11 Secrets of Financial Planners

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iStock

You share your darkest money secrets with your financial planner. You even tell him about the time you spent your last pennies at Starbucks, because without caffeine, how could you work? This is the person who is supposed to sort out your life so that you can buy everything your heart desires, after all—or so we want to believe. We found out whether financial planners judge your shoe-buying habit, whether they get mad if they have to repeat themselves time and time again (we hear what we want to hear), and why they don’t always follow their own advice.

1. SOMETIMES, THEY GET A LITTLE ANNOYED WITH YOU.

“I grimace when friends or clients get involved with multi-level marketing endeavors, thinking it’s a quick way to make money,” says Quentara Costa, a certified financial planner in Massachusetts. These MLMs, including LuLaRoe, Matilda Jane, and others, rarely last more than a year, but according to Costa, the outlay of funds and time you pour into developing and understanding the product could have been better spent pursuing other means of career development. “While well-intentioned, it’s my least favorite method of supplementing income because it can take years to develop business and trust within the community, as with any business venture,” he explains.

2. THEY DON’T ALWAYS APPROVE OF YOUR CAR-BUYING WAYS.

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Meghan Chomut, a certified financial planner in Thunder Bay, Ontario, says she can’t stand it when her clients overspend on vehicles. She even has a golden rule about it: The total value of all your vehicles and motorized toys shouldn’t add up to more than half of your annual income.

3. BUT THEY UNDERSTAND THAT YOU’RE GOING TO FORGET ABOUT SAVING MONEY DURING YOUR VACATIONS.

This is the time when clients tend to go off the rails, says Bill Ryon, co-founder and managing partner of the Dover, Delaware-based Compass Investment Advisors. Whenever Ryon sees clients taking distributions that are larger than what’s called for within their financial savings plan, he knows that they’re going on an international trip. “It can be a little bit of a sensitive conversation, since it is their money and I want them to enjoy themselves," he says, "however not at the expense of derailing their plan or jeopardizing their lifestyle in the future."

4. THEY BLAME YOLO.

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“If you can’t afford it, you shouldn’t do it,” Chomut says. “But then #YOLO, and all of a sudden, you’ve booked a trip to Florida. Or #FOMO you are going out to eat at a fancy restaurant with friends and putting it on a credit card," she says. "The struggle is real.”

5. THEY TOTALLY EXPECT TO REPEAT THEIR ADVICE OVER AND OVER AGAIN.

Warren Ward, senior planner with WWA Planning and Investments in Indiana, says that many years ago, his doctor told him that about half the medical issues he dealt with in his practice were optional: people overate, refused to exercise, or smoked. But they still wanted their doctor to keep them healthy. “He responded by repeating his good advice, and making medical interventions when appropriate,” Ward says. “Just like that physician, we care about our clients, and will patiently repeat our advice at every visit, knowing from experience that people can change over time and become more financially healthy.”

6. EVERY FINANCIAL PLANNER HAS THEIR OWN FINANCIAL TRICKS TO PASS ON.

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Ward is a huge fan of the “cash envelope system,” he says. Basically, you map out your spending for the week, and put that amount of cash into an envelope. “Mapping out your spending for the week allows you to know where your money goes instead of wondering where it went,” he says.

7. SOME WANT YOU TO FOCUS ON THE BIGGER PICTURE ...

“The secret is that all retirement planning is income planning and everything else is detail,” Ryon says. “I’ll have to repeat that several times, but that’s it. It helps them to focus on what’s really important and what they are planning for.” Essentially, he says, you’re saving and investing to sustain your lifestyle for at least 30 years after you retire. So if you focus on the fact that all of your retirement planning is income planning, then you’ll be able to think of your money as a machine that’ll pay the bills once you stop working.

8. ... OTHERS WANT YOU TO THINK ABOUT EVERY DOLLAR YOU SPEND.

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The key is to make a budget every single month, Chomut says. “Every dollar overspent is a dollar you have to either work harder for tomorrow, or a sacrifice you’ll have to make later.”

