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The #1 Wealth KILLER


Albert Einstein once referred to compound interest as the 8th wonder of the world. Saying he who understands it earns it; he who doesn’t pays it. And he couldn’t have been more right. Today we’re going to be looking at the miracle that is compound interest and how can protect my retirement as it relates to the #1 killer of your wealth. Let’s get started. So the #1 wealth killer is debt. Yeah, I know, big shocker. But it’s really true and today we’re going to look at why that is.

The truth is, having too much debt can put a limit on your greatest wealth-building tool – your income. While it may be tempting to invest rather than pay off your debt, compound interest is a force to be reckoned with. In fact, I recently dedicated an entire video to its power. Financial advisors often use the example of Jane, who invests $100 per month ($1,200 per year) from the age of 18 to 25 and earns an average of 10% per year on her investments. By the time she stops investing at age 25, her nest egg will be worth just over $15,000.

However, before you start investing, it’s important to consider your debt load. Here are some reasons why paying off your debt first may be the smarter choice:

High-interest rates: Many forms of debt, such as credit card debt or personal loans, carry high-interest rates that can negate any potential investment gains.
Risk: Investing always carries some degree of risk, and if you have high levels of debt, taking on additional risk may not be advisable.
Stress: Debt can be a significant source of stress and anxiety, which can have negative impacts on your overall financial well-being.
Freedom: Paying off debt can give you a sense of freedom and control over your financial situation, allowing you to make better long-term decisions.
That being said, paying off debt doesn’t mean you can’t invest at all. Here are some steps you can take to balance debt repayment and investing:

Create a budget: Determine how much money you can allocate towards debt repayment and investing each month.
Focus on high-interest debt: Prioritize paying off high-interest debt first, as this will save you the most money in the long run.
Consider employer-matched retirement accounts: If your employer offers a retirement plan with a matching contribution, take advantage of it. This is essentially free money that can help you save for the future.
Seek professional advice: A financial advisor can help you create a personalized plan that takes your unique financial situation into account.
In conclusion, while compound interest is a powerful tool for building wealth, it’s important to consider your debt load before investing. Paying off high-interest debt should be a priority, but that doesn’t mean you can’t invest at all. By creating a budget, focusing on high-interest debt, taking advantage of employer-matched retirement accounts, and seeking professional advice, you can balance debt repayment and investing to achieve your financial goals.

Over the course of the next 45 years, those investments will continue to grow. Assuming that it continues to grow at an average annualized rate of 10% per year she will end up with $1.1 million in her portfolio at age 70. That’s all achieved with eight years of investing $100 a month. Jane becomes a millionaire by investing $9,600 of her own money. On the other hand, we have John. John doesn’t start investing at age 18. Instead, he starts at the age of 26 (just after Jane had finished all of her investing). He also invests $100 a month. However, unlike Jane, he does it from the age of 26 all the way until the age of 70. John invests $54,000 of his own money over the course of those years and ends up with a nest egg of just under $950,000. So John ends up with approximately $150,000 less than Jane. This is in spite of the fact that he invested six times more of his own money than she did.

It’s no secret that excessive debt can put a damper on your ability to build wealth using your most powerful tool – your income. While the concept of compound interest is widely known to be an effective way to grow your money over time, paying off debt may seem like a counterproductive move. However, it’s important to remember that not all investments are created equal, especially when you’re dealing with debt payments.

Let’s take a look at an example: Jane invests $100 a month for 7 years starting at 18 and ends up with a net worth of $1.1 million at the age of 70. Now, let’s say John starts investing $100 a month at the same age and earns an average of 10% per year, just like Jane. Even if John continues to invest until he’s 100 years old, Jane would still have more money than him, and her lead would only increase with time. In fact, at the age of 100, Jane would have $19.2 million to her name, while John would have $16.7 million. This just goes to show the power of compound interest, as famously called by Albert Einstein as the 8th Wonder of the world.

However, when it comes to investing, it’s important to consider the context of one’s financial situation. Comparing someone who is debt-free to someone who is not will not provide an accurate comparison. While Jane invested $100 a month for 7 years, John was dealing with debt payments and didn’t invest anything for those first 8 years. But what if John managed to free up an extra $200 a year, or less than $17 a month, by paying off his debts? In that case, he would come out ahead of Jane by the time they’re both 70. And if he freed up more money than that, he would pass Jane even earlier.

So, what’s the takeaway? While compound interest is undoubtedly a powerful tool, it’s important to also consider the impact of debt on one’s ability to invest. Paying off debt and freeing up funds for investment can ultimately lead to greater financial success in the long run.

And given the state of the average American debt situation, $17 a month in payments is a remarkably conservative estimate. According to articles in business insider,
CNBC, and Forbes the average American debt situation looks like this: About $9,000 in credit card debt which is
often split between several cards. $30,000 in student loan debt. And assuming a used vehicle was bought a little
over $21,000 on a car loan. That’s around $60,000 in total debt. If we assume 18% interest on the credit cards
and 4.5% interest on the other loans and terms of 5 and 10 years on the car loan and student
loan respectively, the minimum payments could be roughly $900 a month. Freeing up that much cashflow could make a
tremendous difference in the previous example. Let’s look back at John’s situation from before
and assume that his household’s debt situation was that of the average American. John uses his $100 a month of excess cash
flow to pay off these debts.


Based on the numbers it would take him roughly
six years to become debt-free. This is assuming he did not work any extra
hours or sell anything to get out of debt faster. Once he was debt-free he would have almost
$1,000 a month left over to invest. If he starts the process of becoming debt-free
at the age of 18 when Jane was starting to invest he would have become debt-free by his
24th birthday. If he then turned around and started investing
the full $1,000 a month he would actually be further along in his investments by his
25th birthday then Jane was. Granted this is largely because he has invested
more money than Jane has at this point. Jane by her 25th birthday had only invested
$8,400. That’s quite a bit less than John’s $12,000
but think of the potential payoff of this down the road if John keepS investing that


He’ll also likely be able to lead a much
better lifestyle than Jane in the present due to his lower monthly expenses. Jane may eventually equal him in that regard
if she gets her debts paid off, but for those first several years after John is debt-free,
it is worth noting. Remember, compound interest is an incredibly
powerful mathematical force. But it can work just as hard against you as
it can for you. So it’s important to make sure that compound
interest is your ally in your finances, not your enemy. So with that being said how do we avoid this
killer of wealth? First, if you’re lucky enough to not have
any debt right now research some ways to ensure that you keep it that way.


If you’re planning to go to college look into
ESA or 529 plans. They are ways to start saving for college
while lowering your tax burden (which is always a nice perk). Also, look into scholarship opportunities
or PSEO. Don’t be afraid to have a summer job and work
during the school year part-time. For the record, this can also be a good option
in high school to give yourself a head start financially so long as it doesn’t take away
from your studies too much. Make sure that you always have an emergency
fund. It should contain three to six months worth
of expenses so that you don’t have to take on debt for those moments when life happens. Make sure you have insurance for those catastrophes
that you wouldn’t be able to cover with your savings. Catastrophic health emergencies are a good
candidate for this.


If you’re already in debt, learn about how
people have paid off their debts. Then choose the strategy that is most likely
to get you (and keep you) completely out of debt. Three of the most popular strategies are the
debt snowball, debt avalanche, and debt tsunami. I have done videos on all three of those and
they will be linked in the description. The debt snowball is the one made famous by
financial personalities such as Dave Ramsey. It has you order your debts from smallest
to largest balance and pay them off in that order regardless of the interest rates on
those debts. The plus side is the momentum you can build
up for yourself by quickly wiping out those bills. The downside is it isn’t the most mathematically
efficient way to get out of debt, all else being equal.


The debt avalanche is the more mathematically
efficient option if you can stick to it. It has you order your debts from highest to
lowest interest rate and pay them off in that order. This is regardless of the size of the loan
itself. The upside is the fact that you’ll be paying
less in interest. The downside is in some situations it may
take quite a while to get rid of that first bill. For those who are more motivated by seeing
the balances of the debts themselves going down this may not be much of an issue.


For those that are more motivated by the lowering
of bills, this could be an issue in some situations. The debt tsunami has you order your debts
from the most emotionally stressful to the least emotionally stressful and pay them off
in that order. In some cases, this could mean paying off
the largest balance that also has the lowest interest rate first. However in my experience that is not commonly
how it goes. Most of the people that I’ve seen use this
strategy tend to use it because there are personal loans between family or friends that
are causing a lot of stress in the relationship. The person with the debt uses the tsunami
to get rid of that loan first and then often switches to a different strategy such as the
snowball or avalanche. Which is another viable option for many people. There’s nothing stopping you from starting
with one strategy that will help get you going and then switching to another that will work
for you longer-term.


I know a lot of people who have started with
the snowball to get themselves some momentum and then switched to the avalanche once they
were on a roll so that they could save on interest. Another thing I would recommend looking into
is the power of the debt snowflake. If you haven’t heard, the debt snowflake is
a strategy where you find ways to free up money (or just happened to find the money)
that you can put towards your debt payoff strategy. The nice thing about it is it works well with
any of the other three strategies I mentioned. While by itself it isn’t game-changing it
does help your primary strategy do its job a little better. And as we know every little bit helps. If you need more motivation make sure to check
out Dave Ramsey’s YouTube channel and their debt-free screams playlist.


It’s filled with a lot of amazing stories
of people paying off loads of debt on various levels of income and getting to see their
relief when they are finally debt-free is very inspiring. You might also find their Turning Points playlist
interesting. It is essentially interviews of people who
have become debt-free talking about what made them decide to go through that process and
achieve that lifestyle. I’ll leave a link to both playlists in the
description as well..

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Retirement Planning in Your 50s and Beyond

Your 50s are an excellent time to get serious
about retirement planning, and that's because at this point in your life, you may have figured
a couple of things out. You might have a decent idea of where you
spend money, what your preferences are, the things you don't care for so much, and you
might also have some financial advantages at this point in life. Perhaps you've paid off a lot of debt maybe. If you had kids, they're out of the house
or almost independent. And you might be in your peak earnings years
because you have gained some expertise and some knowledge in whatever it is you do for
a living, and one big reason to get serious is you might have more money than you've ever
had before saved up so now it really counts.

A 10 % loss in the markets, for example, hurts
a lot more than it did when you were 22 years old. But whether you're just getting started saving
for retirement or you've been doing it for decades there are some important things that
come up in your 50s that can help you pave the way to a smoother retirement down the
road. The first thing to watch for is catch-up contributions,
and this is not the condiment, this is a catch-up contribution that allows you to put extra
into your retirement accounts each year once you reach age 50. The IRS sets maximum limits on how much you
can contribute to those accounts, but at 50, you can do a little bit extra and that helps
to boost what goes into those accounts each year for example in your 401k or 403 b or
governmental 457 you can put in an extra six thousand six hundred dollars per year as a
catch-up contribution on top of the max that you had back when you were 49 years old and
your knees didn't hurt as much. For traditional and Roth IRAs, for 2022 that
number is a thousand dollars of extra catch-up contributions.

Of course, this is assuming that you have
the cash flow to make the maximum contribution and put the catch-up contribution on top of
that, and if you don't, that's okay, it's not feasible for everybody, just do what you
can. But if you are really trying to maximize your
account balances at retirement, those catch ups are a powerful tool. The next thing to do is to look at your Social
Security and pension benefits. It's a good time to start getting a realistic
expectation of what you might get, and that's because you might assume that you're going
to get a lot more or a lot less, but it's really helpful to start figuring out how those
systems work and how much you can expect each month.

