448 Eric Miller

Jeffrey Feldberg: [00:00:00] Eric Miller has served over 20 years in the financial industry and co owns a national financial planning company dedicated to servicing the needs of health care owners. He's personally had over 20, 000 conversations with practice owners at every phase of ownership. He's published countless articles, videos, and podcasts on various financial topics and is an expert on matters concerning creating economic independence for a practice owner's business and household. He's recently published his book, How to Become a Financial Beast, which quickly became a bestseller on Amazon.

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Deep Wealth Nation, welcome to another episode of the Deep Wealth Podcast. And you've heard me say it before, I wish I came up with a slogan, you're richer than you think. I didn't, but I love that slogan. And for Deep Wealth Nation, you are richer than you think, but you know where to look, what to do. And you're probably saying, yeah, show me the way, Jeffrey.

Well, that's exactly what we're going to be doing on today's episode and a [00:03:00] whole lot more. So Eric, welcome to the Deep Wealth Podcast. It's an absolute pleasure to have you with us. And Eric, there is always a story behind the story. So what's your story? What got you from where you were to where you are today?

Eric Miller: Well, I think we'll just start back in 2008. If you remember 2008, it wasn't a great year for the financial markets. And I've always had a love of personal finance. I always wanted to be able to help people with their personal finance. And that was the year that we decided to start our own financial planning company.

So we had great timing, I would say. That was not a year where people were just like you know, hey, here's money to invest. So but a couple of things that we really focus on, number one, there was a very specific type of person that we wanted to help. We love helping entrepreneurs and business owners, specifically in the healthcare arena and we really wanted to make sure that those people who I felt were very underserved got financial help.

So, you know, it was at that point in time where we [00:04:00] started really just that niche of, of helping healthcare practice owners. And the funny thing is over the years, as we were doing that, almost nobody. That we had as clients actually had sold their business and then something happened in 2017, 2018, where all of a sudden lot of private equity money and, other circumstances where this area became very attractive.

And then all of a sudden we started dealing with a lot of people that were selling their business and it got us really to be able to specialize in exit planning. But that's really the basic story of, how we came about. And you know, I've been doing this for about 18, almost 19 years right now.

So it's something that we love to do.

Jeffrey Feldberg: Well, you know that old saying, if you want to have God or the universe laugh, just share your plans. And there you go in 2008. Absolutely love that. And by the way, Deep Wealth Nation, if you go to the show notes, everything's a point and click. Go to the show notes, click on the link, pick up a copy of Eric's book.

And Eric, I love your title. You got to really tell [00:05:00] us what you're talking about. really feeling and thinking. The title is how to become a financial beast, harness the power of your practice to build personal wealth. And Deep Wealth Nation, you may be saying, well, Jeffrey, Eric, I'm hearing what you're saying, but I'm not really in a particular practice or in that area.

Deep Wealth Nation, I've got to tell you, some of my best breakthroughs, my best strategies, actually, most of them came from other industries because what works It's a best practice and best practices, well, they go across industries. So if we're talking about a particular area, well, not my area, listen closely, even more so than you would otherwise.

So, let's do a little bit of a deep dive here, and Eric, I'm curious, when you look back now, and you do have the benefit of hindsight, I'm going to preface my question, you'd be perfectly in the right to say, well, Jeffrey, hey, every business is different, every entrepreneur is on their own journey, but all of that said, back of the envelope, When you look back, are you seeing particular patterns or trends, maybe what some people call Pareto's Law or the 80 [00:06:00] 20 principle, where these 20 actions or activities are generating 80 percent of success or failures, depending on what's going on there?

Anything that comes to mind for that?

Eric Miller: Well, I think a lot of things probably come to mind, but you know, look, I mean, if you're going to own it, the first question you have to ask yourself is, do I own a job or do I own a business? Do I have a job or do I have a business? And I think the most successful people in the industries that we work in right now, that's the first question that we tend to ask.

I mean, are you building something where you're just going to have a paycheck and a job, or do you actually want to build something that is an asset that we consider an investment? And if you really consider That this thing is an investment that you're building, are you treating it like an investment?

Like any other investment that you have, are you treating it like an investment? And I think that's the, the place that we start with, with most of the people that we work with is just making sure that they're treating their asset Like an investment, and most importantly, they're making sure [00:07:00] that that investment is going to have value for them, not just while they own it, but really, when they decide to transition out, are they creating something that can, that can create, you know, wealth for, for generations.

