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Coach Joe Lukacs Revisited [Episode 11]

Episode description

Key Links

  • Magellan MasterMind & Network: Page

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In this episode, the dynamic duo, Matt and Micah, are back to talk about their previous episode with Joe Lukacs. Because of time constraints in addition to the importance of the subject material, Matt and Micah (M&M) wanted to take a whole episode and analyze the insights and principles that “Coach Joe” introduced to listeners. They also express a “hindsight is 20/20” type of regret for these concepts they wished they had known about and implemented in their practice many years prior to their first meeting with Coach Joe/Matthew’s respective coach. And so, for the benefit of seasoned pros and fledgling entrepreneurs, listeners are bequeathed the invaluable advice from a man who wrote the book on financial investing.

Micah starts the discussion by explaining his own relationship with Joe and the usual route both Joe and Micah take in their business relationship. This means they talk once a month, go over important details about Micah’s practice, and meet face-to-face a few times a year. Coach Joe also has a mastermind group called Magellan MasterMind & Network which Micah is involved with, all for the purpose of establishing highly profitable lifestyle practices, as well as reinforcement from fellow RIA’s and professionals. And on the flip side, Matthew shares that he takes weekly calls from his own coach. But despite the differing dynamics at play, both see immense benefit in their respective coaches, noticing positive trends towards forward-thinking in their own lives because of it. Also, as Coach Joe pointed out to both Micah and Matt, it is extremely important to reinvest either 5% of your gross revenue or 10% of your net into your own personal development. To simplify this process, Micah likes to have a separate account just for personal development. The reason being that it can quickly become unnecessarily confusing to differentiate business funds and other financial holdings--the process is made much simpler when everything is financially compartmentalized. They also talk about the importance of being a part of a mastermind--but with a caveat. Joining a mastermind should be done when all parties present have “skin in the game” and where the mastermind itself doesn’t become a full-time job.

Some other important topics discussed on the episode consist of not falling for the “next big thing” in marketing or the shiniest widget designed for flawless output; instead, focusing on what you know, on one particular modality, so as not to waste valuable time and energy or spread yourself thin in the industry. The point being that long-term plays are the most important. The truly valuable enterprises will ultimately take a long time to establish, but are invaluable to have implemented. Matt and Micah also echo Coach Joe’s sentiments on morning rituals before stressing once again the absolute importance of finding a financial coach.

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