If you're eligible for Social Security, you'll
want to go through your earnings history and make sure that that is accurate because if
any years are missing you may end up with a smaller monthly retirement benefit. Your benefit is based on your 35 highest earnings
years, so you want to make sure that those good earning years are in there and that you
don't have any unnecessary zeros in your history. Keep in mind that you may be able to get some
retirement benefits from a former spouse or your current spouse, so if you're widowed
or divorced, for example, you want to research those potential benefits and you might also
be able to get income on your spouse's earnings record if you are still married and there,
are some strategies you'll want to look at as you go through that process. By the way, I'm Justin Pritchard, and i help
people plan for retirement and invest for the future. So, there will be some resources down in the
description below that cover this in more detail and give you some other pointers.

Another smart move is to manage your debts
or make a strategy for them. So, if you have consumer debts like credit
cards for example, you definitely want to plan to eliminate those debts and make sure
that your spending stays within your income limits so that you're not digging yourself
a hole during retirement or as you head towards retirement. But what about so-called "good debts" in retirement? For example, a mortgage. There's a lot of benefit to being debt-free
and not having a mortgage payment when you're in retirement a lot of people really focus
on getting rid of that loan before their retirement date but it's not necessarily the end of the
world to have a mortgage in retirement, and paying it off quickly out of your retirement
funds can cause some problems.

As long as you can fit that monthly payment
into your income maybe that's your Social Security, pensions, and some withdrawals from
savings accounts, and you can manage that debt comfortably, then again, it's not the
end of the world, and remember that that loan payment will eventually go away someday which
frees up cash flow for other expenses maybe health care expenses later in life. Speaking of expenses, how much are you going
to need to spend? Well, that's something to start figuring out
and there are a couple of different ways to do that this video that's going to pop up
above will give you some pointers on that but basically you can look at your spending
today and maybe adjust that for inflation or you might look at an income replacement
ratio and say maybe I just need 80 percent of what I'm earning now that might or might
not be right for you or you can target a certain level of spending such as $50 or $100,000
whatever the case may be, and with those numbers you can set a goal to start heading for once
you have an idea of your spending and your retirement income sources and your assets
then you can run some calculations and again we're setting your expectations so that you
know if you're on track or not and this can alert you to some potential shortfalls or
maybe let you know if you could retire earlier than maybe you expected there are a lot of
helpful online calculators out there they can do a decent job of getting you in the
ballpark but make sure you understand what their limitations might be so they don't necessarily
get super detailed and you might not be able to adjust all of the assumptions but again
you can get some basic ideas of if you're sort of close or if you're way off on what
you expected another good move in your 50s is to refine your investment strategy so up
to this point you may have been doing some great things to get you to the point where
you are you've built up some nice assets but if you've been using high risk strategies
maybe speculating maybe day trading that sort of thing it's time to ask yourself if that's
something that you want to continue doing at this stage in life it is difficult to consistently
get good results with those high risk approaches and you might have more to lose now than you
did previously.

I'm not saying you can't do it or definitely
don't do it but I would say proceed with extreme caution and maybe just say hey I've done a
good job up to this point maybe I'll reevaluate what I'm going to do going forward. At 50 it's time to start thinking about long-term
care if you haven't already been thinking about it there's a 70 percent chance that
you might need some type of long-term care and that might include everything from somebody
helping you out at home maybe this is a loved one assuming you have somebody at home who
is willing and able and remember it could be physically and emotionally difficult and
it might require expertise but it could include somebody helping you out at home who you know
or you going into a skilled nursing facility and paying those higher costs that are associated
with that higher level of care there are several ways to deal with the costs and that might
include a long-term care insurance policy but those are kind of problematic so definitely
look into them but consider some other alternatives as well maybe instead of maybe to supplement
or maybe you just go with insurance but some other options include saving up assets and
earmarking those for a long-term care event or maybe looking at your home equity as a
safety net to cover some of those big expenses that's not necessarily a fun way to spend
your time so one of the other things you can do is envision how you want your retirement
to unfold and this is a really important step that a lot of people skip it's important to
have something to do with yourself once you stop working you might have gotten a lot of
your social engagement a lot of your meaning and some of your identity out of your work
and you might want to not necessarily admit that but for a lot of people that's the case
it's easy to say that the main thing you're looking forward to in retirement is not going
to work but you probably want to have some ideas on how you're going to fill your time
and that way you're going to number one enjoy it more and number two there might be some
real benefits in terms of your mental and physical health if you are retiring to something
as opposed to just retiring from work, so ask yourself how will you fill your days? What are you most excited about and interested
in? What can you do to find some meaning and some
purpose during that time? And who might you spend time with, and what
are your plans for keeping your physical health as good as you can possibly keep it? So, I hope you found that helpful.

If you did, please leave a quick thumbs up,
thank you, and take care..

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2 Early Milestones in the Game of Retirement Life

Loren the Game of Life it came out 
in 1960. A board game that you had   in your household growing up? Most definitely we  played lot of games growing up and this is one 
of them. Okay so today what we want to do is we   want to go through the milestones of life we're 
kind of going to do it in numbers. So in a way   we're taking some liberties here the board game is 
like a series of numbers as you move through life.   And as we specifically talk about moving to and 
through retirement what we want to do is give   you strategies give you tips gives you things you 
should be talking to a retirement planner about.   And we'll have a little fun with the Game of Life
along the way. But we should first talk about how we look at every retirement whether you come 
talk with you Loren if you're 55 or 75. We apply five guiding principles to your retirement 
to help you win the game of life.

Yeah there's two   distinct phases of life there's accumulation years 
then there's the retirement years. And when it   comes to those retirement years that's when it's 
important to really start to get organized in the   form of retirement plan. And in that retirement 
plan there are five guiding principles. When   you retire you still need income your W-2 wages 
go away where's the income going to come from?   When you take income you're still going to have to 
pay taxes there's long-term care Medicare planning   legacy planning and then of course the fifth one 
is the investment planning principle. Okay so we   have our cars this is the cutest little thing I've 
got six people in my car because I've got four   children and my husband in here.

Loren has his 
daughter Jace and the little dog Coco no Mocha,   Mocha is in the car with Loren. So Loren like I 
said we're gonna have a little fun with this. Why   don't you spin once for the first time and then 
we won't spin to continue. But we'll get started   on our game. Oh two, alright Loren gets started on 
two. Would you like me to take the, goes he goes   two. And let's draw a card just fun so we can kind 
of refresh ourselves on what the cards are for the   Game of Life. I'll draw the card, I'll answer the 
first one. Alright you go first. Ah get a pool,   I like this first card you probably like that 
Jace would like to get a pool as well. So it says   pay the bank $50,000. Wow, pools are expensive. 
Well, that sounds a lot like today's prices. So   that's the first stop or the first card that we've 
picked on the game of life.

Now the first stop on   your journey to and through retirement as we 
pull the numbers kind of on your board game   is age 50. So you're going through the game of 
life you hit age 50. What should you be thinking   about in terms of retirement? From a retirement 
planning standpoint age 50 is a milestone.   A big portion of this milestone is now you're able 
to contribute more towards your retirement savings   than what you've ever been able to do before. 
If you're under age 50 into your IRA the max   you can contribute is $6,000 but at age 50 you 
have a thousand dollar catch-up contribution.   So a total now of $7,000 but here's 
where the real fun comes into play.  At age 50 is through your employer sponsor plans 
your 401k plans.

Before age 50 you could only   contribute up to $19,500 you get an extra $6,500 
contribution bonus if you will. Once you obtain   age 50 for a total contribution of $26,000. So 
now if you're age 50 or beyond you can actually   contribute the max to your 401k plan. And if you 
qualify from an income standpoint also you can   contribute the max to your IRA. So, the 7,000 plus 
the 26.5 now you can start saving for retirement   and accumulate that wealth a lot more quicker. 
And you ever have conversations with people about   you know is it usually a no-brainer contribute 
that 6,500 or do they have to look at all the   other moving pieces in their life too. Because at 
50 I know I'll still have kids at home, a lot of   people still have kids at home so that 6,500 feels 
like a lot of money. It does feel like a lot of   money and so it's different for everybody. In each 
one of these milestones that we talk about here on   this on this show. The outcomes or the strategies 
that you incorporate with it will be different   for everybody. And that's the necessity of a 
customized written plan as you make the transition   from the working years to the retirement years. 
Your life your circumstances your resources that   you have your cash flow is different than most 
other people.

So your plan needs to be customized   to your circumstance. Okay I have to spin I 
know I cannot spin a two that's not hard to do,   I got three okay I'm gonna take the bus here 
go with me and the four kids we got three. Alright here we go, promotion! 
Your hard work paid off spin again.   So a promotion obviously is a real piece of 
retirement and the nice thing about a promotion is   maybe you can contribute a little bit more to 
that 401k or or do a little bit more retirement   planning as those promotions come along so. Let's 
talk about our next stop on the game of life   retirement style and it's age 55. What do we need 
to know there? Age 55 is an important milestone   because now if you separate service from your 
employer and you have an employer-sponsored plan   now you have penalty free withdrawal privilege. 
And this is a very little known loophole as it   relates to these employer-sponsored plans. So, 
if you're working with your employer you're 56   years old you retire or you get laid off or you 
just decide hey i'm going to go somewhere else   if you take your distributions from that employer 
plan you will not have to pay that 10% penalty   even though you're under age 59 and a half.

So a 
lot of people think 59 and a half I take money out   of my retirement plan I'm going to be imposed 
that 10% penalty but if you take it after you   separate service post 55 from that employer plan 
you don't have that 10% penalty. And when you say   take it can you take it all at once is that the 
best strategy typically or do you want to spread   that out? Well there's a couple different things 
that goes into that. Let's say you can take it   all once so if you have $200,000 underneath your 
employer plan your 56 you leave that employer.   You can take that full $200,000 out but if it's 
pre-tax money meaning it's never been taxed before   it's going to jump you up into a tax bracket that 
is ugly.

So even though you can, you may not want.   So you can't put it in an IRA or something right 
away? You can put it into an IRA but once you do   so now that money lives underneath the IRA rules. 
Which means you cannot take it out until 59 and   a half without the 10% penalty so here's where a 
lot of the planning will come into play especially   if you want to retire prior to 59 and a half. 
Is you may choose to leave that $200,000 there   maybe you have some other IRA money that you know 
you're not going to use until post 59 and a half   or you can say between 56 and 59 and a half you're 
only going to need a 100,000 of that so many times   the employer's plan will allow you to roll the 
100,000 keep a 100,000 there and then you can   use that for the penalty free cash flow.

Thank you 
for watching this clip of retiring today and don't   forget to subscribe. If you have questions
about your retirement plan, take advantage   of the complimentary 15-minute 
retirement checkup phone call..

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How to Invest With a Gold IRA | Madison Trust

Are you looking to invest in something tangible, 
like Gold, Silver, or other precious metals?   Madison Trust's Self Directed Gold IRA 
gives you the freedom to do just that!  Madison Trust works with FideliTrade to 
ensure that you're investing at a fair price.   You can have peace of mind knowing your 
metals purchased through FideliTrade are   securely stored in Delaware Depository's vault.
You can get started investing in the precious   metals of your choice in 6 simple steps:
1. Open a Self Directed Gold IRA Account   with Madison Trust by filling out our easy 
online application and fund your account.  2. Next, you'll open an account online with 
FideliTrade, a Delaware Depository Company.  3. Then, you'll visit FideliTrade's 
Products & Prices page   to pick what you'd like to invest 
in and call to lock in your price. 4. After locking in your price, you'll fill 
out the Trade Confirmation from FideliTrade   and Investment Authorization 
form from Madison Trust.  5. Once all of your paperwork is received, 
Madison Trust Wires your funds to FideliTrade.  6. Last, but most certainly not least, Delaware 
Depository will securely store your metals.

