Lengthy-Time period Monetary Wellness for Your Household With Michael Stevens


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Katie: Hiya, and welcome to the “Wellness Mama” podcast. I’m Katie from wellnessmama.com and wellnesse.com, my new private care line. That’s Wellnesse with an E on the top. This episode deviates from the bodily facets of well being, however into one other space that can be crucial, and that’s monetary wellness and long-term monetary wellbeing as a result of statistically, monetary struggles are a significant supply of stress for many people and in addition a significant supply of relationship stress for a lot of {couples}. I believe this final yr has made that much more acute for lots of people. And I assumed it was vital to begin a dialog round this subject.

I’m right here with Michael Stevens who runs capitalwealth.com. And he’s been certainly one of my factors of contact for determining a few of these methods myself. And I wished to share them with you guys in the present day. We go into from very primary degree issues like financial savings versus investing and how much methods to arrange for this after which additionally into some much less well-known, however tax helpful methods that you should use for your loved ones, even that youngsters can usually use from a younger age that result in long-term wealth. He breaks down a few of his most used methods along with his shoppers and in addition offers some ideas for constructing a powerful basis for lifelong monetary well being together with your children. Like I stated, undoubtedly a distinct subject, however I believe a vital one, particularly proper now. So, with out additional ado, let’s be part of Mike. Mike Stevens, welcome to the podcast.

Michael: Hey Katie, I’m excited to be right here, and thanks for having me.

Katie: I’m so excited to talk with you as a result of any of my longtime listeners know I cowl an entire lot of matters associated to well being and wellness. And after we take a look at the statistics, it looks like funds are literally a significant supply of stress for lots of people. And I’ve talked about stress loads on right here as a result of it has a cascade impact into each space of our life. However I believe funds are a giant supply of stress. And this previous yr has compounded that even for lots of people, and particularly for lots of households. And you’re the finest skilled I do know within the space of economic wellness. And I assumed it might be actually related and vital to, form of, delve into this space, particularly from the main focus of what we will do as households to arrange and have higher monetary wellness in our each day lives. And in order that’s why I used to be so excited to convey you on. I do know this can be a massive subject and there’s numerous completely different instructions we’re gonna go. However to begin us off broad, are you able to simply, form of, give us an summary of the work that you just do with regards to monetary wellness and preparedness?

Michael: Yeah, completely. And thanks a lot for having me on as a visitor. Katie, I do know that numerous your listeners, such as you stated, are into the bodily facets of well being and wellness. However once more, like what you have been saying, the monetary facet of well being and wellness is so vital. So, what we actually concentrate on at my agency, Capital Wealth Advisors, is giving folks peace of thoughts and readability with their funds. And I at all times inform people who we don’t work for Wall Road. We work for our consumer’s finest curiosity. And that’s actually vital. I’d say, firstly, as an advisor, it’s a must to be working with somebody who’s a fiduciary. And it’d be no completely different than going to a physician that doesn’t actually care about what’s occurring in your life versus somebody that, , they’re invested in ensuring that you just succeed. So numerous what we find yourself doing is taking a look at issues from a complete standpoint to provide folks monetary peace and wellness of their life in order that they’ll benefit from the issues with household and mates, and simply the targets that they wanna obtain of their life.

Katie: Yeah, that’s so vital. What are a few of these issues that you just begin to take a look at? As a result of I do know from my very own, form of, journey during the last 15 years of being married and having children, within the very starting, funds have been so tight that it was simply really like month-to-month survival to pay payments. And it took a mindset shift for me as, like, we began to have the ability to develop issues a little bit bit to have the ability to be actually sensible with these assets and determine the right way to put them in locations that will result in progress and safety over time. So what are a few of these components that you just take a look at? Clearly, I’m positive persons are beginning in numerous completely different locations. However what do you begin by taking a look at?

Michael: Completely. You recognize, our core specialty is working with people who find themselves nearing retirement or in retirement, however we assist folks from each stage of the sport. And, , sooner or later in my life, I used to be simply starting as nicely too identical to you and your husband. And the actually vital factor for folks to comprehend is that it’s not as daunting as what it appears. And now, with the web and issues like YouTube and nice books, there’s numerous actually good assets to make use of to have the ability to plan your monetary future. You recognize, there’s that outdated Chinese language proverb that claims, “The very best time to plant a tree was 20 years in the past. After which the second-best time is now.” So, the explanation why I’m sharing that with the listeners right here is as a result of I simply wanna encourage folks, don’t wait as a result of should you begin small, and simply hold going and construct off that momentum, sooner or later, you’re gonna look again and go, “Wow, I’m so glad that I began. I had no concept I’d make that massive of a distinction.”

Katie: Completely. And that’s one other nice corollary with well being as nicely is, , like, any form of coaching or getting wholesome, one of the best time to begin is a extremely very long time in the past. The second-best time is true now. And people issues construct over time slowly that typically you don’t even discover, till sooner or later it’s a extremely profound change. And also you talked about working extra with folks as they get near retirement. And I do know I’ve seen statistics that it looks like because the generations have gone, persons are getting ready much less and fewer, not even simply saving much less and fewer from a financial perspective, however getting ready much less and fewer for that. And it nearly looks like what we used to think about as the thought of retirement has morphed as nicely. Like, we don’t see folks sometimes as usually working for a similar firm and having simply retirement advantages that absolutely present for them as they become old. Is that what you’re discovering as nicely?

Michael: Yeah, completely. And I believe numerous it has to do with the best way our society is turning into. Beforehand, , our grandparents, they weren’t into instantaneous gratification as a lot as we at the moment are with with the ability to scroll on Fb or Instagram and, form of, get an endorphin hit, simply from what we want proper now. You’ll be able to watch, , video on demand with Netflix., and many others. However the entire thing is, is that I’d inform folks that you just don’t wanna commerce your monetary peace of thoughts for being an impulsive purchaser. And what I imply by that’s that you must be devoted and say, “Look, I’ve a objective that I wanna retire.” And actually, Katie, the earlier that somebody will get began on this, the higher it’s gonna be. It actually has a compound impact. Similar to you stated, on well being and wellness, the identical factor goes for monetary. In case you can say, “I’m gonna be devoted and I’m gonna put apart X quantity of {dollars} a month, or hey, I’m not gonna be an impulsive purchaser and exit and purchase one thing immediately simply because I need it,” you’re gonna discover that you just’re gonna save much more cash.

