Solutions to the Career Transition Problem: “Starting New Things”

In this podcast, I share the mic once again with Marques Ogden and we chat about his upcoming speaking academy, his newest endeavor, and a lightning round of topics that will be sure to intrigue you.

Podcast Details:

Podcast Title:  Solutions to the Career Transition Problem:  “Starting New Things”
Podcast Series: Financial Literacy Boot Camp

Video and illustrations available on our YouTube channel here.

Questions/Issues We’ll Address on this Episode:

 

-We talk about Marques’ upcoming speaking academy and how attendance has tripled (2:10)
-Marques’ advice on “fearing to fail” (3:48)
-Marques’ newest endeavor….SURPRISE!!!  (7:40)
-Another life lesson “unpacked” (14:40)
-The lightning round:  what is Marques think about….(16:40)

Solutions to the Career Transition Problem Series:  1st Interview, 2nd Interview, 3rd Interview, 4th Interview
Marques’ website
Marques’ FB/LinkedIn/Twitter

#financialliteracy #finlit #careertransition #branding #marketing #entrepreneur #motivationalspeaker #money #finances #cfl #canadianfootballleague

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About Me:
Dominique Henderson, CFP® is founder of DJH Capital Management, LLC., a fee-only, registered investment advisory firm specializing in comprehensive financial planning and wealth management.

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#FinancialLiteracyBootCamp

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The Challenges Facing Financial Advisors in the 21st Century with Special Guest Tywanna Smith

I discuss the challenges facing financial advisors in the 21st century with special guest Tywanna Smith of Athlete’s Nexus

Podcast Details:

Podcast Title:  The Challenges Facing Financial Advisors in the 21st Century with Special Guest Tywanna Smith
Podcast Series: Financial Literacy Boot Camp
Video and illustrations available on our YouTube channel here.

 

Questions/Issues We’ll Address on this Episode:

I discuss the challenges facing financial advisors in the 21st century with special guest Tywanna Smith of Athlete’s Nexus (on Twitter @AthletesNeXus)

  • Who is Tywanna Smith (2:25)
  • Tywanna talks about her idea behind writing  “Surviving the Lights: A Professional Athlete’s Playbook to Avoiding the Curse”.  (4:50)
  • Tywanna and I dive into her book -“…
    • we don’t exploit athletes for revenue; we prepare them for life” (6:40)
    • How many athletes really understand how to leverage their brand to set up “life after the sport” (10:10)
    • For generations, the African-American culture has instilled a “loyalty” complex in its offspring to make decisions based on emotion rather than logic. (12:45)
    • Athletes operate best with good coaching, guidance, and teaching, and they are most receptive when someone connects with a level of understanding… (16:40)
    • As an athlete, how do you build a great team around you (20:04)
    • How athletes can use their current influence (29:30)
  • How to increase the level of financial literacy among athletes (31:25)

#financialliteracy #financialplanning #financialeducation #financialadvice #athletetransition #financialadvisor

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About Me:
Dominique Henderson, CFP® is founder of DJH Capital Management, LLC., a fee-only, registered investment advisory firm specializing in comprehensive financial planning and wealth management.

Where to Find Us:

Facebook-Icon78-3 twitter-icon youtube google
#FinancialLiteracyBootCamp

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The Art of Personal Branding with Marques Ogden

Marques and I discuss the “art of personal branding”.

Podcast Details:

Podcast Title:  The Art of Personal Branding with Marques Ogden
Podcast Series: Financial Literacy Boot Camp
Video and illustrations available on our YouTube channel here.

 

Questions/Issues We’ll Address on this Episode:

-Branding
-Social Media
-Marketing

-What to Include in your Digital Content Image (2:15)
-Marques top social media sites for personal branding (5:04)
-Differences in the use of social media across the age groups (7:30)
-Most important aspect of your personal brand (10:50)
-Is Twitter is optional? (13:45)
-Marques’ tricks of the trades for building followers (15:05)
-The obstacles that keep us from developing good personal brands (20:45)
-Preview for segment on personal branding for Marques’ upcoming academy (26:35)

#financialliteracy #personalbranding #marketing #socialmedia #entrepreneurship #smallbusinessowner

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About Me:
Dominique Henderson, CFP® is founder of DJH Capital Management, LLC., a fee-only, registered investment advisory firm specializing in comprehensive financial planning and wealth management.

