11 Secrets of Financial Planners

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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.

10 Secrets of Airbnb Hosts

iStock/Tero Vesalainen
iStock/Tero Vesalainen

Since it launched in 2008, Airbnb has grown from a scrappy tech startup to a major force in the travel industry. The website acts as a middleman between hosts with empty rooms, guest houses, and vacation homes to rent out and travelers looking for an unconventional (and often affordable) place to stay. The company reportedly recently valued itself at $38 billion.

Tech-savvy globetrotters may be familiar with Airbnb from the guest side, but being a host offers its own experiences. If they're willing to endure the occasional clueless, tardy, or rude guest, hosts often learn that meeting people from around the world can be just as rewarding as travel—and a lot more lucrative. We spoke with a few Airbnb hosts to get their perspective on what it's like to provide a temporary home away from home.

1. Airbnb will send a photographer to host homes.

Airbnb wants its listings to be successful, and they offer hosts some pretty appealing perks to make that happen—including sending a professional photographer to their space for a free photoshoot, if hosts ask for one. “The photographer made the room look really nice,” Steve Wilson, an Airbnb host who manages a listing in Austin, Texas, tells Mental Floss. “And the pictures are certified, so people know Airbnb took them and they’re not fake picture I took from the internet.” Enlisting a professional photographer pays off for both the hosts and the company: According to Airbnb, hosts with professional photos see a 40 percent increase in earnings compared to other hosts in their area.

2. Airbnb hosts know that cute pet photos can lead to bookings.

Brenda Tucker's dog, Boo.
Brenda Tucker's dog, Boo.
Brenda Tucker

Brenda Tucker first listed the spare room of her San Francisco home on Airbnb in 2009. As one of the company’s earliest hosts, she had the honor of having CEO Brian Chesky stay in her home, and he shared some useful tips. One piece of advice he gave is something dating app users may already know: Including photos of your pets is a great way to get attention. “Their data was showing that people weren’t really reading the listings, which is true of myself when I use Airbnb,” Tucker tells Mental Floss. “So I put my dog and my cat in the photos early on and that has been very, very helpful.”

3. There's a reason some Airbnb hosts greet you in person.

Some hosts have a set-up that allows them to check in guests without ever meeting them in person, but Wilson prefers to greet guests the old-fashioned way. It’s a friendlier way of doing business, but he says there’s another motivation behind the protocol. “I’ve worked in retail, and it’s like when you try to say ‘hi’ to every [customer]. It’s nice to do, but it’s also a way to reduce people shoplifting,” he says. “They might be more respectful of the space that way if they see a real person there.”

4. Sometimes Airbnb hosts get gifts.

Beyond checking in on time and being considerate, Airbnb hosts don’t expect much from their guests. But occasionally they encounter a guest who goes above and beyond to leave a good impression. Carla (not her real name), a host in Dublin, Ireland, who’s retired, recalls a woman from Belgium who expressed her gratitude by crocheting her a tea cozy. “It’s absolutely beautiful,” she tells Mental Floss. "She showed me that she used to make these, and she showed me photographs, and [then] she made me one. She was lovely."

Early in his Airbnb career, Wilson received a gift from an unexpected source. “One of my first guests was this guy, he had the worst possible photo of himself. It was weird and out-of-focus and he just looked mean and angry. I begrudgingly accepted his invite, and he turned out to be the nicest, sweetest guy. He was from Seattle and he gave me some freeze-dried salmon and a really nice note he wrote me later on a card. That taught me not to judge anybody by their picture.”

5. Not every Airbnb hosting experience is positive, however.

Even if hosts have positive feelings overall toward their experience with Airbnb, they’re bound to collect a few horror stories after working with the service long enough. One traveler Tucker hosted made herself at home by ruining the walls. “She brought her bike up 36 steps from the street, which left tire marks everywhere.” After that incident, the guest proceeded to wash her dirty clothes in the bathtub and lay it over the furniture in the shared living room to dry. “She did not expect me to come home early that day.”

