

That seems so just like just snap your fingers, just sign up. If you're interested, pop me an email and I'll send the introduction over to Paul for you. That's fine. No, that's still for all intents and purposes, right? In the grand scheme of what goes on in the financial world, that's a rather low net worth that's required for that sort of service level. Yeah. Yeah. Normally somebody has assets of a half a billion dollars for them to have their own family office. So to have all of that under one roof, all those services, you typically need to have about half a billion. So we've brought all the way that down all the way to 10 million. And we hope with digitization and technology, we can continue to bring that down and ultimately get to the point where everybody can have access to it. Yeah. How crazy is that? And since we're going back down memory lane, right, when was that founded and launched versus the financial blip in time, right, of that 08, 09, right? I hate to call it the collapse, right? Because it didn't collapse. Everything just changed. It was still, the dollar still had value. Yeah, yeah. So we really, it was 2011 is when we formed the company Pagnato Carp. And that's when we launched. So it's been eight years. So it's been eight awesome years. Well, and what I love is this underlying current as well. I've always found it to be almost 10 years is a requirement to be a quote-unquote overnight success, right? When you start really diving into, I would look at 10 years you've been working on transparency. Your fund, your family house, the brokerage, it's eight years, right? And it's successful. But you imagine where it's going to be two more years from now. Ten years, especially with the growth rate that, again, compounding interest, what that really looks like, what it's going to be two more years from now.

The power of failure (18:47)

It's crazy. Like so many people that I found, Paul, they just stop, right? They get to year two or year three and it's tough and there's no money and it's miserable and it's not fun and it's like, I'm just going to go do something else for somebody else. I don't want to walk this path anymore. But the fun stuff is right on the other side of that. That's right. Well, success is failure turned inside out. So, you know, being an entrepreneur, that's the journey. So life is like one big experiment. And the more experiments we have, the more failure we have, and then the more data we have, and the closer we get to success. So that's the journey. And all of us have to, in a crazy way, we have to learn to embrace failure. We shouldn't think of failure as a negative. think of it is we're one step closer to success and we can never, ever, ever give up no matter how far away we may feel it is. And the reality is when we're at those gut-wrenching moments, when things are the most challenging, that's when the door and the window is usually right around the corner. It's when you got to really hang in there. I love that. I mean, it's just that that's, those are such impactful and inspiring words. If as you're listening, you actually apply those because that's, I don't, I feel like especially my generation, right, Paul? I mean, I'm 35. So we'll look at that 25 to 35. It seems like we're the now generation. Everybody wants the magic pill. You see the Instagram influencer that seems to be printing money on their private jet. And it's like, well, time out. You don't see all the stuff that it took to get there. Nobody wants to be transparent with the fact that they rented the jet. Anybody can go rent a jet on a runway to take some pictures. That's right. Or go through all that. Jet Smarter, all the sources. Not that everybody has eight or ten grand laying around, but it's not that expensive anymore to take some pictures on a jet. That's right. It's a different world. Well, it's so important for us to always be challenging ourselves and be used to the failure. Every day I get my butt kicked in something. It could be physically. It could be mentally. It could be an experiment I'm trying. It could be physically it could be mentally it could be an experiment I'm trying it could be something and so you just you just get used to it and you get used to those hurdles and it's just a way of life of every day feeling overcoming that if we're not pushing the envelope if we're not growing we're not expanding then we're not failing so that should be another indication to someone if we're not growing, we're not expanding, then we're not failing. So that should be another indication to someone. If you're not having any failure, you're not growing. I love that too. But you said experiment, right? Which spoken like a true scientist, right? The average financial guy doesn't start talking about experiments, right? I don't want the guy managing my money to start talking about, well, we're going to run this experiment this week and see what comes out the backside. But knowing where you came from, that makes perfect sense to be in your vernacular. What was that early, I don't want to call it childhood, but the transition from high school to college and where did you go to school and the studying? There's this in-between time we haven't touched base on yet. Yeah. So I was a geek early on. I had my first microscope when I was eight years old. Won the science fair when I was like 11, 12 years old. I collected fossils when I was young. I wanted to be the next Jacques Cousteau. I actually learned how to scuba dive when I was 14. I couldn't even drive. I went to school at Florida Atlantic to be a marine biologist. So it was always a passion of mine. So I was always exploring. I was always looking down, down and deep. So think of microbiology, it's microorganisms. You think of the ocean, you know, you're going down into the ocean as opposed to up in the air. So I was always just drilling down deep. And I do that today. So I study in intricate detail all the companies that have been successful, and that's how I've discovered this theme of transparency because all the ones the last 10 years that have been flourishing, they all have one thing in common. They've taken transparency to a whole other level. And then if you look at the people in those organizations behind them, they have transparency as a core covenant.