Where to Find Us:

Facebook-Icon78-3 twitter-icon youtube google
#FinancialLiteracyBootCamp

Sound bumps provided by www.bensound.com

Solutions to the Career Transition Problem with special guest Marques Ogden

Marques Ogden and I discuss the tools needed by young athletes to effectively transition from the gridiron to the boardroom!

Podcast Details:

Podcast Title:  Solutions to the Career Transition Problem with special guest Marques Ogden
Podcast Series: Financial Literacy Boot Camp
Video and illustrations available on our YouTube channel here.

 

Questions/Issues We’ll Address on this Episode:
A discussion of “Solutions to the Career Transition Problem”and the tools needed by young athletes to effectively transition from the gridiron to the boardroom!

Marques Ogden and I continue our conversation on “Solutions to the Career Transition Problem” by having a very candid discussion on the tools he used after leaving the NFL to begin his transition into the business world.  We discuss the development of his thought process, a strategic plan, and a business network to launch his next phase in life.  We also cover in the discussion practical examples on what business owners can do to boost their networks during the start-up phase of their business.  We also discuss ways that young professional athletes should be leveraging their brand with non-monetary “human capital” while still playing.  Last, we cover some statistics provided by the CFP Board on financial literacy and savings rates among Americans.  Don’t miss this exciting episode of “Solutions to the Career Transition Problem” brought you DJH Capital Management.

  • Develop a Strategic Plan (3:15)
  • Develop a Network and Talk to People (4:50)
  • Join your Chamber of Commerce (6:30)
  • Leverage Your Brand (20:30)
  • 80% of Americans concerned about not saving enough…what about athletes? (25:35)
  • How to get out of your “comfort zone”? (28:55)

Helpful Links:

Submit a “Boot Camp Listener” question

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About Me:
Dominique Henderson, CFP® is founder of DJH Capital Management, LLC., a fee-only, registered investment advisory firm specializing in comprehensive financial planning and wealth management.

Where to Find Us:

Facebook-Icon78-3 twitter-icon youtube google
#FinancialLiteracyBootCamp

Sound bumps provided by www.bensound.com

FLBC 031: Solutions to the Career Transition Problem

Marques Ogden and I continue our conversation about: “The Career Transition Problem” and how to re-brand and financially empower yourself!

Podcast Details:

Podcast Title:  Solutions to the Career Transition Problem
Podcast Series: Financial Literacy Boot Camp
Video and illustrations available on our YouTube channel here.

 

Questions/Issues We’ll Address on this Episode:
Marques Ogden and I continue our conversation about:  “The Career Transition Problem” and how to re-brand and financially empower yourself!

Helpful Links:

Submit a “Boot Camp Listener” question

Sign up for more updates like these

Subscribe to the podcast!

About Me:
Dominique Henderson, CFP® is founder of DJH Capital Management, LLC., a fee-only, registered investment advisory firm specializing in comprehensive financial planning and wealth management.

Where to Find Us:

Facebook-Icon78-3 twitter-icon youtube google
#FinancialLiteracyBootCamp

Sound bumps provided by www.bensound.com

FLBC 027: Solutions to the Athlete Transition Problem

Podcast Details:

Podcast Title:  Solutions to the Athlete Transition Problem
Podcast Series: Financial Literacy Boot Camp

Video and illustrations available on our YouTube channel here.

Questions/Issues We’ll Address on this Episode:

My conversation with Marques Ogden about rebranding yourself, career transition, strategic partnerships and more!

Helpful Links:

1st Interview with Marques Ogden
Ogden Speaking Academy Website
Click here to book Marques for speaking

Submit a “Boot Camp Listener” question

Sign up for more updates like these

Subscribe to the podcast!

About Me:
Dominique Henderson, CFP® is founder of DJH Capital Management, LLC., a fee-only, registered investment advisory firm specializing in comprehensive financial planning and wealth management.

