Most people are aware of their own financial balance sheet as soon as we buy our first car or house.
We become aware of it, if you're of a certain personality type, you may track it quite a bit.
But I'd submit to you that we're also unconsciously aware of another balance sheet, and this one is sometimes tricky
to measure and even harder to manage. Sometimes we often find it hard to put into words
But it's real nonetheless. Call this our intangible balance sheet.
What I mean by this are those life principles, experiences, memories and stories that given any amount of money
we wouldn't trade. They're the memories that bring tears of joy to our faces, because we simply can't
imagine life without them. We feel fortunate to have had them. It could be our first jobs, proposals,
wedding days, burdens, struggles, anxieties or fears, and maybe even some hindsight.
It's all those things that melt into a memory that bring a distant stare to our face and maybe even a smile.
We feel lucky to have had the, because they're what has made us us.
So that's what I'm talking about. When I talk about the intangible balance sheet, it's those moments in life that may be
financially irrational, but which are indispensable parts of who we are.
So, these episodes are focused on the stories that bring us joy, happiness, fulfillment, and ultimately may hold
necessary keys that will direct the future for our family friends and maybe even neighbors. So, listen in with us as
we discover some of those stories that are meaningful to our guests and maybe you'll even uncover hidden value on your
own intangible balance sheet. Welcome again to the Wisdom and Wealth podcast and another Intangible
Balance Sheet episode. I'm Josh Cluse, the senior wealth planner here for Carson Wealth in the Woodlands, Texas. Our Guest
today is Matt Gilbert, a founding partner of Gilbert and Pardue Transaction Advisors. I'm so excited to dive in
and learn more about Matt's intangible balance sheet. Matt, welcome to the podcast. Hey! thanks for having me Josh I
really appreciate you inviting me on. Yeah, pleasure is ours, and so Matt you
help people through Gilbert and Pardue unlock value on their balance sheet, or I think
pent-up value is the term I think you guys use, and the goal of this podcast is to
encourage our guests and our listeners to unlock value on their intangible balance sheet. So
similar but one's you know tangible and, in a business, and one's kind of built up over a period of years.
You know spiritually and live out through your life principles, but I'm
curious to dive into some of those stories. For table setting, could you tell us a little bit about your background and how you grew up?
Oh yeah, we're gonna go way back then. So, I grew up in West Texas, kind of in
a cotton farming community, however, we were not involved in farming
at all. So, it was interesting to be the outsider kid in that community.
I got to do a lot of cool things with friends and whatnot, but we didn't
really understand it, and so if you fast forward all the way to today, I actually have a farm because you know those
early experiences were very formative, and I just always felt like that was something that was in my blood.
You know, we didn't have it, in hindsight, we didn't have it bad at
all. It was a fantastic upbringing. While I was going through it, I thought it was pretty lousy
and you know, I think that's a thing most kids probably feel.
You know, we were probably
one of the families that wasn't as affluent as everybody else, at least in my circle
and so, when I was in junior high, I asked my dad for a lawn mower, an edger, and a weed eater, and I went out
and started kind of making my own way in the world.
He advised me a lot, and there was a very formative moment there.
It got to the point after two or three years of doing mowing, edging, and stuff to where we were making
significant money. I was in junior high headed into high school.
I had bought cars and trailers and paid cash for everything you know, and money was good. Awesome. I learned
a lot there, you know we would go out, I say we would go out and knock-on doors. Door-to-door sales to get clients, you know, walk them around their property, talk to them about what
we could do to help them. Convince them that we're the right team to do it. Then you know the mowing
season is only so long - from Spring to Fall. So, I would Circle
back around and shovel snow, sell firewood, all kinds of stuff during my
years in junior high and high school, and there was a moment.