It s that easy! Are you new to self-direction? We re here for you!  Our dedicated Self Directed IRA Specialists will 
provide step-by-step guidance from account set up   all the way to placing your investment.
It s time to give your retirement funds   the golden opportunity to grow with 
a Madison Self Directed Gold IRA..

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Generation Wealth – Official Trailer | Amazon Studios

– If I wanna work 100 hours a
week and never see my family and die at an early age
that's my prerogative. – I would have money as big as this room. And kiss it. – 33 pounds of gold and diamonds
given to me by superstars of the world. – I love money. Come to me. – I've been a photographer for 25 years. With my lens focused on wealth,
I noticed that no matter how much people had, they still want more.

I wanna figure out why our
obsession with wealth has grown. It seemed to be a shift
in the American dream. – I know the name's of the
Kardashians better than I know the names of my neighbors. – This fictitious
lifestyle fuels this sense of inadequacy. – I have the classic Birkin
in almost every color. – The bags start $20,000 and go up. – I realized wealth was
much more than money. It was whatever gave us value. Fame, sex, even plastic surgery for dogs. – It's kind of like the end of Rome.

Society's accrue their greatest
wealth at the the moment that they face death. – If you look great and
you have a nice car, I'm all for it. But at the expense of what? – [Woman] You sell your soul to the devil. – You're so hungry for it you're blinded. – I am on the FBI most wanted list. – All of us are following the toxic dream. – If you think that money
will buy you anything and everything, you've
never ever had money. – Dollars, dinero, money is what it takes..

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How To Invest 2 Million Dollars For Retirement

2 million dollars can pay out $200,000
a year of income. In this episode,
I'm going to address the question that you wouldn't believe how many times is
asked. "How to invest 2 million dollars for
retirement?" Well, the answer is similar to how can I invest a million or 5
million or 20 million or recently a billionaire asked me,
"How can I invest 400 million dollars to have tax-free income?" So, get ready. I'm
going to show you the power behind creating
predictable rates of return that can give you 10 payouts tax-free
for as long as you live.

Hi, I'm Doug Andrew. I'm in my radio
studio right now. I have broadcast a radio show every
single week for the last 12 years. It's called 3-dimensional
wealth radio. And that is also the name of my YouTube
channel. 3-Dimensional Wealth. See, 3 dimensions has to do with the
financial dimension where I've helped people for 46 plus years
optimize their financial assets, minimize taxes and
not outlive their money in retirement. But also there's two other dimensions
that have to do with the wisdom and the experiences you gain in life and how to leave behind your heritage and
how to fish instead of dumping fish to your kids and grandkids laps.
And this is actually a concern for many people
that have several million dollars because they don't want to ruin their
children. So, whenever people come to me and ask,
"Golly, Doug. How to invest 2 million or 5 million or
10 million? A huge lump sum for retirement?" Usually i'm impressed
because they have that much money.

And it's not because they need that
money to generate income but they would like to have the ability,
the option to be able to take income out and not deplete that nest egg.
And so, many times when i find out their goal
and where the money came from, maybe a settlement, maybe the sell of a business,
I have counseled many dentists who sold their dental practice for 2 million

Or one time I had a jewelry store owner
that sold his jewelry stores for 2 million dollars several
years ago. It can be an electrician. Many a chiropractor did
the same thing. Hey, I have I have a couple of million dollars. So,
what advice did I give all of these people when they
asked the question? Well, first of all i wanted to know is
this your main or sole source for income
in retirement? Or is this sort of on top of what you already accumulated?
Now, many times they'd say, "Oh, no. This is like bonus money.
I don't need the money right now but I want it liquid and safe.
That's pretty nice to have an extra couple of million that you really don't
need. But I don't want them to lose that." They
don't want to lose it either. That's why they came. Because they know
that I'm very passionate about preserving principle,
safety of that principle.

They don't want to lose this 2 million.
Many people came across a lump sum like that from an
inheritance where they've been going along and they were responsible and
accountable. And they saved 2, 3, 4, 5 million in their
accounts. Maybe IRAs and 401Ks. But then
all of a sudden they inherited 2 million or more. And they would come
and say, "Golly, Doug. Where can i invest this 2 million in retirement?" So,
whether you need the money for income immediately or not or whether
you want to preserve it so if you did need it in
your lifetime, or you want to pass it on to your
children, you want to maximize what you leave behind,
i know the answer where to put it regardless of which of those goals you
have for a lump sum like 2 million dollars.
You want to hear the answer? If the 2 million
in this example is a lump sum, a windfall or a settlement or something like that,
an inheritance. And they tell me they don't need the money, I go, "Well, I could
show you how to safely set aside that 2 million so it will
double about every 7 years.

Probably at the worst return I've ever
achieved it would double every 10 years. Does that sound pretty good?" They go, "Well,
what rate of return is that?" "Well, rule of 72. If it doubles every 7.2
years that's a 10% rate of return." "Really? You can do that?"
And I said, "Well, Ii can't guarantee it but I've averaged 10.07 for the last 25
years by putting money into a max-funded, tax-advantaged
indexed universal life insurance contract if it's structured correctly.
Where you take the least amount of death benefit
allowed under the IRS guidelines and you put in the most allowed.

In this case 2
million dollars." So, you're taking the least amount of
insurance you can get away with. If you were 60-years old, the least
amount of insurance to accommodate 2 million would be 5 million of insurance.
If you're 70 years old, the least amount of insurance for
2 million might be just over 3 million. Because
the objective isn't to get a bunch of insurance. It's to get the least amount
of insurance the IRS will let you get away with and
put in the most they will allow. In this case the most would be 2 million,
in this example. That's called the GSP. It stands for
guideline single premium. Very few advisors understand this
terminology that's why it's critical you go to somebody
who understands how to do what i'm talking about. So, when you do that,
then the money will grow very safely at internal rates of return of 7 to 10

Bery uh predictable based upon some of the
worst periods since the great depression like 2000 to
2010. I averaged 7.23% just using
indexing. By adding rebalancing, I was able to earn
over 10%. So, your money can double every 7 to 10
years. 2 million will grow to 4 million, to 8 million, to 16 million every 7 to 10
years. Now, if the person said, "You know what?
I want this uh two million dollars to generate
income for me within 5 years from now." I go, "Okay, great." So, then i comply with a
tax citation called Tamra. Tamra is an acronym that stands
for the technical and miscellaneous revenue act
of 1988. This is a strategy that we're the number 1
experts on this part of the tax code in America. We teach very
savvy, sophisticated CPAs and tax attorneys
about TEFRA, DEFRA and TAMRA and section 72 E,
7702 and 101 A of the internal revenue code.
This is where money inside of a properly structured insurance contract
will accumulate tax-free and allow you to access or take tax-free income when
you comply.

Tamara says you can throw in
2 million bucks in one fell swoop into a maximum funded insurance contract
and it will grow tax-deferred at those rates of return.
But if you want tax-free income that tells me, "Hmm, okay.
So, instead of maximizing what you leave behind….
In other words you put in 2 million and you don't need the money.
And when you die you want it to leave behind 5 million.
You don't have to worry about Tamara." You put in 2 million
and when you die, it leaves behind 5 million.
And you can tap into income but it would be taxable income.
So, if you wanted to maximize what you left behind
and you put in 2 million dollars, you don't have to worry about Tamra.
The minimum death benefit is 5 million.

So when you die,
you're leaving behind 5 million totally income tax-free.
But if you want to preserve the right to have tax-free
income, then you want to comply with Tamra.
That means 2 million would allow you to fund it
in 4 years in one day with approximately 20% a year. What's
20% of 2 million? It's 400 000. So, you create
a plan to take 400,000 of the 2 million
every year and put it into the insurance contract.
The first day of the first year, you put in the first 400,000.
The remaining uh million six hundred thousand, we
we find a place to temporarily uh keep it so that it's safe.
And there when we transfer the next $400,000 on the first day of the second year.
You do that for 4 years and 1 day and now you've got 400 000
in there 5 times.

That's 2 million. Now,
after 4 years and 1 day, 2 million dollars can
easily generate $200,000 a year of tax-free
income because 10% payouts are extremely
common with people that we've been helping for more than 45 years.
Especially with indexed universal life insurance contracts. So,
the concept here is if you want it to grow tax-free, it's the
same answer. You just structure it maybe
differently. If you want to maximize what you leave behind when you die,
you don't have to worry about compliance with Tamra.
If you want to grandfather yourself to be able to tap into it totally
income tax-free, you comply with Tamra by funding it over 4 years in one day.
But if you're wondering what to do with a lump sum like 2 million
bucks, I would make sure it is grandfathered to be tax-free.
Not only as it accumulates but if you want
income to be tax free, you make sure it complies with Tamra.
If you want to maximize what you leave behind when you die,
then you take more death benefit and you make sure that when you pass away based
upon your life expectancy, that 2 million can leave
behind 5, 6 or 7 million.

So, let me connect the dots by
sharing an actual story with a client with you right now.
After teaching a seminar, a gentleman who was aged 70 ½
came to me and he had 500,000 which was a lot of money years ago. But
this man was had a net worth well in excess of 5 million. And I was
talking about strategic rollouts where i tell
people to get money out of your IRAs or 401Ks over a 5-year period.
And so, 500,000 would mean that we would transfer 100,000 a year out
of his IRAs each year for 5 years. And then he
would have his 500,000 that could double every 7 to 10
years. And then a 500,000 could generate 50,000
a year of tax free income. He said, "Doug, I don't need this money.
But I know i have to start withdrawing it. I'm going to be penalized 50
by the IRS. I will never be in a lower tax bracket.
I want to pull out the whole 500,000 in one fell swoop."
In a 40-percent bracket, he had done the math.

"I will pay 200,000 in tax. I want to take
the net of 300,000 in one lump sum and maximize what I
leave behind because I don't need the money.
I don't need the income." He said, "I could spend 4 times
what I need to live on and never outlive my money."
What a great blessing that was. So, in that case,
knowing that he did not need it for income,
we took 300,000 and we didn't maximum fund to contract.

I calculated his life
expectancy and we were able to get 1.5 million of
insurance. Sure enough because of his health, he
died in less than 10 years. The 300,000 which was only what it was
worth after tax in his IRAs left behind 1.5 million tax free.
Once he told me his goal, he wanted to maximize what he left behind,
I could have taken his 300,000 and only had about 600,000 of insurance if
he wanted income. He wanted to maximize what he left
behind so I didn't have to comply with Tamra.
And i got 1.5 million for his heirs (which they were grateful for) by
taking the money out of his IRAs which he
already decided to do. 300,000 blossom to a million and a half dollars about a
year later totally tax-free. You analyze what is it that is the greatest
objective when you have a lump sum and taking all things into consideration.
The best solution, the miracle solution in almost every
case is a maximum-funded, tax-advantaged
insurance contract.

