Hey everyone, welcome back to Wealth in the Fifth Dimension with Joe Soto. Today, we're diving into some uncomfortable truths about how unseen things can mess up our families and finances. I'm talking about stuff we often avoid, but that can seriously fracture our lives.

Ever wonder how many kids in America live in poverty? It's a staggering 11.5 million. Think about that – in the richest country in the world, millions of kids are struggling just to get by. Some people ask me, "Joe, why talk about poverty? You're a wealth guy!" But here's the thing: you can't really talk about wealth without acknowledging the huge gap between the "haves" and "have-nots." This divide affects everything, from the markets to the credit rating of the US. It's like a family that looks rich but is actually one emergency away from bankruptcy. We see the fancy car, but we don't see the mountain of debt.

Taxes are another massive issue. What happens when we ignore the growing number of people in poverty? The short-term "fix" is often to tax the wealthy even more, which creates its own set of problems. We need to address the cause of these challenges, not just the symptoms.

So, what are some of these hidden causes? First, our incomes aren't growing fast enough to keep up with inflation. This leads to lifestyle creep, where we want more but can't afford it. This creates a sense of scarcity, which can lead to major issues. In fact, money problems are one of the top reasons couples divorce. I've seen it firsthand in my work – helping clients split up their assets after a marriage falls apart because they couldn't manage their finances.

Second, often both parents are forced to work just to maintain their lifestyle. This means the kids are left exposed, and someone else has to step in as a parent – a school, a babysitter, whoever. Then, parents wonder why their kids end up with problems, like drug addiction or other issues that cost a fortune to fix. These are the kinds of conversations most financial advisors avoid, but I think they're crucial.

Third, some people start to see their families, their aging parents, even their kids, as the government's responsibility. They're so busy on the "hamster wheel" trying to maintain their lifestyle that they don't have time to care for their family. This creates a multi-generational fracture. If we neglect our parents, what message are we sending to our kids about how they should treat us when we get older? These things show up in financial decisions down the line.

Now, let's talk about some opportunities. First, focus on developing your skills and talents so you can become more valuable in the marketplace and earn more money than inflation eats up. Second, realize you can pay someone to help with your kids, but think carefully about who you're entrusting them to. I've made this mistake myself, hiring babysitters when my kids were little, and I've seen the consequences in my clients' lives too. It's a tough balance.

Third, start thinking about your family in a multi-generational way. How you raise your kids will impact how your grandkids turn out. If you abandon your parents in their old age, your kids are watching.

Here are some important shifts in thinking: The government should be your last resort, not your first. Short-term fixes rarely work for long-term problems. Choose interdependence over independence – we need each other. And finally, freedom doesn't excuse responsibility. Just because you can do something doesn't mean you should.

So, here's my question for you today: where are you escaping responsibility? In your health? Your spirituality? Your family? Your finances? I know these are tough topics, but I've seen firsthand how ignoring them can destroy lives. I'm not trying to make anyone feel bad, but I hope this gives you something to think about. Thanks for listening, and tune in tomorrow for more Wealth in the Fifth Dimension.

Hey everyone, it's Joe Soto back with another episode of Wealth in the Fifth Dimension. Today, I'm talking about a hidden blind spot that can totally wreck your finances. It's something people don't usually think about: your marriage.

I've been a financial advisor for over 15 years, and I've seen this firsthand. People come to me all the time for help with their money, but they rarely consider their marriage as an investment, just like stocks or bonds. It's crazy!

I want to tell you a story about some friends of mine. They worked for years on their financial plan, and they finally got to a point where they were in the "confidence zone"—over 80% probability of success. Awesome, right? Wrong. Their relationship started falling apart. They argued about money constantly.

See, as financial advisors, we often see these problems, but we feel awkward bringing them up. It's like a taboo subject. Clients come to us for money advice, not marriage counseling. Anyway, my friends ended up getting divorced. It was a mess.

Divorce is devastating, not just emotionally, but financially too. This couple had three young kids. Suddenly, they had to createtwo new financial plans. There's alimony, custody battles, lawyer fees—it's a financial nightmare. For this couple, the divorce pushed back their retirement by ten years! Did they think about that before they split? Probably not.

So, you might be thinking, "Joe, when are you going to talk about actual finances?" I will, but here's the thing: there are other thingsbesides money that affect your finances. Things like your health, your relationship with your kids, your spirituality—and your marriage.

