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Episode 36: Help Young Adults Build a Financial Foundation | Larry M. Jacobson Author of Growing Success

Larry M. Jacobson, author of Growing Success, helps young adults build a financial foundation.  He is an author, educator, motivator and public speaker.  He’s helping young adults figure out life and establish a financial future for themselves.  Developing financial awareness is a critical skill in today’s society, and is a subject that is rarely discussed in school.  Larry and I both feel that we need to educate young people on how to manage their money and how to do it effectively to help young people prepare for their futures.

Helping Young Adults Build a Financial Foundation.  Larry M. Jacobson on the Defining Success Podcast

Larry M. Jacobson

Larry M. Jacobson helps young and emerging adults follow their goals to make decisions that positively impact their overall financial and personal success. He’s a professional speaker, a contributing author for the international best-selling Ready, Aim, Captivate and recently wrote his first book, Growing Success:  A Young Adult’s Guide to Achieving Personal and Financial Success.

For 22 years Larry M. Jacobson was a music executive for one of the largest record companies since he graduated from Indiana University with a Masters in music.  A year ago Larry left the music industry and is now devoting his life to educating young people and helping young adults build a financial foundation.

In 1993, Larry was in his apartment and decided to write an email to the then president Bill Clinton with the four things he wished he was taught during his time in school that he thought should be a part of everyone’s education.  These four items were sex education, personal finance, personal development and time management.

With all of these ideas, Larry began writing a book in order to help young adults make better decisions because they will have the tools and resources to do so.

Larry is very passionate about personal finance.  Experts say there are societal problems with finances, but not many are doing anything about it.  Larry is trying to get students to understand their relationship with money.  Money is like a gas pedal where you want to stay within your speed limit.

Larry M. Jacobson on the Defining Success Podcast with Zeb Welborn

Larry M. Jacobson

He is teaching young adults that money should not be used to show off, but it should be used to get the things you really want.

Schools should be teaching skills that students will be using in their real lives.  Critical life skills like how to balance a checkbook, typing and entrepreneurship are not being taught in today’s schools and our students are left unprepared when they get into the real world.

You could sit one hundred people down in a room to define what success is and you will get one hundred different answers.  It could be making a lot of money, having a great job, being in a relationship, or being the president of the United States.

The one common denominator that will not let people become successful is fear.  Most people don’t reach their goals because they don’t possess the tools and resources from an early age or they can’t get out of their own comfort zone.  They are afraid to be honest with themselves that they have a problem.

When kids are young, they always ask the same question over and over again . . . Why?  When kids get older, they end up asking how.  How can they get that job, how can they get those skills.

The biggest mistake young people go through is denying their strengths.  Most people go to their negatives.  To be successful people think you have to be the next Meryl Streep or Brad Pitt, because they envision that as successful.  But if you love acting then you don’t have to be the most famous actor or actress.  If you love what you do an you’re able to do it, you’re a success.

When Larry was younger, he told his friends, “I want to be a millionaire by the time I’m 30.” As he approached 30 years old he wasn’t on his way to becoming a millionaire and what he realized was that he needed to have a goal or a plan to achieve his goals.  He needed action steps.

When Larry left his job a year ago he wanted to see if he could change his life 180 degrees in 365 days, which he called Operation 365.  The main question that he asked of himself was, “How is that life working for you?”  It was the moment where he realized what was working and what wasn’t.  He wasn’t very happy and he decided he was going to move to Bloomington, Indiana and he started reaching out to people.  You need to do things by reaching out and asking for help.  Larry started reaching out to a lot of people who could get him where he wanted and where he wanted to go.

Larry was able to go back and do some of the things he loved doing the most.  He married the love of his life in May.  He would create action steps, and then would measure his goals to see if he was being successful.  Most people would stay in their comfort zone than do something scary and change.  It’s important to reach out to people you know and trust.

Nobody initially loves going to the gym and once you see the results it becomes easier to do it.

