Good evening.

You've got more than money.

You've got Jean Dickerson, you've got Megan smile.

You've got an entire team bringing you this edition of More Than Money.

If you were with us last time, gosh, we should have a recap.

We should do like what they do on the all the reality shows instant replay.

Yeah.

Last time on More Than Money.

Last time on More Than Money was was was was pretty rock and we are in front of a live studio audience semi live.

Whatever they are, they're wonderful.

And oh look at that.

We are packed to the gills and and the.

Yeah, we put.

Yeah.

Right up front.

Perfect, perfect.

Bottom line for us is that we're we got to be on top of our game, and the theme through both of our shows is Generational wealth, Family wealth Advisors for Generational Wealth, giving you the opportunity to see how grandparents, parents, kids, somebody comes in, I guess I have grandson and I want to help.

Some grandchild comes in, goes my grandmother needs help.

Can we somehow figure all this out in the answers?

Of course we can.

Of course we can.

If if you're with us, of course we can.

So that's what we've been doing for the last show.

That's what we'll be doing for this show.

So I hope you're welcome.

With our speakers, our advisors who are sharing their ideas with you.

But let's start with Meg's, because Meg is going to get us started.

Yeah.

First.

First up to bat.

And our second show is John Weimer.

He's a family wealth advisor with MGM.

Fantastic.

All right.

It seems like I just saw.

It seems like that, that some miracles of TV.

Sure.

Where do you know from last show that you have a young and growing family, and, we did not mention Sarah, but Sarah is fantastic.

She is.

And, you married way over your head.

That's true.

Goodness.

And I'm guessing she reminds you pretty regularly.

Oh, yeah.

Yeah.

Good deal.

A lot of responsibilities having a young family.

So how do you at least from from a as best we can.

How do we protect a young family?

Very important topic.

And one we could probably spend a whole show or two on, but with limited amount of time, I would say there's probably three really important things to consider for young families with estate planning.

You have with within your will, who the Guardian will be to take care of your children physically, take care physically take care of your children.

If, God forbid, both of you are no longer here, you need to think about that.

You also need to think about who the trustee will be to take care of the finances.

That's typically not the same person, and it's typically better for them to be separate.

And then the last piece would be making sure there are going to be assets to take care of your family.

God forbid both of you aren't here.

So that would be life insurance.

Yeah, a lot of a lot of young families, they they they're getting started.

They've got some savings, they've got some children and money is tight.

So assets is not they're not asset rich.

Life insurance can step in in that in that respect.

Oh absolutely.

And most people that work at a corporate company get a discount in terms of the group rate on the life insurance that's offered through their employer.

Okay.

So that would be the first line of defense there is to check with your employer.

Not just, you know, your medical, plan coverage and your 401 K and your retirement plan, but also what type of life insurance options does your plan offer as well?

Very good.

And then you could get additional coverage on top of that as well.

Yeah.

Generally speaking, for younger folks, life insurance comes in lots of flavors.

Term insurance, whole life, universal life.

It goes on and on and on.

Term insurance seems to be the go to term would be the best for younger families.

Term is is exactly as it sounds.

It's for a specific amount of time.

So it could be a 20 year term, goes for 20 years, could be a 30 year term.

And it's based on a number of different things, primarily your age.

So the younger you are, the more, inexpensive it will be.

And generally speaking, for younger folks, term insurance is remarkably inexpensive.

Oh, yeah.

So building that asset base so that your family's protected can be affordable, that's where let me circle back to the guardianship.

I'm blessed.

Three daughters, they're all, grown women.

So they're not only, successful and smart and capable.

They're they're on their own.

And they don't need me to be concerned about their guardianship.

Granddaughter, on the other hand, two years old.

Your young ones.

Goodness.

The thought, the process of trying to determine who might be a good guardian.

Do you have any guidance you want to think about?

A few different things.

One could be your beliefs and values.

Another would be, geographic location.

Oh.

Very good.

You don't want them to be uprooted in this time of, extreme unrest in their life.

They want to stay close to maybe some family and friends.

Right?

But also same beliefs and values as well.

And then hopefully somebody that's financially sound to.

Yeah.

Outstanding.

John.

