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Speaker 1: An illegal alien from Guatemala charged with raping a child

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Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador

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Speaker 1: accused of murdering a Texas man of Venezuelan charged with

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Speaker 1: filming and selling child pornography in Michigan. These are just

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Speaker 1: some of the heinous migrant criminals caught because of President

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Speaker 1: Donald J.

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Speaker 2: Trump's leadership.

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Speaker 1: I'm Christy nom the United States Secretary of Homeland Security.

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Speaker 1: Under President Trump, attempted illegal border crossings are at the

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Speaker 1: lowest levels ever recorded, and over one hundred thousand illegal

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Speaker 1: aliens have been arrested. If you are here illegally, your

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Speaker 1: next you will be fined nearly one thousand dollars a day, imprisoned,

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Speaker 1: and deported.

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Speaker 2: You will never return.

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Speaker 1: But if you register using our CBP home app and

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Speaker 1: leave now, you could be allowed to return legally.

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Speaker 2: Do what's right. Leave now.

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Speaker 1: Under President Trump, America's laws, border and families will be protected.

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Speaker 3: Sponsored by the United States Department of Homeland Security.

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Speaker 4: Yeah, yeah, we're back, Happy Thursday, Happy Thursday.

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Speaker 5: Yes, Yes, welcome back to the educational series. This is

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Speaker 5: another one. I might even sure where number we're at.

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Speaker 4: I probably would throw around six, but I could be wrong.

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Speaker 5: We've covered a lot, we covered how to buy a call,

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Speaker 5: we covered things to know before buying a home. We

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Speaker 5: covered you know, process of buying a home, credit covered taxes,

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Speaker 5: we've covered artificial intelligence, so stocks. So this is one

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Speaker 5: that's always vitally important, you know, for everybody, but especially

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Speaker 5: for people that have a family, have children, thinking about

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Speaker 5: having children, have grandchildren, niece, nephew, god children, whoever, you know, anytime.

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Speaker 6: You want to plan for young people's future.

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Speaker 5: The term generational wealth is something that gets thrown around

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Speaker 5: a lot, but what does that really mean?

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Speaker 6: Right?

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Speaker 5: It means to create wealth for generations to come. So

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Speaker 5: today we're going to do the first step. We're going

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Speaker 5: to teach you how to make your child a millionaire.

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Speaker 5: I think we've already taught you how to make yourself

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Speaker 5: a millionaire if you follow the principles. But we're going

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Speaker 5: to teach you how to make your child a millionaire.

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Speaker 5: And we get five steps. This is gonna be five steps.

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Speaker 5: It's not the only five steps with five five steps

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Speaker 5: that you can utilize in your life to achieve that goal.

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Speaker 7: Yeah, yeah, it's one of these things. And it takes

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Speaker 7: me back when we were looking at the notes for

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Speaker 7: the episode. It took me back to being twenty four

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Speaker 7: years old, twenty five years old, sitting in your office

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Speaker 7: and you actually breaking this down for me at that

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Speaker 7: age and at the time I had no kids, wasn't

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Speaker 7: engaged and have a wife obviously, and part of me,

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Speaker 7: like a small piece of me, was like, yo, why

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Speaker 7: do I need to do this? But being educated on

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Speaker 7: it very quickly, I was like, oh, this makes perfect sense.

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Speaker 4: Right.

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Speaker 7: I always say my favorite line is if you plan

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Speaker 7: for now for the future, right, like, think about your trajectory, right,

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Speaker 7: it's that sheet line plan for the future, because you're

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Speaker 7: gonna be older a lot longer than you're gonna be younger, Like,

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Speaker 7: here are the strategies now while you're young. So this

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Speaker 7: is like a selfless actor if you're an adult, but

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Speaker 7: it's a necessary act. So hopefully you got your pens

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Speaker 7: in your pass ready because it's going to be an educational.

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Speaker 5: Session, yes, sir, So before we start, definitely have to

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Speaker 5: extend our condolences to EYO alumnist alumni. Absolute actually a

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Speaker 5: brilliant person when it comes to the world of business

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Speaker 5: and ALTHO philanthropy and just a legend junior Bridgeman. We

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Speaker 5: covered his story actually at the beginning stages of early leision,

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Speaker 5: somebody that was an NBA player and then you know,

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Speaker 5: became a number one franchise owner for Wendy's and Chili's

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Speaker 5: in the world, and then purchased a Coca Cola bottling

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Speaker 5: plan and became you know, a billionaire. Over the course

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Speaker 5: of time, owned Ebony magazine, owned Jet magazine of other

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Speaker 5: different things. So he passed away a few days ago.

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Speaker 5: We had him at Investvest a few years ago. He

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Speaker 5: spoke on stage with Rich Paul. Great conversation. So definitely

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Speaker 5: want to extend our condolences to his family, to you know,

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Speaker 5: the Louisville community, the Milwaukee community, the East Chicago community.

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Speaker 5: It was part of a few different communities, but all

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Speaker 5: the lives that he's impacted, and hopefully, you know, people

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Speaker 5: can learn even more about his story now that he's

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Speaker 5: passed away and use it for education and information and

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Speaker 5: motivation inspiration. So you know, to honor to be able

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Speaker 5: to have him shared a stage with him, ask some

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Speaker 5: questions somebody that we we you know, we highlighted early,

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Speaker 5: so that was a full circle moment. So definitely before

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Speaker 5: we started the show, wanted to extend our condolences to

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Speaker 5: Junior Bridgeman's family and friends.

