June 30, 2022

Building Your Money Team with Eric McLoyd

Building Your Money Team with Eric McLoyd

Helping 6-figure earners gain control of their finances to secure 7 figures. 🏁 πŸƒπŸΎ‍♂️ 🏁 ARE YOU READY?!! Financial Coach | Fractional CFO | Financial Podcaster

Peace, my name is Eric McLoyd… and I am YOUR CFO. 6️⃣-figure earners πŸ§’πŸΎ πŸ™ŽπŸΎ‍♂️ come to me when they want to gain control of their finances to secure 7 figures.

Do any of these sound familiar? Good at making money but bad at managing it, need help to grow your money mindset, or need help being fiscally responsible in your business.

Is that you? Good… because whether it's getting your personal finances under control πŸ’΅ or better using finance to run a business 🎯, I do THIS! I got YOU!! πŸ‘πŸΎ

I help 6️⃣-figure earners through my signature financial coaching program YOUR CFO where I provide the accountability, guidance + structure needed to:

1- Deactivate negative $ beliefs + behaviors
2- Improve financial literacy
3- Understand current financial situation
4- Implement 7 figure goals
5- Track your progress 
6- Create your money team
7- “Become” a millionaire

Here's what my clients are saying: πŸ—£πŸ—£πŸ—£

πŸ—£- After working with Eric for 3-months, he helped me create a new mindset about my relationship with money, implement systems to properly budget and track my expenses, and be accountable for my cash flow. S.Steward

πŸ—£- Eric's Your CFO program has been an amazing addition to MLP! He helps me wrap my mind around business growth, leveraging my employees, and the financials of being an entrepreneur. He always leaves me with something to think about and it is because of his guidance that I finally feel in control of my destiny as a Woman-Owned, Black Owned business owner! M. Pressley

πŸ—£- Having the opportunity to work with Eric has strengthened my mindset and positioned me to succeed. The accountability of becoming more of a professional from his coaching; helped to improve not just my business qualities but also my life to take on this journey. O. Melbourne

I’m most proud of … 

πŸ… Being a Husband and Dad to my wife + 3 children
πŸ… Earning an MBA in Corporate Finance 
πŸ… Passing FINRA Investment Adviser Series 65 Exam
πŸ… Having been an award-winning life + health insurance recruiter + producer
πŸ… Starting my podcast Money Sex Gen X
πŸ… Founding + leading several Chicagoland economic development institutions
πŸ… Helping over 100 entrepreneurs of color fulfill their dream of becoming business owners + non-profit leaders
πŸ… Helping my clients increase their net worth by an average of 1 million dollars.
πŸ… Surviving “the trap” to find purpose in life.

Transcript

Josh
 Good day, fellow. Deal-makers welcome to the deal scout on this show. We have conversations with deal makers to hear their story and to find out what kind of deals they're working on. That allows me to go on the scout for deals on today's show. We're going to have a conversation with Mr. Eric who has an awesome hat. Now you might be just listening in on the audio. You may want to go back one day and watch the YouTube. This guy has a, a sports coat. Awesome. Hat pocket square looks the part, Eric. Welcome to the show, man. 


 Eric
 I appreciate it. Thanks for having me. 


 Josh
 Yeah, man. All right. Tell us about who is Eric, 


 Eric
 Who is Eric? Eric is someone who is very passionate about people building generational wealth. Not me just going around saying that, but being able to provide, tactics for people to actually do that. I have a lot of love and kind of have this affinity for people who have high incomes and they're kind of suffering in silence out there. They have the status or their family knows that they make a lot of, what's considered a lot of money and they don't really want to speak up and say, Hey, what? I need some help. I need to learn how to manage this incoming and kind of get to the next level. 


 Josh
 Suffering in silence. Now, people who are high earners, give us an example of, who some high earners could be. 


 Eric
 So think about your corporate attorney. For example, they work in a global law firm. They might make three 50 a year or above trying to go from partner, putting in a lot of hours. They just either, they don't have a lot of time to manage their finances or conceptually. They just don't get what the steps are to do it. 


 Josh
 Got it. W what kind of problems might they have? Right. Like if we think about it, like when I was going to college, they're like, what kind of job do you want? Something that pays a lot, right? They're high earner, six figure, three 50 a year. They're there. They're doing really well. Cash flows coming in, what problems might they have? 


 Eric
 Well, the biggest problem that I see with this group of people is the spending. We always hear these fancy terms, wealth management, and advisory services and all this stuff. But, budgeting sometimes doesn't sound as sexy, but it's one of those things that you will be surprised. Many people just never learned how to create a plan for the spending of their money. A lot of times it's that simple. It's not that they don't have the financial resources, right. They're making three 50, but it's just the money's being spent. And there's no real plan. They're not really going back and kind of figuring out where is all this money going on a daily basis. 


 Josh
 Yeah. The budget, that's a bad word. That's a four-letter word to Some people budget, right. Spending, you know, how do you help? Like, all right, I'm making half a million dollars a year. I, I try to make this money. So I don't have to budget. Like, do people who make that need budgets or what kind of issues do they run in as they're earning more and more every year. 


