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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

290
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.