Wealth Well Done

Are you ready for a spiritual battle?

In this episode, Eric Scovill sits down with entrepreneur Greg Downey, who shares how his experience in the business world revealed the importance of acknowledging the spiritual side of life. Greg is an experienced entrepreneur and investor with over 20 years. He is the founder of Pirum Ventures, a venture capital firm focused on hands-on support of portfolio companies.

Today, Greg discusses the reality of spiritual warfare and emphasizes the need for believers to engage with Scripture and exercise the authority and gifts provided by God. He provides a biblical perspective on spiritual warfare, challenging Christians to prepare for spiritual battles through faith, prayer, and utilizing their God-given spiritual tools.

Here are some topics from today’s discussion:

• Greg's background in early-stage companies and venture capital

Episode Highlights:

[09:38] What is Spiritual Warfare?

Spiritual warfare refers to the biblical belief that Christians are engaged in an unseen battle between forces of good and evil. As believers, we wrestle not against flesh and blood, but against spiritual powers of wickedness. Spiritual warfare involves defending against and resisting attacks from demonic spirits that seek to deceive, tempt, and destroy. It is an acknowledgment that there are supernatural forces at work beyond what is seen with physical eyes – and that through faith in Jesus Christ, we have been given authority and spiritual tools to fight against the enemy.

[19:00] Faith in Action: Jesus Trains the Disciples and a Story of Spiritual Healing

Jesus emphasized the importance of faith through both belief and works. He trained his disciples and sent them out, preparing them for testing through experience. Greg shares a personal story of spiritual healing through prayer with his family. This experience highlighted the spiritual aspect of healing and the authority believers have been given through Christ's name.

[34:00] Preparing for Battle: The Call to Engage in Spiritual Warfare and Advance God's Kingdom

Greg encourages listeners to actively engage with the spiritual realm through studying Scripture and utilizing the tools God has provided. While a relationship with God is key, believers also have a responsibility as active participants working to advance God's kingdom on earth. As believers, we need to prepare by acknowledging spiritual warfare and exercising the authority and power we have been given by Christ.

Resources Mentioned:

Purim Ventures

The Unseen Realm

In today's business world, it's easy to get caught up in chasing money, status, and success. But as believers, we're called to a higher standard of managing our resources in a way that honors God. In this episode, Eric Scovill and Pastor Nathan Rychener continue the conversation and tackle this important topic head-on. Through insightful biblical teaching and practical advice, take their challenge to reexamine your relationship with finances from a place of heart transformation. Find the encouragement to get into God's word, make a plan, and live generously!

Here are some topics from today’s discussion:

• Rejecting Jesus through inaction in the face of cultural opposition

Episode Highlights:

[11:57] Finding Motivation and Humility in God's Help

When you earnestly pray and seek God's guidance and assistance, your motivation to follow through on your intentions significantly increases. The essence of being poor in spirit is recognized as humbly approaching God, acknowledging that we possess nothing of merit to impress Him. This understanding shifts the focus from material poverty to a poverty of spirit, emphasizing the importance of relying on God's help in all endeavors.

[16:12] A Call for Contrition: Recognizing the Lack of Brokenness over Sin

In Psalm 119:136, the Psalmist expresses deep sorrow and sheds tears over the disobedience to God's law that he witnesses in the world. His heart is shattered because he understands that sin grieves God. This heartfelt response to sin contrasts with the current state of spirituality, particularly in America, where there seems to be a lack of contrition and brokenness over wrongdoing. This lack of remorse serves as a troubling sign of the spiritual sickness within our society. The Psalmist's example calls us to examine our own hearts and rekindle a genuine sense of sorrow and repentance for our collective transgressions.

[19:40] Tips for Getting Started with the Bible

For those wanting to get started with regular Bible reading, Nathan suggests beginning with short passages like the Sermon on the Mount to avoid getting overwhelmed. Developing a consistent reading plan is also important, whether it's a chapter a day or reading through the whole Bible in a year. Additional resources like the Bible Project videos can help provide context without replacing direct engagement with Scripture. Most importantly, they stress the need to pray and meditate on what is read in order to understand and apply it, not just check reading off a to-do list. With a plan and the Holy Spirit's help, regular Bible study can become a life-changing habit.

