Transcript
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The following is paid programming.
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Welcome to Something More with Chris Boyd.
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Chris Boyd is a Certified
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Financial Planner
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Practitioner and Senior
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Vice President and
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Financial Advisor at Wealth
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Enhancement Group,
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one of the nation's largest
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registered investment advisors.
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We call it Something More
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because we'd like to talk
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not only about those
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important dollar and cents issues,
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but also the quality of
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life issues that make the
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money matters matter.
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here he is your fulfillment
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facilitator your partner in
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prosperity advising clients
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on cape cod and across the
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country here's your host
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jay christopher boyd
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everybody to something more
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I'm chris boyd I'm here
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with jeff perry and russ
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ball we're of the amr team
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at wealth enhancement and
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really glad to have you
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with us for another uh
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segment of our program our
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show is all about uh personal finance and
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those quality of life issues
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as well so glad to have you
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here hope everyone had a
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great thanksgiving it's um
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it's one of those things
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that it's good to
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temporarily every once in a
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while to step back and
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think about gratitude and
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our blessings and all the
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things that we are grateful
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for sometimes those things are um
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far beyond the material things.
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But we're in that season of
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materialism now as we're
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moving on to a holiday season.
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Well, that didn't take long, Chris.
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Anyway,
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did you want to comment before I
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jump on to other things?
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No, I'm just giving you a hard time.
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Yes, yes.
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It is good to be thankful
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for many things and gorge
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yourself on too much food.
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Right.
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Now the diet begins for about two,
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three weeks and then not so
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much because of all these activities.
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This is like a free month.
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You didn't know that?
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Yeah, there's so much going on, right?
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And this one's so compacted.
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where Thanksgiving is late
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this year and we'll be
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flying through December
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with all that goes on.
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Now,
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save your diet and good eating habits
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for your New Year's
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resolutions that you won't follow anyway.
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Yeah, probably accurate.
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Well,
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I want to also just step back and
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give a gratitude moment.
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Thanks for stepping in for
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me last week and you guys
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with the shows you did.
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um good stuff I I um have
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started listening but
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haven't finished listening
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to um our podcast episodes
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from last week I thought
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they did really well and
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russ did a great job
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producing and adding some
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color to the guests and if
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they people haven't
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listened to them they're
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always available on our
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your favorite podcast channel
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and do check them out and
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share and like and give us
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a rating it really helps as
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uh that people always point
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out I have another side
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note on that before I
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forget because I meant mean
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to do it and I forget um in
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the notes of this show in
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the last few shows we have
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a link to a podcast survey
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that we're doing good point
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so if you're interested in
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uh telling us how we're
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doing or how good or bad
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or what you'd like to hear more or less of,
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please click the link and
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provide your comments.
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They're very helpful to us.
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Yeah, I love that.
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Good thought.
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We want to know,
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we want to produce a show
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that you want to hear.
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So we'd love to hear what your feedback is,
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what kind of content is most enjoyed.
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And of course,
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if you always have a question,
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you're always welcome to
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send us a question as well
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at amr-info-info at
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wealthenhancement.com.
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Well, let's jump right to it then.
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As far as we look ahead,
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it's that time of year.
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It's Black Friday,
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the time to go shopping.
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I don't know, did you guys...
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Always get up early and beat
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the crowds on Friday
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morning to start your
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Christmas shopping off with a bang.
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I feel like Black Friday has
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really extended to there's
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a whole almost month of deals.
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I'm already looking at the
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different deals.
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So I feel like Friday is
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going to come and go.
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But then there's Cyber Monday.
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So there's plenty of time to
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do some... I agree, Russ.
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A couple of days ago, our microwave died.
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And so I was looking online
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to buy another one.
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And I get a Black Friday
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deal on Tuesday or whatever it was.
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I have the same story.
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I was doing a little bit of...
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early shopping and yeah, good deals,
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you know, start, but you're right.
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Started early.
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So do you guys tend to do
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your shopping online?
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Do you tend to do it in person?
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Do you, do you, are you, I mean,
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I know Jeff's answer to this.
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We'll ask Russ.
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I was going to say,
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are you really organized
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and have a list and,
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Jeff's probably got a list
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down to the penny as to
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what he's willing to budget for whatever.
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Wow.
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I didn't think you were going there.
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Okay.
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Am I wrong, though?
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Come on.
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I didn't say you were wrong.
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I just said I didn't think
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you were going there.
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No, no.
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But you're methodical.
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You're very organized and well-considered.
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That's a polite word for that.
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Thank you.
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You're very deliberate.
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How about you, Russ?
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Well, I can't say I'm quite like you, Jeff,
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but I do have a loose idea of, you know,
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a few different areas I
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want to start looking at.
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And I have a few items
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listed down that I want to
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see if there's any deals that pop up.
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And I'll check websites
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every day through Cyber Monday,
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even after,
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just to see if there's any
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deals that I missed.
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But so it's a little bit less meticulous,
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but... Still sounds pretty prepared.
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Yeah, I do prepare a little bit.
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You won't be running out on...
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Christmas Eve, it sounds like, huh?
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No, no, no.
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I do not like to do that.
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If I could help it.
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one big difference with us
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since we've moved to
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florida um but we still go
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to massachusetts for and
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rhode island for christmas
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is we shop early because we
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ship everything direct to
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lisa's mom's house and so
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it's so it's all she's our
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she's gladfully uh our
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mailbox there and all for
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you that's right and
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then when we arrive a few
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days before Christmas, Lisa,
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my wife goes starts and
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starts wrapping and all that.
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So we kind of have to start
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early and we have to shop.
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We don't have to,
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but this is what we choose
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to shop online and to ship
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right to Freetown, Massachusetts.
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There you go.
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There you go.
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That's good.
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Good planning.
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That's makes sense.
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That's all the more reason
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you have to be prepared.
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Um,
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Just as an aside, you mentioned Florida.
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Last week, I was in Florida for the summit,
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which was the Wealth
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Enhancement Group Summit,
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where a number of financial
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advisors gathered.
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And it was great, great contents,
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a lot of opportunity to talk about
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Wealth Enhancement Group as
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a business and some of the
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goals the business has and
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our our mission and some of
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the focus on one of the
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things I always we've had
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Jeff Deco on when we first
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joined Wealth Enhancement Group.
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And one of the things I
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really enjoy about his
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comments as CEO is he always seems to put
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it into great context about
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the it's all about the
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client and what we're doing
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for our clients and the
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importance of um financial
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planning and the lives we
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touch and so I um I liked
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that there was also a lot
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of chance to interact with
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other advisors see what
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they're doing well what
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their um best practices are
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and uh the content of the
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the presentations
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throughout this uh this conference was um
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really focused on best
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practices of various types.
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So the round table we talk
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about with Wealth Enhancement Group,
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the opportunity to interact
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and glean information from
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other experts in their area
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of expertise was on full
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display at the Wealth
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Enhancement Group Summit.
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But while I was in Florida, Jeff,
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I noticed that
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Boy, it was really different.
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There were like all kinds of
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the Christmas holiday
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season was out in full display.
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And it just seemed to be earlier here.
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Our neighborhood's fully decorated and,
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you know,
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the clubhouse for the community
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and the gates and everything.
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They've been on for a little while.
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So they are they do seem to
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00:09:10,490 --> 00:09:11,552
go a little earlier here.
291
00:09:11,883 --> 00:09:15,749
Yeah, the holiday spirit, if you will,
292
00:09:15,788 --> 00:09:18,832
was very present and noticeable.
293
00:09:19,073 --> 00:09:20,075
And the percentage of
294
00:09:20,635 --> 00:09:22,158
participation on homes is
295
00:09:22,318 --> 00:09:23,821
much higher than where we
296
00:09:23,841 --> 00:09:24,861
lived in Massachusetts.
297
00:09:24,961 --> 00:09:27,206
Part could be that you don't stand out and
298
00:09:27,816 --> 00:09:29,317
freezing cold rain to put
299
00:09:29,337 --> 00:09:30,479
them up or down I don't
300
00:09:30,499 --> 00:09:33,042
know yeah yeah good point
301
00:09:33,162 --> 00:09:34,984
easier uh on yeah in terms
302
00:09:35,004 --> 00:09:35,924
of the temperature the
303
00:09:35,966 --> 00:09:37,027
climate to deal with that
304
00:09:37,106 --> 00:09:40,210
but anyway um yeah so uh
305
00:09:40,291 --> 00:09:41,812
wealth enhancement group uh
306
00:09:41,831 --> 00:09:44,054
great summit and um great
307
00:09:44,414 --> 00:09:47,558
uh content that came out of that I'm sure
308
00:09:49,048 --> 00:09:49,989
it's going to afford us the
309
00:09:50,028 --> 00:09:51,068
opportunity to talk to some
310
00:09:51,109 --> 00:09:53,389
of those other advisors.
311
00:09:53,509 --> 00:09:55,331
I will say I did get the
312
00:09:55,370 --> 00:09:58,172
opportunity to go jet skiing.
313
00:09:58,412 --> 00:09:58,951
Oh, you did?
314
00:09:59,131 --> 00:10:01,472
I knew that that was planned.
315
00:10:01,493 --> 00:10:02,393
That was new to me.
316
00:10:02,673 --> 00:10:04,514
Survived, yeah.
317
00:10:05,053 --> 00:10:06,254
Yeah, those things go fast.
318
00:10:06,615 --> 00:10:06,955
They do.
319
00:10:07,054 --> 00:10:07,855
That's why they're fun.
320
00:10:08,176 --> 00:10:08,975
It was fun.
321
00:10:09,495 --> 00:10:11,057
I was a little nervous at first, but, man,
322
00:10:11,136 --> 00:10:11,517
that was good.
323
00:10:13,172 --> 00:10:15,013
but anyway, uh, interesting when it was,
324
00:10:15,253 --> 00:10:16,173
uh, some choppy water,
325
00:10:16,192 --> 00:10:17,693
you start going to the airport.
326
00:10:18,274 --> 00:10:18,494
Yeah.
327
00:10:18,533 --> 00:10:19,354
Just a little bit.
328
00:10:19,573 --> 00:10:20,274
Just a little bit.
329
00:10:21,495 --> 00:10:23,315
Uh, fortunately it wasn't too choppy, but,
330
00:10:23,335 --> 00:10:24,816
uh, yeah, had a little bit of that.