This divorce thing is becoming way too common. It's heartbreaking. And as advisors, we're usuallyreacting to the problem, notpreventing it. That's what I want to change with this podcast.

Now, I know some of you might be thinking, "My marriage problems are all my fault," or maybe you've been through a divorce and feel guilty. But I want you to know, there are forces out there that seem to be attacking marriage itself. Look at the divorce rates—they're insane!

The Supreme Court once called marriage "the foundation of society." It's way more than just a contract. But that's the problem: a lot of people treat it like a simple contract that can be broken easily. They don't see the ripple effect—the impact on their kids, their families, society as a whole. Even the welfare system sometimes makes it easier for single mothers to stay single. It's messed up.

So, here's the opportunity: start seeing your marriage as acovenant, not just between you and your spouse, but between you and your kids, your community, and even God. Think about how your decisions impact everyone around you.

There are definitely exceptions, like in cases of abuse, but a lot of divorces happen simply because society makes it easy and acceptable. So here's the main point: marriage is a covenant that isnot meant to be broken.

I heard a crazy statistic from a client who's a doctor researching childhood cancer: 7 out of 10 families where a child is diagnosed with cancer end up getting divorced. Do those people see marriage as a covenant? Probably not. We treat business contracts differently. If a contract isn't working, we break it. But marriage is different, especially when kids are involved.

So, I'll ask you this: Are you aware that there's a war going on against marriage? The statistics, the social norms, even some laws seem to encourage breaking up families. Think about the cost of divorce—to you, your kids, your grandkids, your health, your spirituality, your finances.

Thanks for listening. I appreciate you working on all four dimensions: fitness, faith, finances, and family. Share this podcast if you found it helpful, and have a blessed day!

Hey everyone! Joe Soto here, and I just dropped a new episode of Wealth in the Fifth Dimension. This one's a bit deeper – it's all about the price we pay for financial security. We always hear "pay the price for success," but whatis that price, really?

I shared some stories from my years of working with families. Some make it to their financial goals strong, others…not so much. It got me thinking: what evenis the finish line? It's cool to want to provide for your family, but we gotta define what "better things" actually mean.

I broke down some problems I see: First, work culture is sneaky. It's easy to get hooked on the rewards at work and forget about family. Second, we sometimes define ourselves by our job titles, not who we are. Third, work gives us validation, while family life often doesn't. And finally, we can accidentally put work and money above everything, hurting our marriages, kids, and even ourselves.

But there's hope! We need to see work and family as two different "jobs" with different rewards. Be aware of how work praise affects you, and remember the long-term payoff of family time. Familyhas to be a priority. Work comes and goes, but family is forever. Remember, you can't pay someone to do what a parent does for free.

So, I'm throwing out some questions: What'syour vision for your family? What'syour finish line? Are you okay with the price you're paying? I challenge you to create a family mission statement. Also, think about your commitments and priorities. Why isn't family always #1? What's the cost ofnot investing in your family – physically, emotionally, relationally, even financially? Hit the podcast for the full discussion. Let me know what you think!

#wealthinthefifthdimension #familyfirst #financialsecurity #pricetosuccess #joesoto

Life-changing insights from a 1997 article on work-family lies.

Are you telling yourself lies about work and family? 🤔  I was!  My latest podcast episode dives into the 4 biggest lies we believe, how they almost cost me everything, and how to break free. 

Hey everyone, Joe Soto here with another episode of Wealth in the Fifth Dimension. Today, we're diving deep into something super important: what you stand for.  I had a bit of a wake-up call recently. I realized I've been talking about mission statements for families, but I didn't even have one for myself!  I mean, I had ideas about what I believed in, but nothing concrete, nothing written down. And that got me thinking... if I don't know what I stand for, how can I guide my family, or anyone else for that matter?

So, I sat down and did some serious soul-searching.  It took a couple of weeks, but I finally crafted my own personal mission statement, and I'm excited to share it with you today. But first, let's talk about why this is so crucial.  I've seen it time and time again, especially in the world of finance: if you don't have a clear direction, you'll chase every shiny object that comes along.  It's like, if you don't know where you're going, any road will take you there, right?  And that's a recipe for disaster, whether it's with your money, your health, your relationships, or anything else.