Not exactly sure, I was probably a sophomore in high school, and I was meeting a realtor at one of
their vacant properties, and I learned (because I didn't really know) that Texas Instruments was the
largest employer in town. TI was moving people in and out of town all the time, so there were a lot of vacant
houses and a lot of turnovers with TI, and this particular realtor had that account, and so I was walking around
talking to her, and I'm a high school kid, right? I'm a sophomore in high school. I'm trying to convince her that you know
what I could do to help for this one house, and it kind of dawned on me
that they were asking for the grass to be cut, and I was like, "Look if you really want to move this
house, you've got to do the flower beds. We've got to hit the alley that pile of firewood's a mess. Let me spruce the
whole thing up and you decide what it's worth. At the end, if you only want to
pay me for the part of doing the grass, then that's an agreement we have. But if you think it's worth more
than that, let's have a conversation". She was like "okay young man, let's try that". So, I brought my crew over. We
cleaned the whole place up, we did a better job than normal, you know, trying to impress her, and when she came back
she was blown away. So, she tried to offer me 120 bucks, which back then was a lot of money. I'm 54 years old right now
and I was like no ma'am. You know, I'd like to talk to you about that pile of firewood. I said if you would let me come
in and do this to every one of your rent houses or your transition houses
for the very first service then I'll trade that service. I'll do it at no
charge if you'll allow me to take the firewood, and she thought about it. She made a call
or two to make sure that owners moving up didn't care enough, but if they
did, they would have taken it. Right? It didn't seem like an asset to anybody, so she made the deal with me.
That summer, we ended up with a mountain of firewood over at our
staging place, and from then on, I began to trade the first service for
the pile of firewood. Then in the winter, we would load the pickup trucks up with firewood. We'd go
door-to-door selling the firewood for about 10x what we would have been paid to do
the lawn. Pretty incredible that all the pieces came together. You know,
in the spring, people want to change out dead plants or spruce up their homes. So, in view of this, we
cleaned swimming pools, we fixed fences, and we began to meet the needs
of our clients basically. So those formative years for me as a teenager were just me figuring out how
to talk to adults, how to talk to people with a need, and the means to have a third party take
care of that need. I just began to learn how to interact on human nature from a sales standpoint, and then of
of course, there's quality control, follow-up and collections, and all kinds of safety. I mean, it all
kind of fit in there, and so that was a really formative experience, and I share that story with a lot of youngsters and
and people that we speak with, but literally
the principles that I learned then I have applied every day in my life since in my work life
So, you mentioned your crew, did you ever have to fire somebody? How did that go? Yeah, so
here's what - I have to back up before I answer that. Okay, so when I first started, I didn't have a
driver's license, so I would have to hire my older friends who had pickups, or one guy had a station wagon and a trailer
and I would have to go sit down with their parents and say, "Hey, I'd like for
Timmy to work for me, and the reasons I want them to work for me are number one, we're friends, and number two I need that truck.
So, you have to allow him to work for me and use the vehicle you're paying for as a work vehicle. So that he can
move far away and pull lawn mowers, and take stuff to the dump, and bring wood back for fencing or whatever". So,
I had to convince the parents that I was a decent employer. Nobody ever asked me about insurance or anything
like that thank goodness, and then when it came around, if Timmy did a lousy job or he cussed at the old lady
or if he didn't show up, then I had to fire him. Well, then I had to go back to the parents and explain
what was going on. So, I learned a lot of lessons there dealing
with people because I was hiring my friends. Yep, and I was accountable to their parents
and my dad was pretty heavily involved in coaching me
through all that. Not letting me take shortcuts and not letting me skirt the accountability or
anything. So, between that and oftentimes giving
a free service to gain a relationship or to show our value
those things are just irreplaceable. How
my career has gone since then is amazing. One of the themes
that we talk about a lot is the idea of earned success, and I get the term from Arthur Brooks. He used to run the
American Enterprise Institute and it's just the idea that "hey! I'm valued for what I'm doing, and I'm depended on, and
it's not so much the transaction that we get gratification from, it's the idea that someone else needs us. So, it
sounds like you got that pretty early. Yeah, it was kind of self
inflicted I would say. I had friends working at McDonald's and at
the mall and places like that, and they weren't in the weather. I had other friends who worked on the Family Farms, and it was a working
Community. There were a few kids who didn't. They sat around and played video games and stuff, but for the most part
by the time you were in seventh or eighth grade in that community, you were expected to be working, and so we learned an ethic and we learned a way of dealing with peers, who were generally adults when
we weren't and things like that. I look at my kids, I have four daughters
and I'm incredibly proud of how they turned out in their lives that they've made for themselves. But
they didn't grow up in that kind of environment. They didn't grow up in that kind of a community, and so to see the
differences in the path that I had to take versus the paths they got to take
is an interesting contrast. They grew up with opportunity
and those kinds of things. Yeah, absolutely. One of the things that I always
find fascinating. Do you remember, and I'll go ahead and ask you, and if you don't remember, it's fine.
