What does it really take to build wealth that lasts? It starts with mastering the fundamentals.
Using a football analogy to break down the path to financial success, David explains how everyone—regardless of where they start—can move the ball forward. David Flores Wilson is a Certified Exit Planning Advisor (CEPA), financial planner, and founder of a New York-based advisory firm that supports entrepreneurs, business owners, and families in crafting and executing personalized financial strategies. With over 25 years in the financial services industry, David breaks down the five essential pillars of financial literacy—and how applying them can significantly increase your net worth over time.
David shares practical strategies for saving, investing, managing debt, protecting assets, and minimizing taxes—whether you’re at the beginning of your financial journey or preparing to exit a successful business. He also covers various investment strategies, the significance of real estate, and the advantages of personalized giving. David elaborates on exit planning for business owners, aligning their financial activities with their values and long-term goals.
Key Takeaways:
- 5:03 Why financial literacy is the true foundation of wealth
- 4:45 How to determine the right time to work with a financial planner
- 5:09 Real-life applications of the 5 pillars: save, invest, protect, manage debt, and reduce taxes
- 8:22 What stocks, real estate, and entrepreneurship have in common—and how to choose your path
- 15:46 The strategic value of philanthropic giving and impact investing
- 19:12 What business owners need to know about exit planning
📌 Whether you’re managing your first paycheck or preparing to sell your business, this episode is packed with the knowledge you need to build wealth with intention.
Connect with David:
- Email Address: DWilson@SincerusAdv.com
- Website: https://www.planningtowealth.com/
Connect with Corwyn:
- Contact Number: 843-619-3005
- Linkedin: https://www.linkedin.com/in/cmelette/
Support this podcast: https://podcasters.spotify.com/pod/show/corwyn-j-melette/support
DAVID:
Well, I would take a step back, right, in terms of that financial literacy is something that everyone should build that skill set. And so when we think about the levers of financial literacy, it’s okay, it’s saving, it’s investing, it’s protecting what you have, it’s managing debt correctly. And then of course, it’s minimizing taxes. And so if people can either learn those skills in those areas or build a team, or better yet, learn those skills and build the team, then they can make a lot of progress.
CORWYN:
Good morning, good morning, and great morning, guys. Welcome to another fabulous episode of Exit Strategies Radio Show. Hey, I am your host, Corwyn J. Melette, broker and owner of Exit Realty Local Group in beautiful North Charleston, South Carolina. Hey, if this is your first time listening to this show, you sir or ma’am are in for a treat. That is because our mission here is very simple. It is to empower our community through financial literacy and real estate education, guys. We are legacy building, that is what we do right here on this show. I want to give a quick shout out to those who listened to us faithfully all the way from Hollywood, what you know no good, through Monkey’s Corner. And y’all know my mama live out there, y’all, all the way up to Muddy Mullins, the Eminem, Mullins & Marion. Guys, thank you so much for tuning in. We really appreciate you. And most importantly, you know that we love you. Guys, we’ve had some amazing guests here on this show over our time. And I am so stoked because it seems like we keep raising the bar. It seems like we go higher and higher. That’s what we do. So guys, look, today, I’m going to paint a picture here real quick, real, real quick. So today we have with us a financial strategist. So guys, look, I know it might not quite be football season, if that makes any sense, but we always may have that in mind. And what I envision is that person that’s on the sideline, that coach that is drawing the plate. So what we have and the ball is money. That’s what it is, money. So we got the coach on the sideline with the plea being written out on how to get your money to the goal line, whatever your goal is. So we have none other than David Flores Wilson. Now, David, again, is a financial strategist. He is a firm owner, and he is going to talk with us today about how we can get our money down the field to the goal. So David, welcome to the Exit Strategies radio show. How are you doing today?
DAVID:
I’m doing well, Corwyn. It’s wonderful to be here and thank you for all the work you do in the financial literacy space. It’s so needed in the community, for sure.
CORWYN:
I greatly appreciate it. Thank you so much. So look, David, so I gave my impression of what I envision. So I tried to paint this picture of the financial strategist, but tell me how far am I off the mark? Tell our listeners who you are and what it is that you do.