331
00:10:25,716 --> 00:10:25,916
Um,
332
00:10:25,975 --> 00:10:27,716
you see any dolphins or anything in the
333
00:10:27,755 --> 00:10:28,057
water?
334
00:10:28,256 --> 00:10:28,716
You know what?
335
00:10:28,876 --> 00:10:29,716
I totally missed it.
336
00:10:29,756 --> 00:10:32,197
There was behind us as we were leaving the,
337
00:10:32,477 --> 00:10:35,239
um, the little Harbor area to go out into,
338
00:10:35,379 --> 00:10:36,918
you know, a bigger Bay or whatever.
339
00:10:37,739 --> 00:10:39,919
Um, there was, uh,
340
00:10:41,667 --> 00:10:43,708
was a pod of of dolphins
341
00:10:43,729 --> 00:10:44,788
that we I didn't even
342
00:10:44,830 --> 00:10:45,730
notice they're like
343
00:10:45,769 --> 00:10:47,250
following the the wakes
344
00:10:47,270 --> 00:10:49,852
yeah yeah so unfortunately
345
00:10:49,873 --> 00:10:53,316
uh I missed it but uh but
346
00:10:53,535 --> 00:10:54,817
others others told me oh
347
00:10:54,856 --> 00:10:55,557
yeah there's a whole group
348
00:10:55,638 --> 00:11:00,881
of them so anyway um so uh
349
00:11:01,863 --> 00:11:03,443
let's talk about uh small
350
00:11:03,484 --> 00:11:04,644
business saturday a little
351
00:11:04,705 --> 00:11:06,186
bit and the history of
352
00:11:06,225 --> 00:11:07,726
these kinds of uh things
353
00:11:07,767 --> 00:11:08,668
you know we think about
354
00:11:10,009 --> 00:11:13,312
online shopping and I think
355
00:11:13,673 --> 00:11:14,813
we've all gotten accustomed
356
00:11:14,833 --> 00:11:18,097
to the convenience of just
357
00:11:18,518 --> 00:11:19,239
right in the palm of your
358
00:11:19,259 --> 00:11:21,221
hand doing some of our
359
00:11:21,240 --> 00:11:22,282
shopping that way and there
360
00:11:22,322 --> 00:11:24,104
is a real value to that
361
00:11:24,585 --> 00:11:27,570
ease and convenience that, you know, it's,
362
00:11:27,649 --> 00:11:29,753
it's appealing at the same time.
363
00:11:30,192 --> 00:11:31,796
You find there are fewer and
364
00:11:31,836 --> 00:11:33,697
fewer opportunities to
365
00:11:34,539 --> 00:11:36,522
actually go into stores
366
00:11:36,562 --> 00:11:39,486
sometimes because there aren't as many,
367
00:11:39,826 --> 00:11:40,948
uh, you know,
368
00:11:42,745 --> 00:11:45,546
local shops and stores.
369
00:11:45,605 --> 00:11:46,626
And whether it's big
370
00:11:46,687 --> 00:11:47,866
business or small business,
371
00:11:48,988 --> 00:11:51,149
you find that the online
372
00:11:51,188 --> 00:11:52,710
activity changes the way we
373
00:11:52,750 --> 00:11:54,090
shop and the ability we have.
374
00:11:55,030 --> 00:11:56,331
I mean, this time of year,
375
00:11:56,350 --> 00:11:57,692
I used to love Toys R Us.
376
00:11:58,572 --> 00:11:59,952
What's that, right?
377
00:12:02,374 --> 00:12:04,414
So you got to think in terms
378
00:12:04,575 --> 00:12:06,275
of those small businesses
379
00:12:06,296 --> 00:12:07,836
that are local businesses and
380
00:12:08,529 --> 00:12:11,672
being sure to patronize them as well.
381
00:12:11,871 --> 00:12:12,493
Absolutely.
382
00:12:12,732 --> 00:12:12,932
Keep,
383
00:12:13,313 --> 00:12:16,895
keep that those local businesses that
384
00:12:16,936 --> 00:12:20,558
depend on our, our shopping,
385
00:12:20,639 --> 00:12:22,779
our revenues to keep them afloat.
386
00:12:22,820 --> 00:12:23,760
This is an important time of
387
00:12:23,780 --> 00:12:25,162
year for a lot of small businesses.
388
00:12:25,601 --> 00:12:26,383
It is, you know,
389
00:12:26,403 --> 00:12:27,443
there's also been a trend
390
00:12:27,484 --> 00:12:28,424
of a lot of these small
391
00:12:28,465 --> 00:12:31,966
businesses creating an online pleasant.
392
00:12:32,006 --> 00:12:34,068
So if you look at like
393
00:12:34,168 --> 00:12:35,730
Shopify and some of the,
394
00:12:37,452 --> 00:12:38,774
companies that service small
395
00:12:38,794 --> 00:12:39,975
businesses selling their
396
00:12:40,015 --> 00:12:41,976
products they're doing very
397
00:12:42,038 --> 00:12:44,159
well so you know people
398
00:12:44,179 --> 00:12:45,921
adapt to the customers
399
00:12:45,961 --> 00:12:47,081
wants and needs so that's
400
00:12:47,101 --> 00:12:48,342
another way you can support
401
00:12:48,403 --> 00:12:51,405
a mom-and-pop shop or small
402
00:12:51,446 --> 00:12:53,948
businesses to shop online
403
00:12:54,428 --> 00:12:55,110
if you're only shopping
404
00:12:55,169 --> 00:12:55,870
online which a lot of
405
00:12:55,890 --> 00:12:57,072
people do but you can also
406
00:12:57,131 --> 00:12:58,312
search out for small business
407
00:12:59,385 --> 00:13:01,246
opportunities while searching online.
408
00:13:01,267 --> 00:13:03,768
Meaning buy your products
409
00:13:03,827 --> 00:13:05,687
from the local place online.
410
00:13:05,707 --> 00:13:05,889
Right.
411
00:13:06,609 --> 00:13:12,471
Yeah, that's a good point.
412
00:13:12,591 --> 00:13:15,072
I think the big part of this,
413
00:13:15,532 --> 00:13:17,352
when we think about this time of year,
414
00:13:17,373 --> 00:13:18,513
we want to think about
415
00:13:19,134 --> 00:13:20,474
preparing and planning.
416
00:13:20,533 --> 00:13:20,974
And Jeff,
417
00:13:21,014 --> 00:13:22,634
I was giving you a hard time earlier.
418
00:13:23,375 --> 00:13:26,115
But as a practical reality,
419
00:13:27,950 --> 00:13:29,210
This is one of those seasons
420
00:13:29,309 --> 00:13:31,150
where people get into a lot
421
00:13:31,171 --> 00:13:35,412
of financial trouble that
422
00:13:35,471 --> 00:13:37,432
comes back to haunt them at
423
00:13:37,472 --> 00:13:38,432
the turn of the year when
424
00:13:38,472 --> 00:13:39,874
those bills start coming in.
425
00:13:40,754 --> 00:13:43,414
And everyone has different
426
00:13:43,455 --> 00:13:45,735
resources and abilities and whatnot,
427
00:13:45,794 --> 00:13:51,716
but no matter what your wealth or income,
428
00:13:52,576 --> 00:13:53,859
It's probably a good idea to
429
00:13:53,918 --> 00:13:55,642
step back and do some
430
00:13:55,861 --> 00:13:57,524
deliberate consideration
431
00:13:57,585 --> 00:14:00,389
about what do we want to do, how much,
432
00:14:00,809 --> 00:14:01,591
how many people,
433
00:14:02,352 --> 00:14:04,937
and then magnify what that adds up to.
434
00:14:06,402 --> 00:14:08,543
When you have kids, naturally,
435
00:14:08,623 --> 00:14:09,802
you want to give them everything.
436
00:14:10,624 --> 00:14:11,624
But at the same time,
437
00:14:13,183 --> 00:14:15,544
it can be really costly and burdensome,
438
00:14:16,525 --> 00:14:19,567
and you have to be sometimes intentional.
439
00:14:19,626 --> 00:14:19,966
Of course,
440
00:14:20,047 --> 00:14:21,787
if you rack that up on a credit
441
00:14:21,807 --> 00:14:23,607
card and don't have the resources,
442
00:14:24,264 --> 00:14:26,166
to pay for that on the other end,
443
00:14:26,947 --> 00:14:28,288
that's going to cost a lot of money.
444
00:14:28,349 --> 00:14:30,211
It's not just the cost of the purchase,
445
00:14:30,250 --> 00:14:31,673
but then, you know,
446
00:14:31,692 --> 00:14:33,934
fifteen percent interest or, you know,
447
00:14:33,995 --> 00:14:34,975
twenty percent or whatever
448
00:14:35,035 --> 00:14:37,919
the credit card interest rates can be,
449
00:14:38,100 --> 00:14:38,880
which can be pretty
450
00:14:38,961 --> 00:14:40,101
substantial these days.
451
00:14:40,121 --> 00:14:44,326
So, you know, you really need to be
452
00:14:46,072 --> 00:14:47,894
deliberate in the process.
453
00:14:48,234 --> 00:14:49,796
And in some cases,
454
00:14:49,855 --> 00:14:51,356
people think about gifting
455
00:14:51,517 --> 00:14:57,543
and very generous gifts to their children,
456
00:14:57,582 --> 00:14:59,825
their adult children, whatever it may be.
457
00:15:02,807 --> 00:15:03,708
This is another thing we
458
00:15:03,749 --> 00:15:05,190
sometimes think in terms of,
459
00:15:05,730 --> 00:15:06,551
let's do a little bit of
460
00:15:06,571 --> 00:15:07,331
financial planning.
461
00:15:07,711 --> 00:15:08,631
Are we going to do this as a
462
00:15:08,792 --> 00:15:09,373
one-time thing?
463
00:15:09,413 --> 00:15:11,014
Is this going to be an annual thing?
464
00:15:11,974 --> 00:15:13,975
How much is really affordable?
465
00:15:14,956 --> 00:15:16,738
This can be, again, one of those times,
466
00:15:16,798 --> 00:15:18,038
Jeff, like you talk about,
467
00:15:18,899 --> 00:15:20,279
it can give us permission
468
00:15:20,480 --> 00:15:21,681
or it can be in a position
469
00:15:21,721 --> 00:15:22,581
where we can say, oh, wait,
470
00:15:22,621 --> 00:15:24,163
that might be too much.