Buffett (23:14)

I was with Warren Buffett a week ago. He is so transparent. He spends a whole day in front of thousands of people, and anybody can ask him anything they want spontaneously. It's just totally open and it's being filmed. So he's uber, uber transparent about his thought process, about the partnership, his decision making, what he's doing. So, you know, the early, my early childhood days, I was always a scientist and always drilling down and trying to improve and make make things better. And that that scientific background in microbiology that that eventually somehow ended up with you being in space in some capacity, maybe not physically. Right. But we ended up working with NASA. Yeah. Yeah. Yeah. It was crazy. So when I graduated college, I took a position with McDonnell Douglas, and they had a major contract on NASA. And it was really for the Apollo spaceships that were going into outer space, up to the moon. And they needed a black box that they could put on the spaceship to detect life in outer space. So millions of dollars were poured into these instruments that I had worked on. We created this technology called impedance microbiology. It's not getting too technical. It's basically we had these modules that had wells. We'd stick two electrodes up, pass a current between the two electrodes every six minutes, and we can detect microbial level in minutes, as opposed to old standard plating methodology, which would take seven days, eight days. So that then led to commercial applications for the food, beverage, dairy, pharmaceutical companies to use, so they can ship their products a week longer so they have longer shelf life. But that's how that got started. Yeah, it's pretty cool.

Uno heliotonia (25:09)

That's very cool. Out of all the things you've done, we just brush over that. Like, yeah, there was this little stint I did with McDonnell Douglas and we created some cool stuff that you're still using today. It's no big deal. Let's talk about transparency. It's like, time out, Paul. Time time out there's some good stuff there that we need to know about so i appreciate you sharing that yeah yeah you bet so paul we've now that we get to know you a little bit better let's talk about some of the stuff right we talk transparency let's talk about some of the times where life wasn't all sunshine and roses right we know the the financial upheaval that happened in 08, 09. That was outside of your control though, right? I mean, even the best crystal balls weren't seeing that necessarily coming at the rate that it came. What are some things that might have bounced around your quarter of life that weren't so pretty? You bet. So when you launch a business and you're starting out, you're hungry. You want to bring clients on board. And there's times when you face challenges and you have to make some really difficult decisions. So I'll never forget it. There's this one person that was referred to me. And he had lost $60 million with Bernie Madoff. So he was interviewing everyone.

Ethical dilemmas (26:30)

