The Confident Retirement: Your Path to Financial Freedom by Kris Flammang, AIF® - HTML preview

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JACYLN STRAUSS

Organizing Your Finances with Simple Questions

KRIS FLAMMANG

Let’s begin with what led you to your expertise in efficiency.

JACLYN STRAUSS

I'm all about being as efficient and effective as possible in the shortest amount of time. I'm a mother of two. I’m a perfectionist, but I have to learn what to let go. Like you, I have shared multiple passions, whether it be giving back to the community and sitting on nonprofit boards, working as a mid-level corporate executive, or teaching accounting at the college level.

All of a sudden, I fell into this realm of entrepreneurship. I didn't even know that's what it was. I was simply a girl with a dream who had a sincere need. And that is where 2nd Vault was born.

Six years ago, I delivered my second child, and I suffered from a post-delivery hemorrhage. 25% of maternal deaths are attributed to that, and mine got extremely complicated and complex to the point that my parents and my husband were told I would not be making it out of the hospital and physically come home. They were told to prepare for life without me. Well, surprise, I'm here. I made it. And with that, I tried to do better.

I am the household CFO because I'm a CPA, I just naturally fell into that. I’m the camp director for my kids, a dog mom, house manager, you name it. Everything that makes this house go was in my head or other places. Had I not returned, my husband and my parents would have had a disaster on their hands as far as looking for things and going through papers. I also thought a lot about me being the daughter to aging parents, and it really scared me.

So, I started to look for solutions, and there were nothing that quite met my needs. There was a lot of vaults out there, but nothing that helped take the thinking out of it. I was paralyzed as to where to begin, and how to be most efficient. I don't have time for long 25-page PDF documents. I'm running multiple companies and doing all these jobs. As I dug in, I knew there had to be a better way. But what I didn't know, when I really got serious about this two and a half years ago, was it would turn into an industry called the death tech industry, and that's where I sit today.

I created a guided user experience of yes or no questions into seven very palatable sections, to capture anything and everything that may be important to you and your loved ones. It's extremely secure with military grade encryption, and nothing is required, so you can move on if there's something you don’t want to put in there. If you don't have the comfort level to store things to the cloud, you don't have to. You can literally put in there that you have your passwords written on a sheet of paper which is in your nightstand drawer. It's high-level breadcrumbs. It's not about anything more than that. It's simple, but not stupid.

KRIS FLAMMANG

Having your own company is different than working for someone. I’m curious, what do you know today that you wish you would have known when you started out?

JACLYN STRAUSS

I wish I would have known to not worry about getting everything perfect before launching. I had a vision. I thought everybody would want something a certain way, and I kept refining the technology before I went live. But the most valuable feedback came when I went live and started hearing what the market said. I have a rule, if I hear the same feedback three times, that's what I consider a trend, which means it’s something I need to start taking action on, and find a viable solution for.

KRIS FLAMMANG

In your opinion, how does one develop a expertise in efficiency?

JACLYN STRAUSS

It's very, very practiced and it has to be deliberate. Because human nature guides us, and pulls us to deal with the urgent things in our life, and put less important things on the back burner. Unfortunately, those always end up becoming urgent, and we always have to learn the hard way. Why does it have to be that way? But one way you can start implementing is taking things slowly. Setting very small goals for yourself as far as what you're going to commit to and work on. I don't care if it's 15 minutes a day or 15 minutes a week or 15 minutes a month. It's just about committing and starting somewhere. What I do is put it in my phone as an appointment on my calendar, so I block off the time I've agreed to set aside to work on whatever has been hanging over my head. That way I actually do it. Because if I don't block the time, then something else takes over that I consider more urgent. Again, that's human nature.

KRIS FLAMMANG

I agree. Some people think, “I just take the day as it comes. If that happens, so be it. If I see a shiny thing over there, I'll follow that.” What do you see as being the biggest benefits to people for being more organized and efficient?

JACLYN STRAUSS

I think what you described is living every day like it's your last. There's nothing wrong with that, but there's also reality in my opinion. You can live every day like it's your last, but getting organized with the essentials of what the people you love and those closest to you will need when you're no longer here is an act of love. It's not selfish to live every day like it's your last, as long as you're preparing so if it is your last day, those you love can go on without you and not feel pain on top of the physical pain that they feel with your loss.

KRIS FLAMMANG

Having to grieve is enough. Having to deal with a big mess on top of that would just make it worse. What do you find are people's biggest roadblocks to being more efficient? What are the obstacles?

JACLYN STRAUSS

The biggest roadblock is that we are way more reactive than proactive in everything we do. As you and I are talking, it’s hurricane season here in Florida. We’re told to be prepared, get batteries, get water. But do we really do that in advance like they suggest? I don't.

Now, 2020 taught us that toilet paper was definitely something we had to get. But everybody did that at the same time, so then what happens? Somebody is left without, and we don't want to be in that situation. I think with COVID, with things like the unimaginable collapse of the building in Surfside, we get wakeup calls. We shouldn't have short memory syndrome that human nature guides us to have, because I don't think life will ever be the same or go back to the way it was. We have to just be more prepared, and not be scared to have the uncomfortable conversations. The discussion of death was always so taboo because none of us want to think about it. But in reality, it is a matter of when, not if, for all of us, so we need to go there. If not for creating peace of mind for ourselves, then think of it as an act of love for those you care about.

