What If Your Business Cash Could Grow Twice

Most shed pro's don’t have a work ethic problem, they have a money education problem. When margins tighten, inventory sits longer, and the cost of capital climbs, the small leaks get loud. We bring on Luke Miller from The Miliari Group, a former shed industry operator turned financial services educator, to translate personal finance and business finance into practical steps that actually fit how shed businesses run.

We talk about why money feels so intimidating in the first place, from cultural stigma to the fear that every “financial talk” turns into a sales pitch. Then we get concrete: how to find the holes in your budget, why tracking spending for 45 to 60 days changes your decision-making, and how an emergency fund and a high yield savings account can protect your household or your business when the economy gets weird.

From there, Luke breaks down compound interest with a simple paper-folding demo that makes exponential growth impossible to ignore, plus the rule of 72 as a quick way to estimate doubling time. We also zoom into shed industry realities: opportunity cost when you’re tying up hundreds of thousands in a new sales lot, inventory, RTO contracts, and deliveries, and why smarter cash flow and tax planning can be the difference between stalled growth and steady expansion. We close with Luke’s “risk pyramid” and why self-development is the most underrated investment in the shed industry.

If you want your money to stop sitting still and start supporting your next move, listen through to the end. Subscribe, share this with a shed owner or salesperson, and leave a review so more people can build stronger businesses with better financial literacy.

For more information or to know more about the Shed Geek Podcast visit us at our website.

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This episodes Sponsors:
Studio Sponsor: Shed Pro

Shed Challenger
LuxGuard
Making Sales Simple

Transcript

INTRO 0:00

Hello and welcome back to the Shed Geek Podcast. Here's a message from our studio sponsor. Let's be real. Running a shed business today isn't just about building great sheds. The industry is changing fast. We're all feeling the squeeze, competing for fewer buyers, while expectations keep climbing. And yet I hear from many of you that you are still juggling spreadsheets, clunky software, or disconnected systems. You're spending more time managing chaos than actually growing your business. That's why I want to talk to you about our studio sponsor, ShedPro. If you're not already using them, I really think you should check them out. ShedPro combines your 3D configurator, point of sale, RTO contracts, inventory, deliveries, and dealer tools all in one platform. They even integrate cleanly into our Shed Geek marketing solutions. From website leads, to final delivery, you can quote, contract, collect payment, and schedule delivery in one clean workflow. No more double entries, no more back and forth chaos. Quoting is faster, orders are cleaner. And instead of chasing down paperwork, you're actually running your business. And if you mention ShedGeek, you'll get 25% off all setup fees. Check it out at shedpro.co/ShedGeek. Thank you, ShedPro, for being our studio sponsor and honestly for building something that helps the industry.

Luke Miller’s Path Into Sheds

Cord 1:48

Welcome back to another episode of the Shed Geek Podcast. I'm your host, Cord Koch. Here in Metropolis, IL on a absolute beautiful day. A day where, gosh, I wish I was not stuck in the office all day. Just so beautiful out there. The sun is shining, the birds are chirping, the grass is growing, all the good things of spring. Today, I think we have uh an absolutely fantastic guest, uh much needed, I believe, in this industry, the information that he has, the company that he's running, the group that he is a part of. Very much looking forward to that, Mr. Luke Miller. Uh, but before we get rolling, just a couple of quick ways so that you know how to stay plugged in with us. Of course, as always, the Shed Geek call-in line, Shannon's personal cell phone, 618-309-3648. Email address info INFO@ shedgeek.com. The Shed Geek website has so much good information. Uh, and as soon, maybe even by the time this is airing, we'll have received a bit of an overhaul, a facelift, an update. Uh, so go and check that out, if nothing else, uh, just to see all the new things that are going on over there. Of course, all the socials, Facebook page, the Facebook groups, shed sales professionals in particular. We always like to shout out that community, such a good group of people interacting and adding value in there. And then for anyone who has uh friends or acquaintances in the plain community, please let them know that the Shed Geek podcast comes to them as well with our call-in line. That is 330-997-3055. Again, 330-997-3055 for anyone who wants to listen by phone. So, with all of that said, uh, I would like to introduce today our guest, Mr. Luke Miller. He is part of The Miliari Group, which I guess I will let him tell it for himself, a financial services company, financial services group that offers all kinds of different uh services and everything. Luke, you are located there in Belvedere, Tennessee, I believe, if I'm remembering that correctly. Is that right?

Luke Miller 3:56

Yes, sir. That that is correct, Cord.

Cord 3:58

It is a beautiful day in Belvedere, I hope.

Luke Miller 4:01

Oh, it is it is mostly. We've got a little bit of a little bit of weather moving in, it looks like we need some rain, but yes, it is it is a beautiful day today. Kind of one of those days uh I don't like being in the office, but it is we've chosen the wrong professions, haven't we?

Cord 4:16

It seems like it sometimes our uh our row cropping, at least that's my roots, uh the agricultural roots. But on a day like today is when I wouldn't mind to be in the cab of a tractor.

Luke Miller 4:27

Um it would be, yeah, it's one of those days I wouldn't care to be outside, but I love what I do.

Cord 4:32

So, well Luke, exactly. Let's get to that. Let's get to that. And maybe um maybe even um before jumping into where you're at currently, of course, we always like to take the time here on the Shed Geek podcast to really introduce our guests, uh, talk about their background, how they've wound up um, you know, in the shed industry and now uh you know offering um a much needed service to the shed industry. So, Luke, obviously you're a Miller, um, so you've got some roots. So maybe tell us uh tell us about those and how you find yourself on the podcast today.

