And good evening.

You've got more than money.

You've got Gene Dickison, your host, your personal financial advisor.

Part two of a very special event is very special for me.

I'm hopeful.

It's very special for our live studio audience as well.

We've got tons of wonderful folks here.

And then there's other folks, too, but tons of wonderful folks and some very, very interesting questions.

We're airing all of their questions.

You could have been here.

You got the invite as your choice.

We all make our choices.

Bottom line is that often, often we encourage you to send us your questions to my email Gene at ask mtm dot com.

We have a tremendous team of advisors to answer all those questions back to you.

They happen to be here today, as a matter of fact.

And when we end this segment, I'm asking Javi,, give me a minute or two.

I'll bring everybody up so that they can see them.

Most of these folks know at least 1 or 2 of our advisors will see the whole team, and that'll be fantastic as well.

And you have maybe had your question asked and answered by them.

We answer all of them.

Absolutely free.

No cost, no obligation.

It's a service that we are happy to supply.

And gosh, six seasons in somewhere around something in excess of 4000 shows I've done radio and television combined.

6 or 7000 hours on air.

And I have to admit, I look every minute of it.

Bottom line is that that's not the important part.

The 780 years of experience is not the important part.

You are, you are.

Tonight you're going to eavesdrop.

But everyone that's here with us.

Everyone that watches at home.

You're the reason that we are without a doubt.

And we boldly claim to be the most relevant financial show on television today.

We don't argue that with anyone because we are absolutely confident that that is true.

Doesn't matter what station 24/7 365, we're the most relevant because we focus on you.

And tonight you're going to eavesdrop as we focus on these wonderful people.

Welcome to More Than Money.

Oh.

0302.

Silliness.

So, you may have noticed, particularly since you've been here for almost a week now.

That's the illusion.

What do you have there?

You may have noticed, that we take our our work, our service to our clients and to our audience very seriously.

We don't take ourselves very seriously.

I think that's a secret sauce.

That that sets us apart.

And I think for most of you in this room, that may actually have been one of the reasons that you were attracted.

To even consider, working or attending or asking questions of someone because there is a there's a lot more to life than money.

We didn't pick the title arbitrarily.

More than money is, it's a lifestyle.

It's a philosophy.

It's a way that we approach all things.

And, before we started our first segment, young lady that I met just briefly had mentioned that struggling, struggling food on the table, healthy, happy, warm, modest house, struggling but happy.

I'm not sure I would call that struggling.

There's a lot of folks that have tons of money piled up in the corners, and they're not happy.

So happy.

Happy, healthy, 100 healthy happy is right in the the title of our club.

So let's address as many of these questions as I can and, see if we can help.

Would it be beneficial if I combined my 401K with other accounts that I have?

Okay.

The the, what phrase?

It depends.

We've we've trained you up on that.

Did that kind of spring to mind?

The answer is short.

It depends.

It depends on the accounts.

First of all, can you combine a 401 K with an IRA?

Yes.

Can you combine a standard 401K with a Roth IRA?

No.

Can you combine a a 401K with a bank account?

Yes.

No.

So there's lots of mechanical issues that you've got to be very, very cautious about.

And there are pros and cons to combining.

Certainly simplicity is one of the pros for most of us as we mature.

And I'm still waiting.

But as we mature, my wife assures me as we mature, we want to simplify.

We want things to be cleaner.

We want things to be less stuff.

Easier or fewer moving parts.

And so if we can combine accounts, it's very useful.

We have often our team often, bumps into folks who come in with 2 or 3 rare, but often, sometimes four, 401 K accounts.

They combine all of those into one.

Absolutely.

Absolutely.

There are folks now that are working, well beyond age 70 and well beyond RMD Age of 73.

So if you're working beyond RMD age and you have a 401K, you might want to keep it because 401Ks are not subject to RMDs as long as you're contributing.

So for someone for particularly someone who is maybe the queen of strategy, who would say, hey, if you got a 401K that you don't have to take money from and you have an IRA that you do have to take money from.

Why don't we push your IRA into your 401 K and now you have no RMDs?

That's a pretty cool, pretty cool strategy in the right set of circumstances.

So combining IRAs.

Absolutely.

Often we find folks who have lost their spouse.

They still have the spouse's IRA in the spouse's name.

Can they combine that in their own IRA?

Yes.

Yes they can.

So lots of pros and cons, lots of mechanics.

But bottom line is that in often, often it is the case that you can combine accounts and make your life a bit simpler.

Excellent.

I'm putting my home up for sale at the end of the year.

Next tax season.

I will have to pay.

Okay.

Taxes, on anything that's above my cost basis.

All right, let's talk about that for a moment.

When this individual says my home, I'm assuming it's where they live.

Is that how you would read that?

Yes.

Okay.

So in a residence scenario, your cost basis is important.

