Wealth Actually

In this episode we dive into the world of real estate development and the use of LED conversions to save money and drive returns.  Joining us is Judd Stensrud. Judd is the founder and CEO of LUMEN GLOBAL.  The firm uses energy efficiency to help drive real estate returns.  Judd has an undergraduate degree from Duke University in economics and an MBA from the University of Chicago.  However, it wasn’t until he got to Costa Rica in the early 2000’s that he began to truly grasp the impact of costs within a vast portfolio of income producing real estate.  Using these tools later in his career, Judd Helped renegotiate a half billion dollar loan with The Bank of China, Was the lead asset manager for The Plaza Hotel in New York, and Led a process where Bill Gates and the Four Seasons Hotels invested over $300 million into a project that was his brainchild. Recognizing the typical reasons that investors miss out on maximizing their profits led him to found Lumen Global. Background- Tell us a little about how your Costa Rica experience and how that impacted your view on managing real estate.How did this and your other experiences lead you to found Lumen Global?Process What does Lumen do to add value? While Lumen Global utilizes a number of energy efficiency measures to help increase your bottom line, we believe there is not a better available tool than converting to LED lighting technology. Why?  What is Your Process? Energy Efficiency measures drop 100% to your bottom line. Most deals have an IRR of 50% to over 100%. Cash outlay, if any, is generally returned within one year. We are a turnkey process… no work for your team. How? We begin with a lighting analysis. We feel the best place to invest your money is through LED light technology. We count all lights on your property. We come back to you with an analysis. We estimate how much you are spending per year buying lights and installing them. We show your total spend on lighting per year and how much you will spend after converting to better looking LED technology. Our analysis will show the turnkey cost to convert to LED. Our professional bonded and insured electricians install the new material. We process all incentive paperwork and use this to decrease the total job cost. Examples Office Buildings Multi-Family Properties Shopping Centers Warehouse Industrials Restaurants Hotels Medical Facilities Parking Lots Interesting Stories McDonald’s Warehouse Conversion Others OutroHow do we keep tabs on Lumen Global?For those who want to use you or get involved, how do they contact the firm? LUMEN GLOBAL WEBSITE judd@lumenglobal.com   https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT

Leanna Haakons is a financial marketing expert, entrepreneur and author of bestseller, Young, Fun & Financially Free. In addition, Leanna is the EIC of TheWellthyMindset.com, and says Millennials those in their (20’s-40’s) don’t need to panic now because they should be thinking about their long term financial goals with plenty of time for their investments to bounce back. Leanna hosts a regular segment on Yahoo Finance and is a seasoned TV guest appearing on CNBC, Bloomberg, ABC News and dozens of other publications. https://www.amazon.com/Young-Fun-Financially-Free-Kick-Ass/dp/0998854638 COVID-19 and Disruption How has this impacted your business? Cash flow (potential job loss / reduction of work) What are you telling your clients and listeners on how to gear up for what looks like a rough set of months coming up? Cash positions (reiterating the importance of having 6 months+ of expenses) Evaluate Expenses (now is a good time to sharpen the pencil on things that you need vs the things that you want) Leverage and borrowing- taking a hard look at the various interest rates that you have and strategizing around them. For those that can, is this a good time to refinance your mortgage? (I’d say yes if you can) Market drops and volatility Saving for retirement and other goals based investing- (I’d argue that this is a great time to continue to do this . . . or start) Is now a good time to invest? (I’d argue yes, if you have the cash flow and time horizon to be able to do so) Using the time well Going deeper into your field- extra study, zoom conferences, making new contacts within your field Developing skills just outside of your field that can make you even more dangerous in your job (Examples: media/PR skills, coding, taking courses in important subjects like contracts etc . . .?) Developing contacts outside of your field that might be helpful (industry associations etc . . . ) Developing expertise in your non-career interests (do you have a book in you, podcasts, painting etc. . . .?) Can those be linked together in the future? Spending time with family and friends (even virtually), so that your support community is in place during this time AND after. Rest/exercise where possible Coming out of the Abyss Trying to envision what the future looks like in six months If you have a business, what should you be doing to stabilize it? What are the various programs out there that might be of help? Outro Leanna- how do we keep tabs on you? Where should we find you on social media? Leanna Haakons – Media Reel www.blackhawkfinancial.ca / www.youngfunfree.com Instagram @leanna_hawk / Twitter @leannablackhawk