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Speaker 4: Opportunity to actually meet his family.

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Speaker 7: Beautiful family, beautiful man, and I'm happy we got to

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Speaker 7: give him as flowers at the time that you know,

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Speaker 7: when we were covering the early stories, when it was

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Speaker 7: just you and me, uh, and people were like, oh,

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Speaker 7: we didn't understand who he was. People started to get

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Speaker 7: familiar with him, and then obviously at Investmvest, our community

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Speaker 7: for sure got a definite feeling of what he's done

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Speaker 7: inside of business, but who he is as a man.

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Speaker 7: And even you know, up into his untimely passing, he

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Speaker 7: was still giving back, right, he was still doing philanthropy,

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Speaker 7: was actually at an event. So it's untimely, it's it's

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Speaker 7: a tragedy. But I'm glad we got to give him

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Speaker 7: as flowers. And hopefully, like you said, people will now

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Speaker 7: look into his business acumen and the legacy that he's

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Speaker 7: left and hopefully emulated that to a certain extent. So

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Speaker 7: againdosis to the family, and I thought, some prayers are

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Speaker 7: with you.

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Speaker 5: Okay, So now let's get into it. Okay, First, you know,

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Speaker 5: why is it important to do this right? Well, I

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Speaker 5: think the number one thing is it all comes down

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Speaker 5: to math, and there's a thing called compound and interest,

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Speaker 5: and I think Warren Buffet at the compound and just

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Speaker 5: one of the windows of the world. And you know,

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Speaker 5: the earlier you start to invest, the better chance you

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Speaker 5: have of achieving wealth. That's just as easy to explain

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Speaker 5: as possible. If you start to invest at ten, you

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Speaker 5: will achieve wealth quicker than somebody that invests at forty.

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Speaker 5: If you invest at twenty, you'll achieve wealth quicker than

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Speaker 5: somebody that invests in fifty. So the good thing with

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Speaker 5: children is that they have time on their hands, right,

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Speaker 5: So as a parent, even small amounts of relatively small

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Speaker 5: amounts of money can lead to huge nest eggs. We'll

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Speaker 5: talk about some examples, but that's the probably the biggest

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Speaker 5: thing as far as why it's important to start thinking

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Speaker 5: about how you invest for your child and set your

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Speaker 5: child up is because time is on the side of

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Speaker 5: the child, so you want to take advantage of that.

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Speaker 5: Another thing is the preparation aspect of generational wealth. As

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Speaker 5: we said before, if that's the goal, then the earlier

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Speaker 5: that you prepare, the easier it is for you, because

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Speaker 5: the less money that you actually have to put out

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Speaker 5: that goals in the other way. So one way for

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Speaker 5: the compounding interest is that you start early and you

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Speaker 5: have a lot of money later. The other side of

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Speaker 5: that coin is that the earlier you start, the less

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Speaker 5: money you actually have to put away to have that

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Speaker 5: million dollars or the two million dollars or whatever you want.

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Speaker 5: So it all comes down in time. It comes down

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Speaker 5: to being a good steward and just really the responsibility

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Speaker 5: of any any parent, I think is to not only

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Speaker 5: better their life, but better that their children's lives for sure,

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Speaker 5: and then even their children's children's right, you really want

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Speaker 5: to create legacy for yourself. So these are things that

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Speaker 5: you can actually, you know, start today, and you don't

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Speaker 5: have to be a millionaire to start. We're going to

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Speaker 5: talk about different strategies where you can start with minimal

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Speaker 5: amount of money but still achieve that long term goal.

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Speaker 7: Yeah, and I think it's important right on top of

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Speaker 7: the savings part from obviously from the adult to the child.

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Speaker 7: But it's the educational process and there's no age to it, right,

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Speaker 7: Like we always talk about financial education in the sense like,

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Speaker 7: oh when should I start?

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Speaker 4: Where should I start?

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Speaker 7: We should start now and the educational process is great

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Speaker 7: if parents don't know, because this is a great place

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Speaker 7: for you to know, but it's also a great place

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Speaker 7: for you to learn with your children.

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Speaker 4: And so we're talking about investing.

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Speaker 7: What does that look like when you're getting a brokerasure account, right,

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Speaker 7: you're learning that, but you're teaching your child at the

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Speaker 7: same age and at a certain point when your child

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Speaker 7: has those lessons at ten, eleven, twelve, by the time

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Speaker 7: the eighteen and be able to own their own brokerasure

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Speaker 7: account and have their own investment accounts with a brokerage,

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Speaker 7: they're familiar with it. And that familiarity only can breed

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Speaker 7: success in the future. And so yes, from a financial standpoint,

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Speaker 7: but also from the mindset standpoint of this is not

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Speaker 7: something that is foreign to me. And we see that

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Speaker 7: in a lot of communities and we're starting to see

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Speaker 7: a shifting ars, but we need to see it more.

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Speaker 4: So, Yeah, let's get let's get to it.

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Speaker 6: Let's get it going.