And whereas it’s, , at all times enjoyable to maintain up with the Joneses, there is a component of stress that comes together with that. And, , I’ve seen folks which might be a number of the most happiest folks of their life, they stay a really modest way of life, and so they take pleasure in their time with their household and mates however they don’t have issues like debt hanging over them. And that’s actually worrying for lots of people. So, I’d simply counsel to anybody listening, should you haven’t already began, simply have a disciplined plan. And it doesn’t imply that it’s a must to stay on any, form of, finances the place you’re consuming simply rice and beans, however do issues like pay your self first. I’m additionally a giant proponent of charity as nicely. So, taking a few of your cash that you just’re incomes and paying it ahead, I discover that helps you be extra comfortable in life once you’re blessing the lives of different folks as a result of actually, that’s what cash is. Cash is a instrument, and you should use cash to enlarge your self. And should you’re a great individual, and also you give your time, and also you give cash, and also you’re disciplined, you’re gonna discover much more happiness in your life.

Katie: So what are a few of these particular issues that folks can begin to find out about and begin to prioritize once they get to the purpose of getting, hopefully, money owed paid off, issues like that? Is there, like, a triage that you just work by means of with folks once they are available and determining the highest priorities and the place these assets might be finest used?

Michael: Yeah, I’m actually glad that you just requested that query as a result of there’s about three issues that we take a look at for folks. One is charges. Charges matter. And I hope that every one the listeners listening to this may at all times keep in mind this analogy. However charges are like working into the wind with a parachute on. It’s gonna actually sluggish you again. And if you consider it, when anybody goes all the way down to, , like Las Vegas or one thing, you have got all these stunning casinos. Clearly, they’re constructed due to what folks have misplaced. Financially, these casinos are constructed up and so they’re actually fairly. The identical goes for Wall Road. You recognize, Wall Road have these stunning ivory towers. You recognize, once you stroll in, there’s, , marble, and granite, and stuff far and wide. That’s due to charges. So, we attempt to encourage folks simply to grasp first, what are the charges that they’re paying of their monetary facets of their funding life? And should you don’t know what your charges are, then attain out to your advisor. And should you don’t have an advisor, begin doing a little bit little bit of analysis and determining what the charges are as a result of charges completely make a distinction.

The subsequent factor that I inform folks is taxes. And folks at all times take a look at me sideways once I discuss taxes. And right here’s the explanation why it’s so vital to grasp about taxes once you’re speaking about investments. My dad taught me early in life, it’s not how a lot you make, it’s how a lot you retain that counts. So, proper now, consider it or not, taxes are on sale. In case you go all the best way again to 1913, that’s when taxes started in the USA. Taxes have gone actually, actually excessive earlier than. I’ll share with you a real story. Ronald Reagan, earlier than he was the president, he was an actor. Ronald Reagan would solely make about two films per yr. The rationale why he solely made two films per yr is he was contracted with the studios to make about $100,000 per film. So, on the time within the ’40s and ’50s within the State of California, when Ronald Reagan was making these films, he was in a 94% tax bracket on something that he would earn over $200,000. So for, , widespread sense functions, he wouldn’t work something after these two films have been made and he would simply journey his horses on his ranch and pay his remaining taxes to the State of California.

So, once more, going again to that complete mindset of taxes being at an all-time low proper now, , the highest tax bracket is 35%. And once more, once you return to what Ronald Reagan was paying when he was within the ’40s and ’50s on $200,000, which by the best way, was some huge cash again then. However $200,000, 94% tax bracket, ouch. So, taxes are on sale. So, , what’s actually vital about this, and I do know that I’m in all probability throwing loads on the listeners all of sudden, and hopefully, they’re taking notes, and going again and listening to this part once more as a result of that is form of an vital level, the federal deficit proper now, Katie, as we’re speaking in March, is $28 trillion. And to place that into perspective, should you return 1 trillion seconds in the past, that was 31,688 years in the past, 1 trillion seconds. The Nationwide deficit is $28 trillion and we’re excellent on the cusp of including one other $2 trillion stimulus bundle. Folks should pay for that.

So, once you’re working and also you’re placing cash into tax-deferred accounts, like your 401(ok)s or 403(b)s, something the place it’s a must to pay taxes later in life, you would possibly contemplate doing a Roth contribution. And that’s tax-free cash. So taxes are on sale. After which the final and I believe crucial factor, and we’ll dive extra into this a little bit bit, however you must have a written revenue plan. And cash is a kind of issues between {couples} that there’s disagreements. And I misplaced my dad at an early age, and bless my dad’s coronary heart, he was a implausible man, he took care of taxes, investments, insurance coverage, all the things for my mother, and my two sisters, and myself. And after we misplaced my dad, tragically and unexpectedly when he was 49 years outdated, my mother had no clue the place to show. She didn’t know what to do. Now, had my mother had communicated with my dad and so they had a written plan of right here’s after we wanna retire, right here’s how a lot we have to save, and right here’s how a lot revenue we will take out of the retirement plan in order that if certainly one of us will get sick sooner or later or each of us that we’re gonna be okay.

You recognize, if I have been to be sitting on a airplane proper now going to Hawaii, and the pilot comes on and he says, “You recognize what? I’m excited, women and gents, to fly you to Hawaii. It’s mild winds and 87 levels. And this airplane has a 42% likelihood of success of creating it to Hawaii.” I’m not likely positive that I’d keep on that airplane. So, going into your retirement years and never having an precise plan that’s stress-tested for the great and dangerous and understanding that that plan is gonna work out, that will really be a extremely dangerous factor. You don’t wanna hope and a prayer plan. You need an precise written revenue plan. So, these are, form of, the three issues to recap, is charges matter, taxes matter, and having an precise written revenue plan.