The country is in the midst of a debate between confinement and distancing in the name public health and the reopening of the country to re-establish the health and stability of the American economy. To that end, Haven Pell (PUNDIFICATOR) and I thought it would be interesting to discuss the ramifications of the choices American businesses are making right now. These are choices related to message, action and communication. Tracking off a study done by Glover Park Group in Washington, we look at some of the trends found in polling of what is important to Americans right now and what will be important in their decision-making around firms and commerce going forward. COVID- 19: An In-Depth Conversation with the American Voter https://assets.documentcloud.org/documents/6821088/GPG-COVID19-Caucus-Insights-0326202.pdf Here are some of the main points that we discuss: Business actions today will shape corporate reputation for years to come. Americans say they will remember who stepped up and made sacrifices for the greater good. Coronavirus has put debates on the social safety net and paid leave front and center. Americans want industries who receive aid to repay that goodwill in how they act and behave. Many worry about their health and the economy but prioritize the needs of those on the frontlines. Americans are grateful for services of essential employees and medical professionals and demand we do more to support them. Be deeply empathetic. It’s not business as usual, so don’t communicate as if it is. Identify what relevant capability or area of expertise you can deploy to play your part. Pass the loyalty test. Remember the lessons of 2008. https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT

We are all trying to make sense of the difficult environment created by the Covid-19 pandemic. Uncertainty, economic difficulty, loss of routine, new roles and uncomfortable environments have us all on out heels. I thought it would be educational to speak with an expert who is on the front lines helping people deal with life’s “normal” problems and the new set of issues that our friendly Coronavirus has dropped in our laps. Dr. Maggie Vaughan is an award-winning, NYC-based psychotherapist with over 15 years of experience offering therapy to adults and specializing in the treatment of anxiety, depression, and relationships.  She is also the founder and executive director of Happy Apple, a Manhattan-based psychotherapy center which provides an array of services to children, teens, families, and adults.   In addition to working with her New York clients, Dr. Vaughan works online with clients in California, Delaware, and New Jersey, the other states in which she’s licensed.  She holds degrees in political science, marriage and family therapy, and clinical psychology.   Her work has been featured in numerous media outlets including The New York Times, The Learning Channel, and The Huffington Post.  Currently, she is providing consultation to companies who employ essential workers, to help ensure the ongoing well-being and adjustment of those employees throughout the social distancing phase of COVID-19.  She can be found on Social Media: INSTAGRAM: HERE and HERE FACEBOOK: HERE Here is the outline of our discussion . . . I hope you enjoy it and take away some useful points as you and your family adjust to our “little disruption.” Introduction: What are your clients concerned about and are these issues amplifying problems they are currently facing in relationships and other issues? Fear of the Virus:   Health issues for family (older members / pre-existing issues) Business / Job / Income issues – am I going to be financially ok? Safety issues for those who are alone Uncertainty OCD / germaphobes – how do they get around this? How we take in information- people questioning the very information that they are receiving The Break Up of Routine (Much) Closer proximity to family, zero proximity to friends, colleagues etc . . . Work From Home (This is what you do all day?!?) New functions- home-schooling, housework Distortion of time Loneliness – ability to perform job function Different regions responding differently (NYC vs elsewhere- some more seriously than others- jealousy) For Professionals Working From Home Loss of community with work environment Change in the way people will work in the future- am I outmoded? Am I able to keep up my responsibilities for my employees, customers, vendors etc . . .  Stigma Strange phenomenon where inconsistent testing has created a weird set of haves and have nots  Will people “want” to get it (like chickenpox) to re-enter society Benefits Great way to re-evaluate priorities Good time to deepen relationships, re-establish intimacy Check in on faded relationships,  Hit the reset button on areas where communication had been ignored Interesting dry run for retirement (living post career) Interesting time to think about business / side gigs / career Using The Time Well Exploring long set-aside interests or new ones Going deeper into your field- extra study, zoom conferences, making new contacts within your field Developing skills just outside of your field that can make you even more dangerous in your job Developing contacts outside of your field that might be helpful (industry associations etc . . . ) Developing expertise in your non-career interests (do you have a book in you, podcasts, painting etc) Can those be linked together in the future? Spending time with family and friends (even virtually), so that your support community is in place during this time AND after. Rest/exercise where possible Dry run for retirement Coming Out of the Abyss Trying to envision what the future looks like in six months If you have issues, what should you be doing to stabilize them? How do you deal with people- especially those close to you that are reacting differently? What are the various programs out there that might be of help? Outro https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT

In the latest episode of the Wealth Actually podcast, we get to sit down with Scott Johnston the author of Campusland. This is Scott’s second appearance on WA, but the first where Scott discusses his book. It made it to #15 on the New York Times best seller list and #1 in the humorous books section. In the first part of the podcast, we talked about the incident at his alma mater that got him to write his newest book. We also dove into the business of being an author and the typical hurdles that new authors face. Finally, we spent some time reviewing the typical timetable and scheduling that goes into the production and launch of a book. In the second part, we probed some ground around Campusland’s subject matter: the new environment of the college campus and what that means today. A description of the problem Scott saw on campuses and why it was great material to write about. The effect of wealth in the collegiate process both at the endowment and the student level. What are the numbers and the data behind the college environment? How did the admissions numbers game get so lopsided? When did the college campus environment change from the goals of inclusion and diversity of thought to other agendas? What is the impact on the politics of this country? Do alumni have any other options than to divorce themselves and their checkbook from their schools? Was the recent admissions bribery scandal to be expected? What is the impact of online learning? Coronavirus absences? The coming financial difficulties for smaller colleges Can a major university close down? Should it close down? What is the way forward? Are repurposed college campuses an interesting solution for our seniors? How do we keep track of you and Campusland? Scott is on Twitter (@SJohnston60) and CAMPUSLAND can be found here: https://www.amazon.com/Campusland-Novel-Scott-Johnston-ebook/dp/B07MYX3GXM/ WEALTH, ACTUALLY can be found below . . . https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT

First off, we’re sending best wishes to our listeners. Hopefully, everyone is getting by with the onset of the coronavirus. We have a long way to go to get back to some semblance of normalcy, so take care of yourselves. As always, Haven Pell’s writings can be found here: PUNDIFICATOR. In this podcast, Haven and I take on the coronavirus’ various impacts on society. We got a taste of the generation gap when we heard about the spring-breakers in Florida: https://www.youtube.com/watch?v=oa4i9Ap6dCg John Branch — normally a sports writer, but with no sports to write, wrote an interesting article on the “late adopters” to the public health crisis that has changed the world: Deniers and Disbelievers: “If I Get Carona, I Get Carona” Between these two examples, we try to take the politics out of it and make sense of where “normal life” fits in the pandemic world now . . . and later when the world assimilates the new virus reality into everyday life. Some of the activities affected in the virus’ progression: rock climbing, Mardi Gras, strip club/lap dance, cherry blossoms, self-quarantine The NYC experience (social distancing): Trader Joe’s vs Whole Foods and the recognition of crowding dangers for older people   DC walk- the parks getting used- packed, in fact! “Essential travel”: Essential to all . . . or to me?  Remote work: Positive developments to come from this experience Remote work and the hope that technology (ex. Zoom) for the concept improve.  The difference between “in person” and “on camera’ skills  Media presences . . . is the online / on camera experience going to be even more important in regular jobs going forward if we are all teleconferencing? Collegiate environment . . . What does college look like now that it’s online. Are we going to be missing the personal interactions on campus? How are we absorbing media on this? Is a little the right amount? Should we hear from anyone other than professionals and analysts? We certainly like to hear from doctors on issues of “Public health!” STAY SAFE, EVERYONE! https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT

Housekeeping: Podcasts drop on Thursday usually in time for your commute- you can subscribe on most of your favorite outlets. HAVEN PELL’s blog can be found here: PUNDIFICATOR (Ep.47 was recorded in early December before the primary season and the onset of the Corona Virus and the market tumult . . .) SUSAN PAGE in the USA TODAY from Early December on the Divided America- https://www.usatoday.com/story/news/politics/elections/hiddencommonground/2019/12/05/hidden-common-ground-americans-divided-politics-seek-civility/4282301002/ The Divided America- Is “Partisanship” as bad as it feels? Centrists as the new radicals Rancor Fatigue Is the skill of nuanced debate a lost art? Strong (economic) motivations for polarized parties Does instagram fame lead to argumentative success? Has the Bell Curve fallen to the concept of Long Tail (Niche) Marketing? Does cable viewership really tell you what the middle of the Bell Curve are thinking? Running out of money in the political process? 98% of the job in politics is fundraising- is that right? Parallels in hiring- would you use the political process to hire someone? Is the popularity contest a good proxy for the skills in the job? 69% of Americans deal with disagreements in a destructive way and it’s getting worse! Public accountability for one’s online presence . . . Philip Howard- has the country devolved with mindless compliance? Can individuals be responsible for their own thoughts? Outcomes vs Rules-Based rule-making? Has compliance culture created anger in the constituents AND the regulators? Am I only allowed to do what I’m told? Political parties as businesses. Third Parties . . . . Duopolies protecting themselves. Ross Perot. John Anderson. Jill Stein. Bloomberg and the ill-fated “path to the math.” WEALTH ACTUALLY CAN BE FOUND BELOW . . . https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT

Housekeeping: Podcasts should land generally land on Thursdays. You can subscribe to the podcasts on major podcast networks. HAVEN PELL’S Blog can be found here: PUNDIFICATOR On this week’s podcast, we have some back and forth on the emerging prevalence of public relations and its increasing importance in corporate strategy. Discussion outline below . . . The Dangers of the “Spindustry”. The use of avatars to represent climate change- are they created or natural occurring representatives. Naomi Seibt- as the counterpoint to Greta Thurnberg on climate change- is she a “created” representative. NYPOST: GRETA vs NAOMI The Potential Damage to Unwitting Avatars (especially those pulled out of central casting) Coronavirus- Catastrophists vs. Slow Adopters. How did views change so quickly? (This was recorded before the Rudy Gobert news and the cancellation of the major sports events) The Innovation of Adoption Lifecycles- Innovators, Early adopters, Early Majority, Late Majority, Laggards. “Abundance of Caution” vs “Self Quarantines Don’t Work in Democracies.” How does one project calm and competence (before having proved these traits)? What happens when people have to actually rethink their lives? Is there a consequence to being over-confident? The Tylenol case- a good example of PR driving the corporate strategy. Crisis Management: Doing the right thing, being smart legally and defending the brand and the business. The tension between the PR strategy and the legal strategy . . . Strategy by Avatar may not work- I can’t remember Naomi Seibt’s name!!! ESG investing and Public Relations- how is reputation/PR scored? Is it reputation well understood in the investment world? Significant? https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT

The Impact of Fanboys, Haters and Cancelling on Social Media and Internet Culture- Haven and I hit these topics . . . . Fanboys and Haters in Wealth Management and Financial Twitter Hater Culture in Politics Creating Adversaries as a Marketing Strategy (Us vs. the World) Do Presidents make Markets or Economies (The Head Coach Analogy) The “New News Cycle” and what it does to the markets Brady, Belicheck and the Patriot Effect Recessions and Economies in Political Cycles Moneyball for Politics (Michael Lewis, Bill Clinton and other examples) Binary politics and the destruction of nuance https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT

A quick reminder to subscribe on iTunes, Google Play and Android! Podcasts normally drop on Thursday mornings before the EST commute. Haven’s blog can be found here: PUNDIFICATOR Nothing on the blog or podcast is investment advice The Democratic Party is in full swing with Bernie Sanders making an early run in Iowa, New Hampshire and Nevada. However questions about his ideas and electability persist. Joe Biden has stumbled out of the blocks. Elizabeth Warren tries to re-establish her initial leap forward. Mayor Pete, Tom Steyer, and Amy Klobuchar are trying to build additional momentum as the make their case. And Michael Bloomberg lurks with the great political equalizer . . . money. Lots of it made as he built his media empire. He also has a record of achievement as the Mayor of New York and as a poor debater after his performance in Nevada. After watching Donald Trump sweep through a traditional Republican slate in 2016 and shock the world by beating Hillary Clinton in the general election, what should we make of this? What will happen in South Carolina, Super Tuesday and beyond? Check out the latest polling at https://www.realclearpolitics.com/ HAVEN AND I TAKE A LOOK AT THESE ISSUES: – The Democratic Party’s tension between the need to “Beat Trump” vs. the negatives of “Buying the Election.” – What is the coming DNC dilemma with Bernie Sanders? – Is the debate format counterproductive? – What would be the advice to Mayor Bloomberg at this point? – Without having the benefit of talking to him, what is Trump’s reaction to all of this?  Bloomberg’s Presence Would Soon Be Felt . . . https://www.axios.com/newsletters/axios-am-bc324364-4a0f-47e6-9302-d32f7a37647a.html?chunk=0&utm_term=emshare#story0 https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT