1 00:00:00,517 --> 00:00:02,768 Welcome to the holistic wealth and health podcast, 2 00:00:03,143 --> 00:00:06,270 your c host, Jason Smith and Brian Bi 3 00:00:06,327 --> 00:00:08,571 will inspire and teach you to prosper in 4 00:00:08,571 --> 00:00:11,941 your mind, body, and spirit, not just your 5 00:00:11,999 --> 00:00:15,188 financial life, joining forces with field experts, Jason 6 00:00:15,188 --> 00:00:16,878 and Brian are here to help you focus 7 00:00:16,878 --> 00:00:19,355 on what matters most in your life, living 8 00:00:19,355 --> 00:00:19,595 well. 9 00:00:21,353 --> 00:00:23,111 So just to kinda of land the plane 10 00:00:23,111 --> 00:00:23,910 on design. 11 00:00:24,879 --> 00:00:27,573 Organizing everything, putting everything into a family a 12 00:00:27,573 --> 00:00:30,900 estate organizer for the surviving spouse who the 13 00:00:30,900 --> 00:00:33,143 kids are better beneficiaries to have everything in 14 00:00:33,143 --> 00:00:35,771 1 place and organized and everybody to be 15 00:00:35,771 --> 00:00:38,183 on the same page, doing the volatility 16 00:00:38,560 --> 00:00:42,155 tolerance analysis based on the bucket plan and 17 00:00:42,155 --> 00:00:43,902 how much is in the now soon and 18 00:00:43,902 --> 00:00:44,219 later, 19 00:00:44,775 --> 00:00:47,474 scoring the soon bucket, the money you're gonna 20 00:00:47,474 --> 00:00:50,744 use for income or withdrawals or you wanna 21 00:00:50,744 --> 00:00:52,356 have invested more conservatively 22 00:00:52,730 --> 00:00:53,230 different 23 00:00:53,603 --> 00:00:54,500 and separately 24 00:00:55,112 --> 00:00:56,565 from the later bucket 25 00:00:56,938 --> 00:00:57,915 in that volatility. 26 00:00:58,304 --> 00:01:01,340 Tolerance analysis while we utilize the pyramid of 27 00:01:01,340 --> 00:01:04,237 risk to not just educate, but also 28 00:01:04,616 --> 00:01:05,116 understand 29 00:01:05,749 --> 00:01:08,327 past investment and insurance experiences 30 00:01:08,945 --> 00:01:12,461 a client has had with those things. And 31 00:01:12,461 --> 00:01:13,441 and then ultimately, 32 00:01:14,074 --> 00:01:16,942 being able to go to the engineering phase. 33 00:01:17,181 --> 00:01:18,318 Right, between 34 00:01:18,694 --> 00:01:20,606 step 2 and step 3, 35 00:01:21,179 --> 00:01:23,174 And so let's go ahead and start talking 36 00:01:23,174 --> 00:01:25,169 about step 3, and Brian, maybe you can, 37 00:01:25,967 --> 00:01:29,000 let's say the the engineering is done. Right? 38 00:01:29,254 --> 00:01:31,172 We're all the way through a Discover. We're 39 00:01:31,172 --> 00:01:34,869 through design. We're now ready to deliver 40 00:01:35,407 --> 00:01:37,965 the plan. The blueprint finalized. 41 00:01:38,298 --> 00:01:41,319 Try in the in the delivery phase of 42 00:01:41,319 --> 00:01:41,876 the process. 43 00:01:42,353 --> 00:01:44,737 Yeah. No doubt about it. But Jay's really 44 00:01:44,737 --> 00:01:46,327 to your point here, it's... We come back 45 00:01:46,327 --> 00:01:49,369 in and We reset after that design appointment, 46 00:01:49,608 --> 00:01:51,442 and we're coming back in with fresh mites 47 00:01:51,442 --> 00:01:52,638 because we can't do it all once there's 48 00:01:52,638 --> 00:01:54,951 a data overload. So we're coming back in, 49 00:01:55,190 --> 00:01:57,119 we're meeting virtually we're beating in the office, 50 00:01:57,200 --> 00:01:59,439 whatever it may be. And at that time, 51 00:01:59,679 --> 00:02:01,759 we have built up that family a estate 52 00:02:01,759 --> 00:02:04,479 organizer for you. Right? I'm showing the client's 53 00:02:04,479 --> 00:02:07,283 their exact family organizer. After we did some 54 00:02:07,283 --> 00:02:08,792 catch up in the beginning of the meeting. 55 00:02:08,950 --> 00:02:10,936 Right? Making sure whatever's is on their mind 56 00:02:10,936 --> 00:02:12,842 gets addressed, but I'm going, hey, look at 57 00:02:12,842 --> 00:02:14,351 what we've done for you. We've built out 58 00:02:14,351 --> 00:02:15,899 this family estate organizer, 59 00:02:16,434 --> 00:02:18,824 and we've made a turnkey for you from 60 00:02:18,824 --> 00:02:22,329 the bank accounts investment account Social Security health 61 00:02:22,329 --> 00:02:24,455 care taxes just to name a few things 62 00:02:24,812 --> 00:02:26,085 and we put them in there there in 63 00:02:26,085 --> 00:02:28,152 these nicely sleeves where you can