No question about it.

I'm going to use a simple set of numbers.

I bought the home for 100.

I'm selling it for 400.

We okay with that?

Excellent.

I've had it for 35 years.

And along the way, I've added a roof.

Had to got to replace a roof, heating system that was expensive.

Remember when the Hvac went out?

I added that on the kitchen renovation.

One of my favorites.

I add all of that up, and it looks like I've put about $100,000 more in different improvements over the years.

So now my cost basis is 200.

My sale price is 400.

My capital gain?

At least gross capital gain is $200,000.

How much tax will that individual face on the 200,000?

Roughly, you know, roughly zero.

Yes.

As an individual.

You may sell your home for a profit, not a sale price.

A profit above and beyond your cost basis of $250,000 and you pay no tax.

A married couple can sell a home for a profit $500,000 and pay no tax.

Very very useful.

So from the standpoint of price basis, people go, it's my residence.

I'm not worried.

I don't need cost basis.

You might very well need it because in my scenario, my demonstration 100 is what I paid.

If I paid no attention to my cost basis and I sell it for 400.

I've got 300 of profit.

I only get 250 free.

I have to pay tax when I should not have paid even a dime.

So that kind of makes sense as a strategy standpoint.

And again I keep referencing the Queen of strategy.

She is always thoughtful.

My, co-host on our Saturday morning radio show, Alyssa Young, is with this.

And if you are very smart in the meet and greet, you'll spend time with her because she knows stuff.

And one of the things that she would counsel you on is that we often meet folks who have two homes.

Not unusual at all.

They have their residence and they have a vacation home.

Might be at the shore, might be on a lake.

It might be.

It might be.

And one of those homes is not their residence.

And they're going to end up paying a lot of taxes or not or not.

If we think carefully through this and if it's possible, it's mechanically, it's not for everybody, but it works.

When it works well, it works for you.

Bottom line is that you can sell your primary residence just as we just described, but I've sold it for 400.

I had 200 in it and now I have a 200,000 for profit.

I pay zero.

And if you wish, you could then move to your vacation home.

You need to stay there.

Anybody know how long you have to be there?

Two years.

Two years in a day.

The IRS.

Nasty.

Bottom line is two years and sell it.

And if the profit again is under 250 you pay zero.

So it is very possible in a two year period of time to tell sell two homes for an exceptionally large profit and pay zero.

Isn't that lovely.

By the way it only works if you know about that in advance.

If you've heard the phrase, it is better to ask forgiveness than permission.

Not in income taxes.

You had better check with your advisor.

Hey, I'm thinking about.

I'm thinking about good.

Thinking about is correctable.

I've done this.

How do I fix it?

This is where our diplomatic skills are tested.

Because you want to go I.

Why didn't you just ask?

So asking permission rather than forgiveness will save you a lot of money on your taxes.

Makes sense.

Pretty good.

Gene can you explain the mechanics of a second opinion meeting?

How long is it typically?

How long does it typically go?

What level of information or documents would be required in order to make it proactive?

Second opinion, meaning you may have heard that phrase in our discussions on air.

Multiple times.

More than money and MTM advisors offers free second opinion meetings to folks who are requested.

I would love to tell you were the only ones.

We're not.

We're not.

Our show is nationwide.

Border to border and coast to coast.

And there are tons of fantastic financial advisors out there.

Absolutely tons.

There are some boneheads.

Yes.

That that do things they should.

Not true of any profession.

We get that.

But there are tons of high quality advisors who offered the exact same service.

A free second opinion meeting where you get to meet the advisor, ask any questions that you want.

Get as much information as you wish.

And if it seems like a good relationship, maybe you engage the financial advisor.

And if the financial advisor feels like it's a good relationship, he or she might invite you to become a client.

Or not.

Or not.

It's a dual directional experience.

Is it?

That makes sense?

Am I am I explaining that well enough that.

So from a dual directional experience, you should come with as much information as you need, as much documents as you need.

Not that we need as you need to be able to explain your concerns, demonstrate the concerns and get the answers.

They will help you.

It's just that simple.

If I took a quick survey of the team in the back of what percentage of prospective clients come with absolutely no documentation whatsoever, what would you guess?

1%?

Zero zero.

Come with nothing.

How many come with everything?

Zero as well.

Zero as well.

No one brings everything.

Not to the first meeting, of course.

But bottom line, is it?

No one.

Number one, they may not know what to bring.

To bring everything.

Number two, there's always, I should have brought that.

I was going to look at my Social Security benefits statement.

I was going to print that off.

I forgot that.

That perfectly fine.

There's no pressure.

There's no anxiety, there's no stress.

It is simply an opportunity to have an hour with.

And it's approximately an hour, typically hour, hour and a half at most where you're just exchanging ideas.

Here's where we are.

Is there a better way?

