September 14

Edward Williams on Our Relationship with Money


Edward Williams went to undergraduate at Howard University, Business School at University of Maryland, and led investment competitions at Oxford University.

Edward is an accomplished author and registered representative who works with investment company products, annuities, mutual funds, life insurance, estate planning, and retirement strategies to help individuals and families grow their wealth.

His new book titled "Wealth Building For Beginners" will be released on November 1st, 2020.  After working as an investment banker on Wall Street in NY and London England, Edward made the decision to start his own financial services company, Williams Financial Group LLC.

Over the past 23 years, he has worked with numerous individuals, and businesses, to help plan for a successful financial future. His top quality in international business and finance has led to being featured in top publications in Rome Italy such as La Repubblica. Being fluent also in the Italian language has welcomed international clients to his financial practice. Edward was announced as a Million Dollar Round Table member in 2018.

The Williams Financial Group is currently known for working with faith-based communities and instituting their cutting-edge process of a financial wedge to help congregation members achieve wealth. The Wedge is a strategy that was created by Edward that offers a framework for achieving financial success. As quoted by Edward, “in my option the wedge is the only engine that separates the have’s and the have not’s. If it's properly built, then a financial need or concern doesn’t exist.”

As a planner, Edward’s main goal is to help you make well-informed decisions on what types of financial tools are the right fit for accomplishing your goals. He also emphasizes the need to adjust financial plans as your goals and needs change. His team consists of wealth strategies consultants, life insurance consultants, advance planning, and high net worth group, retirement specialist, long term care consultants, and a unit for small businesses. He believes in developing client relationships based on integrity, accountability, and excellent service.

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[Podcast Transcript Using Artificial Intelligence]

Umar Hameed 0:06
Are you ready to become awesomer? Hello everyone. This is Umar Hameed, your host and welcome to the No Limits Selling Podcast, where industry leaders share their tips, strategies and advice on how to make you better, stronger, faster. Get ready for another episode.

Umar Hameed 0:35
Hello everyone. Today I have the privilege of having Edward Williams, the head honcho at Williams Financial Group. Eddie, welcome to the program.

Edward Williams 0:44
Thank you. Thank you, Umar. It's a pleasure being here.

Umar Hameed 0:48
Superb. So head honcho, is that an upgrade or downgrade do you think?

Edward Williams 0:52
I think you'd give me too much credit, but I appreciate it.

Umar Hameed 0:56
One of the reasons I was excited to talk to you is that you get to do something really amazing, which is you get to help people in their lives in the financial area, and you get to sell your services in the way you do. We'll talk about that, how you get appointments, but also we're talking about money, and people have a lot of baggage around money. Because you know, we were taught as kids, you know, not to talk about money. That's kind of like rude. So how do you find that when you engage with people? How do you get them to get over that hurdle of it's okay to talk about your finances?

Edward Williams 1:30
Yeah, so that's the challenge, because I don't really look at what we're doing as, as being salesmen. If anything, we're selling people on belief in themselves, you know, we we believe in them. And so we're trying to coach them to believe in themselves. And so this is sometimes it can be mindset challenges and [garbled] overcome.

Umar Hameed 1:55
So tell me about one of your clients, of course, don't name names, unless it's Charles Tucker, in which case, you can name that name, just kidding.

Edward Williams 2:02
[Garbled] you know, he's also my client now, just kidding.

Umar Hameed 2:07
And but think about a particular client that when you first started interacting, and first started helping them with what they were doing, and then how you got them to change their way of thinking around money, like the before and after?

Edward Williams 2:20
Yeah, yeah. So I, I remember, taking care of a client who she was in her 60s, early 60s, and she hadn't saved, and she wanted an opportunity of being able to retire by 65. And she didn't have anything. And, you know, all she had was, was Social Security. And so when someone comes into our office, you know, we try to just lay out everything on the table to see what they where they currently are, versus where they want to be. Yes, he was, she was defeated, before she even came into the the office because she led with, you know, Edward is it's no way that you guys are going to be able to help me there's, there's nothing that can be done, I'll just simply have to work until until I die. That's the only option. Because Social Security is just not enough. But what we found, you know, and laying out everything that she has, is, you know, wealth building is it's a, it's a process, it's not really a destination, you know, and so, if you if you offer someone you know, if someone can save $1 today, they'll have you know that much more later on in the future. And so what we did, we put together a great plan for her allowing her to have more money in the future than what she currently has. And to this day, now, we'll often getting, you know, letters from her and she we get referrals from her because we, we instilled we instilled hope, which was which was last.