remove them 64 00:02:28,152 --> 00:02:29,981 and and putting in the new ones as 65 00:02:29,981 --> 00:02:31,890 the statement comes up. I joke with people 66 00:02:31,890 --> 00:02:33,560 by go. I expect you to update this 67 00:02:33,560 --> 00:02:35,568 every month. And I just stop as a 68 00:02:35,568 --> 00:02:37,805 joke. Right? It is not reality. Right? I 69 00:02:37,805 --> 00:02:40,042 said in all reality, we need you to 70 00:02:40,042 --> 00:02:42,134 update this once a year. Right? That's... And 71 00:02:42,134 --> 00:02:44,211 and if there's problems with it, you let 72 00:02:44,211 --> 00:02:45,809 us know, but update it once a year. 73 00:02:46,049 --> 00:02:47,567 What my wife and I do is every 74 00:02:47,726 --> 00:02:49,979 January. Right have the first year. We actually 75 00:02:49,979 --> 00:02:51,520 go through our family state organizer. 76 00:02:51,819 --> 00:02:53,580 We sit down. We crowd all these statements 77 00:02:53,580 --> 00:02:55,099 and we make sure we're up to date, 78 00:02:55,500 --> 00:02:57,353 which you work with us, we'll be able 79 00:02:57,353 --> 00:02:59,268 to help update your. I'm just doing it 80 00:02:59,268 --> 00:03:01,523 on my own because as you could imagine 81 00:03:01,581 --> 00:03:03,576 being the financial planner of the family. 82 00:03:04,149 --> 00:03:06,058 So what we end up doing after we 83 00:03:06,058 --> 00:03:08,865 deliver that family to organize, we start recap 84 00:03:08,922 --> 00:03:11,643 what we went through last time. And we 85 00:03:11,643 --> 00:03:14,354 start summarizing. We're giving people whether it it'd 86 00:03:14,354 --> 00:03:15,332 be digitally 87 00:03:15,709 --> 00:03:18,819 a full blown financial plan or physically that 88 00:03:18,819 --> 00:03:21,228 full blown financial plan. So it's pretend in 89 00:03:21,228 --> 00:03:23,225 the office, Jason. I'm going, hey. We just 90 00:03:23,225 --> 00:03:25,223 gave me a famous state organizer. Now here, 91 00:03:25,462 --> 00:03:27,954 Jason. Everything we're gonna go over today. Is 92 00:03:27,954 --> 00:03:30,908 gonna be in this binding of your financial 93 00:03:30,908 --> 00:03:33,462 plan. So I'm handing that people that binding 94 00:03:33,462 --> 00:03:35,298 of the financial plan. I'm about to go 95 00:03:35,298 --> 00:03:37,189 over it and I'm minute go, guess what 96 00:03:37,389 --> 00:03:38,990 You have a note notepad here takes notes, 97 00:03:39,229 --> 00:03:41,310 but everything little detail you're seeing is going 98 00:03:41,310 --> 00:03:43,870 to be in that financial plan that you're 99 00:03:43,870 --> 00:03:46,510 gonna be able to digest after that meeting. 100 00:03:46,844 --> 00:03:49,160 So they're getting the full blown plan, but 101 00:03:49,160 --> 00:03:51,475 what I start that meeting with is, we 102 00:03:51,475 --> 00:03:53,790 talked about, Dave in that that first phase 103 00:03:53,790 --> 00:03:56,026 of the discovery, that concerns and the priorities. 104 00:03:56,185 --> 00:03:56,345 Right? 105 00:03:57,000 --> 00:03:58,599 I'm rehash with them. 106 00:03:59,319 --> 00:04:03,000 What were their number 1 concerns employed said 107 00:04:03,000 --> 00:04:05,254 when we met the first time. This is 108 00:04:05,254 --> 00:04:07,172 what you shared with us is in your 109 00:04:07,172 --> 00:04:09,090 minds and in your hearts and what you 110 00:04:09,090 --> 00:04:11,008 care about the most. And let's just say 111 00:04:11,008 --> 00:04:14,285 an example was like tax efficient distribution planning. 112 00:04:14,858 --> 00:04:17,089 Well, Jason, what we've done for you is 113 00:04:17,089 --> 00:04:19,319 within your financial plan, you're gonna retire soon 114 00:04:19,319 --> 00:04:21,152 and you're worried about the taxes, and we 115 00:04:21,152 --> 00:04:22,923 have these different... Funnels of money. You have 116 00:04:22,923 --> 00:04:25,240 some pre tax money, some post tax money 117 00:04:25,240 --> 00:04:28,276 and some tax advantage money. We've integrated all 118 00:04:28,276 --> 00:04:31,320 those dollars together, and have solved this to 119 00:04:31,320 --> 00:04:32,832 make sure you have a tax efficient plan. 120 00:04:33,150 --> 00:04:35,377 We'll talk more about it today. So what 121 00:04:35,377 --> 00:04:37,865 we're really doing is re dying why they 122 00:04:37,865 --> 00:04:40,104 were originally here. There was a pain point 123 00:04:40,104 --> 00:04:42,504 of why you came and sauce. Something had 124 00:04:42,504 --> 00:04:44,824 usually came up in life or retirement had 125 00:04:44,824 --> 00:04:46,360 about or if I needed an addition on 126 00:04:46,360 --> 00:04:47,720 the house, how do I fund it? Right? 