Why Financial Education Matters Here

Luke Miller 5:07

For sure, for sure. Appreciate it, Court. So, really, of course, my name is Luke Miller. I am 32 years old, born and raised in Belvedere, Tennessee. Grew up, grew up in the playing community, uh ended up leaving the Mennonites at a young age, and then just been living life since then. Kind of how it pertains to this conversation, I guess. Like grew up working for my dad, like most, like most people in our community. And then my first boss was my dad. My second boss outside of dad was actually the for the uh company I just left, Country Barn Construction. I was I was over there way back in the day at 13, 14 years old, uh Mr. Yanian at the time. Uh, he brought me on to clean up his shop and uh keep the lot cleaned up. I did a lot of his odd jobs here and there, uh running around the shop. So that was my first exposure to the shed industry. And then as I grew older, uh went to school, got married, and then ended up getting a job back in the shed industry working here again, working with my dad again. He was a delivery driver for another local uh shed company that does rent-to-own as well. And at the time I was I was just out of school looking for a job, and this company just so happened to be looking for some help in the customer service department in their rent-to-own division, and so went on got on board with them and really learned the industry uh from the ground up. I started, like I said, starting a customer service, taking payments, uh, talking to customers, and then eventually from there, kind of grew into a bit of a management role there, and uh eventually transitioned into running a sales lot, managing, managing several dealers there, built our built a website, digit like built our digital presence. Um that was had a had a bit of a journey where I ran my own web design agency for a few couple years, and then yeah, loved my position there uh and grew. But then five years ago, I was doing some website work for my old boss at Country Barn Construction, and uh through a whole string of events, they needed somebody to come in and revamp their sales, and um they asked me if I wanted the position, and it was the same thing, same thing I already was doing, except now instead of driving 45 minutes to work, I was like five minutes from my office. So, kind of a no-brainer on the switch, but I came and started working with them, doubled, like course. This this was right over right over sales. So, when I say I double doubled production the first two years, year over year, um that's not quite as impressive of a feat as otherwise would be. But we really grew sales, uh built the brand up, developed the digital presence there, and my role there was really everything on the marketing side, yeah, and as well as sales. So over the years, I like I said, started in rent to own, so I know the rent-town piece of the industry, worked in sales, I know the sales portion, uh working with my dad on deliveries occasionally. Uh I know deliveries, I know like dealing with customers like on the location. I've done a fair amount of that in my time. Uh I've done delivery dispatching for our driver, for drivers, and managed a fleet of about three to four drivers at any given point during my time at Country Barn Construction, and then also was in charge of quality control. So, I would say I've had it's I I've got I've got background in pretty much every aspect of the industry, except I've never put together a shed myself. That's like I've that's the only piece I know that I haven't done. Right. But everything else, everything else I've done, but that's where I was. I've had about 12 years, 12 years of experience there. And then kind of really how I got into financial services was a bit of a twist because it's not really not really anything related to shed sales. But during the over the last 12 years, I realized just in dealing with people, I love education. I love teaching people, I love teaching people, of course, like somebody would come into my office to talk about a shed, and before they left, they knew all the different styles available to them, they knew the pros and cons of each. And um I just have a I have a belief that educated people make educated decisions and it's better for everybody in the long run.

Cord 10:16

That's right.

Luke Miller 10:16

Not a big fan of just trying to uh come in and sell somebody on just what they say they want. Yeah, I believe it's really important just to take some time on the front and get to like build some connection and find out what their actual needs are and then and then service their needs versus then just making a quick sale.

Cord 10:38

You know, whenever we had our original um conversation a couple weeks ago, um just kind of talking, you know, this is just such an easy area of overlap for yourself and what you're trying to do with financial education in the same way that Shannon, um, you know, and I think myself and the whole Shed Geek brand really is devoted to exactly what you're saying. You know, we trust in people's um um good nature and good faith. And you know, you think that whenever you can educate in a kind way and um put ideas forward, you know, um we have that same faith that people then, you know, kind of make the make the best decision and go on about to have uh a better experience, a good life, whatever all those things are. So, um that just lined up so well, um, which is why, of course, we asked you to come on and talk about these things. And, you know, I think maybe it's the conservative nature of the industry, um, maybe it's some of the roots, you know, in in the um, you know, in the Amish Mennonite, the plain community cultures, where a lot of you know, a lot of the um business and financial interactions are all kind of, you know, in that silo, so to speak. Uh everything it kind of travels within the community. Um, but it really is a broader shed industry thing. We hear in the background when we have conversations, you know, um just how much cash winds up getting held, uh, you know, winds up getting held uh kind of in interim, right? In preparation for whether it be the next spring, an inventory, um, you know, whatever those situations may be, trading RTO contracts, right? I mean, a lot of the buying and selling of RTO contracts is really just trading cash. Uh, it's somewhat become like a market where as a manufacturer, especially if you're a manufacturer who carries your own RTO, you can almost trade out, you know, cash for those contracts whenever you then need the actual cash as an infusion into capital assets and building up, you know, more bays or another trailer or whatever you're doing. And so, you know, I think that all of those things kind of mixed together and these quasi-financial, you know, markets operating even inside the industry have led to a point where at least in our conversations, it seems like there is there's a need for that um just the information. You know, what is the best way to whether it be invest, raise capital, uh, accounting. We had a really great, um, a really great conversation um with Greg French uh over at Graceland, where he was talking about, you know, accrual accounting methods um and how they're kind of underutilized in the industry because everybody's always just kind of using cash. Uh, you know, and so I guess, you know, I'm just gonna let you run here. Luke, I just brought up uh I just threw a whole bunch of things out there that that illustrate the need for this, you know, financial literacy, financial education. But I know you have a passion for it, so you tell me what your read is on kind of where a lot of the industry is, and maybe even some really simple, straightforward things that you're trying to do um to help with that.

Luke Miller 14:22

For sure. I can I can do that. So really, uh that that was that was a lot you just said there. There's a there's a ton in there we could unpack. Um I think really where it kind of starts, like I know from you coming from the playing background, um I will I will say this. I believe it all starts from a from well from a few different things. Uh and I would I guess I'd ask you, Cord. Of course, you you've been you've been around for a while. What when you're looking around, we're just talking in general here now, but when you look around, how many people do you see that struggle with their finances?

Cord 15:00

Oh my goodness, just general population. I mean, it is um I don't I don't even know how to put a number on it, like 60 or 70 percent, 80 percent. I mean, you know, um uh most I think is a is a very fair uh answer.

Luke Miller 15:22

It is actually statistically, yeah. It's uh high 70s, low 80s in the percentages of people that like just struggle and live in paycheck to paycheck. Um but like if we if you dig into that, why do why do you think so many people struggle?

Cord 15:37

Oh I mean, my truest inkling is that there's not a great understanding of actually how money works, how interest works, how inflation works. Um and that I don't think a lot of people understand that you're losing ground uh all the time, kind of, right? If you're not keeping up with inflation, you know, if you if you're not making the interest that keeps up with overruns or you know investment returns that that outrun that, you know, I think a lot of the detriment, you know, in the US over the last, I don't know, 20 or 30 years, probably since the early 2000s in the dot-com bubble, as they said, feels like everyone is just losing ground on actual quality of life because they don't understand money.

