Winning On Wednesday

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Joel Salomon Recording

Speaker 1

Welcome to winning on Wednesday. My name is Juan VITAS, I’m the founder of winning on Wednesday. Today’s guest is Joel Solomon. Joel Solomon has been a Chartered Financial Analyst since 1995. In 1992, he was named a fellow of the Society of Actuaries. Joe Solomon is a prosperity coach who has helped others overcome obstacles standing in the way of their financial freedom. In 2021, Joe published a personal money management bestseller, infinite love and money with Molly Singh. In 2019, Joe published the nine money rules millionaires use only the unconventional ones, which was a bestseller and both self help and personal finance. In 2018, he published a mindful management Memoirs of a hedge fund manager which is also a best seller. In 2012, he achieved a decade’s long dream with the launch of his own hedge fund, Salam wa capital, named after his two daughters, Lauren and Morgan. Solomon’s financial experience includes management and 700 million long and short and credit portfolio for Citi. Salomon generated positive returns every full year during his time at Citi, including 2008 When the market suffered 40% losses, and financial stocks, the only ones he managed managing collapse 57% Welcome to the show. Joe, how you doing to welcome to the show.

Speaker 2

Thank you so much. One, it’s such a great pleasure to be here. I’m really honored. Thank you so much for having me. No problem. And

Speaker 1

so tell us about it. Tell us about yourself. Tell us about you know, about I like to start with everybody. Where did you start from the very beginning. And I always say that starts with home with your family, your parents, what did your parents do for a living? You know, this is a business show. So we would like to talk about the business. But I’m just curious to always find out what parents did for a living to see where your background came from, and where you get came from and where you are today.

Speaker 2

Yeah, first of all, I just like to mention, my company names solemn wars named after my daughters. I have two daughters. They were just born yesterday. But 13 and 16. Now, believe it or not, it just time flies. Wow. lore is Florin Moore’s for Morgan. And the name of the company is solid more. So what did my parents do for a living? My dad was an optometrist. And if you asked him or asked me what your his purpose was, he would have said eye doctor. That was his true purpose. He, his father was an eye doctor, he was an eye doctor, and he did it for 60 years. Why doing something doing your profession for 60 years? So that was his purpose. Wow.

Speaker 1

And your mother,

Speaker 2

what did she she was a reading teacher. And, you know, she she really liked, she was into reading about the importance of reading. And she, she was a teacher who taught you know, kids who had difficulties reading. So the kids over had to be taken out of the class to to be to improve their reading. She was like the adjunct teacher and many of the classes for many, many years. I you know, she retired at 65. My dad retired at 85.

Speaker 1

Oh, wow. And when you were little, what did you watch to strive to become when I mean, so I’ll tell

Speaker 2

you my first dream. I was a despite the fact that I grew up on Long Island. I was a big New York Yankee fan. If you asked me what my dream was, it was catcher for the New York Yankees, because I was a big, big fan of Thurman Munson. And he played the game with passion. And he was my hero. So nine years old. I wanted to be a Yankee catcher. But I had a really hard time hitting the fastball and the curve was even more difficult. So didn’t end up doing that.

Speaker 1

So what did you end up going in your degree? And yeah, so

Speaker 2

I might in college, I started out with going for coding computer science, believe it or not, I think you might have gone in similar direction and but I didn’t love it. And I wasn’t great at it. So I transferred to a math and statistics major. So I got a double major in math and statistics at the University of Rochester.

Speaker 1

Wow. And did you have any role models when you were growing up anybody that inspired you to any role models?

Speaker 2

Growing up well I’d say if I go back to like 20s, Warren Buffett was my role model. And I looked up to him as being like a great money manager, and a kind soul. If I go back earlier than that, I remember doing a biography on Abraham Lincoln. So that was, I think there’s been more books written about Abraham Lincoln than any other person in the world besides Jesus.

Speaker 1

Wow, I didn’t we didn’t know that about that.

Speaker 2

So, you know, well, you know, he was a, and he achieved most of his success in life, after 50. I mean, he, he got married very late in life. He was he was very struggling with a lot of defeats and elections into into his 40s. So, a late bloomer, and so he, you know, a lot of integrity. And that’s, that’s what I’m all about.

Speaker 1

Yeah. And, you know, and I’m seeing a theme for the show, and it’s passion. Um, you know, you have to have a passion for what you love and do and it doesn’t matter what age you are. And look at your parents. Wow, six years of the 60 years, that’s a very long time still impressed by that. That’s like a Cal Ripken. That’s a Cal Ripken record right there. You know, wow, that’s, uh, you know,

Speaker 2

yeah, I was actually sure that after he retired, he was going to die the next day, because that was truly His purpose and passion. And, and, and I, when I did the eulogy for him last year, I talked about the fact that he had two purposes. One was, was, you know, being an optometrist, the second was having fun. And he had fun during his day as an optometrist, and he would joke around and being sarcastic, he loved to play games and joke around with his clients. So that bringing that into your life and just having fun, I think is really important.