9. THEY DON’T ALWAYS FOLLOW THEIR OWN ADVICE ...

Ward says that the most difficult part of financial planning is convincing his clients to plan for death. That means setting aside money for the kids’ education and naming a close friend or relative as a potential guardian for those children ... just in case. “Just like my clients, I’m slow to face updating my estate planning documents,” Ward says. We don’t blame him!

10. ... BUT THEY STILL WISH YOU WOULD TRUST THEM ...

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“In our modern age of 24/7 news coverage, I think people tend to put too much emphasis on interpreting the latest headline, and then trying to act tactically in response,” Ward says. “Whether this involves making an investment decision based on world affairs, or following the weather minute-by-minute prior to a vacation, we prefer that they think strategically, formulate a plan and stick to it—of course allowing for periodic review and adjustment.”

11. ... BECAUSE AT THE END OF THE DAY, THEY’RE THE EXPERTS.

“I struggle watching one of a couple—usually the husband—claiming expertise that’s actually incomplete,” Ward says. After all, he doesn’t brag about medicine when he goes to the doctor, nor does he claim knowledge of the law if he visits a lawyer. “I try not to be judgmental, but this is an area where I struggle,” he says.

Amazon's Best Black Friday Deals: Tech, Video Games, Kitchen Appliances, Clothing, and More

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Amazon

This article contains affiliate links to products selected by our editors. Mental Floss may receive a commission for purchases made through these links.

Black Friday is finally here, and Amazon is offering great deals on kitchen appliances, tech, video games, and plenty more. We will keep updating this page as sales come in, but for now, here are the best Amazon Black Friday sales to check out.

Kitchen

Instant Pot/Amazon

- Instant Pot Duo Plus 9-in-115 Quart Electric Pressure Cooker; $90 (save $40)

- Keurig K-Cafe Special Edition; $190 (save $30)

- Ninja OS301 Foodi 10-in-1 Pressure Cooker and Air Fryer; $125 (save $75)

- Nespresso Vertuo Next Coffee and Espresso Machine by Breville; $120 (save $60)

- KitchenAid KSMSFTA Sifter with Scale Attachment; $95 (save $75)

- Keurig K-Mini Coffee Maker; $60 (save $20)

- Cuisinart Bread Maker; $80 (save $97)

- Anova Culinary Sous Vide Precision Cooker; $139 (save $60)

- Aicook Juicer Machine; $35 (save $15)

- JoyJolt Double Wall Insulated Espresso Mugs - Set of Two; $14 (save $10)

- Longzon Silicone Stretch Lids - Set of 14; $16 (save $11)

- HadinEEon Milk Frother; $37 (save $33)

Home Appliances

Roomba/Amazon

- iRobot Roomba 675 Robot Vacuum with Wi-Fi Connectivity; $179 (save $101)

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Video games

Sony

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Computers and tablets

Microsoft/Amazon

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- Apple iPad Mini (64 GB); $335 (save $64)

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Tech, gadgets, and TVs

Apple/Amazon

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Headphones and speakers

Beats/Amazon

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- JBL Boombox; $280 (save $120)

Movies and TV

HBO/Amazon

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Toys and Games

Amazon

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Furniture

Casper/Amazon

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Haus/Amazon

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Clothes

Ganni/Amazon

- Ganni Women's Crispy Jacquard Dress; $200 (save $86) 

- The Drop Women's Maya Silky Slip Skirt; $36 (save $9)

- Steve Madden Women's Editor Boot; $80 (save $30)

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10 Behind-the-Scenes Secrets of Professional Songwriters

A songwriter in her natural habitat.
A songwriter in her natural habitat.
Soundtrap, Unsplash

Behind every club banger and power ballad is an eclectic team of individuals, each with their own role in its creation and promotion. Needless to say, it couldn’t happen without the songwriters. These gifted musicians don’t just pen the lyrics that fuel all your car concerts and karaoke nights—they also manage egos, help artists articulate their innermost feelings, and juggle their own side gigs. So what does a songwriting career actually look like? Mental Floss chatted with three experienced songwriters about everything from how they make money to how they make hits.