 Eric
 That's a great question. I feel like a lot of times people don't think they need it until something comes up. Sometimes people will be there and they're like, what? My buddy is a millionaire. They have a seven figure net worth, but I don't, what's the problem. There'll be things like that made people kind of go back and say, okay, I don't really want to create a plan for, to spending my money, but I do want to reach seven figures and I know something has to change. The first thing we look at is, okay, where's the money being spent. 


 Josh
 Yeah. Psychologically, if we're working together and you're like, Hey man, you're making a lot of money. Yeah. You're also spending a lot of money. If you want to, if you want to cross that ceiling, we need to look at some of the spending. What kind of questions do you get like and pushback do you get from, potential clients when you chat with them about that? 


 Eric
 Well, the first thing, one of the first things I always hear is I have a CPA that's number one, I have a CPA. Well, I have a CPA for that. Or the second thing I always hear is I have an app that does that. For me, those are the top two CPA, and I have an app for that. Those are the two I have to kind of fight with people on the front end and say, I am, that's great that you have a CPA. Your app is really cool, but as we both can see something still off, cause I always ask this question, what's your discretionary income. People will just kind of give me this blank, look like discretionary income. What do you mean? And, but when I, usually, when I ask that question, I'm able to kind of draw people in because if you're making three 50 a year, you're an attorney. 


 Eric
 You don't want to feel sometimes like you don't know something, it was like, well, what discretionary income? What do you mean? Once I explained that to them and say, Hey, that's just a fancy word for what's left over. After all you're responsible, your financial responsibilities are taking care of, right? What's that number. You're bringing in $15,000 a month, you have $10,000 worth of expenses. Many people are surprised to know, oh, I have $5,000 in discretionary income. And they're shocked. Like I didn't realize I had that much. That other $5,000 is being spent on stuff. 


 Josh
 All right. I read in this book, a profit first Mike and he talks about the Parkinson's law. It's pretty much I had to look it up cause I forgot exactly how it looks, but it's theory that our demand for a resource increases to meet the availability of what's there. You're making a hundred grand, do you find out how to make a hundred grand work? Just barely when you make 200 grand, you find out how to make 200 grand work just barely. Right. Is that, is that what I'm hearing? As people go bigger and bigger, the, the expense load also increases, 


 Eric
 It does think they also call that lifestyle inflation. It was like, oh, 10 years ago I was making $50,000. I made that work and now I'm making $500,000. Right. Now all there's all this new stuff that I just feel like I have to have and different food and trips that I want to go on, which is fine. It's, if you were making $50,000, you would probably still be able to survive. 


 Josh
 Yeah. You know what? This, this doesn't seem like a very popular thing about, let let's look at discretionary income. Let's, let's look at, a budget. Let's look at this now, do you find that these things are necessary for people to crest from a six figure net worth to a seven figure net worth? Do you find that this is one of the hurdles? 


 Eric
 Yeah, it is. It is. It's also the biggest advantage that they have because most of these people have the resources is just identifying what they are. Like that example that I gave where, oh, we got $5,000 left over a month. Now that's $5,000 that we can take to make your seven figures happen per month. What that $60,000 a year that you have that's already available? I think one of the biggest things that people think is will I want to become seven figures. I have to make more money. And that's nine times out of 10. That's not really true. You have the money, it's just using it in a different way. 


 Josh
 All right. Give us an idea of how you got into this business and maybe some of the things that you've achieved while being in the business. Take us back, man. 


 Eric
 Okay. So I came into the corporate world. I was working for Oprah Winfrey. I did not have a high-profile role or anything, but I was definitely part of our Harpo studios situation. I was a guy who would sit in this little room and after they shot the footage at some fancy shoot that Oprah did, we had these people, you call loggers. I had to type out all of the dialogue. That was my job. I did that for a while. I decided that I wanted to become, I thought I wanted to become an attorney lawyer. I ended up going to school to get a paralegal certificate, which was a great experience. It did give me some info, more information about corporate, but specifically real estate. I got intrigued by the idea of becoming a real estate investor or just being in that world. I started working as a paralegal, a real estate paralegal, and I became amazed at how these clients would leverage other people's money to make more money. 


 Eric
 I didn't understand the concept of leverage at the time, but I just knew they were using somebody else's money, the bank to do something for their family and generate more income. I've just kept on a real estate bath. At a certain point in my career, a person that I was working with came to me and say, Hey, we kind of heard that you're interested in like entrepreneurship and real estate work, forming this community development corporation. We liked for you to become part of it. At first I was looking like a community development corporation. I couldn't even believe that they wanted me to be apart and no knowledge of this at all. I didn't really see how I could add that. Well, come to find out. A lot of this stuff that I learned as being doing the paralegal work, it carried over into community development work because a lot of the people that we were working within the community wanted to do real estate deals. 


 Eric
 And so I became a perfect marriage. I was sitting on his board of directors. One day, one of the ladies on the board said, have you ever thought about going into the financial industry? I think she said that because at the time I was also the board treasurer and I guess I was doing a decent job. She invited me to this convention in Las Vegas that literally changed my entire life. I was presented with this vision of how I could become something bigger. I could become a leader, an entrepreneur, but also help people earn financial freedom. Right. I had never heard anything like this. I probably one of those rare people, and it was like this MLM structure that people, like sell vitamins and all this different stuff. This one was for the financial industry, but I didn't care about that so much. As I felt like this would give me the opportunity to become a leader because I was doing these different things, but I didn't feel like I had the ability to lead other people. 