471
00:15:24,342 --> 00:15:26,783
So we want to take a moment and...
472
00:15:28,065 --> 00:15:29,206
see how it plays out.
473
00:15:30,167 --> 00:15:33,850
Set expectations that are realistic.
474
00:15:34,169 --> 00:15:34,811
Is this something we're
475
00:15:34,831 --> 00:15:35,811
going to do as a one-off?
476
00:15:35,831 --> 00:15:37,111
Is this something that
477
00:15:37,152 --> 00:15:37,873
people are going to become
478
00:15:37,893 --> 00:15:41,196
accustomed to and grow dependent on?
479
00:15:42,296 --> 00:15:44,398
Can we afford that?
480
00:15:44,538 --> 00:15:45,239
I don't know.
481
00:15:45,259 --> 00:15:46,139
I threw a lot out there.
482
00:15:46,500 --> 00:15:46,980
Take it away.
483
00:15:47,340 --> 00:15:49,802
Let's start with breaking news.
484
00:15:49,881 --> 00:15:51,563
Christmas is December twenty-fifth.
485
00:15:54,966 --> 00:15:56,447
Ideally, we'd love it when
486
00:15:57,335 --> 00:15:59,975
clients or listeners are
487
00:16:00,035 --> 00:16:01,756
budgeting for christmas
488
00:16:01,817 --> 00:16:02,937
right or or gifting
489
00:16:02,977 --> 00:16:03,778
throughout the year we'd
490
00:16:03,817 --> 00:16:05,018
love you to start the year
491
00:16:05,578 --> 00:16:07,679
every year with a projected
492
00:16:07,720 --> 00:16:09,419
cash flow and you the
493
00:16:09,440 --> 00:16:10,660
things that you can predict
494
00:16:10,740 --> 00:16:11,981
and have an emergency fund
495
00:16:12,022 --> 00:16:12,861
for those things that you
496
00:16:12,902 --> 00:16:13,981
can't predict these are all
497
00:16:14,022 --> 00:16:15,263
part of a you know a
498
00:16:15,342 --> 00:16:17,083
comprehensive personal
499
00:16:17,124 --> 00:16:18,224
financial plan that we want
500
00:16:18,244 --> 00:16:19,404
you to have so hopefully
501
00:16:19,445 --> 00:16:20,725
you have a you have a
502
00:16:20,764 --> 00:16:21,885
budget for christmas you
503
00:16:21,926 --> 00:16:22,725
have a budget for the
504
00:16:22,765 --> 00:16:24,226
holidays we'll get into
505
00:16:24,267 --> 00:16:26,187
gifting family gifting in a second
506
00:16:27,164 --> 00:16:28,666
But even if you have a budget,
507
00:16:29,746 --> 00:16:30,727
and especially if you don't,
508
00:16:30,748 --> 00:16:32,048
there's a lot of pressure
509
00:16:32,190 --> 00:16:34,711
on you during this time of year to,
510
00:16:34,871 --> 00:16:35,371
as you said,
511
00:16:35,412 --> 00:16:39,336
to meet those desires of the
512
00:16:39,375 --> 00:16:40,576
children who see something
513
00:16:40,596 --> 00:16:41,477
and they want something.
514
00:16:41,518 --> 00:16:44,000
Or maybe you have a spouse
515
00:16:44,019 --> 00:16:45,461
and you want to do something special.
516
00:16:45,542 --> 00:16:46,783
Or maybe you have a new
517
00:16:46,822 --> 00:16:48,504
relationship and you didn't
518
00:16:48,583 --> 00:16:50,086
realize that when you did your budget.
519
00:16:50,546 --> 00:16:51,366
And all these things.
520
00:16:51,447 --> 00:16:51,586
But
521
00:16:52,164 --> 00:16:53,606
your points are very well
522
00:16:53,647 --> 00:16:56,030
taken that if you overspend
523
00:16:56,071 --> 00:16:56,871
and you don't have the
524
00:16:57,033 --> 00:16:59,115
ability to pay that credit
525
00:16:59,155 --> 00:17:01,480
card bill comes January,
526
00:17:01,580 --> 00:17:02,301
it's really going to,
527
00:17:03,048 --> 00:17:06,349
not only affect your debt load,
528
00:17:06,391 --> 00:17:07,310
but it's gonna affect your
529
00:17:07,330 --> 00:17:08,431
ability to meet your budget,
530
00:17:08,471 --> 00:17:09,652
because now you have credit
531
00:17:09,672 --> 00:17:10,771
card payments and interest
532
00:17:10,811 --> 00:17:12,212
payments into the future.
533
00:17:12,272 --> 00:17:15,193
So, you know, pause for a few minutes,
534
00:17:15,273 --> 00:17:17,255
don't act emotional when
535
00:17:17,275 --> 00:17:19,496
you're out shopping, try to have a budget,
536
00:17:19,655 --> 00:17:21,176
even if you don't have an overall budget,
537
00:17:21,297 --> 00:17:22,938
try to make a budget for this Christmas,
538
00:17:22,958 --> 00:17:24,117
something that makes sense.
539
00:17:24,679 --> 00:17:26,480
And think about alternative
540
00:17:26,799 --> 00:17:29,280
gifts that don't cost two hundred dollars,
541
00:17:29,320 --> 00:17:29,540
right?
542
00:17:30,441 --> 00:17:31,883
A thoughtful gift that's not
543
00:17:31,942 --> 00:17:34,684
always the expensive gift kind of thing.
544
00:17:34,704 --> 00:17:35,905
You know, like parents,
545
00:17:36,266 --> 00:17:37,807
if you're giving to parents
546
00:17:37,846 --> 00:17:39,468
or grandparents or family members,
547
00:17:40,169 --> 00:17:41,230
they would love to have a
548
00:17:41,269 --> 00:17:42,911
new picture of you and your family,
549
00:17:43,111 --> 00:17:45,313
you know, in a nice little frame, a few,
550
00:17:45,333 --> 00:17:46,773
ten bucks for a frame, right?
551
00:17:47,253 --> 00:17:49,516
And that would mean probably
552
00:17:49,596 --> 00:17:52,057
more to them than going out
553
00:17:52,097 --> 00:17:52,898
and spending a couple
554
00:17:52,939 --> 00:17:53,980
hundred dollars on some
555
00:17:54,019 --> 00:17:55,641
gift that they may or may not want,
556
00:17:55,740 --> 00:17:56,020
right?
557
00:17:56,401 --> 00:17:57,021
That's a good point.
558
00:17:57,269 --> 00:17:57,430
Yeah.
559
00:17:57,470 --> 00:17:58,730
So you don't always need to
560
00:17:58,951 --> 00:18:00,872
spend money to make a big
561
00:18:00,932 --> 00:18:02,471
impact during the holidays
562
00:18:02,511 --> 00:18:03,732
and give something meaningful.
563
00:18:03,772 --> 00:18:05,993
If you have a skill or craft
564
00:18:06,054 --> 00:18:08,134
or ability to make something,
565
00:18:08,174 --> 00:18:09,996
those gifts are really meaningful.
566
00:18:10,556 --> 00:18:12,257
So love that.
567
00:18:12,277 --> 00:18:12,457
Right.
568
00:18:12,477 --> 00:18:13,836
So you don't just have that
569
00:18:13,876 --> 00:18:17,259
goes into it is like, is, is,
570
00:18:17,318 --> 00:18:19,059
is more than the value of
571
00:18:19,339 --> 00:18:20,480
maybe what it costs.
572
00:18:21,320 --> 00:18:22,201
I think that it is.
573
00:18:22,260 --> 00:18:23,080
And I, you know,
574
00:18:23,101 --> 00:18:24,461
you see those gifts when they're opened,
575
00:18:25,156 --> 00:18:26,218
And it just is that much
576
00:18:26,278 --> 00:18:27,138
more meaningful that you
577
00:18:27,159 --> 00:18:28,500
thought the time to do
578
00:18:28,559 --> 00:18:29,720
something personal and not
579
00:18:29,759 --> 00:18:31,662
just gift cards are great.
580
00:18:31,701 --> 00:18:32,742
And sometimes gift cards are
581
00:18:32,762 --> 00:18:34,183
the perfect thing to give somebody,
582
00:18:35,104 --> 00:18:35,865
but you're going to spend
583
00:18:35,904 --> 00:18:36,645
more on a gift card
584
00:18:36,685 --> 00:18:37,465
probably than that
585
00:18:38,027 --> 00:18:39,347
photograph of your family.
586
00:18:39,928 --> 00:18:40,208
Right.
587
00:18:40,407 --> 00:18:41,388
And I'm not sure it's going
588
00:18:41,409 --> 00:18:42,490
to have the same meaning
589
00:18:42,509 --> 00:18:43,269
that you're ultimately
590
00:18:43,309 --> 00:18:44,550
trying to get of saying
591
00:18:45,112 --> 00:18:46,932
something special during the holidays.
592
00:18:47,153 --> 00:18:47,292
Well,
593
00:18:47,313 --> 00:18:48,994
the thing about people who are
594
00:18:49,035 --> 00:18:50,355
thoughtful is, um,
595
00:18:51,376 --> 00:18:53,238
they give thought it's, you know,
596
00:18:53,298 --> 00:18:54,218
it's time can it's,
597
00:18:54,337 --> 00:18:55,739
it's in forward thinking.
598
00:18:55,818 --> 00:18:57,839
It's a give me, it's not just a, well,
599
00:18:57,920 --> 00:18:59,160
I got to run out and
600
00:18:59,180 --> 00:19:00,361
fulfill an obligation.
601
00:19:01,141 --> 00:19:02,122
I go get something.
602
00:19:02,281 --> 00:19:03,682
It's deliberate.
603
00:19:03,721 --> 00:19:04,282
It's thoughtful.
604
00:19:04,323 --> 00:19:06,042
It's what's a good fit for that person.
605
00:19:08,003 --> 00:19:09,224
My wife is so much better
606
00:19:09,244 --> 00:19:10,786
than I am at this, but you know,
607
00:19:10,826 --> 00:19:12,405
she's creative and thoughtful.
608
00:19:12,465 --> 00:19:13,166
And I, you know,
609
00:19:13,207 --> 00:19:13,987
how do you come up with that?
610
00:19:14,027 --> 00:19:14,267
How do you,
611
00:19:14,287 --> 00:19:16,067
but it's partly paying attention,
612
00:19:16,147 --> 00:19:16,907
partly listening.