So, if you want to learn more about what
that is and how it works and make sure that you structure one
correctly with the right advisor that knows what they're doing, I
would recommend you read this book. This is my 11th book. It's a bestseller.
It retails for $20. But I want to gift one of these to you absolutely
free. So, to claim your free copy, go to laserfund.org. L-A-S-E-R, fund, ".com".
You simply pay $5.95 shipping and handling. I'll pay for the book, you pay
for the shipping. You'll have options to get an audio version
if you want. There's also video master classes.
Once you get educated, I can point you to somebody who knows how to do it
correctly if you would like. There's a chapter in this book that
talks about all of the questions you should ask an advisor.

if they can't answer those questions, you'll know they don't understand how to
do it correctly. Empower yourself. You will learn more by reading this book.
The 99% of financial advisors know about what I
just talked about..

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Retirement Planning Home

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Episode 16: Our top 10 retirement questions answered

Hello and welcome to Super
Insider, where we chat about all things you need to know to make
the most out of your super. I'm Anne Fuchs and I'm the Executive General Manager
of Advice, Guidance and Education at Australian Retirement Trust. Before we begin, I'd like to acknowledge
the traditional owners of the land and waters where we're recording
this podcast today. Now, it's important also just to let you
know that this is general advice only and you'll need to decide
if it's right for you. Now, as part of our Q&A series,
we have some of the team from Member Education joining us,
April Smith and Kane Everingham. And they've got a whole list of
questions that you, our members, and in the community, ask about
what you need to know so you retire well with confidence. So, it's over to Kane and April.

Well, thank you Anne. So, as you heard, you've
got Kane and April here and we're from the Member Education
Team at Australian Retirement Trust. Last financial year, for example, just
to let you know, we did almost 2000 education events across the year and
that was to almost 100,000 people. So we get out and about quite a bit. We get to hear a lot of the questions. And in today's session,
we're going to cover off a lot of the questions that we get around
retirement and planning for retirement. So very popular field, very engaged
people that we come across when we're out and about. So, I want to start with
the first two questions I'm going to start with and I'm
going to say, look, I'd be retired if I had a dollar for every
time these got asked April.

So, the first one there,
what age can I retire? Has anyone asked you that before? Oh yes. I would be have a full
piggy bank by now as well. Beautiful. So, that's a very commonly asked question
and technically the answer to that, when can I retire, the answer is – any time you want. There is actually no set
retirement age in Australia. So, for example, I could retire
right now. I know I don't sound and look it, but I'm actually 47.
I know look like I'm 23, but I'm 47. I could retire right now,
but could I afford to? So, if I had rental
income from properties, if I had money in the bank,
if I had income from shares, inheritance money, I could
technically retire right now.

But, it's like, what are
my sources of income? What am I going to live off? I don't get access to my superannuation
until a certain age. I don't get access to any Age Pension help
till a certain age. So these are the things
you need to think about when it comes to planning your retirement. So, as an ex-financial adviser, a
client always springs to mind here. It's probably the most stark example
I have where she came to see me, and, as you do – hey, you know,
what are you here for today? And she said, I want to see
if I can afford to retire. And I'm like, okay. So I started asking the usual questions.
When you're looking to retire? And she said, well, I'm looking
to retire in two weeks. I've already handed in my notice.
So she was just looking for justification that
she was okay to retire. And so when we did the exercise,
looked at her assets, what she had, what she wanted to do in

When we did the calculations, it showed that
she could only actually do what she wanted to do for the first
6 or 7 years of her retirement. Then she would have spent all her super
and then she would have been subject to whatever the Age Pension
was going to pay her. So that wasn't the lifestyle
she wanted in retirement. After 6 or 7 years, she didn't have enough
super to do what she wanted to do.

So, I wanted to share that
because it really leads me to the next commonly asked question. And I'm sure you've
seen this in the media. How much super do I need to retire on? Now, everyone groans when I give them my
answer, but the answer is – it depends. And just like you heard me share that story with the client, it
depends on what you want to do. So a common example or an exercise I would have taken my clients
through was, you know, travel. What do you want to do with
yourself in retirement? I'll pick on April here. So, April's married to an Englishman. So I imagine, April when you retire, you want to be able to go
home to England and visit. Visit your hubbie's rellies. Yes, yes. I will need to save up
to travel to England. But unlike yourself, luckily your
family all live in Australia, so we might be saving for different things.

That's it. So very big difference. So as April said, my family are
all in South East Queensland. So I don't even have to leave the state. So for April, to visit the family,
she needs to factor in flights, accommodation, hire cars and how often do
they want to go overseas. Versus myself, I've only got to put in half a tank of gas and the furthest I've
got to go is Bundaberg. So very different needs
for how much super we need just on that topic alone.
It can also be cars. Am I looking to upgrade my car regularly? New car, second hand car.

Even things like where I go out to eat. Do I like to go to five star dining
and get my favourite bottle of wine? Or is fish and chips at the local takeaway. Is that what I like to do? So these are the kinds of
things you need to consider when it comes to your retirement
and how much super you need. What does a day look like? What does a week look like
for you in retirement? And you need to have a really good
picture, and that's a fun thing to do. Sit down with your favourite
drink and just dream. What would you like your
retirement to look like? Now, once you've done that, though,
you need to put a price tag to it. So April, could you help us with that? You do need to put an annual
price tag on that dream, Kane. And how can you do it? Well, there's three types of
ways you could actually look at finding how much you need in retirement. So, one of them might be the budget. So you're writing down,
what does electricity cost? What does my travel cost? What does my car cost? What bills am I needing to pay? Now we know, being in those seminars,
we'll have 300 people in the room and maybe about 3 people put their hands up loving that
idea with the spreadsheets.

So it's not always
the most popular one. So let's look at an easy one,
which is the two-thirds rule. So what is two-thirds rule? Basically, if you want to still
maintain the same lifestyle as you are at the moment, what you're doing is you're
looking at your current income and what is two-thirds
of your gross income. So why two-thirds? It's because the average Australian will pay
about about a third per cent in tax. Okay, so there's that two-thirds rule that might make it easier for you. But
maybe you might want a bit of guidance. And how can you actually
calculate or assume how much you might need in retirement? There's a brilliant website, it's called superguru.com.au.

And what's on that website is what's
called the ASFA Retirement Standard. So what is this? It's basically a survey that
they've gone out and surveyed our current retirees to see
how much money they're spending and what they're spending their money
on. And what you'll be able to see is a comparison between
what our current retirees consider a comfortable lifestyle
versus a modest lifestyle. And this is also assuming that
you do own your own home as well. But they'll go through things like travel,
being able to afford to have two cars, you know, being able to afford private health. So those types of questions
are answered for you. So I highly recommend going
to superguru.com.au. Now once we've got our plan,
we know how to budget, how are we going to find, Kane, if we're
on track to that ideal retirement? Okay, so great question, April.

So you've thought about what
you want to do in retirement. You've put a price tag to it,
an annual price tag to it. So then we move on to how do
you know if you're on track? A great tip here is have a look
on your superannuation website. A lot of the super funds have
some great tools or calculators on their website. It might be called a Retirement
projection calculator or Retirement income calculator, but effectively
you put in your current situation, I'm 40, I'm working, this is my
pay, this is my super balance. Then, you know, you can project ahead to see, what's my balance going to be
like when I would like to retire? So they're some great tools. Have a look on your superannuation funds' website, and, again, you can
have a look at any of the funds and see what they've got on there.

That's a really useful
tool to do yourself. And, also obviously the most accurate
way is go and get financial advice. So as I shared that story,
to open with that, if you want to know am I on track, you
can go to a financial adviser. They will find out your exact situation now and project it forward to
you with a lot more in-depth calculators and tools then what
you'll get just by yourself. So, alright, I've used the calculator,
Kane, thank you very much, but it's telling me a horrible story,
you know, I'm not on track. There might be a gap. There might be a gap. Exactly.
You might get some horrible things. So this is where you don't smash the
computer, if that's what you're using. There are lots of things you can do
and I applaud anyone that's listening, This is a really great place to start. Educate yourself. So it could be listening
to podcasts like this. It could be, again, having a look
at your superannuation website. They've often got a lot of
educational material on there.

They've got articles, they've
got short videos, some really great resources on there.
Call your super fund. No question too silly. Give your super
fund a call and ask those questions. A really great place to start as well. Also, your your fund might offer
seminars or webinars. I know that's what April and I
do for a living and we love it. That's our bread and butter. And lastly, as I've also mentioned,
you've obviously got financial advice, which is that personalised
plan for yourself. But if I've done that, April, so I've
thought about what I want to do in retirement, I've put a price
tag to it and I'm not on track. What can I do? What can you do? Yeah, exactly. So you found out this gap. How can you bridge that gap? Let's talk about growing superannuation. So we're looking at three
particular things right now. So a way to grow your
superannuation is contributions. So putting money into your
account. Now there is different types of ways you can contribute
to your superannuation. So, for example, maybe a lower income
earner might look to claim a government co-contribution, maybe a higher income
earner might look to salary sacrifice or tax deductions.

Again, something
to call the superannuation fund. There's lots of different types
of contributions you can make. Find out what one's going
to be best for yourself. So your funds in superannuation
are invested. And every dollar you earn on that investment
option is being reinvested. So it's so important to choose the
right investment option for you. And maybe that option might change over
time depending on what your objectives is. Another way to grow super is
how about we reduce costs that we pay. So ask your super fund, is there a way to reduce the
costs of my superannuation? You might be paying insurance
premiums where you may not necessarily need that insurance, but
insurances are also very important. Another question we get is when
can I access my superannuation? And I remember speaking to a lady,
I just came across her in my uniform. She was 63 years of age and she
said to me, I cannot wait to retire.

And I said to her, how come
you're not retired now? And she said, well, I can only
access my super at the age of 67. And this is where there is that real misconception with
when you can access your super. When you can access Age Pension
is either 66 or 67, depending on when you were born. Okay, that's Age Pension. Superannuation is different though.

So superannuation is when you've met your preservation age
and you've permanently retired. So your preservation age, if you're
born after the 30th of June 1964, preservation age would be 60. So if you ceased work over 60,
if you're retired over 60, another age is 65. So that's a magical age
regardless of your working arrangements. But can you access your super
if you're in between? So you're over your preservation
age, under the age of 65. Can you access some of your super? Well, yes, you can look at something that's
called a Transition to Retirement account, otherwise known as
a TTR. Now Kane, take it away. What is a Transition
to Retirement account? Okay, I might take it back a step. So a question we often get asked
is, should I fully retire just working full time then quit cold turkey,
or should I ease into retirement? And that's actually why the government created this thing
called a transition to retirement. The name gives it away. It was invented so that I don't have to keep working full time.
So say I'm doing five days a week, I might want to go down
to three days a week.

I can't live on that reduced income,
so I can access some of my super through this transition to retirement
pension to top up the income I need. So that's what the government
designed it for. It's often a great way to ease into retirement so you
get a better work-life balance. And I think that's very important
because what's often not talked about is the non-financial
side of retirement. So often my purpose, my reason to get out of bed, is my
job and that's my circle of friends. You might be surprised how much
your workmates are your friends. And when you retire, they're gone. They're gone and you don't have
a reason to get out of bed. So, maybe dropping to part-time. Then I'm starting to establish new social
groups, new routines, new habits. And I've got one foot in retirement,
one foot in the work camp. And another key thing that a transition to
retirement can play is when it comes to retiring, it
might be, you know what if I had to still work full-time,
I've got one year left in me.

