Here we are. Shaha Wooten. Hey, look. Look, she's an author. Look everybody, author. I'm not yet, yet, right? Yet is the key word. But welcome back to the No BS Wealth podcast with your host Soy Hall. Have a very special guest on stage tonight, today. Whenever this goes out for you, it is out. And that is Ms. Wooten here, just raising your hand randomly. So today is gonna be great. We have the book this book we've had other authors on before, but we're really, you're the first one. We're going through a little more on the book side, right? I have all their books, but I believe the topic of, this series Black c p series what's going on in our society? The timing of your book matters a lot. And I really would can't wait to highlight that. Without further ado, Ms. Wooten, how are you

Shehara Wooten, CFP®:
1:02

doing? Fantastic. I'm excited to be here today. Thank you so much, Stoy, for having me.

Stoy Hall, CFP®:
1:08

Yes. Welcome. I'm excited about the book. I'm excited about growing a relationship with you. I know we've chatted before, but why don't you give everyone a background of where you're at, where you came from in your career, all the way to where you're at now, being a published author

Shehara Wooten, CFP®:
1:24

and everyth. Absolutely. Yeah. So like I said, I'm so appreciative for you having me on here today and my career goes back, gosh it's like almost a 20 year journey for me, 20 year journey. So it coming up in August. 2020. Yeah. 2023. Here it'll be 19 years that I actually was able to change careers. But I started before that. I started more than 19 years ago on that journey. I'm an engineer by training, so electrical computer engineer went to the Ohio State University.

Stoy Hall, CFP®:
2:00

Oh no. Everyone in Midwest gonna be mad.

Shehara Wooten, CFP®:
2:04

Go bucks. All right. O H I O. So anyway, I went there for electrical computer engineering. I always knew as I was going through schooling that there was something different that I was gonna do. I, I. I was like, this is a great degree. I got so far into it. I knew there was no turning back and it was gonna be all right, but I just, I knew even when I got the degree that I'd be doing something else, I didn't know what it was. And I had gotten to a place when. When I was living in Philadelphia I had been part of a technical sales and marketing program at a company industrial manufacturing company. And when I moved to Philly I remember going to an Urban League young professional e event and it was a financial empowerment. I was 25 years old and I remember walking up to a financial advisor. I had never seen a financial advisor before and I was, I said, you know what? Hi, I'm 25 and I want to retire by 30. And I just paused looking at him like, so can you do that right? And right. 30 seemed ancient at that time in my life. It just seemed ancient. It's not everybody I know. The five years I knew was short. I was just like, but I really didn't enjoy what I was doing and. I just needed to, I needed something else. And so if he could help me figure it out, that was gonna be the thing. And I remember going with him, meeting up with him in downtown Philadelphia at a big, it was a big bank, but I walked away after meeting with him with some paperwork, but I didn't have any Months passed and I didn't see my anything coming outta my account. And I believe it was a Roth ira we were opening, but it never was open. Nothing happened. And so I decided, let me figure this out. Let me learn for myself. And are you hearing some feedback? Just slightly. Okay. Okay. Just slightly. I hear a little bit and I'm not sure what's going on. Do some adjustment. Okay.

Stoy Hall, CFP®:
4:16

How about now? Oh, nope. Don't do that. That shut me off.

Shehara Wooten, CFP®:
4:19

Oh, did it? Okay. Because I hear, how about now? I don't hear anything now. I don't either. Good. Okay, great. Good stuff. Yeah, so I'll continue my story. So I was, yeah, so I. I was like, I really wanna know this. I wanna learn this for myself. And I started to take in as much information as I could. I had already read by this time, rich, that poor dad and think and Grow Rich. And I think that's what even drew me. To talk to a financial advisor when I went to that event. And then I started going to events at my church. At the time, they were doing financial literacy events and I just was taking in as much as I could. And then finally I just said, you know what? This is what I wanna do. I had read Purpose Driven Life. I read what color is Your Parachute? And it was just like one of those things where I was like, I wanna be a financial advisor. I didn't know what that all meant. So I ended up. Going ahead and becoming a financial advisor, changing careers. But actually I didn't become a financial advisor out the gate. I ended up working at a annuity company and a big annuity company. Learned a lot about variable annuities in internal wholesaler. There you go. And so for people who are in the industry, you might know what that is. And so that's what I ended up doing, and it was just a great way for me to get into the industry. And then eventually I changed over to a broker dealer firm, and then I was getting closer to working with my clients, working with individuals. And then from there I ended up starting my own registered investment advisory firm and started that and it'll be seven years in July that. Launched out on my own. So it's been a great journey.