But do you remember the first person that stood out to you like, Man! That person really enjoys what they do?
And I've got a follow-up question, but do you remember the first person that just stands out to you, like gosh! That's really cool. Yeah,
I think it was a junior high coach. He was just passionate about
his players and the sport, and he was also a History teacher.
He couldn't care less about history and what happened in the classroom and
when I was in the class, he didn't care if we learned any of it. When we
were in practice or on the field, I mean a switch flipped in him and he was just
so passionate about teaching the game that he loved. I totally remember that.
When was the first time you realized there was a difference between working for yourself and working for
somebody else? Because you know your experience is very unique. Yeah, it was during those same
years. Again, I was maybe in early high school
years. It snowed in West Texas, and so in the winter I decided to go to
Western Sizzlin and get a job and I was either on the
schedule as a dishwasher, or I was on the schedule as the cheese roll maker. I learned quickly, in
that I'd already had my lawn care business up and running for many years,
and I learned very quickly there that trading my time for a few dollars
just wasn't going to get me where I needed to be in life. That's probably the last real job I ever had working for someone else.
It's you know seven dollars an hour, and then the government's got their hand in there for some of it, you know and
who is FICA and how do I find him? You know, all those things. It did not
take me long, I probably worked there six months through the cold months, but it did not take me long to
figure out that, you know, for me, I think there's a different path for everybody, but for me, you know I wanted
to be in control of the deal and the profitability of the deal, and how those
profits got distributed, and so I went right back to what I knew.
And I have kind of been doing that ever since in different iterations. What would you say professionally was
the next formative experience or even personally was the next formative experience?
In life, yeah, there was a big one. So um my first daughter was born
when I was 19 and we decided
probably, you know, in hindsight I'm not sure this was wise, but we decided that community wasn't
the best place for our future, so we moved to the Houston area as teenagers pregnant
and had our first daughter here, and you know, now all of a sudden I'm in
the big city where I don't know anybody, I don't have any contacts, I don't have any money.
We didn't have a place to stay, I mean it was pretty desperate. We actually had 63 dollars when we arrived, and
we just we just put our heads together and started a little catering company. I
went out and I started doing manual labor until I could acquire some tools and just
kind of built back up what we knew, and during that process
I ended up working for a kind of mom and pop shop, probably six or seven employee environmental
company. This was back before environmental was a thing, and I stumbled into it. I was 20. I
stumbled into a relationship with a guy who became
North American Environmental senior manager for one of the big oilfield companies
and he gave me a shot. A couple of years later, we were doing
millions in revenue and had employees, and you know trucks and all kinds of
stuff, so I think the Lord's really taking care of me and kind of had a hand in my life, but
there's also this element of yeah, I got to get up and go, I gotta get
up and go get it, right? It's not gonna be handed to me, and I'm not gonna find it at a job. I
mean, I've always felt that since I didn't get to go to college.
I've always felt like I've had to work harder than others to achieve a certain thing, and there was
something to prove, and now that I'm a little older, none of that is probably true, but it drove me. Yeah, right.
And then having to buy diapers and formula, and do something with a kid when all my friends are
playing baseball, goofing around and fishing, those were different experiences as well. Yeah absolutely. So
for our listeners that may not be as in tune to the the local
industry explain what environmental entails. Yeah, at that time
we were handling waste for the Houston area Industrial Service
businesses. So the waste is generally putting 55 gallon drums or bigger
containers called totes, and that was a small enough package that I could
go around with a few hundred or a few thousand dollars and broker the
waste from whomever created it to wherever it needed to be disposed.
That grew into us having a soul remediation business, we had a tank
cleaning business, we had an industrial labor business, we had a hazardous waste transportation and disposal business
that morphed into a recycling thing. So from that very small beginning, I
stayed in the environmental business in and out buying and selling companies for several decades
But it's handling, in our case, mostly industrial and hazardous waste
or contaminated soil from spills or pipelines or things like that have had
issues. Yeah, were there any difficulties along the way
that you encountered that were formative as well?
Yeah, there were lots of difficulties. My not
having been formally trained in accounting and running organizations with
hundreds of personnel in multiple States and different divisions and locations, and a tax return in each state and
partners and then buying and selling companies.