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Luke Miller 18:14

You really hit the nail on the head. I know when I came through school, of course, I was homeschooled. But even all the way through high school and the college I took, uh, personal finance was never a requirement for me to graduate. Uh statistically, only 8%. Only 8% of high schools in America require any sort of personal finance credit to graduate. And what that leads you to then is when you do have some money. You do have some money, you're starting a business, whatever you're doing, uh you've got you've got everybody telling you something different. Because you've got bankers telling you one thing, uh, security brokers, they're going to tell you something different. Insurance guys, they're going to tell you completely different thing. Uh your mom and dad, your daddy may have started a business. He's gonna say, Go start a business. Uh everybody's telling you something different today. And like when you have something like that, like you have some money that you want to grow, you want to learn more. Like, who do you talk to? Well, I hear I hear a lot of people say, I go talk to my friends, my parents, or a credible source. Well, I mean, friends, they may or may not know. Parents, like, if you're lucky and um your parents were in a great place, like awesome. I know growing up, like my parents didn't have any more financial education than I did. And so that's a no-go. And then the third option, the credible source, what determines the credit how do you know a source is credible if you don't actually know understand how money works?

Cord 19:57

Right.

Luke Miller 19:58

And so that's really kind of where we fit into the industry, is we believe that everybody should have a base uh at minimum, a basic understanding of money, how it grows, how it's taxed, understand how compound interest works, understand about inflation. And when you know the basics, I mean f finance isn't as complicated as we're always uh taught or made to think it should be. It just really boils down to just like you understand the basics, you're ahead of most people, and kind of how that plays into the whole industry, I feel like, is like I mean, you know as well as I do, Cord. A lot of the people, like a lot of the big players in the industry, there's a massive piece of the industry that's in the playing community. They have they have the background, the roots in the playing community. And what I've noticed over the years is just being raised up in that background, there's always been uh there's been developed over generations, I feel like, a limiting beliefs around money and actually having money. Because I know when I was growing up, like nobody talked about how much money they made. Uh if you had too much money, who knows, you might get a talking to um and peop yeah, people just like to run with they run with that um the verse, I believe it's in Proverbs, where it says what it's translated often as money is the root of all evil. But the I mean the verse it's the love of money. So, it's not it's not that money's bad, money's just a tool. What I've found in the last two years working in financial services it it's just a tool. All it all money does is amplify who you are as a person. If you're a if you're a good person, you have good intentions. You're gonna do good things with money. You're gonna be a great steward of what God's blessed you with. If you're not a good person, more money is not gonna fix anything, it's just gonna make things worse. And I feel like I think that's kind of the pickle that a lot of people find themselves in. Because they don't want they're worried. Like, what's what if money changes me? What if what if I get a lot of money? And uh like am I gonna manage it well? Am I gonna am I gonna do well with it? So, that's kind of the I guess the starting point and why I see like there's not much education in the industry. Um but I'm on a mission to change that.

Budget Tracking And Emergency Fund Basics

Cord 22:42

Well, I think Luke, I think there's I think there is I think the starting point itself is intimidating to a lot of people. Like you said, I mean there are these social constructs. I mean, it's not just you know, um not just the plain community um or any particular belief system. I mean, it is a social construct where um you know you don't you don't talk about money. Um I mean I grew up in in what was probably like solidly middle class. You know, my mom was uh director of nursing, she was in administration at a hospital. Um my dad was also a nurse, uh, but then we also you know farmed and um he was he was fairly entrepreneurial and you know we had some different types of agriculture going on, some uh freshwater prawns and stuff like that. So, wow, um yeah, yeah, it was it was a cool, cool era uh to be on the cook farm back then. It was a lot of fun, but um you know we are solidly middle class, but there are a lot of stigmas um, you know, around money, things that that maybe we even take for granted, uh, and you kind of they're kind of rules that you don't realize are rules about how you show your money or how you show your prosperity or lack thereof in public. Uh one of them that I famously, you know, uh have had um several uh I wouldn't call them arguments, but uh, you know, good discussions with my wife about um would be about uh when your kids stay over at a friend's house, you know, I was always taught that you know you pick them up at 8 30, 9 o'clock the next morning, right? Because you don't want them to be any kind of a burden on that other family. You basically don't want them to start incurring expenses. And like these are these are our tropes and maxims and uh axioms that that we are using that are based in, well, we don't want anyone to think anything of us because of the way that we you know intentionally or accidentally incur costs on someone else. I mean, these are very solidly like you know German blue-collar types of rules that you just follow, and until you're an adult, you're not even sure why you were following them, you know, and you really think through it. But I think what winds up happening is whenever there's a stigma around it, just the first step, the entry point. There's not actually a barrier to entry to coming to talk to Luke Miller or come and talk to The Miliari Group, right? But it feels like there is. It feels like there's something so intimidating about saying, gosh, you know, I I'm not I'm not sure that I know what I don't know, even, right? Uh I'm not even I'm not sure that I even know where to start. I don't want Luke to think less of me because, you know, Cord is a guy who obviously doesn't know anything about money. You know, he's coming to me and asking me about it. And so it can be intimidating, but the flip side of that is that you wind up all of your efforts and all of the good works that you do and the prosperity that that comes from those things is then actually kind of being chipped away at because you're not keeping up through investment and through smart financial decisions. Uh you're not actually getting the level of prosperity that you've worked so hard for. So, you know, maybe Luke, just maybe a good way to walk people through would be, you know, what would be that first step? You know, is it a uh you know, a cash account that has some kind of a money market function where even if you're still effectively using, you know, checking, you're still kind of using money the way that we think of it, as in cash and checks and transactions, how do how do what's the first step to just saying, you know, let's start being financially responsible today? What would that first step be so it's not so intimidating?