Stoy Hall, CFP®:
6:08

Yeah. Abso, that is a journey. Let's talk about that. But let's talk about cuz you know, technically I launched my ra. September of 2020, but helped build one from 17 till then. Yeah. Talk people through that. I think that's there's a couple things that I'd like to talk about within going out in your own and starting your own area. Yeah. Once you talk to people about that process a little bit. And then not necessarily what you learned, cuz it's not an easy route. But what it meant to you to be able to do.

Shehara Wooten, CFP®:
6:38

Absolutely. Yeah. I changed careers and coming from being a, an engineer to this profession, and I really started to see that in my previous firm that I just felt like I was getting further and further away from my purpose and why I changed careers. So what I was focusing in on were, assets and just all these different things and my. That I started to attract were people that did not have assets. They had good jobs, but they didn't have assets. So in my mind, because I was un unaware at the time, I had been in the industry like 12 years I think, by this point. And I didn't know that there was a fee only route to take. And so once I learned about the fee only model, I said, wow, this is a. A match for me. This is what I've always wanted. I've always wanted this. And and so I ended up talking with a friend of mine who had just left my previous firm and I called her to see how she was doing and what she was up to. And the way that my office was set up at the time, I had a receptionist area. I had my office and then another office in the back. But my re my assistant was already gone for the day. The door was locked, everything was done. But when I called her, it was actually March 7th, 2016. Remember the date And when I called her and she told me that she started her own firm. I was like, what? And I shut my door as if to, get some privacy. But nobody was in the way, nobody's there. And I remember shutting my door and I sat down tell me what you tell me about this. Like, how did you right, start your own firm? I can't believe I never knew that this is something I could do. And she told me how she did it. And then I linked up with a, with a. It's a organization called X Y Planning Network. And that's what helped me go through compliance. I was living in the state of Arizona at the time, so getting getting connected through that and working through their system and their requirements. And so this was in March, and then by July first 20, 20, 20 16, I left, put in my resignation. Then I had to take the series 65 and I gave myself two weeks. I don't know why, like my thinking and I was just like, oh my gosh. While I was studying I gave myself I gave myself less than two weeks, and then I was like, This is a lot like, it's not a bad, horrible test, but I but I was just like, this is a lot for what I'm trying to do in this timeframe. So I read up, yeah, give yourself about three weeks. No, and it was more than that. It was like, give yourself about a month. And I was like, oh my gosh, what did I do? But ended up passing it on it was like July 12th or something, and then on the 14th of July, I remember all these dates. 14th of July, I ended up getting a message from the state of Arizona. Congratulations, your r i a form firm is open for business. And it was just the best feeling. And it's not easy, right? Starting your own business or anything, but I have been doing it at the previous firm pretty much because I had to. Everybody I had, and I started from scratch every month, so it was zero at every month. So I just felt it couldn't be worse than what I've already experienced. And it wasn't, it just got better for me. It got better, but I had gotten to a place where it was just, it was very low, like the commissions and all of that. Previously, it was a ton. It was tough. And there was nowhere to go butt. So it was just like everything that I was gonna do was gonna be better than what I experienced before. And with all the efforts, and it's still, it's an e evolution. Like the clients that I work with today are different than the clients that I work with. Then the pricing that I charge now is different than what I did then. You just grow through it. And then from there, as you've mentioned earlier, I've been able to expand out into speaking paid speaking and then my book which we, which you brought up earlier about that. And that was a part, just a beautiful part of this journey. And then even how we met was I met you because you were taking the C f P exam and you had done a really wonderful post about your journey. And I was like, oh my gosh. It's very similar cuz I had just I had taken. Three times actually. So on my third try I did pass it in 2019 and and now I have the C F p behind my name and, it's just a journey to get here and it, no one can take it away from me. And then once I got that, I would say business did open up and things just got even better. And then I think it's just a combination for me cuz I'm a virtual rIA firm. So I was always virtual. I've moved to several places since starting I have to say a couple. I lived in Arizona when I started. My firm was in Orlando when I passed the CFP exam. And now I live in. So what's nice is that I'm a virtual firm and I still get clients from all over the country, but the CFP really helped me to get into different directories and things for people to find me even better. Absolutely.

Stoy Hall, CFP®:
11:55

Let's be real here. Okay. Yes. We both passed on the third try. We don't recommend that to anybody.

