Thomas DeSchutter: Financial Planning Strategies For Creating & Protecting Wealth

Chatting With Champions Podcast Interview #96. Tyler Basu and Thomas DeSchutter “Financial Planning Strategies For Creating Protecting Wealth”

Thomas DeSchutter | Financial Planning Strategies For Creating And Protecting Wealth | Chatting With ChampionsA seasoned financial professional and a partner at Bloom Strategies, Thomas DeSchutter is committed to his clients’ success in achieving sustainable personal wealth. He believes in empowering individuals to become stewards of their own financial affairs so that they can live their lives with joy and ease. As a result, he specializes in guiding clients who want to create intergenerational wealth.

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Topics discussed in this interview:

  • How Thomas got started in business
  • The process of starting and growing his financial planning business
  • Why most individuals are struggling financially
  • Habits that sabotage financial success
  • How to save and invest money for the future
  • Tips for managing your business’s finances and personal finances efficiently
  • How to protect your wealth and pass it on to others
  • Challenges entrepreneurs face and how to overcome them
  • Specific habits that are key to Thomas’ success
  • Thomas’ definition of success
  • Advice for aspiring entrepreneurs

Resources mentioned:

Key quotes:

  • If you’re in a group or a partnership and you’re not all going in the same direction, get out, move on. Because if you’re not all pulling the rope in the same direction you’re not going to go anywhere.
  • I’ve always had my own business ventures. I can’t imagine working for somebody. I don’t know what that looks like. I’ve never really done it.
  • The difference between wealthy people and poor people are wealthy people save first and spend what’s left. Poor people spend first and save what’s left.
  • Put money into a savings strategy, and never stop doing that. The time-value of money, the principle of compounded returns, is in your favour the earlier you start. And you can’t make up for that lost time later.
  • Consumerism is a very big trap. We’re taught early on that we need to have that latest, greatest whatever. That’s just not the case.
  • There is a difference between a savings and investment. Savings is money that you cannot afford to lose. When you make an investment, you’re taking on risk.
  • For somebody starting out in business, it’s critical that you build in the discipline of separating your business from your personal finances.
  • The quickest way to bankruptcy is to drain the cash flow and spend more than what you’re making.
  • Go be an expert at what you do and make a killing financially. Then hire somebody who’s an expert in the world of how to keep your money and protect it and pass it on, and let them do their job.
  • In the beginning you’re likely going to have to do something you don’t necessarily want to do, until you can get to the point where you can cut that cord.
  • When you’re starting your own business or you’re working for yourself, you don’t have a lot of support mechanisms in place. You have to have a lot of self-belief. You have to be your best cheerleader.
  • I can’t control what other people are going to do, but I can certainly control what I do.
  • When I wake up, the first thing I do is put a smile on my face. Already, my day has started in a particular direction that I designed.