[23:17] Practical Steps to Align Your Finances with God's Purposes

Begin your financial journey by examining your heart attitude and embracing the concept of stewardship of God's resources. Gain a comprehensive understanding of biblical teachings on tithing, cheerful giving, and generosity. Develop a generous lifestyle by considering "how much" you can give in each opportunity, rather than questioning whether to give at all. Remember, the importance lies in giving generously, regardless of the amount, as your heart posture matters more than the dollar figure. Stay open to God's guidance in reshaping your financial goals, dreams, and priorities to align with His purposes. Prioritize obedience over personal desires and regularly seek divine guidance through prayer for your spending, saving, investing, and giving, ensuring alignment with God's will.

How serious are you about your faith? On the latest episode of “Wealth Well Done”, Eric and Pastor Nathan Rychener challenge comfortable Christianity. They discuss the high stakes of judgment day and urge listeners to truly know and obey God, not just check boxes. Nathan emphasizes responding immediately to Holy Spirit's conviction. Don't rely only on secondhand knowledge - regularly read Scripture yourself. This episode will stir you up and make you reconsider your relationship with Christ. 

Here are some topics from today’s discussion:

• Rediscovering the fear of the Lord

Episode Highlights:

[06:34] Rediscovering the Fear of the Lord

In the American church, the fear of the Lord has been lost, along with the reverence, humility, and contrition that accompany it. This absence is evident in our lack of recognition of God's holiness, as seen when Isaiah encountered Him in Isaiah 6. Overwhelmed by a sense of his own unworthiness, Isaiah cried out and fell before the Lord. It is this realization that ignites the fear of the Lord within us. This fear is what safeguards us from sin and compromise, guiding us to walk in integrity and wholeheartedness before God. In an age where this fear is desperately needed, let us seek to rediscover it and cultivate a deep reverence for the Lord.

[10:15] Fear of the Lord for Eternal Perspective and Finances

Without the fear of the Lord, all perspective is lost. We find ourselves chasing after temporary and trivial things of this world, losing sight of eternity and what truly matters. The weight and importance of things in God's eyes fade away when we lack the fear of the Lord. Living for eternity becomes impossible without this reverence. Taking this concept to the realm of money, it becomes clear that faithful handling of finances in light of eternity requires the fear of the Lord residing within our hearts. To gain a proper perspective and live with eternal significance, let us cultivate a deep reverence for God in every aspect of our lives.

[19:27] Genuine Repentance: Actions that Reflect True Transformation

In Acts 26, Paul boldly declares his message of repentance and turning to God to King Agrippa. He emphasizes the importance of performing deeds in line with true repentance. While salvation is a free gift based on the grace of Jesus, it requires action when Jesus says, "Follow me." Paul's message resonates as he urges believers to demonstrate their repentance by taking tangible steps towards change. Whether it's breaking free from addictions or rectifying dishonest practices, genuine repentance calls for actions that align with the transformation of the heart.

[24:43] Wholehearted Devotion: Surrendering All to Love God

In emphasizing the first and most important commandment, Jesus instructs us to love the Lord our God with every aspect of our being - heart, soul, mind, and strength. This goes beyond mere sentimentality; it entails wholehearted devotion and complete surrender to God in every area of our lives. It means obeying Him in all aspects - from our relationships to our finances, from our physical well-being to our business endeavors. True love for God leaves no room for half-heartedness or selective obedience; instead, it encompasses a radical surrender, acknowledging that everything we have belongs to Him, and we willingly follow His guidance in all things.

Learn from an expert how to future-proof your business! 

In this landmark 50th episode of the Wealth Well Done podcast, Eric Scovill sits down with his longtime business coach and mentor Shawn Dill. Shawn has provided Eric invaluable guidance over the years, helping him achieve success in his business and beyond. 

From navigating political trends to adapting with changing technologies, gain insights on maintaining stability during uncertain times. Shawn also offers valuable advice for scaling your company to more affluent clientele. Learn trends in areas like social media, AI, and podcasting that can impact businesses. 

Plus, don't miss Shawn's inspiring personal story of overcoming obstacles and achieving success through the “Book Yourself Solid” program. 

Here are some topics from today’s discussion:

• Accurate economic predictions

Episode Highlights:

[04:46] Looking Ahead to Uncertain Times

Shawn provides his perspective on the current economic climate and shares why he believes continued decline is ahead despite attempts at a soft landing. With accurate predictions of COVID's early impact under his belt, his forecasts offer valuable insight for financial planning.