Where to Find Us:


#FinancialLiteracyBootCamp

© 2017 DJH Capital Management, LLC.

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The Branding Series: Developing Focus (Part 4 of 4)

Lesson #6 – Ignore the bling. No really, ignore the bling.

As a culture, we are naturally drawn into things that shine and pop.  I think this is best proven by how quickly bad news travels or how people are drawn to the scene of an accident.  Thus, the lure of “fast” branding is just that…a lure.  (Most fish might tell you to stay away from lures as their famous last words.)  Many of the stories of fraud perpetrated upon athletes have had a common theme …the very provocative lure.  Having been in the financial markets for nearly half of my life, I realize there are no guarantees.  If something sounds too good to be true, generally speaking, it is. However, as an expert (not by cognitive aptitude but by Malcolm Gladwell’s concept of 10,000 hours) I know better.  Unfortunately, without the proper instruction and guidance, novices can be exploited like has been the case many times before.  So what is my advice here?  Be patient and realize everything that glitters is not gold.  Your brand (and consequently, your wealth) will take time to build.  It cannot and will not happen overnight.  Usually any thing (or anyone) that promises you a quick return or profit is likely a wolf in sheep’s clothing.  You should run far, far away.  In speaking with Chase Carlson, a Florida attorney that has represented over a dozen of athletes in fraud cases, he gave some common tell-tale signs for athletes to avoid.  “A lot of these deals [that blow up] are private deals”.  (Private deals are not registered with a centralized exchange or clearinghouse and therefore are more risky).  He also mentioned the type of individuals to avoid.  “A lot of these guys [that defraud the players] are living very large, driving very expensive cars, wearing very expensive jewelry”.  You may want to read an earlier post I wrote if your financial advisor is a bigger celebrity than you are.

Lesson #7 – Listen for perspective, only implement wisdom.

Finally, while I personally may allow for a lot of different perspectives to be voiced, I only implement what amounts to wise counsel.  How do I tell the difference between perspective and wisdom? Experience–and not just my own either.  For years, I have sought mentors much older to provide me with invaluable nuggets of wisdom.  What if you don’t have this type of access to wisdom?  My advice is that you find it.  Seek it out.  Having a superb brand is not for the lazy or faint of heart.  Particularly, crucial to protecting your brand will be what you allow into your psyche from friends, family and other associations.  Make all those relationships pass a “mental” filter.  Some may call it common sense.  Unfortunately, common sense is not all that common anymore.  Only listening to the input of your peers can be a recipe that cooks up a “one-sided” perspective.  In a recent conversation with four-time Olympian Lauryn Williams, she mentioned that “youth and inexperience” as key reasons that athletes don’t consider the years after they retire.  Lauryn, who is now reciprocating some of her life lessons as a financial advisor to current and future Olympians, understands the challenges young athletes face.  When I asked her why younger athletes were not implementing better financial strategies, like those of Kobe’s and LeBron’s mentioned earlier, she responded that, not only is there “limited exposure to [that type of] advice to help younger athletes”, but “younger athletes often don’t have the knowledge or education that helps them apply the advice [that] is given”.  Most successful professionals will agree that applying the hunger and drive that got you to where you are won’t necessarily take your brand to where you want it to go.  This is why a healthy dose of wise perspective is like a dietary supplement that should be taken daily.

One way to define wisdom is the ability to see, into the future, the consequences of your choices in the present. That ability can give you a completely different perspective on what the future might look like.”  -Andy Andrews

So let’s recap the seven lessons:

  1. Recognize you are a brand;
  2. Use good associations to create brand value;
  3. Start planning your transition early;
  4. Practice personal responsibility;
  5. Replace negativity with positivity;
  6. Ignore the shine
  7. Listen to different perspectives,  but only accept wisdom;

So what will you do with what you know? Athlete or not, implementation of these principles will help you build and preserve your brand.

(Special thanks to Lauryn Williams, Marques Ogden and Chase Carlson for their contributions to this mosaic of thought.)

The Branding Series: Developing [Brand] Character (Part 3 of 4)

“Character is like a tree and reputation like a shadow. The shadow is what we think of it; the tree is the real thing” – Abraham Lincoln

 Lesson #4 – Practice the highest level of responsibility–personal accountability.

