Information is Cheap, Transformation is Rare | Ideas by Mike™ (EP. 51)

Welcome back to the Ideas by Mike podcast. This is Mike Milligan. Today's episode is going to be a little bit different. It's going to have no guest. There's no panel. It's just you and me. And honestly, I have been looking forward to this podcast because over the last stretch of this show, episodes 35 through episodes 50, there's been a real journey happening through these airwaves. It hasn't been a random collection of interviews. It's been a layered conversation about money, about health, Fear, communication, opportunity, and ultimately what it means to live a one-of-a-kind life. There's been conversations like the one I had with Tom Hegna about building your first million-dollar asset. There's tax planning with Casey Choen. There was bravery with Jill Schulman, communication with Deirdre Van Ness. Financial Behaviors with Ashley Kwame, and so much more. And if you've been listening along, maybe you've had the same thought I've had. How does it all fit together? How do these conversations connect to real life, your real life, and what you're trying to earn, save, stay healthy, love your family well, and not miss the The moments that matter most. That's what this episode's about. This is a look back so we can look forward. This is a recap, but not just a recap. It's a story. As we walk through it, I want you to hear something else too. The next arc of this podcast is going to be even stronger. More academic voices, more professional speakers, more motivational coaches. And more actual people living a one-of-a-kind life. Their stories played out on this podcast. So wherever you are right now, whether you're driving, walking, at the gym, in your office, at the kitchen table, let's connect the dots.

This is the Ideas by Mike podcast, where your future stops living in the past. From fear to faith, from maybe to a plan, from I'm not sure to yeah, I know I can educate my mind, light up my soul.

Here's the big idea. Information is cheap. Transformation is rare. You can scroll all day. You can watch clips, save posts. You could bookmark articles. You could binge podcasts and you still Are stuck where you are, because information alone does not change a life. What changes a life is when information turns into understanding, understanding turns into action, and action gets anchored in a real plan. That's why this show keeps circling back to 3 words: educate, coach, plan. That thread runs through episodes 35, And through 50, even when the topics look completely different on the surface. Episode 37 with Tom Hegna was about getting to your first million dollars and the mistakes younger adults make with money. Hint, remember getting a divorce and car loans? Episode 43 with Ashley Kwame was about why couples struggle with money conversations and how behavior drives outcomes. More than spreadsheets do. Episode 45 with Jill Schulman explored the science of fear and bravery, especially for people who know what they should do but still stay stuck. There was a special shout out in that episode to my daughters, Grace and Paige. Also, episode 46 with Casey Choen focused on the legal reasons wealthy people often pay less in taxes and why proactive planning actually looks like, uh, in this real world. Episode 47 with Deirdre Van Ness looked at communication mistakes advisors make and how better storytelling creates trust and leadership. And episode 49 with Keisha of Color centered on high-income earners, uh, with concentrated stock and evaluating alternative investments with discipline and structure. So yes, these episodes covered a wide range of different topics, but underneath every one of them was trying to answer the same question: How do you build a life that is financially sound, personally meaningful, and fully lived? That's the real story.

Late night drive with the dashboard glow, head full of questions about the future. Future, I don't know. Headlines screaming, markets on the run, but I'm chasing more than numbers when the day is done. Hit play, hear a voice cut through the noise, talking health, talking wealth, talking purpose, talking choice. Not just facts on a page, but a life that lasts. One of a kind moments that go by fast. It's not just money in the North 401, it's From chaos to intervention.

Let's start with the money side. They've done pretty well. They've got retirement accounts, maybe some company stock, maybe a house that's appreciated, maybe a side investment or a rental, maybe a good income. See, from the outside, this couple looks stable, but internally they're uneasy. The headlines are loud. Inflation, volatility, taxes, recession talk, election noise, interest rates. And beneath it all of that noise is one deeply human question. Am I really okay? That's why in episode 37 with Tom Hegna, we discussed what really matters in this scenario. Tom's message was simple and powerful. People often miss their financial goals, not because investing is too complicated, but because they don't build the habits and systems that make long-term wealth possible. A line that captures the spirit of that episode is this: most people don't fail because the math is too hard. They fail because they never built the habits that get them to the first million dollars. The idea matters whether someone is 25 or 55. Then there's the economic and market perspective from conversations in this run of episodes that reminded Our listeners that every generation thinks its crisis is unique, but history repeatedly rewards patience over panic. That's a message more people need to hear right now because fear makes people reactive and reactive people tend to make expensive, costly decisions. Then, then the show branched into real estate. in business systems and alternative investments. My conversation with Dr. Axel Meyerhofer and Ryan Finch pointed to the fact that leverage, ownership, and entrepreneurship can be powerful tools, but only when they fit inside of a plan rather than being treated like a random opportunity that you are chasing. One of the best ways to say this is if the investment only works when everything goes right, it's not really a plan. It's hope wearing a spreadsheet. Episode 46 with Casey Choate took listeners deeper into tax planning. The title itself, Real Reason Why Rich People Pay Less in Taxes, was compelling because it reframed the whole issue. This episode made clear that the tax code often acts like an incentive plan, rewarding certain kinds of behavior such as business formation, investing, housing, and charitable activity. A line from that episode that fits right here is, the tax code is not just a bill, it's a roadmap full of incentives. Then in episode 49 with Keshav Kalor, we connected with what high-income earners who are asset-rich or high-income rich but time poor— there's a type of people out there that are called, that are HENRIs, high-income not rich yet folks, who we at One Oak Financial, uh, specialize in dealing with. Uh, the through line of a money arc with Henrys or asset-rich concentrated people is that money gets clearer when chaos gives way to intention. And the intention in our world is building a financial plan that is based on the life you want to live. The goal is not to chase every idea. The goal is to understand the tools.