[12:00] Navigating Political Polarization and Maintaining Neutrality

Understand multiple perspectives and plan for either election outcome rather than making impulsive decisions based solely on partisan views. Shawn's advice is to pick their lane but also consider all possibilities as one side is guaranteed to win each election cycle.

[16:11] Tracing Societal Shifts Through 40-Year Cycles

Shawn draws from the insights of book “Pendulum” to trace the 40-year cycles that have shifted societies between more individualistic "me" eras and more collective "we" periods throughout history. He notes that 1983 marked the peak of the last "me society" while 2023 represents the height of the current "we society" trend. He points to the rise of social media in the early 2000s as signaling the move towards greater collectivism after the individualism of the 1980s. Shawn also predicts AI may be the force that signals the next major shift away from a "we" mindset in the coming decades.

[30:45] Preparing Businesses for Recession

Shawn discusses the difference between serving upmarket versus downmarket clients. While a recession may negatively impact those at all wealth levels, the effects are significantly greater for those with less wealth and purchasing power as even a small percentage loss can disrupt their budgets and lifestyles. Shawn recommends that small and mid-sized businesses focus on marketing, experiences, and sales processes catered to those in the upper middle and upper classes who still retain the ability to spend during an economic downturn.

Resources Mentioned:

www.shawndill.com

www.bookyourselfsolid.com 

Pendulum by Roy H. Williams and Michael R. Drew

Keep your legacy intact with the right life insurance strategy. Most people think of life insurance as simply coverage, but did you know it can help pass on a multi-million dollar inheritance intact?

In this episode of Wealth Well Done, Eric Scovill provides practical advice on using different types of life insurance to protect your family's financial future. Eric discusses long-term care options, the pros and cons of term vs. permanent policies, and how to determine the right death benefit amount. Eric also shares how to avoid estate taxes through an irrevocable life insurance trust. 

Whether you're just starting out or have significant assets, learn tactical tips to effectively use life insurance in your financial and estate planning.

Here are some topics from today’s discussion:

• Long-term care insurance options explained

Episode Highlights:

[03:26] Long-Term Care Coverage

Eric notes that older policies from when the coverage first launched had advantages like fixed premiums that are no longer seen in today's marketplace. He warns that new standalone long-term care policies typically allow for rising premiums without guaranteeing coverage amounts. However, Eric advises connecting long-term care insurance to a life insurance policy provides more stability, as it fixes the premiums while tying it to a death benefit. 

[13:00] How to Determine the Right Death Benefit

When determining the appropriate life insurance death benefit amount, Eric stresses considering outstanding debts, foreseeable large expenses like funding children's college educations, and replacing the income that would be lost upon the insured's death, as this is typically much higher than most clients initially estimate and often leads to a significantly higher coverage level than first proposed. 

[15:57] Other Types of Insurance Policies

• Universal life insurance: Offers a fixed death benefit that stays the same. Premiums are generally lower than whole life. Cash value can be accessed but may affect the death benefit. Meant to last a lifetime.

Have you ever wondered what riders and deductibles really mean? 

In this episode, Eric Scovill dives into the importance of having the right insurance policies in place to protect your future. He breaks down the basics of key property, health, and life insurance policies in an easy-to-understand way. From homeowners coverage to long-term disability, Eric explains what you need to know about assessing risks, reviewing policy details, and choosing the right amount of protection.

Tune in to finally understand insurance and feel confident that you and your loved ones are protected for whatever may come!

Here are some topics from today’s discussion:

• Understanding your homeowners and auto policies

Episode Highlights:

[08:15] Why Choosing a 'Premium' Insurer is Worth It

Eric cautions that while it's important to ensure premium increases are reasonable, consumers should avoid simply choosing the cheapest policy. He warns that low-cost coverage may lack important protections, leaving one vulnerable if a claim occurs. It's best to go with a reputable insurer known for treating customers well during the claims process. After all, insurance is meant to provide relief in times of need. Getting the lowest price isn't wise if it means the policy won't adequately cover expenses when they're most needed.

[11:33] How to Ensure Your Insurance Fits Your Needs

Eric cautions that agents competing primarily on price may inadvertently reduce important policy protections. He advises policyholders to proactively discuss their coverage needs with agents to identify any gaps. Rather than simply increasing premiums, the goal should be understanding what level of protection is appropriate for an individual's unique circumstances and risks. Open communication with one's agent helps safeguard against both underinsurance and overpaying for unnecessary coverage.