Compound Interest And Rule Of 72

Luke Miller 27:10

For sure. That is a great question. That's a really good question. And there's a couple of different ways you could go. Uh, I will get to that. I do before I before I get to that, I want to speak to the first piece of what you were saying about the intimidation that a lot of people feel. It's because there's always there's historically been there's a stigma in the financial services space. People expect when they go talk to a financial services professional, they're gonna be sold to, right? Because like if you if you go to Wells Fargo, uh, what's Wells Fargo gonna do for you? You're guaranteed to walk out of there with a Wells Fargo account of some kind. I mean, like you go talk to Fidelity, they're gonna sell you a Fidelity account because that's what they do. That's their that's their whole job. That's why they're in business. And so that's part of it. People are just what I've seen a lot of people are afraid to even start that conversation because they're worried that number one, they're gonna get sold to the second piece, though, is very much like you said, that that's just the social, the social stigma that people have about not wanting to feel less than. Like traditionally, uh, to sit down and speak to a financial advisor, I mean, you used back before the rise of online banking and like online trading came around, uh, you had to go talk to a financial advisor and to even have a conversation with them. Most of them had minimums of about a quarter million in investable assets. They were going to charge you to sit down with them. And even though that's changed since like from then to now, that's still the that's still the idea that a lot of people have about the financial industry. Because, well, that's what my parents did, that's what they went through. And so, then they that just kind of that idea kind of gets passed down. So, people are just it's like you said, they're just worried. A lot of it is they're just worried that people think less of them because they don't know what they don't know. And that's where that's where we're a little different. We do complementary consultations with everybody, and like our whole goal is not to sell, our goal is to educate, and then um build out a plan from there and make sure that number one, everything is you understand what's happening, number two, it actually aligns with your goals, and you're not just you're not just doing something because Luke Miller told you do this. You understand what like why it fits in your plan, all that to the second piece of the question, like where's a good place to start? The absolute best place to start is going to be figuring out where your holes are, first of all. And what I mean by that, a lot of people don't like if you don't already use a budgeting system of some kind, download the like if you if you're into technology, download the Rocket Money app. You can link up your bank accounts, you can link up your credit cards to it. Uh, it'll track all your subscriptions, it tracks all your expenses, all your income. You use that thing for about 45 to 60 days, you're gonna know exactly where you're over, where you're where your spending's at, where your income's at. If you need to make adjustments in certain areas, because that's the first place I would start. And then from there, uh an easy next step. If you like, of course, building an emergency fund is huge. Uh, it's important to have liquid ass, like liquid cash, like in case you need it, because I mean the turmoil in the world right now, just like uh the epic economic like chaos, I guess you could call it. You need to have your goal should be to have three to six months worth of expenses in a liquid account somewhere. Personally, for that I'd recommend a high yield savings account as a just a like a general tip because you're making like it's annual rate of inflation is about three percent right now. Uh most of your high yield savings you're making, like you can get some good ones 3.3 to 3.9 is pretty common right now. So, I guess it's not much, but you're making a little bit you keep up with inflation, which is the biggest piece. Right. That's gonna be really, I think, the first like if I was to say, like, where's where do you start? That would be that would be step number one. Uh second thing I would like to touch on kind of a little bit, that uh a lot of people don't understand, like they don't really understand how this works. And that's the that's the concept of compound interest. And I I'm curious, Court, is that what is you I know you're you you're more knowledgeable than uh than a lot of people when it comes to funding. Just from our previous conversation, how well do you understand compound interest?

Cord 31:59

Well, I think that I understand it well, but I have a feeling that as we get into the details, I don't know that I understand the periods well enough, right? I mean, the theory of compounding interest is that your interest, you know, obviously then goes it goes in as part of the principle, right? So, then you're actually that's the compounding part. You're now actually gaining interest on your interest. But I think, you know, I don't know that I've ever had a really great understanding of how to read like a term sheet that actually tells me like what that compounding is. Am I barking up the right tree? Maybe I don't know anything.

Luke Miller 32:38

You're close, you're close. Like yeah, you're yeah, you are on the right track. I I've got an exercise I want to run you through really quickly.

Cord 32:45

Okay.

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Luke Miller 34:16

And this will this will like I don't I don't want to speak for you. It blew my mind when I first realized this. And if you're if you're not lit watching on YouTube, of course, you won't see this, but I'll kind of explain this as we go. So, I I've got like you can you can see this right here, Court. I've got a sheet of paper. It's just your standard, like uh 20 pound, 20-pound thickness paper, right?

Cord 34:36

Right, right.

Luke Miller 34:37

Just a basic sheet of copy paper. This is how compound interest works. So, I you put your money in, it compounds. Let's say, let's say it doubles. Uh how long it takes to double is not really, not really that important to the concept right now. So, like right now, we've got one double. Do you notice much difference? Not really. It's just a little bit. So, we go we go again. Now we're now we've doubled twice. Right. Yeah, four we've got basically four sheets of four layers thick. That's two times. Um I double three times and I go four times. And so now, based on our illustration, we've doubled this this sheet of paper four times already.

Cord 35:31

Yeah.

Luke Miller 35:32

And you see about how much thicker it is now than when we started.

Cord 35:35

Yeah. Still, it still is basically the thickness of it's still not much more than the thickness of a paper.

Luke Miller 35:40

Like it's two credits cards.

Cord 35:43

Yeah, right, right.

Luke Miller 35:44

It's about a credit card and a half right now.

Cord 35:47

Yeah, right.

Luke Miller 35:48

Let me ask you this though, Cord. Like, you you've seen how thick this paper is right now. We've doubled it four times. Imagine, like, give me your best guess. Like, we can't do it, right? Like it's physically impossible because the paper's as small already.

Cord 36:01

Yeah, yeah, yeah.

Luke Miller 36:02

But let's assume this is a theoretical illustration. Assume we could double that sheet of like fold that sheet of paper in half.

Cord 36:10

Infinitely.

Luke Miller 36:11

We've gone four times. Not even no, not infinitely. We're not talking infinitely, we're talking 46 more times. Yeah, we're gonna fold this in half 46 more times than what it is right now. Yeah, give me your best guess and as to how thick you think that will be.

Cord 36:26

Oh, I've heard this one. So, two, I'm probably better at it. Two to the 50th, basically. Essentially, I think is oh gosh, is this the one that winds up being like the distance to the moon or something? Is that right? Am I is it that big? Tell me, what is it, Luke?

Luke Miller 36:47

Yeah, it's 93 million miles, the distance to the sun, the sun, all the way just from like this this sheet of paper, it's at this thickness now. You double this 50 times, it would be 93 million miles thick, right? And then like that's compound interest.

Cord 37:06

But what happens if you could double take that from times, right?

Luke Miller 37:11

It's just a huge, like a it's like a hockey stick curve, yeah, exponential growth. You fold that 51 times, how much like how long is the distance now all of a sudden?