On rare occasion.

Sadly very rare.

The answer is you're doing great.

And how wonderful would it be to walk out getting a second opinion, saying you're doing great.

In most cases, it's not sure why they're doing that.

I'm not sure that's in your best interest.

And as fiduciary, it's our job to do what's in your best interest.

So we share as much Intel as we possibly can in a short period of time.

A lot of folks, a lot of folks have over the years, and a lot of our competitors, financial advisors that I meet at different conferences will say, why are you giving it away?

Why do you not simply charge a very substantial fee for that consultation?

It's very, very simple.

If I charge you a fee, you're my client.

Done.

No ifs, ands or buts.

And the SEC and Finra and all the state regulatory authorities.

Consider that whatever I said to you is to a client.

And I am held to a very, very high standard.

I don't want to be held to that high standard until I believe that you should be a client, that you fit us, that you're going to be here 20 years, or in my case, 30 years.

Or if you're with John, you're going to be here 60 years.

Kids in great shape.

He's going to hang around a long time.

So bottom line for us is it's an opportunity for two very intelligent people.

You folks us to get together and determine where is the value, because that's what it's all about is adding value.

I hope that makes sense.

See what we get.

Oh.

Very nice.

What should a married couple in their early 40s with no children?

Consider when?

Oh, when choosing.

Very good.

Between an IRA and a Roth IRA.

Everyone know the difference between the two?

I think everybody pretty much does IRA standard.

You get a deduction going in tax sheltered until you take it out.

Tax when you take it out.

Roth IRA no deduction.

No tax while you're waiting.

No tax when you take it out.

Which is better.

Roth sure sounds that way.

It sounds like the Roth would be better.

The reality is it's, Gosh, the old, oil filter commercial, fram you can pay me now.

You can pay me later.

Yeah.

Reality.

If, remember, from part one, remember our Roth IRA, calculation for the young person where we gave them 20,000 early and it turned into 600,000.

So the 20,000 we got no deduction on.

And let's assume that we're in the 15% bracket.

That means we lost.

We gave up intentionally gave up 3000 bucks in exchange for I think you're all way ahead of me saving 15% on $600,000.

And I'm not a math whiz.

Actually, I am, but I if I'm claiming to not be a math whiz, I we go, oh, what could that possibly be?

I wouldn't pretend I would not know that it's 90,000 bucks.

So would you rather pay 3 or 90?

It's a pretty straightforward question.

Now for a lots of folks, it's become very confusing because sadly, a lot of financial advisors make it confusing.

They're in their 40s.

They've got lots of time, tons and tons of time in order to go from, putting money in to taking money out, for goodness sakes, triple H, they might be 60 years before they take that money out.

Compounded tax free for all those years.

It gives me goosebumps to think about it.

Pisses the IRS off, but I don't really care.

I don't really care.

They're going to find all kinds of waste in the IRS anyway, so off they go.

Bottom line is, we don't need to give them a dollar more than we are legally obligated.

I am a big fan of paying tax.

I am a big fan.

It is the price we pay for living in the greatest country that's ever existed on the face of this earth.

Absolutely.

But only my legal amount.

If I want to make extra, I'll make it to my church.

I'll make it to somebody else that I care about.

So bottom line for us, fantastic opportunity in the 40s, in your 50s.

Consider it as well.

And if you're in a 401K that offers both Standard and Roth, you might consider breaking it into pieces that could work as well.

Outstanding.

Okay.

I'm putting, I got that one.

Thank you.

I'm 69.

Should I take my Social Security now or when I'm 70?

So does anybody know what the difference would be?

Let's assume that it's 69.

The benefit is $3,000 a month.

Does anybody have a rough idea of what the benefit would be at 70?

It's an yes.

Exactly.

It's an 8% bump.

And cost of living.

But let's use we use hey, let's use 10%.

Easy math.

All right.

So you go from 3000 to 30, 300.

So take it at 69 now at 3000 or wait a year and get 3300.

Which would you do?

My bad answer I have been training you for two whole shows.

Know there's only one answer that makes any sense.

And that's it depends.

It depends.

It absolutely depends.

Is it likely that that 300 a month is going to be the tipping point between being able to retire and not?

The answer is not likely, but it could be.

It absolutely could be.

Is it likely that this person is saying, I'm going to take it an hour later, but I'm already retired?

That's likely.

Sure.

These are all likely, but we can't decide on likely.

We can't.

We can't decide on probabilities.

We have to decide on the realities, which is why every single financial advisory client that works with a trusted, experienced financial advisor is treated individually.

The companies and there are a number of them, and some of them are huge.

Where they interview you and you get dropped into one of five pot and you will be invested along with thousands, hundreds of thousands of other folks, very different than you.

But you have to be in the same pot because it makes it very simple for them.

It reduces their work, it reduces their need to make adjustments and customize.