Literally, I was one of 15 companies that he was interviewing. And honestly, I didn't think I was going to get his business. But he had unrealistic expectations for return based on the risk he wanted to take. Well, lo and behold, he called me up and he goes, Paul, guess what? I'm goes all the companies I met with you're the one I want to go with you I want to I want you to manage all my money sizable amount here new business starting up really big deal and the reality was he his expectations of the return that he was desirous of, I couldn't meet. And so I actually said to him, I'm sorry, I can't take you on board as a client. This is a type A, very strong personality. He got pissed. He goes, what? Are you telling me you're not going to take me on as a client? I'm like, I'm sorry, I can't meet your expectation. You know, and that was going to be hundreds of thousands of fees, which we so desperately needed starting a new business. So walk from the business. That's an example where it's tough, really, really, really tough to do. Nine months later, he called me up, and he goes, Paul, where did we go wrong? You know, what happened there? And I went back and I reminded him what happened he goes okay I've changed my expectations I have reasonable expectations so he's now been a client of ours for for 10 years and thriving so but that's an example when you're starting out you can get faced with some very difficult ethical challenging decisions to make and and it can it can cost you you know it can cost you at the time but you always do the right thing you'll get it back we'll get it back tenfold so that was one one area that was was challenging another is when an organization in business grows you know it's hard for people to change so when you have an organization that grows 35% a year you have a lot of turnover of people you look at the top companies in the world they have a 50% turnover and you know for us we're a boutique with 35 people who work with us and we're like a family and so when somebody's not able to grow you bring somebody on board for to perform a certain task and function and that function task is no longer needed because you've outgrown it and that person's not able just as human being not able to grow and you have to make a change that's hard that's that's really really gut-wrenching so those are some of the most difficult things i i've had to do over the years it's positive it's awesome growing there's many positive aspects but it's not it's not all roses it There's some challenge, definitely some challenging times. Of course. Of course. And you brought up the fee structure, right? And we don't have to get into the specific nature, but consumerism, right? Over the past eight years of you owning the shop and seeing barriers to entry and the digitization of even being able to trade and manage your own money now, have you seen that affect your, not even profit margins, we'll just say the fee structure that you're able to reasonably expect for all the incredible services you offer somebody? So we have not had fee compression. And I'll share with you why and how we have been able to overcome that. But the industry has had a lot of compression so the the robo advisors are called right that space is growing a hundred percent a year huge Vanguard who Jack Vogel Jack Vogel served on the board of the Institute for fiduciary standard with me.

The ways Paul has improved value to his clients (30:16)

Unbelievable philanthropist. So he created the ETF, which stands for Exchange Traded Fund. It's one of the lowest cost investment vehicles. Vanguard now has $5 trillion in assets, more than firms like JP Morgan and Goldman Sachs and Merrill Lynch combined. I mean, it's staggering how much because of fees, because of fee compression. So what is critical for any business is to unrelentlessly be creating value. You have to unleash more value. So this gets back to the experiments. So we have eight, nine different areas within our family office. every area is expected to do three to five experiments every quarter so as a company we have about 40 experiments going on and what I'm wanting and expecting from the team from the organization is just two to three new value creation items for the clients each quarter so every quarter every year we are increasing the value that we provide them. And I think that's the number one reason why we have not had any fee compression. Well, it makes perfect sense, right? You're not only managing expectations but exceeding them. I've had an ongoing rule that, at least in digital age, if there's a one-to-one exchange of value to money, the consumer is going to feel slighted. It's nowhere close to where it needs to be. Two-to-one, you might have a chance. You might feel okay. You get to a three-to-one exchange, and now you are starting to create a fan base of people that will spread your word for you. The marketing dollars don't have to be exchanged quite the same. It's those one-to-one companies where your bottom line gets eroded because all you're doing is marketing to the next trough of people to come feed. Like it's a really, I don't want to say sloppy model, right? To me, it's just not efficient. Yep. Yep. Yeah. You become commoditized. And once you become commoditized, it's all about price. Absolutely. So, Paul, touching back on the transparency, do you have a title for the book yet? Yes. It's called Transparency Wave.