 Eric
 I came into this company to do the financial work and it started out with insurance, selling a new cities, life insurance, health insurance. That helped me get over my fear of not being a leader or also kind of talking I'm an introvert. I had this issue of like, feeling like I didn't have the energy to kind of talk to people about different stuff, but as you can imagine, or maybe, like the insurance industry is rough. Like you really have to go out there and present yourself to people and have a lot of conversations. So that broke me out of that. After a while, Josh has said, what? The insurance thing is cool, but I'm kind of seeing that people have many other needs other than just insurance people were having problems with their budgeting. They're having issues, trying to figure out how to purchase real estate. 


 Eric
 They're not necessarily understanding the concept of leverage like you using other people's money or time to do things. I want to take this to the next level. At that point, I sat for my series 65, the investment advisory license. That process also changed my life because the series 65 makes you learn all of the primary, like a lot of major concepts as it relates to money outside of insurance. I actually did not pass the test the first time I thought, right. I took the test, I got a message. And they said that you failed. I had to schedule and I was embarrassed. I really wasn't like, cause I put in hours and there was a time to do this test. They said, email me said, you didn't pass, schedule another test. So I scheduled another test. I studied for another two months in two days before I was supposed to take the test again, Finn reached out to me and say, Hey, we made a mistake. 


 Eric
 You actually did pass. And I was like, are you serious? They were like, yes. I said, who are you? They were like, I'm fin we're representative, blah, blah. I was like, can you send me a confirmation email? Like I was just very, just trying to make sure that it was accurate, what they were saying, but come to find out, I had actually passed the test. After that, I just gained a lot more confidence about my ability. Right. I was like, okay, this stuff, you pass the test, let's get out here and try to beach as many people as you can. Along the way I decided, what, it's okay for you to focus on high-income people. Because I told somebody that one time and they were like, well, why would you only focus on high-income everybody needs help in that came to the conclusion that yes, everybody might need help, but I've seen with my own eyes and a lot of people were suffering. 


 Eric
 They had high incomes and I just wanted, I wanted to work for them. 


 Josh
 Yeah. Now we might've just lost power just now, but I could still hear, are you able to hear me? 


 Eric
 Yes. 


 Josh
 All right. Let me switch over to my other holy moly. That was interesting. Someone blew a circuit in here. 


 Eric
 Yeah. I was wondering why I went writ. 


 Josh
 This is our studio man. We're, we've got some Bitcoin miners and some mining companies next to us. We, yeah, I can still hear you. You, you still good on your side. Cool. All right. You failed the test and you, like you said, you were embarrassed like at you actually pass. Like, did you think that maybe that you should give up, have you, did that ever cross your head where you're like, what, maybe this isn't for me, I'm done. 


 Eric
 Nah, I'm one of these people. I just couldn't accept the failure. You know what I mean? It's just, I just kinda dug deep and said, no, you have to pass this test. I found, I looked at it like there were just too many people out there that I thought I could help. And I just couldn't let them down. I took myself out of it. Now. I was just like, you gotta pass this test so that you have your ability to help others. 


 Josh
 Yeah. When you came out, you said, I'm going to focus on high earners. Right? That's part, I'm going to put my flag and people will try to talk you out of it. They were saying, why not work? I've worked with everybody. Everybody needs your help. Why not? Why not choose that? How did you, how did you decide, like, this is where I need to stick, and this is what I'm committed to do. 


 Eric
 One time I went to see this lady and she was actually had made a million dollars in three years. Right. She, I was sitting down with her, talking to her about insurance and she literally, she just started crying like uncontrollably. I looked at her and I said, what's wrong? You know, like, are you okay? I kind of stood up and tried to console her . She said, Eric, I have made all of this money and I have completely wasted it. I don't have an estate plan. I don't have enough insurance. I don't have all this stuff. This is like humiliate in that moment. I said, there's other people out here like that. I want to be there to try to, and I, at the time, I really wasn't equipped to help her beyond what I was talking to her about, which uses insurance. That may be know that there was something else that I was destined to kind of get involved with and helped with. 


 Josh
 Yeah. While you were doing this, you, you put your flag in the sand, like I'm going to focus on this. Did you ever have the temptation to start? Like, maybe I'm wrong. This is a lot harder than I thought, like getting in front of high net worth individuals and all this stuff that's, that's a challenge sometimes because you said it earlier, some people suffer in silence. Right. They're, they're busy, they're working 80 hours a week. They got their country clubs. They got the, like they're running around crazy. They're taking their kids to all these like, or trying to get to that busy. Yeah. How did you, how did you, how'd you crack that industry? How did you really make a dent there? 