Katie: I’m glad you introduced that up about taxes. That had at all times been my hesitation with something that was tax-deferred of simply, like, if we take a look at historical past, are the percentages that taxes are going to go up or down? And up appears extra possible. And I believe Roths are an ideal possibility. For anyone who’s not conversant in that, are you able to stroll us by means of what a Roth is and the way they work? As a result of I do know that additionally some folks aren’t capable of arrange a Roth.

Michael: Yeah, thanks for asking that. So you actually have buckets that the IRS simply determines you on the way you’re gonna be taxed on one thing. And, form of, the widespread buckets on the market, you’ve heard of an IRA and also you’ve heard of a 401(ok) and 403(b) presumably, these are a tax-deferred bucket. And what meaning is that once you go and also you see your CPA, and your CPA, bless their coronary heart, says, “Hey, you wanna lower your expenses in taxes this yr. Go forward and put cash into this 401(ok) or IRA, this tax-deferred bucket, and it’s gonna prevent cash.” Nicely, what lots of people don’t perceive, and it was myself included earlier than I acquired into the business, is that doesn’t imply that you just’re not paying taxes on that cash. It simply signifies that you’re deferring it to a later level sooner or later. And such as you stated, there’s a excessive likelihood of success that taxes are gonna go up sooner or later. In order that’s actually a short-term strategy, simply saying, “Hey, let’s commerce one thing for proper now that sooner or later may be much more.”

So, lots of people don’t understand that there’s one thing referred to as a Roth IRA. And should you’re working, your employer might have what’s referred to as a Roth 401(ok). And what meaning is that you just’re eligible to place cash into this account. And there are guidelines round it. I’ll go over that in a single second. However there’s an account you can put cash into the place you’ve already paid the tax. After which as soon as the cash goes into this Roth account or Roth 401(ok), it can develop and develop and develop and by no means be taxed ever once more sooner or later. So why does that matter? Nicely, once more, if we take a look at the nationwide deficit, just a few issues are gonna must occur for the deficit to come back down. One, both the federal government’s gonna should spend much less. Yeah, proper. I doubt that’s gonna occur. Or two, what’s gonna occur is that they’re gonna attain into your tax-deferred account and say, “Hey, thanks a lot. We actually recognize you working onerous. We’re simply gonna enhance taxes and take extra of your retirement cash in your tax-deferred aspect.” However after you have it into the Roth account, there are completely no taxes that may ever be taken out.

So, once more, that’s why I stated, taxes are on sale. And if you wish to purchase one thing, and you must purchase one thing, and that merchandise is on sale, that in all probability is sensible at a great level to really purchase it whereas they’re on sale. Katie, I do wanna point out, nearly typically folks aren’t conscious, even when they’re incomes an excessive amount of cash…Let me really again that up for one second, how a Roth IRA will work. And this isn’t a Roth 401(ok) however a Roth IRA is should you’re youthful than age 50, you’re allowed to place $6,000 per individual, per yr right into a Roth IRA, that tax-free bucket. In case you are over the age of fifty, you’re allowed to do an additional $1,000 contribution catch-up. So that you and your partner might do $7,000 per individual per yr. Nevertheless, something that’s good for the IRS, they sometimes restrict us. So, there are guidelines and also you wanna undoubtedly discuss to a CPA or an accountant and just be sure you’re eligible.

However should you’re incomes an excessive amount of cash, the IRS says, “Hey, sorry, you’re doing too nicely in life. We’re not gonna allow you to put your cash into tax-free.” There are some automobiles on the aspect that in case your listeners wanna attain out, we might discuss however there are tax-free options. However going again to that Roth IRA, should you’re incomes an excessive amount of cash, and you may’t contribute to a Roth IRA, and also you do have a tax-deferred account, you may be eligible to do what’s referred to as a Roth conversion. And that’s a little bit recognized factor that lots of people don’t understand is that should you say, “Hey, that’s me. I’ve put numerous my cash right into a tax-deferred account, and I really feel like taxes would possibly go up, how do I hold extra of what’s mine?” Nicely, that you would really do some Roth conversions. And the draw back is, is you gotta pay some taxes to get it into the tax-free bucket. However, once more, like I discussed, taxes are on sale. So, each single individual has their very own magic tax quantity. It’s a must to understand how a lot is suitable so that you can convert.

Katie: Yeah, that’s…We had to do this as a result of we didn’t perceive all of this early on both. And so we ended up changing some issues right into a Roth. However I believe one other level right here that’s fascinating to speak about, I do know there’s gonna be complexities. And the reply is completely gonna be that folks must have private recommendation on this. However what we discovered in addition to there are methods to, as your children become old, construction a few of these issues for them, particularly with regards to a Roth. In case you personal a enterprise, as an example, or have sure kinds of work preparations, they’ll contribute to a Roth as nicely. I do know this world higher. However are you able to, form of, give us that overview for these of us who’ve older children who’re beginning to work?

Michael: Completely. So, one of many guidelines to have in a Roth IRA is it’s a must to have what’s referred to as earned revenue. And in case your partner works and also you don’t, and also you’re underneath the IRS high-risk threshold, then congratulations, you’re eligible to do a Roth IRA. Nevertheless, , most of our youngsters who’re younger nonetheless that aren’t working a job, they’re not incomes, , earned revenue, they wanna have the ability to say…Excuse me, I ought to say that numerous our shoppers, they wanna train their children concerning the energy of compound curiosity and saving for retirement. So, we use some completely different various automobiles to Roth IRA. Personally, I exploit what’s referred to as an overfunded index common life coverage. And I do know that I’m giving your viewers numerous, form of, in-depth data that may be a little bit bit onerous to digest. And that’s okay as a result of this monetary stuff might be difficult, however it can be actually clear should you simply take your time.