613
00:19:16,988 --> 00:19:18,489
I think she's, you know,
614
00:19:19,792 --> 00:19:20,773
pays attention to what's
615
00:19:20,794 --> 00:19:24,895
going on and in a way that then says, Oh,
616
00:19:24,935 --> 00:19:26,636
you know, I think they'd enjoy, you know,
617
00:19:26,656 --> 00:19:27,278
that kind of thing.
618
00:19:27,538 --> 00:19:28,699
Another example that I've
619
00:19:28,719 --> 00:19:30,859
seen personally in my family, if,
620
00:19:31,319 --> 00:19:32,861
if you have a specific interest,
621
00:19:32,961 --> 00:19:33,961
if your loved one has,
622
00:19:33,981 --> 00:19:35,982
or a friend has a specific
623
00:19:36,063 --> 00:19:37,463
interest and you buy them a
624
00:19:37,503 --> 00:19:38,704
book about that subject,
625
00:19:39,703 --> 00:19:41,625
you know, a real book, a hardcover.
626
00:19:41,644 --> 00:19:42,605
Yeah, a real book.
627
00:19:42,625 --> 00:19:42,704
Yeah.
628
00:19:44,826 --> 00:19:45,405
Old fashioned.
629
00:19:45,625 --> 00:19:46,906
Yeah.
630
00:19:46,926 --> 00:19:47,866
And you can go to your local
631
00:19:47,886 --> 00:19:49,087
bookstore to do that as well.
632
00:19:49,127 --> 00:19:50,488
And that's very helpful to
633
00:19:50,528 --> 00:19:51,868
find help you find
634
00:19:51,909 --> 00:19:53,209
something that meets the subject.
635
00:19:53,249 --> 00:19:54,990
But it goes along with what
636
00:19:55,009 --> 00:19:56,250
you're saying about your
637
00:19:56,289 --> 00:19:58,550
wife's how she approaches it.
638
00:19:58,611 --> 00:20:00,592
If if you have a World War
639
00:20:00,632 --> 00:20:01,892
Two buff or a Civil War
640
00:20:01,951 --> 00:20:04,153
buff or a cooking person, you know,
641
00:20:04,173 --> 00:20:05,213
you can just pick a special
642
00:20:05,233 --> 00:20:06,074
book and write a nice
643
00:20:06,134 --> 00:20:08,375
inscription inside of it and
644
00:20:08,775 --> 00:20:09,915
What a thoughtful gift for
645
00:20:10,016 --> 00:20:11,136
ten or twenty dollars.
646
00:20:11,257 --> 00:20:12,798
It's a great idea, Jeff.
647
00:20:12,837 --> 00:20:13,218
Yeah.
648
00:20:13,739 --> 00:20:16,520
So I know this isn't the Christmas gift.
649
00:20:16,540 --> 00:20:17,221
You know what I mean?
650
00:20:17,280 --> 00:20:18,561
Maybe that's an episode we
651
00:20:18,582 --> 00:20:20,163
should be coming up with.
652
00:20:20,222 --> 00:20:20,923
Gift ideas.
653
00:20:20,963 --> 00:20:22,505
How do you come up with good gift ideas?
654
00:20:23,317 --> 00:20:25,136
anyway but it's just pausing
655
00:20:25,237 --> 00:20:26,498
thinking about it and
656
00:20:26,538 --> 00:20:27,798
thinking about the options
657
00:20:27,958 --> 00:20:29,718
and you know far beyond our
658
00:20:29,798 --> 00:20:31,558
expertise which is limited
659
00:20:32,638 --> 00:20:33,959
there's so many resources
660
00:20:34,038 --> 00:20:34,920
out there if you were to
661
00:20:34,960 --> 00:20:36,180
google um you know
662
00:20:36,259 --> 00:20:37,720
inexpensive personal gift
663
00:20:37,779 --> 00:20:38,839
suggestions for the
664
00:20:38,880 --> 00:20:41,000
holidays you'd come up with
665
00:20:42,201 --> 00:20:42,921
more than we're going to
666
00:20:42,961 --> 00:20:44,122
come up with yeah right
667
00:20:44,182 --> 00:20:47,241
yeah yeah well um so you
668
00:20:47,261 --> 00:20:48,162
know when we think about
669
00:20:48,201 --> 00:20:49,262
this time of year we've got
670
00:20:49,323 --> 00:20:50,403
black friday today
671
00:20:51,238 --> 00:20:54,599
And Small Business Saturday.
672
00:20:54,619 --> 00:20:57,781
And then is there anything
673
00:20:57,823 --> 00:20:59,262
on Sunday or is it just go
674
00:20:59,344 --> 00:21:00,743
to Cyber Monday?
675
00:21:01,944 --> 00:21:02,105
No,
676
00:21:02,164 --> 00:21:03,425
I think they're still hoping to go to
677
00:21:03,465 --> 00:21:05,367
church on Sunday and watch football.
678
00:21:08,128 --> 00:21:09,770
And then we get to Giving Tuesday.
679
00:21:09,790 --> 00:21:10,451
Why don't we talk a little
680
00:21:10,471 --> 00:21:11,912
bit about that as well?
681
00:21:12,531 --> 00:21:13,633
Because, you know,
682
00:21:13,673 --> 00:21:15,354
this is also a time of year
683
00:21:15,394 --> 00:21:19,376
when a lot of charitable organizations
684
00:21:19,692 --> 00:21:20,973
organizations really find
685
00:21:20,993 --> 00:21:22,875
they have a surge in their
686
00:21:23,115 --> 00:21:25,156
revenue that defines their
687
00:21:25,277 --> 00:21:26,377
next year's budget.
688
00:21:27,179 --> 00:21:30,480
And most of, you know,
689
00:21:30,500 --> 00:21:32,942
a lot of people think about
690
00:21:33,002 --> 00:21:34,324
charitable giving, you know,
691
00:21:34,384 --> 00:21:36,185
historically it's because they, you know,
692
00:21:36,205 --> 00:21:37,047
we'd be thinking about
693
00:21:37,126 --> 00:21:38,688
deductions and things like that.
694
00:21:39,161 --> 00:21:40,942
But as we get closer to year end,
695
00:21:40,981 --> 00:21:42,344
we tend to be like, oh, well,
696
00:21:42,364 --> 00:21:43,104
there's a few things I
697
00:21:43,124 --> 00:21:45,006
wanted to get in before the year's over.
698
00:21:45,665 --> 00:21:46,507
And sometimes I was
699
00:21:46,547 --> 00:21:48,228
motivated by taxation these days,
700
00:21:48,288 --> 00:21:51,131
probably less so because, you know,
701
00:21:51,171 --> 00:21:52,551
keep in mind that with the
702
00:21:52,592 --> 00:21:55,433
standard deduction being as high as it is,
703
00:21:55,794 --> 00:21:58,997
there's less of a
704
00:21:59,017 --> 00:21:59,998
likelihood that you're
705
00:22:00,018 --> 00:22:02,980
going to have itemized deductions now.
706
00:22:03,703 --> 00:22:04,365
This is something we've
707
00:22:04,404 --> 00:22:05,766
talked about in the past, Jeff,
708
00:22:05,786 --> 00:22:07,528
the idea of bundling.
709
00:22:07,548 --> 00:22:08,328
And maybe you want to just
710
00:22:08,348 --> 00:22:09,609
take a minute to explain
711
00:22:10,151 --> 00:22:11,132
what that's all about,
712
00:22:12,272 --> 00:22:14,694
that idea of why people
713
00:22:14,734 --> 00:22:16,237
might want to consider doing that.
714
00:22:16,973 --> 00:22:18,095
I think it's like almost
715
00:22:18,174 --> 00:22:18,954
ninety percent of the
716
00:22:18,994 --> 00:22:20,215
people who file their
717
00:22:20,256 --> 00:22:21,676
income taxes are now taking
718
00:22:21,717 --> 00:22:22,717
the standard deduction.
719
00:22:22,757 --> 00:22:24,498
It's since the standard
720
00:22:24,538 --> 00:22:26,159
deduction amount went up
721
00:22:26,219 --> 00:22:27,599
quite a bit and they
722
00:22:27,660 --> 00:22:29,701
limited the caps on certain
723
00:22:29,740 --> 00:22:31,642
other types of deductions like SALT,
724
00:22:32,241 --> 00:22:33,423
so state and local income
725
00:22:33,482 --> 00:22:36,144
taxes taxing SALT as much.
726
00:22:36,204 --> 00:22:38,326
But yeah, who knows what's coming?
727
00:22:38,405 --> 00:22:40,886
But so less people are
728
00:22:40,967 --> 00:22:43,067
itemizing thus charitable
729
00:22:43,107 --> 00:22:43,969
donations at night.
730
00:22:44,707 --> 00:22:46,507
deductible but sometimes you
731
00:22:46,547 --> 00:22:49,228
have the ability to if you
732
00:22:49,248 --> 00:22:50,567
do something regularly or
733
00:22:50,667 --> 00:22:53,108
even a one-time gift you
734
00:22:53,148 --> 00:22:54,749
can bundle all that
735
00:22:54,788 --> 00:22:56,029
together and give it all at
736
00:22:56,250 --> 00:22:58,450
once and over the say
737
00:22:58,470 --> 00:23:00,351
you're giving gifts over
738
00:23:00,371 --> 00:23:01,371
the next three years to
739
00:23:01,391 --> 00:23:03,171
this institution well if
740
00:23:03,191 --> 00:23:04,971
you bundle those three into
741
00:23:05,112 --> 00:23:06,251
one year you'll probably
742
00:23:06,872 --> 00:23:07,893
start to think about all
743
00:23:07,913 --> 00:23:09,333
right am I going to exceed
744
00:23:09,873 --> 00:23:11,114
my standard deduction and
745
00:23:11,153 --> 00:23:15,376
thus be able to deduct from
746
00:23:15,416 --> 00:23:16,778
that approach of doing an
747
00:23:16,877 --> 00:23:18,398
itemized deduction as
748
00:23:18,419 --> 00:23:20,039
opposed to the standard deduction.
749
00:23:20,140 --> 00:23:20,980
And it might be in a year
750
00:23:21,000 --> 00:23:22,521
that you had some large
751
00:23:22,582 --> 00:23:23,602
number of medical bills,
752
00:23:23,643 --> 00:23:25,483
which normally you wouldn't deduct,
753
00:23:25,523 --> 00:23:27,704
or maybe it was a year, you know,
754
00:23:27,744 --> 00:23:30,047
that a bit, a business situation,
755
00:23:30,666 --> 00:23:31,988
an off year from income
756
00:23:32,028 --> 00:23:33,169
maybe or something.
