Preview:

Fresh off another Super Bowl appearance, Andy Reid is a legendary head coach known for his strategic brilliance and leadership in the NFL. But what if we told you that his insights could also apply to financial planning and retirement strategies?

Subscribe On Your Favorite App:

More About This Episode:

In our latest podcast episode, we’ll share four bits of wisdom from Andy Reid and draw parallels between his coaching philosophy and essential financial lessons.

Discover how every dollar can be an opportunity, the importance of focusing on the next play, and how to learn from setbacks in both sports and investing. Tune in now and discover how you can apply Andy Reid’s coaching principles to your retirement planning.

Here’s what we cover in this episode:

0:00 – Intro

2:20 – Quote 1

3:49 – Quote 2

4:58 – Quote 3

7:23 – Quote 4


Resources:

Retire Pilots – https://retirepilots.com

Get your FREE Retirement Toolkit – https://bit.ly/3ZmZsaX

Pilot Tax – https://pilot-tax.com/

The Pilot’s Advisor Podcast is also on video. Watch & Subscribe on YouTube: https://bit.ly/3EIEBW2

Connect with Pilot-Tax: https://pilot-tax.com/

Episode Transcription:

(Note, this is an automated transcription. Please forgive any errors.)

Walter Storholt: Well, Andy Reid was just in the super bowl recently, and we thought it would be fun, given Ryan’s football background, to have a little fun. Comparing the game of football and in particular, some famous quotes from super bowl winning, uh, head coach Andy Reid to, uh, the financial world and retirement planning. What can we learn from one of the best coaches of all time? We’re going to find out on today’s episode. Well, the super bowl is in the books once again. Andy Reid coached in the super bowl again, and, uh, he is certainly one of, of the best. I’m Walter Strahold alongside Ryan Fleming, financial advisor to the Pilots out there. And Ryan, uh, are you an Andy Reid fan? First of all, I know Chiefs have had a lot of fatigue over the last couple of years, but I don’t think you can deny the, the success of Reed and what he’s able to do with his teams.

Ryan Fleming: No, I’m absolutely a fan of Andy Reid. How could you not be?

Walter Storholt: Yeah.

Ryan Fleming: The real question is who won the Super Bowl? And we don’t really know because we’re recording this before the Super Bowl.

Walter Storholt: Little secret.

Ryan Fleming: After the super bowl, who’s gonna win?

Walter Storholt: Uh, so. So you want to guess and then people will be able to make fun of us if we’re wrong.

Ryan Fleming: Yeah, exactly.

Walter Storholt: I, uh, feel like the Eagles might win, but I’m gonna pick the Chiefs. Ah, like a cop out, right? Because I can kind of say I was right, but yeah, yeah, that’s pretty.

Ryan Fleming: Much a cop out.

Walter Storholt: I’m not going to bet against the Chiefs until they, you know, until they prove me wrong.

Ryan Fleming: Yeah, yeah, yeah. Well, you know, I think, uh, it’s hard to bet against Mahomes. I mean, we look at what they’ve done over time. I have to root for the Eagles this year simply because one of the, my teammates, Jamal Singleton, who I played with back at the Air Force Academy, uh, he’s the assistant head coach and running backs coach for the Eagles. So Jamal is in the super bowl hoping for a win. Buddy, we’ll be rooting for you. Um, but I don’t know. I think it’s going to be a good game. I think, uh, if, uh, the Eagles can establish the run against the Chiefs, then they’ll be able to win. If they can’t do it and the Chiefs shut them down like the Bills, it’s gonna be a rough night.

Walter Storholt: Yep. We’ll see what happens. And, uh, folks will know by the time they’re watching this, so they’ll see if our predictions, uh, will come out correct or true. But pretty cool about the Saquon Barkley and, uh, running back coach connection there. So an extra reason to. You can’t go wrong. I don’t think, in this one in terms of who you’re rooting for, so. Should be fun.

Ryan Fleming: Saquon Barkley seems to be a decent back.

Walter Storholt: Yeah, I agree just a little bit, you know, decent. All right, uh, well, without further ado, let’s get into some of Andy Reid’s famous quotes and draw some financial and retirement planning wisdom out of them. And, uh, win or lose, there’s still wisdom in this for him, for sure. Uh, the first one that we could take a look at, he once said that every play is an opportunity, so make every snap count. I like that he doesn’t approach each play and opportunity as like, uh, from a place of fear. It’s about looking at opportunity for every little moment in the game.

Ryan Fleming: Well, when we started putting this together, I’m amazed at how sports in general relate to investing. You know, if you, if you grew up playing athletics, there’s so many different aspects of this that you could relate to successful investing. So breaking it down like this is. Is awesome. And, uh, you’re right. So financially, every dollar is an opportunity. What are you going to do with it? You’re going to spend it. Are we going to save it? And if you save it and you keep doing that over time, you’re going to be in that much better of a position, whether it’s for retirement, emergency fund saving for that, uh, first car, that first house. But as soon as, uh, that dollar goes away, um, and you buy that coffee that we were talking about, you buy that Starbucks, well, guess what? It’s not working for you. So every single dollar that you make, are you going to keep that dollar working for you for the rest of your life, or is it going to go into things? You know, we’re a thing culture. You’re going to spend it on something and get that instant gratification. So, yeah, what are you going to do with that dollar?