The Transparency Wave (32:30)

And Transparency Wave, is that going to be found on Amazon? Is that direct from you on a website? Where are you going on that? Yep. It'll be audio as well as hard copy. It'll be on Amazon. It'll be in the bookstores. So it'll be a pretty significant rollout. Yeah. So talk to me about that. I'm in the process of writing my own book too. I'm going to pivot and go a little bit left. We're not in competitive marketplaces. I hope you're not New York Times bestseller and Amazon bestseller and every bestseller in the world. But it sounds like if you're getting in Barnes & Noble off the shoot, you're not doing the self-publishing, right? You have some help behind you that's throwing some fuel on the fire. That's correct. Yeah. So I've had an amazing team of people. So a publisher, I've had someone who writes with me. I've had some marketing people. So I've had an unbelievable team and group of people help me. This is my first book, so my first time doing it. I'm sure I'm going to have a lot of failure. We've already had a lot of fits and starts and had to overcome a lot of hurdles. But it's been over a year since we started. And we're in the homestretch now. So having the right team of people around you is just absolutely critical. I'm fortunate. I have some friends that have written bestsellers. So they've been mentors of mine to help me through the process. So I've been very fortunate with them helping out. Well, it's so staggering to me, the true expense that it takes to really hit those numbers, right? And whether you do a royalty deal on the front side and you get an earn out on the back or whether you're some hybrid version of it, it's a multiple six-figure endeavor to hit those top charts for most people, right? And not implying that that'll be your route, but it's not a thing of you. You don't write a book and magically, the book is not what's going to propel you into, I'll call it a millionaire status for, I'll say the quote-unquote listener. The book is just a vehicle to share the message, to get speaking engagements and to get the message out more and to see additional value ladders get created. There's no money in books anymore. additional value ladders get created, there's no money in books anymore. Now, in fact, all the proceeds from the book are going to the nonprofit. So, you know, my agenda, I'm not going to profit from it. So, you know, everybody has an agenda in life. We're all human. So my agenda is to get people to think differently. So my agenda is to get people to think differently. So to get them to think about transparency and to be empowered to be more transparent in all they do. Whether it's through personal relationships, whether it's themselves. 90% of people that set a New Year's resolution never hit their New Year's resolution. The number one reason why it's transparency it's those people that aren't sharing what that new year's resolution is with other people they're afraid to be held accountable and that's why it doesn't happen so just think just that little thing just think if we could just turn that around and people are up and they're more transparent with their New Year's resolution. We'll have an explosion of personal growth every year. So that's my agenda with the book is just to get people to think differently and to get a little bit more comfortable with transparency. But all the proceeds are going to the True Fiduciary Institute. I love it. And the True Fiduciary Institute, if somebody wanted to donate, if somebody wanted to be a part of that website they could go to, is there an easy way to get there? Is it through your website? How can, if you're listening and you want to reach out to Paul, what are the best ways to get a hold of you? Yeah. If you're listening and want to reach out, best thing would be to email me. My email address is paul at So it's paul at and I'll be happy to help you out. You bet. Thank you so much for that, Paul. And then if there was a lesson, a gift, something you wanted to share for the people listening and takeaway, like that one nugget that, man, if they just would adhere to this, they'd always remember you.


Final Message (36:43)

What would that be? We all have a responsibility to help other people. We, not everybody is fortunate enough to change and grow at a certain pace. So if we all act as mentors and helping other people, it could be children, it could be people in college, it could be our peers, can people we work with, it could even be the elderly, but if we all think of ourselves as a mentor and we all reach out and give a hand to somebody who's struggling and needs help, the world will be a different place. No truer words have been spoken. I love that. I mean, that's beautiful. Paul, I thank you so much for sharing such generous time with us, right, and all those pearls of wisdom and sharing your story. I admittedly, not even because you're a guest on the show, I'm looking forward to the book. I want to read. There's things I don't know. I know there's things I don't know about transparency that I have a feeling you have the gateway key for. So I'm going to be buying the book as soon as it comes out. Well, thank you, Ryan. I appreciate it. If you're here, I give you a big hug. Thanks for the time and your stories and your personal transformation and transparency. You're an inspiration to all of us. Thank you. Yep. Thanks, Paul. I appreciate it. you

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