So I don't know if that answers your question, but that's a good start.

Jeffrey Feldberg: Okay, terrific. And, I want to, I'm going to be jumping all over the place, but there really is a method to the madness here. And you do talk about this, but I want to flesh it out a little bit. And wow, it's one heck of a word to say, Econologics. So the Econologics roadmap, can you talk to me about how that came about and how that would be very different from what I may find out there, if I'm just speaking to other advisors?

Eric Miller: Yeah, pretty simple. I think the, the term econologics just came about. It's a, it's a coin term that just means the the study of the practices and skills of the management of the household. That's kind of a long winded way. Probably if I, in hindsight, we'd probably name it something else, but we're this far right now.

So we'll, we'll go with it. [00:08:00] What's a, what is a roadmap? Well, For any roadmap, you need to have a final destination. And I would say that when you talk to most people and you ask them, Hey, what's your definition of financial freedom? You're going to get like seven different answers from people. So we really had to break it down and say, Hey, what is the ideal scene that almost all of us would have in common when it comes to your personal finances?

And I would say it breaks down like this. Most of us want to have a household that has an abundance of income coming in from multiple sources. That's free of all destructive debt. Not all debt, but just destructive debt, where your assets are protected from inflation, taxes, and lawsuits. If you have a business, it's profitable, it's transferable, it's sustainable, and you have time to pursue whatever life goals that you have.

I think we can probably all agree that is an ideal scene right there for most people. So, What most people don't have, though, is what your current [00:09:00] scene looks like, and then they need something to bridge the gap between their current scene and their ideal scene, and that's where having a roadmap, a financial plan, comes into the mix.

Jeffrey Feldberg: Got it. And I know you're looking at healthcare as one example, you're doing some deep dives on that, but generally speaking, whether it's healthcare or out there in general, with what you just shared with Econologics and what most people perhaps aren't doing that they should be doing. What would be some of the most common financial pitfalls that you'd want us to know?

Eric Miller: the first thing I'd want to mention to everybody is look, your business is an asset of your household. Now, we consider your household your parent company, like if you look in corporate America, you're going to see that most of these big corporations are owned by a parent company.

And we think that most business owners need to treat their household like a parent company, run it like a business. Most people that own a business, like almost 80 to 90 percent of their [00:10:00] wealth is tied up in that business. You look at most business owners, that's the biggest investment that they have.

What we try to do along the way is say, hey, look why don't you make sure that this business is allowing you to create other income sources? So probably the best thing that I do for any client that we work with is I have them actually create a bill from the business to their household. And we set up an account called the Wealth Storage Account, where we take 10%, of their practice revenue, and I have them channel that into that wealth storage account.

Why? Because I don't want them to be dependent upon the business sale for all of their, quote unquote, income for the rest of their life. And I want to make sure that the business is paying them along the way. And by doing that, we've been able to really make sure that our people are prepared financially when it comes to the time of transition, so they're not dependent upon whatever the sale proceeds are going to [00:11:00] be.

Jeffrey Feldberg: Got it. Okay. And so it sounds like, and you can say Jeffrey on base, off base, but so many other things, doing something in perhaps small steps day over day really can add up to very big results. Thoughts about that?

Eric Miller: Oh, there's no doubt about that. I think, you know, look when you start looking at your transition, it's something that most people don't plan until the very end. You got to start thinking about it. I mean, the moment you start your business, honestly, you should probably start thinking about how you're going to transition out.

And then you can plot out some of the things that you're going to do, you know, on a day to day basis. What systems do I need to create? What training do I need to do for my people? What does the financials need to look like in my business so that when I decide to transition out, I'm doing it in a way where I'm not trying to have to do everything at one time at the very end, which, you know, can become problematic.

So, you know, number one, you got to know what areas you need to address in your business to get it prepared. And, you [00:12:00] know, I think if you just do one or two actions a week, you know, you'd be surprised that, you know, how, how much order you can create in a three to five year period of time.

Jeffrey Feldberg: I know from our end, Eric, and I'd love to hear your insights, let me set this up for you. At Deep Wealth, in our community, or when we're going through our 90 day Deep Wealth Mastery Program, when we're working with business owners, founders, entrepreneurs, hey, here's how you're going to grow your profits.