Walter Storholt: It’s a great point. He had another great quote that said, we don’t focus on the scoreboard, we focus on the next play. And I thought that was a good dovetail from the making every snap count and trying not to lose sight of the big picture. I guess in this one is sort of the takeaway.

Ryan Fleming: It kind of reminds me when I see this. It’s, uh, you know, in sports, we talk about Fido and it stands for it. Drive on. You know, forget that last play. We got a New play. And same thing with the scoreboard. It doesn’t matter where you are right now. It’s focusing on putting your head down and just getting where you need to go. Um, obviously, markets fluctuate up and down, and it’s easy to get caught up into what’s happening with your investments where it’s better to not look at the scoreboard, not make any emotional decisions based off fear or frustration or, hey, I started late, and, you know, I’m just going to keep kicking the can down the street. Uh, focus on the end goal. Focus on your financial plan. If, if you do your job, the overall picture in the scoreboard will take care of itself. If you start saving early and you do 10 to 15% of your income and you start early, it’ll all take care of itself. And, um, then you’ll eventually look up and see the scoreboard and be like, hey, man, I’m going to win. Or, we’re in a good spot.

Walter Storholt: Yeah, I like that a lot. Um, this next one’s

00:05:00

Walter Storholt: kind of funny because he hasn’t done a whole lot of this over the last couple of years, and that’s losing. Uh, but Andy Reid said there’s always something to learn, even from a loss, so doesn’t let those losses get him bogged down. He’s always looking for a way to get better every time they have experienced some sort of setback in the past.

Ryan Fleming: Well, looking at this, I mean, this is kind of life, you know, you got to learn from your experiences. Nobody, um, wants to take a big financial hit, but sometimes you take on too much risk or do something speculative and it doesn’t pay off and you get burned, or maybe there’s a medical emergency, you have to pay for, a job loss, something, ah, that happens there, and you got to handle it. Um, but, you know, we get knocked down. That’s just life. And after you get knocked down, what do you got to do?

What hurts investors is speculating and gambling

You got to get back up and learn from the situation. Um, and we talk all the time about what hurts investors, and a lot of that’s speculating and gambling and, and it’s, you know, stock picking, market timing, track record investing. And I’ll meet with a new pilot, and they’re like, yeah, well, here’s what I did, or, hey, this happened to me 10 years ago, and I’ve never really got back on the horse because I’m scared or I don’t know what to do. Well, yeah, uh, life’s tough. You gotta, you get knocked down, you gotta get back up and, and Learn from it. But it doesn’t mean you gotta. You can just stop investing or. Or sit on the sidelines, because if you do that, you know you’re gonna lose.

Ryan’s retirement toolkit is tailor made for pilots like you

Walter Storholt: Attention, aviators. When you’ve spent years in the cockpit managing the complexities of flight, isn’t it time you navigated your retirement with the same precision? Introducing retirepilots.com right at your touchdown zone. Um, on our homepage, there’s a beacon flashing. Get my free toolkit. Click that, and you’ll be cleared for a direct route to, uh, Ryan’s retirement toolkit tailor made for pilots like you. Inside, you’ll find two of his important works. The Pilot’s Advisor and Pilots Retire early. Between these two books, you can decipher the nine critical decisions when retiring before 65 and discover the seven lessons to help pilots land safely in retirement. But that’s not all. This toolkit is packed with altitude high value, including extras to get your retirement plans off the Runway and light the afterburners on your 401k. Vector on over to retirepilots.com to grab your toolkit and let’s embark on this journey together.

Ryan Storm shares a funny story about learning from a big loss

This one speaks to me and really kind of hits home, um, because you can sometimes let a loss really derail you. Um, and you were kind of touching on that of like, oh, I got scared for 10 years and now stayed away from doing what I should have been doing because I got burned previously or I made a mistake. Maybe shame even plays a little bit of a role into it. Funny story, Ryan, from when I was younger and learned a lesson from a big loss. And this might sound like no big deal. I think it was fourth grade and we had done something, uh, like our teacher was awesome. She had taught us, uh, we had a fry every Friday. We had, like, market Friday, and you could bring whatever you wanted. And it was basically like a flea market in the classroom. And you could trade and sell. And we all started with a certain amount of these purple dollars, and you got to then collect or you could spend your purple dollars on things, um, however you wanted to play the game all throughout the year. And there was a prize forever. Who had the most purple dollars at the end of the year? Well, of course, I must have been destined to work with financial advisors because I immediately had the mindset of, I’m going to win that most purple dollars at the end of the year. So I bought nothing all year. All I did was bring things to sell and accumulate those dollars. And, uh, I had a huge lead and I went and uh, washed my clothes with, uh, my parents washed my clothes, all those dollars I’d left in my pocket. And of course, it was just a little paper money. So it shredded into a billion pieces in the washer and the dryer. So I went from top of the class to $0, and I gave up. It was such a big loss that I just gave up. I didn’t care anymore, and I just, you know, kind of gave in to defeat, and I felt really bad about that afterward. And so, uh, I almost feel like that was a really important experience because although I didn’t learn in the moment to overcome that challenge, it stuck with me. And I was like, okay, I’m not going to take that mindset into the next time I make a mistake. And so now, in future years, if I’ve made a bad mistake or had a setback, I don’t let it scare me from doing something in the future.