I just, I can't do it anymore. But if I was able to, and again you
need your employer to agree to this, but if I was able to, say, drop
back to three days a week, I've got that work-life balance. I've got a four-day weekend,
I might find that, you know what, I enjoy that balance and I might
work another 5 or 6 years rather than just one year if I was full-time. So that can actually help you stretch your retirement money because
you're not retiring cold turkey, and just living on super. You've got a bit of income, a bit
of super, so it slows the drawdown on your superannuation. So that's another great consideration to think about with this Transition
to Retirement product. Now, if I'm going to look at a TTR and sorry if I do say TTR, we are
talking about transition to retirement, it'll just shave some time off
and stop me getting tongue tied. But there is some rules around a TTR.
So can you talk to those for us, April? Yes.

So as I mentioned before, rules
and how you can access this account is once you've met your preservation
age and you're under the age of 65. So with this Transition
to Retirement account, you can access between 4% to 10%
of your superannuation account. So what happens is you be moving
that money over to a Transition to Retirement account and then you can
opt to have how that is paid to you. So what frequency? So, for example, as Kane mentioned
there, if you're not wanting to rip the band aid off. And if you're wanting to just drop
down your hours and maybe you receive a fortnightly payment. So maybe you might opt to have
a fortnightly payment sent to you to supplement that loss of income
that you might be able to choose fortnightly, monthly, quarterly
bi-annually or annually. Now as you mentioned before there,
the Transition to Retirement was designed to kind of, as it says,
transition to retirement.

But as a former financial adviser,
Kane, I know advisers actually look to the Transition to Retirement
for another answer. So, why would you maybe
open up a Transition to Retirement account if you're
actually not transitioning? Okay, so good point you raise. So once this product was
released, so it is actually a superannuation product, but
the financial advice boffins got a hold of it and they saw
a way that they could use this in what we call a Transition to
Retirement strategy or a TTR strategy.

And effectively what you're doing
is, it works particularly well if I'm 60 or over, because when I get money out of super and
I'm 60 or over, it's tax-free income. So what are effectively a TTR strategy
is, I am salary sacrificing or making tax deductible contributions into super as much as
I can up to the limit. And then what I'm doing is I'm
starting a TTR pension with my super and replacing that with tax-free income if I'm over 60. If a TTR
strategy is set up well, I'm putting more money into
super through my salary sacrifice or pre-tax contributions than
I am pulling out through my TTR. So overall, my pot of retirement money is
growing even though I am drawing on it. So that is a rather complex reason
why people might use a TTR so they are still working full-time. I don't need extra money. I'm just looking at how can I boost
or accelerate my retirement savings. A TTR strategy could be of
interest to people out there. It is a technical one.

I do recommend do some more homework
on it and I can't stress enough, if you go and see a financial adviser, they can do all the hard work and crunch
all the numbers for you and work it out to the closest dollar for you. So just something to keep in mind with
that, and that does kind of lead me to the next one. You know, talking
about doing it yourself. But is it easy to plan
retirement yourself? Well, firstly, I think you need
to plan retirement yourself. So, as you mentioned, we'll
go right to the start of this podcast, jot down what
is your goals in retirement? What do you want your
retirement to look like? Because ultimately you're the
only person that knows that.

Now, I can also appreciate that
the people that are listening to this podcast might actually be
10, 20, 30 years off retirement. So how can you actually plan
for retirement when you may not necessarily know what you
want to do in retirement? Well, think about it this way,
it's giving yourself options. So if you become engaged with
your superannuation earlier, you might be able to retire
earlier, you might be able to do more overseas travel. And that's why it's so important
to engage with your super to give yourself those options. So once you've jot down those dreams, now you can actually go ahead
yourself and work out, you know, is there any income gaps, see
any calculators, do that. But, as you mentioned, Kane, and especially if you're looking
at the transition to retirement because they can be very confusing,
trying to explain how that works, maybe you might want to seek
some financial advice.

Okay, so contact your super fund, see
if financial advice is available for you. And education is really key, isn't it? So I'm going to get you to take us home, Kane, with the types of education
that we can help ourselves with. Thanks, April. So, look, I just want to stress, if
you're hearing some of this information for the first time, it's that age old saying – the best
time to plant a tree was a year ago. The next best time is today. So with anything that
you're learning around superannuation, it's
never too late to start. Don't ever feel like
you've missed the boat. Because even just making some last minute
small changes can still make a difference to your retirement outcome. So, I really encourage you to apply some
of the knowledge you've heard today and go and find more information. Call your super fund, jump
on their website, have a look at their resources. Listen to podcasts like this,
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Live your Best Life with the Best Retirement Advice You’ll Ever Get!!

