Morgan is a singer-songwriter, an author, and the co-founder of Trailhead Planners, a financial planning and wealth management firm serving clients nationally. Morgan lives with his family in Minneapolis, Minnesota.
Morgan is the author of Money with Purpose: Receive the Dividends of an Undivided Financial Life and is an in-demand financial industry writer via his popular newsletter, The Value of Advice.
You can find more information about Morgan and follow his blog at morganranstrom.com
Our mutual good friend Matt Zeigler kindly introduced us, and I’m grateful we connected, and had an opportunity to record.
Today, we talk about money. Morgan emphasizes though that becoming a millionaire should not be the ultimate goal; instead, money should be a means to a more meaningful end.
My guest points out that money plays a role in overall well-being and should not be ignored or underestimated. Shifting from a victim mentality to one of ownership and gratitude is crucial for financial well-being.
Morgan also highlights that the act of creation, such as through music, it’s something that can bring personal fulfillment and leave a lasting legacy.
Money, he suggests, can be used to buy back time and create meaningful experiences.
Legacy and passing on wisdom to future generations is an important aspect of financial planning for him.
Morgan stresses that time is a valuable resource that should be prioritized and used intentionally. He noted that wisdom and experience are valuable assets in entrepreneurship, with many successful entrepreneurs being in their 40s and 50s.
He reminds us that life is long, providing ample time to pursue meaningful things and have meaningful experiences.
Morgan advises letting go of guilt and shame when enjoying life's pleasures and prioritizing self-care.
Stay tuned until the end, when we talk about investing for the future and caring for future generations while setting them up for success.
Summary
In this conversation, Morgan discusses the influence of childhood experiences with money on adult financial decisions. He shares how his family's conservative mindset and experiences with financial crises shaped his own views on money. Morgan emphasizes the importance of purposeful living and how becoming a millionaire should not be the ultimate goal. He believes that money should be used as a means to a more meaningful end and should be endowed with meaning. The conversation also explores the significance of healthy conversations about money in relationships and the impact of money on overall well-being.
The conversation explores the concept of abundance and gratitude in relation to financial well-being. It emphasizes the importance of shifting from a victim mentality to one of ownership and gratitude. The impact of this mindset on one's day-to-day life and financial success is discussed. The conversation also delves into the connection between music and personal fulfillment, highlighting the act of creation and the immortality of art. The concept of time and its relationship to money is explored, with a focus on using money to buy back time and create meaningful experiences.
The importance of legacy and passing on wisdom to future generations is also touched upon. In this conversation, Morgan and Bogumil discuss the importance of wisdom and experience in entrepreneurship, the value of time and creating a life that optimizes it, the need to let go of guilt and shame when enjoying life's pleasures, the significance of future beings and investing for the future, and the definition of success as living a virtuous life, being a good family person, and creating.
Takeaways
Childhood experiences with money can have a significant impact on adult financial decisions.
Becoming a millionaire should not be the ultimate goal; money should be a means to a more meaningful end.
Healthy conversations about money in relationships can lead to greater well-being.
Money should be endowed with meaning and used to further one's purpose and help others.
Money plays a role in overall well-being and should not be ignored or underestimated. Shifting from a victim mentality to one of ownership and gratitude is crucial for financial well-being.
The act of creation, such as through music, can bring personal fulfillment and leave a lasting legacy.
Money can be used to buy back time and create meaningful experiences.
Legacy and passing on wisdom to future generations is an important aspect of financial planning.
Time is a valuable resource that should be prioritized and used intentionally. Wisdom and experience are valuable assets in entrepreneurship, and many successful entrepreneurs are in their 40s and 50s.
Life is long, and there is time to pursue meaningful things and have meaningful experiences.
Let go of guilt and shame when enjoying life's pleasures and prioritize self-care.
Investing for the future is about caring for future beings and setting them up for success.
Success is defined as living a virtuous life, being a good family person, and creating.
Chapters:
- 05:00 Introduction and Overlapping Interests
- 13:22 Money as a Means to a More Meaningful End
- 31:54 Shifting from Victim to Gratitude
- 40:21 Money Can Buy Time
- 51:57 Time: A Valuable Resource
- 01:00:25 Investing for Future Beings
- 01:14:04 Defining Success: Virtue, Family, and Creation
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