1. It’s common for songwriters to have their own music careers.

From Carole King to Pharrell Williams, the music industry has long teemed with talented artists who’ve written songs for other acts—so it’s not exactly surprising that so many songwriters are nurturing what they call their own “artist projects.” In fact, all three songwriters interviewed for this article have released new music in the last few months. Daniel Capellaro released the EP Nightside [A] in November under the moniker “Dvniel”; Skyler Stonestreet’s first single as “The Sunshine State” dropped in late October; and Trent Park has been unveiling a steady stream of singles and corresponding music videos since June.

Though it seems like it could be difficult to constantly fork over songs that they might want to release themselves, the collaborative nature of the business prevents this from being a major issue. Often, the songwriter is working off ideas and emotions specific to the artist they’re writing for, so the song truly feels like it belongs to that artist. Other times, the song gets tweaked by so many writers and producers that it’s no longer the original songwriter’s personal opus. “When a song comes out, sometimes I’m like, ‘Ah that was good, but I would’ve done it a totally different way,” Park says. “But that means it wouldn’t be the song that it is.”

2. Songwriters sometimes have to fake it ’til they make it.

In a business built on relationships, it’s pivotal for up-and-coming songwriters to always be on the lookout for new connections. Sometimes, this means acting first and thinking later. During Capellaro’s early days in Los Angeles, his demo CD was his de facto business card. About a month after giving one to an executive from Universal Music Group, he got a call from the company asking when he was playing next. Having no dates lined up, he picked one at random: March 16. “So I hang up and I'm like, ‘OK, I’ve just committed to playing a show. I've got no venue. I've got no band. I have to get all this put together in the next 30 days,” Capellaro remembers.

He found a former bass player from the band Lifehouse on Craigslist, and the two set about securing the rest of the band. For the venue, Capellaro chose a well-known rehearsal space called SIR (Studio Instrument Rentals), only to find out that the Universal exec slated to see the show “[had] never signed a single act at SIR—she hates that place.” It was too late to switch venues, so Capellaro reassured his Universal contact over the phone that “she won’t recognize it” and immediately transported everything in his recently furnished living room to the stage to give it a whole new look. “I had a couch, a rug, tea candles,” he says. “I wanted it to feel like MTV Unplugged.” The hard-to-please executive was duly impressed. “She’s like ‘You sound great. How long have you guys been playing together?’ and I’m like, ‘Ah, you know, for a while.’ I didn’t want to tell her ‘Four days.’”

When asked what surprised him most about the industry, Park answered without hesitation: “That nobody knows what they’re doing.” He, too, confessed to occasional fibbery. “There are some times when I reach out to an artist and I say, ‘I love your stuff. I have a song for you,'” he says. “I’m completely lying. I just want to work with that person, and once they reach out I end up formulating songs in the vein of their stuff.”

3. Songwriters don’t just write for career music artists.

Songwriters like Capellaro and Stonestreet, who are signed to music publishing companies, mainly do work on songs for fellow artists. Park, on the other hand, is an independent songwriter—so his clients sometimes come from other industries altogether. “Right now I'm writing for a couple lawyers that are just doing it as a passion, but they pay me really well,” he says. “I’m there for everyone. Honestly, it’s way better money.” Park also spent a few weeks writing songs for the wife of a billionaire app developer. Not only did she pay him triple his per-song rate and triple his per-diem rate, she also insisted on posting him up in a luxury hotel and giving him an additional $500 each day for food and other expenses. “That was a really cool [scenario],” Park says, “I’m hoping for more of those.”

4. There are countless ways to create a song—and countless people involved.

Songwriting isn’t exactly a linear process. “You can start from any place,” Capellaro says. “You can start with someone toe-tapping, or have a piano pulled up and just start playing a C chord over and over again.” Often, the record label has already started for you—they’ll send an instrumental track to multiple songwriters, who each adds their own lyrics and melody. Then, the label simply chooses their favorite.