And later on, here's how you're going to get not just any deal, but the absolute best deal when it comes to your exit, your liquidity event. One of the challenges that we see, believe it or not, it's not skill set, it's mindset. And what I mean by that, there are so many myths out there that we just buy into hook, line, and sinker, as the saying goes, that we can't get beyond that.

And so from your perspective, when you're working with your community and with your clients and their businesses, mindset, talk to me about that. How important do you find that? Where are we typically going off base in terms of some of the bigger myths that we're believing [00:13:00] that we really shouldn't?

Eric Miller: Yeah, I think the biggest mindset, at least for the people that we deal with, is you have to get out of that technician role as fast as you possibly can, whether it's a practitioner or a technician of some kind, and really get into the owner investor mindset. Or even executive mindset, because honestly, the, you know, the vision, the goals, you know, the culture of the organization, all of those things are so vitally important and they are very much overlooked because people get stuck doing the day to day stuff that they're comfortable with, but that's not really going to help expand the business.

It's not going to help prepare the business. It's not going to make it more profitable. It's just going to. You know, take up more of your time get you further down the organization. So I think that's a place where people really have to start is that I am not stuck where I'm at.

I need to push myself up and out of the business so I can hover above it and just, you know, control it and view it from [00:14:00] like a, You know exterior viewpoint and, but that's a tough thing to do for a business owner who's kind of used to running some of the day to day stuff. But I think that's the most successful thing a person can do.

Jeffrey Feldberg: It's interesting as you're talking about that, very similarly, we use different words, but we're getting at the same thing. One of the first questions we ask when someone comes into the Deep Wealth community, hey, whether you have a management team or you don't, does your business run without you? And please only answer yes or no.

And I got to share with you, Eric, that most of the time, it's a whole contrived story that they come up with. And it's really a no, even if there's a management team. And when we start peeling back the different layers, what we hear is, well, Jeffrey, you I'm the best at doing this and if I have someone else come in, they're not going to be as good as me.

Or I tried that in the past and the person just failed and it cost the company a lot of time and a lot of money. So from that perspective, for someone in the Deep Wealth Nation saying, yeah, that's me. I can relate to that. That's why I'm not really having the business run without me. What would you [00:15:00] say to that listener?

Eric Miller: Hey, look, I was in that position. So as a financial advisor, I was the one that was meeting with all of our clients in the beginning and there came a point in time and I was pretty good. could relate to people. I got them to execute the plan that we had set forth. I was in it just like everyone else.

But there came a point in time where I looked at my schedule. I'm like, I'm not going to have a life. And this isn't fun. I want to have other people experience the same kind of joys and you know, things that I go through. So I had to make the decision, like I am duplicatable.

Nothing that I do in this organization is not something somebody else couldn't do. you have to make that decision first, okay? And then I had to write everything down, all the nuances of what I thought made a successful financial advisor, and I did that, I wrote everything up, wrote, scripts and calls and all these things, and one by one, I was able to get [00:16:00] Plug in Financial Advisors.

And of course I got to coach them and do certain things. But amazing thing happened that I never thought would happen is that all my advisors are better than I am.

Jeffrey Feldberg: Love that.

Eric Miller: So like that was the most amazing thing is like, if you allow people to do the work and you give them freedom and autonomy, most sane people want to do a good job and they're going to try really hard. You know, as long as you give them, you know, a blueprint and you show them how to win, then they're going to really do a good job.

So I think that's that's been my experience in getting out of kind of the day to day stuff.

Jeffrey Feldberg: And so with that in mind, why don't you walk us through your process? So imagine now I'm coming to you, okay, Eric and team, original Deep Wealth Podcast, really love what you're doing. Here's my company, help take us from here to there and share the goals, whatever that may be. So what does that look like?

What's some of your secret sauce, time wise, what should I expect, action wise, what are we doing?

Eric Miller: people, when they look at [00:17:00] a financial advisor, what do they think? Well, he helps me with my retirement plans and my personal investments. And I think that that's a Not a complete definition of what a financial advisor is. they're there to help you manage all of your assets, which includes your business.

And I just found that most advisors, they weren't interested in that because they didn't get paid for it. You know, they don't get paid for what you do in your business, but it's a vital piece of your, your long term wealth plan. So it's gotta be, you know, involved in the planning process.

Another thing your money. It doesn't take six months off. you're a business owner, you are making financial decisions every single day. And the service model for most advisors is, Hey, I'll talk to you once a year, twice a year to go over your portfolio.