127 00:04:48,199 --> 00:04:49,720 All those kind of things is the pain 128 00:04:49,720 --> 00:04:51,980 point of why they're here. Some I'm diving 129 00:04:52,040 --> 00:04:53,879 into that. I'm just recap is like, how 130 00:04:53,879 --> 00:04:55,014 this 1 the D. 131 00:04:55,415 --> 00:04:58,055 What was their income that they needed? So 132 00:04:58,055 --> 00:04:59,495 that's what we're working through at the beginning 133 00:04:59,495 --> 00:05:01,254 of that? And then, Dave, where do we 134 00:05:01,254 --> 00:05:02,134 transfer from there? 135 00:05:03,268 --> 00:05:05,341 Yeah. Well, I mean, Brian, I think big 136 00:05:05,341 --> 00:05:05,841 picture 137 00:05:06,218 --> 00:05:08,690 in this deliver meeting. Like, I always break 138 00:05:08,690 --> 00:05:10,923 it down into... There's probably 3 or 4 139 00:05:10,923 --> 00:05:12,854 main things we're trying to accomplish. 140 00:05:13,334 --> 00:05:15,414 To your point, you mentioned earlier, 141 00:05:15,894 --> 00:05:17,974 the first thing is that we wanna show 142 00:05:17,974 --> 00:05:20,214 them how we could eliminate the things that 143 00:05:20,214 --> 00:05:23,022 are concerning to them. Things like running out 144 00:05:23,022 --> 00:05:24,398 of money in retirement 145 00:05:24,854 --> 00:05:27,802 or a large stock market drop early on 146 00:05:27,802 --> 00:05:28,334 in retire. 147 00:05:29,014 --> 00:05:30,314 So it's about eliminating 148 00:05:30,774 --> 00:05:31,175 concerns. 149 00:05:31,735 --> 00:05:32,634 It's about 150 00:05:32,935 --> 00:05:35,334 addressing the things that they shared are their 151 00:05:35,334 --> 00:05:35,834 priorities, 152 00:05:36,615 --> 00:05:40,074 maybe that's experiment securing long term care funding 153 00:05:40,209 --> 00:05:43,783 or a plan. Maybe that's legacy planning for 154 00:05:43,783 --> 00:05:46,586 the children or the grandchildren 155 00:05:47,292 --> 00:05:48,745 maybe that is 156 00:05:49,357 --> 00:05:50,945 share kind of this copy of a book 157 00:05:50,945 --> 00:05:53,010 and approach to die with 0 where they 158 00:05:53,010 --> 00:05:56,186 wanna go maximize their money while they're alive 159 00:05:56,186 --> 00:05:59,000 and enjoy retirement in the most meaningful ways. 160 00:05:59,240 --> 00:06:00,699 So it's eliminating 161 00:06:01,160 --> 00:06:01,479 concerns, 162 00:06:02,279 --> 00:06:03,419 addressing priorities, 163 00:06:03,974 --> 00:06:06,762 and being able to validate and show the 164 00:06:06,762 --> 00:06:07,160 clients, 165 00:06:07,718 --> 00:06:10,267 how we can help them achieve their goals 166 00:06:10,267 --> 00:06:12,750 and objective dips. All the things that they 167 00:06:12,750 --> 00:06:14,899 shared with us in that discover meeting. 168 00:06:15,535 --> 00:06:18,321 Now, what we then do is walk through 169 00:06:18,321 --> 00:06:20,407 all the elements of the work we've done 170 00:06:20,407 --> 00:06:23,594 together. We walk through their cash flow assessment. 171 00:06:23,754 --> 00:06:25,746 If they're younger, they're still a ways out 172 00:06:25,746 --> 00:06:26,702 from retirement, 173 00:06:27,180 --> 00:06:28,509 it's probably in a 174 00:06:29,343 --> 00:06:32,517 accumulation and savings plan. So that 1 day 175 00:06:32,517 --> 00:06:33,493 they can ultimately 176 00:06:33,946 --> 00:06:36,826 retire, and we wanna show them the maximum 177 00:06:37,294 --> 00:06:40,095 tax efficiency along the way while they're earning 178 00:06:40,095 --> 00:06:44,254 money, earning a paycheck, running their business, whatever 179 00:06:44,254 --> 00:06:46,175 they're doing to accumulate wealth. 