Let me clarify to you why I exploit an overfunded index common life coverage. Whenever you’re utilizing a life insurance coverage coverage, and I’ve to emphasise this, not all life insurance coverage insurance policies are the identical. Life insurance coverage, they’re a kind of investments that it might really be actually dangerous so that you can do if it’s not correctly structured or the flip aspect of the coin, if one thing is correctly structured, it may be completely superior. So that you at all times should just be sure you’re working with a fiduciary and somebody that basically understands the right way to construction these correctly since you wouldn’t wanna do one thing after which discover out that it was the worst mistake potential to make.

However what will we do for our youngsters as a result of they’re younger, I’ve an 8-year-old, a 5-year-old, and a 2-year-old, they’re not working a job. So that they don’t have earned revenue. And my spouse and I actually wanna give our youngsters a head begin in life and train them about monetary wellness. So we’re contributing month-to-month to this insurance coverage account for them. And it’s not an enormous amount of cash and it doesn’t have to be an enormous amount of cash. However compounding curiosity makes a giant distinction. And once you get children occurring this and beginning at an early age, that basically helps them perceive.

The entire thing concerning the life insurance coverage is that it’s tax-free, identical to the Roth IRA. And, , for me, I earn an excessive amount of that I can’t contribute right into a Roth IRA. And as a enterprise proprietor, I perceive I wanna get as a lot of my taxes out of the best way as potential whereas they’re on sale. So, I personally use for part of my funding technique, this index common life coverage, the place I’m getting that cash right into a tax-free account and it doesn’t have any, form of, phase-outs or restrictions like a Roth IRA does. So the IRS says, “Okay. In case you’re gonna do that, then we’ll permit you to try this.” However once more, it’s a little bit little bit of a posh scenario however perceive that even should you don’t have earned revenue, or should you’re a enterprise proprietor and also you’re incomes an excessive amount of cash, or just that you just simply wanna get my right into a tax-free various to a Roth IRA, there are alternatives for you.

Katie: Acquired it. That is sensible. And I do know it’s, like I stated, a little bit bit extra advanced, seek the advice of your individual accountant, however for us, like, proudly owning sure companies and the youngsters capable of work for us at completely different instances in numerous methods, like, we’re very cautious to trace that. However for anyone who owns a enterprise, there are some methods you are able to do that. Simply ensure you comply with the principles in case your children…

Michael: Yeah, that’s the hot button is comply with the principles, discuss to an accountant or a CPA, however there are issues on the market that you are able to do. And also you don’t must comply with the lots. As a result of numerous instances, simply going a little bit off the crushed path and understanding that there are higher choices, and that they’re not generally mentioned as a result of they’re not large moneymakers, that’s gonna be higher for you versus for the advisor.

Katie: Acquired it. After which for my understanding, since this can be a retirement car, there’s penalties should you wanna take it out early however there’s additionally I consider, like, some exceptions to that. And from my analysis as nicely, like, typically it’s price doing should you’re capable of make investments by means of a Roth as a result of the penalty can typically be lower than, like, long-term capital beneficial properties, as an example. So, like, I’ve form of needed to weigh these issues. However are you able to give us an summary of that?

Michael: Certain. And are you referring on the Roth IRA or the life insurance coverage account?

Katie: Sorry, on the Roth IRA, after which I undoubtedly wanna go deeper on the life insurance coverage aspect.

Michael: Okay. Sounds good. So, on the Roth IRA, the IRS permits you to take cash out of your Roth IRA with out the tax and with out the penalty. Once more, discuss to a CPA and simply guarantee that it’s best for you. However there are issues like monetary hardship, or should you’re utilizing the cash to go to highschool, or for the primary time house buy in your life, you would really take cash out of your Roth IRA sooner than 59-and-a-half and never incur any form of IRS penalty for doing that.

Katie: Acquired it. Okay. So now, stroll us by means of a little bit bit extra element on…As a result of that is one thing else I’ve been exploring with you and one of many causes I wished to have you ever on right here is utilizing the life insurance coverage aspect, primarily as an funding car, as nicely and, form of, simply a number of the pointers that associate with that.

Michael: Sounds good. So, there’s a extremely good ebook by Tony Robbins, and it’s referred to as “MONEY Grasp the Sport.” And it’s an enormous ebook, by the best way, and a extremely gratifying learn too. And that’s the factor that I wanna simply, , inform the listeners right here, don’t be intimidated by these things. Simply begin sluggish and begin studying. It’s like anything. However Tony does a extremely good job about writing the place it’s very easy to grasp. However it’s I believe on, like, web page 439, he begins speaking about this. And Tony Robbins begins the ebook or a chapter on the life insurance coverage by saying, “I used to be launched to this idea by a few of my wealthiest mates.” Now, I believe that Tony Robbins might be a fairly rich man so when he says a few of his wealthiest mates, there are tax methods. And that’s the one factor that, , once more, folks have to comprehend is that the rich aren’t doing loopy issues like offshore financial institution accounts or some secret accounts the place they’re hiding cash. They’re really simply paying their taxes proper now as a result of once you return to realizing that taxes are on sale, you wanna get as a lot of your cash into tax-free automobiles because it is sensible for you. That’s precisely what rich persons are doing as nicely.

So, how the life insurance coverage idea works, and once more, I at all times wanna encourage folks to simply discuss to somebody who understands this idea rather well. However should you do a correctly structured life insurance coverage coverage for a part of your retirement plan, it may be the most effective choices that you just made. And right here’s why. One, once you put cash into the life insurance coverage coverage that I’m speaking about, the expansion is completely tax-free. And that’s a giant deal. We’ve already mentioned that. However the draw back to having a Roth IRA and pulling cash out previous to 59-and-a-half, such as you have been speaking about, Katie, is that you just’re gonna get a ten% early withdrawal penalty if it’s earlier than age 59-and-a-half. And that’s on the curiosity. Any cash that you just put right into a Roth IRA, you may at all times take that precept out immediately with none form of penalty. It’s simply the curiosity that will incur a ten% penalty previous to 59-and-a-half.