And that's it. So, you know, we wanted to create a service model that was just different than that. Cause I know that if you're a business owner, you got questions all the time. So our process is pretty simple. We start [00:18:00] with a roadmap. We lay out exactly all the systems that you need to put in place to allow you to get out of debt, to retire, you know, well, to make sure your business is paying you properly for the work that you're doing, which most people way underpay themselves inside of their business.

And then, you know, and obviously make sure your assets are protected, your estate plan, all the things that a financial advisor should do. But we just meet with our clients, you know, at least on a monthly basis. With checklists to make sure that they're doing all the actions that they need to do.

It's just a, it's a more accountable system that I think most people are used to.

Jeffrey Feldberg: And so from that perspective, again, it's a general question, perhaps though you might be seeing some trends or just human nature in terms of what's going out there. Big picture wise, what should we be coming out of that of saying, okay, I know I was doing these few things over here, or I wasn't doing those few things over there.

I'm going to stop those or start these. What advice would you be giving us?

Eric Miller: Well, I think one of the things I see with most business owners is they [00:19:00] vastly Underestimate how much they actually need in income, assets, and resources to live the life that they wanna live. They vastly underestimate how much money they need to be bringing into their business and how much they need to be creating for their household.

Give you an example. If I ask most business owners Hey, what is your make break number? So when I say make break number, most people just thinking, okay, I got enough to cover my payroll, my fixed expenses, and maybe just a little bit left over to, to pay me. Okay. That is not a make break number. Break number. if you want to have money to pay yourself and create other income sources, if you're going to need money to pay your taxes, you're going to need money to expand the business.

You're going to need money for whatever. Okay. You need to make sure that those things are part. Okay, of your make break number. you know, two basic principles I've learned over time. Number one, a business will try to spend every living dollar that it makes [00:20:00] and then some.

The second rule I've learned is that a business will make exactly what it thinks it needs to make to survive.

so if those two things are true, which I believe that they are if you incorporate your profits in as a necessity, then you will have a much more pleasurable experience in business ownership than if you just think that they're going to be there at the end of the month, By hope and pray, that's not a winning solution right there.

So that's probably one of the things that we do. That's, really isn't even trained as a financial advisor. I just learned over time, we got to make sure people are operating on the right numbers and, and by and large, most people aren't.

Jeffrey Feldberg: And again, it goes up to something that doesn't really show up on the balance sheet. It's not in our P& L or any of the financial reports. It's our mindset. And to your point, hey, if your expectations, if your mindset is, we're going to be doing X, Y, Z. Whatever that is, whatever financial parameter that's going to be, somehow, magically, you're going to be doing that because what gets measured, [00:21:00] what gets done, and actually, it's a wonderful segue into something that's very much related to that.

Speak to us about the Financial Prosperity Index and what's going on there. I absolutely love that.

Eric Miller: again, most people, they like to see things. I mean, I mean, that's the way that you, okay. I'm used to seeing graphs and stats and all these things. And most people have them for their business. They have their KPIs for their business. But I ask people like, what are your KPIs for your household? And they're like, Oh, I don't know. I don't really, never really thought about it that way. So said, okay, well, what are What are the areas financially that all households, no matter what industry you're in, what are the areas that we all have in common? Okay, that we have to make sure are in, relatively good shape.

And like, you know, number one, you have to have a good plan. Number two, you probably should have some, you know, policies and procedures in your household. You should have a business that's viable. You know, your debt and credit should be in good shape. Your estate plan should be in good shape. Your taxes should be in good [00:22:00] shape.

And your investment portfolio should be in an ideal scene as well. So that's like seven. I'm probably missing one. so we said, okay, great. So let's create an assessment where we can show people where they stand in each of those areas. So we actually created a We call it an assessment. You can call it a test, whatever it is, where we ask a hundred questions and it will plot out where you stand in each of those critical areas.

We call it the Financial Prosperity Index, and it's a great tool for anyone just to say, Oh, Hey, you know, I'm okay, I'm doing good here. My estate plan, I haven't really done anything there, so I need to work on that. You know, my tax situation is uh, that we should probably, you know, need to meet with the accountant.

It just gives you now the ability to look at it and say, okay, I'm deficient here, what do I do about it? And that's the value of the Financial Prosperity Index.