180 00:06:46,908 --> 00:06:50,500 If they're approaching retirement or in retirement, 181 00:06:51,109 --> 00:06:54,122 it's the most appropriate cash flow plan. 182 00:06:54,614 --> 00:06:56,713 To secure the reliable 183 00:06:57,172 --> 00:06:59,249 income stream that they need in and through 184 00:06:59,249 --> 00:07:01,487 retirement, and that could be broken into different 185 00:07:01,487 --> 00:07:04,139 phases. I always share with my client that 186 00:07:04,139 --> 00:07:07,168 there's really 3 phases of retirement. There's your 187 00:07:07,168 --> 00:07:10,117 go years, your slow go years and your 188 00:07:10,117 --> 00:07:12,031 no go years. And so maybe in their 189 00:07:12,031 --> 00:07:14,679 buckets plan, they wanna be able to spend 190 00:07:14,679 --> 00:07:16,515 more money in their go years when they 191 00:07:16,515 --> 00:07:19,547 have the health and the wealth. Right? Tied 192 00:07:19,547 --> 00:07:20,998 it into your podcast. You like like that. 193 00:07:21,552 --> 00:07:24,247 They'd be able to go, do more things 194 00:07:24,247 --> 00:07:26,942 in life, travel, and they've got the energy 195 00:07:26,942 --> 00:07:28,264 and then they might get into their sick 196 00:07:28,384 --> 00:07:30,619 logo years, they... They need a little bit 197 00:07:30,619 --> 00:07:33,254 less cash flow, and then ultimately, they're no 198 00:07:33,254 --> 00:07:35,648 go years. And so we help map out 199 00:07:35,648 --> 00:07:37,976 what that cash flow looks like. To be 200 00:07:37,976 --> 00:07:40,918 able to support that cash flow, we then 201 00:07:40,918 --> 00:07:43,382 validate how much money we need in each 202 00:07:43,382 --> 00:07:43,780 bucket. 203 00:07:44,257 --> 00:07:46,662 And again, now we've crunch all the numbers 204 00:07:46,662 --> 00:07:49,078 of things like social security 205 00:07:49,696 --> 00:07:52,730 optimization. Should we delay till late 70? Should 206 00:07:52,730 --> 00:07:54,167 we take it at 62? 207 00:07:54,646 --> 00:07:57,137 Should we do a spread strategy where 1 208 00:07:57,137 --> 00:07:59,614 spouse takes it early and the other spouse 209 00:07:59,614 --> 00:08:02,591 delays it. How does that impact their taxes, 210 00:08:03,144 --> 00:08:06,017 what accounts should they draw their retirement income 211 00:08:06,017 --> 00:08:08,491 from? Should it be all pre tax? Should 212 00:08:08,491 --> 00:08:10,487 it be all post tax and keep their 213 00:08:10,487 --> 00:08:14,402 taxes down? While we strategically do roth conversions 214 00:08:14,402 --> 00:08:17,343 for maybe legacy planning, there's so many different 215 00:08:17,343 --> 00:08:19,649 things to talk through to be able to 216 00:08:19,649 --> 00:08:21,651 validate their buckets land. 217 00:08:22,287 --> 00:08:25,386 And then what we do is we show 218 00:08:25,386 --> 00:08:26,919 them in asset 219 00:08:27,531 --> 00:08:28,031 transition 220 00:08:28,564 --> 00:08:30,487 illustration because a lot of of times when 221 00:08:30,646 --> 00:08:32,874 I show clients, the bucket plan, they're, like, 222 00:08:33,113 --> 00:08:35,363 yep, you nailed it. This is exactly 223 00:08:35,898 --> 00:08:36,932 what we want, 224 00:08:37,410 --> 00:08:39,001 but we have no idea how to get 225 00:08:39,001 --> 00:08:41,414 them Money over to you and to implement 226 00:08:41,414 --> 00:08:43,654 this. And show... So we show them on 227 00:08:43,654 --> 00:08:45,575 the left side of the page, here's all 228 00:08:45,575 --> 00:08:48,149 the accounts that you have today. On the 229 00:08:48,149 --> 00:08:50,950 right side of the page, here's where they 230 00:08:50,950 --> 00:08:53,750 need to be to optimize and implement your 231 00:08:53,750 --> 00:08:56,170 bucket plan. And in some cases, 232 00:08:56,724 --> 00:08:58,663 we could make that move immediately. 233 00:08:59,361 --> 00:09:01,040 Whereas in other cases, 234 00:09:01,599 --> 00:09:03,757 it might be a period of time before 235 00:09:03,757 --> 00:09:05,915 we could make that move. Maybe there's still 236 00:09:05,915 --> 00:09:08,087 work, and they don't have access to roll 237 00:09:08,087 --> 00:09:10,964 over their 04:01 k yet, and we need 238 00:09:10,964 --> 00:09:12,743 to build a timeline of 239 00:09:13,282 --> 00:09:14,081 implementation as well. 240 00:09:14,720 --> 00:09:15,220 Maybe 241 00:09:15,533 --> 00:09:17,305 they've got a bunch of concentrated 242 00:09:18,078 --> 00:09:20,701 stock that we can't just go sell all 243 00:09:20,701 --> 00:09:22,689 in 1 year or we would blow up 244 00:09:22,689 --> 00:09:25,089 their tax... Turn. We need to build a 245 00:09:25,089 --> 00:09:27,577 very strategic tax optimized 246 00:09:28,111 --> 00:09:30,894 distribution or or or, this disposition plan around 247 00:09:30,894 --> 00:09:33,773 how we're gonna sell that stock. So that 248 00:09:33,773 --> 00:09:34,273 asset 249 00:09:34,810 --> 00:09:37,920 transition illustration helps lay out the map of 250 00:09:37,920 --> 00:09:39,515 how they're gonna get from where they are 251 00:09:39,515 --> 00:09:41,908 now to how they're gonna be able to 252 00:09:41,908 --> 00:09:44,152 execute their fully optimized bucket plan. 253 00:09:45,184 --> 00:09:47,828 Then we go through all of the costs 254 00:09:47,884 --> 00:09:49,575 and fees associated 255 00:09:50,346 --> 00:09:52,093 because I know at Gail Smith just like 256 00:09:52,093 --> 00:09:54,194 at Alice and wealth. We are not a 257 00:09:54,249 --> 00:09:54,725 profit. 