 Eric
 It was tough, Josh. I mean, I felt guilty initially because when I came in the insurance industry, you talk to any, and everybody that's just how we were talking. Like, if you had a pulse, we're going to talk to you about insurance and we did. That was like a totally different thought process to now say, no, I'm not going to talk to everybody. Only going to talk to this specific group. Yeah, I did have people who would come to me and try to guilt me and say, well, how could you do that? And this, that, and the other. I just, there was just something in me to let me know that I felt like there were enough people that were out there that were talking to just everyone. I really wasn't seeing where somebody just had a specific focus. Now, of course, when you think about the wealth managers and the people that you kind of see on television and only deal with people that have a hundred million, I saw that, but I didn't see for the person who makes two 50 a year and they don't really have a, an investment portfolio yet. 


 Eric
 They don't have the millions of insurance and all, it was like a gap. It was like either all the way on this side or you're all the way on the other side. What about the guy that makes a hundred thousand a year or the woman? I didn't see anybody really addressing that. 


 Josh
 Yeah. I see, that you're passionate about, teaching financial education and you're, you're passionate about bringing people up right. In, in helping people crack that financial ceiling go from six figure to seven figure in your experience. Like what are some other hurdles? Spending discretionary income is one that you see, you talk about leverage now, how does leverage come into play? The point of cracking that ceiling? What other things might we consider if we want to go from six to seven, figure. 


 Eric
 Another great question. The biggest thing I feel like is a lot of people feel like they have to actually do everything in the process of going from six to seven figures, meaning I'm at this law firm, I'm working all these hours. I must have to work a bunch of hours to get from six to seven. Kind of talking to them about the fact that, Hey, what, you actually don't have to do all the work. Right. There's things that we can do where you can use someone else's time. There'll be like, well, what do you mean by that? I'll say, for example, there'll be like, okay, well I want to invest in re I want to be like a real estate investor. We started having conversations about things like REITs, real estate, investment trusts. Somebody else is out there doing all the leg where they're acquiring the property, they're getting the tenants and all that stuff. 


 Eric
 Why not just buy some shares and receive the dividends, right? You don't have to be the one to go out and buy the property and talk to all the people and get it rented out, leverage this person's time. You know, things like that. Or a lot of times people are interested in like doing startups and I kinda talked to them about, Hey, what? If we find a really good startup that kind of matches, which you want to do, why don't you just invest in the startup? Right. They've gone out there, they've done all the work. They've done the business plan, all this different stuff. Why not just become an investor and invest in that startup. Just kinda China, the mindset of like, Hey, you don't have to do it all somebody else's doing. How can you tap into that? 


 Josh
 Yeah. First of all, man, I appreciate you walking through some of these challenges. We just got our power back over here. So hopefully we didn't lose anything. What you're saying is like a, this is a mindset shift, right? I grew up in construction, swing and hammers. Right? Not the brightest guy, not the, I don't have the pedigree. I didn't go to Yale. My family didn't, we grew up swinging hammers. Right. If I wanted to make more, cause I wanted to buy a bigger truck or if I wanted to buy, a new hat. Cause I like hats just like you, right? Like what do you need to do? You need to work more hours or go pick up another job or go do something. This idea of leveraging someone else's X fill in the blank, time, resources, money, whatever that is. That is one of the tricks on how to accelerate your financial net worth. 


 Josh
 Right? 


 Eric
 Absolutely. Absolutely. We come from a similar background because my whole family they're pipe fitters. 


 Josh
 Yeah. Oh, you must be from up north. Where are you located man? 


 Eric
 I'm in Chicago. 


 Josh
 Okay. Yeah. Yeah. All right. Going through this man I've had to, I've had to lose everything, build it, lose it, build it, lose it, right? Because this mindset shift, like my finances could only go as high as my mindset was. Every time I hit that top, if I didn't learn and grow in my mindset, I would just go back to the bottom. I have to rebuild again when working with individuals, especially like guys like me, right. Who are hard drivers, we're entrepreneurs. We like to start ups. We like venture capital. We w we're out to get it right. We're hustling. Like, how do you help? Or what kind of things do you provide to us to educate us on mindset growth, and to show us that we can actually do it. We don't always have to just be the guy swinging the hammer. 


 Eric
 Yeah. The first thing I don't know if you've heard of this type of stuff, but it's called, I have people in the, some people push me on this initially, but I haven't read out their money story. You're like money story. What do you mean? I'm like, I want you to write out your life story in totality, everything. I want you to go back and pull out specific events as it relates to money, because to your point, like, cause I had to do this with myself, but not all I'm doing is what I had to do with myself. And I had it. I had to go back and see like, why is my mindset the way that it is now? Well, I had to definitely go back and revisit and I found some interesting things. We do that exercise, people were like, wow, that's part of my problem. 


 Eric
 My grandfather used to always say that rich people were evil, For example, or my dad used to always curse out people who had a lot of money, ? There's all this stuff is rolling around in your subconscious and it's affecting you as an adult. 


 Josh
 So this is so true. Like, and I, I thought this is so funny, there's, I grew up in church and such like that. Like I said, swinging hammers, just trying to be a good guy who works really hard. I'm educated. I, I went big into debt to get my college first in the family to graduate from college. And, I, I was massively into debt trying to earn higher, earn more. This mindset, and I heard this in church and I heard people say this and they said it wrong. They said, money is the root of all evil. Anytime I got close to money, I would burn that crap to the ground. You know, that's not true. It says the love of money is the beginning of the root of all evil. I had to change my mind about money until, I, I didn't have any wealthy friends growing up, like, and if I didn't know that they had money. 