Umar Hameed 4:03
Excellent. And I mean, that's huge. And when I ask people, I take them through this exercise, and I go, Okay, I'm going to suggest what your annual income should be. And I start very low, and I start working my way up, and I get really, really high on annual income. And when I asked the audience, you know, what was that, like, when the numbers that I was suggesting that you should earn was a lot lower than you're doing right now. What I hear back is people go, Well, I totally ignored you. Because you know, that's not me and other people got angry. How dare you suggest, you know, I only earn this much. And then I get to kind of what they're earning right now. And most people go, huh, it's okay. Or I feel comfortable. And then when they get when I get slightly higher than the earning, they get really excited, right when I get a lot higher than they're earning right now. That's when the inner voice comes up. I'll be working all the time. My kids turned to drugs, I could become a rich asshole. I mean, all that beliefs that we have. And what he illustrates is it doesn't matter what their annual income is, is that there's a company sewn around it. And one of the reasons we don't go beyond that is our beliefs dictate our comfort zone around money. And once we let go of those beliefs and get new beliefs, we don't have to work much harder. It just seems to flow more easily. So it's all about beliefs around money around wealth around self worth, that determine, you know, how we show up in life?

Edward Williams 5:22
Absolutely, absolutely, Umar, in fact, you know, before we can even start talking about building wealth, it's, it's, it's enforcing a positive set of beliefs, you know, and perception with how you view money, you know, because a lot of people do have perception issues. And then certainly after, you know, perception, we go into, you know, habits and, and things such as procrastination and having a certain amount of pride, and absolutely just numerous features that that dictates how to how to build wealth and grow money.

Umar Hameed 6:02
What's interesting is, you know, if you had a friend, it could happen, Eddie, that was in a really, really toxic relationship with their significant other, you could take him aside, say, you know, dude, what are you doing, this relationship isn't working, and it might be difficult to have that conversation. But if they were truly close friends, we would have that conversation with them, you know, this is not good for you. But people have relationship with money. And some relationships are very positive and some relationships are very toxic. And it just seems that we can't, as comfortably even though talking about somebody else's spouse is really uncomfortable, but it's 100 times easier than talking to people about their relationship with money.

Edward Williams 6:46
Yeah, yeah. It's interesting, you say that, because I remember starting out, you know, I've been doing this a little over 23 years now. And I remember when I was starting out, this was a popular objection, you know, just most people saying that, you know, I'm fine. There's nothing that you can tell me or nothing you can offer me that would, that I would be interested in and overcoming that that objection. It was it was, you know, was also the greatest challenge of our careers, you know, but once you once you figure out how to do that, then it's it's a lot easier afterwards.

Umar Hameed 7:31
Because there's a hopelessness for those people, they seem like they're trapped in their circumstance. And one of the things that people that are truly wealthy, and I mean, more in a mindset point of view is that many of those people have lost fortunes. But when they lose a fortune, it's just they brush themselves off and go, Okay, the next time getting it back is going to be easier. And it's just a mindset shift. That is like, super important to getting the financial resources we need, because money isn't everything, but it gives us the ability to look after our families better look, after our communities better figure out the causes that really need help, and have the means to help them because good intentions are nice, but cash is better.

Edward Williams 8:14
Oh, excellent. Yes. mindset, you know, it is best to have an abundance mindset. And so what you were referring to was scarcity, you know, it's, it's when someone doesn't have, you know, they start thinking in terms of loss, as as opposed to gain. So yeah, Umar, you notice better than than anyone.

Umar Hameed 8:38
What's interesting is that in the world, there is more wealth now than ever before in history, because we are creating ideas that change the world, we get commodities, or raw materials that we use more efficiently. Like in the past, we needed X amount of Platinum to get a job done. Now we can use like a 1/10th of it and get a better job done. So this mindset that is a zero sum game is not true that our creativity, our ingenuity, allow us to create new opportunities for wealth, and it brings wealth into this world that didn't exist before. And if you could only get people to shift their thinking around it, that more people would become wealthier. And that's the way you change the world. Because money isn't everything, like I said, but we could cure a lot of problems. If we had more cash, that's for sure.