Cord 37:20

You're to the sun and back, back, yeah, right, right.

Luke Miller 37:23

And that's just to illustrate the power of compound interest. And like it Einstein called it the eighth wonder of the world. Because and this this this is really the compound interest is where we always start with education. We teach about the rule of 72. I'm not sure if you may or may or not may not be familiar with the rule of 72.

Cord 37:45

I'm not.

Luke Miller 37:46

It's a it's just a concept that tells you how long it takes for your money to double at any given interest rate. So, like you take whatever interest rate you're getting, divide that into 72. That's how long it's gonna take. So, for example, let's say you're in an account making 1% interest, which you and I both know. If you're in a just a standard savings account somewhere, you're lucky to get one percent.

Cord 38:06

Right, right.

Luke Miller 38:07

But assuming you can get one percent, uh, it would take we take one percent, divide that into 72. It's gonna take 72 years for your money to grow.

Cord 38:16

Right.

Luke Miller 38:17

On the flip side, though, if you had put that money into an account where you're making 10% even, now your money's doubling every 7.2 years, roughly.

Cord 38:26

Yep. And you get for all you RTO guys out there.

Luke Miller 38:30

For all for all you RTO guys out there, I've thought this through for the for the rental industry for sure. I've got some ideas there. Um, we should talk. Um but yeah, so it's seven goes from 72 years to 7.2 years, just that 10 difference in points. But even more important than that, like at and this is a more realistic example, at 4%, it's gonna take you um well divided by four divided by four about 18. 18 years. 18 years if you're making four percent. If you're making six percent, it's gonna take you 12 years to double your money. Yep, and so that's where understanding how compound interest works really comes in play, and it just goes to show why we go so hard, it's why it's so important to fight for every single interest point possible during the accumulation phase of your wealth, because compound interest works, the only way it works is with time. Yep, the more time you have, the more time it has to double. But then even over that time span, one to two interest points higher over the long term is going to uh completely transform the game for you.

Funding New Lots Without Idle Cash

Cord 39:42

Yeah, and this that's an interesting point. We were actually just having uh that same conversation in reverse almost about the way that some of the payments happen um in the shed industry, uh, because effectively your costs rise with your uh price, right? You know, instead of having that fixed payment, which is the same principle that you're saying, right? Like each of those, each of those, you know, one percent um, you know, when applied uh across the board or to all of your wealth, um, or two percent or three percent or four percent um winds up doubling that amount of wealth in that rule of 72. I so okay. So, whenever we think then about how to apply some of this, obviously we've been around uh shed companies, we've kind of seen the way they operate. Um, we've been around RTO companies, seeing the way they operate. Like within the industry, where do you think are some applicable ways, again, kind of at that entry level? Um, you know, we've been talking mostly on a personal level of wealth, but as we start to think about applying it, you know, to a to a company, to a business, like what would you say are some of the ways that you could kind of have that entry level of wealth management within the business itself?

Luke Miller 41:13

Great question. So, there's a couple of different ideas, Aaron. Like I I've been in three different I've been on the delivery side, I've been on the sales side as a salesperson. Um I've also done some like help with management on the on the business side. So, I think I have I've got there's a few different ideas uh that we could that we can touch on, and I'm not sure how much time we'll have to get through them all. But when it comes to business owners, like we're you're we're talking rent to come rent to own companies. One of the of course the one of the big factors you gotta think about is opportunity costs, right?

Cord 41:57

Yeah.

Luke Miller 41:58

Because like what I sure I can put my money, like what's the bond rate somewhere, right? What's the where am I gonna put my money? Because I can put it in a savings account. Okay, we're gonna grow in a savings account, but then what happens when let's say I'm a manufacturer and I'm wanting to open a new lot. How much is it gonna cost me to open up a new lot? It's gonna cost I mean, like I you're gonna have real estate to worry about, you're gonna have to put up an office. Uh you're dropping buildings on the lot. You're gonna have, I mean, what, 1520 buildings on the lot uh on the smaller side?

Cord 42:42

95 to 120, depending on what the depending on the company, yeah.

Luke Miller 42:46

Um you may have like because of course yeah, different companies you know take different approaches to how much inventory they stock.

Cord 42:53

But like it's we usually hear the number 120 get thrown around pretty comfortably when you're just talking about if you're putting out inventory, you know, how much how many dollars you know in inventory are you tying up, you know, on a new lot, and it feels like the kind of number that people just kind of throw out there. That 120 number, everybody, whenever we say that, seems to just be like, well, yeah, basically, you know, uh let's break this down real quick then.

Luke Miller 43:23

And I I've got something I want to I want to show you because like this is this is what I like. This is exciting. Let's say between uh real estate, land purchase, site prep, you've dropped an office, and you probably realistically got anywhere from like unless you're just renting the site somewhere. But if you if you put your own site in, you're gonna be pushing 250 to 300 minimum to get your lot prepped.

Cord 43:51

Inventory, everything. Yeah, yeah.

Luke Miller 43:52

I at least and if you figure inventory, I would like if you're if you're trying to drop 120 20 inventory shifts.

Cord 43:59

Yeah, right.

Luke Miller 44:00

I mean, I know the industry average.

Cord 44:03

I'm in 120,000 worth of inventory that's been going out there. Yeah, yeah, yeah. Oh, yeah.

Luke Miller 44:09

$120,000. And would you say that's tied up in cost or is that retail value?

Cord 44:14

I think usually most of the guys we talk to are probably thinking in terms of cost because they don't want it, they don't want it to feel super bad.

Luke Miller 44:24

We're talking all in, like it's not going to be uncommon $300K, $400K to set up a new lot. And what you got to think about, okay, even if on that $400K, you could be made like if you're in a high yield savings account with that money, and because like you got to sit on your capital for the right opportunity, right? Right. If you're making three and a half percent, I mean you're making about 14 grand on that money. But what happens? What happens as soon as you go to open the lot? All that money is no longer in your account and it's no longer making, it's no longer working for you, right? Right. And now it's tied up in lot expenses. You'll make some of your money back on the inventory side when you sell your inventory, but I've been around a lot of different lots, and as like with my personal experience in sales, some sheds go really quick, and I've had a couple I've sat on for like a year and a half, two years before they move.

Cord 45:24

Oh, yeah, of course.