However with life insurance coverage, there may be really no early withdrawal penalty. The way in which the insurance coverage corporations, form of, get round this, is that they do what’s referred to as a mortgage. And for this reason I used to be saying to the listeners that life insurance coverage might be tweaked one of the best curiosity for the consumer or one of the best curiosity for the insurance coverage agent doing the coverage. You at all times need it to be in your aspect however what numerous insurance coverage folks overlook to say, and I’m giving them the good thing about the doubt there, is that once you take cash out of a life insurance coverage account, they’re not all created equal. Some corporations have what’s referred to as a mortgage provision or a mortgage charge, which signifies that, yeah, you’re gonna get that cash out of the life insurance coverage completely tax-free identical to the Roth IRA, however should you don’t take it out with the fitting firm, then the mistaken firm can cost you wherever from 3% to eight% per yr mortgage curiosity in your cash.

There are numerous actually good corporations which have low rates of interest, like 0.5% or 1%. And the insurance coverage firm that I personally use has a assured 0%. So what this implies is that as we’re placing cash in for my spouse, and myself, and my children, and it’s rising over time, if we have to faucet into it for college or we wanna faucet into it for, , some household occasion, or simply to make use of for our retirement sooner or later down sooner or later that’s tax-free revenue, anytime that we wanna take cash out of that account, if now we have a 0% mortgage provision, what meaning is that we’re not gonna pay any cash in taxes and we’re not gonna pay any charges. The insurance coverage firm is mainly simply loaning our a refund to us at a assured 0%. And that makes an enormous deal.

One different factor too, Katie, that your listeners may be considering with the life insurance coverage if it’s correctly structured, you don’t should disclose money worth life insurance coverage on FAFSA kinds. So anytime that your children going by means of college and so they’re filling out a FAFSA type to have the ability to get a grant, that doesn’t, by legislation, should be disclosed. And the unlucky factor is that we don’t need our youngsters who’re working onerous in class to not be eligible to get these grants simply because mother and pa make, , first rate cash of their life. Children ought to be rewarded primarily based on the efforts that they’re placing in. So, I might go down rabbit gap after rabbit gap on this, however simply to maintain it at a high-level overview, I really like doing the overfunded life insurance coverage insurance policies once they’re correctly structured as a result of I believe it’s, , mixed with a Roth IRA, the most effective issues that you are able to do. And once more, that’s getting cash into tax-free accounts.

Katie: That is sensible. Yeah, it looks like with something, once more, the corollary with well being is the sooner you begin, the higher, definitely on this stuff. And such as you talked about about doing this on your children, even once they’re younger, and it being a lot cheaper when they’re younger, after which it will possibly construct for his or her complete life. So it’s such a bonus for them. And I believe that brings a extremely vital level as nicely that’s actually gonna resonate with lots of people listening. And that’s, like, with regards to all of this, for many people studying this as adults and being cognizant of wanting to have the ability to cross on not simply, like, funds, when it comes to cash and a great future to our youngsters, however the expertise and techniques to have long-term monetary wellness themselves once they go away house.

And I do know this can be a actually vital space for you as nicely and that you just and your spouse are very intentional in the way you educate your children about this and the conversations you have got surrounding cash. I believe that is additionally in all probability a tricky level to speak about for lots of households or possibly dad and mom don’t actually know the right way to, form of, begin these conversations, or the right way to begin instructing these expertise to our youngsters. And I do know it’s actually vital to you. So, what are a number of the ideas you’ll give to oldsters as they’re studying this themselves to assist their children be taught and have that robust, strong monetary basis as nicely?

Michael: Sounds good. So, go and get your child an ice cream cone after which take a giant chunk out of it earlier than you hand it to them and say that’s taxes, and watch the response on their face. I’m simply kidding. Don’t try this. However the entire thing about being a guardian, , and nowadays, it’s so onerous to speak to our youngsters about sure issues, cash being certainly one of them. However what? In class, they don’t discuss to folks about this. I sit on the board of administrators for Junior Achievement of Utah. That’s the place we’re positioned. And Junior Achievement is superior as a result of it mainly goes into these colleges and it teaches children nearly cash and teaches them about, , they’ll work onerous and grow to be something they need in life. Children don’t have alternative in class on a regular basis, like what Junior Achievement is making an attempt to convey consciousness to. So it’s our job is the dad and mom to show.

Now, right here’s the deal. I don’t should be a world-class, , bike owner to have the ability to soar on a motorcycle and attempt to train my children. So, if funds appear formidable to you, then be taught a little bit bit your self after which train your children. And youngsters are fairly…, they take in this, form of, stuff. And I believe they’re gonna watch, , should you say, “Hey, the explanation why we’re placing cash into this household trip jar is as a result of we wanna lower your expenses or, , if in case you have a job the place you’re mowing lawns otherwise you’re shoveling snow, encourage them, say, “Look, if we really take a little bit little bit of this cash and put it apart and put it into an account the place it’s gonna develop or simply the truth that you’re saving, it’s going to be so a lot better for you.”

So, I suppose my recommendation could be, , you don’t should be a professional to show somebody and even simply have that dialog. Make it a household occasion the place you’re studying about this, form of, stuff collectively. Perhaps simply, , honesty isn’t at all times one of the best coverage. So should you’re that individual the place you don’t know a lot about funds, have a household assembly and say, “Hey, guys, what? I wanna do a brand new factor in the home. I wanna find out about this collectively. And let’s do some little bit of studying.” And clearly, for the youngsters, hold it at an easier-to-understand degree. However make it a enjoyable factor and present them nearly how as they’re saving and saving or, , doing chores and placing that cash in, it’s gonna develop over time.