DAVID:
Sure. So I have a financial planning firm here in New York City, and we work with a primarily a client base of business owners and entrepreneurs and work, as you said, right? We’re trying to give them strategies and techniques so that they can make progress on their financial plan so that they can move and grow their businesses, find a successful exit, live a comfortable retirement, manage all that’s going on in their lives as they’re struggling with holding a lot of directions with the business and their families and what they want to accomplish. So, yeah, we’re trying to be helpful from formation to exit and whether it’s on the investment side, tax side, estate planning, real estate, just giving advice on the full balance sheet so that people can essentially advance the plot of their financial life or move the ball forward, right? And on the football field.
CORWYN:
I love it. I love it. So financial planning, right? As transparent as I am, will can be, if you will. We oftentimes are, we think that to have a financial planner, you got to have a bunch of money, right? I believe that’s a mistake. I believe that’s that misinformation that’s out there. And we oftentimes fail or hinder ourselves because we are thinking incorrectly. So a financial planner is useful. I’ll say to who and at what level. I mean, I know people that obviously have means and have one, but I also know people that are just starting their first job out of school and they’re connecting to a financial planner, going into the military, connecting with a financial planner. So tell me, David, when should someone consider being with a strategist such as yourself? Well, I would take a step back, right?
DAVID:
In terms of that financial literacy is something that everyone should build that skillset. And so when we think about the levers of financial literacy, it’s okay, it’s saving, it’s investing, it’s protecting what you have, it’s managing debt correctly. And then of course it’s minimizing taxes. And so if people can either learn those skills in those areas or build a team or better yet, learn those skills and build the team, then they can make a lot of progress, right? I think there’s a lot of research out there that shows there’s a connection between planning behaviors and net worth. And so just trying to look at those different categories. And I think a lot of people maybe might be doing one or two, but if doing three or four of those, amazing. And if it takes hiring someone that can help you understand those concepts and learn from that advisor or planner, that’s one great way to do it. Or some people have the interest in it themselves and can take that approach as well.
CORWYN:
So having a strategy, again, moving the ball down the field, and there’s some people that when they decide, okay, well look, the ball is kicked off, this life starts or professional or adult life starts and the ball is kicked, right? And kid is coming out of college or kid is coming out of whatever, maybe it’s college, maybe they came out of high school, went straight into the workforce, maybe they went to the military, essentially wherever you’re receiving that ball from. I’ve never said this, listeners, I’ve never said this before in my life. So this is all just that thought process for an analogy, but you’re receiving the ball wherever you’re receiving. So let’s say you’re starting from high school or what have you, you catch the ball, you caught that ball right at the one yard line and you’re trying to get it down the field, so to speak. You’re trying to build, accumulate wealth to get to that place where you can be able to retire. So you’ve got essentially 99 yards to move that ball. Now there’s others that catch that ball in the five, 10, maybe 20 yard line, you know, what have you, depending upon how they leverage themselves. But there are pillars from my notes that you talk about, pillars of wealth. So depending upon where someone is, what does that look like overall, the big picture, the pillars that help people, those basics that help people to build their wealth?
DAVID:
Yeah. I think that those are the channels, right? Those channels are like where you focus on in terms of just, okay, well, saving, investing, protecting what you have. And it’s a very good point, right? Like people, some people are born on first base or second base, right? And so you want to leverage the opportunities that you have. And oftentimes when people are surrounded by other people, you know, that had success growing their net worth, whether it’s in real estate or business or in their careers, then you just are just more exposed to think that, but if you aren’t, you don’t have those opportunities. Well, then really investing in yourself and really understanding, okay, what skills can I build up and leverage those skills to the point where I can build my wealth, right? And I think that, cause there’s some things, no matter what the net worth is or who your parents are, you can do things to build your net worth. And it’s your spending habits, frugality, how we think about planning. And then as well, you know, this sounds like a very touchy feely thing, but it’s the confidence that people have, right? There’s all sorts of studies that show that like the confidence that you have in your financial abilities, it’s linked to higher net worth growth. And so, if you can build those skills, it’s reading or listen to podcasts like this and get that confidence as you invest in yourself, then you can find what is the channel to build your wealth. And for some people, that’s the stock market. For some people, that’s real estate. Other people, entrepreneurship is the goal. And I think the sooner people can figure out what kind of person they are, right? Because entrepreneurship is not for everyone. I was over 40 years old before I became a true entrepreneur. And my biggest regret is I didn’t do that sooner. And so, as you think about entrepreneurship where you’re not just exchanging time for money, you’re leveraging, right? Like you’re leveraging hiring people or technology or capital. And then you can build something that has value by using those different factors. And frankly, if it’s a passion that you love so much, well, then like you’re not going to have a traditional retirement. You can work even longer because you love it so much or phase it down in terms of the hours and enjoy your time. So, I think that the sooner people sort of investigate and really invest in their skills to see where they’re going to be good at and where they should be investing and the higher their chances of success are when it comes to net worth growth.