Thank you.

Thank you.

Excellent.

Put you on the spot for a second okay.

You and your mom are pretty close.

Yeah.

Can you imagine her trying to pick somebody that when you were five or 6 or 7 would end up taking care of you if she wasn't there?

I mean, I can imagine she'd pick the perfect person, but that's an awful, you know, situation.

But but I think picking someone that would have raised me as close to as wonderfully as she did, I think that would be her main goal, of course.

And and anxiety provoking and prayerful.

And you think through it and, yeah, thank God we don't have to do that.

Thank God.

Who do we have next?

Next we have Gavin Kerr.

She's also a family wealth advisor, associate Gavin.

Much happier this time.

He does.

Okay.

Welcome back.

Long time no see.

No.

Yeah, that was obligatory.

My apologies.

For young folks, saving can be a real challenge.

Sure.

Are there strategies that can help them kind of get over that psychological hump and actually start saving?

Yeah, for young people, I think saving can feel like a daunting task when you're first starting, you know, to get your bills together and figure out what is it that I'm going to save.

The age old idea has been save 10% of your income.

That may not be a one size fits all solution for everybody.

Whether it be because of age, income, your goals, your discipline level, that can change everything in a savings strategy.

Of course, of course.

So if if it's not 10%, if somebody is going to.

Gavin, please.

I got a car payment, I got insurance.

Where do they start?

Any saving is a win from 1% to 100%.

And I think that that deserves to be celebrated, starting early is the biggest thing.

That 1%, you can start to turn up the dial a little bit as you move on in your career.

And that 1% can quickly turn into the ten.

And then even beyond the ten.

So what you're saying makes perfect sense.

Perfect sense.

You start wherever you find yourself.

That 1%, and then maybe you get a pay raise, maybe you get plus four and you go, okay, I'll spend three of it.

But now I'm plus two right on my savings, and you can walk up the ladder.

Most definitely.

That makes that makes a great deal of sense.

Any any ideas of where this money should be saved, any direction that it should be pointed towards?

There's a few different buckets that it could go to.

Okay.

Of course essential needs are very important.

Your discretionary expenses.

So I would challenge people when you get a paycheck, 70% goes to those discretionary expenses.

Okay.

The basic needs 10% goes to the saving.

Okay.

Savings account build up that emergency fund for if, God forbid, something unfortunate happens, that money is there.

Another 10%.

Invest it.

You know, in whatever account you choose, whatever you deem fit, depending on retirement, Roth, whatever, 100%.

And that other 10%.

Give it away.

Find a charity that means something to you and find a purpose and give back to that.

Outstanding, outstanding.

Well done sir.

Thank you.

Thank you so much.

Giving back.

Yeah, that's pretty cool.

That's very cool.

Speaking of pretty cool.

Yeah, yeah.

What a segue for our next guest.

That was an awesome Segway.

All right, do your introduction.

Next up, we have a young.

She's also a family wealth advisor with MTM.

Outstanding.

Okay.

They they applaud more for you than anybody.

That's not true.

It is true.

All right.

I'm on Saturday morning.

What are you doing?

I'm just a little annoyed.

That's all I've done.

I'm.

I'm being petty.

It's okay.

Okay, good.

You have, had the experience with our next topic.

You had a very direct and personal experience.

It's spectacular.

So, so give our audience the idea of what the idea is, and then we'll talk about your expense.

Well, it's a great segue from what Gavin was just talking about being charitable.

Giving away money.

We're going to talk about qualified charitable distributions.

So a way to give money that's also tax friendly.

So this is again a topic for older folks.

You have to be at least 70.5 to take advantage of this opportunity.

AKD qualified charitable distribution is a way to give money directly from your IRA to a nonprofit, and it's not a taxable distribution.

Typically money that comes out of your IRA.

You have to pay tax on, not when you're doing it for this reason.

So, just a quick example.

You you give donations to your church, you give to, charities that are important to you.

There's so many that we support all of the time.

And let's just say, to give a rough example, your RMD, your required minimum distribution out of your IRA is $20,000 and you pay 10% tax.

So you'd have to take that 20,000, give 2000 to the IRS.

You have 18,000 left.