757
00:23:33,229 --> 00:23:33,729
So you can be,
758
00:23:33,829 --> 00:23:35,069
you can be a bit tactical
759
00:23:35,109 --> 00:23:38,833
with your deductions if you do plan them.
760
00:23:40,402 --> 00:23:41,844
So these are all things to
761
00:23:41,903 --> 00:23:43,885
give thought to when it comes to,
762
00:23:43,965 --> 00:23:46,308
you know, planning.
763
00:23:46,469 --> 00:23:48,351
But, you know, similarly,
764
00:23:48,391 --> 00:23:49,612
you can think about other
765
00:23:49,652 --> 00:23:52,255
types of gift scenarios
766
00:23:52,275 --> 00:23:52,955
when you're thinking about
767
00:23:52,996 --> 00:23:53,717
charitable giving.
768
00:23:54,773 --> 00:23:56,034
Donor-advised funds are
769
00:23:56,094 --> 00:23:56,954
something we talk about
770
00:23:57,015 --> 00:23:57,815
this time of year.
771
00:23:58,494 --> 00:23:59,095
Candidly,
772
00:23:59,555 --> 00:24:00,835
we don't have a lot of clients
773
00:24:00,875 --> 00:24:03,635
who have made use of donor-advised funds,
774
00:24:03,695 --> 00:24:07,636
but I love donor-advised funds as a tool.
775
00:24:08,517 --> 00:24:10,136
These are essentially an
776
00:24:10,217 --> 00:24:11,376
opportunity where you want
777
00:24:11,396 --> 00:24:13,178
to plan for some tax benefit.
778
00:24:13,198 --> 00:24:14,577
You're going to make that
779
00:24:14,617 --> 00:24:17,058
charitable gift into a fund.
780
00:24:19,179 --> 00:24:19,679
Oftentimes,
781
00:24:19,699 --> 00:24:21,219
it comes about as a consequence
782
00:24:21,519 --> 00:24:23,480
though of someone's had a loss or
783
00:24:24,940 --> 00:24:26,080
There's a reason you're
784
00:24:26,121 --> 00:24:27,461
inspired to kind of raise
785
00:24:27,500 --> 00:24:28,741
funds for a purpose.
786
00:24:28,761 --> 00:24:30,142
And it could be more than
787
00:24:30,241 --> 00:24:31,982
one purpose or more than one donation.
788
00:24:32,123 --> 00:24:33,123
Absolutely.
789
00:24:33,182 --> 00:24:33,442
Right.
790
00:24:33,923 --> 00:24:35,544
And so the idea that you're
791
00:24:35,584 --> 00:24:38,505
going to set money aside,
792
00:24:38,565 --> 00:24:41,066
get the charitable treatment of it,
793
00:24:41,605 --> 00:24:43,207
get a deduction in the year
794
00:24:43,227 --> 00:24:43,987
you're giving it.
795
00:24:45,008 --> 00:24:45,929
And whether it's cash,
796
00:24:45,989 --> 00:24:47,589
whether it's securities
797
00:24:47,609 --> 00:24:50,031
that have appreciated, et cetera,
798
00:24:50,372 --> 00:24:51,992
there's a variety of possibilities,
799
00:24:52,032 --> 00:24:53,294
but you might put that
800
00:24:53,334 --> 00:24:56,076
money into this donor advised fund.
801
00:24:56,236 --> 00:24:59,198
And then later on, whether it's next year,
802
00:24:59,258 --> 00:25:00,898
whether it's every year,
803
00:25:00,959 --> 00:25:03,020
whether it's after several years of it,
804
00:25:03,740 --> 00:25:05,741
invested in accumulating and
805
00:25:05,781 --> 00:25:08,144
growing in a tax sheltered environment,
806
00:25:08,163 --> 00:25:09,204
which is this tax,
807
00:25:10,204 --> 00:25:13,346
this nonprofit entity that
808
00:25:13,406 --> 00:25:15,949
is an owner advised fund
809
00:25:15,989 --> 00:25:18,049
that's at a foundation of some type.
810
00:25:19,510 --> 00:25:22,532
then you can dole out those
811
00:25:22,573 --> 00:25:25,596
funds as desired to
812
00:25:25,776 --> 00:25:27,057
nonprofit organizations.
813
00:25:27,116 --> 00:25:27,897
As you said, Jeff,
814
00:25:27,938 --> 00:25:30,279
doesn't have to be one organization,
815
00:25:30,319 --> 00:25:30,980
could be many,
816
00:25:31,941 --> 00:25:33,821
can be something that changes over time.
817
00:25:34,143 --> 00:25:35,804
I love it when families gather.
818
00:25:36,424 --> 00:25:37,826
They've set up this kind of
819
00:25:37,846 --> 00:25:39,788
a fund and said, all right,
820
00:25:39,848 --> 00:25:41,210
now this year we're going
821
00:25:41,230 --> 00:25:42,230
to make a distribution.
822
00:25:42,451 --> 00:25:43,071
What should we do?
823
00:25:43,653 --> 00:25:45,114
And have some family
824
00:25:45,414 --> 00:25:47,656
consideration of what do we care about?
825
00:25:47,676 --> 00:25:48,678
What's important to us?
826
00:25:49,259 --> 00:25:50,640
Maybe it's different things
827
00:25:50,660 --> 00:25:51,681
to different people and you
828
00:25:51,701 --> 00:25:53,403
take turns on who gets to
829
00:25:53,423 --> 00:25:54,944
decide or whatever it is.
830
00:25:55,005 --> 00:25:56,586
But there can be some
831
00:25:57,047 --> 00:25:58,248
collaborative effort.
832
00:25:58,961 --> 00:26:00,923
deliberation and the idea I
833
00:26:00,963 --> 00:26:02,266
think in that instance that
834
00:26:02,306 --> 00:26:03,527
I love so much about it is
835
00:26:03,586 --> 00:26:07,010
it's setting values in
836
00:26:07,070 --> 00:26:08,932
place and saying we value
837
00:26:09,192 --> 00:26:11,816
charitable giving to the
838
00:26:11,855 --> 00:26:13,416
extent that we've created this fund.
839
00:26:13,596 --> 00:26:14,498
And as a family,
840
00:26:14,557 --> 00:26:17,161
we're going to continue
841
00:26:17,201 --> 00:26:20,444
this practice now and into the future.
842
00:26:21,125 --> 00:26:23,965
And, you know, help us.
843
00:26:24,026 --> 00:26:24,366
And, you know,
844
00:26:24,386 --> 00:26:26,007
I think as a parent that can
845
00:26:26,067 --> 00:26:27,768
instill a certain clarity
846
00:26:27,827 --> 00:26:29,989
of values that not only you
847
00:26:30,009 --> 00:26:30,690
might talk about,
848
00:26:30,730 --> 00:26:32,029
but now it's in behavior.
849
00:26:32,509 --> 00:26:33,990
Yeah, I love that idea.
850
00:26:34,230 --> 00:26:36,231
And including the children of any age,
851
00:26:36,251 --> 00:26:36,471
you know,
852
00:26:36,491 --> 00:26:38,492
as long as I have viewed this
853
00:26:38,512 --> 00:26:39,894
like a board meeting.
854
00:26:40,615 --> 00:26:41,115
Yeah.
855
00:26:41,134 --> 00:26:41,655
A family.
856
00:26:41,715 --> 00:26:43,297
And you're still the guy who
857
00:26:43,356 --> 00:26:45,218
wrote the guy or gal who wrote the check,
858
00:26:45,238 --> 00:26:46,419
still the chairman of the board.
859
00:26:47,098 --> 00:26:47,819
Right.
860
00:26:48,099 --> 00:26:50,201
But you might have no authority, huh?
861
00:26:50,521 --> 00:26:50,741
Right.
862
00:26:50,821 --> 00:26:51,301
Yeah, you might.
863
00:26:51,321 --> 00:26:52,663
That's funny.
864
00:26:53,443 --> 00:26:54,443
I think it's part of that
865
00:26:54,544 --> 00:26:56,125
notion of you want engagement.
866
00:26:56,164 --> 00:26:57,046
And if, you know,
867
00:26:57,226 --> 00:26:58,987
if this is the ultimately
868
00:26:59,027 --> 00:27:01,449
you're trying to say, what do we value?
869
00:27:01,489 --> 00:27:04,250
What's our, you know, and, you know,
870
00:27:04,570 --> 00:27:05,111
let's face it.
871
00:27:05,151 --> 00:27:06,291
There aren't families don't
872
00:27:06,332 --> 00:27:08,433
always have uniformity in
873
00:27:08,453 --> 00:27:10,454
their views on a variety of things.
874
00:27:10,974 --> 00:27:14,297
So how you resolve that is up to you,
875
00:27:14,336 --> 00:27:15,438
whether it's, well,
876
00:27:15,518 --> 00:27:17,398
it's your turn or let's try
877
00:27:17,419 --> 00:27:18,719
to come something we all agree on.
878
00:27:18,919 --> 00:27:19,119
You know,
879
00:27:19,140 --> 00:27:20,339
there's there's different ways to
880
00:27:20,380 --> 00:27:20,799
approach it.
881
00:27:21,101 --> 00:27:22,340
Right.
882
00:27:22,381 --> 00:27:23,221
But ultimately,
883
00:27:23,261 --> 00:27:24,662
I think it's setting the
884
00:27:24,721 --> 00:27:26,303
stage for the idea that
885
00:27:29,025 --> 00:27:30,546
giving back to our
886
00:27:30,566 --> 00:27:31,945
community in one form or
887
00:27:31,965 --> 00:27:33,886
another is a value.
888
00:27:34,607 --> 00:27:36,648
And we've we've set up this
889
00:27:36,689 --> 00:27:37,868
fund with that in mind and
890
00:27:37,909 --> 00:27:38,990
let's all do it together.
891
00:27:39,517 --> 00:27:41,057
You know, I really love that.
892
00:27:41,337 --> 00:27:42,818
So that's one possibility
893
00:27:42,858 --> 00:27:43,680
this time of year.