Luke Miller 45:25

Yeah, so you're really I mean during that process, all that money's just tied up. Would it not be great if you could use that money in two places at once?

Cord 45:39

You're darn right.

Luke Miller 45:41

It would be, but so like the that's the whole problem with opportunity cost of like to you're choosing to do one thing historically by default, you're choosing not to use that money for something else.

Cord 45:52

Yeah.

Luke Miller 45:54

And that's one area we come in. And through we we've got we use a combination of indexing strategies to basically where we can it all it all it is changing cash flow a little bit. Yeah, where like the business owner changes cash flow a little bit, funnels it into an indexed account. Those indexing account indexed accounts on average, we're seeing them grow at eight to ten percent average.

Cord 46:28

Don't let it sit idle.

Luke Miller 46:30

And like because if you're letting it sit idle, like it's you're losing money. But what you can do, where this strategy really comes in play, uh you funnel the money into the indexing strategy, you're making eight to ten percent on average annually whenever your time comes to get your lot, you borrow against that. Yeah, so we take a loan out, and with these strategies, you're borrowing out about five percent. I know for a fact lines of credit right now, nine to thirteen percent. I mean, you're gonna be high single digits right now, typically for interest rates most places. In these strategies, it's a it's a just a locked-in five percent. Yeah, that's what we're gonna. So, we're gonna borrow the money out at five percent. And use it. So now we funded our lot. We built our like built our inventory, that's taken care of. But this money is still growing interest because we borrowed against it, it's accumulating interest as if it was never used. And so now the accounts growing at eight to ten percent on average, you're borrowing it out at five, you're making an extra three to five percent on that while you're using it to fund a new sales lot.

Cord 47:43

And this this goes directly just to like make this hit, try to try to make it hit home here. I mean, to me, this goes directly to some of the tightening margins that we're seeing in the industry at the moment, right? Uh, as you're seeing um, you know, consumers are stretched, disposable income is stretched. So as that happens, you know, you are you are seeing the need for more inventory to be discounted at the end of the year, average mar average margins go down, the cost of money on the R RTO side, you know, if you're borrowing, you know, bank money, um, you know, is going up. And so, like all these margins are getting squeezed. You know, the efficiency within your operation and the ability to actually standardize and all those things, of course, count. But what you're sitting here talking about is the difference in that three to five percent on the money that you already hold is effectively making up for some of them some of the tightening of margins. And I'll just say, I mean, from what I see, the companies that are savvy enough that are employing these things are the companies that are still sustaining the growth that they had seen in that, I mean, not maybe not the peak, the height of COVID, right? I mean, that was that was a whole different level of uh, you know, going bananas or going gangbusters, as people say, you know, but they're able to sustain that the level of growth that they've had over the last call it 18, 24, 36 months, and they're able to keep that going because they are being savvy with their money, which means that they can technically, you know, they can lose a little margin within the operations, they can lose a little margin within the cost of money on RTO or whatever that might be, whenever you're making it back up in this other area. Am I am I thinking about all this in the right way, Luke?

Luke Miller 49:46

You're definitely on the right track. There's one key piece though that um makes it even better. Because remember, we've just we've just borrowed this out for like here here's like we we've got this money in the account, we've borrowed out to start a new lot. We're saying, we're saying 300k, whatever. Um we've borrowed out at 5%, but because we borrowed this out for a qualified business expense, the interest on that loan, that 5% interest we're paying on that $300,000, that's a tax deduction. Right. So not only are you making an additional three to five percent on average tax-free, right? Growing your money, but you're also like you just created a business write-off. On the interest that you're paying back. And now you've created a tax deduction.

Cord 50:37

Yeah.

Luke Miller 50:38

And here we're like here we're talking in the 300k level. But I will like this is not related to the shed industry. We do a fair amount of work with like large-scale real estate investors using these exact strategies, only they're funding them at I mean quarter million, half a million a year, and using it to fund real estate deals. You borrow money out, purchase a property, flip it, resell it, pay the pay the loan off, money goes back into the account, rinse and repeat. All your money is always working for you.

Cord 51:11

Yeah.

Luke Miller 51:12

Um the best part with these accounts, though, is because of the strategies we're using, you are contractually guaranteed a floor of zero percent. So, it's not directly in the market, but it's it does get market growth potential. But then on the flip side is because it's not in the market, it's not directly in the market. If the market crashes next year, you're just not making any money.

Cord 51:38

Right.

Luke Miller 51:39

You're not you're not growing it, you just make zero. But the advantage is when the market's up, you're making like in these strategies, like we can get into the weeds there, typically you make about 80% of the market growth.

Cord 51:54

Right.

Luke Miller 51:54

On average, like 30-year look back, is where I get that eight to ten percent average from. That includes every single down year. And like, if you've studied the markets at all, you know the markets about the market's up about seven out of every 10 years, right? There's gonna be about three years out of ten that it's gonna be down. So, that's one strategy there when it when it comes to how like how business owners could really benefit, because I haven't met a business owner yet who doesn't want like who's not interested in the idea of increasing their ROI. Like, if I could show you a way to increase it by three to five percent on average, and all you're doing is changing the way you funnel some money.

Cord 52:38

Yeah.

Luke Miller 52:38

Would like is that something you'd be open to learning more about?

Cord 52:41

Oh gosh, it's something I personally am open to learning more about, you know. Like, um, you know, obviously, uh for listeners out there, you all know that um, you know, I started my own company with one of my former coworkers, uh, Shalisha Wood, Growth Ops Ally, um, you know, fractional C-suite executive services type of a thing. And like these ex and then my wife owns a salon. We own a wedding uh decoration business. I mean, these are we are not actively, I mean, I think we do pretty well with you know common strategies and you know having some investments and diversifying and you know, stuff like that. But like I've known for a long time that we are absolutely not taking advantage of the sort of financial tools that can just be available. Um I had mentioned a money market earlier because I actually, you know, at one of my previous employers, um, they had a money market account, which by my understanding is effectively a quasi-liquid, close to liquid type of an account that like you have to keep a minimum amount in, uh, by my understanding. But basically you have this range where as long as you're keeping whatever that number is, you know, 10,000 or 15 or 20, um, then you can use it much like a checking account, but it is always attached to the market. And so you're always gaining from that that uh you know upward market trajectory, presuming you're in one of the seven, seven of ten years, um, while also being very close to liquid. Am I understanding these are see, these are the type of techniques that like I am not employing that I know that I need to. And I'm not even a company, you know, me and my wife, I mean, we're not juggling, you know, millions of dollars um a year in in weddings and you know, weddings and uh and haircuts and uh executive services, right? So um, you know, I know that these things have to be so applicable to all of the uh inventory and cash holdings and the way that money gets deployed in this industry, it just feels intuitive that if I need to do this, and I know I do, uh, and I'd really like to have a separate meeting with you if I'm just being frank. For sure. Uh um, you know, I know that this has to be applicable.