Mm-hmm.

Respect the risk and connect every financial decision to a written plan for your one-of-a-kind life.

It's not just money in the 401, it's the stories that we're writing on the way from the first million dream to the courage to start, from tax code lines to—

Then we covered the health and relationship story. Who are you becoming? If the first part of the story was about money, the second part was about something even deeper. Who are we becoming? Because there's another version of that same listener, the one who came with their past not only in their rearview mirror, but looking them square in the eye, imposing on their future. And what we have done is we have— we're helping our listeners realize that they may have done many of the right things, But they don't feel free. They're exhausted. Their health is not where they want it to be. Their closest relationships are strained, almost pulled like a rubber band. And they quietly wonder whether they're building a future they can actually enjoy. That's, that's where episode 42 enters and helps us so much. That episode focused on reclaiming health. Do you remember Will? Rumble. He was forced into retirement, and it became an active retirement that highlighted the kind of transformation that not only changes a body but changes a whole identity. A line that belongs right here from that episode is, if you have enough money to retire but not enough health to enjoy retirement, The plan is incomplete. Thank you, Will. That's a powerful testament to where— what you have overcome and to where many of our listeners need to hear it. That one line may be one of the simplest definitions of what the One of a Kind Financial Plan can help you do. Then in episode 43 with Ashley Kwame, we added another layer of bringing financial therapy and behavioral finance into the conversation. See, Ashley's work centers on the idea that people do not merely fight about numbers. They fight about fear, meaning, memory, and identity. A concise quote from that episode that I wanted to share right here is, couples rarely fight about the spreadsheet. They fight about the story behind the spreadsheet. That points us, right? Me, because I listen to this podcast too, and you as a listener, it points us. In the right direction immediately. It tells us to stop assuming every conflict is a math problem. Some are trust problems, some are communication problems, some are childhood script problems, those money scripts or those emotional scripts that were put into us from what we witnessed, for what we caught as a child versus what we were taught. And then we got to episode 45 with Jill Schulman. That episode was just absolutely amazing. And we began to add courage to the conversation. That episode explored the science behind fear and the reason many solopreneurs, professionals, and retirees stay stuck when they know what to do. She said, fear isn't proof you're on the wrong path. Sometimes it's proof the decision actually matters. That's such an important message for the listener who has delayed the estate plan, delayed the retirement conversation, delayed the career move, delayed the health reset, or delayed asking for help. See, these episodes were not side topics. They were central because a one-of-a-kind financial plan is not just about numbers. It's about creating a life where your health, Your relationships, your courage, and your calendar align with what matters most. Another really strong thread in this run of episodes was. technology and modern planning tools. We had some conversations about platforms, tax software, health and wealth tools, and more modern approaches to delivering the advice necessary to live a one-of-a-kind life. The real point of these episodes was never that software is magic, that AI solves everything. It was that the right tools can make good planning faster, clearer, more actionable, and more personalized. In tax planning, especially when you're having those conversations, it involves tools like we use, HolistaPlan. The message is that a tax return should not be looked at in the rearview mirror or backward-looking as paperwork only. It can also be a planning document that surfaces opportunities. Don't just file your taxes, learn from them. That's something we talked about in this string of episodes. In a planning platform conversation like those around Domain Money, where Adam Dale came and joined me, and other modern advice models, the message was that transparency, accessibility, and alignment matter, especially for households who need real planning. But don't always fit the traditional wealth management mold of a 1.5% asset under management fee where the investment advisor brings in a CPA so you pay more and an attorney so you pay more. See, there's better models for that because technology should not replace wisdom. It should free up more room for it. That's exactly the point. A dashboard cannot understand fear. An app cannot ask the extra question that changes a family future. A software tool cannot replace trust, but those tools can absolutely amplify a good advisor, a good process, and a good plan. And that matters because life is more complex now than it ever has been in the history of time. Taxes are more complex. Retirement income decisions are more complex. Healthcare and longevity planning, you got it, are more complex. So the takeaway from this arc is that go find— don't find more tech. That's not the point. It's to use better tools in service of a better life.

Every word is a lead or a loss. Teach with a story.