Katie: Yeah, precisely. And that’s…I do know you and I’ve talked about this a little bit bit offline as nicely. However you’re proper, college shouldn’t be instructing numerous these foundational expertise. And numerous listeners have heard me say on right here, , colleges not essentially instructing numerous foundational life expertise. These are issues that we as dad and mom nonetheless should be very conscious and cognizant of. And people conversations can occur…Children can perceive a lot from such a younger age. And simply in our household with our bent in direction of entrepreneurship, we form of work all the things by means of that form of a mindset. However I believe no matter your investing technique is, no matter this stuff that you just’re gonna do, it’s an ideal alternative to show your children as you go. Such as you stated, you don’t should be excellent at it to have the ability to begin instructing them, however even simply to provide them that mindset early on in life about consciousness about saving and investing, and never simply spending cash and utilizing their cash to create extra wealth long-term, having that at a younger age is such a bonus.

Michael: And I believe that, , lots of people will say, “Nicely, I don’t, , need my child to concentrate on cash.” And I’d agree with that. However once more, I made a remark, , in direction of the start of our present right here is that cash is a instrument, and you may actually do good issues and assist folks with it. And should you train your children that, you say, “Look, I’m not making an attempt to make cash as a result of I wanna be the wealthiest individual on the planet. I need to use cash to have the ability to bless the lives of different folks.” And I had talked about about doing, like, charitable issues. The happiest folks in life are the folks which might be capable of give away and provides their time or, , monetary assets to lifting different folks. There’s an outdated saying, “A rising tide lifts all boats.” And I completely consider that.

So, as we’re speaking to our youngsters, and even for us, proper, as we’re on this quest to earn extra money in life, ask your self, “Why will we need to earn extra money?” There at all times needs to be a why. And the why ought to be, “Hey, I wanna have monetary peace and safety. I don’t wanna be wired in my life. I don’t wanna fear about the right way to, , make ends meet as a result of I went out and acquired a ship or a aspect by aspect and it was a frivolous buy that I can’t afford.” Study your self the why and in addition train your children the why. And, , going again to that factor, should you’re not a pleasant individual, cash is a magnifier. It’s gonna enlarge you to an excellent not nicer individual. And that’s simply gonna trigger emotional turmoil and stress in your life. However should you can view cash as a instrument and also you view it as I can assist folks, I can bless the lives of different folks, I really feel like accumulating wealth will probably be a lot extra aligned from a bodily, and emotional, religious standpoint than simply attempt to grow to be the wealthiest individual there may be.

Katie: I fully agree and echo that. After which not solely are we not requiring assets from society to care for ourselves but in addition, like, you stated, now we have the power to assist others, which is definitely, a extremely enjoyable motivator for me, as nicely. And I believe you’ve made such a great level is that the sooner you put together for this, the extra compounding it occurs and also you get to do extra of that all through your complete life. And I’m additionally curious as a result of I’ve been working with you on this. So full disclosure, you might be serving to advise me on numerous these areas, as I be taught. And for anyone listening, who possibly these are new matters to you, and so they wanna actually begin getting concerned, what does an optimum state of affairs appear to be? If somebody does have some revenue to place into a few of these completely different automobiles, I’m curious, like, what would you say is simply…? I’m positive there’s, in fact, variation from household to household, however what could be some good overarching locations to begin? And likewise, should you’re prepared to share, what do you do personally?

Michael: Oh, yeah, I’m at all times prepared to share. Transparency, I believe, is admittedly key with all of the shoppers that we work with. So, once more, simply, , as a enterprise proprietor, like your self, numerous my enterprise, I put…excuse me, my progress that occurs financially in my life, I reinvest again into our firm. You recognize, right here’s a little bit…Okay. And all of your listeners, Katie, they’ve to vow, I’m gonna share a secret proper now, they’ll’t exit and ever repeat that I stated this. However right here it goes. I can’t management the inventory market and neither can some other advisor that I do know. I really feel so a lot better by saying that. And no, I’m simply joking. However the cause why I’m saying that’s as a result of, in all actuality, we will’t management the market. So, my recommendation for the listeners is, hey, as you’re rising and placing your cash someplace, contemplate taking a hybrid strategy, placing a few of your cash into protected automobiles the place it’s going to continue to grow and even when issues just like the inventory market goes down, you received’t lose cash. After which for a portion of your cash, it’s okay to have a little bit little bit of an up and down and have a little bit little bit of a curler coaster.

However the place lots of people get freaked out concerning the inventory market is that they go, “All proper, nicely, I don’t wanna put my cash in right here to observe one thing like 2008 occur once more the place I lose, , 40% of my retirement, like, at a extremely quick timeframe.” Truly, should you return to this previous March, the inventory market had one of many quickest drops in U.S. inventory historical past. It was down nearly 30%, like, actually inside a matter of weeks. And that was loopy as a result of should you return to the early 1900s, it had not fallen that quick. When issues like that occur and when there’s a lot volatility, it scares folks. And, , this is likely one of the triggers why folks don’t get into saving for retirement or investing as a result of they get paralysis evaluation. And that’s, “Hey, if I put my cash into one thing, what if I lose?” Nicely, take a balanced strategy. Similar to something that you just do in life, you wanna be balanced. Put some cash in a protected account. Put some cash in an account that’s gonna go up and down.

And, , for me, numerous our retirement nest egg is in that tax-free car that I used to be speaking to you about, the Roth IRA. We have now a Roth 401(ok) at my work that I contribute to as nicely. And I additionally put numerous my very own private cash into the overfunded common life insurance policies. But additionally, once I put cash into my enterprise, that’s me investing in myself. And sooner or later, , down the highway, my enterprise will probably be price one thing that I can promote. In order that’s the best way I take a look at my, , portion of my retirement nest egg. However, , I lose cash in my enterprise, and I name it R&D {dollars}. And what I imply by that isn’t as a result of we made poor enterprise choices, however R&D {dollars} for me is, “Hey, let’s strive promoting right here,” or, “Hey, let’s strive, , this monetary piece of software program.” And typically you discover out, oh, shoot, that software program wasn’t nearly as good as what we thought or, hey, , we have been promoting right here, and it wasn’t actually a great place. I imply, we go right into a calculated and we do one of the best we will, however the entire level is, is you may’t management all the things.