 Josh
 I didn't know what money was. I started seeing generous people who were making a lot of money, given a lot who scooped me up and said, Hey, I'm helping you. Right. What was the, what was the first time? Cause you grew up from a family of pipe fitters and you're an entrepreneur yourself once the first time that you saw real wealth and you saw the beauty and the good side of wealth versus maybe our perception of it growing up. 


 Eric
 Yeah. I would have to say that whole real estate paralegal experience is the first time that I've collected. I saw a wealth of front up close, you're doing these deals and the client is coming into the office and they have to provide these financial statements to the title company and all this of stuff. You're just looking like, wow, this guy is $10 million. Like, I just never, I couldn't even conceptualize that before. I'm seeing some of them, like they have all of this stuff, but they're also doing the charitable things that you kind of referenced. It's like, yeah, I'm actually taking some of this money and I'm going to provide it to this. Not-for-profit we're going to do a public private partnership to do this building, this affordable housing view. Now I'm like, wow, like, don't get me wrong. As we know, affordable housing is a lucrative industry for developers. 


 Eric
 As a developer, you definitely don't have to do that. Right. You could totally do something else. It just kind of blew my mind that they would be worried about people having somewhere to live, that they didn't even know. That's just not something I didn't grow up worrying about people that I didn't know necessarily. So that was just a mindset shift. I, and I feel like a lot of these people were pretty humble. I mean, they weren't, I can count on my hands. I made times I met people that were in that position. They were arrogant. Like you said, like they were willing to give information. I've had developers, Hey, say, Hey, if you're interested in doing this here, so grant, you should check out like just very willing to assist in and give that knowledge transfer. And I, and I really appreciate it. 


 Josh
 Yeah, no, that's super cool, man, with the, do you personally, right? Like you've been doing this for how long now that you've, you started working with hire and there's like, how long have you been in the game? 


 Eric
 About two. 


 Josh
 Years, about 10 years. What are some of the results, some of the success stories that you've seen in your business and then in your client's business? 


 Eric
 Yeah, for me, one of the biggest things I say is the success story is that I've learned how to become an entrepreneur because I didn't come from that. I went straight from the blue collar thing to college and then straight from college into corporate. There was no education on like, Hey, here's how you run your own business. It was about, okay, you're running the business, but like, can you now build the systems and become profitable and all of that. I'm very happy about that, especially because when I started off in the insurance industry, they had this pre-packaged business for you. Here's your email, here's your pamphlets. It's like, everything was done for you. I had to go out and learn how to do all of these things for myself, and then be able to share this information with other people. So very happy about that. 


 Eric
 Overall, I've been able to help people get rid of millions of dollars worth of debt. Like I'm really big on debt management needed the high income folks, especially they have usually had a lot of debt. So I've helped people do that. I've helped people to build million dollar stock portfolios. I'm very happy about that as well as real estate, but the numbers aren't necessarily what I'm excited about as Josh, as much as being able to tell them how to do these things for yourself. One thing I say to every client at the very beginning is my job is for you not to need me within the next nine to 12 months. I want you to know everything that I know about what we're dealing with. I'm going to give you all the information, the systems and everything. When we're done, I want you to look back and say, I know how to do it. 


 Eric
 Eric is doing that. I need Eric. I need to keep talking to air. Now Eric's out. You got what you need. 


 Josh
 You got what you need. So why the name of your group? Did you go from corporate and just, just kind of talking about insurance products to, actually working and launching your own. Cause you said you learned how to be an entrepreneur and you started your own thing. What did that look like? 


 Eric
 I was wrote talk about the classic entrepreneur story of failing and being confused. How you can get on the internet and just keep searching all this stuff and watching all these videos and stuff. I was just confused. I didn't really have a clear direction. What I had to do is go out and hire coaches to help me. That's why I have a lot of respect for the coaching industry. That was another industry that I didn't really know about, but I didn't. I found out like there's out there that are credible, that can coach you and give you the business skills that you need to get to the next level. So I just had to invest. I had money saved up and I just, now I will say this, it took me a while to get into the mindset of making the investment. One day I had to sit down there, sit down and say to myself, now you spent hundreds of thousands of dollars to go to college. 


 Eric
 You've got all these student loans and you want to invest $10,000 to get your business to the next level. Like, are you kidding me? It took me a while to make that shift mentally to understand that. 


 Josh
 Isn't that funny? Like, why do you think that is? I say same here, man. Like I, I burnt out my government pension to build a fitness technology company. I went all in multiple times and I saw these coaches out there and I'm like, man, that's expensive yet. I went broke. I went bankrupt. I lost all my money. And I'm thinking that was expensive, man. How did, how did you make that leap? You write your first check for your coach. What did that look like? 