Ryan Fleming: So, sadly, um, I think this is, you know, I’ve had, for our listeners out there, I’ve had to hear about these purple dollars three or four times, and I realize it is a major, major setback.

Walter Storholt: It’s been a few years since we talked about the purple dollars.

Ryan Fleming: I really feel like at this point, we probably need to start a GoFundMe page, because he obviously needs some. Some. Some counseling and therapy on what happened back then.

Walter Storholt: There’s some trauma. There’s some trauma there.

Ryan Fleming: Serious drama. I was wondering if you remembered about that story is. And I’m so glad you got to tell it again, is, uh, I don’t.

Walter Storholt: Know if we’ve ever done it while we’ve been on YouTube, though, so, you know, it had to be redone for the YouTube audience.

Ryan Fleming: Yeah. Well, there’s a lot of lessons to be learned there, though, too, because think about it. You were keeping your

00:10:00

Ryan Fleming: dollar under your mattress, per se, by just keeping it in your pocket.

Walter Storholt: True.

Ryan Fleming: Putting it someplace safe, whether that’s the bank or you’re putting in the market so it could grow into more dollars.

Walter Storholt: Make me feel worse. Just keep piling onto the mistakes m. That were made there. Ryan.

Ryan Fleming: Well, I always tell my clients it’s about tough love. It’s about being honest.

Walter Storholt: Yep.

Ryan Fleming: Um, but I think your point is this, too. You had that, and you didn’t make the adjustment. And, you know, sometimes, like. Like Andy said, adjustments are not a sign of weakness. They’re a sign of strategy. Well, I look at this as we’re. We’re always reallocating a portfolio or we’re rebalancing a Portfolio or you know, if, if things get out of whack and there’s an emotional reaction in the market, we want to take advantage of it. Uh, all of that is strategy that you have to, you’re, I think it more tactical. You make tactical decisions or adjustments to try to win the game. Your overall strategy should not change. But we’re always making adjustments and no different than flying an airplane. I mean you get off track a little bit or you have to go around a thunderstorm or winds pick up, you got to make, make some minor adjustments to get back on track. And uh, I think that that’s just anything in life. Stay the course. Um, you’re going to get knocked off course or get knocked down, get back up, make some adjustments, press on forward, be disciplined, stay long term, not short term and be unemotional. Don’t make short term emotional decisions with your money and you’ll be okay.

Walter Storholt: Very good.

Ryan’s free toolkit helps pilots plan for retirement and their financial future

Ryan, if you are a pilot, you’re watching today’s video or listening to the audio podcast version of this and you’re kind of looking for that next opportunity. What’s my next play going to be? Much like Andy Reid looks for those opportunities in every play, a great next play to make, which is also a great opportunity, is to pick up Ryan’s toolkit. Uh, this is going to be a great starting point for anybody that’s wanting to get serious about planning for retirement and their financial future. The toolkit, Ryan, is packed with a, uh, couple of books that you’ve written, some great, well, uh, researched reports, stats data, and just setting the foundation for anybody who wants to learn a little bit more about retirement. Right?

Ryan Fleming: Absolutely. And that’s the best first step for uh, working with us is just go to retirepilots.com, order the free toolkit. Uh, there’ll be enough content in there that I think you’ll really want to reach out. You’ll also earn a free portfolio analysis. We’ll uh, analyze your financial position, your portfolio for free. We can set up a zoom call, go over it together, um, and look, really dig in to what you’re doing and it’ll be very obvious to you, uh, if there’s a better way out there or we can help you make some positive change.

Walter Storholt: Excellent.

Again, that’s retirepilots.com link in the description of today’s show, whether you’re watching on YouTube or on the audio podcasts. Retirepilots.com hey, if you are watching on YouTube, don’t forget to hit the like button and subscribe to the channel so you never miss a future episode. Until then. Ryan, thank you so much. We’ll talk to you again on the next episode.

Ryan Fleming: Take care, Walter. Information is for illustrative purposes only and does not constitute tax, investment or legal advice. Always consult with a qualified investment, legal.

Walter Storholt: Or tax professional before taking any action.