Other songs originate in songwriting camps. Basically, a record label will gather various songwriters in a house, split them into small groups, and “see if magic happens,” Stonestreet says. During a camp meant to generate hits for Dua Lipa a few years ago, it did: Stonestreet and several other writers penned her 2018 single “IDGAF.”

But even after a track has lyrics and a melody, there’s always a chance it’ll undergo another round of edits. Maybe a label liked a certain producer’s work on another song, so they ask them to tweak this one; or they bring in a new writer to fine-tune a few words or add a post-chorus. Big artists also sometimes have personal collaborators that they want credited on the song, whether or not they actually helped create it. “That’s why when you look at a Katy Perry song, you’re like ‘How did 14 people write this one song that has the most juvenile lyrics I’ve ever heard in my life?’ They didn’t—it’s all politics,” Capellaro says.

5. Songwriters don’t make much from music streaming services like Spotify.

Music streaming services like Spotify and Apple Music are notorious for pocketing most of the earnings from artists’ work. Spotify, for example, pays the rights holder as little as $0.006 for each stream—and that paltry sum must then be split among all the people involved in making the song. Songwriters, producers, musicians, managers, label executives, and any number of other people could each be entitled to a certain percentage of the profits. “I have over a million streams on one catalog, and that translated to $785,” Capellaro says. “If I sold a million copies, I would’ve had a house up in [Beverly Hills].” Not only are the rates low, but artists also have to somehow make their songs stand out from the tens of thousands of other new songs released each week, which Capellaro admits is “virtually impossible.”

6. Songwriters often juggle other jobs.

Since songwriters can’t rely on streaming dividends for income—and salaried music publishing positions don’t always come easy—they often make ends meet with a variety of side gigs. Park realized early in his career that while songwriters were mainly earning money from royalties, producers were often paid an hourly rate or up-front lump sum. “So I learned how to produce,” he says. Then, he purchased a mic and other equipment so he could record vocals at home—like hooks for people’s rap or EDM songs. “Basically, I’m an a la carte thing,” he explained. Park eventually branched out into music video production, and he’s now directed videos for chart-topping artists like G-Eazy and Ty Dolla $ign. He also served as a music technical consultant for 2020’s The High Note, starring Tracee Ellis Ross and Dakota Johnson; in that position, he made sure the dialogue, instruments, and other music-related details matched real life.

Even when a songwriter appears to be working a job entirely unrelated to the music industry, there could be a shrewd reason for doing so. Capellaro spent more than a decade running a restaurant called Amici in Brentwood, California. “I knew I wanted to be there because that’s where the celebrities live,” he explains. Sure enough, he connected with people like J.J. Abrams, Laura Dern, and Bonnie Hunt, who was hosting her NBC talk show at the time. One evening while refilling Hunt’s water glass, Capellaro posed a question: “Hey Bonnie, what would it take to be on your show?” She asked if he had a CD on hand, which he did, and booked him as a musical guest within weeks. The day after the taping, Hunt dined at Amici again and lauded Capellaro for his performance. “I’m like, ‘This is so surreal. I was just on your show yesterday, and now I’m bringing you sea bass.” A producer who caught the performance later reached out to Capellaro and ended up inviting him to his studio for songwriting sessions—which yielded hits for Chris Brown and Boyz II Men.

It was also at Amici that Capellaro developed a friendship with Marc Caruso, a music engineer who happened to be the founder of a music publishing company called Angry Mob Music Group. About five years ago, Caruso, knowing Capellaro was itching to give up his restaurant job and focus on music full-time, offered him a music publishing deal; Capellaro’s been there ever since.

7. Songwriters have to form close bonds with artists in a few hours or less.

Because the goal is to create a song that feels personal to the artist, songwriters usually prefer to work directly with them whenever possible. And getting the artist to give them some seed of inspiration means forging a deep friendship with them within minutes of entering the studio.