But trusted financial advisors don't do that.

They look at your individual situation.

So 69, it doesn't seem like a big difference, but it's 8%, maybe 10% where the cost of living adjustment, it's got to be a personal decision.

And I heard a gentleman say up front, quite accurately.

So I would have taken that as a partial credit answer, when he needs it, if he's 69 and needs to retire now, take it.

Don't worry.

A thing about what might have been.

Hopefully that makes sense as well.

Can you explain the new Bitcoin exchange traded fund that provides downside protection?

No, I can't.

So.

It's a frickin mystery.

Am I allowed to say frickin this right?

Camera people are gonna say whatever you want, buddy.

I get paid the same amount.

Whether you get tossed off by the SEC or not.

Actually, I know quite a bit about this.

Let's start with Bitcoin.

Cryptocurrency in general.

Everyone has their own opinion.

God bless you.

I have my own opinion.

Of course I will be right.

You will be wrong.

But there's nothing behind any of it.

It is air.

So if you buy shares in Apple stock, you're buying shares in the real estate.

They own the intellectual capital.

They have the cash flow that they generate.

I understand that if you buy a piece of real estate, you, you receive tax deductions, you might receive rental.

I understand that you buy Bitcoin, Ethereum, Dogecoin.

Is that what it's going to tell you?

Yeah, that's true, but at any rate, there are now, I've lost track.

Is it more than 10,000 cryptocurrencies?

More than 10,000.

So we've heard of Bitcoin and all that kind of good stuff.

It's all the same electrons nothing behind it.

So if you are interested bless you.

There are folks who are wildly successful at mining Bitcoin, and they have made a fair amount of money, at least on paper, or at least in electrons, so to speak.

Try to go to zero.

Sure, but what would stop it from going to zero?

There's there's no there's no end value.

It's like saying I'm going to foreclose on your house because it's gone down in value.

Well, I paid 400 and you're right, it's 340.

There's still value.

So it's not going to go to zero.

That that doesn't make sense.

So bottom line is there are lots of folks are going crypto.

You got to buy crypto.

And there are interesting permutations that have evolved, including a company that now provides downside protection against losses in Bitcoin.

Using options, they will assure you that in a short period of time, 90 days, if the crypto goes down, if Bitcoin goes down less than 20%, you lose zero.

Trust down 1050.

Let's say you put 100 in.

Let's use real number $100,000 in crypto.

Bitcoin drops 10% at the end of 90 days.

What do you have?

100,000.

The next 90 days you re-up, it goes down another 20%.

Another 10%.

What do you have 100,000.

It does that for four quarters in a row.

Bitcoin is down 40%.

You've lost zero.

What if it goes up?

Correct me if I'm wrong.

80% of the gain.

Nobody's correcting me, so I guess I'm right.

Bottom line is if it goes up from 100 to 140, the 40 you get 80% of you got a buck 32 and you lock that in at the end of the 90 days.

Now it resets, goes down 20% off the 132.

You're protected down 20%.

And if it goes up you get 80% of the game.

It is a fascinating, fascinating, investment tool.

This and I'm trying to read the audience.

I'm usually pretty good at this.

And I'm thinking they're thinking poo poo caca.

That's what I'm thinking.

Hard to argue with people.

Caca.

That's a highly technical term used by the most sophisticated financial experts in the country.

Mostly me, but other people, I'm sure.

I agree, it's it's not a venture for most people.

And fortunately, ETFs are available.

You can put 50 bucks in.

So if you're saying I just don't want to be left out, put a thousand bucks in it, let it ride, maybe you'll have 1100 bucks.

Wouldn't that be great?

Folks?

We've covered a lot of questions.

As I turn back to our audience listening in from home.

If you, you get the sense that you've missed something.

You've missed something.

This audience is fantastic.

We've filled the room, we've got a tremendous team.

And, lots of folks who have asked very, very interesting questions.

And, gosh, I'm sure you've learned a great deal.

I'm sure I've learned a great deal.

And I've also learned that I better not quit my day job, which is the whole humor thing.

Probably not in my future, but maybe for you, you found something that was either amusing, entertaining, or hopefully, informative.

Hopefully answered a question that you may have had or may have sparked a series of questions that you're going, I'm trying to put all of those together, and those are the emails that we like.

To be fair, we like those the most, because there's tremendous amounts of interaction between all facets of a person's financial life.

You don't invest without worrying about taxes.

You don't do your estate planning without worrying about insurance.

You don't do insurance without worrying about cash flow.

All of these things fit together.

And that's why your questions are the most interesting to us, because you ask them, about what's important to you.

You've made us very, very relevant, and we're deeply appreciative.

If you've learned enough or maybe smiled a bit and, are willing, we will be returning next week with another edition right here behind this platform.

Another edition for you of more than money.

Good night.