Shehara Wooten, CFP®:
12:02

No, it's special. That third, it's not a fun journey

Stoy Hall, CFP®:
12:05

in that third one. I was sweating just going into it. Cause if no one knows, you basically have to restart the whole thing. You gotta take a year off. There's a lot of stress on that third one. But I just I had posted and wrote that article like I'd do it again. Like I would do. That journey again to get to, where I'm at too. But no. Don't recommend that Uhuh.

Shehara Wooten, CFP®:
12:25

If you clean, I recommend it. Yeah. If you can figured that out before, yeah. For me it was just a lot of life changes and I thought I could handle'em all. Yeah. That's the P exam. It's no joke. I was like, oh, I'm an engineer. I've been doing, I've been, and then I've been in the, the business a. It's just no joke. You can't, you gotta have a stable life. Like you gotta, yeah. But I did find a program that I enjoyed and it worked really well for me. I'm an engineer, so this program broke everything down for me. It's looking apart and then I could put it back together. If I can't do that, then it's not good for me. I can't take a Cliff Notes version. No. CFPs study, not me. I

Stoy Hall, CFP®:
13:03

truly believe though, having the experience in the real world hurt on the exam and not the whole thing. Let's be real, but there was parts where I was like, That's like real world. That's not even how that operates. So I got, you have to switch that and it took me, yes. So the third one, to realize that you have to answer by the book, not what happens in

Shehara Wooten, CFP®:
13:23

real life. Absolutely. That part. And then I remember talking about a friend of mine cuz I had a study buddy and she was just like, oh, this exam is, I hate it or whatever. And I was like, you know what we gotta do. We gotta love it. We've got to accept it. We've got, we cannot complain. We've gotta embrace it while we're in this, because that's the only way we're gonna be able to get through this. Because it is so much that I was like, I don't do this. Like what? Never gonna touch this. And I was getting I, I could tell I was getting a little bitter, yeah. With my relationship with the C F P exam because of just the real world stuff that I was dealing with in actuality. Yeah. And I was like, no, you gotta, and that was my term. I was like, we gotta. Respect the exam. You gotta respect it. Yeah. Respect

Stoy Hall, CFP®:
14:10

the exam. Yeah. Just respect the hell out of it. Yes. So you're a virtual firm, which is fantastic. I think we're like 90, maybe 80% virtual. My wife and I and our kids are trying to move Hawaii, so gonna try to be as virtual as possible. Yes. Talk us through that, from a client's perspective. Obviously, thankfully, the. Thankfully the pandemic happened. I say that because it really has helped catapult our industry to going virtual. Yeah, we were virtual before. There was things that, but it just got really hot around the pandemic, and I don't think it'll ever revert back in my opinion, which is really good. Why don't you talk through like a process your client process a little bit, but how do, obviously people can find you all over the socials, which will blast. Don't worry everybody, but once that happens, what does it, what's it feel like? What's the process?

Shehara Wooten, CFP®:
14:56

Yes. Like you said for me, 2016, between 2016 and March April, 2020, there was a little bit more friction. Like I was, if I was in town with you and we networked, it was like why don't we meet for lunch? Or why don't you know? And I was like, I'm virtual. So it was like I had to explain that a little bit more. But in 2020 that friction was gone and people understood it, and I didn't have to worry about even locally, people wanting to meet with me. They understood it. And now they're just like, yeah, I don't wanna travel an hour to you, or a half an hour. It's like a three hour event, with traffic. So for me it was all about, making sure I had the tools, making sure things were secure, and just making sure. Clients understood that we're doing everything securely. I use tools that are secure. Your information is not gonna be transferred through, email and things like that. So really giving them that assurance I think is really ha was really key. And then for me, like I said, just them understanding that the tools by this time, especially in 2020, people started to understand, oh Zoom, I get that now I understand that Shahara, you've been working with me on Zoom all these years. Now I have to use it. And it, but but it was, those are some of the things. I think with start. A virtual firm, just making sure. I think the technology is like the biggest thing with having that and then being able to, I'm on social media, so I think having, giving people access to you via social so that they can see you. Because I do believe a lot of the people that I've met with, even though they tell me, oh, I found you on the NAFA site, or FI network, or the CFP board. I do believe that they looked me up and they found me on social first, and and so it's almost like you built that rapport with them before they even show up for those meetings.