894
00:27:45,201 --> 00:27:47,221
As the end of the year approaches,
895
00:27:48,241 --> 00:27:50,403
people who have required
896
00:27:50,483 --> 00:27:51,924
minimum distributions from
897
00:27:51,964 --> 00:27:59,509
their IRA accounts or if
898
00:27:59,528 --> 00:28:01,009
they also have a charitable intent,
899
00:28:01,029 --> 00:28:01,451
right?
900
00:28:02,711 --> 00:28:04,311
Yeah.
901
00:28:04,332 --> 00:28:05,452
Qualified charitable
902
00:28:05,492 --> 00:28:08,335
distributions are really catching on.
903
00:28:09,019 --> 00:28:14,101
as a tool that people who are,
904
00:28:14,161 --> 00:28:14,862
as it turns out,
905
00:28:14,942 --> 00:28:16,201
it's even before you have
906
00:28:16,241 --> 00:28:17,923
distribution requirements now.
907
00:28:18,383 --> 00:28:19,824
So it used to be seven and a
908
00:28:19,884 --> 00:28:22,444
half was when those RMDs started.
909
00:28:23,185 --> 00:28:25,686
well you can still use this
910
00:28:25,747 --> 00:28:27,647
technique of taking ira
911
00:28:27,689 --> 00:28:30,250
money that's pre-tax money
912
00:28:31,089 --> 00:28:32,810
and giving it to a
913
00:28:32,871 --> 00:28:34,352
charitable intent your
914
00:28:34,412 --> 00:28:35,853
church your charity your
915
00:28:35,932 --> 00:28:37,314
non-profit of one type or
916
00:28:37,334 --> 00:28:40,595
another and make a donation
917
00:28:40,675 --> 00:28:42,977
from your ira directly it
918
00:28:43,017 --> 00:28:44,897
comes out it's no tax to
919
00:28:44,938 --> 00:28:46,818
you it goes to the
920
00:28:46,878 --> 00:28:48,099
non-profit they don't pay a
921
00:28:48,180 --> 00:28:50,221
tax everybody benefits now
922
00:28:50,320 --> 00:28:52,102
when you're seventy three and older
923
00:28:52,882 --> 00:28:54,583
it will count toward your
924
00:28:54,803 --> 00:28:56,284
required distribution.
925
00:28:56,324 --> 00:28:58,625
So if you have a five
926
00:28:58,665 --> 00:29:00,146
thousand dollar distribution,
927
00:29:00,186 --> 00:29:01,867
a fifty thousand dollar distribution,
928
00:29:01,907 --> 00:29:02,989
whatever that number is,
929
00:29:03,009 --> 00:29:04,690
if you want to take a
930
00:29:04,750 --> 00:29:06,632
thousand dollars just or, you know,
931
00:29:06,672 --> 00:29:07,432
ten thousand dollars,
932
00:29:07,451 --> 00:29:08,532
whatever the number is,
933
00:29:09,053 --> 00:29:10,653
you could take a chunk of that.
934
00:29:11,194 --> 00:29:13,476
And instead of taking it out
935
00:29:13,496 --> 00:29:16,077
to have to spend it or pay tax on it,
936
00:29:16,949 --> 00:29:18,769
and then have to then choose
937
00:29:18,810 --> 00:29:19,871
to give it to something.
938
00:29:19,931 --> 00:29:22,353
So you don't have that income tax event.
939
00:29:22,393 --> 00:29:23,834
You can do what's called
940
00:29:24,055 --> 00:29:25,455
qualified charitable distribution.
941
00:29:25,476 --> 00:29:27,457
There's a form with your IRA
942
00:29:27,497 --> 00:29:29,778
custodian and they will
943
00:29:29,798 --> 00:29:32,480
send the funds directly to the nonprofit,
944
00:29:33,122 --> 00:29:34,403
avoiding the income tax,
945
00:29:34,442 --> 00:29:35,663
but counting toward your
946
00:29:35,923 --> 00:29:37,265
five or fifty or whatever
947
00:29:37,285 --> 00:29:38,246
your number is for a
948
00:29:38,306 --> 00:29:39,586
distribution requirement.
949
00:29:40,347 --> 00:29:41,909
And it will reduce the
950
00:29:41,949 --> 00:29:42,849
amount you have to do.
951
00:29:42,930 --> 00:29:43,069
Now,
952
00:29:43,490 --> 00:29:45,531
there is a cap on how much you can do
953
00:29:45,571 --> 00:29:46,512
in a given year for a
954
00:29:46,573 --> 00:29:48,473
qualified charitable distribution.
955
00:29:49,134 --> 00:29:53,597
QCD is how, you know, it's abbreviated.
956
00:29:53,617 --> 00:29:54,518
But most people won't have
957
00:29:54,538 --> 00:29:55,679
to worry about that cap.
958
00:29:55,739 --> 00:29:56,900
It's a hundred thousand
959
00:29:56,940 --> 00:29:59,382
dollars in a given year, you know.
960
00:30:00,353 --> 00:30:00,933
God bless.
961
00:30:00,953 --> 00:30:02,974
If you can do that, that's awesome.
962
00:30:03,375 --> 00:30:04,474
But for most people,
963
00:30:05,115 --> 00:30:07,396
it's a way to get money to
964
00:30:07,676 --> 00:30:10,278
a cause they care about in
965
00:30:10,318 --> 00:30:11,778
a wonderfully tax-efficient
966
00:30:11,838 --> 00:30:14,961
way without having to incur
967
00:30:15,060 --> 00:30:16,221
income tax themselves and
968
00:30:16,261 --> 00:30:17,582
perhaps reduce what they
969
00:30:17,622 --> 00:30:19,282
have to take out from their
970
00:30:19,303 --> 00:30:20,763
distributions in a given year.
971
00:30:21,144 --> 00:30:22,444
It's generally best to try
972
00:30:22,464 --> 00:30:23,405
to think about these
973
00:30:23,445 --> 00:30:24,406
qualified charitable
974
00:30:24,446 --> 00:30:25,807
distributions early in the
975
00:30:25,847 --> 00:30:30,732
year so that you know when
976
00:30:30,752 --> 00:30:32,273
it comes to your own
977
00:30:32,653 --> 00:30:33,775
required distributions.
978
00:30:33,795 --> 00:30:34,855
You don't have as much that
979
00:30:34,875 --> 00:30:35,537
you have to take out.
980
00:30:35,916 --> 00:30:37,199
So try to do that in the
981
00:30:37,239 --> 00:30:38,700
first half of the year if you can.
982
00:30:39,059 --> 00:30:40,040
But there's still time,
983
00:30:40,181 --> 00:30:41,402
but you're running out of time.
984
00:30:41,843 --> 00:30:42,864
You know, it's...
985
00:30:44,884 --> 00:30:46,885
it's a it's a race now to
986
00:30:46,905 --> 00:30:48,307
the finish as we run
987
00:30:48,326 --> 00:30:49,307
through the rest of the
988
00:30:49,347 --> 00:30:52,509
year and brokerage firms
989
00:30:53,009 --> 00:30:54,651
and the like custodians
990
00:30:55,131 --> 00:30:56,751
will be inundated with
991
00:30:57,112 --> 00:30:58,593
distribution requests at
992
00:30:58,633 --> 00:31:01,054
this time of year and you
993
00:31:01,074 --> 00:31:03,476
know hustle up it's time so
994
00:31:03,496 --> 00:31:04,776
yeah after a certain date
995
00:31:04,796 --> 00:31:05,876
which isn't far away from
996
00:31:05,936 --> 00:31:07,157
now they won't guarantee
997
00:31:07,178 --> 00:31:08,178
that they'll be able to do
998
00:31:08,218 --> 00:31:09,979
it exactly and we you don't
999
00:31:09,999 --> 00:31:11,059
want to be in that position
1000
00:31:11,596 --> 00:31:13,478
When it comes to charitable giving,
1001
00:31:13,699 --> 00:31:14,960
just going through a couple
1002
00:31:14,980 --> 00:31:17,503
of other things, Jeff, you know,
1003
00:31:17,544 --> 00:31:18,265
sometimes people think
1004
00:31:18,285 --> 00:31:20,186
about monthly gifts, you know,
1005
00:31:20,207 --> 00:31:23,791
just a monthly deposit,
1006
00:31:23,832 --> 00:31:24,953
monthly withdrawal, you know,
1007
00:31:25,054 --> 00:31:26,655
going to their charitable intentions.
1008
00:31:26,875 --> 00:31:26,996
Yeah.
1009
00:31:29,118 --> 00:31:30,920
Yeah, it gives them predictability.
1010
00:31:31,259 --> 00:31:32,641
It's not the most tax
1011
00:31:33,821 --> 00:31:35,423
desirable way to do things
1012
00:31:35,803 --> 00:31:37,003
might be better to gift
1013
00:31:37,223 --> 00:31:38,023
through a qualified
1014
00:31:38,044 --> 00:31:39,525
charitable distribution or
1015
00:31:39,965 --> 00:31:43,248
gift of appreciated assets, you know,
1016
00:31:43,268 --> 00:31:44,667
a mutual fund or a stock or
1017
00:31:44,688 --> 00:31:45,949
something that's gone up in
1018
00:31:45,989 --> 00:31:47,089
value significantly.
1019
00:31:47,894 --> 00:31:48,094
Um,
1020
00:31:48,114 --> 00:31:50,556
these are things that can be preferable
1021
00:31:50,596 --> 00:31:52,856
from a tax planning point of view, but,
1022
00:31:53,297 --> 00:31:55,198
um, any of these are appealing.
1023
00:31:55,498 --> 00:31:56,138
Um,
1024
00:31:56,219 --> 00:31:57,859
another thing that seems to be kind of
1025
00:31:57,920 --> 00:31:59,921
popular that is, um,
1026
00:31:59,941 --> 00:32:02,801
generally with a specific, um,
1027
00:32:03,303 --> 00:32:05,804
nonprofit are, uh,
1028
00:32:05,824 --> 00:32:07,105
charitable gift annuities.
1029
00:32:07,904 --> 00:32:09,365
And, uh, maybe we can talk about,
1030
00:32:09,385 --> 00:32:10,287
it's essentially a, uh, a,
1031
00:32:11,346 --> 00:32:16,430
a low budget equivalent to a, to a, um,
1032
00:32:17,996 --> 00:32:19,616
a charitable remainder trust,
1033
00:32:19,817 --> 00:32:21,557
or sometimes called a
1034
00:32:21,617 --> 00:32:22,959
capital gains avoidance trust.