The new owner of an office building hires two different cleaning companies to clean his building.  His secretary is puzzled about the decision of hiring two companies, but doesn’t make a fuss.  After a week of letting each company alternate on the nights they cleaned the office building, the owner decides he will award the cleaning contract to the winner of a final test.  The next morning both cleaning company supervisors are asked back at the same time to visit the owner.  Neither are aware of the test and nonchalantly greet each other as they sit and wait on the owner to arrive.  After a short wait, the owner brings them into his office one at a time.  After supervisor #1 is asked in, the owner proceeds to raise his voice about how someone from his cleaning crew left a faucet on during the cleaning shift flooding one of the floors of the building.  The bewildered supervisor stands and pleads that he is only just a supervisor and didn’t know how this could have happened.  The unrelenting owner demands to know who is responsible for the mistake.  Supervisor #1 frantically responds, “Let me call my crew and see what happened”.  The owner dismisses the supervisor to make the call.  Meanwhile he invites supervisor #2 into his office proceeding to do the same thing.  With the same emotion and fervor he demands, “who is responsible for this?”  Supervisor #2 politely stands and says, “sir, if my crew was in the building then I’m responsible.  I’ll personally see to that we fix the problem right now.”   

Who do you think won the contract?  The difference between responsibility and accountability is the personal ownership that is taken.  Accepting blame is easier, when the responsibility is shared, but it is much more difficult to (excuse the term ladies) “man-up” and isolate yourself as the loan scapegoat.  How does this relate to branding?  It has everything to do with how people perceive your personal integrity.  When you make a mistake, own it and move on.   Public speaker, author and former NFL offensive lineman, Marques Ogden had a surprisingly refreshing perspective when I asked his opinion about getting more athletes financially educated.  Players “must take more personal responsibility for their actions” and “realize the long-term effects of their decisions.”   In talking with Marques, you cannot help but be infected by his deep sense of integrity and accountability.  “When my business failed, I didn’t blame anyone but myself…those were my decisions, no one else’s.”  How can athletes avoid potentially brand-destroying advice, especially that of the financial variety?  Be informed.  Do you research.

Lesson #5 – You’re not what you eat…you’re what you think.

I once heard that:

BELIEFS are how you view past experiences 

DECISIONS are made based on those beliefs

RESULTS are based on the quality of those decisions

The theme underlying here is psychological in nature.  Our belief system frames how we think about things.  More damaging than someone bad-mouthing your brand is YOU bad-mouthing your brand.  You might say, “I’d never bad-mouth my brand”.  But what are you saying to yourself constantly?  What negative “self-talk” are you using that becomes your script for the day?  Many people unconsciously berate and tear themselves down and wonder why they achieve bad results or attract bad relationships.  Successful athletes may learn to distance themselves from that type of thinking on the field to only be haunted by it off the field.  This compartmentalization only works to devalue your brand also.  Being a giant on the field of play means nothing, if you squander it away in a moment by a bad choice produced from a poor belief system.  The only way to break this cycle is to start “mentally” ingesting the right things.  A friend once told me that you can make a glass full of sand eventually be clear as water if you poor enough water into the glass of sand.  This is how our minds work.  Fill them with enough positivity, and the negativity will be pushed out. Sustaining your brand depends on whether you are able to replace the bad with the good, and the old with the new.

The Branding Series: Building Sustaining Brand Value (Part 2 of 4)

“Your brand is what other people say about you when you’re not in the room.” – Jeff Bezos [ecae_button]

Lesson #2 – You either create or destroy value by brand association.

There’s a cute anecdote that my wife loves to tell that you’ve probably heard, and it goes like this:

Once the President and First Lady went out for a night on the town.  Toward the end of their evening as they were driving back to the White House, the car stopped at a traffic light.  At the same time they both noticed the foreman at a small construction site repairing what seemed to be a large pothole in the street.  The First Lady looked intently at the foreman and said, “Well I’ll be!”
“What?”, replied the President.
“If I didn’t know any better I’d say that foreman over there is the same man I dated in high school and went to prom with.  At one time, we were madly in love.  My, how things change”.
With an air of confidence, the President replied, “Well it is a good thing you didn’t stay together, you’d be the wife of a construction foreman now.”
To which the First Lady replied, “No dear, he’d be the President now”.