258 00:09:55,200 --> 00:09:57,207 We do charge for the 259 00:09:57,896 --> 00:10:00,195 implementation, and we want it to be very 260 00:10:00,195 --> 00:10:03,565 and transparent and upfront with what the cost, 261 00:10:03,725 --> 00:10:06,122 the fees and the expenses are gonna be 262 00:10:06,122 --> 00:10:07,800 because 1 of the things that drives me 263 00:10:07,800 --> 00:10:09,826 not about the financial services 264 00:10:10,200 --> 00:10:12,744 industry, is that in many cases, there's a 265 00:10:12,744 --> 00:10:14,277 lack of transparency 266 00:10:14,731 --> 00:10:17,059 of how much clients are actually paying 267 00:10:17,449 --> 00:10:19,622 further investments or further 268 00:10:19,998 --> 00:10:20,498 adviser. 269 00:10:21,193 --> 00:10:23,764 And so we believe in having everything 270 00:10:24,140 --> 00:10:24,355 doc 271 00:10:25,114 --> 00:10:26,972 so that clients can 272 00:10:27,351 --> 00:10:28,410 actually see 273 00:10:28,789 --> 00:10:31,505 down to the dollar what they're paying for 274 00:10:31,505 --> 00:10:32,005 their 275 00:10:32,556 --> 00:10:34,461 in their advisor in their plan and there's 276 00:10:34,461 --> 00:10:35,675 a level of accountability 277 00:10:36,049 --> 00:10:39,144 there. And then from there, we have all 278 00:10:39,144 --> 00:10:41,963 of the resources like the different 279 00:10:42,820 --> 00:10:46,810 illustrations or proposals, the financial modeling, things like 280 00:10:46,810 --> 00:10:47,948 social security 281 00:10:48,565 --> 00:10:50,645 optimization, kinda all that, you know, Jason, what 282 00:10:50,645 --> 00:10:53,422 you mentioned, all the engineering stuff. So that 283 00:10:53,422 --> 00:10:56,596 if clients wanna see how this kinda of 284 00:10:56,596 --> 00:10:58,677 maps out, they can be able to do 285 00:10:58,677 --> 00:11:01,781 so. And that kinda gives the client the 286 00:11:01,781 --> 00:11:03,452 total peace of mind of saying, 287 00:11:04,407 --> 00:11:04,566 alright. 288 00:11:05,217 --> 00:11:08,315 This plan is gonna eliminate my concerns. It's 289 00:11:08,315 --> 00:11:10,086 gonna address my priorities. 290 00:11:10,539 --> 00:11:12,764 It's gonna help my family achieve our goals 291 00:11:12,764 --> 00:11:15,409 and object lives in a very efficient and 292 00:11:15,409 --> 00:11:17,345 meaningful way. We 293 00:11:17,722 --> 00:11:21,802 understand how our assets are positioned We understand 294 00:11:21,802 --> 00:11:25,617 the investments that we own. We understand the 295 00:11:25,617 --> 00:11:28,161 fees and expenses that we're paying. 296 00:11:28,732 --> 00:11:30,896 And they have the total confidence 297 00:11:31,427 --> 00:11:34,066 to be able to move forward into 298 00:11:34,597 --> 00:11:37,639 implementation, and have 1 less thing to worry 299 00:11:37,639 --> 00:11:39,639 about in life, knowing that they have a 300 00:11:39,639 --> 00:11:40,379 team of 301 00:11:41,639 --> 00:11:44,139 like what we provide to our clients 302 00:11:44,440 --> 00:11:46,770 to help can... Continue to guide them along 303 00:11:46,770 --> 00:11:49,164 the way as their life changes, their needs 304 00:11:49,164 --> 00:11:51,797 change, their goals and objectives change and. Quite 305 00:11:51,797 --> 00:11:54,690 frankly, the stock it changes, the economy changes, 306 00:11:55,090 --> 00:11:58,210 public policy, taxes. All of these things are 307 00:11:58,210 --> 00:11:59,269 ever changing 308 00:11:59,809 --> 00:12:02,372 and our team of advisers is there to 309 00:12:02,372 --> 00:12:04,599 stay up to date on these things so 310 00:12:04,599 --> 00:12:06,985 that our clients can go enjoy the things 311 00:12:06,985 --> 00:12:09,623 that actually bring them meaning and fulfillment in 312 00:12:09,623 --> 00:12:12,479 life. I wanna reiterate something you guys both 313 00:12:12,479 --> 00:12:15,120 talked about briefly, and it's just so 314 00:12:16,048 --> 00:12:18,474 crucial. Right? Yeah I think it's a key 315 00:12:18,773 --> 00:12:19,912 differentiator for 316 00:12:20,611 --> 00:12:23,668 both Allison Wealth and Gail Smith and and 317 00:12:23,807 --> 00:12:27,254 our holistic wealth management approach. That we follow 318 00:12:27,254 --> 00:12:29,163 and subscribe to in the bucket plan. 319 00:12:29,958 --> 00:12:31,969 Obviously, when you work with an investment 320 00:12:32,344 --> 00:12:34,673 professional, they're gonna take care of your investments 321 00:12:35,304 --> 00:12:38,184 many of them will also look after your 322 00:12:38,184 --> 00:12:41,784 your protection planning. Your insurance. Right? That is 323 00:12:41,784 --> 00:12:43,784 incorporated as part of the plan. 324 00:12:44,360 --> 00:12:46,440 Whether they bring a neat attorney or whether 325 00:12:46,440 --> 00:12:49,179 they have more experience in regards to legacy 326 00:12:49,240 --> 00:12:50,199 and a state planning, 327 00:12:50,679 --> 00:12:54,534 sometimes that gets by investment. Professional, sometimes it 328 00:12:54,534 --> 00:12:54,774 doesn't. 329 00:12:55,414 --> 00:12:57,834 But the tax planning and management 330 00:12:58,294 --> 00:12:58,794 component 331 00:12:59,174 --> 00:13:00,074 is so 332 00:13:00,375 --> 00:13:03,340 crucial when it comes to what holistic wealth 333 00:13:03,340 --> 00:13:06,279 management really is and the ultimate outcome of 334 00:13:06,279 --> 00:13:08,027 the plan. And both of you guys talked 335 00:13:08,027 --> 00:13:10,743 about this. And you referenced the funnels, And 336 00:13:10,902 --> 00:13:12,729 I think the funnels are just so crucial. 337 00:13:13,047 --> 00:13:14,794 So I wanna just spend a minute or 338 00:13:14,794 --> 00:13:17,677 2 on those because, you know, as Brian 339 00:13:17,813 --> 00:13:20,409 described, we use funnels to fill the bot 340 00:13:20,529 --> 00:13:21,906 kits in the 341 00:13:22,282 --> 00:13:24,992 accumulation phase. And there's 3 funnels. So when 342 00:13:24,992 --> 00:13:27,644 we say funnels, it's how you can basically 343 00:13:28,674 --> 00:13:30,991 stamp your money of how it will be 344 00:13:30,991 --> 00:13:33,968 taxed in the future. It's choices you make 345 00:13:34,267 --> 00:13:34,927 in the 346 00:13:35,305 --> 00:13:37,625 accumulation phase, as to whether that money is 347 00:13:37,625 --> 00:13:38,997 gonna be pre tax 348 00:13:39,369 --> 00:13:41,589 like your traditional 41K 349 00:13:41,668 --> 00:13:45,017 Ira risk saving plan, 04:03 b. A lot 350 00:13:45,017 --> 00:13:46,528 of those the kind of things that people 351 00:13:46,528 --> 00:13:49,631 are familiar with. You are choosing to not 352 00:13:49,631 --> 00:13:52,356 pay any tax. It's pre tax, and then 353 00:13:52,356 --> 00:13:54,670 it all accumulates, but ultimately, when you pull 354 00:13:54,670 --> 00:13:57,783 it out, it's taxed ordinary income. That's the 355 00:13:57,783 --> 00:13:59,220 first of the 3 funnels, 356 00:13:59,793 --> 00:14:02,904 The second is post tax. Post tax. You're 357 00:14:02,904 --> 00:14:05,616 choosing to pay the tax. You're not gonna 358 00:14:05,616 --> 00:14:07,610 put it in that pre tax status, like, 359 00:14:07,929 --> 00:14:10,973 what we just described. But, ultimately, as it 360 00:14:10,973 --> 00:14:13,785 earns year after year, you're gonna get forms 361 00:14:13,843 --> 00:14:14,582 from the 362 00:14:14,959 --> 00:14:17,270 institutions that's gonna cause you to pay tax. 363 00:14:17,524 --> 00:14:19,517 As you go each year. Right? You gotta 364 00:14:19,517 --> 00:14:22,408 pay tax. And the, growth of those investments 365 00:14:22,705 --> 00:14:25,336 throughout. And then the third and final is 366 00:14:25,336 --> 00:14:27,830 the tags advantage or some people call it 367 00:14:27,830 --> 00:14:30,090 tax free. And so it's roth 368 00:14:30,470 --> 00:14:32,090 money. It's Hsa. 369 00:14:32,470 --> 00:14:35,355 There's cash value within life insurance that can 370 00:14:35,355 --> 00:14:36,572 fall into that category. 371 00:14:37,188 --> 00:14:39,920 So the the decisions you make in 372 00:14:40,297 --> 00:14:40,536 accumulation, 373 00:14:41,109 --> 00:14:45,181 of where you deposit your money almost and 374 00:14:45,181 --> 00:14:47,416 funnel it through to fill your buckets. 375 00:14:47,975 --> 00:14:50,391 But then when you go into distribution 376 00:14:50,784 --> 00:14:53,181 Now it's what type of tax you're gonna 377 00:14:53,181 --> 00:14:53,681 pay 378 00:14:54,060 --> 00:14:56,617 throughout retirement, and then ultimately what kind of 379 00:14:56,617 --> 00:14:58,295 tax your spouse for... 380 00:14:58,867 --> 00:15:01,114 Surviving spouse when you pass away or your 381 00:15:01,170 --> 00:15:04,132 kids and beneficiaries are gonna pay. And so 382 00:15:04,188 --> 00:15:06,594 the... There's so much art and science 383 00:15:06,904 --> 00:15:09,685 to blending out income when you get into 384 00:15:09,685 --> 00:15:12,942 that distribution phase. And I just feel like 385 00:15:12,942 --> 00:15:16,299 it's important to reiterate how and... Horton that 386 00:15:16,299 --> 00:15:16,940 really is, 387 00:15:17,500 --> 00:15:18,399 both in the 388 00:15:18,779 --> 00:15:21,579 accumulation phase of filling... Using the buckets to 389 00:15:21,579 --> 00:15:23,419 fill the... Are the funnels to fill the 390 00:15:23,419 --> 00:15:26,060 buckets as well as in the distribution phase 391 00:15:26,060 --> 00:15:29,478 of blending out income to take advantage of 392 00:15:29,478 --> 00:15:32,339 what the government allows us to do pay 393 00:15:32,339 --> 00:15:32,839 legally 394 00:15:33,308 --> 00:15:35,139 pay the least amount of taxes that we 395 00:15:35,139 --> 00:15:38,163 possibly can by making good decisions. Yeah. I 396 00:15:38,163 --> 00:15:40,232 think tax efficiency is crucial. And and I'm 397 00:15:40,232 --> 00:15:41,585 just gonna give you a general overview. So 398 00:15:41,585 --> 00:15:42,674 people here this is 399 00:15:43,033 --> 00:15:45,662 usually, it's tens of thousands if not hundreds 400 00:15:45,662 --> 00:15:47,118 of thousands of dollars 401 00:15:47,494 --> 00:15:49,645 over our lifetime and we put a tax 402 00:15:49,645 --> 00:15:51,318 in place. I'm not kidding and we're able 403 00:15:51,318 --> 00:15:53,966 to actually put this in dollar amounts and 404 00:15:53,966 --> 00:15:56,361 show the individual saying, hey. Instead of you're 405 00:15:56,361 --> 00:15:59,634 just doing the traditional strategy, here's the solution 406 00:15:59,634 --> 00:16:01,230 that we've talked to, and here's how to 407 00:16:01,230 --> 00:16:03,788 implement it, and we live to 90. It's 408 00:16:03,788 --> 00:16:05,931 a hundred 50000 dollars in less taxes. It's 409 00:16:05,931 --> 00:16:08,336 200000 dollars less taxes. It's astronomical 410 00:16:08,789 --> 00:16:10,376 number that that's for... 411 00:16:10,870 --> 00:16:13,509 Normal kind of person. Running? Right not a 412 00:16:13,509 --> 00:16:15,350 real high net worth at their ultra on 413 00:16:15,350 --> 00:16:17,910 network. You start getting into there, you're talking 414 00:16:17,910 --> 00:16:20,323 about millions of adults. Yeah. I mean, yeah. 415 00:16:20,722 --> 00:16:24,317 We clients were saving hundred, 203 hundred, 400000 416 00:16:24,317 --> 00:16:26,235 a year. And imagine, 417 00:16:26,569 --> 00:16:29,363 what that adds up to over 10/20/3040 418 00:16:29,363 --> 00:16:30,720 years. I mean, the reality of it is, 419 00:16:30,880 --> 00:16:31,678 Jason, you mentioned it. 420 00:16:32,396 --> 00:16:34,732 Taxes will be pretty much 421 00:16:35,110 --> 00:16:38,227 everybody what single largest expense throughout their lifetime. 422 00:16:38,545 --> 00:16:41,009 It just will. It pale in comparison to 423 00:16:41,009 --> 00:16:42,598 the cost of healthcare care in the United 424 00:16:42,837 --> 00:16:45,874 States, It pale in comparison to the cost 425 00:16:45,874 --> 00:16:46,772 of your mortgage 426 00:16:47,147 --> 00:16:50,664 or your groceries or your car, life time 427 00:16:50,664 --> 00:16:53,141 taxes or something that we all need to 428 00:16:53,141 --> 00:16:53,940 focus on. 429 00:16:54,499 --> 00:16:56,438 And when you think about taxes, 430 00:16:57,216 --> 00:16:59,547 if you think about those funnels that you 431 00:16:59,547 --> 00:17:01,942 mentioned, Jason, there's the 3 funnels, the pre 432 00:17:01,942 --> 00:17:04,178 tax, the post tax and the tax favored. 