Wilson recalls a guest who dealt with mosquito season by nearly setting his room on fire. “A few mosquitos had gotten in, he had basically let them in, so he kind of freaked out about it and bought all these mosquito candles and left them under the bed.” Fortunately, Wilson caught the fire hazard before it turned disastrous.

6. Hosts appreciate it when you clean up.

People who host on Airbnb know that cleaning up after guests is part of the job, but that doesn’t mean they don’t appreciate it when people go out of their way to be neat. “It’s nice when they clean up a bit,” Wilson says. “They can leave their sheets or towels wherever. I don’t care about that stuff, but it's a nice little touch when they do the dishes. It's not that big of a deal but I feel like it’s considerate.”

7. Airbnb hosts hate it when you're late.

Traveling can be stressful and unpredictable, but if you tell your Airbnb host you’ll arrive at a certain time, try your best to stick to it if you want to stay on their good side. “I don’t want to wait around for hours and hours,” Tucker says. “I understand if your flight is late and that’s something you can’t help, but there have been a few people who unfortunately think I have nothing to do on a Saturday except wait around for six hours. When people are rude or have the expectation that you are a personal concierge and you should behave as a hotel, that makes things more difficult for me.”

Wilson repeats the same sentiment, adding that updating your host if you know you’re going to be late is much better than not communicating with them at all. “I always appreciate it when people give me a decent ballpark figure of when they’re planning to get in, and if they don’t make it at that time if they could possibly give me a heads-up that they’re going to be a little later than they were expecting. I have a set check-in and check-out time, but sometimes I can give people a little more time if they need it.”

8. Airbnb hosts don’t want to give you a bad review.

Airbnb hosts know how important reviews can be, and they aren’t quick to assign negative ratings to guests. Tucker says she always tries to confront issues with her guests in person before airing out the problems online. “I try to be diplomatic. Generally I can have a discussion in person where I can feel heard and there’s some kind of understanding,” she says.

But in some cases, even diplomatic hosts may feel forced to rate guests poorly as a warning to future hosts. Tucker says, “I had a woman who was very challenging. She came too early and she seemed a little entitled. She requested a refund because she was leaving early but she hadn’t let me know. I think that was probably the most negative review I ever gave.”

9. It's hard to make a living just from Airbnb hosting.

Many hosts use Airbnb as a source of supplemental income. For her day job, Tucker is the director of arts marketing for the San Francisco Travel Association, and Wilson is a freelance writer. Both say the money they make from Airbnb is a nice cushion, but it’s not enough to make a real living. “It’s not super lucrative, it’s just a stable stream of dough. I don’t think anyone would get rich off it, especially in a place where you’re taxed and have to have a [short-term rental] license,” Wilson says. Airbnb also takes a service fee of at least 3 percent from hosts for every night they book.

For Tucker, being an Airbnb host is more about meeting new people and being exposed to different cultures than it is about making money. “That opportunity to intersect with other cultures is incredibly interesting to me, and something that has enriched my life quite a bit,” she says.

10. Sometimes hosts make lifelong friendships with guests.

The relationship between Airbnb host and guest doesn’t necessarily end at check-out time. Thanks to her hosting gig, Tucker has developed lasting friendships with former guests who are scattered around the globe. “I've made very close friends with people who’ve stayed with me. I’ve traveled with an Italian guest of mine in France and in Italy. I’ve gone to Sweden twice to see a guest I keep in touch with. Those opportunities have been pretty amazing.”

7 Behind-the-Scenes Secrets of Roadies

Lindrik/iStock/GettyImagesPlus
Lindrik/iStock/GettyImagesPlus

Although the word roadie may conjure up images of non-stop partying with rock stars, the reality is that most work unglamorous, physically and emotionally demanding jobs. They lug the gear, set up the instruments, manage the stage, run the sound, sell the merch, drive the bus, and generally do whatever it takes to make concerts possible. Mental Floss talked to a few roadies (who probably wish we'd stop calling them that—see below) to get the inside scoop.