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Speaker 5: Okay, So before we start, one quick announcement, Ian's done

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Speaker 5: laps Historic Stock Club, you know, universally known as one

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Speaker 5: of the best platforms to actually know when to buy

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Speaker 5: the stock and actually gives you the prices or when

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Speaker 5: the buy the stock. You know, we're going through some

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Speaker 5: stock market turmoil right now, so when to buy stock

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Speaker 5: is extremely important. And it also comes with a sniper

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Speaker 5: program for three years, which actually gives you a setup

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Speaker 5: to be a futures trader. Fifty percent sale that's been

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Speaker 5: running since market Mondays on Monday, and that will expire tomorrow,

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Speaker 5: so you have one day left for that, and that

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Speaker 5: is that ianinvest dot Com. Go to ian invest dot

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Speaker 5: com to take advantage of that one day left.

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Speaker 6: But then fifty percent off sale for stock club.

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Speaker 4: Shout to everybody that took advantage of it.

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Speaker 7: Thus for I've seen some people already in the chat,

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Speaker 7: like yo, man, I got that n video at one

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Speaker 7: o five, ran up to one to twelve and I

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Speaker 7: made it a fifty percent on my call. So shout

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Speaker 7: to y'all man taking advantage and executing them right away

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Speaker 7: right away.

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Speaker 4: Don't waste any.

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Speaker 6: Time, Okay. So let's start with the first and easiest way.

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Speaker 5: To make sure your child is a millionaire. And by

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Speaker 5: the way, this is a millionaire, not like necessarily tomorrow,

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Speaker 5: but at some point in their life they will be

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Speaker 5: a million.

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Speaker 7: I think we got to get out of that mindset, right,

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Speaker 7: like success takes time, wealth takes time. Generational wealth obviously

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Speaker 7: takes time, but you have to start somewhere, but it's

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Speaker 7: not going to happen tomorrow. I think people get that exception,

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Speaker 7: like we're so used to saying all right, let's get

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Speaker 7: rich quick. No, let's get wealthy and stay wealthy, funds

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Speaker 7: saying amount of time.

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Speaker 5: So the first, the first thing and the easiest pathway

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Speaker 5: is life insurance. Think that that's something that everybody should have,

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Speaker 5: whether you're a parent or not, but definitely every parent

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Speaker 5: should have for sure. So by now you probably heard

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Speaker 5: life insurance. So I don't think you need to actually

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Speaker 5: have an explanation of what life insurance is. Right, it's

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Speaker 5: pretty self explaratory. It's insurance on your life. And everybody's

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Speaker 5: going to pass away at some point. So when you

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Speaker 5: do pass away, your beneficiaries will get money when you die. Right,

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Speaker 5: you buy a policy, you pay a premium, your beneficiaries

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Speaker 5: get money when you die. That's pretty self explanatory, pretty

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Speaker 5: easy to understand. But there are some things that you

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Speaker 5: need to know about life insurance. So there's different types

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Speaker 5: of life insurance. This is important, Okay, So we're going

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Speaker 5: to talk about three types of insurance, term insurance, universal

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Speaker 5: life insurance, and whole life insurance. They all have different

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Speaker 5: mind you, this is a video that we're going to

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Speaker 5: cover five different topics, so it's not just an insurance video.

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Speaker 5: So we're not going to go for forty minutes into insurance,

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Speaker 5: even though we could. But we have other videos on

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Speaker 5: our YouTube channel about insurance. But this is just the

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Speaker 5: overview to kind of get you on track. So, okay,

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Speaker 5: insurance is vitally important obviously when you're creating generational wealth,

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Speaker 5: because that is a guarantee that your family or your child,

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Speaker 5: whoever you provide beneficiary for will get upon your death right.

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Speaker 5: So term insurance is the easy way to go about it.

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Speaker 5: As far as premium is concerned, right, it's the lowest premium.

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Speaker 5: It lasts a turn. So if you have a twenty

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Speaker 5: year term policy for a million dollars and you're thirty

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Speaker 5: five years old, and that might be thirty dollars a month, right,

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Speaker 5: if you're healthy, that might be thirty dollars a month.

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Speaker 6: So you.

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Speaker 5: The benefit of that is that you're able to get

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Speaker 5: a larger policy for a low premium. Right, because a

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Speaker 5: lot of times. What stoles people from getting large policies

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Speaker 5: is the premium, So that's the benefit. Now you might say, okay, well,

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Speaker 5: why do I need a million dollar life insurance policy

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Speaker 5: if I make one hundred thousand dollars a year?

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Speaker 4: That was really my question.

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Speaker 6: So yeah, rule of.

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Speaker 5: Thumb is that you should get at least ten times

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Speaker 5: your salary, some say twenty because let's think about this rationally.

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Speaker 5: If you make one hundred thousand dollars a year, right

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Speaker 5: after taxes, that's probably around seventy So most people income

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Speaker 5: usually increases over the course of time, but let's say

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Speaker 5: it doesn't. Let's say it just stays at seventy thousand.

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Speaker 5: So now if you have one hundred thousand dollar policy,

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Speaker 5: then your seventy thousand dollars contribution to your family will

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Speaker 5: be done in a year and three months, right, and

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Speaker 5: they still have to live for another eighteen years.

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Speaker 6: Of if you have a baby, or ten years if

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Speaker 6: you have a tenure.