Jeffrey Feldberg: And I would imagine that people are coming out of that surprised, hey, wow, never even thought of that. So from that perspective, would there be, [00:23:00] again, some patterns or themes or, yeah, Jeffrey, you know what, out of 10 people that go through the Financial Prosperity Index, this one area here that really throws them off guard.

Anything like that,

Eric Miller: Yeah, the, the areas that probably get the most attention for most people that are business owners, their business viability, at least if they're coming to us in a relatively good condition, is always pretty high. Like most people, you know, they're seeing a lot of people, clients are coming in, cash flow is good, the business viability is really good.

But then when we start looking at their, their future income streams, it usually goes And then it goes, drops down, like, because they're not planning to create future income. Most people are just pushing all the money that they made in the business back into the business, which isn't a bad thing, but, you know, you should be doing some things.

And then debt and credit is, it's gotten better, but a lot of people's debt and credit column was, was pretty bad just because people like really bad, dumb stuff. You know, they like bigger [00:24:00] houses and they like bigger cars and such. And then I think most people's estate planning most people don't have wills, powers of attorney.

They don't have all those things in place. Probably eight out of 10 people have any of those things in place. That's a pattern that we see as well. So it's interesting. but at least it gives us, you You know, a mechanism to look at and, and show a person, hey, you need some help here. Taxes is another area too, that's usually pretty low because most accountants that people are working with are not tax planners.

They're just tax preparers and they don't give them really any advice on how to minimize their taxes.

Jeffrey Feldberg: Wow, it just sounds like a perfect storm for such disasters, and it's really no surprise why we see this out there. I may be a little bit off, Eric, in the stats, but I want to say even businesses that have been around for two decades, it's an 80 percent failure rate that they will not make it through, and I would suspect some of the issues that we're talking about are front and center.

Even though they've been around for a little while, why they're [00:25:00] not happening. And speaking of that, we've got AI that's now on the scene and we have some really interesting geopolitical things that are going on and on the political landscape. Any trends that you're seeing in the next one, two, three years that we should know about?

Eric Miller: Well, I mean, as far as AI is concerned, you know, Anything that it can replace that, you know, if you have compliance in your business, record keeping you know, in the businesses that we deal with, that's a big deal, you know, people have to keep records of patient visits and all those things. Well, most of the time, People are spending an enormous amount of time having to do that.

And AI has really, really helped to now be able to, you know, dictate what happens in a new meeting, even in executive meetings that you're having, you know, because what happens in executive meetings, people have an executive meeting, but then there's no followup, you know, and now with AI, you can actually record here's the followup, here's who's supposed to do what.

So I think You have to make sure you get into the game because the [00:26:00] big, big companies who seem to be eating the small companies, and that probably has happened since time in memoriam, but they are going to use this technology. If you do not use this technology, you are going to get eaten up at some point in time.

So they're going to use it against you. So you, you better make sure you're utilizing it to the best of your ability.

Jeffrey Feldberg: And I'm just curious, what's changed for you and the team? So as you're doing some planning for your clients, as you're looking at, okay, here we are today, but these are our three year, five year, 10 year goals. Has technology begun to enter into that? And if so, what's been going on and where do you see it going?

Eric Miller: I mean, technology is something that, guess, you know, when a business gets to a certain break point, like if you're doing so much in revenue, things break down, you know, that's a good sign and a bad sign, right? It's like, well, you know, we've outgrown this, what we were doing before. We have to change things right now.

If we want to get to another level. Certainly [00:27:00] technology and getting things integrated has been one of the things that we've been doing right now is to, you know, allow for better reporting, allow for more automated communications to go out, allowed us to not have to like piecemeal everything together, you know, in terms of things that we were doing.

It allows for our compliance to be much more standard and automated, so it's not just paper, all around the place. So, I mean, these are all things that you just have to take. Number one, you have to have someone that, can do it in your organization hire someone that, that can run operations and, and has a tech mindset like this.

And that's been a game changer for us is really, you know, finding people that can adopt that viewpoint and really want to make things, you know, streamlined and move better in the business.

Jeffrey Feldberg: That's so interesting. And I'm curious. So if I'm the Deep Wealth Nation, and Eric, I'm hearing you talk and saying, okay, you know, Eric, that's all fine and good. I'm looking to my accountant, so I have these other advisors that are doing [00:28:00] something similar. What would you say would be different from you of why they may want to take a second look and even explore some of their options and look to you and the team?