Stoy Hall, CFP®:
16:57

Yeah. And that's where our industry has changed and shifted a lot. You came from the Nuity side. I came from life insurance side. We've had to hit certain numbers and meet certain people see'em face to face. Yes. And I believe our industry has shifted to. People can really understand who you are before really any of the other backend stuff. And I think that's where our industry is moving more towards, and that's the psychology and the emotions around money and. I speak a lot about money, mindset and your relationship with money. So I believe that with this whole dynamic shift of virtual, really it has allowed everyone to understand and really figure out who we are and realize that. Really the products obviously concepts can change, but like the products and the overall advice, I'm not gonna say is relatively all the same. Yeah. But there's only so many tools that we have. And really it's gonna come down to can their plan and them mentally. Achieve what's in front of them to achieve their goals utilizing what we have. And usually people only get to do that if they have the right coach and the right person next to them side by side to help push them and drive them. And that's financial planning. That isn't anymore where we're selling annuities, insurance products. That's right. That's their place. They have their place, don't get me wrong. But the other side, Is more important because that's the only way it's gonna get done. So why don't we hit upon that a little bit of money mindset. When you're speaking to clients and you're going through the planning, how much of what you're doing is more on the psychology and their mindset? Less about, Hey, put$50 and you're off, that I'll never open or

Shehara Wooten, CFP®:
18:37

something. Absolutely. No, that's so important. I'm a life center financial planner, so I really this is so key for me and that was one of the things that drew me to starting my own firm, because I do wanna know, my company is called Your Story Financial or, and then your story Financial Academy. I want to know your, Story. And and so for me, my process is one where I'm pulling in a questionnaire that has us talk about how you've seen money in the past, how it's worked for you in the past, because I do believe you know how you've seen money, like even your first money memory. It has a lot to do with how you deal with money today. Whether it's opposite of what what you do or what you learn from that money memory, or if you go right in stride with that money memory, whether it's good or bad, you still have ta That's usually an anchor. And then I like to see where are you presently? So we go through, And then how does your future look? And we go through and I always say that meeting, no matter how I look at it, I always tell them, even when they wanna shorten it, we always go 90 minutes. At least. At least because, it's just so much and they love sharing. So it's an opportunity for me to learn about. Thoughts about money, where they see it, get their story and get it more context to why, when they send me these numbers, why this is so important to them. And me understanding their why is really key so that we can, I can remind them there's a tool that I use called Elements financial Monitoring Tool, and I. There's this place where we get to a point where we do talk about their statement of financial purpose. So we'll write that in and that'll help us make money decisions because as we are, Hey, I'm dealing with, there's so many transitions that people are gonna go through in life. Oh, Sahara, I've got a new life transition. I wanna buy this house, or I wanna buy this car, or what should I do? Should I move across country? Let's go back to your statement of financial purpose and let's run it through that. Let's run it through your values. So we talk about values in that meeting and now I have just even a more solidified process around it that I'm introducing now too, and allowing us to. Make our financial decisions through our values and through the things that mean the most to us, because it's not really the money, it's what the money can do. It's a tool, like you said, like all those products. Those are just tools to get us to where we wanna go. But that's not the end all. Be all of why. This money is important. That's a good question that I like to ask. Why is this money important? What is your relationship with money? That's always good to hear where their thoughts are. And then how can we, if it's negative, how can we change that through this process? Are you feeling paralyzed, stuck, ashamed you know about your money? And a majority of people feel that way. And that's where we come in the play where we can help them not feel that way. If we can show. Okay. Wow. You've, they're thinking, wow, I've got. A million dollars in net worth. I had somebody tell me, show me, and we looked on paper that they had a million in net worth, but they were really worried about their life and they're only, in the early forties. But what it was, is the majority of that net worth was showing up in their. Property. So when we looked at their, their liq liquidity when we looked at their retirement it was not a lot in that area. And that's why. She was very concerned and worried. So that's where we can help, get some, give them some context. This is great, but now we'll work on some other areas. There's, you're not in trouble, right? You're

Stoy Hall, CFP®:
22:36

not in trouble. There's two things that you didn't mention at all, and I want everyone to go back, re-listen to what she said cuz these two things aren't in there. One, you didn't scold or say anything about my$8 Starbucks every. You didn't say anything about that? No. You also did not speak about what percentage of returns you can get on the investments, and I think that is very important for everyone to understand that our jobs. Don't. We don't do that. I don't. I don't care about your$8 Starbucks. I don't care. Because what that is it could be a positive or a negative money mindset with that relationship could be good or bad there. That's what I care about. And then if you come to the conclusion that maybe I shouldn't do that every day, perfect. But we're gonna fit it in. We're gonna make it work until we can develop a better habit or relationship, the investment returns. You didn't say anything about that. No, and I don't know how much louder to be about the fact that most people do not care about the returns overall. They care about one thing, is what I'm doing going to help me reach my goal? Ultimately, end of the day when I listen to you, I put it in this, it's in this account. Will I be able to buy that? Will I be able to retire? Can I do this with my kids? That's the answer.

Shehara Wooten, CFP®:
23:51

That's what they're looking for you. It's not

Stoy Hall, CFP®:
23:53

up 20% this year, down 10% next year. Yeah. That's helpful, right? Yes. But it's the means to the end, right? Ultimately, am I good when this achieves? And that's what we get judged on. That's what, when that happens, the happiness that weight. What, which we get a feel with our clients is it was achieved. And when it's achieved, there's no words about what return or anything happened. They, it's at all just pure joy of, I got to do this, I achieved this, I am able to retire. And ultimately that's what planners are for. That's our

Shehara Wooten, CFP®:
24:28

duty. Absolutely. And it's, and we also have to understand, We're making our best guess. Life changes so much. If I'm working with a 30 year old, we don't really know what's gonna happen 35 years from now. We don't. And so we are helping to make our best guests and we're walking them through it. Life changes, life goes up and down, things happen and we are there to collaborate with them along that process. And like you, if that$8 Starbucks satisfies you, then that's what you know, and it's so rare that you're right that I go that route. I've, I did have a client a couple weeks ago who we were looking at their cash flow and she started to go that route and I was like, okay yeah, if you. Cutting it on Netflix or Hulu. Hulu is gonna help then, but I'm not a forensic accountant. Yeah, accountant. But if you think that's where it is then yes. Let's test that out. Let's see what happens when you let that go. Because yeah if they know if they have a gym membership, they're not using all these things that we have that you've, you started to use and. Stop using it. So it's life. Yes, it's life. But I'm not here to tell you. But if you come to the conclusion yourself, that's where the power is. Because now you're gonna do it. And I even had someone just last week, late last week, she said, okay, we have these tasks for me to do. And she was overwhelmed by all the. So it was a good learning moment for both of us to discuss. And she said, I need you to tell me what I need to do. So I told her, I said, I'm not gonna tell you what you need to do. What I want you to do is I, we're gonna go through this list during this meeting and we're gonna see what is it that you feel is most important, but I will give you some guidance if I say, see that, oh, you know what, this is something you can do tomorrow. Let's knock this out. But we were able together to knock out. Four of the, four of the things right on the call. And then from there she was just like, okay, I get it now. Cuz I was like, I want you, you to be able to feel, that conviction, not just, oh, Shaara told me to do this. I'll do, I want you to do it. Out of the, just outta your own motivation. So you tell me like what you feel is most important because all, everything we had aligned with everything she wants to do, right? Yeah. But but we just had to pick out like, what is most important that you can do tomorrow? So it was a good exercise there.

Stoy Hall, CFP®:
27:04

And those exercises that I've learned the most have been they're emotion. Like it's heavy. And I try to warn everyone up on front. I don't wanna scare anybody. Yes. But when you go through that legit process and you really put everything out there, it's heavy. Yeah. It's a very heavy emotional time. But the great thing out of it is everyone that's been through it has broken down and cried, and they've come to realize that they weren't in a good spot, and they recognize, Whatever situation was causing trauma, that is the reason that they always buy shoes or whatever it is. Yes. It comes from that and then that's when they can start to turn. And where we, I say, Hey, it's emotional, but I'm here for you the whole time. Absolutely. And financial planning, like you said, is not a, I'm gonna go get a big like they used to do, right? They used to deliver this big old thing. Slap on the message your financial plan. See you in 40 years. Yeah, right? It's not real. Things change monthly. Daily. Hell, we just had a client that we hired not too long, or hired us not too long ago, and we went through this emotional time and everything came up and now they're getting a divorce. Guess what? Wasn't in the plans at all,

Shehara Wooten, CFP®:
28:10

right. A divorce things. Yep.

Stoy Hall, CFP®:
28:13

Now we, we have a lot of heavy lifting to do, and that's what we're here for. Absolutely. Let's move forward, take care of the kids, and let's have a good time. I, Absolut. Definitely want to hit upon that and make sure that people understand that us as planners are here for the long haul. Being fee only or whatnot is yes, they're paying for us as a partner in life. Absolutely. And when things change and go awry or they don't, they go very well. We're here to make sure that something terrible doesn't happen. But also making sure that you stay within some boundaries. Right?

Shehara Wooten, CFP®:
28:45

Absolutely. Yes. I always tell people, we are trying, we. Predicting the worst will happen. We're just planning for the best situation. Should the worst happen, so there's some things that we can see as financial planners. We have that 30,000 foot view and we can see some blind spots. It's just like with anything, when we hire a coach or someone to collaborate with, they can see the blind spots. They can see, oh, you need to focus on this. It was something you weren't even thinking of, cuz you're just so in the trenches, and so that's the benefit to to working with a financial planner. Absolutely. All

Stoy Hall, CFP®:
29:23

So now's time. Yes, it's time. In the meantime, it is time for us to go through a little bit of your book. Obviously, we don't wanna give everything away. You have to buy the book. Let's be real. We're not going page by cha page, we're not gonna chapter by chapter. We're gonna give you an overview because the whole point is to buy the book. Absolutely. In the meantime I know this, so I have to re-question it as in no one knows what I know. Let's back up to what everyone always asks is how did you come up with that title?

Shehara Wooten, CFP®:
29:53

How did I come? Yes, so great question. So the premise of the book and the motivation for the book was once I heard the statistic that black wealth will go to zero by 2053 unless we do something about it. Say that again. Louder for everybody. Yes. For the people in the back? Yes. Yeah. Okay. Black wealth will go to zero by 2053 unless we do something about it. That's 30 years gone. 30 years. 30 years is all gone. Yeah. And thanks for pulling it back to that reality, because I wrote it in 2021, and I've been saying this for a couple years, but now we're 30 years away. 30 years away. So I just was under that when I saw that and I learned that there was a 228 year wealth gap between white families and black families. I just, it was just a, an astounding statistic. I just felt okay, let me do my. To make sure that doesn't happen. So one of the reasons, one of the things I wanted to do is really look at the history behind this. Share some inspiring stories as well as provide financial empowerment tips. And one of the things that stood out to me was the fact that. My ancestors, who built the country for free? No, didn't get paid. They were enslaved. Soon as the enslavement ended, they didn't get anything. So I said that has a lot to do. With the fact that there's this wealth gap. Then on top of that you have all these historical things that have happened, this historical history of exclusion, and so I thought, yes, I do believe we deserve. To get reparations. And I thought, man, maybe I'll write a book about that. But I didn't have enough. That's such a deep subject. I don't know that I was ready. I don't know. I wasn't ready, I wasn't ready to write about that. So I said, in the meantime, what do we do? And so that's where it came from. In the meantime, We wanna own our financial narrative. And that's where the subtitle came. So I said, in the meantime if say we get some reparations, say you don't ever get it. In the meantime, what do we need to do? And that's where I said let's. Share some financial empowerment nuggets, some tools, some gems. Let's talk about stories of people who have overcome despite economic injustice and provide some inspiration. And then I wanna share some history, some historical context throughout the book. So that's where the title came from. Gee,

Stoy Hall, CFP®:
32:31

that's great. See, that story's fantastic. Yes, story's fantastic. No, but really the what got me the most. Let me back up the, at the end of every chapter there is either a guide or something for you to do and a nugget for you to take. Obviously, I love the hell out of that. However, in my profession, like obviously I know those things. Yes. So really what I attuned to was the. Was the history and the story. I'm born, raised Omaha, Nebraska. Black population's not great there isn't great here in Des Moines, Iowa either. Yeah. And was from my black side's from Mississippi and Jackson area. Oh yeah. And I just never grew up in the same culture and understanding the history. It was always. I guess whitewashed if you will, but like it just wasn't there prevalent as much. So there's a lot of stories and things that I learned for the first time reading your book and made me go down a lot of rabbit holes. And since then have listened a lot of podcasts and learned a lot more. But it's one of those things that I think no matter where you've come from, if you want to know true culture and true people and their stories, that definitely came from a different situation than you. This book hits that too, on top of it. And then you learn those lessons and can take it and apply. And I, that's what got

Shehara Wooten, CFP®:
33:49

me personally. Thank you for that feedback. I love that. That's what I want people to hear, and cuz everybody, I've had so many cultures, ethnicities, read the book and they came back to me like, oh my gosh. Like I had, did not know anything about this. And and I didn't e initially know everything. My, my parents were always very big on making sure I understood my history. But it wasn't till I got into the financial service. Field and I started working with people that I did question like, man, there's such a disparity. And it's you know it, but it's not until you really look at it through a his, through a historical lens that it starts to make sense and then you realize, Oh, not everything's my fault. No one's really pulling themselves up by their own bootstraps. They really aren't. Like it takes community, it takes, an extra helping hand and Right. And then if your government provides that helping hand like that is even better.