we've been researching and living retirement for about 5 years now and we learned a lot about what works and quite frankly what doesn't work and we you know coached a lot of people and we get a lot of comments on our YouTube channel so there's a lot of people who enter this phase really unprepared and then they just wander around and end up bored and even depressed you know without the right strategies you're missing out on the joys and opportunities that retirement can offer to you so today we're going to give you the top 20 pieces of advice from ourselves but also from so many of our clients who are having a really great time in retirement that they describe as super successful and make sure you stay till the end because we're also going to throw in our top five retirement tips can't wait to get to that yeah exactly listen if you're new here I'm jod and this is my husband Mark now we don't focus on the financial aspects of retirement but really what we do focus on is lifestyle Health relation relationships and so much more we hope you like our videos and if you do please share them with someone you care about and definitely like them as you're on your way down your retirement Journey so let's talk a little bit about our journey for the last 5 years because we don't want you all to think just because we have a YouTube channel that we have it all figured out we do in many regards but I I would say the the one thing that we're doing really well is working at it we do yeah I would say that we work at it every day almost to the point where sometimes you know how you work at something so long that sometimes you're like okay I'm going to take a pause on this every once in a while I'll have to call the pause yeah and and I don't want to give away our five tips but the one thing that you and I have going for us well there's really 10 things but I only want to focus on one now is our communication yeah you know we don't always agree nor do we always get along well we always communicate yeah you know we really do give each other respect the space to have an opinion um and you know we're human beings and living together can have its challenges absolutely but we I think the big thing for us is experimenting we don't always agree we don't always get along but we always reset and regroup and what's what else am I looking to say well sometimes I think we also just do what I said just take a pause right I mean sometimes you have to just kind of step away to go back at it with fresh eyes yeah so you know we keep we do keep track of what's working and what isn't working for us and you know what worked for us for all the years that we were married that we were working may not work for us now so we've had to adapt a few things for sure you know when we were working it was I'm not going to say it was easier but there was so much going on there really was no downtime right now we have downtime and we need to make sure we're we're doing it the right way y so you might be wondering why do you even need to think this Harden retirement well we have people say that to us all the time you know you guys make it sound like it's so much work in retirement that's when you're supposed to have no work right well what we found out is our retirement other people's retirements are successful and they're happy because they spend a little bit of time working on things right now by the way we've got a whole bunch of free downloads but we're going to put a link below to one it's a health and wellness checklist we want you to get that download and use that to kind of reset your health in retirement that's really really important so let's jump into some of the best retirement advice we've heard from RE reies thus far and again stay till the end where we'll do our top five retirement tips okay first thing stay active first thing always what staying active it is it's one of our first things we always say I can't emphasize this enough now we have a new puppy who is in the background is he eating something well just a dresser no he's eating a knob on a dresser maybe you should grab him but staying active it's her uh yeah it's a her so we'll bring her up um you get to see Ruby this but uh staying Physically Active it boosts your mood it boosts your health you know walking walking walking our dog is always helpful but we're both pretty big fans of some regular type of exercise Absolut and you need to do that yep yep and you know we read a great book called outlived by Dr Peter ATA and he talks a lot about exercising being the best medicine for longevity okay you can't lick the microphone all right second thing nutrition you've really got to understand what it is that you put into your mouth you know my mom said that when I was a kid but as we get older you know there are changing nutritional needs that we need to be aware of and you got to have a good balance of fruits vegetables lean proteins and whole grains absolutely and you know you have to also stay hydrated you know you have to limit your intake of sugary or processed foods and definitely make sure that you're Consulting a nutritionist I think or a dietitian even of sorts and make it fun in the kitchen you know explore some new recipes or Cuisines to keep your meals exciting and nutritious yeah you do good with that because you're really our cook I'm really appetizers Ambiance and clean up well we've moved from Strictly meat and potatoes and gravies I I call it comfort food to more of a Mediterranean diet so we don't do much beef we do a lot of chicken we do a lot of fish having fish tonight right um a lot of vegetables and we feel better because of that the exercise and nutrition really makes us feel great absolutely so the next thing is really to just you know our retirees tell us all the time you know continuous and constant learning keeps our brains active and really keeps us sharp and keeps us young yeah and you know retirement offers you the freedom to explore new hobbies or skills or go to the library when was the last time you're in a library you know it's amazing to walk I love walking through bookstores but walk through a library is even more fun because it just massive and there's so many different sections you can get lost in there forever right and you know I think that uh local community centers like uh got down here in Florida they've got all of these nature preserves they just kind of fun to go walks Serenity walks and different things another thing that's really important and the fourth tip today is socializing you really got to make sure you're getting out and making new connections there are a lot of people in the same boat that you're in right that want to meet new people down here in Florida we're just really getting so much better at putting ourselves out there Y where you can volunteer join a club um I and it's not that hard you know I think we make socialization as we age a lot harder than it really needs to be it's like almost like we build up these walls around how am I going to get invited or who am I going to know or what am I going to say and you know really it's just a matter of putting yourself out there and being you I mean you you are very interesting and what we always tell our kids is it's important to be both interesting when you're socializing and interested so you know have your battery of questions kind of lined up that you're going to you know say to people when you're in Social settings a lot a lot of it is easier than you think so that's all about meeting new people and networking so to speak uh the other thing the fifth tip is nurturing your current relationships we get that a lot from our retirees what's that that need to do this once they are retire I mean whether it's your children or your old colleagues at work or your relatives or high school friends or college friends these are people that at one point in your life were probably pretty close to you will reach out and find out what they're doing look for them on Facebook or whatever but don't be afraid they're probably wondering if they're retired as well gosh I I wonder where my high school friends are and when you call them I guarantee you they're going to be like oh my gosh I can't believe it just called and you have the most wonderful conversation so I also think that in the nurturing relationship bucket Mark I I also think it's a time where you can really sit back and address any unresolved conflicts that you might have whether that's with family or old friends or you know old neighbors or colleagues you know it's a good time to be able to address all of that for sure okay um staying financially Savvy lot of the lot of our clients and ourselves and people leave comments that you know how much money can I spend spend should I downsize or rent when should I take Social Security or my pension you know we have a great tool that we um came in contact with through new retirement and it's actually a um a portal where you can connect all your bank accounts and it actually pulls everything and it shows how much you're spending it shows you what might happen if you downst it's a really cool too it's it's like a scenario plan yeah so we'll put that down below but these are all questions that people have you need to get the answers so either a financial planner or um your accountant or using this tool but you know having a regular budget can be helpful because you kind of know how much you can spend right um I think the other thing that we see a lot of because we get it all the time too is being really careful about scams oh I know you know this thing where people call up and say that uh it's it's an email and or they'll say is this Mark Rollins and you say yes and then they have your yes there so there's a lot of those things that are happening good financial adviser and really understanding your finances is really important okay the next thing I would say and and I didn't do this as much during my career but I've really taken this on um and with some advice from our retirees is prioritizing your mental health your mental health and wellness is so important it's critical and almost as crucial as your physical health right uhoh Ruby's getting adventurous Ruby's getting out of hand um you know meditation I talk about meditation a lot lot I talk about journeying a lot and you know five five or six years ago I started meditating and if you asked me the day before I was meditating would I ever do it I would I would have said no yeah but it really is a lifesaver now it really helps me every morning to kind of get myself set for the day journaling gets my ideas and my feelings out on a piece of paper it really has helped me tremendously be more calm and in the moment for whatever comes our way absolutely and you know what I I remember you and I remember you the day before you started and and you really that's a true statement you never would have done it if if you didn't you know kind of feel like you had to do it at that point okay the next thing I would say is um you know our retirees these days are really embracing technology you know it offers a great tool to stay connected and informed and even entertained and then there's you know the platforms like Zoom or Skype that allow you to do virtual meetups with family family members we just yesterday gave our grandson Luca his fifth birthday present oh yeah via Zoom they're in California they're in California and we're here in Florida and we had the present all set it was all ready you know we had it all kind of concealed his eyes were covered and um that was really the only way we were able to celebrate so I think it was good that we were able to do that and they're able to do it you know back with us I mean I think Luka could zoom or Skype us probably without his parents well on the way to school a lot in the morning uh Jonathan will give Luca his phone and luuka and I will have a conversation on the way to school which is fun so there's um there's a lot you can do with technology and I I find that when people are struggling with technology they're struggling with life so really investing some time and learning how to use your phone right learning how to use your computer it really is important I think the next you know the next thing our retirees tell us is you know you know travel and explore you know traveling provides such EXP exposure to new cultures you know I know we've got a safari coming up at the end of next year we're both a little nervous about um but new cultures new foods new experiences and even some local trips some stations but going to the next town over I know I had a hard time saying that the other day but the next town over can be really fun and it keeps you busy so you can plan a trip you can research trips we we've we've now seen recently there's a lot of travel agents that specialize in trips for solo not solos solo retirees or solo people individual people so you go on a vacation with 10 people who are all there on their own right and you know the travel agent does a pretty good job we hear of making sure that you're all the same um you know you're you're going to the same place for the same reason and that you'll pretty much get along so that's great so more advice from our um retirees that we've been kind of investigating and calculating this is always a favorite re-evaluate your living situation and you know what I mean by that is you know consider your proximity to you know family to friends to Health Care Facilities to your doctors to your favorite recreational areas you know re-evaluate if where you are here today is where you really want to be or need to be as you move through your retirement yeah I think that's really important because there are so many options for you today to live and again it's not just about downsizing which I think we're going to talk about in a minute but it's really where do you live and how are you living we we always talk about wanting to end up as we get older being there one of our kids and we have six it's just hard but they haven't really we're not necessarily on the same page on this one what do you mean well I mean I think it would be great but I like who do you pick how do you pick what do you do I I'm not going to say it on here but I know who I'm going to pick okay I want to be taken care of okay I know who she is oops did I say that okay so the the next thing is downsizing or rightsizing your home so this has Financial connotations but it also has a tremendous amount of um psychological stumbling blocks that you need to get over in order to even think about downsizing and the first place to start instead of just saying I don't want to talk about it with your partner you have to talk about it I think that's really the first thing we have a lot of people who are frustrated with this topic because they're spouse or partner don't want to talk about it well well the retirees that we spoke to for this video said you know this is a scary and dangerous topic right downsizing you know decluttering is a little bit easier than downsizing downsizing means you're thinking of making a big move right and if you're both not on the same page it becomes divisive so you know the retirees uh that we talked to said this is good advice to start to bring up early in your retirement really planning the seeds you know where do you stand on on this you know is simplifying something that's going to lead to less stress or are you the house that everyone comes to and and we've done and that's fine too we've done uh several videos on this topic of downsizing there's another one that says if downsizing isn't right for you some things that you can do really the process here is to simplify your life you're now in a phase of your life where you've got more free time you can travel so will Trading houses up or down make your life simple right so right and it's you know it's a therapeutic process and speaking of a therapeutic process the next thing that everyone says helps them so much is beginning the process of decluttering right and that oh my gosh we we try to declutter all the time it gives you mental Clarity it makes your home safer and there's so many emotional but what's so funny I'm laughing because if we try to declutter all the time where's the Clutter coming from I don't well yeah the first thing is to stop buying stuff right yeah exactly because you know take the Amazon app off of your phone because you know when you declutter you know and then you declutter again and again you got to start saying to yourself where is it all coming from well I I mean you can start with a closet you can start with a dresser and you know there's a lot of gems inside your closet and your dresser that other people can use if you're not using I mean if you're not if you haven't worn a c outfit for 2 years get rid of it yeah you're never going to wear it again the other thing is when you when you take a look at an item in your closet if you wouldn't buy that new today get rid of it right you know so you know you don't need your suits anymore your work clothes if you've retired so decluttering can really be fun we did we've done a lot of videos on that too you know this next um item a lot of our retirees really felt uh strongly about and and that is to document your legacy you know sharing your life stories is such a gift to all the future Generations in your world you know writing or recording or even creating digital albums you know can be great methods of documenting your legacy and this is the one thread I think that I heard that just everyone spoke about with passion there's a good friend of mine um who is a a grandmother she's got three children and five grand grandchilden and she writes a letter I think she writes two letters a year to each grandchild every year she's been doing that since the kids were born and she's telling them stories she's sharing with them a little bit about her um her preferences or political background uh you know how she feels about certain current events that are going on right now it's really going to be an amazing gift to give to these kids to be able to have a letter from their grandma mother from 20 years ago about some current event that was happening and how it's making her feel so it really is a neat project that she's done yep well you just saw Ruby or maybe you did but adopting a pet you know it gives this is controversial with retirees actually okay you know because and I didn't mean to interrupt you I know I'm going to get hit with comments on stop interrupting it's typically me that interrupts you that's what the comments say but um you know adopting a pet or rescuing a pet or somehow putting that type of love and companionship into your life gives you so much the flip side and I guess where I'd say it becomes controversial is you have to be you know ready for it you have to have you know the financial wherewithal to handle it you have to have the bandwidth to handle the training the potty training the dog walking you have to have good physical activity and if you don't it's going to help you get there but you have to be ready for it and this one just kind of was like uh probably 7 25 a was interesting for us though we've had two dogs together before we had sugar um and we had little Max and we just got the dogs and we just brought them up the way we wanted to well because we were working we were still so now we have Ruby for three days and I said to jod why don't we do this differently why don't we find some YouTube channels and learn how to really train a dog well it's actually been really exciting for us because we're learning some things we never knew right and I think it's been really helpful for us and for little Ruby and for rucious yeah so having a Pet's great it well it's works for us and again it was kind of a controversial well there is a lot of love that comes back yep and there's just a lot of anxiety that comes with the love so all right the 15th tip you could join a club or start a club right so coffee uh with uh so for a man get one buddy have coffee once once a week bringing have him bring a guest and you bring a guest get up to like 10 people and have weekly coffee tell stories I I do that all the time and I love it so it's it's a really fun way to well let me say this it's important Jody and I have a business we're married we have kids we do a lot together but we do a fair amount apart too so I think that for everyone in retirement if you're solo you're solo but if you're a couple you got to have your own stuff yeah you got to have your own club you got to have your own group yep um you know the next thing is to seek out mentorship opportunities you know um again our retirees had a wealth of professional and life experiences and there's so much that they could share with younger Generations that they would engage in really meaningful guided conversations that helped build multigenerational connections for them and again they got pretty charged up about seek seeking out these opportunities you know Mark and I did that at the University of Hartford in one of the business classes where we kind of did a guest professorship for a day and then we actually took applications for um for students to mentor and it was a really fun year for us well the thing there's a couple things that happen first of all you're helping someone else but you feel fulfilled you know you feel like you have a sense of purpose uh by guiding others and the other thing is I'm going to go guide is get getting mentored by someone who's younger than you I mean I have two mentors we kind of Mentor each other one is my son and one is another young professional that I know but but I actually can learn a lot from them they have a different outlook on business they have a different outlook on life and it really has been helpful to me for sure so that that's been fun yeah it has sorry I had to step away um this was I thought an interesting one and this came from a a a pocket of our um friends and retirees that wanted to engage in artistic Pursuits um I would put myself in this area I haven't done it yet but exploring different art forums and painting and pottery you know our neighbor across the street Jen she does that every year whenever she gets down to Florida she joins last last year was Pottery this year it's painting drawing it's drawing drawing she joins um art classes and workshops and goes to the local community center and she loves it and that's something I think I would like to do cuz I don't do much for my artistic side but it gives you also um uh Arts a form of expression and emotional release and if you're into that at all it really is kind of fun to do that I mean this in a way what we're doing is Artistic Pursuits I mean we're shooting video and we're you know um you know building a little business but it it's uh it's fun I would I wouldn't say it's a hobby but we've had to learn so much so it's been kind of cool y on the other thing and we just did a Facebook live on this yesterday is um staying updated with current events you know we we did a a Facebook live yesterday in our in our community uh do you consume the news or is the news consuming you right so really finding a way to get good solid news we think is important I mean trying to find reputable news sources or magazines is really helpful versus getting caught up in what everyone calls the fake news if you will but you know uh get involved with Community discussions or forums talk to friends don't be so judgmental when someone has a certain opinion on a news article but really finding a balance there because it is important to stay up to date it is I believe it really is important to stay up to date but like you said it's also can be all consuming we do have some retirees that watch the news Chann channels and you can watch the news channels now 24 hours a day so uh we do have some folks that are doing that which isn't probably the healthiest the next one is well before you do that one of the what's that I interrupted you I get a good comment um we stepped away we have stepped away from watching the news in a in a big way so we'll watch the evening news for I don't know 35 minutes we watch some things on um well Evan your daughter told us to watch NPR well listen that's a podcast it's a podcast so we we we get some news that way but um staying informed about local events or Community changes we kind of stepped away from that we jumped back in you found out about this great concert taking place and then you signed up for it and it was full yeah I mean literally the day I saw it which means it probably was out there before yeah so I think the whole idea of current events is really important things happening in your community so I didn't mean to interrupt you but I didn't want to forget that okay I think the next thing that we heard a lot about from everybody was planning regular family events or Gatherings you know now you have the time to organize events and birthdays and anniversaries and really start to create traditional Traditions like annual family picnics or you know um different things you could do with grandchildren either in groups or select one at a time I mean that's really something fun that you can um really jump into I think yeah we have Thanksgiving um in Florida this Thanksgiving couple weeks couple weeks and we've got five of our six kids coming with their partners and um the grandkids are not going to make it but we can't wait for that and we make it special and we make it a lot of fun and they all have their favorite food here and little gifts and we take a lot of pictures so that we can have really good memories for um for the future um you know investing in self-care is really really important a lot of people don't take time to do that you what it shouldn't have been number 20 it shouldn't have been last no it shouldn't it really shouldn't because now is the time you can dedicate for relaxation and meditation and deep breathing and different things like that if you can afford to get a massage once in a while um you know do yoga on the beach you got to get your health checkups I I know I um I think we'll leave a link below we have a a free yeah Health checkup worksheet is really great so you can download that we'll put that in the comments below but you know you want to engage in activities that stimulate your mind puzzles games right you have to get adequate sleep and rest we have the aura ring so we track our sleep the first thing we talk about in the morning is well just how you do what are your numbers you guys have been patient our top five retirement tips number one you have to have a plan y you need a short long-term plan you need 5 10 15 20 years or more out you know my my plan is to be physically independent at the age of 90 you You' heard me say that before so that is what drives me to get up and exercise every single day and we start each day with a plan that's a good segue to the second big tip exercise exercise exercise exercise exercise it's the number one thing that we can do for ourselves to be healthy and if you're not exercising now keep it simple walk out the front door walk 10 minutes one way and come back and do that for 5 days and then go 15 minutes and then do 20 minutes for a week so you got to do that the third top tip is you've got to build a community of people you've whether it's your family you reach out to whether it's Friends new friends neighbors re-engaging with old work friends number three is you've got to build community and the fourth tip would be healthy habits really review your habits you know think about can you limit your alcohol can you stop any bad habits I mean you stopped cigar smoking you pretty much eliminated chocolate chip cookies pretty much eliminated what do you mean pretty much you bought them yesterday and I haven't had one yet and you're going to throw them out I'm having them and you know keeping ahead of better nutrition you know eliminating your bad foods and making sure you're eating what makes you feel good I was thinking about this this morning healthy habits or food alcohol whatever it is I drink very little now so if you can try going for two weeks let's just say two weeks no alcohol uh change your nutritions try to eat healthy try to get good sleep it's amazing how much sleep you can get when you don't have any alcohol yes try it for two weeks see how you feel just see if you feel any different because that's what's happened to me if I have a glass of wine I feel like crap the next day I've gotten so used to not having one glass yeah yeah but but anyway all right the the fifth thing is to give back you know volunteer start or get a dog Ruby really like that one volunteer or start a company you know during our career we got fulfillment out of our job but volunteering is a great way to replace that right um and if you're married in a relationship have fun have fun with each other look how much fun we're having and doing this right sorry about flexible with each other you know she's brand new we run into trouble here at times together as a couple but try to find ways to have fun yes some of this was ser ious and it can affect your quality of life and other things are just downright important but all of it is to make this next phase of Life exciting and fun so we hope you enjoyed this and if you did this next video top tips for living longer in retirement on that video we talk not only about living longer but almost as important as living healthier so watch this one next