Speaker 1

A you know, and that just brings up positivity to the world. And wow, and to pass on those values on to you. That’s truly amazing. And you you have that right now.

Speaker 2

So what what made you decide what, you know, from what was your last

Speaker 1

night to job, the nine to five job? What was the last, like, real job that you had before you decided to go on your own?

Speaker 2

Well, I mean, I worked at a large bank, as a hedge fund manager. So I don’t know if we kind of had our own p&l profit and loss statement. So I don’t know if that really was nine to buy. I don’t I don’t think I’ve ever had a nine to five job to be honest. Like, I I worked long hours even at my very first job as an actuary, but I would say that was my last where I worked for a company. Tell us about

Speaker 1

that about your at your first job about that. Yeah, actually, we were that was your first job, your first professional job?

Speaker 2

Yes. So maybe some listeners know the difference between an actuary and accountant I say an actuary looks at his feet, when he talks to you and account looks at your feet when they talk to you. You can Yes, I got it. I got it. So but an actuary what an actuary does is he’ll calculate the premiums you have to pay for your life insurance or health insurance or car insurance. Home Insurance. Yeah, I always thought of statistics. I always saw

Speaker 1

actuaries as like forecasters, as weather forecasters is telling you the weather is gonna be hot or cold out there with your numbers. So that’s how I see an actuary is actually I have a friend, a very good friend who I went to school with. He’s an actuary, and he teaches in, in NASA Community College, actually. So it’s really interesting about that.

Speaker 2

Yeah, a lot of statistics, a lot of calculus and math and some actuaries calculate, you know, per day, kind of long, you’re gonna live. Yeah,

Speaker 1

isn’t that crazy? And I gotta tell you something, me. Being in tech and the tech world, I didn’t realize how important about the numbers and data’s are statistics and data is how important that is. And this is just, I’m always amazed by these numbers and data. So absolutely. And so what? So when you went on your own were you? Were you nervous? Scared? I mean, when you went out on your own, like you decided to leave your your regular job and just decided to go on your own is that you didn’t have any fear or nothing like that. Right? Or did you? And if any thoughts,

Speaker 2

question one, I guess. So when I first saw I was working at this large bank. And there was a law passed that that said that banks can own hedge funds. I was managing a hedge fund. And so we all got laid off. So I really had no choice. Although I did, I had to be completely open with listeners, I did start looking for other jobs. And believe it or not, even though I made money in 2008 and 2009 and 2010. When I was laid off, I had a hard time finding a job and I realized that maybe It was a sign that I’m supposed to go out on my own. So I started doing the due diligence to create my own hedge fund. And was I worried and scared now with my dream. That was my apps. If you had asked me in 1992, Joel, like, Okay, so you’ve been working for a few years, you’re working as an actuary, but if you could do anything, you know, you just won the lottery twice. But you have to do something at least four or five hours a day, what would you do, I’d say, professional money manager. So it took me 20 years to do it. But I achieved my dream. And I raised money. I talked to all the insurance companies that I was investing in at the large bank, and, you know, one of them ultimately decided to give me money, and I was off to the races. So no, really wasn’t nervous or scared. But I will provide when we talk about the Golden Nugget in a few minutes, I’ll provide you with some. Yeah, no worries, though. He’s in a little bit right now. But um,

Speaker 1

but you know, it’s very interesting, I guess. I’m guessing the reason why you weren’t? Well, you are not nervous is because you already had the passion and drive when I think when you have a passion and drive it you you don’t you there is no like, it’s like, you’re fearless. You know, because you have a passion you enjoy to do? And there’s no, you know, it’s I always say, you have to enjoy what you do. Because then the you never work for the in life.

Speaker 2

Exactly. And so that happened to me twice. So right after I got laid off, I started my own hedge fund just within a year of that. And then when I decided to shut down the hedge fund, you know, it was the epiphany to start prosperity coaching, and zero doubt like I, you know, my my investors weren’t happy, my colleagues weren’t happy. But for me, it was, it was purpose, it was okay, this is what I’m really supposed to do with my life is to help others become financially free.

Speaker 1

So as you mentioned earlier before, this is the segment that we like to leave the Golden Nugget piece. And this is where a piece of information we like to share that will help business owners or other people business become better business person. So is there any information that you’d like to give? Back? Or was the best though?

Speaker 2

Yeah, so one, for me, the biggest part of what I teach is mindset, money mindset. And both when I was about to start my hedge fund, and when I was to start my prosperity coaching business, there were a lot of people outside of me giving me doubt. So I knew when I when I was an actuary, people said, Joel, you can’t be a professional money manager. When I when I wanted to start coaching, they said, Joe, you have no experience coaching. So my golden nugget is, is hashtag doubt the doubt, have faith in your dreams and desires. And I know, it sounds, you know, kind of cliche, but it’s absolutely true. If you have if you have faith in your doubt, then you’re not going to achieve your dreams, but have faith in your dreams to doubt your doubt. And whenever you start doubting yourself, there’s specific techniques you can use to overcome that doubt. We can get to get into that if you’re interested.