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Speaker 5: Right, So you want to make sure that your income

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Speaker 5: is provided for at least ten years. So if you

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Speaker 5: have a million dollar policy and you make ten one

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Speaker 5: hundred thousand dollars a year, then that million dollar policy

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Speaker 5: now invested into the stock market, you could probably pull

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Speaker 5: around five percent safely seven percent if you want to

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Speaker 5: be a little bit more aggressive. But now you can

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Speaker 5: you can really pull almost almost close to the amount

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Speaker 5: of money that you made as yearly, right from just

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Speaker 5: the growth from the stock market. So that's how you

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Speaker 5: come up with that number. You want to have a

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Speaker 5: larger number death benefit as opposed to just the amount

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Speaker 5: of money that you actually are making per year.

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Speaker 7: And this is one of those I mean literally, that

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Speaker 7: was a conversation that we had we sat at the table.

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Speaker 4: I'm not even thinking of it in terms.

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Speaker 7: I think most people in that age that that twenty

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Speaker 7: three to twenty four to twenty five, they're thinking, like

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Speaker 7: why should I be thinking about when I'm going to die?

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Speaker 4: Right?

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Speaker 7: And it's one of those things that I remember the

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Speaker 7: answer you gave me. You're like, well, everybody's going to die,

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Speaker 7: so you should start thinking about it.

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Speaker 4: And I was like that was harsh.

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Speaker 7: But yeah, you were right, right, Like I don't have

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Speaker 7: a family now, right, I don't have any responsibilities other

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Speaker 7: than myself.

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Speaker 4: This is the perfect time.

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Speaker 7: Number One, I was in the best shape of my life,

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Speaker 7: which is important. I'm sure youre going to talk about that. Right,

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Speaker 7: I was healthy, I didn't smoke, I didn't drink. All

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Speaker 7: these things are positive for people who are trying to

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Speaker 7: give me policies. And when I realized it, right, that

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Speaker 7: million dollar number sounds like a lot, but the way

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Speaker 7: it was, like, Yo, if you do a term like

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Speaker 7: it could be low cost. It could cost you twenty

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Speaker 7: nine or thirty nine or forty nine dollars a month,

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Speaker 7: which I don't think most people understand.

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Speaker 4: Right.

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Speaker 7: They think, if it's a million dollars, I can't afford

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Speaker 7: to have a million dollar policy, But when you break

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Speaker 7: it down, it's like, wait, twenty nine dollars among that's

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Speaker 7: my phone bill is triple that, right, Like these are

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Speaker 7: the things that that mindset and the education that we

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Speaker 7: don't have and we kind of miss.

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Speaker 4: And this is how sometimes wealth is passed without us

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Speaker 4: even know.

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Speaker 5: Or they think that they don't need a million dollar policy. Right,

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Speaker 5: It's like I'm not that much. And this is a

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Speaker 5: common misconception as far as like to say, like I

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Speaker 5: don't need that much or I don't want to leave

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Speaker 5: too much money. You can't be over insured, So there

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Speaker 5: are guidelines and how much insurance that you can actually get.

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Speaker 5: So if you make fifty thousand dollars a year, you

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Speaker 5: cannot get one hundred million dollar life insurance policy, right,

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Speaker 5: you can't get a fifty million dollar life insurance policy.

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Speaker 6: So being at this guidelines.

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Speaker 5: That lets you that lets you know that you should

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Speaker 5: get to the max of what's allowable because there is

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Speaker 5: no such thing as being over and shurt or having

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Speaker 5: too much insurance. The insurance company is not even going

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Speaker 5: to ensure you for things that don't make sense financially,

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Speaker 5: Like if you make fifty thousand dollars a year, you

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Speaker 5: you don't need a hundred million dollars policy. So that

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Speaker 5: lets you know that they in their mind already has

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Speaker 5: a number of what you actually need for your family.

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Speaker 5: That's a great point, So you're not you shouldn't go

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Speaker 5: against something that's already set for you as far as

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Speaker 5: the insurance company, like, don't under insure yourself.

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Speaker 4: And that's a great point.

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Speaker 7: The other part of it is as you start to

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Speaker 7: accumulate more money, then that should change. Right, So like

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Speaker 7: if I started out making sixty thousand, then I made

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Speaker 7: one hundred. Now by the time I'm finished teaching, I'm

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Speaker 7: making one hundred and fifty. Yeah, that needs to multiply

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Speaker 7: by ten. So my policy probably needs to be updated

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Speaker 7: to a point where it now matches the money that

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Speaker 7: I was making because my family is relying on that.

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Speaker 6: Yep.

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Speaker 5: So the pros and comers with term insurance. The pros

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Speaker 5: or that is low costing premium. That's the biggest pro.

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Speaker 5: The con The biggest knock against term insurance is that

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Speaker 5: it's for a term and expire. So if you get

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Speaker 5: twenty year term insurance and you're twenty five years old,

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Speaker 5: it's going to expire expire when you're forty five. Now,

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Speaker 5: most people that are healthy when they're twenty five are

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Speaker 5: still going to be alive when you're forty five. So

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Speaker 5: in that scenario, you would have paid for twenty years.

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Speaker 5: And some people will say, well I have nothing to

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Speaker 5: show for it, like it's just a waste of money.