[12:15] Things to Consider When Securing the Right Insurance

Some key things to consider when getting an insurance policy include:

• Your specific risks and exposures - think about what you need protection from based on your situation.

[20:27] Other Types of Insurance:

• Property and casualty insurance: Covers damage to homes, vehicles, and other property. Includes homeowners and auto policies.

According to research from the Exit Planning Institute, only 20% of businesses will successfully transfer or sell, while 80% will not. And in that 20% of businesses that do manage to sell, 75% of those owners profoundly regret selling within one year of the transaction.

In this episode, Eric Scovill discusses important factors for business owners to consider when deciding whether and when to sell their company. He discusses reasons for selling a business, some steps business owners should take before a sale, what life after the sale looks like, and the importance of maintaining purpose and priorities like one's relationship with God.

Here are some topics from today’s discussion:

• Reasons to sell a business

Episode Highlights:

[02:38] Reasons to Sell a Business

Here are three key reasons Eric discussed for potentially selling a business:

1. Reducing risk - Owning a business represents the majority of most owners' net worth, making it a highly concentrated risk. Selling allows diversifying into less risky assets.

[13:09] Stewarding Your Legacy

Eric explains that if a business owner's goal after selling is to produce an income stream with similar tax advantages as their business, they will likely need to invest in alternative asset classes like real estate, royalties, or private placements. However, Eric cautions that stepping into investments as a truly passive form of income could remove the owner from their area of expertise. Instead, he suggests it may be better to bring in managers to continue running the existing business rather than attempting to replicate the income as a novice investor in new asset classes. 

[20:20] Adopting a Buyer’s Mindset

Some of the key strategies Eric discussed for adopting a buyer's mindset when preparing a business for sale included:

• Focus your financial reporting and metrics on what a buyer wants to see (ex.a breakeven business with recurring revenue and low accounts receivable)

Resources Mentioned:

Generational Equity

Secrets of the Secret Place by Bob Sorge

To Whom Much is Given by Jay Link

Halftime by Bob Buford

As leaders, it’s so easy to feel overwhelmed and lose your way during challenging times. Join today’s discussion as Eric Scovill continues the conversation with Gary Harpst of LeadFirst. Gary encourages leaders to view challenges with people as part of the job, and outlines a simple process for building unity in your team that actually works. Learn how to diagnose issues, get employees back on track, and view problems as opportunities. 

Here are some topics from today’s discussion:

• Defining the four parts of human architecture

Episode Highlights:

[02:57] A Biblical Framework for Diagnosing Team Issues

Gary outlines a biblical framework for understanding human nature and how it can help leaders diagnose problems within a team. He explains that Scripture depicts human architecture as consisting of four main components: the heart, mind, imagination, and actions.

The heart represents our deepest desires and purposes. The mind is where we use reason and principles to form ideas. The imagination then takes those ideas and makes them more tangible or visible. Finally, our actions flow out of what we imagine.

Gary says that when a team member is struggling or not fitting in well, a leader should consider which of these four areas may be the root issue - is it a heart/purpose problem, a mental reasoning problem, a lack of clear vision/imagination, or a disconnect between imagined goals and actions? Understanding this human architecture provides a starting point for diagnosis that addresses the real problem, not just surface symptoms.

[07:40] The Power of Casting the Vision

It’s important that leaders clearly articulate a shared vision for the organization. By explaining the vision in a way that engages both the mind and imagination, a leader can use their own imagination to bring the envisioned goals to life in a compelling manner. This process of casting the vision draws people into adopting the same purpose and direction, effectively motivating the team towards unified goals.

[22:31] The Messy Reality of Leadership

Gary uses a farming analogy to illustrate that dealing with difficulties is an inevitable part of leading people. While machines are predictable, organizations consist of humans with complex lives outside of work. Gary encourages leaders to accept that relational problems and "piles of crap" will arise, as handling challenges with employees is as much a job responsibility as dealing with manure is for cattle farmers.

[27:23] The Bond of Love

While physical objects are held together by electrons, an organization is comprised of human beings whose connection is formed by caring for one another through love. Gary states that authentic care, concern and love for each other as fellow image-bearers of God is what truly unites people and allows them to work well as a cohesive team.