CORWYN:
So, what you said in there, David, that I heard is something we talk about on this show as well as that whole concept of figuring out where you get heart palpitations at basically, you know, in what level or what arena. There’s some people that, okay, well, look, I’m going to stick some money in the stock market and just let it go. There’s some people that stick money in the stock market and they’re watching it every two seconds. And currently, if you’re doing that and you’re managing not to faint most days, you’re probably doing very well. So, to say the least. But then there’s others that, again, want to be more active or otherwise and feel they’re in a different, in control and more control. So, a question, and some of this may be just opinion, it could be based or rooted in fact, you’re the person I’m going to rely on to tell that. But stocks versus real estate, where should people invest? What’s the pro and cons in order to get that ball moved down the field?
DAVID:
For many people, it isn’t sort of an either or. They can be complimentary in terms of you build up a liquid diversified portfolio that allows you the opportunity to still earn a return until something very attractive on the real estate comes in. And we should be very clear about sort of the differences, right? And I think people should understand, are they right for real estate? You know, for example, what is their comparative advantage in real estate? Some people are just really good at finding that area, that neighborhood that has surging demographics. There’s a gentleman I used to work with and his core competency outside of his job was like people that know New York City. He bought in the meatpacking and sort of the early 2000s, then he switched to North Brooklyn, or he bought another place and then he bought somewhere in Silver Lake in California. And so, that person has a core competency of understanding what neighborhood is going to be surging. But other people have other competencies. They could have a network of professionals or family members where they can renovate properties at a lower cost than I would, or they may have an architecture background. And so, they understand design and how to build things and can maybe even do that a little bit cheaper or faster than other people. Other people might have access to capital. And so, just understanding what your comparative advantage is and making adjustments, saying, okay, let’s be very disciplined about our real estate projects. Okay, well, if we’re going to put X amount in, let’s build a projection model. What’s our internal rate of return based on our assumptions? Internal rate of return of 20%? Great. Yeah, that will probably beat the markets in terms of stocks and bonds over long periods of time. But if you’re doing the numbers and based on the debt and the rent you’re going to collect, so that number is more like an internal rate of return of seven or eight, well, maybe that doesn’t compensate you for how illiquid real estate is, or the fact that you can’t really diversify with real estate. Maybe that project isn’t the one, so perhaps keep living. But I also want to say that so many people are unaware of the incredible tax advantages of real estate. When you buy real estate, you manage real estate and sell real estate, there’s all sorts of different tax advantages, whether it’s selling through a 1031 exchange where you can avoid a capital gain or you can do cost segregation. So, when you manage it to get accelerated depreciation and all sorts of things. So, just really being a student of the game, if that’s the route that you’re going to choose to really maximize those tax advantages. Because we do see sometimes when people, they might be investing passively in real estate and they’re building up these losses and yet they might not have the passive income to net that against. And so, when you’re just working with your accountant, really understanding the pros and cons and then optimizing for the balance sheet overall, I think is what we generally recommend in everyone’s situation is a little bit different.
CORWYN:
So, again, and it’s all six one half dozen others, so to speak, it’s all where’s your temperature, what is your ultimate goal as to what’s the best vehicle and the best method for you to get there. Let’s talk about what that initial process normally looks like, David. What I mean by that is someone calls and says, hey, look, I’m tired of being where I am, I want to get the ball down the field. I feel like I’m on fourth down and 10. So, I’m sorry, that tickled me. I’m sorry. So, I feel like I’m on fourth down and 10. Look, I got to get a first down. What do I need to do? What does that look like for you with them coming to you and saying, okay, look, this is what I want to accomplish. I need to get to a first down. What’s the initial steps for you to start to explore a strategy to get them there?