Edward Williams 9:28
Yeah. And I tell, you know, it's not hard to accumulate, you know, it's not something that's difficult. I mean, if you if you just take one $1 you know, and you you double $1 a year, for 20 years, then you have over a million dollars, you know, you take $1 you double it every year, for 20 years, he got over a million dollars. So then you ask yourself, why isn't everyone a millionaire, you know,

Umar Hameed 9:56

Edward Williams 9:56
and because of that mindset that you that you're talking about. is a con because of that scarcity thinking, because that builds belief systems. So that's the you know, that's the challenge. Once we get over that, then it's just, it's all downhill from from there.

Umar Hameed 10:11
Definitely. It's really interesting. I used to have a radio show in town, actually our mutual friend, Charles Tucker, and I used to host the show, and the show ended. But about a year after it ended PR agency that used to send us guests said, you know, Umar, could you do a podcast with this guy, he's doing something interesting, and said, Sure, I'd be happy to talk to this guy. And his name escapes me, but I will remember it and put it in the shownotes. So this guy calls me up. He says, I'm doing a tour of the US. I'll be coming to Baltimore. And he was an Australian, and he goes, I'm on a budget, could you put me up at your house on your couch? And my wife, you know, who is a lovely woman said, Could this stranger come into our house, he goes, sure. And this is what the guy was doing. The guy was a financial planner.

Edward Williams 10:57

Umar Hameed 10:57
In the 2007-2008 crash, he was in a hotel ballroom with hundreds of his customers, and they were all freaking out and panicking. And he was just thinking, you know, I can't help these, you know, 6070 year old people out, but I could make a difference if I actually helped kids in elementary school out. So that idea gave him an epiphany to write a book. And he wrote a book, it was a kid's book about our relationship with money and saving and investing. reached out to Warren Warren Buffett and said, You know, one of the characters I want to do his buffet rabbit you named after you, who's you know, slow and steady and not, you know, the fancy here, and he wrote this kid's book. And His goal was to get a million of these books into the hands of school kids. And he was going around the world, going to elementary school classes, teaching about finances, and I thought, totally brilliant, there was somebody that saw a problem and figured that can easily help all the you help you not 40 year olds and 60 year olds, but if we could help people that are eight, to understand that they could have a better relationship with money and invest and get the things that they want, that would change the world. And that's what he's doing. And I was happy to have him on our couch for a couple of days to be my small way of helping the cause out.

Edward Williams 12:12
Right, right. Well, you know, I can't I think the youth presents another challenge. Because the the youth, you know, you don't know what you don't know. Yeah, because they haven't had they haven't had those encounters. That, you know, kind of pushes them and say, Look, you have to save, you have to grow money, you have to make sure you have these things in place. You kind of think that you have forever, and you're never it's no no heightened sense of urgency. And so I guess the trick is, if you could get the youth to have a heightened sense of urgency, Oh, my gosh, the sky's the limit, the sky's the limit. So I love I love what what he's doing. I wish I can remember his name, because I would I would love to reach out to him and simply just thank you,

Umar Hameed 13:02
I will put in the show notes. And I'll send you a direct link to it. what's kind of interesting is the reason these kids or our kids don't get the right education is because their parents and the grandparents don't have good relationships with money. And so it's hard for them to I'm sure some parents do, you know, do as I say, not as I do. And of course, kids always go with what they see us doing. Right. But I want to change the direction of our conversation, Eddie?

Edward Williams 13:27
Sure, sure. Certainly.

Umar Hameed 13:29
A lot of people that listen to this podcast are sales leaders and sales people. And one of the most challenging areas is how do I get an appointment? How do I get a conversation with a prospective client? And you have many ways to do that. I was hoping you could share some of the ways that you've used in your career to get appointments, and I think that would add a lot of value to our listeners.

