Profit by Investing Alongside These People in Your Company with Andy Wang

damottaleonardweb
Feb 22, 2022
3 min read

Investment, especially starting, is about more than just running the numbers. Follow host Liam Leonard's conversation with Andy Wang, managing partner, registered investment advisor, and podcast host, to hear his experience directly from having his whole family unit invested in their business on this new episode of The Prosperity Perspective Podcast. Andy will show you why investing is a lot about legacy and life-goals over adding up income and show you why you need to invest alongside your clients in this industry.

3 Key Takeaways:

How investing is like driving cross country
Why it may be better to approach investing from a world stocks angle
Why you should start your investment plan away from the numbers

Show Notes:

[0:25] Andy introduces himself

Managing partner
Registered investment advisor
Host of the Inspired Money podcast
Protecting older families and helping young people get set up

[1:44] Where Andy invests his money once reaching profitability

"What I love about investing is that there's not a right or wrong way do it." -Andy Wang
Coming at it from the world stocks angle
Thinking about his legacy
- The investment space's reflection of Andy's personal portfolio
- His father enjoyed running a bank research department academically
- Asking senior management why they're successful
- Realizing his dream and taking the leap

[4:45] "How do you manage the risk?"

Earnings matter!
- "There should be a correlation between stock prices and profitable companies." -Andy Wang
His weather analogy
The importance of looking at major market goals

[7:30] Andy's prediction of where New Jersey rests in that market

The surprise at how well the stock market has been despite the global shut-down
There are going to be hiking rates
- The risk associated with the stock's federal raise
- Decelerating growth with rising rates have been seen since January first
The lessons Liam has learned from this

[11:30] There are always concerns

Andy doesn't expect this to be a financial crisis, but he does think the timing isn't great
Have some dry powder ready

[13:20] Did Andy ever find worthy investment focuses alongside his clients?

Providing examples of what you shouldn't do
Pay enough attention to your own accounts
- "We should be invested alongside our clients." -Andy Wang
You need to take some time for yourself
Time is important!

[16:20] How things changed for today

You're never really off the clock when you're in a family business
Remaining open about the benefit of looking across client portfolios
- Investing is like watching grass grow
Where their family's best interests lie in the company
Don't invest based off of fear or greed

[21:00] What it's like having his whole family unit invested in the business

Overall, it's great!
- It can be rare for the family head to hand over the reigns
- Utilizing each other's strengths and weaknesses

[23:00] One piece of advice for those looking to come into profitability

Set a plan
- His cross country analogy

[25:00] Andy's advice to those who want to start a plan

It varies depending on the individual
Start away from the numbers
- What do you and your spouse want to be doing?
- Then look at the costs compared to finances

About Andy Wang:

Andy Wang is a Managing Partner at Runnymede Capital Management and host of Inspired Money, recognized by Forbes as a Top 10 Personal Finance Podcast By Financial Advisors. He has been named among the INVESTOPEDIA 100: Most Influential Advisors, Top 100 Most Social Financial Advisors by Brightscope, and has appeared on Reuters TV, Barron's, and Forbes. Andy has been a featured speaker at industry conferences including Inbound, Fincon, and Podfest. He is co-founder of the Asian American Podcasters Association. Runnymede is a fee-only registered investment adviser (RIA) to companies, 401(k) plans, non-profits, and individuals. Andy is married, has three children, and can be periodically found performing Hawaiian guitar in the New York tri-state area.