 Eric
 And that was, I don't know. It was, I think I'm one of these people that when I hear the client testimonials or I see them, that's what resonates the most with me. These people there'll be these coaches, they would have like hundreds of testimonials and a lot of them were on video and I'm like, oh, these people couldn't be lying. You know what I mean? Like someone is gotta be, cause I'm still skeptical. I'm thinking there's some kind of trick or they're lying or something, but those testimonials really drew me in. When I'd get on the, to how people use the view, like a complimentary call and I get on the call with the coaches and they were just very inviting, just their whole style was like, look, I'm able to give this help. You get this transformation you want to get from a to Z. 


 Eric
 That's what I, and here's the other thing that I liked. They specialized in one thing. Yeah. I didn't like these people didn't say, oh, I can help you do a hundred things. They might be like something real simple. Like, Hey, I can help you get your business credit profile set up so you can get a business credit score and started getting some business credit. That's what I do. That's all I do. Or I'm a social media PR whatever it is. I like the fact that they specialize in that made me feel more comfortable. Now I've even done that recently. Josh had invested in a coach to do better on LinkedIn. 


 Josh
 Yeah. 


 Eric
 Yeah. Because I was trashed on LinkedIn for like the last decade. I was one of those people just putting up random stuff. Didn't really communicate with anybody. I realized that I wanted to expand my platform and my wife helped me understand that LinkedIn would be a great place to do it because she was saying that they actually, people are actually looking for stimulating conversations about specific topics. Right. Where like on Instagram is cool, but they're not necessarily trying to have a conversation, a deep conversation on Instagram. 


 Josh
 Yeah. All right. So you launched your business. What did that, what's your business called? 


 Eric
 Hubris global wealth management. 


 Josh
 What does that mean? Where did you come up with that name? 


 Eric
 Humorous, as we know, like that word just means like you're arrogance, overly confidence. I felt like I had enough experiences that I was arrogant. I was downright arrogant about the fact that if somebody worked with me, they were willing to just follow direction and be coached that I could get them the result I was that arrogant about it. It, and it had to be about building wealth. It could just be about insurance or what these kind of one-off stocks has gotta be about. The were wealth was important because it had to be about a whole. Once we do all this stuff, that's gotta be managed. We can't just do it one time and just run away from it. Every word, so we're gonna have meeting in the global part was more about me dealing with your financial situation globally and that senior man. 


 Josh
 Yeah. What is the, as you're growing this business, I see that you also have a podcast show. 


 Eric
 Yeah. 


 Josh
 You did some podcasts. And tell us about that. Give a shout out to that. 


 Eric
 Yeah, man. Our podcast is money, sex genetics, which I know is an interesting name. And my co-host Scott Stewart. I, were, were just talking about how can we have black gen X male representation in the media? We were just thinking like, Hey, we don't really see ourselves in the media like that. Like we're talked about when something's happening, like something violent or just something negative. Like when you get a chance to hear from a black male genetics perspective, who's not Jay Z or Chris rock, just your everyday guy, like what's on their mind. We knew we had something to offer. So we decided to do a show. 


 Josh
 That's super cool. Since you did that show, tell us about some of the cool things that you've experienced, having a podcast show and talking with, some cool guests and what have you learned? What are some cool experiences that you've lived through? 


 Eric
 I learned, first of all, that as an introvert, I actually liked doing media. I would have never thought that. Right. Well, we've had some cool conversations. Like one of my favorite ones we had was the episode was called, is college a joke? You would not believe the emotions that get stirred up with that conversation. Right. Just being able to have these conversations, we had a conversation about what does it mean to be African-American right. Like we just kind of dig into these topics. Should you be celebrate was another episode we had. Right. We get into these very, like, I don't know, I don't want to say deep, but just like conversations, you don't hear often. And we talk about them. It's been cool. I think having guests is the thing that I enjoy the most, because most of the times we get guests that we didn't know already. 


 Eric
 Yeah. Somebody will reach out and be like, Hey, we liked this show. Can we come on? We kind of go back and forth with them to see like, what would they want to come on and talk about they come on and we get to introduce this person to a brand new audience. 


 Speaker 2
 Yeah. 


 Josh
 It's pretty cool. 


 Josh
 That is super cool. Your firm, the way that you set it up, are you guys independent? Do you work with the larger organization? What would say is your main focus? It kind of give us an idea of what the firm looks like. 


 Eric
 Yeah. It's, I'm what to fall solo preneur. 


 Josh
 Okay. 


 Eric
 So, and I, that's another term that I kinda got up on her last year or so, but we're independent and we're straight direct what they call it direct to consumer zone. It's like you reach out. I usually get a lot of referrals from people who I've worked with in the past. They'll refer me, somebody and say, Hey, this is this. Guy's just like me. He needs some help with this lady. And we work together. There's no corporate structure to work through all this stuff. It's just very simple. 


 Josh
 Super cool. Super cool. What does the future look like for you as you're building out this organization and you're learning more and you're growing, what does the future look like? 


 Eric
 I dunno. I, I want to be like a cooler version of Dave Ramsey. You know what I mean? 


 Josh
 I think he nailed it already. Dude, look at that hat. 