Eric Miller: Well, I mean, I guess I'm, I'll be biased, of course, but I think again, we take a much bigger picture look than what most advisors would, would typically look at. And again, we've created a lot of tools and, measurements and ways that you can see the progress that you're making, and it's not just based upon the performance of a stock or a mutual fund.

Or, you know, your 401k or your retirement account. Those things are important. Don't get me wrong. Obviously planning for retirement is important. But I just think there are bigger things that need to be done. That will allow you to have a lot more wealth. Come time when you decide to transition out and getting those systems set up is a priority for us getting your strategy set up of how you're going to create multiple income streams, making sure you're paying [00:29:00] off the right debt in the right sequence, making sure your assets are protected along the way.

Those to me are, you know, doing all these things are going to lead to a much greater outcomes than I think what an average advisor would do.

Jeffrey Feldberg: Yeah. So interesting. It also goes back to, hey, what gets measured is what gets done. And what's really interesting about this is between the financial prosperity index and some of the upcoming trends that you're seeing and really the track record that you and the team have, you're just bringing a different outlook and one that's likely asking questions that should be asked, but aren't being asked, like the econologics and some of the other things that we've been talking about.

And so really interesting from that side of things. Eric, let me ask you this, because I know, before we head into wrap up mode, there are so many questions that I haven't asked, I wanted to ask, but I haven't been able to get out there, time reason wise. Are there particular topics that we haven't yet discussed, or even a question that I haven't brought out there, or even a message that you'd like to get out to the Deep [00:30:00] Wealth nation that you want to share with us before we go into wrap up mode?

Eric Miller: now the one thing I definitely wanted to touch on was solvency of your organization. And I see that going forward as, as a priority because you know, look, when we had COVID, you know, we had a lot of government assistance that was out there to help. Practice owners that was out there to help, and actually any business owner that was available, you know, if something like that happens again.

I don't know that there's gonna be as much government assistance, nor should it be. 'cause the effects of that were pretty bad as far as the inflation that was, that was concerned. So, I really wanna make sure that every business owner understands that the solvency of your organization should be your number one priority.

You have to build a business that is delivering a product that it, you charge, you know, obviously in excess of what it costs to run that business and that there's enough profit there for you [00:31:00] to not only satisfy your personal needs, but allows the business to be able to function in good times and in bad times.

And that has everything to do with management of the money when it comes into your organization. So talk with your CPAs, your bookkeepers, your financial advisors, us, whoever, to make sure that. When a dollar comes into your organization, you know exactly where it's going and that you're building enough security in there that you can survive and weather any kind of storm that may be out there.

I hate seeing businesses go under. You know, I think you said the stat was 80 percent go under. Why? It's because of bad financial management that occurs. So that's the message I'd want to get to, you know, the Deep Wealth Nation.

Jeffrey Feldberg: Yeah, no, absolutely. And it's not a matter of if, it's only when the next comes out, what are you going to do exactly? And back of the envelope, I like what you're saying there. So for every dollar of revenue that's coming in, how would you suggest that we think about allocating that?

Eric Miller: Yeah, so, look, I mean, you have buckets in your [00:32:00] business that, obviously, you have certain expenses, for most businesses, let's say that your salary, wages, and benefits is 50 percent of your revenue, but, then you have your facility expenses, that's your rent, the cost of the facility then you'll have your divisional and overhead expenses which could include your marketing, which could include, cost of goods sold, all these other things.

Just don't forget that profit expense bucket as well, because that, right there will allow you to expand. It will allow you to have reserves. So when, again, when I say a dollar comes in, you know, The first 20 percent of that dollar needs to go into your quote, your profit expenses, okay?

And then the rest of it can go into, based upon your industry you know, the different other expense buckets that you have. But I would just make sure that you know that number really, really well. And then if I can just say one more thing the biggest expense that most business owners have is not taxes, it's not staff [00:33:00] pay, It's not overhead expenses, it's money you had the ability to make and you didn't.

It is lost income. So really make sure that you know the, based upon your business, how much should we be doing versus how much we are doing. And most people would be blown away about how much money is getting lost because of not getting people to agree to do your service. And it's amazing how much that is.

That's your biggest expense though, going forward.

Jeffrey Feldberg: And I like what you're suggesting. Hey, pay yourself first for who knows what's going to be, but pay yourself first and then figure out what you want to do with the rest. It reminds me when we fly on the airplane, should an oxygen mask drop down, put it on yourself first before anyone else around you. If we don't take care of the business, then I don't know what We're not taking care of our stakeholders, our clients, everyone else, our team.