And then one of the most energizing episodes in this run was episode 47 with Deirdre Van Nest. The title focused on three communication mistakes financial advisors make and how to escape the C. of sameness. But the deeper lesson was broader than advisors. It was about leadership. It was about the reality that communication is not a side skill. It's one of the core ways a person changes a room, influences a family, and creates trust. Every time you open your mouth, you're auditioning for leadership. Direct quote from that episode. That line points us in the right direction immediately because we may not think of ourselves as professional speakers. I'm on a microphone. I have a podcast. I guest on many podcasts and I speak every day. But you have a voice. You living a one-of-a-kind life have a voice that needs to be heard where wisdom needs to be shared. It is your legacy. Your voice matters to a spouse, to children, to clients, to colleagues, even to yourself. And that episode leveraged a larger message that jargon does not, does not create confidence, but clarity does. If your message is important, your delivery is just as important. That's true for an advisor explaining an annuity. It's true for a parent talking about family values. It's true for professionals trying to communicate a vision. This part of the podcast run matters because it reinforces a larger truth. People just do not need more information. They need someone who can make complex things understandable and actionable. That's a communication problem as much As it is a planning problem. And it opens the door to the next arc of the show where more professional speakers, researchers, and coaches can help you, our listeners, think better, speak better, and live with greater intentionality as we strive for that one-of-a-kind life.

Numbers in a spreadsheet sell. It's the way that I live, the stories I tell, from the health I reclaim to the risk that I take.

So after hearing these conversations, what should we do next? Well, we start simple. First, we go back and choose one episode from this run that matches the pain point that is most real in your life right now. If taxes and complexity are bothering you, go back to episode 46 with Casey Chouin. If fear and hesitation are the issue, go back to episode 45 with Jill Schuman. If money conversations at home feel tense or repetitive, go back to Ashley Kwame's episode on behavior and financial therapy. If communication and confidence are where you need to grow, go back to episode 47 with Deidre Van Ness. If investing, creating million-dollar habits, or long-term discipline are front and center, revisit Tom Hegna's episode. Second, have one brave conversation this week. Let me repeat that again because this is so critical. Have one brave conversation this week. That could be with a spouse, a business partner, a parent, a child, or a planner. The point is to stop postponing the conversation that has the power to unlock the next chapter and position yourself for success. Third, begin writing the first draft of a one-of-a-kind financial plan. Not a perfect plan, not a 100-page binder, just a clear first page. This is how we start that process. We answer the question, why is money important to you? In that, priorities. List things that matter to you. List aspirational, impact-driven things that you want to do with your life. And I don't care if you're listening to me and You're 23 years old, just out of college, trying to get your first job. 28 with more debt than assets. 35 thinking, how am I going to make this month's mortgage payment? 40, 42, they have never bought a home. How am I going to buy my first home? 50 years old, still with college loan debt or a million-dollar portfolio, thinking that I need to turn it into 5 in order to retire. A 60-year-old thinking, how will I ever retire? 70, 75, 80 years old thinking, I don't want to run out of money. See, a financial plan, no matter where you are in life, begins with why is money important to you? Because you should be at the center of all financial plans. You should have a vision for the future you want. The biggest gaps are things you can already see. This one page of why money's important to you becomes the bridge between Inspiration in action.

No more waiting for someday to come. No more running from the things I've done. Write it down, make it clear. Give my future a name. Let my money serve my life, not the other way. From the kitchen table.

And that leads me to where the podcast is going next, episode 52 and beyond. The next arc of Ideas by Mike has the chance to become even more powerful because the foundation now has been built. The next run can— will bring in more academic experts from Arizona State University, financial therapists, former politicians making an impact in the world of academia. We've got AI experts. I've got professionals looking to help us all live a one-of-a-kind life coming on the show. I'm going to bring in more professional speakers and communication coaches who can help people become better leaders, Storytellers and teachers, leaders for those who long for your voice. I'm going to bring in some motivational voices who understand how people get unstuck and create sustainable change. And maybe most importantly, I'm going to keep featuring people who are living a one-of-a-kind life. Their stories, maybe not polished to perfection, But with lived wisdom. We are going to give to you the next chapter of this podcast that's not going to be about just learning more. It's going to be about becoming more. This is where the show is headed. More depth, more clarity, more courage, more real-life stories, and through it all, the mission to stay the same for me. Educate, coach, plan. And then for our team at One Oak Financial to help you build a one-of-a-kind financial plan for your one-of-a-kind life. So at the end of it, you can never miss a moment. I'll see you on the next episode.

From the walk with my spouse to the late night flight, I'm done just hoping that it all works out. I've got a plan.

This has been Mike Milligan for the Ideas by Mike podcast. To connect with me and our firm, go to www.oneoakfinancial.com. That's the number oneoakfinancial.com. You can also text in the word ideas, I-D-E-A-S, to 600-700, and we'll reach out to you to find out more about your one-of-a-kind story and why money is important to you. I am an investment advisory representative with Advisory Alpha LLC. Ideas by Mike, doing business as One Oak Financial, is an unaffiliated entity of Advisory Alpha LLC. This podcast is done for educational purposes only. Please do not take any tax, retirement income, investment, long-term care, or legacy advice without first consulting with an appropriate financial professional. To learn more about the Ideas by Mike podcast, go to ideasbymike.com to listen to past episodes.

And until next time, this has been Mike.