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Coordinating Advisors Taxes And Insurance

Luke Miller 56:18

I believe it is. And like one there that that's one area we can definitely bring a lot of value to businesses. Uh and I like just speaking to the elephant in the room, I'm only 32. I'm pretty young. I ain't been like I know the big players in the industry, like you've got guys that have been in business for 20 years, 30 years, and longer. And I I'm also like, I believe education is key. I'm also the mindset that um like there's always room for growth. Yeah, just because we've always done something one way doesn't mean that that's the only doesn't mean that there's no better options out there. Um I love nothing more than sitting down with even especially business owners, because they they're savvy, they know business, that are just open-minded to learning more. Because if people are open to learning, there's so much out there when it comes to just not so much knowledge out there that a lot of people aren't taking advantage of. Um that's kind of one of the areas we help. And the other two areas I really want to touch on really quick because I know we're we've got to be close up on time.

Cord 57:29

Close, yeah. I'm watching here. I got your back.

Luke Miller 57:33

We have so like what one of the services we like, one thing we do for businesses, like we take, we'll come in when it comes to consulting with the business. Oftentimes, what we do, we come in, we look at the entire picture of the business, treat your business like basically like your network. Um, because here's what you see like that as a business owner, Cord, you know, you know what this is. Like, how well tell me how well your business would run if none of your employees talk to each other.

Cord 58:04

Oh, it wouldn't.

Luke Miller 58:05

It wouldn't. But yet here today, like with business owners, you've got a CPA who's not talking to your real estate agent, who's not talking to your finance advisor, who doesn't talk to the estate planner or the tax like tax attorney. Um nobody's most people aren't talking together, and so each person has just a very like tunnel tunnel-minded view of their aspect of your business. But none of them are typically like what we oftentimes find, I should say, they're not all really working together. So, where we come in is we'll come down, sit down with the business, take like a big 360-degree, like bird's eye view of the business, look down, figure out what's working well. The things that are working well, we don't touch. If you've got great options in place, awesome. But thing, if you have pieces that aren't working so well, we'll come in and replace those because we we've got a whole like we take a strategy kind of like a like a fractional, like have you have you heard of like the fractional family office concept? Or like you mentioned fractional C suite, yeah, like executive kind of deal. Kind of that similar concept. We come in, look at the company, concierge service. Uh we bring in like, for example, one area that's oftentimes overlooked. We see a lot of businesses that don't have a good tax, like they've got just a CPA they've used for years because that's just who they've used. But when we get dig down, like digging into it, like is the CPA actively planning for their tax situation? No, a lot of times it's just we send them the we send them our numbers at the end of the year, send them our QuickBooks, and they tell us how much we owe in taxes. Yeah, but that's you're losing out on a ton of advantages. You could like deductions and just strategies that you could be taking advantage of if you just had a plan in place to start with, or had a CPA that was actually like took a proactive approach to tax planning.

Cord 1:00:11

Right.

Luke Miller 1:00:11

And so, we've got a whole part of our part of our whole um value added, number one, we work with the represent the top 190 companies in the finance industry directly. In addition to that, we've got partnerships in with mortgage brokers, real estate investors, uh private equity, a lot of like tax attorneys. Our whole mission, our goal is to be a truly one-stop shop. So whenever, like whatever our clients needs are, whether it's a new CPA, we've got a solution for that. Whether it's just making sure your business is structured properly, and you're taking like you're maximizing all everything you need you can, paying the least amount in taxes, we've got a solution for that. Uh we kind of come in and we help put all those pieces together, make sure everybody's on the same page, and that at the end of the day, everything's aligned with the business owner's goals where they want where they want to be in the future.

Cord 1:01:11

Yeah.

Luke Miller 1:01:11

So, that's on that piece. And they're kind of to touch on like well, I used to be a salesperson. And so, like, I know as a salesperson, I was never really taught about well, like I said, I never had much education before this. So, a couple areas to think about. Like just make sure you're not like one issue, like we there's an issue I see a lot, especially with high earning, high earning salespeople. They just don't they haven't they haven't thought through the process to make sure they're maximizing all their deductions. I mean, maybe you're W-2. I know I know in the industry, I think it's pretty common to be either like independent contracted if you're probably more or I don't know, it's shifting. Uh that kind of varies back and forth.

Cord 1:02:00

Yeah, right.

Luke Miller 1:02:01

But I see I see a lot of 1099 earners. Uh they sell a lot, they sell a lot, they make good money, but they have never thought about how to actually keep more of what they're making. Yeah, and there's so many, so many tax advantages out there you could take. Um, and then the third piece, on the delivery side. I don't know how many haulers you have listened to the podcast.

Cord 1:02:25

I mean a lot of window time in the in the uh hauler space, yeah.

Luke Miller 1:02:30

Uh uh a new strategy. I just I learned about this last week, and it's really phenomenal. When it comes to like what's one of the biggest issues haulers have and number like we touched on the other insurance, yeah. When it comes to commercial insurance, and we've there there's a new strategy. Like we we've got we've got a strategy we use now, like it works like a couple haulers going together. Essentially, what you do is um like there's a strategy out there where we can potentially create like a captive agency, a couple owners going together, they're paying premiums in, and then at the end of the year, like the caveat is this money's got is this money's locked up for a year minimum.

Cord 1:03:18

Yeah, right.

Luke Miller 1:03:19

Gotta be in for a year minimum. On the backside, we're growing that through different methods.

Cord 1:03:25

Yeah, right. Diversified, diversified.

Luke Miller 1:03:28

Oh, well, diversified portfolio, right? But then after twelve after 12 months, any unused premiums can be pulled out by the by the owners again. And they're in they're just paying like because it's been locked up in there for a year, they're gonna pay a long-term capital gain tax on it, typically around 15%. But essentially they're self-insuring themselves.

Cord 1:03:50

Yeah.

