Episode 685 - The Timeless Value of Quality

This week on Monday Morning Mojo, Phil discusses the value of quality items and experiences, using his old Gokey boots and vintage furniture as examples. He emphasizes that quality items, despite their wear, carry history and sentimental value, unlike cheap, shiny new objects. Phil relates this to wealth management, highlighting that long-term relationships and quality service are more valuable to clients than the latest technologies. He encourages the listeners to consider the true value of quality and craftsmanship in both personal and professional contexts. 

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Transcript

Top performers in every field surround themselves with those who inspire them, who seek to build them up, and who push them to reach beyond their current limits. I'm Phil Buchanan, Executive Chairman of Cannon Financial Institute. I designed Monday Morning Mojo to provide you with a weekly spark, a push, and motivational insight to live your best life.

Thanks for joining. Greetings, Cannon Nation. It is Phil here with Episode 685 of Monday Morning Mojo. Today, we look at the value of experience. Back in the late 1980s, I bought a pair of gokey boots. Along with that, I purchased a Willison Geiger outdoor jacket. Now, having worked during college for my spending money, I had always been pretty frugal on the items I purchased.

Well, neither of these items could have been acquired on the cheap. They took a lot of cash. The jacket, unfortunately, was lost on a hunting trip in the early 2000s. But those gokey boots, well, they're still on my feet every time I hunt quail. They've been resold, but they have not been replaced. Today, yes, we are going to dive into the world of quality items and quality experiences.

Sometimes those items may, uh, show a bit of wear versus cheap, bright, shiny objects. But this is a tale of character, of sustainability, and ultimately, of quality. Now, going back to those boots, I don't remember the actual price I paid when they were brand new. I'm guessing it was close in price to what it now costs to do a total refurbishment of the boot.

Yet I gladly pay the refurbishment fee. Why? Well, quality and history play equal parts there. I want you all to think about your favorite pair of jeans. The one that fit just right. They may have a few nicks or scuffs on them. They may have a rip or two. And yes, they're likely to have faded from years of wear.

But when you compare them to a brand new pair that may look perfect off the rack, but they just feel stiff and unyielding and they just don't quite do it for you. There's a distinct difference, right? Well, those worn jeans have a story behind them, a history. They've molded to you over time, offering comfort and familiarity.

Well, the same is true for my boots. When I slip them on, I find that my mind tends to wander to hunts long ago and the people that I hunted with along the way. Many of those folks who have passed on in a way it forges a connection to the past. Well, see this type of scenario applies to many aspects of our lives.

Let's take furniture as an example. At our family farm, we have several vintage wooden chairs around our dinner table. All have scratches and scuffs. Yet, these scuffs and scratches not only provide aesthetic charm, but it also speaks to the resiliency. These were built to last and have, in a way, proven their durability.

They also have been used by multiple generations of our family. And so there is that connection as well. Now, a newer, brighter, cheaper chair might catch someone's eye with its shine and affordability. But its lifespan and its lack of connectivity, well, that would be limited. Short term solutions often don't withstand the test of time.

Today, there are a lot of bright, shiny objects in the world of wealth management. Every day, there's more information on technology, AI, marketing systems, etc. Yet, at the end of the day, from a client's perspective, well, most of these individuals and families aren't looking for or even deeply interested in the new new.

See, for them, it's very likely that their wealth wasn't created in an instant. Instead, it was built through hard work, through trial and error. And it was built over decades and generations. See, quality businesses are built on quality ideas delivered by superior people who have a servant's heart and an eye for detail.

The leaders of these businesses realize that their success is dependent upon building quality connections with their clients and delivering value over time. And when they mess up, they acknowledge it and fix it. There's an emotional connection we build with quality items and quality relationships.

Whether it's your grandfather's old watch, a hand me down quilt, or a long term relationship with a service provider. These items in relationships carry memories and yes, carry sentimental value. They become part of our personal history. Something a mass produced or shiny new object or shiny new idea just can't replicate.

So, the next time you're faced with a choice between a quality item with a bit of wear versus another cheap, shiny new one, think about the true value. Consider the story, the craftsmanship, the sustainability. In the end, it's these qualities that make something truly valuable. Additionally, the next time someone asks you what separates your business from other wealth advisors, consider your response.

Is the real value found in your adoption of the latest and greatest technologies and ideas? Or is it based on the depth and quality of the relationships that you've developed with families that transcend generations? Which answer really differentiates you in the eye of the client? Monday Morning Mojo is a production of Cannon Financial Institute.

Executive producer of Monday Morning Mojo is Sarah Jones. Editing and mixing is done by Danny Brewer. Production manager is McCall Chamberlain. Until next time, I'm Phil Buchanan reminding you to be a force for good. Have a great week and thanks for being part of the Mojo community.