We sell a company that's a tremendously complex transaction, we buy a
company there's a lot of risk, you know, and did we do our due diligence right? The accounting side has always
been something that I knew I didn't
have. The formal training I didn't have the chops for, so I learned accounting and to
this day I even do math for my daughters in school. They come home with
math homework, I look and can tell you the answer, but I can't get to it the way your teacher wants you to get to it.
Right, so I'm gonna figure out the answer my way, and then we're gonna get on YouTube and watch videos to
figure out how to do it the way the school wants it right? And I kind of do that in business
still. So one of the things I've always had to do is to surround myself with really strong accounting
people and I learned very early from the accounting thing that hey if
you don't understand marketing, surround yourself with really strong marketing people. If you don't understand regulatory issues, get a couple of super Lawyers.
Don't try to be that guy that figures it all out for himself. I think you can
go further faster, or at least I was able to, by really attracting
fantastic talent and incentivizing them to see the vision that I had for the
business and jump on the bus to help us get there. So you know, I've been fortunate that
all of my ventures have been very collaborative with partners and key employees. They carry much of the
load so that I or a partner were able to trust that
we could spread that load over multiple shoulders, rather than just carrying it on our own shoulders.
Absolutely. Is there a time that stands out to you where you remember whether it was a mistake or it was just
a pain point? They were just, "hey, I've learned about as much of this as I want to be an expert in, but I really
need somebody to manage this for me". Was there a pivot point that stands out to you? Yeah,
there's two. The personal one is while all that stuff we've been
talking about is going on, I'm still trying to be a father and a husband and whatever and so
when you're giving attention to one, the other one's lacking attention, and it's the struggle between
personal and professiona,l so you know as a parent, in hindsight,
you look back and you go man! I wish I could have a do-over on some of those things, and then as a business
person I think learning to
trust somebody to do something, maybe at 80 percent of the
quality and efficiency that I would do it at is good enough.
That task will be handled, and I can turn my attention, and oh by the way, if it's 80 the first time once they've kind of
figured it out, they get better, and eventually they surpass my hundred percent, right? But having the
trust to let people have that professional growth and all that in
a small family island or just a
smaller business. Now those people are my clients, and I see that it's pretty rare
when a business owner or shareholder gives that much trust out of the
gate and grow as a management team. So
probably regulatory in the environmental days was just over my head and
so I had to put together teams of people who understood that better than I did
and could counsel us, and then we would make business decisions off of that. So one of the things that I
learned to do is have an A team and a B team working on regulatory issues, and if they conflicted with each
other then something's wrong. We're not moving forward, and they don't really know each other exists in the
beginning, so they're working independently. And I'm like wait a minute, you're not saying the same thing. I don't
want to go to jail, you know, let's put the brakes on this idea until we figure out what's
accurate here. So those regulatory things were probably the toughest, and then accounting has always been that way for me too.
The tax code, I don't know if you've seen it, but it's fine print double-sided, don't drop it on your foot! Yeah,
so tax advice has been the same way for me my whole career. You could go
through, I'm in Houston, you could go around town and find somebody to tell you what you want to hear from a
tax standpoint all day long, but the truth is what do we need to do to comply? Pay the least
and be able to move our business forward, and that's always been a struggle for me as well. As you know
there may be the best tax advisors in the state, with a big huge firm and a
giant army and him telling me one thing, and then the second best Tax Advisor in the
state with a big huge firm and a giant name that everybody knows, telling me the exact opposite on a tax issue. I'm like,
why is it this complicated? So those have been
things where I'm not willing or capable of figuring out the issue on my own and
we've got to trust somebody else to help guide us. I've learned that trusting one resource on something that
big probably isn't the right thing to do. I like to have a couple of teams working
on it, but then I've also learned that if you get too many opinions, it just becomes
muddled, and ultimately the decision is mine or the shareholder group that
I'm a part of. We can't study it to death. We've got to study it just enough to make a decision to move on.
Yeah, I don't know if that answers your question? No, it absolutely does, and Matt, one of the things that I think comes
through is you're an incredibly motivated individual, but also the thing
that comes through is you seem incredibly content, and I really admire that about you.