DAVID:
Well, I do think before we think about the financial activities in terms of where we’re investing, how we’re saving, what we’re doing in taxes, really having a deep dive, doing discovery on that person’s situation is so important. And it’s not just, okay, well, how much assets do they have? What’s their income? What’s the debt look like? But also, what’s important to them? What are their goals? And separate from their goals, okay, what are their values? And so, I think the optimal thing is to have those values aligned with the goals, aligned with what they’re doing financially. And that being said, people’s goals and values, they change over time. And so, we met someone who built an amazing real estate portfolio, but real estate wasn’t for them in their retirement age. So, they have this sort of interaction. I’m saying, okay, well, we can diversify away from real estate, pay some taxes, we can use a management company where potentially their returns are a little bit less, or they could slog away in their sort of 60s and 70s doing things they didn’t want to do, but other people really enjoy it, right? Other people really enjoy managing real estate, but they’ve just fallen out of love with it. So, I think there’s understanding what is going to make them happy, and then aligning all these sort of financial behaviors so that they can do that.
CORWYN:
So, a lot of people, when they build wealth, and sometimes just transparent, not everything is done for everyone to see. And oftentimes, there is a false narrative that those who have means and have wealth don’t give, don’t have philanthropic efforts, they don’t give to charities or otherwise fund whatever. There’s literally this misconception, if you will. Is that a part of the conversation, or either from your perspective, or do you hear it often when you’re meeting and talking with people that either are at a place where they will be considered to be by our standards of means and of wealth, or someone who is aspiring to that, do they incorporate, if you will, giving into that?
DAVID:
Yeah. I think that most of the clients that we work with, they’re interested in impact in some way, right? And I think it often has to do with the stage of life. And so, sometimes we might see a younger person that might just be volunteering to get active in the community and to meet some friends in their 20s, and then they have some kids, and then oftentimes, their sort of budget around impact and charity goes to frankly, maybe to their kids’ schools. And then as they build wealth, what we highly encourage people to do is to really think through and to go from reactive giving to proactive giving. So, let’s say, hey, we’re going to have a budget, we pay our taxes, we save money, we reinvest some things back into the business, but let’s also have this budget. And it’s sort of incorporated into the projections and say, okay, well, yeah, if you give X amount, you can still have financial freedom and such and such age. And so, let’s go through a systematic process and say, what’s really important to you in terms of your values? What causes do you care about? And then how do we think about the right way to identify charities that fit with those causes? And then eventually, how do we monitor to make sure that our impact is what we expected it to be? And I think there’s, for example, different charity rating systems that they sort of rate charities based on how much they spend on overhead, which I think can be a little perverse in terms of just how you value. Imagine rating a business where they’re like, oh, you spend nothing on operations. So, it’s a great business. That’s literally how some of the rating systems. So, I think just peeling back the layers and being intentional with something that’s just really, whether it’s the environments to religious organizations, like what’s really going to make you happy and what’s going to reflect your values. And I think that’s the way that over time, more and more people are doing it that way rather than just saying, but that being said, right, like disasters happen and there could be just things that come up in the community. There’s also a budget for that as you might have contacts or friends that are on non-profit boards and they are interested in sort of you getting involved. And so, yeah, let’s incorporate all that in the giving plan. And so, yeah, that philanthropy is super important to be strategic about as it is what we encourage people to do.
CORWYN:
Well, you said it in there, impact investing. It made me turn and look, I have it up on the board over here. I wrote down several months ago, what I say in response to, but I picked it up from another interview and we’re just digging into that and talking about that. And again, the average consumer going back to what I was saying, David, is that they don’t know, which they don’t need to know. I mean, giving is private, my opinion. You don’t need to be public in your giving. If you do, fine, but you don’t have to be really probably, I don’t know where it tells us we shouldn’t, but that’s another story. But short version is there is giving and you guys incorporate that into that conversation.
DAVID:
Yeah. Carmen, to speak to that a little bit, right, in terms of the giving is so personal. And so, oftentimes people are giving anonymously, but other times when they give publicly and they sort of rally other people in their community to a cause that they really care about, they can amplify their impact. And so, yeah, sometimes people do look at some people with a skeptical eye that their sort of name is on the donation, but at the same time, sometimes that does inspire other people so that there’s more impact. And then I think that most situations can work out.
CORWYN:
It has been my experience. Well, six, one, half dozen others, so to speak. So, but you carry a certification, certified exit planning. I had to laugh at the exit part. So, if you don’t mind, tell our listeners, what does that mean? Explain that and how does that fit into the strategies that we’re talking about?