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Speaker 5: But in any that that's true with any insurance. If

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Speaker 5: you have a car for twenty years and you never

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Speaker 5: get into a car accident, you don't look at it

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Speaker 5: like while I paid car insurance for twenty years, I

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Speaker 5: wasted it. No, you have to have the insurance just

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Speaker 5: in case something happens, or fire insurance or flood insurance.

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Speaker 6: If you think about it, every insurance that you have.

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Speaker 4: You can't get a phone without insurance.

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Speaker 5: Yeah, the point of it is to not ever use it.

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Speaker 5: So life insurance is the only thing that we look

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Speaker 5: at where it's like I have to use it. Right,

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Speaker 5: every other insurance, you just have the insurance and you

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Speaker 5: hope that you never have to use it, and if

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Speaker 5: you do have to use it is there for you.

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Speaker 5: That's how That's how you should look at the life

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Speaker 5: insurance the same way. But it will expire. And now

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Speaker 5: at forty five, if you want to get new insurance,

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Speaker 5: you're going to be you're going to pay a higher

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Speaker 5: premium because you're twenty years older, and then you might

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Speaker 5: not even be able to get the insurance if you

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Speaker 5: have some medical issues or you know, something like that.

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Speaker 5: So that that's some level of negative that can go

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Speaker 5: along with the term insurance. But the alternative de term

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Speaker 5: insurance is what we call permanent insurance. That's insurance that

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Speaker 5: lasts fever. So there's two types of permanent insurance for

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Speaker 5: the most part, Universal and whole life. As I said,

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Speaker 5: there's different types of Universal, but we won't go to

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Speaker 5: in depth because it's not a life insurance class. But

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Speaker 5: you just it's important for you to know whole life

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Speaker 5: insurance is the oldest when it comes to permanent insurance,

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Speaker 5: it's the most conservative. It's guaranteed, how the money. So

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Speaker 5: there's money that grows inside of a policy, which is

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Speaker 5: called cash value. This is important to understand because that's

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Speaker 5: a double edged sword. You have a death benefit, but

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Speaker 5: you as you pay a premium, portion of that premium actually,

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Speaker 5: over the course of time grows into cash that you

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Speaker 5: can actually borrow from. So you might have a million

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Speaker 5: dollar whole life insurance policy and in twenty years you

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Speaker 5: have two hundred thousand dollars of value that's grown inside

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Speaker 5: of that policy. You can borrow from that if you choose,

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Speaker 5: and that's money that you can actually utilize to go

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Speaker 5: for your child as well. You can pay that college tuition,

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Speaker 5: or you can do anything. You can put it down

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Speaker 5: payment for a house, you can start a business. You know,

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Speaker 5: if you need money, then you can take money from

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Speaker 5: a life insurance policy while you're still living. The whole

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Speaker 5: life insurance as far as premium, is the richest, so

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Speaker 5: that's going to be the highest premium on the chart, right.

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Speaker 5: But once again, it's guaranteed, So how the money grows,

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Speaker 5: it's through dividends that the company play pays and through

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00:19:34,080 --> 00:19:36,959
Speaker 5: set interest rate. So over the course of time you're

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Speaker 5: probably earn around five percent. If you look at it

399
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Speaker 5: from a long term perspective, your boy to earn like

400
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Speaker 5: five percent interest on the money as it's grown inside

401
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Speaker 5: your account. The alternative to that is universal life insurance.

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Speaker 5: So universal life insurance is like a hybrid where it's

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Speaker 5: whole life in the sense of that it lasts your

404
00:19:55,640 --> 00:19:58,520
Speaker 5: whole life. But there's different ways how the money can grow.

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Speaker 5: One way the money can grow it's called variable where

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Speaker 5: you can invest in the stock market, and that's variable.

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Speaker 5: It can go twenty five percent one year, or it

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00:20:06,320 --> 00:20:08,960
Speaker 5: can be negative eight percent one year. Another way is

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00:20:09,440 --> 00:20:13,119
Speaker 5: through an indexed account where that's usually capped in like

410
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Speaker 5: two percent floor and then twelve percent attract the S

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Speaker 5: and P five hundred. That's the way to invest in

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Speaker 5: the stock market, but you have guardrails on it. And

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Speaker 5: then another way there's a hybrid to this whole thing,

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Speaker 5: which is called guaranteed protection universal life. So this is

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Speaker 5: good for people that say I don't want to invest

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Speaker 5: money in life insurance.

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Speaker 6: But I don't want something that's going to run up.

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Speaker 5: Universal life insurance is pretty much like a lifelong term

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Speaker 5: policy where it lasts your whole life, but that is

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Speaker 5: not designed to build cash value. So you pay a premium,

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Speaker 5: you have a death benefit. That's going to be the

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Speaker 5: lowest costing permanent policy that you can have, So all

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Speaker 5: of those type of policies. The good thing with term

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00:20:53,520 --> 00:20:56,479
Speaker 5: insurance also is that you can usually convert it. So

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Speaker 5: if you need a million dollars of insurance, but your

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Speaker 5: budget is two hundred dollars a month that you can

427
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Speaker 5: pay for insurance, a million dollars, a whole life might

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Speaker 5: cost one thousand dollars a month. A million dollars a

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00:21:08,480 --> 00:21:10,840
Speaker 5: term might cost twenty dollars a month. So you're probably

430
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Speaker 5: not in a position to pay one thousand dollars a month,

431
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Speaker 5: but you could do more than twenty dollars a month.