One of the themes that we talk about in this podcast again and again is what Arthur Brooks wrote in his book from strength
to strength. He talks about something called the happiness portfolio, and he says that studies have shown that a person's
happiness can depend somewhat on their genetics, somewhat on big life events, and also
on their habits, and we can really only control the habits. Within that, he talks about how
there are four quadrants to your habits indicated in the happiness portfolio, and it's your faith,
your family, your friendships, community and then meaningful work.
How are you able to keep those four things in balance, or have you found a
way that helps? Yeah, I think it's maturity right?
I wasn't always in the spot you find me in today.
There have been a lot of struggles that form my character. Struggles, frankly,
that some of them I wish I didn't have to go through, you know? I'd rather have a lesser character, I guess.
But you said faith, family, friendships, and work endeavors
Right. And I would say the first two are definitely in the proper order.
You know, my faith, above all else, is important to me.
After that is my family, and then probably third for me is
work endeavors and business things. The fourth would be other relationships.
Most of those other relationships are either faith, family, or work related, because that's where I
spend all my time. So, you know how do we keep those in balance?
I don't think they've ever been in Balance. I think one always is
screaming loud I need your attention, and the others kind of have to allow you
to give your attention there. So, your attention is always just moving around.
You know, as you get older, three of my daughters are grown, and I've got grandkids. They're out on their own with their
careers and things like that, so they need less of me. At least most of the time, but some
time in their lives, they may have a crisis where they call on me and I have to drop
everything and help them deal with it. But for the most part, I think the faith component
drives what happens in the other three quadrants.
It's Integrity, it's servanthood, it's giving back, it's
wisdom and there's continual learning in there. One of the things that
all businesses have, all entities have, all families have, is this thing that I
call tribal knowledge, right? It's not written down, it's not
really well communicated, but everybody knows the rules and
so, part of that is my tribal
knowledge. It hasn't always been, but is definitely, at this time, driven by faith.
So, I have a lot of friends who cuss like
sailors. When they're around me, they don't cuss, and I recognize that.
They're trying to respect who I am and what my tribal rules are
when they're around me, and I appreciate that. It's their character, and I love those people.
I know they cuss like sailors, and that's okay. I love them anyway. I cuss occasionally, I'm
not perfect. Anybody that knows me well at all
changes their language. That's just what I call a tribal rule.
I don't even know if I got anywhere near your question and answered. No, that absolutely did. So, side note, I don't
know how sailors became the colloquialism for cursing. As an infantry officer, I don't know whether to be offended by that or just anyway, whatever LOL
Yeah, agreed. So,
a couple things I'm really curious about. I plan on working to the day
I die, right? I love what I do, but there probably, realistically
speaking, it will come to a point where the market may not value what I have to give anymore, and so the meaningful work for me
will have to shift at some point in my life, right? Have you given any thought about that?
And what that looks like? Because I truly believe that it's just woven into the way our creator made us.
We want to feel needed; we want to feel like we're contributing. What will that
look like for you, when that shift happens? I'm going to take two steps back and then come
forward. Your listeners don't know this, but the first real company that
we had run, the environmental one I told you about earlier, and the last one that I
was the CEO of; both of those businesses were sold to public companies.
Okay. Two other businesses that I was a founder or co-founder of in the middle
were grown and sold to private equity buyers. To make those businesses what
they were we had acquired our vendors, smaller companies in other
geographies and things like that to grow. So, each of those four exits came
with a non-compete. Every time I bought a company that seller was
agreeing to a non-compete, and so for me my whole career and we're talking
those four business creations and exits came over a 29-year time period,
my whole career has been constantly changing because of the rules placed on
me by the buy and sell purchase agreements. I can't be in an environmental anymore, I've got to go do something else.
So, we start a construction company and then can't compete in construction anymore. I've got to go do something else. So, we start an M&A
advisory firm, and the whole reason we started this firm seven or eight years ago was to
kind of give back, you know? Bret and I have this strong desire to be
servants. We've also done something multiple times that most people only do once in
their life, and we've personally experienced the mistakes made in my four transactions. If I knew then what I
know now I could probably put eight more figures in my pocket. So, we're
applying that wisdom to our clients, all this collective
wisdom we've accumulated through those business experiences. And then I've got to tell you my family experiences.
The owners, founders, and shareholders of businesses are our clients, and they have families.