And then you write a check to your church for 2000.

How about if instead you take that $2,000 check for your church directly from the IRA to the church, and then your RMD balance is 18,010% of that is 1800.

So you've already cut your taxes immediately.

You've saved 200 bucks in taxes.

And if you're ultimately charitably inclined, yes.

Can you give the whole 20?

Yes.

And then some.

So that's a great way to, introduce what I experienced.

I have a client who is extremely generous, and she also had a bit of a problem, where she's got a lot of taxable income already.

She's done a wonderful job in her life of, saving.

She has a pension.

She had a great job.

And she inherited money that if she took it out of the inherited IRA, it would, to her taxable income.

And sometimes that creates a little headache with our friend Irma.

She's that lady who makes you pay extra for Medicare premiums.

Not anyone dating Irma.

That's not what we're saying.

No, no.

So she didn't want to add to her already high taxable income.

She has this inherited IRA, right?

Frankly, she didn't need it.

Well when we talked about what are we going to do about this.

She's like well I can I can give this away and it won't be taxable.

I'm like oh yeah.

So she's been having a wonderful time last year.

Donated $60,000 directly from her inherited IRA to a few different charities.

And what's really cool about that is every every donation is is wonderful.

$200 here, $100 there.

The charities are grateful when they're getting a check for $10,000 from one person.

That makes a huge difference.

So they're doing wonderful things and she's getting all of this.

Gratitude is making her feel good.

And she knows, too, that her loved one who left her that money also would be thrilled about what she's doing with it.

So it's been really cool to be a part of that and see her choose the charities and just see the impact she's making is awesome.

So QCD is very, very powerful and we get to be a little part of that.

Yeah.

It's fun.

That's fantastic.

Thank you so much.

You're welcome.

Thank you.

This young.

60,000 bucks.

That's fantastic.

We're so lucky to get to meet people like that.

And and every day.

Yeah.

Every day we get to hang out with folks who have that kind of an instinct that they would say, I don't need this, but I want to make a difference, right?

Yeah.

Speaking.

You're making a difference.

Next up is Daryl in a family wealth advisor with MTM.

Welcome.

Thanks for having me back.

Our audience is getting tired of it.

Yeah.

No, no, there's no carpal tunnel.

I don't take no offense for one case.

Yeah, Gosh, the the opportunities are pretty impressive if if people know about them.

Yeah.

I'm know for one, KS have been around for over 45 years.

Longer than some of our associates have been alive.

Right.

Or double.

But, a lot of people have not really taking full advantage of for one, K is in a lot of ways, many people think if, well, you know, if the company is matching me 4%, I'll put my 4% in and, I've maxed out.

Maxed.

Yeah.

That's the phrase we hear a lot.

I'm actually maxed out for 1%.

No.

You didn't.

There's there's a lot more where you can put in and at any age and, you know, in the beginning, when you're in your beginning of your career, when maybe you're not, making that much money or you don't have that many big, bills, you can slide a lot more into your 401k than just what they what they'll match.

Same goes for if you're if you're older you start edging into retirement and all of a sudden there's more money available.

You're doing better.

The kids are out of the house I got money I can slide into my four and one K. So you can get up to 24,000.

If if you're up to 50 years old, you can get 24, 24,520 in 2026.

Okay.

And you can put it into your 401k.

It's outstanding.

And if you're over 50, well then you get a catch up.

They allow you to catch up your contribution so you can get an additional 8000.

So way more money.

Way more money.

And then when you hit 60 now they have a catch up catch up, they have a super sized catch super sized catch up from between 60 and 63.

They even bumped that up to 11,300.

And they gave you an order of fries.

Yeah.

Which is yeah, yeah.

Who knew?

And and a plastic straw.

Not not a paper.

Sure.

Absolutely.

For young folks, the idea that.

Hey, I got bills.

Some of them are giving up free money.

Yeah.

You know, you you you're younger, you're looking at to make sure you pay all of your bills.

But if the company is giving you 4% of your salary and you're not taking it, you're missing a big opportunity.

Really?

It's it is the only absolute guaranteed 100% investment return that you will ever find, ever.

And and their companies willing to give it to you.

All you have to do is ask for it for young folks.