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Speaker 5: So what you can do is a combination. You can

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Speaker 5: do two hundred thousand dollars of or one hundred thousand

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Speaker 5: dollars of whole life, right, let's say, and that's one

435
00:21:25,840 --> 00:21:28,359
Speaker 5: hundred dollars a month, and then you do nine hundred

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00:21:28,400 --> 00:21:30,520
Speaker 5: thousand dollars of term insurance.

437
00:21:30,560 --> 00:21:30,720
Speaker 6: Right.

438
00:21:30,760 --> 00:21:32,919
Speaker 5: So now this whole package might cost you one thirty

439
00:21:33,400 --> 00:21:36,560
Speaker 5: a month. Right, So the benefit with that is that

440
00:21:36,600 --> 00:21:39,480
Speaker 5: you still have some money that you're actually saving. You

441
00:21:39,560 --> 00:21:41,879
Speaker 5: have some portion of your portfolio, just like investing, you

442
00:21:41,880 --> 00:21:44,680
Speaker 5: have a portfolio, some portion of your portfolio that's gonna

443
00:21:44,720 --> 00:21:47,880
Speaker 5: last forever, but then you have another portion that over

444
00:21:47,920 --> 00:21:52,280
Speaker 5: the court of time, you can transition that to the permanent.

445
00:21:52,400 --> 00:21:58,000
Speaker 5: So life insurance step one vitally important cooking, easy to

446
00:21:58,040 --> 00:22:01,159
Speaker 5: do cooking, and that's a that's the easiest way to

447
00:22:01,920 --> 00:22:04,920
Speaker 5: ensure that your child becomes a millionaire.

448
00:22:05,359 --> 00:22:07,440
Speaker 7: So there's a strategy here too, right, And we've seen

449
00:22:07,440 --> 00:22:09,119
Speaker 7: it happen in plenty of communities, and I think we

450
00:22:09,160 --> 00:22:11,040
Speaker 7: broke it down in like one of our early classes.

451
00:22:11,040 --> 00:22:12,920
Speaker 4: But insurance is important.

452
00:22:12,920 --> 00:22:16,320
Speaker 7: But yes, your family for yourself, But what about getting

453
00:22:16,320 --> 00:22:19,560
Speaker 7: insurance on family members said that might be older than you,

454
00:22:19,880 --> 00:22:21,720
Speaker 7: Because that might be a strategy too, when we see

455
00:22:21,720 --> 00:22:24,640
Speaker 7: our elders and people as a family decide that we're

456
00:22:24,640 --> 00:22:27,520
Speaker 7: going to get a plan knowing that at some point

457
00:22:27,560 --> 00:22:29,320
Speaker 7: that family members going to pass, and now that can

458
00:22:29,359 --> 00:22:31,720
Speaker 7: be trickled down to the beneficiaries.

459
00:22:31,960 --> 00:22:34,520
Speaker 5: Yeah, that's definitely something that's beneficial and helpful. Sometimes it

460
00:22:34,520 --> 00:22:36,640
Speaker 5: could be a little difficult because you know, if you're older,

461
00:22:36,680 --> 00:22:39,840
Speaker 5: you might have some medical issues and just being old period,

462
00:22:40,040 --> 00:22:43,840
Speaker 5: premium is gonna be higher. That's the strategy that can

463
00:22:43,880 --> 00:22:47,280
Speaker 5: be used also for adults. Okay, so now let's go

464
00:22:47,359 --> 00:22:50,119
Speaker 5: to number two. You want to start with this the

465
00:22:50,200 --> 00:22:50,879
Speaker 5: wroth ira.

466
00:22:52,320 --> 00:22:55,080
Speaker 7: Now this is your will basketet. I want you to

467
00:22:55,119 --> 00:22:57,840
Speaker 7: cook and then I'm just gonna like chef up with you.

468
00:22:57,960 --> 00:23:01,280
Speaker 7: So the wroth ira is another one of these strategies

469
00:23:01,280 --> 00:23:03,879
Speaker 7: that we talk about that can be beneficial for not

470
00:23:03,960 --> 00:23:06,560
Speaker 7: only for the adult, but for the child. So there's

471
00:23:06,600 --> 00:23:09,439
Speaker 7: a few types. There's the roth ira uh, and then

472
00:23:09,600 --> 00:23:11,280
Speaker 7: we have ah.

473
00:23:12,800 --> 00:23:16,680
Speaker 5: There's a traditional ira and the direct So traditional IRA

474
00:23:17,000 --> 00:23:20,439
Speaker 5: is you put money into a retirement account and you

475
00:23:20,480 --> 00:23:22,640
Speaker 5: get a tax deduction for the money that you put in,

476
00:23:23,359 --> 00:23:25,119
Speaker 5: but it's taxable when you're in retirement.

477
00:23:25,600 --> 00:23:27,960
Speaker 6: So IRA stands for individual retirement account. That's what it

478
00:23:27,960 --> 00:23:28,320
Speaker 6: stands for.

479
00:23:28,400 --> 00:23:28,520
Speaker 4: Right.

480
00:23:28,680 --> 00:23:30,840
Speaker 6: So people are familiar with four one K that's what

481
00:23:30,880 --> 00:23:31,800
Speaker 6: your job provides, and.