1035
00:32:23,460 --> 00:32:28,022
So the idea of these kinds
1036
00:32:28,143 --> 00:32:30,045
of entities is we can take
1037
00:32:30,085 --> 00:32:31,286
an appreciated asset,
1038
00:32:31,945 --> 00:32:33,567
put it into this kind of
1039
00:32:33,887 --> 00:32:35,009
either a gift annuity or a
1040
00:32:35,068 --> 00:32:35,888
trust like this,
1041
00:32:37,130 --> 00:32:38,872
and have it eventually go
1042
00:32:38,912 --> 00:32:41,814
to the charitable intention
1043
00:32:42,434 --> 00:32:43,536
But in the meantime,
1044
00:32:43,615 --> 00:32:45,317
I can get an income for
1045
00:32:45,397 --> 00:32:47,338
life or me and my wife or
1046
00:32:47,880 --> 00:32:49,641
me and my kid or whatever it might be.
1047
00:32:50,481 --> 00:32:53,523
You can arrange for this
1048
00:32:53,604 --> 00:32:56,346
cash flow to be essentially
1049
00:32:56,366 --> 00:32:58,808
annuitized over your lifetime.
1050
00:32:59,469 --> 00:33:01,030
And then what the
1051
00:33:01,070 --> 00:33:03,413
remainderment is goes to
1052
00:33:03,432 --> 00:33:04,513
the charitable intention.
1053
00:33:06,194 --> 00:33:08,134
It's not a bad way to go.
1054
00:33:09,256 --> 00:33:09,935
It is a gift.
1055
00:33:10,316 --> 00:33:11,136
Yeah, it's true.
1056
00:33:11,297 --> 00:33:13,478
But at the same time, in some cases,
1057
00:33:13,518 --> 00:33:14,978
it's also cash flow.
1058
00:33:17,578 --> 00:33:18,779
There are other types that
1059
00:33:18,819 --> 00:33:20,000
are much less frequently
1060
00:33:20,201 --> 00:33:23,461
used where people can use
1061
00:33:23,501 --> 00:33:25,163
what's called a charitable lead trust.
1062
00:33:25,702 --> 00:33:26,202
Essentially,
1063
00:33:26,262 --> 00:33:27,163
they're going to take a chunk
1064
00:33:27,183 --> 00:33:27,744
of that money,
1065
00:33:27,765 --> 00:33:28,744
whether it's an appreciated
1066
00:33:28,825 --> 00:33:29,806
asset or whatever it is,
1067
00:33:30,365 --> 00:33:31,567
and put it into that trust.
1068
00:33:32,147 --> 00:33:33,929
And instead of them
1069
00:33:33,989 --> 00:33:35,871
receiving cash flow and the
1070
00:33:35,931 --> 00:33:37,811
charity getting the money at the end,
1071
00:33:38,132 --> 00:33:39,212
it's kind of the opposite.
1072
00:33:39,613 --> 00:33:41,213
The charity gets income from
1073
00:33:41,295 --> 00:33:42,915
it over their lifetime,
1074
00:33:43,375 --> 00:33:48,019
but the remainder goes on to their heirs.
1075
00:33:48,058 --> 00:33:49,440
So in any case,
1076
00:33:49,760 --> 00:33:51,382
all kinds of creative ways
1077
00:33:51,402 --> 00:33:52,903
you can do some things.
1078
00:33:55,272 --> 00:33:56,973
Most people, it's just this time of year,
1079
00:33:57,473 --> 00:33:58,734
I got a few checks I want to write.
1080
00:33:59,174 --> 00:33:59,875
But you know what?
1081
00:33:59,955 --> 00:34:01,316
It's a time to step back.
1082
00:34:01,395 --> 00:34:02,957
Again, let's be deliberate.
1083
00:34:02,997 --> 00:34:04,498
Jeff, I'm giving you a hard time earlier,
1084
00:34:04,557 --> 00:34:06,759
but this is the reality.
1085
00:34:06,798 --> 00:34:08,380
This is something that a
1086
00:34:08,480 --> 00:34:09,661
little bit of forethought,
1087
00:34:10,161 --> 00:34:11,262
you can really have impact
1088
00:34:11,302 --> 00:34:12,822
with your charitable giving.
1089
00:34:13,362 --> 00:34:14,684
And be intentional about
1090
00:34:14,784 --> 00:34:16,204
where do you want it to go, how much,
1091
00:34:16,264 --> 00:34:17,844
how does it affect your plan,
1092
00:34:18,425 --> 00:34:19,784
and are there great ways
1093
00:34:19,804 --> 00:34:21,565
that you can not only do good,
1094
00:34:21,945 --> 00:34:23,927
but you can get some benefit out of this,
1095
00:34:23,967 --> 00:34:27,208
whether it's tax planning or whatever.
1096
00:34:27,347 --> 00:34:28,028
There's a lot of
1097
00:34:28,088 --> 00:34:29,228
opportunities that can be a
1098
00:34:29,268 --> 00:34:32,050
lot of fun as a planner to
1099
00:34:32,090 --> 00:34:34,771
be thinking through how can
1100
00:34:34,831 --> 00:34:36,672
we plan for this in a way
1101
00:34:36,711 --> 00:34:39,632
that maximizes the benefits
1102
00:34:39,693 --> 00:34:41,253
of what you might want to do anyway.
1103
00:34:41,273 --> 00:34:41,574
That's right.
1104
00:34:41,614 --> 00:34:42,313
That's right.
1105
00:34:43,119 --> 00:34:45,340
But the key part of all that
1106
00:34:45,400 --> 00:34:46,481
is to make sure that it's
1107
00:34:46,581 --> 00:34:48,023
part of your financial plan.
1108
00:34:49,204 --> 00:34:50,003
I think sometimes when
1109
00:34:50,043 --> 00:34:51,224
people retire and they get
1110
00:34:51,284 --> 00:34:53,786
into their routine and they're doing fine,
1111
00:34:53,826 --> 00:34:54,927
the cash flows are fine,
1112
00:34:54,967 --> 00:34:55,788
and they start thinking
1113
00:34:55,827 --> 00:34:58,168
about their legacy and gifting.
1114
00:34:58,188 --> 00:35:00,710
And maybe it's really common
1115
00:35:00,731 --> 00:35:01,710
that parents or
1116
00:35:01,751 --> 00:35:02,731
grandparents want to give
1117
00:35:03,052 --> 00:35:05,733
gifts of cash while they're alive.
1118
00:35:05,753 --> 00:35:08,755
And Christmas is a perfect
1119
00:35:08,815 --> 00:35:10,597
time to write those checks.
1120
00:35:12,335 --> 00:35:14,275
hopefully you're working with a fiduciary,
1121
00:35:14,317 --> 00:35:15,217
a financial planner,
1122
00:35:15,257 --> 00:35:16,478
someone that can model that
1123
00:35:16,577 --> 00:35:17,798
out because there is a
1124
00:35:17,858 --> 00:35:20,380
tendency of many generous people,
1125
00:35:21,202 --> 00:35:21,722
God bless them,
1126
00:35:21,742 --> 00:35:22,822
but there's a tendency for
1127
00:35:22,842 --> 00:35:24,684
them to give too much too
1128
00:35:24,804 --> 00:35:26,545
early and it can have a
1129
00:35:26,686 --> 00:35:27,987
detrimental effect on
1130
00:35:28,748 --> 00:35:30,510
their success of their long-term plan,
1131
00:35:30,670 --> 00:35:31,750
or maybe not having,
1132
00:35:32,130 --> 00:35:33,411
maybe the plan looks good,
1133
00:35:33,451 --> 00:35:35,110
but they haven't adequately
1134
00:35:35,170 --> 00:35:36,652
done the what ifs, you know,
1135
00:35:36,711 --> 00:35:37,692
what if this happens?
1136
00:35:37,731 --> 00:35:39,251
What if one spouse
1137
00:35:39,311 --> 00:35:41,492
predeceases the other one at an early age,
1138
00:35:41,512 --> 00:35:43,034
or there's a long-term care event,
1139
00:35:43,094 --> 00:35:43,673
or there's some,
1140
00:35:44,094 --> 00:35:45,514
some need that they didn't
1141
00:35:46,114 --> 00:35:48,335
project or ask what if this
1142
00:35:48,375 --> 00:35:49,615
happens in their financial
1143
00:35:49,655 --> 00:35:51,996
plan and they're giving out
1144
00:35:52,056 --> 00:35:53,376
money that they ended up
1145
00:35:53,536 --> 00:35:54,496
actually needing to
1146
00:35:54,536 --> 00:35:56,197
maintain their quality of life.
1147
00:35:56,257 --> 00:35:56,458
So.
1148
00:35:59,367 --> 00:36:00,648
yeah just throwing a little
1149
00:36:00,708 --> 00:36:02,090
sound effect there that's
1150
00:36:02,130 --> 00:36:04,733
how that's how I would feel
1151
00:36:04,813 --> 00:36:06,193
if I was someone I was
1152
00:36:06,393 --> 00:36:08,795
advising if they you know
1153
00:36:08,876 --> 00:36:10,538
and often these gifts are
1154
00:36:10,557 --> 00:36:12,278
you know they're just given
1155
00:36:12,318 --> 00:36:13,659
for all the right reasons
1156
00:36:14,081 --> 00:36:15,541
out of love and wanting to
1157
00:36:15,601 --> 00:36:17,503
see your money used and
1158
00:36:17,523 --> 00:36:18,463
appreciated while you're
1159
00:36:18,483 --> 00:36:21,246
alive but just be cautious
1160
00:36:22,150 --> 00:36:24,853
Yeah, we say this, and we've said it a lot,
1161
00:36:24,952 --> 00:36:25,273
I know,
1162
00:36:25,333 --> 00:36:26,775
but the reason we say this is
1163
00:36:26,815 --> 00:36:28,157
because we've seen it on both sides.
1164
00:36:28,177 --> 00:36:29,818
Because we've seen it a lot.
1165
00:36:29,898 --> 00:36:31,101
Yeah, where, I mean,
1166
00:36:31,141 --> 00:36:33,382
sometimes it's a great thing to do,
1167
00:36:33,422 --> 00:36:35,025
and there is a lot of merit
1168
00:36:35,065 --> 00:36:36,427
to the idea of saying,
1169
00:36:37,795 --> 00:36:39,155
I want to give this while
1170
00:36:39,356 --> 00:36:41,717
I'm alive to see them enjoy it.
1171
00:36:41,856 --> 00:36:42,757
And I want it while it'll
1172
00:36:42,797 --> 00:36:43,677
make a difference.
1173
00:36:43,717 --> 00:36:44,438
They're out of time.
1174
00:36:44,478 --> 00:36:46,637
It'll have impact all these good reasons.
1175
00:36:46,737 --> 00:36:46,978
Right.
1176
00:36:47,097 --> 00:36:50,278
Um, and, and that's valid, uh,
1177
00:36:50,378 --> 00:36:51,239
at the same time,
1178
00:36:51,619 --> 00:36:56,199
we've seen it before where, um,
1179
00:36:56,239 --> 00:36:58,201
people are so generous.
1180
00:36:58,221 --> 00:36:59,360
They're generous to a fault
1181
00:36:59,481 --> 00:37:02,541
of the point that they find themselves,
1182
00:37:02,961 --> 00:37:03,121
um,
1183
00:37:04,275 --> 00:37:05,856
unable to meet their own
1184
00:37:05,916 --> 00:37:07,336
financial needs later in
1185
00:37:07,416 --> 00:37:10,059
life and uh they can be
1186
00:37:10,119 --> 00:37:11,539
strained for their cash
1187
00:37:11,559 --> 00:37:13,842
flows or god forbid like
1188
00:37:13,862 --> 00:37:14,682
you're talking about if
1189
00:37:14,702 --> 00:37:15,503
there's even you know a
1190
00:37:15,563 --> 00:37:16,923
long-term care kind of a
1191
00:37:16,983 --> 00:37:19,065
need at home in an
1192
00:37:19,106 --> 00:37:20,427
institution whatever it is
1193
00:37:21,027 --> 00:37:22,809
that their choices become
1194
00:37:22,849 --> 00:37:24,449
more limited they just
1195
00:37:24,489 --> 00:37:25,710
don't have the resources
1196
00:37:25,731 --> 00:37:27,371
that they might have otherwise had
1197
00:37:27,969 --> 00:37:28,630
And, you know,
1198
00:37:29,070 --> 00:37:31,172
our objective as planners
1199
00:37:31,351 --> 00:37:33,112
for our clientele is we
1200
00:37:33,152 --> 00:37:33,934
want to make sure that
1201
00:37:34,034 --> 00:37:36,135
you're okay first and foremost.
1202
00:37:36,956 --> 00:37:38,396
And that, you know, yes,
1203
00:37:39,277 --> 00:37:40,318
we want there to be
1204
00:37:41,418 --> 00:37:43,659
abundance and money to go
1205
00:37:43,739 --> 00:37:45,201
to the next generation.
1206
00:37:46,021 --> 00:37:47,322
We had a conversation like
1207
00:37:47,342 --> 00:37:48,842
this just yesterday.
1208
00:37:49,862 --> 00:37:51,885
Russ and I were talking
1209
00:37:51,905 --> 00:37:53,204
about this notion about
1210
00:37:53,224 --> 00:37:54,146
with a client that,
1211
00:37:55,050 --> 00:37:55,672
Um, well,
1212
00:37:55,731 --> 00:37:56,914
first things first want to make
1213
00:37:56,934 --> 00:37:57,695
sure you're okay.
1214
00:37:57,755 --> 00:37:58,797
And they were like, yeah, you know,
1215
00:37:59,277 --> 00:38:00,501
we've done right by our
1216
00:38:00,541 --> 00:38:01,463
kids along the way.
1217
00:38:01,483 --> 00:38:02,505
They're all going to be fine
1218
00:38:03,346 --> 00:38:04,347
if there's money left over.
1219
00:38:04,387 --> 00:38:04,748
Great.
1220
00:38:05,528 --> 00:38:08,751
Let's make sure that we plan
1221
00:38:08,771 --> 00:38:10,512
for our needs and if
1222
00:38:10,532 --> 00:38:13,373
there's ample resources, well,
1223
00:38:13,393 --> 00:38:14,695
that'll be wonderful for them.
1224
00:38:15,655 --> 00:38:16,695
And we'll be less worried
1225
00:38:16,715 --> 00:38:18,356
about the tax planning for
1226
00:38:18,376 --> 00:38:19,978
them as we are about making
1227
00:38:19,998 --> 00:38:20,998
sure what's right for us.
1228
00:38:21,079 --> 00:38:23,659
And I think sometimes people
1229
00:38:24,420 --> 00:38:28,443
have a much more generous intention
1230
00:38:29,130 --> 00:38:34,213
But they don't always do
1231
00:38:34,253 --> 00:38:35,373
that for themselves.
1232
00:38:37,155 --> 00:38:38,615
That spirit of generosity
1233
00:38:38,675 --> 00:38:40,617
just overtakes their decision-making.
1234
00:38:40,677 --> 00:38:42,818
And like I said, for all the right reasons,
1235
00:38:42,878 --> 00:38:44,398
but just be cautious,
1236
00:38:45,159 --> 00:38:47,601
call your financial advisor, model it out,
1237
00:38:48,521 --> 00:38:50,302
and it'll either raise a
1238
00:38:50,362 --> 00:38:51,322
red flag that you might
1239
00:38:51,364 --> 00:38:53,525
want to reconsider or give
1240
00:38:53,565 --> 00:38:54,525
you full permission.
1241
00:38:54,565 --> 00:38:55,126
There's the word.
1242
00:38:57,371 --> 00:38:59,199
to not worry about it and
1243
00:38:59,239 --> 00:39:00,121
still be able to do it.
1244
00:39:02,014 --> 00:39:03,875
Well, um, that's, that's terrific.
1245
00:39:04,094 --> 00:39:06,896
Um, and as we, um, wrap up,
1246
00:39:06,936 --> 00:39:08,416
we'll just invite everyone.
1247
00:39:08,476 --> 00:39:10,956
If you have need for help in this regard,
1248
00:39:11,757 --> 00:39:12,777
a little bit of financial
1249
00:39:12,838 --> 00:39:14,157
planning can go a long way.
1250
00:39:14,938 --> 00:39:17,139
Um, it's, it's a tight, uh,
1251
00:39:17,418 --> 00:39:19,519
end of year with, uh, appointments,
1252
00:39:19,559 --> 00:39:21,041
but we'd be happy to try to
1253
00:39:21,081 --> 00:39:22,320
be a resource to you.
1254
00:39:22,880 --> 00:39:25,882
You can connect with us at, uh, uh,
1255
00:39:26,181 --> 00:39:28,163
five Oh eight, seven, seven, one, eight,
1256
00:39:28,202 --> 00:39:28,782
nine hundred.
1257
00:39:29,402 --> 00:39:30,943
Or as I mentioned, uh,
1258
00:39:31,931 --> 00:39:33,512
You can send us an email at
1259
00:39:34,293 --> 00:39:38,599
amr-info at wealthenhancement.com.
1260
00:39:39,400 --> 00:39:40,202
With that, guys,
1261
00:39:40,443 --> 00:39:41,784
thanks for another great show.
1262
00:39:41,864 --> 00:39:43,146
Until next time, everybody,
1263
00:39:43,186 --> 00:39:44,829
keep striving for something more.
1264
00:39:46,893 --> 00:39:47,974
Thank you for listening to
1265
00:39:48,034 --> 00:39:49,556
Something More with Chris Boyd.
1266
00:39:49,916 --> 00:39:50,697
Call us for help,
1267
00:39:51,016 --> 00:39:52,117
whether it's for financial
1268
00:39:52,197 --> 00:39:53,878
planning or portfolio management,
1269
00:39:54,260 --> 00:39:55,300
insurance concerns,
1270
00:39:55,661 --> 00:39:56,902
or those quality of life
1271
00:39:56,961 --> 00:39:58,023
issues that make the money
1272
00:39:58,063 --> 00:39:59,202
matters matter.
1273
00:39:59,503 --> 00:40:00,483
Whatever's on your mind,
1274
00:40:00,603 --> 00:40:01,344
visit us at
1275
00:40:01,385 --> 00:40:03,327
somethingmorewithchrisboyd.com
1276
00:40:03,847 --> 00:40:06,188
or call us toll free at eight, six, six,
1277
00:40:06,548 --> 00:40:09,590
seven, seven, one, eight, nine, zero one,
1278
00:40:09,911 --> 00:40:11,152
or send us your questions
1279
00:40:11,213 --> 00:40:15,376
to amr-info at wealthenhancement.com.
1280
00:40:15,856 --> 00:40:16,416
You're listening to
1281
00:40:16,456 --> 00:40:17,277
Something More with Chris
1282
00:40:17,336 --> 00:40:18,398
Boyd Financial Talk Show.
1283
00:40:18,438 --> 00:40:19,518
Wealth enhancement advisory
1284
00:40:19,557 --> 00:40:20,759
services and J. Christopher
1285
00:40:20,838 --> 00:40:21,659
Boyd provide investment
1286
00:40:21,679 --> 00:40:22,780
advice on an individual
1287
00:40:22,820 --> 00:40:23,920
basis to clients only.
1288
00:40:24,001 --> 00:40:25,041
Proper advice depends on a
1289
00:40:25,081 --> 00:40:26,181
complete analysis of all
1290
00:40:26,222 --> 00:40:27,322
facts and circumstances.
1291
00:40:27,463 --> 00:40:28,302
The information given on
1292
00:40:28,342 --> 00:40:29,304
this program is general
1293
00:40:29,344 --> 00:40:30,204
financial comments and
1294
00:40:30,224 --> 00:40:31,304
cannot be relied upon as
1295
00:40:31,324 --> 00:40:33,005
pertaining to your specific situation.
1296
00:40:33,085 --> 00:40:33,826
Wealth enhancement group
1297
00:40:33,885 --> 00:40:34,927
cannot guarantee that using
1298
00:40:34,947 --> 00:40:35,786
the information from this
1299
00:40:35,827 --> 00:40:36,947
show will generate profits
1300
00:40:36,987 --> 00:40:38,228
or ensure freedom from loss.
1301
00:40:38,369 --> 00:40:39,188
Listeners should consult
1302
00:40:39,208 --> 00:40:39,909
their own financial
1303
00:40:39,929 --> 00:40:40,949
advisors or conduct their
1304
00:40:40,989 --> 00:40:42,110
own due diligence before
1305
00:40:42,130 --> 00:40:43,532
making any financial decisions.