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How to Make Wealth look Undesirable: Succession

have a drink have a drink you beautiful kabad 
crane [ __ ] you yeah oh well well I I got to   say Well done you won yeah yeah money [Music] 
wins Here's to Us it's impossible to talk about   succession without talking about money because 
every scene is basically drowning in dollar signs   the Roy are a who owns a vast media Empire 
anchored by Amusement parks and a reactionary   right-wing News Channel as a result they live
in a world that is totally defined by wealth they   wear the finest suits and take private Jets from 
luxurious penthouses to Countryside mansions, they eat the fanciest food they drink the fanciest 
wine they have extravagant leisure activities   every single centimeter of their lives has been 
tailor made to ensure they get only the best of   the best taken as a whole The Show paints a picture of what it looks like to live with   all the money in the world conceptually it's a 
fantasy we've seen played out on screen lots of   times before from popular TV series like Dynasty, 
Dallas Gossip Girl billions and big little lies   to hit movies like crazy Rich Asians and the Wolf 
of Wall Street how to to 1% lives is a major part   of our media diet some offer a pure celebration 
of access while some cast a more critical eye.

But pretty much all of them give us the vicarious 
thrill of watching the Filthy Rich play with their   money it's pretty straightforward wish fulfillment.
Most of us live the majority of Our Lives penned   in by Bank balances that are never as high as 
we'd like so it's no wonder we lust after the   idea of a wife where all those limitations just 
melt way and we can do whatever we want all the   time look here's the thing about being rich 
okay it's [ __ ] great okay it's like being a   superhero only better you get to do what you want 
the authorities can't really touch you you get to   wear costume but it's designed by Armani there is 
a term for this 'Wealth P*rn' which describes media   that exists primarily so we can salivate over 
designer clothes and Lux Apartments the term   was coined by journalist Harry P in the year 2000 
it described the fawny news coverage of eating the wealthy in Publications like fortune and Forbes.

the term 'Wealth P*rn' becomes more loaded when it's   applied to Media that's ostensibly lampooning 
this excess while arguably indulging in it. The   Wolf of Wall Street and Billions for instance have 
both Continually divided critics as to where they   fall on this spectrum, so why are we so attracted 
to stories set within society's Upper Crust. Most   obviously wealth really looks good up on screen 
from Lux Apartments to designer clothes to Exotic   locals and the cinematography typically luxuriates 
in It. Cameras whir to capture the madcap excess   or Glide serenely across each perfectly manicured 
set. But that's not quite what we get in succession   their Apartments might be huge and their dinners 
might might cost more than any car I've ever   owned, but the world of the Roys rarely looks 
all that desirable, visually this comes from   the guerilla style of the cinematography the show 
uses free roaming cameramen to create a voyeuristic and lo-fi aesthetic.

This adds a DIY clumsiness 
to a designer World it also avoids the indulgent   Poise style as most media about the 1%. One of 
the show's directors Mark Mylod told Indiewire   that when filming the Roys in any opulent location he 
always makes sure the character is leading the cinematography rather than having a camera 
pan lovingly across a fancy set it's almost   an anti-athetic in terms of The Craft he says 
The show purposely avoids depicting Wealth as synonymous with beauty, the frequently unflattering 
lighting shows every dark under eye Circle   and wrinkle to Perfection and the beige color 
palette becomes overwhelming in its blandness   as series Creator Jesse Armstrong describes 
their lives are somewhat denuded of color. In   short for once being filthy Rich doesn't look 
filthy sexy and importantly the series used onset   wealth advisers de the cast fully inhabit the 
world of the one% grounding it into day-to-day   realism of Life as a rich person The Show was able to 
effectively de-eroticize the whole thing [Music] for example one piece of advice the cast received 
was about how they made their way in and out of   the helicopter notice that none of them ever duck 
the way we'de expect most people to.

That's because   when you've been traveling out way since childhood 
it's just natural is stepping onto a train or   climbing into a car which is maybe like Why Kendal
was so comfortable inside a helicopter that he   actively tries to drunkenly Pilot one because here's 
the thing if you dead Rich your whole life these   idea of being rich just isn't all that interesting 
Cinderella stories like crazy Rich Asians and Rise   and Fall Tales like Wolf of Wall Street are 
so effective because they give the audience   an avatar who enters the world of the wealthy with 
the same dwide Wonder as we would because Wealth P*rn is   really for those of us who will never experience 
that kind of opulence or unfettered freedom in real   life in contrast succession demystifies wealth the 
show pulls back the curtain to reveal the drudgery   and degradation required to create the seemless

Like when the Roys are getting ready to   have any decadent Feast rather than simply having 
their tasty treats appear on screen Fully formed the   show depicts every bit of the Pain sticking work 
their staff takes to prepare and serve it and   then Logan gets mad about a bad smell and oders  
the whole thing destroyed before a single bite   has been eaten and I don't want all this sat around 
in the stink Pizza we'll have pizza and so we get   to watch that same Army of service clear 
away a few rent checks worth of a haute quisine and   where succession does show A Cinderella Story it's not 
quite such a whirlwind romance.

Conner whose best   friend is Ferris Buelle is initially paying Willa to 
spend time with him as an escort before the two of   them decide to go steady who but even after the 
relationship remains transaction Willa shacks up   with a delusional rich guy twice her age because 
it's the only realistic hope she has of funding   her own creative Ambitions no matter how ill 
advised they might be you I don't need to see   the reviews you know I don't care exactly the 
plays brilliant who cares what some old white   dude from The New York Times says it's easy to 
write Willa off as a Sly opportunist but Connor   is equally complicit lording his money over her to 
get what he wants and that brings us to the second   part of wealth p*rn's appeal cuz it's never just 
about the pretty things that money can buy but   the power that comes with it enough of this [__] will
make you invincible able to conquer the world and   eviscerate your enemies.

Yet another Rich guy 
thinks money makes you a defecto Super heroe  , which recent comic book Cinema has confirmed 
what are your superpowers again I'm rich but even   if you are building Batmobiles or bulletproof 
armor wealth gives you immunity from the rules   which govern most people's lives any problem 
you encounter can be whisked away in a lurry   of dollar bills yeah yeah money wins there is a 
somewhat dangerous appeal in the idea of being so   strong that we can bend the world around us to our 
wills and the Roys are all high on this particular   power fantasy one of the great joys of watching 
Succession is the Stiletto sharp dialogue which turns   each conversation into a knife fight you don't 
do many of these sioban uh no I'm I'm hard to   get I'm exceedingly easy to get he sure you'll 
understand but he's going to need to offer an   alternative face for this discussion alternative 
face what the [_] does that mean if I drop my pants   I can show you an alternative face how does 
that sound.

These moments also give us an insight into   what life at the top as life the Roy's brutal 
way of talking to one another is a manner of   establishing dominance generally bored of their 
extreme wealth the power it gives them is the   real high and it's a vital part of their identity 
too they all have to believe that they   are corporate Warriors battering your way to the 
top of the food chain through cunning resilience   and ruthlessness in reality the Roys are rarely 
as impressive as they think they are they like   to imagine themselves playing four-dimensional 
chess as they plot and scheme their way toward   the world domination but the truth is that the 
Roys are constantly bumping up against their own   shortcommings. Kendall is an insecure mess and torn 
between a desperation for his father's approval   and a furious desire to take revenge upon him. You 
have a hard time finding a happy medium between   worshiping him and wanting to kill him he's vaguely 
pathetic even needing a personal driver for his   badass motorcycle his anxiety leads him to bungle 
two separate coup attempts and it takes nearly   losing everything for him to finally take decisive 