So terrific advice. And with that said, Eric, we're going to [00:34:00] go into wrap up mode. It's a tradition here on the Deep Wealth Podcast, it's really a privilege and honor for me where I ask the same question of every guest. It's a really fun question. Let me set this up for you. When you think of the movie Back to the Future, you have that magical DeLorean car that will take you to any point in time.

So here's the fun part, Eric. It's tomorrow morning, you look outside your window, not only do you see that DeLorean car curbside, the door is open, it's waiting for you to hop on in, which you do, and you're now gonna go to any point in your past, it could be Eric as a young child, as a teenager, whatever point in time it would be, what would you tell your younger self in terms of life lessons or life wisdom or, hey, Eric, do this, but don't do that?

What would that sound like?

Eric Miller: I would probably go back to let's see, probably go back to 1993. And at that point in time, I didn't really know how much about human behavior. I didn't know much about people. I didn't know at that point in time, I I was in my, you know, 20 something years old. And I [00:35:00] didn't know about, I guess you could call it the toxic personality, and you know, when you look at it in your life and probably your deepest, darkest, saddest moments you were probably connected or attached to somebody that did not want you to do very well in life, so I would go back and say that relationship right there, that friendship, that's no good.

Those people are not looking out for your best interest and your life is going to show it in the next two to three years. Now, luckily, I was able to identify that and I was able to eradicate it, but I think everyone probably has a similar experience when you're connected to someone that's squashing you, suppressing you you know, minimizing you you know, your life is not going to be as it should, and that's probably the one thing that I would encourage people.

And that happens, you know, along the way. You just have to be able to identify the traits and characteristics of those people.

Jeffrey Feldberg: Yeah, Eric, I love that. And hey, find those toxic people, those energy vampires, the ones who are discouraging you, the ones that you walk away with. [00:36:00] It could be a one minute conversation and wow, you are feeling deflated. Remove them. You don't have to be rude about it. Just remove them so you can shine. I absolutely love that because they're like that hidden prior.

They're there in our lives. You don't see it. And sadly, it could be a close friend. It could be a family member, who knows what. But protect ourselves. Absolutely love that. Some terrific advice for you, Deep Wealth Nation. And Deep Wealth Nation, again, it's all in the show notes. It's a point and click. And Eric, if somebody has a question, they want to speak with you, they want to work with you and the team, where would be the best place online for someone to find you?

Eric Miller: Great. Just go to Econologics. com, Econologics. com. That'll take you directly to our website. You can schedule a call. we just actually came out with a brand new website. So we have plenty of resources and Everything available for you that would answer your question. So just go to Econologics.

com.

Jeffrey Feldberg: And Deep Wealth Nation, it does not get any easier. It's a point and click. Just go to the show notes. It's all there for you. Well, Eric, congratulations. It's official. This is a wrap. And as we love to say here at Deep Wealth, may you continue to thrive and [00:37:00] prosper while you remain healthy and safe. Thank you so much.

Eric Miller: Thank you very much. 

Jeffrey Feldberg: So there you have it, Deep Wealth Nation. What did you think? 

So with all that said and as we wrap it up, I have another question for you.

Actually, it's more of a personal favor. 

Did you find this episode helpful? 

Have you found other episodes of the Deep Wealth Podcast empowering and a game changer for your journey? 

And if you said yes, and I really hope you did, I have a small but really meaningful way that you can actually help us out and keep these episodes coming to you.

Are you ready for it? 

The dramatic pause. I'll just wait a moment. Drumroll, please. Subscribe. Please subscribe to the Deep Wealth podcast on your favorite podcast channel. When you subscribe to the Deep Wealth Podcast, you're saving yourself time. Every episode automatically comes to you, and I want you to know that we meticulously craft Every one of our episodes to have impactful strategies, stories, expert insights that are designed to help you grow your profits, increase the value of your business, and yes, even optimize your post exit life and your life right now, whatever you want that to look like.

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So all that said. Thank you so much for listening. And remember your wealth isn't just about the money in the bank. It's about the depth of your journey and the impact that you're creating. So let's continue this journey together. And from the bottom [00:39:00] of my heart, thank you so much for listening to this episode.

And as we love to say here at Deep Wealth, may you continue to thrive and prosper while you remain healthy and safe. 

Thank you so much. 

God bless.