For one, kids who've been around forever.

Yep.

But in recent years, they've added a separate kind of option the Roth 401 K. Young folks.

That's pretty exciting stuff, I think.

So as especially when you're not looking for tax deductions early on, putting it in the Roth where you're not getting the tax deduction, but you're getting the tax, tax free earnings over a long period of time is absolutely phenomenal.

Wow.

Outstanding.

Thank you sir.

You're welcome very much.

You have friends?

I do, I have noticed, and, a lot of them are working in good jobs.

I'm I will wax poetic here for a second and say I'm, I'm very, very pleased.

You, your sisters, you all have wonderful friends.

Smart, capable.

Do they talk about their for one chance?

I haven't had any conversations about it, so.

So we have some work to do to take it to the next generation, to be a little more attuned.

Yeah.

Because the opportunity is so good.

Yeah.

And and we love them all.

So we want them to have the best.

Even better.

Yeah.

Better.

Yeah.

Exactly.

Speaking of even better, where do we go next?

Next up is Mikayla Scarpelli.

She is a family wealth advisor.

Associate.

Welcome, Mikayla.

Hello.

Welcome back.

Good to be back.

It's been a while since I've seen you.

Oh, yeah.

They all get the joke.

Or as as as little humor as they're getting for me.

They were finding that very welcome.

You are on the cusp of a tremendous career.

Lots of folks your age are feeling.

Hey, we're starting down a path.

It's going to be pretty good.

What guidance do you give them in terms of kind of how do they plan?

How do they approach their professional life so that they get the most out of it?

Sure.

I love this question.

I think that there's a lot of different approaches that you can take to it.

For myself, I think a good, place to start is start with a vision, but also give yourself flexibility and set vision.

Start, you know, give yourself an angle where you want to be, where you want to go.

But also recognize that it doesn't happen overnight.

And there's a lot of different ways to get to that end goal.

Recognize that there's going to be bumps in the road.

It happens.

It's life.

And just because you're not where you want to be in a year or two years doesn't mean that you're going to be unsuccessful.

And I think a lot of people should take comfort in knowing that it takes time.

But when you make yourself known and you give yourself a good name, you'll get there.

Excellent, excellent.

When you talk about, making yourself known and how you're in an environment where there's lots of folks who've been doing it for a very long time, how do you make yourself feel, or how would you recommend someone else make themselves feel known?

Absolutely.

I love this question even more because there's a lot of ways to also look at this.

For me, I was always taught growing up there's a lot of power in mentorship.

Kind of lean on other people that know more than you, and that's okay.

It's not it's not a fault to have someone no more than you.

Absolutely.

I, I feel so incredibly grateful to be at MTM because I think I've found a little piece of mentorship and every person that I've come across, they take me under their wing.

They teach me things that I didn't know before.

Most people don't know.

Besides people in the office, I come from an extremely medical focused background.

I don't come from finance, and I didn't know much about it when I started, but that doesn't make me any less good at what I can do.

Find people that are willing to take you under their wing.

And don't let this go to your head.

But you really did take me under your wing.

He will, he will.

But let that go to his head and, Oh, you're so welcome.

But you took a chance on me, and you need to find some someone.

And my my whole point here is, if you're starting out, find someone that will take a chance on you, and it will make or break your career.

Honestly, thank you so much.

You're welcome.

Thank you.

It's a nice compliment.

It was a nice compliment.

It was, It was unnecessary.

Much appreciate, but unnecessary.

And and I would say, just extend the idea a little bit.

I think she was far more accurate a little earlier in her comments when she said she has found mentors throughout our entire team.

Yeah.

And there's everybody's got different skills.

Everybody's got different strengths.

But if they all have a willingness to make sure that you're doing better, right, then everybody becomes a mentor.

Yeah.

The fact that I'm the best and it's not just to say that happens next.

Last but not least, we have Mark Bell sack.

He is a senior family wealth advisor with MTM.

I again, I again I say hi to my wife.

Just stand there.

She you want me to go back?

Yeah.

Stand there for goodness sakes.

In three minutes or so, we want to talk about generational wealth as kind of, an overview.

The 30,000ft view of what we've been hearing the last two, two full share.