About his book, Larry wanted to figure out how he could become more successful at his job in the music industry.  He knew he needed to get in better shape, he needed to develop stronger relationships and he needed to learn more about how to manage his finances and in 2010, he attended an online training academy.  For the last 10 years, Larry’s been doing a lot of reading and got his PHD in organizational leadership.  He wanted a book that he could write that people wanted at his age.  At the end of each chapter, there are assignments that will help students manage their lives.

A lot of people do things that are not in line with their goals.  He wants to get kids to start thinking about their finances and he knows many young people are not prepared.

Writing a book forced Larry to look at himself and realize that there were decisions to make in his own life and he realized that there were many things that he was doing wrong.

Larry M. Jacobson Helping Young Adults Build a Financial Foundation

Larry M. Jacobson

Engaging Discussion Questions:

  • Why are so many people in economic and financial turmoil?
  • How is that life working out for you?
  • What do you think is important for young people to know about money?

Links to Great Stuff:

  • Larry M. Jacobson – “As a dynamic speaker who understands what it takes to reach this particular audience, Larry generously shares several of his personal life lessons and principles that he has painstakingly learned through his own personal successes and failures in his career, relationships and in business to inspire today’s young adults to achieve the success they desire and enable them to pursue all of their life goals and dreams from an early age and beyond.”
  • Build a Great Financial Foundation for Your Child – One of the first blog articles I ever wrote for The Tutoring Solution.
  • Educate Your Children About Money – One of the first blog articles I ever wrote.

Success Quotes:

  • “Success is getting to do what you love every single day, being supported by friends and people who love you.”
  • “I wish I had had the ability and maturity enough to start planning.”
  • “The reason why people don’t succeed is because they try to take short cuts.”
  • “Do something every day that will get you closer to your goal.”
  • “The people that are successful are not smarter than most, they have taken the initiative to do what they love.”
  • “The people that tend to be successful have a plan and then implement action steps immediately.”
  • “Education appreciates and things depreciate.”
  • “Every time you open up a newspaper, they are always slamming these young people.”
  • “Money is like a gas pedal . . . where you want to stay within the speed limit and live within your means.”
  • “By having more money and saving, it has an opportunity to get them where they want faster.”

Special Requests:

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Episode 24: Collaboration and Success in Your Business | Mike Lednovich from True North Executive Development

 

Thank you for visiting the Defining Success Podcast.  Please download, subscribe and rate our podcast on iTunes – https://itunes.apple.com/us/podcast/defining-success-podcast/id619459909 Thanks for listening!

Mike Lednovich True North Executive Development

Mike Lednovich True North Executive Development

Teaser:

Mike Lednovich has worked with some of the largest organizations and businesses in the United States and has helped them create better policies and procedures to become more effective and efficient.  Learn how to create stronger relationships with the people involved in your organization in Episode 24 of the Defining Success Podcast.

Recap:

Mike Lednovich is the owner of True North Executive Development and has instructed more than 2,000 managers/directors and conducted hundreds of seminars during a 25 year executive career.  Mike heads True North Executive Development serving such diverse clients as the Make a Wish Foundation, Disney, Ruiz Foods, Edwards Life Sciences, the Philadelphia School District and Chapman University.

Mike was an executive with a communications company in Orange County and he was the director of communications and marketing.  Before he got into the executive world he was a journalist and he then went to work for the corporation that owned the TV station and the newspaper.  Mike became very engaged in company strategies, vision setting and helped the CEO implement change in the company.

True North Executive Development was based out of Mike’s experiences at the communications company.  His experience helped him build teams that could successfully complete the tasks at hand.

Many people get caught up in the “whirlwind,” the every day activities that keep the organization running.  When people get so engulfed in the daily activities there is no goal setting and no understanding of how the organization is going to move forward.  Mike helps companies by working with executives and helps them get an understanding of the goals they want to achieve, how they plan to get there and how do they measure success.