Edward Williams 13:52
Sure, sure. Certainly. I have a philosophy, where and I tell my entire staff this, it's always easier to attract than to then to chase you know, when you're chasing a prospect. I mean, I guess that's the phrase a call for targets. It's, it's a lot more challenging, you know, no one likes to be sold to you know, and that whole as that as I started saying in the beginning of the podcast, that the word the word selling it typically has negative connotations to it, you know, it's it's, you know, people think about negotiating or convincing or manipulating transactional, those are all words that no one likes to be a part of, you know, and I, I guess, just imagine so me. Umar, imagine me going up to you and not knowing you and saying, you know, Hello, good morning. You know, I'm a salesman, and I'm going to try to sell you what I have in my bag, so that I can profit off for you and you can help me do it. You know, now I want you to take time out of your, your, your, your busy day and take time away from your family and give me a few hours so I can continue to try to profit and make money off for you. Now with that type of lead, you know, no one's really going to want to buy from you, you know, and it's and it's the same. I know, I was exaggerating with the verbiage. But that's basically what happens when you when you go up to someone. Now if you, I guess, if you reverse engineer it, and and attract versus chasing, then it probably sounds a little something like that. So, Umar, listen, I really care about you during these trying times right now, you know that the subject of making your money out live, you know, it can get pretty challenging, you know, and especially when it seems like it's not enough to last for a month, you know, and so I'm going to be teaching this subject at a local church next week, and I'm going to make sure to my expert team is right there in position ready to be a great resource for you. It has a ticket for you to come. All right, you know that that approach is a whole lot more welcoming. And so to answer your question, how we get, how we get prospects is simply that I mean, we do a loads of just educating and seminar selling and, you know, coming from a standpoint of helping and is nothing that we do that is that is selling.

Umar Hameed 16:29
That's interesting. And, Eddie, one of the things that you have coming out, which is pretty exciting is another book, tell us about the book.

Edward Williams 16:37
Yes, this is the name of the book is called Wealth Building For Beginners, we're releasing it October 28. And it's an insider look on how you can build wealth from any age, any starting point. I talked about different experiences I've had with clients, we talked about, you know, mindset shifts, habits, financial tools, the purpose of the book is just to enforce practical systems, you know, for achieving achieving wealth. And it's pretty interesting, because I talk a lot about my experience, Omar and I, you know, I was that guy who never saved, I was that guy who had absolutely nothing. And so I've been able to build and, and, you know, I would I would consider myself to be, you know, pretty, pretty lucky. And so I jotted down everything that I did. And everything that I see successful clients do

Umar Hameed 17:36

Edward Williams 17:36
that what the team of people and I shaped it, and I put it all into this book so it can be an instruction manual on achieving wealth.

Umar Hameed 17:44
Because there is no secret to it in the grand scheme of things is if you spend less money than you earn, you will get savings. If you invest those wisely, it will grow faster than the interest the bank gives you, but yet is so challenging for many of us do want to hear something shocking that'll give you nightmares, Eddie?

Edward Williams 18:02
So tell me.

Umar Hameed 18:04
The next time you're driving in downtown Baltimore, and there's a homeless person asking you for money, if you peered into their cup, and the cup that they're holding happened to have $10 in it, that that homeless person with $10 worth of net worth would be richer than 50% of all Americans.

Edward Williams 18:21

Umar Hameed 18:22
Because we carry so much debt that even though we used to have equity in our house, by the time you take the credit cards into account and the size of the mortgage, most people are in a negative position.

Edward Williams 18:34
Indeed, indeed, and you know that that is scary, but it's realistic. I've had, you know, doctors that came into my office who have worked with you know, anesthesiologists and heart surgeons who have had a negative net worth. And I've had a Barbara, you know, a barber shop, I guess someone who cuts hair, come into my office who you know, has a positive net worth and able to build and be on a faster course, to achieve their goals as well. So yeah, I've seen it, you know, and it's unfortunate.

Umar Hameed 19:06
So leave you with a last quote, and I'm gonna paraphrase This is from Charles Dickens, he goes, "Annual income 20 pounds, five pence, annual expenditures, 20 pounds, results in happiness, with the same income with spending a little bit more is on happiness." So it doesn't take a lot to build a good life. And the reason I'm happy to have you here, Eddie, is that you help people with sound simple advice, to change their lives around so they can actually provide for their families, their education and their retirements. Eddie, thanks so much for being on the show. We're gonna put all the connections to you, your website and all those other links in the show notes and also a link to your upcoming book.

Edward Williams 19:47
Oh, fantastic, fantastic. Thank you, Umar. It's a pleasure and I love what you're doing, you know, and and keep, keep creating great value because you're, you're, you're, you're doing well.

Umar Hameed 19:58
Thanks so much, Eddie. Take care. Bye now.

Edward Williams 20:00
Bye. Take care.

Umar Hameed 20:04
If you enjoyed this episode, please go to iTunes and leave a five-star rating. And if you're looking for more tools, go to my website at nolimitsselling.com. I've got a free mind training course there, that's going to teach you some insights from the world of Neuro-Linguistic Programming and that is the fastest way to get better results.


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