And they struggle with the same thing that I struggled with, which is, the business needs attention, so the
family doesn't get it. The family needs attention, so the business doesn't get it, and so on for decades. We just relate to each other really
well, and then we become friends, and so the future for me has
recently maybe shown up.
I've kind of recognized it and there are two companies who have
asked me to mentor their management teams, and so I've started doing that and
the results have been off the charts for both of them in different ways because they need different things
and it's been incredibly fulfilling for me. So, I've done that a little bit in the
non-profit world. We've turned around some entities, including a church,
including a medical nonprofit for children and things like that, so
being in that decision-making loop, the visionary loop, and then how do you build a stairway to reach that
vision as it were. I've spent my whole life learning skills, and I feel like
certain ones of those skills can help other folks, and I just
love contributing, it just brings me a lot of satisfaction that all that
toil that I went through for three decades is valuable to somebody else for their next three decades.
Maybe they can sidestep some of the issues that we went through because of the mentoring or advice I'm providing.
There's tribal knowledge shared when you are the bridge to that
family or that business, and then within that tribe it gets passed on so
maybe far longer than 30 years. That's really neat! It's just super
fulfilling I think, but number one I have to be receptive to it. Because I see some of my
peers and people I work with that are pretty closed off to those things and
I'm almost inviting it. I think with my spirit that I want to help everybody. I
want to be a servant. I want to roll up my sleeves and participate, and I don't know what
that'll get me, but it brings me a lot of personal satisfaction. And, oh by the way, it usually leads to a relationship
somewhere else where we could send an invoice, or we could
move into the next iteration of a deal. So, to me, it's
something I wish I would have figured out long ago and had been applying way back
even in my 20s and 30s. Absolutely.
So, I want to be respectful of your time. I'm coming up on the end of my hour here. So, there's a ton of things I want to ask
though. When you think about some people, call it your ethical will meaning
"Hey, I want to pass on my beliefs to my kids and my grandkids."
Obviously, you're 53 and Lord willing you've got 50 years ahead of you, because they're going to figure out how to keep us alive way past our
hundred, but what if you had to write down are the things
that I want my grandkids to live by, or these are the things that have served me well.
What would be in it today? Yeah, that's such a wonderful question. I will answer like this.
On my birthday last year, that had been gnawing at me for five or
six seven years and before I had grandkids, it was kind of to my daughters and their
husbands, right?Bbecause their husbands didn't come from where I came from. They came from another culture and they didn't really know mine.
So what are they going to become, and that was gnawing at me for a long time. So last year on my birthday, I
finally said "I'm going to do something about this", and I decided to sit down and write for 30 to 40 minutes
every day in four different quadrants. Vry
close to the four quadrants that you just mentioned, so every day for over a
year I have written a journal entry to them that hits on each one of
those four topics. Just my thoughts of that day with them
in mind, and as we've gotten grand kids, we have four grandkids now,
it's a different group of people in mind as well. So the thoughts are kind of changing, and you can see
that and my wife wants to turn it into a book that we give to them at Christmas or Valentine's Day or something one of
these years, but there's literally about 375 entries in that
book of my thoughts about them and what I wish for them. We don't live together, you're not with me at work, you're not with
me at church, we live in different communities. So you don't know me, and this is what I want you to know or what I want to
impart unto you. They may never read it. It may never get finished, I might die today and nobody knows it's on my computer unless they
listen to this podcast or talk to my wife and grab it, but I think at some point, it's going
to be really cool to turn that over to them, and maybe they put it on their coffee table or somethin. And every
now and then, it's got, I'm all over the board here, sorry. No, no, this is
perfect. You know, it took me 35 years or more to figure this
out and even at 54 years old, I don't practice it 100 percent. But when you have a
problem in your life, like a big problem, something that's perplexing, and you can't sleep and you're not sure what to
do and whatnot. We're always trying to figure it out ourselves, or we're trying to turn to our friends or family or a mentor or
someone who's been through that problem and ask, "Hey, can you give me some advice or whatever the truth is?" You can turn to
the Bible, and you can find the best advice on most topics right there.
And that's probably a terrible analogy, but at some point I would love to see my kids and grandkids and others
turn to that coffee table book and go "hey, what would dad have done? Let's see, I bet
it's in here because he wrote us a lot" and make sure there's a glossary to make it a little easier for them.
Something to pull it all together, but yeah, so I think it's important.
And you reach a certain stage in life. You're probably not there in your 30s, but you reach a certain stage in your life where
you start thinking about what was it all about?
Was I just here to pay the bills for us to eat out and have Christmas, and go on vacation? Or was
there something bigger and a lot of people want to leave stuff.
We have material stuff we've accumulated, a lot of stuff, um, but I don't think it's
about the stuff, I think it's about the principles behind what it took to accumulate, assemble, manage, and enjoy the
stuff in such a way that you're honorable, and that
it brought value to the world. Yeah, at risk of going a little bit
too deep theologically, but I think we were given the dominion mandate right from day one
and not everybody knows that. And the stuff can have dominion over us,
or we can have dominion over it. To your point, in the teaching of
having dominion over this stuff is how we gain meaning in many of those relationships, and it's so much fun.
I'm nowhere near where you're at right now with stages of life, but you know I have four kids of my own
ages nine to 18 months and it's a ton of fun,
but I probably woefully describe what I'm trying to describe to you to
them and they roll their eyes at this point, or just like okay, let's get on to something else, but eventually it
will stick. Oh that's the best lesson at those ages. All of those ages I think because
it's pulling them off into so many fantastic conversations, if you can
begin teaching them probably through their own little accounts how
compounding works. So it's compound interest, its compounding relationships, it's compounding your influence,
it's compounding everything. Well, the easiest way to do that with kids is with a little account of
some sort where they can watch how compound interest works and see what happens when
they pull from that account, and the compounding reverses or slows and
when they invest in that account, the compounding accelerates, and then you can do that in all four of those quadrants.
You mentioned with your faith, with your family, with your friends, and with your business, it applies so well I think. The
formative years that that's something that has really served
my kids well is, they understand a lot of things
having grown up in this house. The way we just did life unconventionally.
When they were growing up, and so to their in-laws, to their employers and
to their friends. Especially when you get to college for the first
time. You're out of your parents' house, and you look around at how everybody else was raised and lived, and you go "Oh wow!"
And you have to ask yourself, why are we different? Do I like that we're different? Do I want to go that way and conform? You
know, and so those were a lot of really cool conversations with my kids as they entered those college years.
And the early years of being married. Their spouses asked those questions
and a lot of it took me years to figure out, but it kind of went back to that principle of
compounding in all aspects of your life, and so maybe it just gives out some thought
I could give. Absolutely. No, I love the idea of compounding, because it totally applies. We assume that
it can only happen in the world of Finance, but it happens everywhere. Everywhere
and it can spiral out of control in a negative way too, so it has to be managed.
Absolutely Matt, thank you so much for your time today. If listeners want to get in touch
with you and buy your future book -just kidding - but if there's a workbook too?
It's almost finished. How would our listeners get in touch
with you if they wanted to? If they had a further question? The best way is to email me.
I assume you'll put the email in the show notes or something, but it is MGilbert @gap-advisors.com
Excellent! Easy! Easy! I respond to my
emails quickly. Call me. I don't know if you want me to put my phone number out there?
No, that's fine. Text and phone. Look, I'm at a point in my life where I just love
to serve, and I love to have opportunities to serve. I have to be
pretty judicious in the ones that I accept, because oftentimes opportunities are
brought to me that I can't accept, but I know somebody who's way better than me and would love to help with that, and so
being a facilitator of those things is really important. So, anybody wants to
talk I just encourage you to call. You can also contact me on LinkedIn, but I don't check that as often. When
I do, I usually just throw out my email address or phone number and say let's move to another
medium, but yeah, please reach out, because I'm all about helping people take it
to the next level. Thank you so much Matt for your time. It's been a pleasure. Great! Josh, thank
you. Thank you again for joining us for this week's conversation. We trust that our
time has left you both enriched and inspired to better invest in your own intangible balance sheet. As always, we
wish you and your family continued truth, beauty and goodness on the road ahead.
The opinions voiced in the wisdom and well podcast are Josh Cruz's and are for general information purposes only and
are not intended to provide specific advice or recommendations for any individual. Past performance is no
guarantee for future results. Investing involves risk, including possible loss of principal. No strategy assures success or
protects against loss guests are not affiliated with Carson Wealth Management LLC. To determine what may be appropriate
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