Sure.

It's the next couple decades are going to be incredibly powerful.

The statistic that I'm about to give you, it's a little mind blowing.

Over the next couple decades, there's going to be somewhere north of $75 trillion that is going to pass to the next generation.

Now, that could be kids.

It could be grandkids, could be great grandkids.

So as we get to this part of this evolutionary stage, it's important for us to understand that our client base is growing.

And so as they grow, new generations form, having that conversation, bringing in kids grandkids is very important because that is a big misconception in they're going to be fully prepared to handle a lot of this well.

Very good, very good.

And for advisors, competitors who would say, a lot kids, please, let's not talk.

They don't have $1 million.

They don't have $2 million.

They don't meet our minimums.

How do you respond to that kind of thinking?

We said in the first show, talking about whatever his name is.

Yeah.

Ken Fisher, that he has minimums.

We take a great deal of pride in the educational process.

So it's not just the clients that have been around investments.

It's teaching the next generation, understanding budgeting.

So if you think over the course of your life 780 years, you're encountering different life milestones, of course.

Right.

So whether you're approaching retirement, where you're changing jobs or you're getting married re buying a house or having kids, buying a car, trying to get them through school.

So all of these financial milestones require a different degree of planning.

And so each generation requires a different approach.

Very good, very, very good.

So younger generations are often maligned.

We're told they don't care.

They're entitled.

They don't do things.

That's not been my experience.

Has that been your experience?

What I've begun to understand a little bit more.

This is part of the learning process, is that different generations learn differently.

Very good.

Right.

So if you look at the older generation, the boomers, there was no technology.

So the information that they got were for from trusted advisors talking with friends.

And then you zip all the way down to these youngins that are around us.

It's all online.

So it's understanding how to communicate that effectively and how to change and adjust your approach in learning so that it is received for whomever that you're that you're talking about.

And also understanding the obstacles that they have.

Budgeting when you're 70, 80, 90 is a little different than when you're in your teens or just graduating college.

So if I'm hearing you correctly, and of course I am, we need to adjust our skills.

It's not that the client is 25 years old.

Needs to adjust to us.

We need to adjust so that they can hear, absorb, apply information in a way that's actually useful to them, as opposed to.

I've been telling you and you're not.

That doesn't work.

Correct.

It doesn't work.

That's that's fantastic.

And we're developing in our own team all those opportunities to to have those conversations.

It's pretty exciting stuff.

Statistically, by the third generation, family wealth is lost and it's not always due to the market volatility.

It's due to poor planning.

So if we can, bridge that gap a little more here to bridge generations.

Thank you sir.

Thank you sir.

God bless.

All right.

You guys think differently.

Yeah.

And learn differently.

Yeah.

And, as ancient as I truly am, I don't find that offensive at all.

I think one of the things that I found most uncomfortable over my lifetime, is the disrespect that people get when they, when they do things slightly different, when they learn slightly different.

Not when we're all familiar with dyslexia.

Hey, I can't read quite as well as maybe you read or somebody who's for math.

It's just it's a foreign language.

It just doesn't work.

And then and then you see them with people and they have tremendous people skills or they have tremendous artistic skills or they we all have gifts.

Yeah.

Well, I guess I think Mark said it really well, I think he did.

I think it's important to just have conversations with people.

Conversations.

Yeah I like that.

Yeah.

That's that's a good place for us to kind of bring it all together.

Conversations is what allows us to bridge that gap, understand each other.

It's not always about how do I make the most how do I save the most?

How do I get ahead the quickest?

It's actually it's not only not always, it's rarely that.

It's most often what's important to me, what's important to the people I love, what's important to my family and my friends?

And where do I see myself?

How do I grow as a person so that I can be the person that I really want to be financially?

Of course, personally, of course, spiritually, psychologically and every single way.

And if you've got, if you've got the generational approach, you've got the family approach, you've got a real shot at this.

And, gosh, if, if questions popped up in your mind as you were listening to all this, make sure you reach out to us, Gene, and ask intercom.

We'll answer your questions back to you, and maybe you'll see one on a future show.

Speaking of, future shows will be back next week, right behind this microphone on another edition of More Than Money tonight.