KRIS FLAMMANG

I like how you say that. Is there something you especially like about your business right now?

JACLYN STRAUSS

There are several things. I like the simplicity, and staying true to that. I also like the opportunity it gives me to learn every single day. I am a lifelong learner, and my intellectual curiosity never ends, so I'm always striving to get better. But what I love about this business more than anything, is I really do believe that if somebody realizes or recognizes the need for this, it's going to give a lasting gift to somebody they care about.

It's only $75 a year, because having worked in this industry for so long, unfortunately there have been times where I've had to say, “I'm sorry, because you can't afford it, you can't have it.” Those are my darkest days. So, being someone that likes to give back, and knowing this is truly important to me, I priced it at $75 a year so finances and money are never a barrier for entry. If you want to do this, go ahead and jump in. Hopefully it's affordable and fair.

KRIS FLAMMANG

I think that makes a lot of sense. Let's talk a little bit about 2nd Vault. What is it, who is it for, and how does it help?

JACLYN STRAUSS

It is a guided user experience through yes or no questions that surround your life. For example, do you have a bank account? You don't have to put in the balance. That's not what it's about. But where is the account? This essentially allows you to take a life inventory. Are you married? Are you employed? Do you take benefits from your employer? Do you have any household subscriptions or household help that you want to document? Do you have a primary care doctor? Who is it? Are you on any medications? Do you have any allergies? Even questions like whether you have a pet, or have a favorite recipe or cookbook you want to share.

As you can see, it stays very high level. It doesn’t get down into the weeds because the objective is simply to take an inventory. From a financial perspective, hopefully it will allow you to see in black and white through yes or no questions whether you have duplicative things you're paying for and can eliminate expenses, or discover gaps. Have you been meaning to get a will? Have you been meaning to get life insurance? If you click yes to those last questions, hopefully you’ll look for your trusted advisor to lead you to someone that can fill those gaps. I know I’ll be happy if I find opportunities where I can save money. Maybe I have unnecessary subscriptions that I'm being charged for every month, because I just haven't taken the initiative to cancel.

KRIS FLAMMANG

And we both know that trying to cancel a magazine subscription is like an act of God.

JACLYN STRAUSS

On that note, let me say that I want everybody to be able to see what this is like without that kind of pressure, so it’s free for 30 days with no credit card required. I am not going to be that annoying company that keeps charging you for something you don't want, and gives you extra work to cancel. That is not my objective.

The only thing the free trial does not allow a user to do is download the individual PDF. To become more efficient and more effective, I believe every question somebody answers needs to be populated into an individual PDF document. As situations arise, it will allow you to address them. I was in Boston three weeks ago for work, and our dog got a cough. My husband was texting me in the middle of business meetings asking who our vet is and whether we have pet insurance. The answers were literally at my fingertips. I pulled it up, downloaded the section about pets and sent it right to him. That was it. Talk about being more efficient. That is a way to do it.

KRIS FLAMMANG

What about video? Can you record a video with a message to a loved one or something like that and include that?

JACLYN STRAUSS

Absolutely. You can certainly upload a video into the digital vault section.

KRIS FLAMMANG

That's cool. If someone wanted to leave some memories or leave a message to someone, it would be neat to be able to store that so they can recover it later and watch it. I want to do that from the grave, to tell my kids all the things they do wrong as adults. Without sharing any personal details, have you had an experience in your business, and working with people using 2nd Vault, where you feel it made a huge impact?

JACLYN STRAUSS

Let me tell you a personal story. My grandmother turned 100 during Covid. She’s very stubborn and lives by herself. Her neighbor found her on the floor, unconscious. Thank God they did. They called 911 and then called my dad. The paramedics said they believed she had a stroke, and wanted to know what medications she was on. My dad didn’t have the answer, so he had to get in his car and rush to her apartment, where he found a post-it note listing her medications. He took it to the hospital, which was closed to visitors, so a nurse had to come out to the parking lot to get it from him so they could move forward with the best course of treatment for my grandmother. I’m happy to say, she made it through and God willing she’ll be 102 in December, but that was an experience that could have been prevented if my dad had 2nd Vault.

Now here’s the story of a client. He’s in his early 60s, a cancer survivor, divorced, with two adult children who live in different cities from him. He reached out to me and said, “I have a paper organizing problem. I have papers everywhere. I don't know how to streamline it. Can you help me?” That's exactly what 2nd Vault did for him. As he went through the yes or no questions, it allowed him to upload things, type in and record the information and toss the paper. He Facetimed me with tears in his eyes, saying “If I hadn’t found this, I never would have accomplished this, and my kids would face such a heavy load when I pass away.”

KRIS FLAMMANG

That's great. I love that story. Now, allow me to change gears. I’m curious, what’s the first memory you have with money?