The problem is, a lot of us, especially men, don't have a solid sense of direction.  We get caught up in the noise of life, and we end up falling for anything.  But here's the thing: when you know what you stand for, when you have a strong foundation of principles, you can weather any storm.  You have something to anchor you, something to guide you when things get tough.

Think about it: have you ever started a new health kick, only to fall off the wagon a few days later?  That's because you didn't have a clear vision, a strong "why" to keep you going.  It's the same with everything.  If you don't have a plan, you'll deviate from whatever good intentions you had.

So, what's the solution?  You have to define what you believe in.  You have to figure out what truly matters to you.  And then, you have to write it down.  You have to create a personal mission statement.  This isn't just some fluffy exercise; it's a game-changer.  It gives you clarity, it gives you purpose, and it gives you the strength to stand firm in the face of adversity.

I'm going to share my own mission statement with you in a minute, but I want you to think about this: what is it costing you to not have a mission statement?  How is it affecting your marriage, your relationship with your kids, your finances, your health, your spiritual life?  Seriously, take some time to reflect on that.

Now, tune in today as I reveal my personal mission statement.  It's a work in progress, but it represents who I am and what I strive to be... 

I hope that inspires you.  I believe everyone should have a personal mission statement.  It's not just about you; it's about the legacy you leave behind.  It's about showing your family, your loved ones, what you truly stand for.  So, I challenge you: take some time this week and start working on your own mission statement.  It's one of the most important things you can do for yourself, and for the people you care about.  Thanks for listening, and I'll see you on the next episode.

Hey everyone, it's me, Joe Soto, back with another episode of Wealth in the Fifth Dimension. Today, we're diving deep into something that's been on my mind lately, something I think is crucial for every family leader out there: the biggest risk you face isn't financial ruin or external pressures—it's if your family doesn't believe in you.

Now, I've been working on developing a family mission statement, which, as you know, I believe is the bedrock of any solid financial plan. But as I was doing this, a thought hit me: I don't even have a personal mission statement! How can I guide my family if I'm not even clear on my own path? It's like trying to lead a hiking expedition without a map or compass.

This led me to reflect on something I see all too often: the "do as I say, not as I do" syndrome. We've all seen it. Parents preaching health and fitness while they're struggling with their own weight. Parents lecturing about saving money while they're constantly in debt. It creates confusion and disconnect. How can we expect our families to follow our lead if our actions don't align with our words?

Another challenge is the constant shifting of opinions and priorities. One day you're doing things one way, then a friend makes a suggestion, or you see something on social media, and boom, you're changing everything. This creates instability and makes it hard for your family to trust your direction. They start to feel like they're on a rollercoaster, never knowing what's coming next.

But it's not all doom and gloom. There's a flip side to this, a huge opportunity. It's about leading by example. When your actions mirror your words, it builds trust and respect. When your kids see you prioritizing your health, they're more likely to value their own. When you're open and transparent about finances, it removes the stigma and encourages healthy conversations. And when you live authentically by your spiritual principles, it provides a solid foundation for your family.

It's also about having a core set of values that remain constant, a north star that guides your decisions. Things that don't change with the wind. And, of course, having a personal mission statement. It's not just a document; it's a declaration of who you are and what you stand for. I actually just finished writing mine, and I shared it with my family. It's a game-changer.

This whole process has made me ask some tough questions. What do you think about most of the time? Do you have a clear sense of direction? Does your family know what you believe in and where you're taking them? These are questions we all need to wrestle with.

So, I'll leave you with this: Do you have a personal mission statement? Do you have a family mission statement? And if not, how do you think that's impacting your family, your finances, your relationships, your spirituality? Think about it. And in the meantime, don't forget to subscribe to the podcast and share it with anyone who could benefit from this message. Let's build stronger families together. Until next time, this is Joe Soto, signing off.

Hey everyone, Joe Soto here, and I just wrapped up another episode of Wealth in the Fifth Dimension, and this one's a game-changer.  We dove deep into something I've been wrestling with myself lately: the power of a family mission statement.  It hit me – how can I preach financial responsibility to my family if I don't have a clear mission for myself?  It's like trying to give someone something you don't possess.

This episode explores how crucial a family mission statement is for financial success, and really, for overall well-being.  I talked about how easily families can get swayed by external pressures, especially when it comes to money.  The world's constantly throwing opinions at us, and without a solid foundation, it's easy to get pulled in different directions.  One minute everyone's hyping up one investment, the next it's something completely different.  If your family doesn't know what it stands for, your financial plan is likely to crumble.

