#366 Michael Sakraida: Rethinking Wealth, Balance, and What Really Makes Us Happy—Part One
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Who are the host and guest of this episode?
Hi, everyone. Welcome to our show, Chief Change Officer. I'm Vince Chan, your ambitious human host. Our show is a modernist community for change progressives in organizational and human transformation from around the world. Today, I'm chatting with Michael Secreta, the insightful money philosopher and author of the book titled Money, Balance, and Joy. Michael dives into the philosophy of financial well-being, showing that money alone isn't the golden ticket to happiness. He talks about the need for a balanced ecosystem, which includes monetary wealth, time wealth and social wealth. explaining that full fulfillment comes when all three work together. He also takes on Wall Street, the financial media, and financial influences, pointing out how they often miss the emotional side of financial planning. from risk tolerance questionnaires that don't account for real-life feelings to the misleading advice all over social media. Michael gives a candid and refreshing take. He also shares practical advice on how we can reclaim control of our finances.
build meaningful legacy, and manage life's financial curveballs with confidence. Michael, welcome to our show. Let's start with your journey, your money journey, your life journey, and your career journey.
What is Michael Sakraida's personal and professional journey?
And looking at my journey to where I am today with the mission of trying to help over a million individuals and their advisors, there's really three key segments to it. And the overriding theme in each of those segments is an extension of the Robert Frost poem of taking the road less traveled. I guess I took the road less traveled.
How did Michael’s upbringing and mentors influence his money philosophy?
that wasn't completed and the parts that were completed had some potholes and other damage to it. And so the first part of my journey to how I got here today was the developmental years. My childhood, I had lots of mentors and guidance and muses from people both alive and dead. Had two great-grandfathers who were very successful businessmen. One who came over from Eastern Europe, civil engineer. So he did build roads, actually, and made his fortune and went back. to the old country, which was unusual. And then another great grandfather who was in banking and finance and extremely wealthy and unfortunately was killed when his bank was robbed back the Bonnie and Clyde days with that. But my childhood, my neighborhood, neighbors, my parents, kind of what came out of that was
Not, I can't do this. I'm not able. How can I possibly do this? It was more, why can't I do it? And would sit around with some neighbors at our beach club in the South Shore of Long Island. And I would listen to their stories because I always had that curiosity. And in those stories and just observations, I saw that these were people, yes, they had the money. but they had the balance and they had the joy and fun in their lives. They had a range of interests that, besides being CEO of a bank, they also had a jazz that they orchestrated music and performed. Even in college, making sure I took not just the business courses, the finance, accounting, but also taking philosophy, having a history major. And there's a lot...
that people don't understand about history in terms of the value of it, because it's not just remembering regurgitating dates and locations and activities, but what led to it, what really caused it. With history, you have the advantage of that time so that you can have now the revisionist view.
Why did Michael choose a lower-paying job over a higher-paying brokerage position?
with a more accurate view of that history so I applied all this to that which took me to my second stage and that was the kind of the learner's permit as someone told me at my beach club and that is going out there working for companies when I started I had two job offers one was with a brokerage firm and being a stock broker. The other was investment management firm. brokerage firm paid more, but I didn't see the same growth and development and didn't like the whole, at the time, brokerage model. So I took the lower paying job and was very successful with that. Again, because I didn't know I was too young. We had this mutual fund that was started to take advantage of foreign tax credits for U.S.
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Chapters
8 chapters
1
Who are the host and guest of this episode?
0:12–2:39
2
What is Michael Sakraida's personal and professional journey?
2:39–3:04
3
How did Michael’s upbringing and mentors influence his money philosophy?
3:04–5:30
4
Why did Michael choose a lower-paying job over a higher-paying brokerage position?
5:30–7:27
5
What was Michael’s experience with his first big investor?
7:27–10:38
6
What is the connection between money, time, and joy in achieving happiness?
10:38–14:07
7
How does the 'Money, Balance, and Joy' concept redefine wealth?
14:07–17:06
8
What is the 'total wealth concept' in managing personal wealth?
17:06–24:57
Speakers
1 identifiedMore from Chief Change Officer™: Ensemble
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