Transformational leadership is an influential leadership approach that aims to inspire and motivate individuals to reach their highest potential and drive positive change in the world. This transcends the conventional model of leadership that solely trades rewards for compliance. Rather, transformational leaders’ endeavor to establish a collective vision and stimulate people to collaborate towards a shared objective.
Curtis May is a visionary in this approach. He is a financial advisor, author, and speaker with over 25 years of experience in the financial services industry. Additionally, he is the Founder and President of Practical Wealth Advisors, a financial planning firm that teaches principles-based planning to help clients achieve financial freedom.
May is on a mission to empower people towards financial independence, and his journey to success is a testament to his expertise. As the Founder of Practical Wealth Advisors, he uses his passion and knowledge to guide his clients towards a financially secure future.
As a transformational leader, Curtis believes “you must be committed to creating a positive change in the world.” Being a passionate business owner, he often thinks about who he wants to serve and the results he hopes to achieve.
For most of his clients, that means living their life to the fullest without any financial worry in the world — which, again, is a truly transformative goal. However, he feels, many of these individuals have limiting beliefs and mindsets that prevent them from reaching this objective.
“As a leader, my job is to help transform their belief system and expand their thinking. I focus on helping people work on their mental game when it comes to money, leadership, and wealth consciousness, as I believe this is essential for true transformational change,” he explains.
The Onset of Nurturing a Growth Mindset
As a third-generation entrepreneur hailing from Philadelphia, Curtis grew up in a middle-class family that owned a supermarket. From a young age, he held an unconventional belief that majoring in business would pave the way for a successful career in entrepreneurship. In fact, his family instilled in him the idea that working for oneself, rather than as an employee, was essential to tap upon financial success.
At just 10 years old, Curtis began to showcase his inner entrepreneurial drive, raising money for his little league team and sparking a new mindset of generating his own income. He reminisces, “I always had little hustles, selling seeds in the back of comic books, and setting up lemonade stands, which fueled my brain with countless business ideas.”
Curtis credits his family’s entrepreneurial background for his outlook on money, seeing it as a tool to employ others and create opportunities rather than just a means of personal gain.
“My grandfather employed 20 people in the ’50s, while my father employed over 12 to 15 individuals in the supermarket business,” he recalls. Moreover, Curtis has owned multiple other businesses and always found himself in the role of an employer — leading him to have a healthy relationship with money and an absence of a poverty mentality.
Reflecting on his upbringing, he acknowledges that many people fear the prospect of earning significant amounts of money, but he does not share this fear. He credits this fearlessness to his entrepreneurial roots and the familial success they had experienced together.
Despite his introverted nature, he persevered in his aspirations to attain significant success in life. He believes that studying successful people has shown him that, “the thread of success was woven into the fabric of these accomplished people’s lives from an early age, and that they consistently pursued it throughout their existence.”
The Rise of Practical Wealth Advisors
After spending over 20 years in the financial advisory business, Curtis realized that he was following the typical traditional path of advising clients — invest in mutual funds, buy term insurance, and max out your 401Ks. However, after reading the book ‘Rich Dad Poor Dad’, he recognized a significant difference in how rich people think and handle their money.
This realization sparked a desire to learn more and apply the same strategies to his personal finances. As he delved deeper into the principles of wealth creation and financial freedom, he became determined to share this knowledge with his clients.
By transforming his thought-process about money and teaching his clients the truth about finance, Curtis was able to help others achieve their financial goals. With a new perspective on personal finance, he continues to guide his clients towards a path of financial freedom and success.
His Innovative Financial Strategy
At the core of his approach to financial advising is the concept of reverse engineering. Curtis believes, “Traditional financial advice often doesn’t work for entrepreneurs, especially those who have different goals when compared to salaried folks.”
According to him there are two types of individuals: cash earners, people with jobs, and he interacts with many of them, and cash creators, those who generate wealth through entrepreneurial ventures.
Many entrepreneurs approach him with a prior understanding about their businesses. Some even believe that their entities have the potential to yield greater returns than the S&P or certain mutual funds.
But for a cash creator, the challenge lies in storing their wealth effectively. “They require access to capital, the ability to capitalize, and the skill to save money. We educate them on a technique known as Infinite Banking or Becoming Your Own Banker, which empowers them to create and manage their own banking system,” he says.
Infact, his approach is focused on minimizing losses rather than chasing high returns. By helping his clients manage their cash flow, mortgage payments, taxes, and qualified plans, his team creates wealth and helps achieve their financial goals.
Additionally, he also works with business owners to help them see the potential returns on investing in their own business, rather than relying solely on external investments. “The key to building wealth is not just about picking winners, but also minimizing losses and being efficient with your money,” he clarifies.
Unlocking the Power of Prioritizing
Efficient time management is key for business owners, and Curtis understands it to the core. He schedules everything in his life, from personal time to family time, and color codes it all on his Google Calendar.
With an inbound call system, he wakes up to a structured day and aims to work only four and a half days a week. “I set boundaries by not working on Friday nights, Saturdays, and Sundays,” he adds.
Focusing on the importance of productivity, Curtis advises business owners to design their ideal week and focus on maximum output. He also regards delegation as a crucial element and has two great assistants to help him stay on track.
Add to this, Curtis also follows Dan Sullivan’s philosophy of focusing on his unique ability and only working in that area, thereby making the most of his time and expertise.
Practical Tips for Young Leaders
With over two decades of experience, Curtis is dedicated to teaching his customized approach to financial planning and helping people build the life they want.
His leadership style is bold and impactful, as he focuses on helping his clients achieve financial liberation — a transformative goal that requires a shift in mindset and a strong commitment to personal growth.
Curtis’ advice for young black leaders struggling with financial literacy is: Start with Reading. He recommends reading at least one book a month on money and finance, along with books on leadership, negotiation, and marketing.
“Be sure to choose resources that cater to your goals and aspirations, not just middle-class advice that won’t help you achieve true financial freedom,” he asserts.
He and his team are expanding into education and coaching, with the goal of helping clients become financially independent by teaching principles-based planning. He also suggests, “Save, protect, and build your legacy, while keeping in mind the importance of liquidity and the velocity of money.”
Practical Wealth Advisors: A Bright Future Ahead
Practical Wealth Advisors is expanding into education and coaching, with a strong emphasis on guiding clients towards financial independence.
The company’s goal is to help take clients from upper-middle-class to affluent and beyond, and to continue on the crusade of teaching financial principles that help clients become and remain financially free.
Additionally, Curtis May is working on his books, where one of them will be updated and published based on his philosophy and the others will expand upon the ‘Money for life process’.
On a personal front, Curtis continues to see himself grow the company and help clients achieve financial freedom.
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