The core message?  A financial plan means nothing if your family doesn't stand for anything.  "He who stands for nothing falls for anything," as they say.  We talked about how a clear mission provides that rock-solid foundation, so you're not constantly being tossed around by the waves of societal pressure.  It gives you a safe place to come back to, a set of shared values to guide your decisions.

And it's not just about finances.  A family mission statement is an act of love.  It's not just some abstract concept; it's something you actively do.  It's a covenant, a promise you make to each other.  I challenged listeners to consider whether they have a covenant that accompanies their financial plan, and how not having one could impact everything from their wealth and health to their faith, relationships, and even their marriage and family dynamics.  This isn't just about money, folks.  It's about building a strong, unified family that can weather any storm.  Check out the episode for more, and let me know what you think!

In this podcast episode, I share my personal story of almost losing my marriage due to my sole focus on advanced financial planning and neglecting family teamwork. I realized that having a great financial plan means nothing if your family isn't united. Now, our family has a clear vision, where everyone has a role, and we recognize the importance of teamwork beyond just financial security. We emphasize the need for a clear destination to avoid getting lost and suggest creating a family getaway to plan and assign responsibilities. It's crucial to balance fitness, faith, family, and finances, and to understand the cost of achieving wealth without a united family vision.

If you enjoyed this episode, please follow and share the podcast with your friends and family. We're shooting a limited number of episodes, and it's free for now, so don't miss out! Stay tuned for more insights and stories to help you and your family thrive together.

Selfishness and self-centeredness can absolutely destroy a family's finances. On this episode of Wealth in the Fifth Dimension, I talked about how these traits can completely derail a family's financial plan. I posed a critical question: Is your family run like a democracy or a dictatorship? Do you make decisions together, involving everyone, or do you simply dictate what's going to happen?

I shared some of my own struggles in my marriage, which I think a lot of people can relate to. I realized that my wife and I came into our relationship with vastly different "stories and scripts" about money, and much of that stemmed from our upbringings. These differing perspectives can create a lot of misunderstandings and arguments. I've also witnessed this countless times with my clients on Wall Street. These deeply ingrained beliefs about money can lead to significant conflict, even divorce. Sometimes, we're not even conscious of these "scripts" influencing our behavior.

A major problem is that we're often unaware of the stories that are running our lives. We all carry these stories, frequently from childhood, that shape how we see the world. Even though we love our parents, some of the stories they passed down might not be beneficial. I, myself, even at 44, am still working on unlearning some of these. This can lead to conflicts in marriage and, naturally, financial difficulties.

So, how do we address this? We need to understand the stories that drive our lives, our family's lives, and our finances. Kids develop these stories too, influenced by peer pressure and consumerism. We need to transition from unsupportive frameworks to supportive ones. Sometimes, this connects to conditional versus unconditional love, and it even impacts financial decisions. For instance, someone might feel restricted from buying a particular car because their spouse will withhold love, which is conditional. These patterns can originate from childhood experiences.

Another incredibly important principle is moving from "my way" to "our way." A marriage simply cannot thrive if one person always makes all the decisions. Everyone's voice needs to be heard. This is especially crucial for financial decisions, such as spending versus saving or choosing vacation destinations. These types of issues can even be passed down to future generations.

I offered a five-step process that I'm currently working on with my own family: 1) Define the rules and expectations in your marriage. 2) Decide how you will solve problems when they inevitably arise. 3) Create a shared vision for your marriage. 4) Develop mission statements for yourself, your marriage, and your children. 5) Transition from individual missions to a shared "co-mission."

I emphasized the importance of a family mission statement and asked how not having one could impact your fitness, faith, family, and finances. I encourage everyone to seriously consider this question and reflect on how a shared mission could strengthen their family.

Why do family vacations so often end in tears? Why is it so hard to get everyone on the same page? These are the questions I explore in my podcast about family dynamics. I look at tools like the "family mission statement" to help families define their shared values. Using relatable examples, I emphasize the crucial role of communication and active listening. I also discuss how families pass down traditions, giving listeners the power to shape their own family's story. My goal is to help families move from conflict to connection through intentional communication and shared purpose.