 Eric
 Too. I'm trying to, I have a lot of respect for Dave Ramsey, but I don't say that like with any additions, I like to be the flappers and Dave Rams. Right. Because Dave Ramsey has reached millions and millions of people. What I like about him, he keeps us simple. He talks a lot about just basic things like budgeting, but helps people get those transformations with their money. The, what I like about is the reach was one thing I had to say to myself, it was like, okay, yeah, you've got 20 or 30 clients, but do you want to have a global voice? I had to sit with myself and decide whether I did or not. And the answer was, yes. In the next few years, you're going to want to see me than likely, like, I hope you'll see me in a mainstream media. You'll see me on LinkedIn, but you're just going to hear me trying to reach more people with this content. 


 Josh
 Yeah. Got it. You mentioned, what does it mean to be African-American in one of your, the titles of your show in the industry that you're in wealth management and financial literacy in helping build and grow generational wealth. Do you think that's a challenge specifically for the African-American community amongst African-American men and just the community as a whole? I'm a little ignorant to this. Maybe you could help me with that. 


 Eric
 In terms of the problem I saw. No, I think from what I've seen, this is, so you always will see these reports and I'd be, think there's some merits of them were African-American or black people definitely have lower amounts of wealth and some of our counterparts in society. However, we'll also see these reports where people, other people have problems with debt management, for example. Somebody might they'll say the average us American has an average of this amount of debt. You know, somebody thinks they're just universal. Now I do realize some people grew up with more information about these concepts, but I have people reach out to me from all different backgrounds. It's still that issue of, I have some kind of status, right? The status might be who I'm supposed to be in society. It could be my job title. It could be my income. 


 Eric
 There's all these different layers of why I'm kind of hesitant to reach out and get some help. 


 Josh
 Yeah. Cool, man, I appreciate you sharing that. When it comes to status, man, that is a word that kicks me in the nuts sometimes because I have to go back as, as a deal maker, as a breadwinner, as the investor of the household, the guy managing and all this stuff, like, my job is to lead the family and I've done a poor job in the past because I was too focused on status. Right. I was over leveraged in status. I think we see that across the board, you make more and you increase in, you call it lifestyle inflation, right? Bigger car fancier, this fancier, that bigger house. Right. As we're going in that, man, how do you set up guardrails for yourself? Let's say for the high earners, right? For over leveraging their status and not focusing on, more of the future. Like how do you help balance that? 


 Josh
 Cause that'd be a challenge for me. 


 Eric
 Yeah. It is a challenge. I've actually asked people that I've worked with, like what was the main benefits of us working together. Here's the three words that they always say, accountability, guidance, and support. The framework that I used to work with people has seven steps. Step number five is something that I call, build your money team. I know you've heard Floyd Mayweather and he's got this, the money team thing that he's always talking about. What I tell people is like Floyd, Mayweather's not the only person needs money too. Like to have these guard rails that you're talking about, you gotta have your team of support. That's where the CPA does come into play right there. The CPA, your financial planner, your coach, your mentor, all of these people. You definitely have to use them in organized way. Some people will meet with everyone collectively, which is no problem. 


 Eric
 Right. But you can't. I think what people are continuing to realize is like, you just can't do all of this stuff on your own. Even if you do have the knowledge and you've been coached very well, you're still going to need some help. Right. You're still working crazy hours, still have a family. You're going to need that support team. 


 Josh
 Yeah. One of the things that I, in terms of mindset and I look on your website and it says other people's resources, other people's experience, other people's knowledge, wisdom, right? Like other people's time, this idea of investing in leverage, leveraging other people's versus keeping it in house. Right. Like I'm doing stuff and I'm like, I could just do that myself or I can, I could, I can learn how to manage my wealth. I can learn how to create my own wealth. I could, I could I'll figure it out. Yeah. When, when we have that mindset, what are some challenges that I might face if that's what I subscribed to? And I don't change my mindset. 


 Eric
 Number one challenge is when to take longer. That's what I had to learn myself. Like, yeah, you can figure it out, but how long is it going to take you? Usually it takes a while. That's the number one challenge. I think just getting burned out, right? So you're doing all this other stuff. You're going to dedicate five or six hours a day to figure out how to build wealth and do all this stuff. Like it's just, it becomes overwhelming, very difficult. So, I think that it's hard for someone who's supposed to be a high performer and they have the status. It's difficult for them to kind of wrap their mind around that because that's how they got into their point of view successful. What I always have to share with people is, look, you did do that, but now we're talking about going somewhere else. 


 Eric
 As that all saying, they say, you can't do the same thing that you did to get to where you are. You know, that's really true. Like you do have to develop a different way of doing things to go somewhere. You've never been before. It's just the fact that a lot of people, when they sit down and think about it, they're like, yeah, because I've tried it my way and it's not working. 


 Josh
 I've tried it my way, like Frank Sinatra my way, but it didn't work out too well. That's why, that's why I have a podcast show. That's why I invest in coaches, partners. That's why I get out of my head and get out of the way Eric man, this is super cool. What, what question on this podcast, should I have asked you about you or your business or about money that I completely screwed up and I'm sure we'll do more things in the future, but for this initial interview, what did I, what did I miss? 