Stoy Hall, CFP®:
34:45

You're not wrong. You really are. And it just really hits home and what, this is where I'm gonna lead into with the whole black community, but it really just minority community in general is, no, we were not fed the same hand ultimately. Yeah. Reparations happen, hopefully, maybe, I don't know. California is trying to do something here very shortly, apparently. Which was really cool to see. Surprising in my eyes. But that being said is, you're right, the misrepresentation in our own industry, I think we are, I think we made like 4% of the CFPs now. Yeah. So that's good. But it's 4%. Absolutely. And everyone always asks me, why don't you have a bunch of black clients or minority clients? I revert back to two things. One, that there's only 4% of us that are CFPs. Yeah. Okay. If you don't, most people work with people they look like, or at least have that around to get into it. Absolutely. Four percent's representation of our population is very low. Okay. Very low. The other is the fact that we've got this. Lack of education from. The schools. Schools are all right. Our education system's not good. But outside of that, in our own home, yes, our parents didn't know anything. Yeah. Their parents didn't know anything. And how far do we go? How far does our own chain go of not having that education, understanding how to build wealth from many factors that you talk about. And that's whether it is education, whether there is the system against us, whether there is our own doing. Or hell, what if just death in the family? Maybe there was that one uncle I had back way back somewhere that was killed and all of a sudden he died and it just stops with him. It stopped. People don't have that generational wealth and I don't mean it from a money's perspective, we don't have it from an education's perspective, so he started to get into this world where money is everything and everywhere and runs everything and. You've got a lot of people who don't know what to do, where to go and think. It's, you have to have a ton of money to work with us ultimately. And that's where we get that misconnect. And that's why I don't have 10,000 minority clients. That is why that a lot of minorities do not have financial planners and understand all of that. Yeah. And we keep repeating our cycles. Absolutely. I want you to speak on that a little bit as well, but also, What can they do? And we do collectively as a society to really try to continue to pull each other up and not pull each other down, but lift, lift each other

Shehara Wooten, CFP®:
37:18

up. Lift each other up. Yeah. No, great question. Yeah, when you were talking about just the fact that there's 4% it's it's so true. It's, there's a legacy. There's a generational. Pass down of knowing that there's a financial advisor that I could tap into. I, like I said, I didn't meet a finan. I knew a little bit about it. I, that type of thing. But it wasn't until I got outta college and I went to that financial empowerment event that I saw a financial advisor for the first time. And it's just one of those things. I think starting young, having conversations, not making it a taboo around the house to talk about money. Giving your children, if you have children, giving them an opportunity to just see a slice of what you're doing. Like even if you can give them just a, an idea of how much you make. When growing up it was, that was tabooed and know how much the parents made. But I think knowing something, knowing how you're paying the bills, showing them that, taking them to the bank. I remember I had a client told me that she dressed her daughter up and then they went into the bank. I even told a story similar to that in my book where someone he was taken to the bank, just not making it so mysterious. And then, Seeking out a financial planner too. Now that you're hearing it, whoever is listening right now, you're getting access to some information that a lot of us never even heard about growing up. So this is an opportunity to talk about, where would I go to find a financial planner? How can I find one? Where are they located? Learning about that getting your hands on as much information as possible. Of course my book, but there's all kinds of books out there to read and that's what, what I did. I was just like so inundated. I was really interested in it. And I know some people, they wanna become an ostrich and talking about romances is the last thing you wanna do. But it's something we do have to own. We have to take the opportunity to learn about. And in whatever way you can do it, whether that's a podcast, YouTube finding audiobooks, whatever it is to get that that messaging inside of you and get that motivation to look for this information. So what I do is in my little world, my thought was let me go ahead and write a book and then that I can get that out to the masses. But then I also have an academy that I'm building out too. And it is, Focused. I'm focused on young black women STEM professionals on that. And then I have my one-on-one practice. So I have a multitude of different ways that I'm getting the messaging out. So it, from a financial planner standpoint, we can look at it, how can we get it out amongst. Amongst our community and how we, where we have influence. And then for the consumer perspective, how can you reach out? How can you find people that you feel, you can learn from and that you trust take the time to, to learn about and getting involved. I'm a collaborative. Financial planner, like if you just delegated to me, I don't work best in that, but there are financial planners that are okay with that delegation. But I just, I love to work with people as we're moving forward. So finding that right mix with you and your financial planner too, I think is important as well. Absolutely.