482
00:23:31,840 --> 00:23:33,239
Speaker 4: The four O three B if you work in some

483
00:23:33,280 --> 00:23:34,160
Speaker 4: other same thing.

484
00:23:34,280 --> 00:23:36,280
Speaker 5: Yeah, but if you want to do it for yourself

485
00:23:36,680 --> 00:23:39,600
Speaker 5: as a self employed personal just a regular you know, employee,

486
00:23:41,160 --> 00:23:44,800
Speaker 5: you can do an IRA and IRA is an individual

487
00:23:44,840 --> 00:23:49,040
Speaker 5: retirement account. So the regular individual retirement account is what

488
00:23:49,040 --> 00:23:52,359
Speaker 5: we just described, and then there's a rough the wroth IRA.

489
00:23:53,720 --> 00:23:56,119
Speaker 5: You're able to put money in for your retirement, but

490
00:23:56,200 --> 00:23:59,040
Speaker 5: you don't get a tax deduction. But the benefit with

491
00:23:59,080 --> 00:24:01,600
Speaker 5: the rough hiray is that the money's tax free when

492
00:24:01,640 --> 00:24:04,680
Speaker 5: you take the money out. So one of the good

493
00:24:04,720 --> 00:24:07,080
Speaker 5: things with being an entrepreneurs that you can employ your child.

494
00:24:07,119 --> 00:24:10,040
Speaker 5: We talked about this before, yep. But even if you

495
00:24:10,080 --> 00:24:14,560
Speaker 5: don't employ your child, you can set up a rough

496
00:24:14,640 --> 00:24:17,800
Speaker 5: IRA for your child as long as your child is working.

497
00:24:18,400 --> 00:24:22,240
Speaker 5: So this year, how much money can you pay your child?

498
00:24:22,280 --> 00:24:22,600
Speaker 6: This year?

499
00:24:22,960 --> 00:24:25,719
Speaker 7: I think we got up to fourteen thousand, three hundred

500
00:24:26,080 --> 00:24:29,840
Speaker 7: fourteen thousand, three hundred, and we get this question a lot,

501
00:24:30,000 --> 00:24:31,840
Speaker 7: a lot, And yes, I'm glad that people are asking

502
00:24:31,840 --> 00:24:34,119
Speaker 7: the question of like can I The child has to

503
00:24:34,119 --> 00:24:36,480
Speaker 7: be of working age. So if you have a two

504
00:24:36,520 --> 00:24:39,040
Speaker 7: year old that is not classified as a working age,

505
00:24:39,080 --> 00:24:41,520
Speaker 7: I believe the working age is between seven to seventeen,

506
00:24:41,760 --> 00:24:44,119
Speaker 7: and they have to be doing something that's functional. We

507
00:24:44,200 --> 00:24:48,600
Speaker 7: work in a platform that actually has functioned, right So

508
00:24:48,880 --> 00:24:52,720
Speaker 7: for my son, right when we actually record, he'll come down,

509
00:24:52,760 --> 00:24:55,840
Speaker 7: he'll set up, he'll sweep, he'll clean the area. That

510
00:24:55,960 --> 00:24:58,919
Speaker 7: is an actual functional duty that he is doing to

511
00:24:59,000 --> 00:25:02,040
Speaker 7: help the business. So if you don't have a functional

512
00:25:02,520 --> 00:25:05,480
Speaker 7: activity or a purpose for it, then it makes it tougher.

513
00:25:05,560 --> 00:25:07,440
Speaker 7: But it has to be between the ages of seven

514
00:25:07,680 --> 00:25:11,200
Speaker 7: to seventeen. You can't have your three year old performing

515
00:25:11,280 --> 00:25:13,120
Speaker 7: function or maybe you can' maybe you got a super child,

516
00:25:13,760 --> 00:25:15,520
Speaker 7: but that's the age range.

517
00:25:15,880 --> 00:25:20,280
Speaker 5: So the benefit okay, So the benefit with paying your

518
00:25:20,359 --> 00:25:24,600
Speaker 5: child is that it's a tax deduction for you as

519
00:25:24,600 --> 00:25:29,400
Speaker 5: an entrepreneur for your company, and it's tax free income

520
00:25:29,600 --> 00:25:31,840
Speaker 5: to your child up to that amount. So if you

521
00:25:31,840 --> 00:25:34,640
Speaker 5: pay your child ten thousand dollars, right instead of giving

522
00:25:34,680 --> 00:25:38,200
Speaker 5: them allowance, right Because now when you give somebody allowance,

523
00:25:38,240 --> 00:25:41,000
Speaker 5: that's after tax money. You've already paid taxes on that money.