Luke Miller 1:03:51

We've done like it, of course, the larger you are, the better sense this makes.

Cord 1:03:56

Yeah, right, sure.

Luke Miller 1:03:58

We've just actually sat down with a we we've been working with a trucking company, uh a large one. There, they're granted, they're their commercial trucking insurance is three quarter million a year.

Cord 1:04:09

Right.

Luke Miller 1:04:09

Just on the insurance, like we're it's it makes great sense for them.

Cord 1:04:13

Yeah.

Luke Miller 1:04:14

If you don't have a great driving history, like if you if you don't have a clean record, you've got it's it won't be as much savings. But um, like I said, it's all about education, knowing what your options are.

Cord 1:04:28

Yeah. And taking advantage of each little one. That's it's the same concept as the compounding interest itself, right? It's not a single strategy or a single piece of education, a single piece of information that's the silver bullet. It's taking each of the pieces, and as they add up, right, all of a sudden your money, your financial strategy is working for you every day. You know, sure. It does. You know, um to me, that's the biggest, I think it's the biggest gap in broader society. I mean, you know, I think the fact that most um most Americans are not financialized in this way, are not using these strategies. Um and I think for the most part, don't understand that it's accessible, you know, through guys like you, through companies like the Miliari Group, um, through financial advisors, um, and um that really the network is really what you're talking about, right? It is the fact that you can put all the pieces together, you can add financial financialization or financial strategies into all of these uh interactions, all of these expenses, all of these, uh all the income, the every everything that we do, you can add all those little pieces up and just come out, you know, come out actually um prospering more. For all of the hard work. I mean, every person that listens to this podcast is tuning in to get better, to be better, to understand more, to get ahead, right? Like, I mean, if you're listening, you are invested in this industry. You're invested in your work. You're invested in your craft. You're invested in the way that you want to succeed. Um, and so, you know, employing all of these strategies that Luke is talking about here today, this is just, these are how that prospering, you know, truly adds up and takes advantage uh, you know, of the financial systems that we've built. Um, you know, Luke, like I'm really impressed with bringing the level of knowledge that you have down to these straightforward, easy to implement. Or not I'm not gonna say easy, you still need a professional, but like, you know, easy in the sense of easy to understand, straightforward, um, and very practical solutions that you've brought to us today here, man. Um, I mean, I just I want to give you a uh a chance here to kind of, I don't know, maybe it's maybe it's the elevator pitch uh from back in your sales days. Maybe it is just a um maybe it is just a uh summary of your view um of how the Miliari group and yourself and the things that you offer can help the industry. But man, just give us a good wrap right here, Luke. This has been such good information. You've got me excited about employing these tactics in my own life. So, so wrap us up with some more of that good stuff, Luke.

Luke Miller 1:07:42

Awesome. Okay, so like the I guess just to really wrap up, you kind of hit on this a little bit. Everybody in the industry, like I I've been in the industry. I know I we were all hardworking, everybody's trying to do the absolute best they can and just get better. And I will say, like, we talk about I'm not gonna cover it today because we don't have time, but we we've got a whole concept called uh the risk pyramid, and it breaks down literally all the different strategies you can grow your money in, categorized by like how risky are they? Like at the very top, of course, you got your crypto and like your really high risk, high reward stuff, and then on the bottom of the period pyramid, you've got uh like the just the really safe, not, I mean they get good growth, but it's not like you're not shooting the moon or anything, it's just it's just good solid growth.

Cord 1:08:35

Yeah, right.

Luke Miller 1:08:36

On one of the things on the very bottom of the period pyramid though, that we add is self-development. Uh if I if I was to be able to give any tip out to anybody on the podcast, invest in yourself. Whether that is through just learning more about finance, whether that's through uh like I can I can give a recommendation of four or five books to read if you want to get like it. I I've done some serious work on the on just my personal development side when it came to sales and that kind of thing. Uh, I believe that reading is vastly underrated, and you spent you spend some time developing yourself, that's going to be the absolutely best investment you could ever make. Uh, that's why it's on the bottom of the pyramid. Because you'll take you'll take you'll take your growth and then just apply that to the rest of your life, whether it's finances, your family, um, your business, what whatever, whatever the area is, and you'll do a whole lot better there. It'll really help your growth. But yeah, just to really, I guess, wrap up the rest, if you have any questions about finance. I will say I love questions. Ask me any questions you want. I'm an open book, I will answer them. If they're finance related, even better. But um, we can do, yeah. A lot of the areas like if you're struggling with cash flow, if you we can help in in the area like managing debt. Um, like we we've got all these growth strategies. It's really a personalized approach we take client to client. My whole goal in the in our entire process is to teach clients how money works, how it grows, how it's tax, and then teach them how they can implement it in their own personal situation to just uh create a gener like a generational legacy impact. Leave a legacy behind to your kids and your grandkids and their kids. Um there's a scripture about that, right? I cannot think I just read it the other day, and I cannot think about off the top of my head about a wise man leaving an inheritance to his children and his children's children. But take that. I've also dropped my number. It's my personal cell number, 931-636-4126. If anybody, if you want to call me, text me, uh, I am I would I would love to sit down and get to know a lot more of you better and just see where see where we can add some value to what you got going on already.

Cord 1:11:19

Absolutely. Absolutely so good, Luke. And of course, for all you out there, we will include uh the link to Luke and the Miliari group uh in the newsletter. So, go check out your newsletter uh and get in touch with Luke. He said his number there. You can obviously reach out to us. Uh, if you didn't catch it, we will put you put you in touch as well. Click the link, give us a ring, give Luke a ring. These are things that are much needed um, you know, in all business, in in all personal life. Um, you know, we work so hard for our prosperity. Um we should enjoy that prosperity, and we should be able to take advantage um of these systems that are available to us uh to ensure exactly what Luke said there, uh the prosperity of not only us, but generations. So, Luke, thank you so much for joining us today. Thank you for listening to all of you out there and join us next time on the Shed Geek Podcast.

OUTRO 1:12:20

Thanks again, Shed Pro, for being the Shed Geek's studio sponsor. If you need any more information about Shed Pro or about ShedGeek, just reach out. You can reach us by email at info@ shedgeek.com. Or just go to our website www.shedgeek.com and submit a form with your information, and we'll be in contact right away. Thank you again for listening, as always, to today's episode of the Shed Geek Podcast. Thank you and have a blessed day.