JACLYN STRAUSS

I’ve always been a worker. I put fliers up in my neighborhood to start babysitting before I was really old enough, but people still hired me. I was very convincing, and I guess I had a trustworthy face as a nine-year-old, or parents were just desperate to get out for the night. So, I earned money, and I always saved my money. It was something I saw my parents doing. My dad was a very successful attorney, but we never lived lavishly, we always lived below our means.

I learned that we have perceptions about each other, but you don’t know what someone else has in the bank. Somebody can portray themselves as anything, but unless you’re them, you don’t know. Even with my kids, my son just turned 10 and he’ll say things like, “Look at the car so-and-so has.” My six-year-old daughter thinks if you have stairs in your house that means you’re rich. I try to explain to both of them that those aren’t the things that matter. What really matters is health, and happiness, and making sure we embrace each other with unconditional love, and we give back to others and treat others the way we want to be treated. All the material things are things we can't take with us. I always knew from a young age that spending money on the memories was more meaningful than the actual material items.

Then, when I graduated with my masters in accounting, I had great mentors in my aunt and uncle, who were both CPAs. My aunt was a CFO of Harris Casino before women were ever in the boardroom and my uncle was CPA of a mid-level firm in Memphis, Tennessee. He has since passed away, but he sat me down and said, “The most important bill every single month, before you pay your rent and everything else, is to pay yourself.” I took that with me, regardless of how little I made. He taught me that it’s important to start saving early, right from the beginning. Take advantage of the 401(k) or whatever your employer may offer.

KRIS FLAMMANG

What do you think is your biggest life accomplishment so far?

JACLYN STRAUSS

Just being a mom. It’s a huge accomplishment. To be honest, family and friends that were close to me never thought I would do it because I've always been so career focused and driven when it came to my profession. Having my kids taught me so much that work could have never taught me. I've learned more from them than anyone else. I also realized that I could never be a full-time stay-at-home mom. COVID taught me that I'm really bad at that job. I'm good at being a professional, going after my passions that fulfill me and then treasure the limited amount of time I have, whether that’s a couple hours each day after work before their bedtime or on the weekends. I’m better for it.

KRIS FLAMMANG

You do have an appreciation for stay-at-home or single parents, because you essentially understand that you have no time for yourself. Outside of work, do you have anything that you are really passionate about personally?

JACLYN STRAUSS

Yes. I am very passionate about education and children having equal access to things, educational enhancements to make them better and to push them to the next level. So, I very much have invested my time on the board of a local school PTA organization, in which my core focus is to make the experience and the community better for the children that attend that school. I put a great deal of time into it. Before this, I had never really worked in the nonprofit sector, and it's a completely different mindset. It was a huge awakening for me because I was getting a ton of criticism. All the other moms were saying things like, "I want to spend $1,500 on an Icee truck because that'll be fun at field day, and my kid loves Icees." I would say, “Well, my kid loves a lot of things, but he doesn't always get them, and we need that money to go toward academic enhancements at this school, so we're going to use it that way."

I probably could have said it nicer, but it just was mind blowing to me that anybody would want to spend like that. I told them I would go to a local small business and support them, and see if they want to donate ice cream to the kids for field day. And what do you know? That happened. There are always inventive ways to think about it, and bring small businesses from a community together to support your common goals and your common interests.

Children and small business owners are so important to me. I'm the biggest advocate for the small business owner. People tell me to stop working for free because I never say no. If anybody comes to me for professional advice or guidance, because of my accounting background, most of the time I’ll say yes. That is a development item for me, learning how to say “no” more. However, I do just want to help people and see them thrive.

KRIS FLAMMANG

In regards to your memoir business, what are you most excited about right now with that part of your life? What's the biggest opportunity there?

JACLYN STRAUSS

I think the biggest opportunity is to change human behavior in a slight way. Not in a way where it makes somebody feel like I'm giving them more work, but that they're investing time into something that's actually meaningful, that will be the gift that keeps on giving. That is truly what I want people to feel when they finish it. I want a sense of peace of mind. We all need to be so aware of our wellness journey, and that comes to our mental and physical wellness. But this is more obviously mental. I believe peace of mind is the best feeling in the world, and I want to share that with others.

When I talk to people about this, they say, "Oh my gosh, I need this." Or "I wish I would have had this when my parent passed away." Or "I wish I would've known about this before COVID because I lost people I didn't expect to lose and it's an absolute mess." But getting them to take action is the hardest part, so I'm still trying to figure that out, and I'm being completely authentic and transparent. If anybody wants to give me feedback on how I can make people actually take more action, I would embrace that. To me, feedback is a gift.

KRIS FLAMMANG

What's your theory on what the obstacles are?

JACLYN STRAUSS

It's just doesn't sound fun. Organizing papers and getting your stuff together is not fun, and I don't know how to make it fun. Should I make it a video game? But at the end of the day, we're real people and we have to use it. It’s going to take motivation, knowing that you’re going to start something that is not considered an enjoyable thing. It’s like filling out school forms every year if you're a parent. That’s the worst, but we’re forced to do it, because if not, our kids can't go to school. With this, there's no consequence the user will feel, because they're likely going to be gone. The people they leave behind are going to face the consequences.

KRIS FLAMMANG

Thank you for making the process easy, and for sharing information that will open some people’s eyes.