So, what I’m making an attempt to say for the listeners is have the power to place some cash into one thing that received’t go down after which put some cash into issues that may go up and down, and be okay with the down, and simply know that that’s a part of life. And that should you’re doing issues constantly, you’re gonna determine what works. Now, one different factor too, Katie, that goes with out saying however it’s actually vital shouldn’t be all advisors are created equal. And that could be a actually, actually vital level. And what I imply by that’s that your advisor needs to be a fiduciary and that could be a license. An individual can’t simply say, “I’m gonna be a fiduciary.” And what a fiduciary is, is somebody that morally, legally, and ethically has your finest pursuits at coronary heart. Our agency is a registered funding advisory agency and we’re fiduciaries. And what meaning is that after we give recommendation to our shoppers, it’s in our consumer’s finest curiosity, not as a result of I wanna exit and make a purchase order, so I like to recommend one thing to a consumer so I receives a commission a big fee. We don’t try this.

And when your advisor is a fiduciary, then in the event that they’re not providing you with good recommendation, then there’s some severe repercussions that may include that. There might be fines, there might be lack of license, or there might be jail time. And the unhappy factor is that everybody that’s on this business that’s coping with somebody’s life financial savings ought to be a fiduciary. And there’s no legislation at present that claims that. So, do some little bit of homework. And should you’re, , working with an advisor, ask them, “Are you a fiduciary?” And in the event that they’re not, I’d strongly encourage you to work with somebody that’s a fiduciary. So, hopefully, that helps out. I take a balanced strategy to my life and I understand it’s okay to have some issues go up and down, to put money into myself, put money into our firm, to strive some new issues. However, , the flip aspect of the coin is, “Hey, I don’t wanna put all the things in danger.” Once we have been all little children, our mama taught us don’t put all of your eggs in a single basket. You wanna diversify. And that’s precisely what it is best to do.

Katie: Yeah, that’s nice recommendation. And I do know you have got some assets in your web site for folks to begin studying extra about these. And I’ll put these hyperlinks within the present notes at wellnessmama.fm for any of you guys listening.

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You talked about Tony Robbin’s ebook “MONEY Grasp the Sport,” which I agree is phenomenal. Are there some other assets you’ll advocate to folks to continue learning about this?

Michael: You recognize, that’s a tough factor as a result of the web is stuffed with opinions. I believe it’s simply discovering somebody that you just belief and that may perceive your scenario and have the ability to give good recommendation. And that’s the entire thing about my job is that, , we convey folks on, like I stated, which might be nearing retirement or at present in retirement. However there are people who we work with that say, “Mike, I’ve no clue the place to start.” And what we actually, form of, geek out on and take pleasure on is saying, “All proper, let’s create this plan for you and present you the way should you’re doing XYZ the way it could make a giant distinction.” As a result of for lots of people, even these which might be nearing or proper about to cross the end line for retirement, lots of people don’t understand, “Hey, I’ve received the monetary sport.”

And it’s, form of, like going round a working observe the place you’re working and working and working, and also you’re like, “The place’s the end line?” And when you have got a plan and somebody, form of, takes all the things that you just’ve finished, and brings all of it collectively, and also you’re saying, “Hey what? You’ll be able to really retire.” Boy, the peace of thoughts that folks have, , we get people who cry in our workplace as a result of they really feel so good or they’ll name in or write again and say, “I had one of the best sleep of my life.” And what I’m telling any listeners is that, , that may be a good distance out for you. That ought to be your objective. That ought to be one thing that you just work in direction of.

So, I actually like “MONEY Grasp the Sport” from a monetary standpoint. However I need to share with the listeners a ebook that’s actually impacted my life for a extremely optimistic manner. And that’s a ebook by an creator named Clayton Christensen. And the ebook is known as “How Will You Measure Your Life?” And the explanation why I really like this ebook is as a result of, first off, Clayton Christensen, he was a Harvard professor. And what he did, right here’s form of, like, the backdrop, he would problem his graduating college students with three easy questions to look at, measure, and enhance all facets of their life.

Query primary that he would ask them is, , for them to ask themselves, “How can I make sure that I’ll achieve success and comfortable in my profession or life?” Quantity two, “How can I make sure that my relationships with my partner, my kids, and my prolonged household, shut mates, and many others. can grow to be an everlasting supply of happiness of their life?” And the third factor, he says, “How can I make sure that I stay a lifetime of integrity and keep out of jail?” Now, which may shock somebody once I say keep out of jail. He’s not referring to, like, you make a selection, you’re going to jail. However what he’s referring to is, hey, now we have these, , jails, emotionally, bodily, and mentally. You recognize, should you don’t train and eat poor meals, you’re mainly placing your physique in jail or should you’re getting over into debt that’s pointless, you’re placing your self into this emotional jail. So he’s saying how do you keep out of jail from a complete standpoint? And on a aspect be aware, I believe there’s a man whose title was Jeff Skilling, he was with Enron, and I believe all you guys know that title. He was additionally in Clayton Christensen’s class at Harvard.

So, “How Will You Measure Your Life?” This ebook has actually impacted me for just a few causes. One, clearly, discovering happiness in your life is one thing that everybody is trying ahead to. You recognize, he talks about it in his ebook. And that’s, form of, the place I’ve been expounding on that concept is that cash shouldn’t be the foundation reason for unhappiness, however it turns into an issue when it supersedes all the things else. So, with that being stated, one of many issues that’s essentially the most impacting second of my lifetime of studying this ebook is when he talks about household. And, , Katie, this goes into what we have been speaking a couple of second in the past, nearly instructing our youngsters. Clayton Christensen, he actually emphasizes that our position as dad and mom is to arrange our youngsters for the long run. And actually, that the tragedy of in the present day’s tradition is that we’re outsourcing parenting to different folks, like family, or nannies, and even the colleges or extracurricular actions.