 Eric
 I think you missed anything. I think you asked some really thoughtful questions, man. I just think I really liked, I would have liked to maybe go on in some more detail about the, how black people fit into this equation about wealth building and all this stuff. I'll just say this, like, I don't know the average viewer's perspective, but I'll just say, I kinda think it's important. There's a lot of, I gotta be careful what using the word a lot, but there's more high income black people specifically than people may realize that are also struggling with these issues. Right? We hear black in the media, a lot of times it's not necessarily connected to high income, high level of resources, et cetera. There's this group of people that are out here and they, they do fit that criteria. They live all throughout the United States. I work with people all over and they need the specific type of assist. 


 Eric
 I just don't think we hear about this really in the immediate. 


 Josh
 For those guys out there, what advice do you have for them? 


 Eric
 My advice is real simple. Like just, it's okay to get some help. It really is. There are people out there that are speaking directly to you, if you give it a chance and they definitely have been where you are and they have the ability to help them. Especially like this relates to the black thing. Like I'm obviously a black man, so I understand what might be running through your head. Maybe better than someone else. Right. I'm not going to say just because we're black. I understand it. I do think there's some commonalities there to, because we're black where I may be able to understand your perspective a little better than someone else possibly. 


 Josh
 Yeah. 


 Eric
 Don't be afraid to get some help and it's okay. You know what I mean? Like it's okay. That you're not the main person that's doing everything and all of that. It's okay. 


 Josh
 It's okay to get help. Absolutely. I like what you said about building your money team, right? If we think about our money as a money and have a money team, then we're like, okay, I don't need to be the quarterback and the receiver. 


 Eric
 Nope. 


 Josh
 Maybe I can be the coach. Maybe it could be up in the box seats, just watching the game, play out rather than having to throw the ball, catch the ball, run the ball, block the ball, right? For, for people out there who would love to connect with you and learn more about what you're doing, find a way to do a deal with them. What's a good way to connect with you. 


 Eric
 Sure. You can. You, the best way is email. EMAC Lloyd EMC, L O Y D and hubris. Well that us love to work with you. You can also catch me on LinkedIn. I'm on there quite a bit. Now Eric connect, Lloyd EIC, M C L O Y D. Send me a message. And let me be your point guard. I like your sports analogy. Let me be your quarterback. Let me be your point guard. You're the owner. I can be your point guard and help you win a championship. 


 Josh
 Awesome man, awesome fellow deal-makers in the audience as always reach out to our guests, say thanks for being on the show and sharing your wisdom, your knowledge and your story with you. If what they're saying resonates with you, all their contact information will be in the show notes below. All you have to do is after the interview, you could click on that connect directly with our guests. Say you heard them on the deal scout, and you want to find a way to do a deal with them. That's the purpose mission of the show has put deals and deal makers together. All we do here is talk about deals. If you have a deal that you'd like to talk about, head on over to the deal, scout.com, fill out a quick form. Maybe get you on the show next till then talk to you all on the next episode. 


 Josh
 See you guys. 



Eric B. McLoyd Profile Photo

Eric B. McLoyd

Founder

Peace, my name is Eric McLoyd… and I am YOUR CFO. 6️⃣-figure earners πŸ§’πŸΎ πŸ™ŽπŸΎβ€β™‚οΈ come to me when they want to gain control of their finances to secure 7 figures.

Do any of these sound familiar? Good at making money but bad at managing it, need help to grow your money mindset, or need help being fiscally responsible in your business.

Is that you? Good… because whether it's getting your personal finances under control πŸ’΅ or better using finance to run a business 🎯, I do THIS! I got YOU!! πŸ‘πŸΎ

I help 6️⃣-figure earners through my signature financial coaching program YOUR CFO where I provide the accountability, guidance + structure needed to:

1- Deactivate negative $ beliefs + behaviors
2- Improve financial literacy
3- Understand current financial situation
4- Implement 7 figure goals
5- Track your progress
6- Create your money team
7- β€œBecome” a millionaire

Here's what my clients are saying: πŸ—£πŸ—£πŸ—£

πŸ—£- After working with Eric for 3-months, he helped me create a new mindset about my relationship with money, implement systems to properly budget and track my expenses, and be accountable for my cash flow. S.Steward

πŸ—£- Eric's Your CFO program has been an amazing addition to MLP! He helps me wrap my mind around business growth, leveraging my employees, and the financials of being an entrepreneur. He always leaves me with something to think about and it is because of his guidance that I finally feel in control of my destiny as a Woman-Owned, Black Owned business owner! M. Pressley

πŸ—£- Having the opportunity to work with Eric has strengthened my mindset and positioned me to succeed. The accountability of becoming more of a professional from his coaching; helped to improve not just my business qualities but also my life to take on this journey. O. Melbourne

I’m most proud of …

πŸ… Being a Husband and Dad to my wife + 3 children
πŸ… Earning an MBA in Corporate Finance
πŸ… Passing FINRA Investment Adviser Series 65 Exam
πŸ… Having been an award-winning life + health insurance recruiter + producer
πŸ… Starting my podcast Money Sex Gen X
πŸ… Founding + leading several Chicagoland economic development institutions
πŸ… Helping over 100 entrepreneurs of color fulfill their dream of becoming business owners + non-profit leaders
πŸ… Helping my clients increase their net worth by an average of 1 million dollars.
πŸ… Surviving β€œthe trap” to find purpose in life.