433 00:17:04,896 --> 00:17:06,972 For any money that you have in the 434 00:17:06,972 --> 00:17:09,700 first 2 funnels, the pre tax or the 435 00:17:09,700 --> 00:17:10,338 post tax. 436 00:17:11,055 --> 00:17:11,555 Hopefully, 437 00:17:12,331 --> 00:17:15,281 the value of those investments in those funnels 438 00:17:15,281 --> 00:17:16,796 are growing over time. 439 00:17:17,609 --> 00:17:20,560 Which means that your tax liability is growing 440 00:17:20,560 --> 00:17:21,836 over time also. 441 00:17:22,315 --> 00:17:24,388 It's not just growing because you're adding more 442 00:17:24,388 --> 00:17:26,143 money to it. It's growing because that money's 443 00:17:26,143 --> 00:17:28,069 is invested in the stock market in the 444 00:17:28,069 --> 00:17:29,738 stock market is growing. If we look at 445 00:17:29,738 --> 00:17:32,122 the stock market over the last 12 months, 446 00:17:32,280 --> 00:17:34,585 it was up what, 15 to 20 percent. 447 00:17:35,141 --> 00:17:38,012 That means your tax liability just increased 15 448 00:17:38,012 --> 00:17:39,757 percent to 20 percent on that money as 449 00:17:39,757 --> 00:17:41,343 well. So it's not about what you make. 450 00:17:41,501 --> 00:17:43,032 It's about what you keep 451 00:17:43,405 --> 00:17:46,126 and liability that's so much of what step 452 00:17:46,126 --> 00:17:50,110 4 is. That's really our dedicated phase where 453 00:17:50,110 --> 00:17:54,588 we are every single year through out the 454 00:17:54,588 --> 00:17:55,647 year proactively 455 00:17:56,345 --> 00:18:01,156 looking at your income, your cash flow. Your 456 00:18:01,374 --> 00:18:04,364 investments, your savings, your taxes 457 00:18:04,821 --> 00:18:07,794 to figure out if we can do 458 00:18:08,331 --> 00:18:08,831 legal 459 00:18:09,687 --> 00:18:10,187 strategies 460 00:18:10,963 --> 00:18:11,782 to help 461 00:18:12,957 --> 00:18:15,354 minimize what maybe that not just the tax 462 00:18:15,354 --> 00:18:18,128 liability each and every year will be, but 463 00:18:18,128 --> 00:18:21,713 what your lifetime tax liability would be. And 464 00:18:21,713 --> 00:18:24,288 so there's just so much value to be 465 00:18:24,347 --> 00:18:25,246 really paying 466 00:18:25,624 --> 00:18:29,349 keen attention to what the net after tax 467 00:18:29,709 --> 00:18:31,467 impact is of the wealth that you're building. 468 00:18:31,787 --> 00:18:33,704 Well, that's a great way to win the 469 00:18:33,704 --> 00:18:35,942 plane. I think we've done a great job 470 00:18:35,942 --> 00:18:37,780 covering design and deliver. 471 00:18:38,274 --> 00:18:41,230 And so in the next episode, which will 472 00:18:41,230 --> 00:18:43,627 wrap up this series on the bucket plan, 473 00:18:43,947 --> 00:18:45,865 holistic Wealth management process, 474 00:18:46,278 --> 00:18:48,901 we're gonna talk about the dedicated phase, which 475 00:18:48,901 --> 00:18:51,922 is really onboarding the client based on all 476 00:18:51,922 --> 00:18:54,385 the work that we done in discover, design 477 00:18:54,385 --> 00:18:57,767 and deliver. And then, ultimately, the management. 478 00:18:58,144 --> 00:19:00,615 Right? The maintenance of the house, like we 479 00:19:00,615 --> 00:19:03,166 talked about ongoing after that. Given the plane 480 00:19:03,166 --> 00:19:05,485 implemented, Well, Jason, I just wanna share, don't 481 00:19:05,485 --> 00:19:07,787 forget subscribe to our channel, subscribe to our 482 00:19:08,025 --> 00:19:11,041 Youtube page, download these podcasts in. Don't forget 483 00:19:11,041 --> 00:19:12,311 the bucket plan book. 484 00:19:12,882 --> 00:19:14,710 Go ahead and reach out to our office 485 00:19:14,710 --> 00:19:16,243 and we'll send you a complimentary 486 00:19:16,697 --> 00:19:19,184 copy of this book where you can actually 487 00:19:19,558 --> 00:19:22,680 read a true story of Jason taking Jerry 488 00:19:22,680 --> 00:19:24,992 and Irene read through the bucket plan process, 489 00:19:25,151 --> 00:19:27,622 everything we've described in this podcast so far. 490 00:19:27,781 --> 00:19:29,785 So Fellas, it's been fun being here with 491 00:19:29,785 --> 00:19:32,249 you today. Appreciate it. Thanks, Dave. Thank you 492 00:19:32,249 --> 00:19:34,236 for listening to the holistic wealth and health 493 00:19:34,236 --> 00:19:34,736 podcast. 494 00:19:35,270 --> 00:19:37,512 We hope we... Inspired you to make changes 495 00:19:37,512 --> 00:19:39,182 so you can live your best life. 496 00:19:39,739 --> 00:19:41,489 If you wanna find out more about what 497 00:19:41,489 --> 00:19:43,134 we do or if you wanna have a 498 00:19:43,653 --> 00:19:50,034 wealth and health financial plan. 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