We often go about, not really understanding the power of brand association.  It is said that you can take your top ten associations, and your household income will probably be within 5% of that average number.  Well what if it is not?  You probably need to re-evaluate your associations.  You can either create or destroy value by brand association.  Don’t make the mistake of destroying your brand’s value by making bad associations.

Lesson #3 – Consider your transition plan earlier rather than later.

Unfortunately, athletes know all too well that their “big chance” can be here today and gone tomorrow.  Most athletes are just an injury away from not being able to do what they love the most.  If so, what will happen?  If you haven’t created other streams of income, through saving and investing, then you will have a long road ahead of you of “normal living”.  Don’t get me wrong, there’s nothing wrong with this as most individuals live this type of life, but they are not adjusting to having access to six or seven figures either.   Unless you’re Ryan Broyles, living on a fraction of your current player salary would be a hard adjustment. This is why I recommend working on your transition plan as soon as your career begins.  Maybe Murphy won’t darken your doorstep, but you can never be too sure.  In any case, it helps to be prepared for 50-60 more years of living expenses after your playing days are over.

The Branding Series: Brand Recognition (Part 1 of 4)

Do you think of yourself as a brand? If you don’t, you should. [ecae_button]

I’m typically known for discussing topics relevant to personal finance and asset markets, however, for the next few posts I thought that I’d step off the “beaten path”.  Why?  In the process of launching a new business, I have naturally had to expand my network which, consequently, has allowed me to have some very interesting conversations.  Being who I am, it didn’t feel right keeping what I’ve learned from those conversations along with my own thoughts a secret.  My big dream is that someday current and former professional athletes will use their life lessons –including successes and failures–to help a younger generation not only avoid those mistakes, but meaningfully impact “off the field” what their fame, wealth and influence has gained them “on the field”.  But before that can be done, you have to understand that you are a BRAND.  From a former Olympian, to a goliath of the gridiron, to legal representation for famous athletes, I hope you enjoy these seven lessons I’ve prepared from their and my own observations.

How it all started….

Recently, it hit the news that two of the biggest names in global sports continue to diversify their investment portfolios with different ventures.  Kobe Bryant, a recent retiree from the NBA, has launched a venture capital firm to exploit opportunities in the information technology world (see YouTube video here).  LeBron James, still an active NBA player, is executive producing a reality TV series designed to highlight the entrepreneurial ventures of local Cleveland-ites.  I’m sure there are others.  However, what struck me about these two, besides their notoriety, is that they seem to represent what all current and former athletes would like:

  • a smooth transition from the game they once loved to play, and
  • a source of residual income, other than their sports paycheck.

So how does this happen for someone–especially the “new money millionaire” as Phillip Buchanon refers to them in his book New Money:  Staying Rich.  Over the next few entries, I will highlight some of the takeaways from “brand-building” that I’ve observed in my two decades as a financial services professional working with successful individuals from all walks of life.  If successful, I will:

  • convey some key lessons learned from former athletes and industry experts, in order to
  • provide a “blue-print” of brand management to the many thousands of current and future participants that plan to make a living in professional sports.

Here we go…

Lesson #1 – First you must recognize that you are a brand.

This is probably the most crucial and important of lessons.  Not only athletes, but often most individuals retain an “employee” mentality in whatever earns them income.  Most entrepreneurs adopt the owner mentality as they quickly realize like the lion, you only eat what you kill.  No matter your vocation, anyone and everyone who works for compensation can be considered to be in business and building a brand.  What you do is a reflection of you.  If you believe this principle, it gives you a brand to recognize (and protect).  How you interact with people will be a reflection of your brand. One common adaptation of this for famous individuals is product endorsements.   When asked to endorse the brand of a major corporation by marketing a specific product or service, you attach yourself to their reputation–good or bad.  Therefore the real takeaway becomes…what’s in it for you?