And we’ve actually overpassed the significance of our time, which is admittedly the best reward that we can provide one other individual. Investing our time in one other actually is an indication of respect and love. And it supplies this clear sign to others to what’s most vital in your life. And, , once more, simply going again to that complete factor about staying out of jail is we wanna have the ability to steadiness our life. And we wanna have the ability to select the fitting choices as a result of it has a compounding impact identical to cash does, proper. Once we do one thing simply this one time as a result of the marginal price seems to be negligible, we get suckered in, after which we get so far in our life, and we’re like, “Gosh, how did I get thus far into debt?” Or, “Oh, my gosh, how come I’m so off form?” Or, “Geez, , there’s all these facets, proper, to creating good selections.” So, that could be a ebook that I’d extremely encourage to any listener that desires to enhance relationships or enhance themselves from a holistic standpoint. “How Will You Measure Your Life?” by Clayton Christensen.

Katie: That’s a brand new one. I really like the advice. I’ll add that to the present notes as nicely so that you guys can discover it. And I believe that recommendation is so vital too, and ties into the retirement dialog as a result of I hear so usually folks assume that like, “Oh, I’m gonna do this stuff once I retire.” And so they’re spending all of their time doing different issues now. And I believe this final yr particularly has given some folks much more time freedom, or not less than location freedom with regards to work as a result of issues have shifted a lot. However both manner, I believe recognizing early on, I say this, on the finish of each podcast, really, that point is our most useful asset. And recognizing that early and treating it as such, we don’t have to attend for retirement to stay facets of the life we wanna stay.

And in reality, I believe we’re happier, and more healthy, and contribute higher to different folks into society after we’re capable of work these issues in no matter manner we will now. It’s one thing I’ve encouraging my children by means of entrepreneurship as nicely is like, definitely, there are occasions after we’re gonna simply instantly commerce our time for cash however that point can be a side of freedom. So to no matter diploma you can actually defend your time and who you spend it with, that’s actually a very beneficial asset. And cash might be made extra however time can’t.

Michael: That’s proper. And once more, I really feel like crucial issues in our life are the issues that, , can’t be measured, like the scale of a checking account. It’s the power to like, to giggle, to cry, to forgive, to have household relationships, and simply to actually embrace the great that you’ve in your life. As a result of, , Katie, the world is a fairly unstable place proper now, from a political standpoint or simply what’s occurring with even the inventory market. There’s numerous uncertainty and it will possibly create nervousness, however there’s numerous good. And I actually really feel like if we concentrate on the great and we take time to have gratitude and replicate on the issues that’s vital to us in our life, we’ll discover happiness.

Now, I’m gonna share with you one final thing that my dad shared with me that stood out to me. As my dad at all times stated, “Mike, you’re by no means gonna wanna look again in your life and say, ‘Gosh, I ought to have spent extra time on the workplace, or, ‘Geez, I want I’d have made extra money.’” On the finish of the day when all of us are out of time, we’re gonna look again on our life and we’re gonna say, “Was I capable of steadiness it? Was I capable of make the world a greater place? Was I capable of take this future era of youngsters and prepare them to be comfortable and profitable and to be, , leaders and doers of fine?” And that’s actually what it’s, is start with the top in thoughts and simply work backwards from there. And that applies to your monetary wellness and it applies to your bodily wellness. You gotta begin on the finish and work backwards.

Katie: Completely. And yeah, concerning that concept of, form of, that long-term pondering and in addition inversion and determining the right way to remedy issues as a long-term equation. Superb recommendation, and particularly with regards to funds as a result of such as you talked about, it’s onerous to have these issues develop rapidly in a single day. However over time, it may be actually astounding what can occur. In a way, the youthful we begin engaged on this stuff and train our youngsters about this stuff, the extra time freedom and the extra all of this stuff compound later in life. I do know…I discussed I’ll put your web site within the present notes for folks to seek out you in the event that they wanna get in contact. However are you able to additionally simply tell us wherever they’ll discover you on-line or one of the best ways to attach?

Michael: Yeah, sounds good. So our firm is Capital Wealth Advisors in Lehi, Utah. There may be for some cause a few different Capital Wealth Advisors, however that isn’t us. So one of the best factor you would do is should you wanna get in contact and should you acquired some questions, I’m very happy to level you in the fitting route and assist out, so our web site is capitalwealth.com, capitalwealth.com or you may attain out to me on LinkedIn, Michael Stevens, Capital Wealth Advisors. And if anybody would really like, you’re welcome to simply give our workplace a name, 801-210-2800. And I recognize you placing all that within the notes. We have now the nicest workers on the planet. So, if this can be a daunting factor for you, should you’re new, simply getting began and also you want some good recommendation, you’re gonna be greeted by the warmest, nicest folks on the planet as a result of our workers solely works with good folks as a result of they’re good folks. Give us a name. We can provide you some route. Even when we don’t work collectively, we’re at all times comfortable to pay it ahead and begin folks out on the fitting foot.

Katie: Superb. I’ll once more put these within the present notes at wellnessmama.fm. For any of you guys listening if you are driving or exercising, yow will discover the entire issues we’ve talked about there. And I’ll hyperlink to these books you’ve talked about as nicely. I’m excited to take a look at the “How Will You Measure Your Life?” one. I simply put it in my Amazon cart. And Michael I recognize on a private degree you serving to me be taught all of these items, and particularly your time right here in the present day and sharing with everybody else. I’m very grateful that you just have been right here, and thanks.

Michael: Hey, it was enjoyable. And I really like instructing folks and, Katie, you and your loved ones are superior. Thanks a lot for having me on.

Katie: And as I say, and it was reiterated on this episode, I stated this each time, thanks for listening, for sharing your most useful asset, your time, your vitality with us in the present day. We’re each so grateful that you just have been right here, and I hope that you’ll be part of me once more on the following episode of the “Wellness Mama” podcast.

In case you’re having fun with these interviews, would you please take two minutes to depart a score or overview on iTunes for me? Doing this helps extra folks to seek out the podcast, which suggests much more mothers and households may gain advantage from the knowledge. I actually recognize your time, and thanks as at all times for listening.