Stoy Hall, CFP®:
40:49

Interview us. Yes. So get to know all of us. And like you said, some of us do certain things that the others don. Some of us work together too. It's not like it's one or the other. There's a lot of things that collaboratively we can all do together. And I wanna highlight something that you challenge everyone to do, and that is to talk about your money. This is something that I speak about a lot and we talk around and that's the fact. People love talking about some of their legal issues, their health issues, they blast their stuff all over social media about that stuff. Yes. But money is so taboo. So taboo, and everyone believes that they're, an expert and they can control their own money and that they're making the best decision for themselves and. The challenge to that is you're not, we're not it. It is not something that one can very have an expertise over. You can be good at it, you can understand it, but money is one of the most emotionally driven things out there that your health and all those things are. They are not. And when you have money, You're gonna overspend. We all do it. Yes. When you have more money, you overspend. When you don't have money, you still overspend. It, that's how it works. And that's an emotionally driven thing. So it is challenge yourself to educate yourself. Talk about it to family, friends. Financial planners. Yes. And then third, come find us. We're everywhere. You can go to the CFP board advisor, find advisor Finder. You can go to X Y P N. There's so many ways. Or just Google. Go ahead and just type us into Google. And you'll find a bunch of us on YouTube podcast, et cetera. We're out there we're becoming more and more prevalent as well. Thanks to, the s e c loosening up a little bit of our rules and ranks, and then sure. Others. Just realizing that our job is to be out there speaking. This is what we're giving you. Sure. Deep in advice if you want. It's just good things to know about. And we're here to help as much as possible. So with that, where can everyone get this precious thing? And I got a signed copy. Yeah,

Shehara Wooten, CFP®:
42:57

yeah.

Stoy Hall, CFP®:
42:59

Where can absolutely

Shehara Wooten, CFP®:
43:01

get the book at. Yes. So the best place to go. Amazon, I'm on Barnes and Noble. I'm on books A Million and many other sites. I think I even searched Walmart and online and they have the book. Yeah. I also recorded the book people are downloading it off of Audible and it's narrated by myself. Yours truly here. How was that process? How was that? Oh my goodness. It's tough. It was tough. It was a lot of work and we were supposed to be very mindful of our voice and, and take care of our voice during that timeframe. And for whatever reason, my voice was the scratchies. Like right now it's not scratchy, but during that time it was just like I had to time it and make sure my. Okay. So it was interesting, but they, I got approved by the audio engineers. They said it sounds good and it sounded crisp, but my voice right now is in a better place than it was then. I don't know what was going on back then, but but it was a neat process. Very neat process. I learned a lot from it. And I hope that people enjoy. That it's not a, monotone. I'm talking, I have some inflection, I hope it's exciting to listen, but but it, yeah, so it was something, and then the book writing process was something too, but but I have it in. Paper bag and then Stoy, you've got the hard copy. Yeah, so you've got the special hard copy and then and then we've got it on ebook. So Kendall, and, you can go to the, the I what, iBooks or whatever too and all these different places so you can find it there. But I am mostly right now I'm mostly on LinkedIn. So if you're active on LinkedIn, definitely follow me. It would be great to see you on there. I can give you my link story too, that has like a, just a, like a link tree. Yeah. So people can find me everywhere. And then and then I also, of course I'm, I do Instagram, but I'm just not as active on Instagram as I am on LinkedIn. But yeah, those are the main places to find.

Stoy Hall, CFP®:
45:00

There we go, everybody. Yes. Yes. We'll obviously get the links, put it in all the description, do all those things that we need to do from a marking perspective. But absolutely. What, was there anything else that you wanted to speak about or provide to the audience?

Shehara Wooten, CFP®:
45:16

Yeah. I just think. When it comes to money, I just tell people, stay encouraged. Don't go out there thinking that everything's gonna happen tomorrow. Give yourself grace in terms of building wealth and understanding that. It did. Rome wasn't built in the day. Your wealth won't be built in the day. And if we're talking about legacy building and creating generational wealth, just understand that everything that you're doing now today is building up to that wealth that you're looking for here in the future. So link up with the financial planner is gonna help you track and look at those progress so that you can celebrate those wins along the way because it may seem very daunting, but with the proper tools, with the proper outlook, you're gonna be able to be an amazing wealth generator. So just wanna leave people with that.

Stoy Hall, CFP®:
46:10

My. That's it. She did it. She wrapped it up. I'm gonna say anything else besides, thank you Shahara for being on. I look forward to blasting all of this and stay tuned cuz this episode's gonna be great. I know this is one of those things that I'll cut out, however, get the book, just get the book. In the meantime. In the meantime, I appreciate you. I'll cut it off. Thank you.

Shehara Wooten, CFP®:
46:44

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