1. Roadie is an outdated term.

Some roadies who worked in the 1960s through the 1980s later wrote books bragging about their sexual conquests, wild partying, and drug use while on the road. Although that lifestyle is not completely obsolete—genres such as metal, rap, and hip hop supposedly see more illegal activity than indie, pop, folk, and alternative—most roadies don’t refer to themselves as such.

Morgan Paros, a violinist and singer based in Los Angeles, says that the generic term roadie seems slightly derogatory now. Instead, it’s better to use terms that more specifically describe individual duties. “Anyone on a tour is generally working very hard to fulfill their role of tour manager, front of house (sound engineer), light tech, stage manager, instrument tech, or merchandise manager,” Paros says. “These individuals make everything possible for the performers every night.”

2. Roadies work insanely long hours.

Most roadies work 16- to 20-hour days. Waking up early and going to sleep late is part of the job description, as Meg MacRae, a production coordinator who’s been on the road with Bon Jovi and the Eagles, attests. A typical day for her starts with a 6 a.m. bus pickup, after which she sets up a temporary production office at the venue. After a long day of problem-solving, booking flights and hotels, and making sure the crew is taken care of, she ends her day at 1:30 or 2 a.m.

3. Roadies get used to roughing it.

Unless they’re working for an A+ list performer, most roadies are not living the high life, sleeping in luxury hotel suites and flying on private jets. Being on the road can be hard work. Depending on the band’s budget level, the road crew may sleep on the floor of a shared hotel room, or sit in a crowded Ford Econoline or Chevrolet Express van for hours.

Tour conditions offer minimal privacy and maximum mess. “You wouldn’t believe how insanely messy a van can get after a 6-week tour of the country,” says Michael Lerner of Telekinesis.

David, a front-of-house sound engineer based in New York, also describes the dirty working conditions in many venues. “Consider how grimy some music venues look. The dusty mixing board in the back coated in spilled beer, the germs of hundreds of singers talking/spitting/shouting into the same microphones night after night, and the questionable odors of green rooms inhabited by people who spend a solid portion of their days packed into a van … this is your office. Good luck not getting sick.”

4. Roadies usually have good reasons for putting up with it all.

So why do roadies subject themselves to the long hours and less-than-glamorous conditions? Many say they love music so much that they can’t imagine working in any other field. “For as long as I can remember, I have always wanted to have a job in music,” tour manager and sound engineer William Pepple writes. Some roadies also get into it because they love traveling all over the world, seeing new cities, and meeting new people.

5. Maintaining relationships at home is a big challenge for roadies.

Being a roadie is a lifestyle rather than just a job. Because they travel so frequently for work, roadies often struggle to maintain relationships with loved ones. Technology such as FaceTime and Skype has made keeping up with family, friends, and significant others easier, but it can still be a challenge to find privacy to make phone calls. Roadies who travel on buses have a little more privacy and time to connect with loved ones back home, since bus tours often give them the freedom of waking up in the city where the band’s next show is, while road crew on van tours spend the majority of the daytime driving to the next show.

6. They probably have at least one horror story from the road.

Whether it’s an unscrupulous promoter cheating the band out of their earnings, a bus overheating, a van breaking down, or driving through dangerous winter storms, roadies probably have at least one horror story. Most awful promoters or venues, though, are usually due to simple misunderstandings. “Most bad days are due to either bad communication or a lack of understanding that most touring people just want simple comforts: a clean shower, clean towels, a safe place to put their stuff, laundry machines, and good food,” says Mahina Gannet, who’s worked as a tour manager and production coordinator for bands such as The Postal Service, Death Cab For Cutie, and Neko Case.

7. Good roadies are there to work, not just hang out with the band.

Achieving a balance between being professional and having fun is harder on tours because “you are working, living and traveling with your co-workers,” Gannet adds. “I’m there to get a job done, and when it’s done, I love to hang out. A lot of tour managers I’ve seen definitely can go to either extreme (some actually thinking they are a member of the band, some so distant the band can’t talk to them), but it’s like everything else in life. It’s about finding your own personal balance.”

This piece first ran in 2016 and was republished in 2019.

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