Speaker 1

Well, thank you for that information. It’s been very great. The other thing I wanted to ask you is, have you had any achievements that we’ve done that you’d like to share with us to our listeners that, you know, at this point, as you know, you’ve you’ve accomplished a lot so far. And, and by the way, I noticed that you travel a lot. I know you went to Egypt, you know, and all these other places. Is there other achievements that you’d like to share to our listeners?

Speaker 2

I, for me, the biggest achievement, believe it or not, and it’s very personal is my biggest fear in life was public speaking up until six years ago, in 2016. And I overcame that fear by joining Toastmasters in January 2017. And for me, my biggest achievement was just a few months later, on March 4 of 2017 When my oldest daughter Lauren was bought Knutsford and I was able to speak in front of the 200 people who attended and of course, Lauren, and was able to speak about her. And her amazing manifestations are amazing first 13 years in front of those people for 17 minutes without any notecards and I was I’m so grateful for Toastmasters for teaching me how to speak and without any index cards without any notes And for me that that is and I went on to be able to speak at my other daughters by mitzvahs as well. But for me that that was a huge, huge achievement.

Speaker 1

Well, what is a Mazel Tov, right? But listen, I don’t know how you memorize all those prayers because I went to my friend’s daughter’s Bar Mitzvah and I gotta give it to you those prayers in Hebrew. Oh, my goodness, I don’t know how you did it. Because to be able to pronounce every single word. And I was like, I was truly impressed by even by that when I was hearing the prayers from my friend’s daughter that she turned 13 as well and

Speaker 2

wasting what you can do at 13. I don’t know. So I you know, at least the 13 I had the book in front of me, right. And I didn’t have to memorize things. But I Yes.

Speaker 1

Joe, you could have fooled me. I didn’t know that you were scared of public feed. I think all of us I mean, I am still scared. Believe it or not you believe in and I and I ran for office. I don’t have a problem for public office. And I remember even every time we get on stage even till this day, even to even do the while talking to 60 people I still get nervous, believe it or not, but it’s only seconds. But once you go into that program, it’s like autopilot. It’s like I don’t even think about it. It’s like it’s really interesting. I get hypnotized like, like it’s just it is programmed. It’s like you are so conditioned of seeing the same thing over and over that it’s just a precondition, it’s like I always say like it’s a comedian you ever gotten to see a comedy show? Now the same comedians uses the same skit over and over and it’s like after a while is like okay, we get your jokes done but you gotta get the material but I’m that guy but I’m more of a consistent but um so I wanted to ask you you’ve been tell us about wow I mean you’ve been coming to wow now for a while now. So tell us about your experience with well so far our listeners about wow

Speaker 2

yeah Wow works it’s been two years and I it’s very important to do the one on one meetings the follow ups with individuals for me there’s been so much benefit benefited my business as you know one it’s part of my money miracles membership that I started in September of 2021. About 25% of the members are well members which is really loud blowing the first course I did online in September of 2021 there were it was called infinite peace and prosperity it still is it’s a nine week course on based on my book The nine money rules millionaires use, and I say eight out of the 15 people who attended were well members and and it was really amazing to you know, that that that has continued and I don’t know why. They’re my biggest fans, they show up. They show up to all the calls there and the postings and like this. There’s one guy, Jan Hearn, stat on on in WoW. comments or likes every single day ever. I am like, Dan, you’re just like such the kind of soul ever. I mean, he’s just, you know, and they’re just, it’s just a great group of people.

Speaker 1

And you know, we got to get Jan on the show as well, we’ll get him as well. But he’s a good person that we have a lot of great people on the on the networking group. And I always say it’s about consistency, consistency is key. And the fact that we see each other talk to each other on a frequent basis. It you know, it builds trust and it’s always about starting friendship and then from friendship, to start to trust. And then finally business at the end because you know, you want to do business with people you like and trust.

Speaker 2

Absolutely. And look i to be open with you. I’ve had some nice friendships that have been established from wow you know, Marcelino Kadish is she actually helped me sell my mom’s house she she’s a member of the membership Wow, nice friends over the last couple of years and it’s just nice that way

Speaker 1

Yeah. And we have a wonderful story that we can share. You go winning on wednesday.com and click on the blog and you can read the story of Joe Solomon mostly, which is great. And thank you for that Joe. That was a great story by the way so we can you can hear and and listen to and listen and hear because we’ll put the podcast there show as well. Joe, what is the best way to contact you?

Speaker 2

Yeah, you can contact me on my website solimar.com Again, named after my daughter’s so it’s sa Liu R mo r.com. I’m really excited. We got a membership starting up again, money, miracles membership, as I mentioned a lot of our members in it, great group of people who are supporting each other to create money miracles.

Speaker 1

Okay, and one more time for the website again.

Speaker 2

calm so it’s sa Leu R mo r.com Solimar.

Speaker 1

Okay excellent, Joe. Well thank you so much for this has been great. Thank you again for being income for our show.

Speaker 2

My pleasure one this has been awesome. I so appreciate you. Thank you for everything you do. You got

Speaker 1

it.