Resources Mentioned:

LeadFirst

Built to Beat Chaos: Biblical Wisdom for Leading Yourself and Others

Chaos is not something to be avoided, but embraced as part of God’s design. In this episode, Eric Scovill sits down with entrepreneur and author Gary Harpst to make the case from Scripture that we are all created to overcome chaos and bring order. Gary also shares practical tools for diagnosing and addressing chaos in our lives, organizations, and relationships.

Here are some topics from today’s discussion:

• Chaos is God-ordained, not something to be feared

Episode Highlights:

[02:27] What is Chaos?

Gary defines chaos as the raw and unformed state of things that exists prior to the imposition of order. It is a state of disorder, uncertainty, decay, or abundance of resources and choices that can feel overwhelming without clear direction or focus. Rather than something to be feared or avoided, Gary sees chaos as a natural part of creation. According to Genesis, it was the first thing God brought into being. He argues that chaos is not inherently bad, but rather provides the materials that humans are designed by God to take and apply purpose and order to – through our work, leadership, and various endeavors. We fulfill our role of bringing order to chaos by taking the disorganized state of affairs and imposing organization, structure, and unity of purpose through our efforts to steward resources and relationships well.

[16:57] The Courage to Change

Any system or process that is established will naturally experience entropy and decay over time if not properly maintained. As a leader, you must have the courage and wisdom to recognize when something is no longer effective and in need of replacement, rather than clinging to it simply because it already exists. Letting go of outdated policies, initiatives, or ways of doing things, even if they were once successful, requires courage. But it is critical for progress and adapting to new realities. Effective leaders are willing to stop degrading processes and replace them with something better aligned with the current environment and objectives. This allows the organization to continuously improve rather than rest on past successes.

[24:31] Chaos and Purpose: Two Sides of the Same Coin

Where there is chaos or disorder, purpose provides the solution by imposing organization and direction. But purpose also relies on and arises from chaos as its raw material. Without some initial chaos or abundance of unformed resources, there would be nothing for purpose to shape and create value from. Purpose brings order to the chaos, but that order then becomes subject to entropy and decay over time if not maintained, eventually reverting back to a state of chaos once more. So purpose both solves and is fueled by chaos in an ongoing cycle. They cannot exist without each other. Where there is chaos, purpose provides the way forward, and purpose itself creates new systems that will eventually need reordering.

Resources Mentioned:

www.leadfirst.ai 

Built to Beat Chaos: Biblical Wisdom for Leading Yourself and Others

Raising kids of wealth comes with unique challenges and opportunities. How do you then raise them – and do that well? In this episode of the Wealth Well Done podcast, Eric Scovill brings in Andrew Barlow to share his practical advice for raising children of wealth. Andrew shares lessons from his own experience growing up and now raising his own kids. 

If you’re a parent seeking to shepherd the hearts of your children through wealth and success, this episode offers valuable guidance for any family navigating intergenerational transfer of resources.

Here are some topics from today’s discussion:

• Creating character-building opportunities for kids who may not face as many hardships

Episode Highlights:

[16:52] Creating Character Building Opportunities for Kids

Andrew believes that challenges and difficulties are what help form greatness in children. He shares that he intentionally creates opportunities for his daughters to take on hard things and experience failure, whether through sports, instruments, or other activities. Some examples he gives are having them work out with him in the basement gym or not giving them the answers to homework problems directly. The goal is to develop grit and perseverance while being supportive as a parent through these challenges. Andrew also notes the importance of allowing kids to try different things and potentially fail, as this is a great teacher.

[23:10] Failure is a Great Teacher

Andrew discusses the importance of allowing children to experience failure. He shares that some parents can be overly protective by "pushing in bubble wrap" and not giving kids opportunities to try things and potentially fail. However, Andrew believes failure is a "great, great teacher." It provides learning experiences that help children grow. By allowing kids to take risks and not always having a "safety net," they learn perseverance in overcoming challenges. This builds character and grit that will serve them well as they navigate different phases of life.

[29:22] Communicating Wealth to Your Kids

When it comes to communicating about wealth and finances with children, Andrew focuses on teaching the value of money, hard work, and generosity from a young age. He involves his kids in simple investing concepts by putting a portion of their money into age-appropriate investment accounts and showing them how it can grow over time. Andrew also prioritizes explaining why they have been blessed with abundance - so they can bless others in turn. He gives examples of involving his daughters in choosing charitable gifts and ministries to support with their own earned money. The goal is for the kids to understand wealth as a tool from God to do His will, not something that is owed to them.

Resources Mentioned:

HIS Kingdom Resources