“There’s so much trust that needs to happen in the room. You’re telling potentially intimate details about yourself that would be uncomfortable sharing [with a stranger]. So much of it is trying to create a safe place for the artist and a safe place for the writers, all the while dealing with egos the size of tall buildings,” Capellaro says. “It’s almost like a therapy session: What’s your mood today? What happened over the weekend? What’re you pissed off about? What’re you inspired by at this very moment? Because it can change at 5 p.m. today, and maybe that inspires the song.”

Stonestreet expressed a similar sentiment. “I honestly love when the artist is involved. You won’t know anything specific unless you’re sitting there having a conversation—it can be emotional. You form a relationship, and you trust each other to handle the information.”

8. Songwriters have to say “no” without actually saying “no.”

Songwriters have to find creative ways of steering a song in the right direction without flatly rejecting an artist’s not-so-great suggestion. Stonestreet might toss out a compliment and lean on the lackluster reaction of the room as evidence that they haven’t yet struck gold. Something to the effect of: “‘That’s cool, and I like it, but maybe it’s not jumping out, and it’s not making everyone jump around the room and [giving everyone] that feeling of ‘This is so exciting.’”

“I always say, ‘Let’s try it,’” Park says. “‘I don’t necessarily hear what you’re talking about, but let’s try it.’” Sometimes, hearing their idea come to life is enough to make the artist realize it isn’t a great fit. Park also occasionally asks the artist’s manager, significant other, or another trusted party to weigh in, hoping they’ll side with him. “But I am always honest. I’m like, ‘Yeah, I don’t think the idea works. If you like it, 100-percent do it. It’s not my vibe, but it’s your song.'”

And since the artist does have final say, the writers also need to know when to cut their losses. If the artist is hell-bent on certain subpar lyrics? “You’re going to go with whatever they’re going to like,” Capellaro says.

9. Songs sometimes get lost in the abyss.

Earlier this year, Stonestreet wrote Ariana Grande and Justin Bieber’s duet “Stuck with U,” which got released mere weeks later. “I just heard the demo of it last week, and it’s coming out Friday. I don’t understand what’s going on,” she thought at the time. “That was a freak thing. Usually you do have to wait a minute.” A minute could be a year—or never. “So many people have to say yes to the song for it to come out … All the label’s people, the artist’s team, your team.” Even after getting all those green lights, a single could still test poorly among advance radio reviewers and end up stalling indefinitely.

Sometimes, a record label neglects to send the finished product back to the songwriter. “I think some songs can go into a complete abyss where they just sit on a hard drive for years and years,” Stonestreet says.

10. Songwriters have mixed feelings about making music via Zoom.

Since songwriting often involves multiple people spending long hours in a small studio, the coronavirus pandemic threatened to upend the whole system. So songwriters went virtual. Some, like Park and Stonestreet, already had recording equipment at home; Capellaro, meanwhile, quickly invested in a mic, a monitor, cables, and all the other requisite gadgets. To shift the workflow online, they’ve had to more clearly define each person’s task for each song.

“I’m a vocalist, so I’m going to record vocals in my house, and I will send the stems to producer X, Y, or Z, have them tune them for me [and] put them into the rest of the track," Capellaro says. “I can have another guy master it, [and] we can always hop on a FaceTime or Zoom call to get it written and recorded.” This streamlined process has actually helped with productivity. “I have been writing more music since March than I was previously,” Capellaro says.

Making music via video chat tends to work better with fewer people, so Stonestreet has enjoyed the opportunity for more one-on-one sessions. When there are several people on the call, they cut down on confusion over who’s speaking (and singing) by thoroughly explaining each suggestion. “You really talk things through, which has been really nice,” she says. That said, the camaraderie born in the studio is hard to recreate on a computer screen, and songwriters are eager to experience that again. “I love Zoom, but I also really miss people in the room with me,” Stonestreet says.