b'The Tech Cumulus June 2021SHINY NEW GADGET OF THE MONTH Why Youre Not Rich Yet Cancel Stress With CoveWouldnt it be nice if you could just press aRecently, Petra Coach presented a webinar, button and your stress would melt away?Why You Arent Rich Yet, with David Waddell Well, now its possible, and its thanks toand Teresa Bailey of Waddell & Associates. Cove. The first of its kind,The webinar is aimed at helping entrepreneurs Cove is a wearableidentify key biases that may be preventing them device (like a pairfrom maximizing their net worth and also shows of headphones)them how they can change things to actually designed with stressmake a substantial profit. You can see the full cancellation in mind.webinar at PetraCoach.com/why-you-arent-rich-yet-with-david-waddell-teresa-bailey Cove rests on your earsAnna is an entrepreneur with $200,000 in cash. and wraps around theWhy Youre Not Rich Yet Reason #1:She needs to decide what to do with it, so she back of your neck. It uses subtleBecause Youre An Entrepreneur calls her bank. The bank offers to increase vibrations behind your ears to soothe yourAnnas overall deposit interest rate (as well as a stress. Over 90% of those who participatedBut youre also human. So, you have manyfew bonuses) if she deposits the cash. in clinical trials reported a marked decrease intremendous attributes, but you also have some stress, and 91% reported sleeping better.communication and thinking biases (bias as inThen she calls her tax preparer. The tax being an illogical preference or prejudice). Thispreparer suggests that Anna should open an If youre looking for a new and innovativegets in the way of your pursuit of wealth.investment account with the firm. way to help manage your stress, Cove may be the answer. Due to its compact,The answer may be behavioral coaching Lastly, Anna calls her financial advisor, who tells lightweight design, it can be used anywhere,changing the way you think about wealthher to think about retirement and to purchase a anytime. Learn more at FeelCove.com.management. When it comes to investing,whole life insurance policy or a variable annuity. you have the investment return (what your return should be), as well as what your returnWhat should Anna do? She pays off her condo The #1 Way Hackers Break Intoactually is. Then theres the behavioral gap and avoids the 3.5% interest on the mortgage. Small Business Networks the difference between the investment returnIt made sense. and the investor return (based on the human Cybercriminals always haveaspect). Coaching helps close the gap.Heres the problem: none of Annas providers new ways to break intoreviewed Annas balance sheet (and life, in business networks.Why Youre Not Rich Yet Reason #2:general). They didnt consider possible factors However, there isBecause Youre Too Busy To Be Rich like family, lifestyle, debt or liquidity. Its possible one method of entryAnnas only liquidity was the $200,000 or her in their toolkit thatYoure too busy with your business. Too busyonly debt was the condo (some would argue the works better thanin the weeds, so to speak. If you place prioritymortgage with a 3.5% rate was an asset).anything elseandhere (delegate, shift focus, etc.), changeit isnt new! What iswill happen.Why Youre Not Rich Yet Reason #4: this #1 way they breakBecause You Dont Have A Strategy Outside into business networksWhy Youre Not Rich Yet Reason #3:Of Your Business Strategyjust like yours? Because You Dont Have A Coordinated Strategy Implemented Across All Of YourHave you done the math? What does your Social engineering! It can take manyProfessional Service Providers balance sheet look like? It comes down to this: different shapes, from phishing and smishingknow thy balance sheet. scams to simple phone calls. According to a 2020 Security Intelligence study, nearly one- David Waddell is the founder and CEO of Waddell & Associates. He third of cyber-attacks start with a phishingis also the firms chief investment strategist and chair of the W&A e-mailand the number is rising.investment committee. Outside of the firm, he serves as the chair of Epicenter Memphis and is co-chair of the Memphis Chamber Chairmans This highlights the need for employeeCircle. His expertise has been featured in Forbes, The Wall Street Journal education on cyberthreats and how toand Barrons. Teresa Bailey is the director of development and the wealth identify these types of scams. After all, yourstrategist with Waddell & Associates. Shes also a certified financial planner and a certified divorce financial analyst. Working directly with employees are your first line of defenseexecutives, entrepreneurs and other professionals, she helps develop against these kinds of threats!financial road maps so they may reach their business goals.Technology That Works!216-393-24843'