DAVID:
Yeah. It’s particularly focused on business owners and entrepreneurs. And I think that as many people know that there’s something like 75 to 80% of all businesses in the U S are owned by baby boomers. And so often they don’t have a plan in terms of just how, what is the exit in their business going to look like? And so, I felt like it behooves me to kind of, to understand some of these concepts as I work with business owners, anywhere from, you know, from thirties to forties, fifties, sixties, seventies. And because exit planning to me is just good business because the core of exit planning is to make the business more valuable, to get the business owner financially ready as well, the business owner to become personally ready. Right. And so, and we kind of look at it as sort of three different lenses and rather than just saying, Hey, the business finding exit planning is a transaction. It’s more of a process and really an exploration of which is the optimal exit plan for the business owner based on what they care about and their goals and their values and the stakeholders for some people, they want their business to have a legacy. And so they want their name to stay on the door and have the business continue forever. So maybe a management buyout, a stock ownership program, or ESOP might be the answer where some people just want the most amount of tax after-tax proceeds and sell the business. So they might sell to a strategic investor or maybe even a private equity rollup. And so just having that framework because exit planning can seem so daunting for business owners. And so many of them just don’t start. And so we can do it in a very discreet way, a little bit by at a time, we can increase the chances of better outcomes. Cause I think there’s a stat out there by the exit planning Institute that shows that basically 75% of all business owners, when they sell their business within 12 months, they regret it. And they regret it for a lot of different reasons, right? And so they’re not personally ready. Some of them are not financially ready and some of them just miss the life in terms of, cause it’s exhilarating to be a business owner oftentimes, right? Experience the highs and lows. And so, yeah, we work with business owners to make sure that they better outcomes when it comes to exiting their businesses.
CORWYN:
So David, we have gotten real close to the end of today’s show. Let me take this as an opportunity now to make sure that I get your information out and that we get your information out. So if you don’t mind, where can people connect with you? Where can they find David Flores Wilson? Yeah, sure.
DAVID:
I mean, if they just Google David Flores Wilson, their sort of favorite channel will come up, whether they reach out to us and book a time on the website or reach out to us on LinkedIn. You know, happy to chat with people about personal financial planning and move the ball forward right on the field.
CORWYN:
I love that. I think you’re going to do something with that now.
DAVID:
I’ll be sure to cite you. I’ll be sure to cite you.
CORWYN:
I’m the coach on the sideline. Okay. We got this to play. We got to run right now. The strategy we’re going to employ, we’re going to get this ball down the field. I’m loving it. I’m loving it. David, one other thing, remind us, how long have you been in this arena, in this field?
DAVID:
Oh, gosh. I’ve been in financial services for 25 years. I had an investment banking career and then a few years in investment research, been exclusively doing financial planning for families and business owners, I guess, since 2011 and stood up this company about five years ago with a business partner. So we can focus on doing it the best way that we think we can. Awesomeness, awesomeness.
CORWYN:
So David, I want to thank you for your time today, for coming on and dropping, if you will, these jewels, these nuggets to our listeners. And it’s always refreshing. We like to talk about everything surrounding wealth and legacy, how to incorporate and put things together. And we do it. Sometimes we’re really focused on just some basics. Sometimes we’re a little bit more advanced and sometimes we’re way down the road, sometimes bumping up against, if you will, an out of bounds, so to speak. But at the end of the day, it is all meant for the betterment of our listeners. We are intent on giving them as many resources, as many connections, as many tips, tools as possible for them to be able to build the life financially, the best financial life they can for their families. So I appreciate you being a part of this mission, a part of this ministry here on Exit Strategies Radio Show. I really appreciate it.
DAVID:
Thank you. It’s a wonderful chat with you.
CORWYN:
So for our listeners, guys, look, y’all got some great information. Y’all know this has been or is now something that’s a little bit, that I’ve repeated several times, which is information without action is entertainment. While we have a good time here on this show, while we like to have fun, this is not merely for your entertainment. It is for your advancement. It’s for your empowerment. So guys, take this information today, go do something for it. And most importantly, go love somebody with it. That includes your family, but it’s not limited to that. We’re all His people. Look here, for our listeners for that final time, y’all know how I feel. Y’all know what I say. I always put the two of those things together and I give it to you this way, which is to tell you that I love you. I love you. And we gonna see you guys out there in those streets.