Members of an organization need to know what the goals of the business are and how do I help those goals and how will I be held accountable in reaching those goals.  Mike generally works with the management team to help the businesses grow.

Mike says that 90% of the time he goes into a company, all the team members commonly have different goals they feel the organization has.  He really helps develop and establish goals and then works with the organization to enhance their goals and helps team members become attached to those goals.

When Mike gets phone calls, he’s usually coming in to solve a problem.  He usually analyzes the systems to see what is not working.  He then figures out what is not working and tries to correct those problems to make things better.

There is a common symptom which is number 1 in the workplace and that is holding people accountable for an employment contract.  When you work for a company and you agree for a salary, that is a contract between you and a company.  Most employees feel that they are going to give their employers grade B performance which is good work done correctly, then the company feels good about what they are doing and they feel good about getting there paycheck.  In organizations where employees are not held accountable, their performance levels go down to the C, D or F level.

In entrepreneurial companies, it becomes difficult to manage employees as the company grows.  In a family you are rewarded for good behavior and you have negative consequences when your behavior is below par.

The yearly performance review rarely occurs on time when they are done yearly.  Mike recommends monthly performance reviews for businesses to help hold employees accountable.  The yearly performance reviews usually judge their employees on how the acted in the past six months.  Employee engagement is a huge factor in a companies success.

How do you increase performance on a non-performer?  It starts with a conversation that explains how employees are under-performing.  They judged based off of hard evidence and not opinion.  The employer than helps the employee meet their goals, and they make sure they can handle the task, but if they can not meet those goals, it is on them.

Popular culture says that to hold people accountable is to fire them.  Donald Trump is one example where the way he holds people accountable is by firing them, but in the real world employees and employers work together to build a foundation for the future.  People believe they have to be Donald Trump, but in reality, you just need to be able to communicate effectively with your employees.

The most effective way Mike gets clients is word of mouth.  Mike works for the Make a Wish foundation and one of his clients was on the board and Mike was able to come on board to help the Make a Wish foundation.

The best leaders create a culture of collaboration.  They learn and how to figure out how to get the most ideas out of their employees.  The organizations that maintain a strong workforce are the ones that collaborate well.  Listening to people and communication is an area where organizations falter.  In the real world only 8% of the communication is verbal.  The rest of the conversation is conducted through body language and voice inflection and using email and Twitter we miss out on a lot of that communication.

Larry Welborn, Zeb Welborn, Kent Oderinlo and Mike Lednovich

Larry Welborn, Zeb Welborn, Kent Oderinlo and Mike Lednovich

Engaging Discussion Questions:

  • What does it take to build a successful team?
  • What do you think is the biggest problem large organizations face?
  • How important is the management of employees in a business?

Links to Great Stuff:

  • True North Executive Development – “Mike has instructed more than 2,000 managers/directors and conducted hundreds of seminars during a 25-year executive career.”
  • Make a Wish Foundation – “The Make-A-Wish Foundation® of Orange County and the Inland Empire is a 501(c)(3) non-profit organization and fulfill the wishes for children between the ages of 2 1/2 and 18 who confront life-threatening medical conditions.”
  • Donald Trump – A link to Donald Trump’s Twitter page.

Success Quotes:

  • “The key to success in relationship is to get rid of the negative ones.  If there are people in your life that are messing you up, get them out of your life.”
  • “If you love something passionately and you can make money from doing it than you have the perfect job.”
  • “Success is an individual evaluation of what makes you happy.”
  • “You don’t give to get.”
  • “The most effective leaders recognize that they are part of a team.”
  • “I’m a firm believer that successful people give without ever receiving anything back.”
  • “A common denominator is that successful people recognize that they want to give back to the community in some fashion.”
  • “The most important piece of that conversation is having data because data doesn’t lie.  Data is objective and most managers will operate on opinion.”
  • “When we talk about achieving success we need to follow the true north of our inner focus.”

Special Requests:

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