Roman has his own inadequacy issues which   have left him emotionally detached and sexually 
um incapacitated we never [ __ ] well yeah we do   no we don't. He covers this with an air of abrasive 
bravado but when push comes to shove he is still   a little boy terrified of his father. Siobhan often 
seems like the smartest and most confident sibling   but he and she continually overplace her hand and 
finds herself caught up in Logan's games and then   there's Connor who is so insulated by wealth that 
he has effectively lost touch with reality he's a   grown man living out quixotic fantasies until 
the money rise it's a half a mill a week I've   got AusterIitz. I've got my campaign and I'm not super 
liquid so I'm just I'm just wondering if I can hit   you for like like uh a little $100 Mil a little 
$100 Mil yeah well you maybe maybe but you have   to quit your campaign and at the end of the day 
every one of these kids just wants a kiss from   Daddy [ __ ] what the [ __ ] Frank how can we 
solve this this you still want to pursue this   yeah of course I want to pursue I want to announce 
this is part of the whole thing this is the secret   sauce do we need to sweeten the offer you want to 
bump the offer another point do you want to call   your dad do I want to call my dad no I don't want 
to call my dad do you want to call your dad no no   do you want to call your dad does anybody want to 
call their dad okay nobody wants to talk to their   [ __ ] dad so we've started so let's buy this 
[ __ ] company I'm pushing the bit to 120 okay   okay the truth is that none of the Royers of the 
machia ellian Geniuses that they think they are   when their plans succeed it's rarely because they 
intellectually outmaneuvered their opponents or   executed some daring scheme is just because they 
are really really rich clearly Kendall imagines   himself as the Unstoppable boardroom Warrior 
laying waste to his enemies and seizing what   he wants reality he's just a rich kid playing his 
dad's money he wasn't able to persuade seduce or   intimidate his opponent into a deal so he's just 
thrown money at him until he agrees there's no   marriage to his victory no proof of Talent OR 
character he wins as the Roy always do simply   because of how rich he is cuz I'm going to stuff 
your mouth with so much money you're going to Gold   figurines non-disclosure agreement non- voting 
shares non-compete I'm going to lock you in a   golden cage you with a silver dildo and pay you 
so much you sing whatever song I want and that's   ultimately who the Roy are that's why the show is 
able to avoid the wealth corn trap everything in   the Roy light what's expensive and yet practically 
n of it seems desirable it's clear that we aren't   watching the Masters of the Universe go about 
their dobly business instead they're just a bunch   of entric insecure [ __ ] lording her power so 
that they can feel important and even their most   extravagant moments tend to be tied up to bet it 
they'll buy out an entire theme park to in back   their children's love or barter holidays with 
their mother to save their dad a piece of real   estate ultimately all of their Adventures boil 
down to greedy squabbles over extra dollars I love   you uh-huh great thanks no I don't know I love you 
I love this rock bye Rock you're dead what does it mean I won't let anything happen to you you told   me you told me you wanted an open 
relationship on our [ __ ] wedding night oh so you been stewing on 
that well yes I have been St enough actually I'm not a hippie shift 
I don't want to stuff a dildo up   my I don't want I don't want to 
do threesome okay on our wedding   night bang Shanghai into a into 
a open borders free [ __ ] trade deal it was just an idea well that's that's 
a biggie just to throw in at the their world   for all its luxurious fitions is cold empty 
and real lessly Petty and so are they Rich's   kaida makes them so compelling you proposed to 
me you proposed to me in my lowest [ __ ] E my   dad was dying what was I supposed to say perhaps 
no I didn't want to hurt your feelings oh thanks   thanks for that yeah you really kept me safe 
while you ran off to [ __ ] the phone book we   can to see the broken Humanity that they have 
tried to paint over in Golden Leaf the parts of   him that are desper for acceptance terrified of 
failure and haunted by childhood demons and this   is actually pretty fitting while a lot of us 
might acquaint massive wealth with happiness   a number of studies suggest things are more 
complicated there's conflicting data but one   influential study actually found that money stops 
quote unquote buying happiness once you reached a   $75,000 salary what's more a striking number of 
billionaires become clinically depressed upon   hitting a big some researchers think that this is 
because material wealth can isolate you from other   people leading you to Value Independence 
over human connection and that's possibly   because only lots of fancy makes you feel more 
competitive with those around you it this kind   of isolation and lack of human connection 
is Right throughout succession we see it   in the jumpy dislocated camera moves and sterile 
environment and in the way the characters treat   each other when a recently sord of kidnapped 
Roman TR has to share his feelings with the   siblings he is roundly mocked for showing even 
a trace of vulnerability our feelings how am I   the mature one here we don't have any feelings 
what are you talking about in this way rather   than gawking at their Ladish Lifestyles or 
brilliant power moves the show reveals the   character's deeply damaged course their pettiness 
their jealousy their constant self- sabotage and   there's nothing pornographic about it however much 
we enjoy watching them screw each other like to be   married to a man with two [ __ ] if I was to give 
Tom a letter grade i' give him a B+ for Bad Plus terrible that was all [ __ ] me they hit me from 
every [ __ ] sign it's okay Tom you did good oh   I didn't get enough resour spend on me okay what 
the [ __ ] is going on I'm getting I was [ __ ]   from every direction are you [ __ ] me shiv Tom 
huh I'm the psy I'm the meat and the sandwich as   Jerry is a Bulletproof Monk Kendall Lan in reserve 
I'm the meat and the [ __ ] sandwich Cal down oh   [ __ ] fu oh [ __ ] oh [ __ ] oh [ __ ] okay 
oh [ __ ] guys everything is fine nothing bad   is happening here oh man oh my God [ __ ] man 
I just turned down a quarter of a billion and   now I'm going to jail forever cuz of this [ __ ] 
guy man this [ __ ] you outside out [ __ ] side now unbelievable [Music] Jess we keep an eye on you okay it's all right what a 
[ __ ] show what a [ __ ] [ __ ] show

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New IRA & 401K Early Withdrawal Rules Starting in 2024 | Early Retirement Guide

President Biden just signed a 1.7 trillion dollar government spending bill on December 29th which includes the 53 billion retirement bill that will have a lot of changes starting in 2023 24 and 25. a few weeks ago I did a video on the new 401K perks and Rule changes this video is to focus on the withdrawal rule changes for tax penalties for your IRA and 401K generally speaking if you touch your retirement before you turn 59 and a half there will be a 10 tax penalty and there are already exceptions to the 401k or IRA 10 penalty rule If you experience a significant life event but there are four new rules that I want to make sure that you're aware of however unless it is a matter of life and death I would never recommend or encourage you to make an early withdrawal from your retirement accounts taking money out of your retirement accounts should be your very last resort my wife and I have a fully funded emergency fund that will cover at least six months of expenses if one of us loses job becomes physically incapacitated or has any significant life event and we will always deplete our cash and investment accounts before we touch our retirement accounts because every dollar I withdrawal now will have severe consequences and possibly even delay my retirement but I want I want to make sure you guys are aware of the rule changes so you can educate yourselves about your retirement accounts but anyway I'm gonna put chapters in this video so you can feel free to jump into the video that applies to your financial situation and if you need help with your personal finances like creating a budget or savings plan to achieve your financial Independence you can't schedule a free one-on-one 20-minute Financial coaching session by visiting fivestarchy.com coaching the first provision that got added under secure act 2.0 was a terminal illness and it surprises me that it took Congress this long to waive the 10 penalty for people with terminal illnesses the law defines terminally ill as an illness or physical condition that can be be expected to result in death within 84 months of a doctor's assessment which will be substituted for 24 months so if you haven't reached the regular retirement age of 59 and a half and you're diagnosed with a terminal illness with a qualified physician then the IRS will forgive the 10 penalty but you'll still owe federal and state income taxes this is on page 2280 of the 4100 page Consolidated Appropriations Act of 2023 the next provision they added was to allow domestic abuse victims from a spouse or domestic partner to withdraw up to ten thousand dollars in retirement funds within a year of the incident this rule will take effect in 2024 and I'm not sure why we can't start this now but this is on page 2253 of the spending bill in section 314.

It's up to ten thousand dollars or fifty percent of the present value of the non-forfeitable accrued benefit of the employee under the plan and the one-year period begins on any date on which the individual is a victim of domestic abuse by a spouse or domestic partner the definition of domestic abuse is on page 2254 under subparagraph two now I've seen comments in the in a past video about how stay home spouses or parents can't have any retirement funds as a stay-at-home parent or spouse you can actually set up what's called a spousal Roth IRA if you and your spouse are filing your taxes jointly I did a video on that and I encourage you to share that video with people you know and look if you're a victim of domestic violence or abuse please call the National Domestic Violence Hotline at 1-800-799-7233 people who have physically abuse their spouses or partners are some of the biggest pieces of crap or just scums and I witnessed domestic abuse as a child growing up and no one ever deserves to be abused and you should never be responsible for your partner or spouse's abuse of actions let me move on to the next topic before I get all spun up the next two Provisions are pretty much the same but starting in 2024 you won't get penalized with joining retirement funds for certain emergency expenses and these emergency expenses must be considered unforeseeable or immediate costs related to personal or family emergencies you can withdraw up to one thousand dollars a year and I mentioned that in the 401K video but you're going to be waived to 10 penalty as well you still have to repay the initial distribution of one thousand dollars within three years unless you make regular contributions to your 401k that eventually reach your withdrawal amount and the other one is allowing Americans to withdraw up to twenty two thousand dollars without the 10 penalty in the case of a federally declared disaster so hopefully you don't have to go through this but if you ever experience a loss of Home due to a tornado hurricane or earthquake and need more than what you you're having your emergency fund the 22 000 is taxed as gross income over the next three years instead of one year so instead of being taxed twenty two thousand dollars you could be taxed for just seventy seven thousand three hundred every year for the next three years starting on page uh 2285 of the spending bill it tells you that it needs to be a federally declared disaster so if you had a flood like I did last year for my broken toilet bowl you're not going to be qualified for the special distribution so we came home from a four day vacation to a flood at home because our toilet bowl cracked right down the middle and I will show you the video right here and it took us about four months to completely replace the flooring drywalls and painting and this is why I strongly encourage you to get my financial Independence resources including spreadsheets for savings and Investments for absolutely free by visiting.com contact you can also check out the fire such as shop if you're looking to start your own YouTube channel and I have all of my books and equipment at 5 shopping and here are the existing exceptions to the 10 penalty for those under the age of 59 and a half the first one is using your IRA for higher education expenses the IRS will actually waive your 10 penalty uh if you use your IRA funds to pay qualifying higher education costs for you your spouse your children or even your grandchildren the eligible cost will include tuition fees books and other school or education related expenses and keep in mind that this is for students in a college University or Vocational School in my opinion you should not use your IRA to fund your you or your children's education who have the 529 College savings plan to do exactly that you should treat your IRA as your retirement account right just remember that your children's College will last four years but your retirement is forever the next one is the first time home buyer exemption with your IRA and the definition of a first-time homebuyer is actually someone who hasn't owned a home in the last two tax years you can withdraw up to a lifetime maximum of ten thousand dollars without the ten percent penalty from your IRA and according to the IRS you have to use ten thousand dollars within 120 days of the distribution you can use the money for yourself your spouse or your child if you and your spouse are both first-time homebuyers you can each withdraw up to ten thousand dollars from your IRAs without penalties my advice is not to use your IRA to buy a home because once again you could significantly delay your retirement if you withdraw that ten thousand dollars now the better question is how long will it take you for you to save ten thousand dollars in a high yield savings account the next existing provision is to use your IRA to pay for your health insurance premiums if you lose your job and you have to provide proof of unemployment compensation from the federal or state unemployment program for 12 consecutive weeks you owe also have to make the IRA withdrawal without the 10 penalty within the same year or the following year that you received unemployment compensation and the other waiver is a distribution to cover your medical expenses we all know how broken the U.S Health Care system is but you can't withdraw up to 7.5 percent of your annual adjusted gross income to pay for your unreimbursed medical expenses so for example if you your adjusted gross income was one hundred thousand dollars in 2022 then you can make a withdrawal of up to 7500 to cover your unreimbursed medical expenses if you got your medical statement in 2022 and you didn't make the payment until 2023 it will still count for the 2022 tax year so I just want to make sure you're aware of that the IRA withdrawal will also have to happen in the same year in 2022 to get the penalty waiver and if you just had a baby or adopted a child each parent can actually use up to five thousand dollars per birth or adoption from their retirement accounts the withdrawal just has to be the same year your child was born or the date you legally adopted your child and and the other provision that's been around for a while is waving a 10 penalty for reservists who got orders or called into active duty for at least 180 days if you need to make a withdrawal for some reason you have to provide proof of your military orders and make sure the withdrawal day happens on or after the first date of your orders let me know in the comment section down below if you are a veteran I'm an Air Force veteran myself and I've helped many veterans get out of debt budget and save for their future if you ever have any questions you can always hit me up on Instagram and just say hi on Instagram or go to Fireside chat.com contact to schedule a one-time private coaching session for completely free but if you want to just stay on YouTube and you want to watch more videos about the new 401K rules and how I'm saving to retire early by age 45 be sure to check out these two videos so with that said I appreciate you watch my video don't forget to subscribe and I hope to see you in the next video have a good one [Music] thank you

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