524
00:25:41,320 --> 00:25:43,760
Speaker 5: So if you've given them allowance to buy sneakers or

525
00:25:43,800 --> 00:25:46,880
Speaker 5: to you know, do whatever, you don't get any benefit

526
00:25:46,960 --> 00:25:48,880
Speaker 5: for that. But as an entrepreneur, if you can give

527
00:25:48,920 --> 00:25:51,600
Speaker 5: them ten thousand dollars or five thousand or whatever you're

528
00:25:51,600 --> 00:25:57,640
Speaker 5: giving them and it's salary, now you get a tax deduction. Right,

529
00:25:57,840 --> 00:26:00,640
Speaker 5: you save money on taxes and it's fee they don't

530
00:26:00,720 --> 00:26:02,879
Speaker 5: they don't have to pay taxes on that income. So

531
00:26:02,960 --> 00:26:08,320
Speaker 5: that's beneficial for any entrepreneur. Now, where the raw firay

532
00:26:08,440 --> 00:26:14,919
Speaker 5: thing comes into play is that you can contribute to

533
00:26:15,160 --> 00:26:17,280
Speaker 5: a raw fira or an ira, but we'll talk about

534
00:26:17,280 --> 00:26:19,199
Speaker 5: the royal fira for now, which you can contribute to

535
00:26:19,200 --> 00:26:23,119
Speaker 5: a row firara for your child that's working up to

536
00:26:23,200 --> 00:26:26,120
Speaker 5: your amount that they're actually getting paid. So if they

537
00:26:26,200 --> 00:26:28,040
Speaker 5: if they have a regular job, they work in CBS,

538
00:26:28,880 --> 00:26:31,920
Speaker 5: and they got paid five thousand dollars, then they can

539
00:26:31,960 --> 00:26:34,800
Speaker 5: have a raw fira up to five thousand dollars if

540
00:26:35,040 --> 00:26:39,080
Speaker 5: you pay them. If you are an entrepreneur, you pay

541
00:26:39,119 --> 00:26:42,639
Speaker 5: them five thousand dollars, then they can contribute up to

542
00:26:42,720 --> 00:26:45,200
Speaker 5: five thousand dollars. Right, So the limit for this year

543
00:26:45,520 --> 00:26:49,000
Speaker 5: is UH seven thousand, seven thousand, that's the most right.

544
00:26:49,480 --> 00:26:53,240
Speaker 5: So Okay, this has beneficial for people to know and

545
00:26:53,359 --> 00:26:57,520
Speaker 5: understand because once again it's just relatively short periods of

546
00:26:57,520 --> 00:26:59,400
Speaker 5: time that could lead to large moneys over the course

547
00:26:59,440 --> 00:27:03,280
Speaker 5: of time. So if you are an entrepreneur, right and

548
00:27:03,320 --> 00:27:06,119
Speaker 5: you have a business in mind, you you can be

549
00:27:06,200 --> 00:27:08,880
Speaker 5: an entrepreneur and still have a job. Also, but if

550
00:27:08,880 --> 00:27:11,520
Speaker 5: you if you're an entrepreneur, you have a business. Let's

551
00:27:11,520 --> 00:27:14,560
Speaker 5: say that you you you paid your child seven thousand

552
00:27:14,640 --> 00:27:19,920
Speaker 5: dollars right for the year. Now you can that's a

553
00:27:20,000 --> 00:27:22,080
Speaker 5: tax deduction. You're going to save money seven thousand dollars

554
00:27:22,119 --> 00:27:25,879
Speaker 5: only taxis Now you can take that seven thousand dollars

555
00:27:26,920 --> 00:27:31,320
Speaker 5: and put it into a rough IRA. Now, the benefit

556
00:27:31,359 --> 00:27:34,480
Speaker 5: with that is that now the money is actually invested.

557
00:27:34,600 --> 00:27:37,560
Speaker 5: You're invested in the stock market. So let's just use

558
00:27:37,560 --> 00:27:46,200
Speaker 5: an example. Usually working age is around twelve, so if

559
00:27:46,200 --> 00:27:49,600
Speaker 5: we picked the ages from twelve to seventeen, to seventeen

560
00:27:49,640 --> 00:27:52,239
Speaker 5: will be probably a last year in high school and

561
00:27:52,280 --> 00:27:54,000
Speaker 5: then you know, after that point they're put there an

562
00:27:54,040 --> 00:27:55,480
Speaker 5: adult eighteen years old.

563
00:27:55,560 --> 00:28:00,199
Speaker 6: So you go from twelve to seventeen, which is six years.

564
00:28:00,280 --> 00:28:04,520
Speaker 5: Right, Let's say that you put seven thousand dollars into

565
00:28:04,600 --> 00:28:07,040
Speaker 5: a row IRA every year for a child. Mind you

566
00:28:07,040 --> 00:28:09,679
Speaker 5: you're getting a tax deduction for this money. Anyway, you

567
00:28:09,760 --> 00:28:14,240
Speaker 5: put seven thousand dollars away every year for six years, right,

568
00:28:15,440 --> 00:28:18,040
Speaker 5: and let's say you invested it in QQQ.

569
00:28:19,359 --> 00:28:19,639
Speaker 6: Right.

570
00:28:20,480 --> 00:28:23,680
Speaker 5: Historically, over the last fifteen twenty years, I think it's

571
00:28:23,720 --> 00:28:27,639
Speaker 5: average over ten percent, so we can use ten percent

572
00:28:27,680 --> 00:28:31,520
Speaker 5: as something that should possibly be a realistic number.

573
00:28:31,240 --> 00:28:33,000
Speaker 4: That might and that might be conservative at this point.

574
00:28:33,280 --> 00:28:35,760
Speaker 5: So let's say you invested that money ten percent a

575
00:28:35,880 --> 00:28:41,440
Speaker 5: year untouched. Because the thing with the IRA is that

576
00:28:41,440 --> 00:28:46,040
Speaker 5: it's for your retirement, right, so when they retire, they'll

577
00:28:46,080 --> 00:28:49,960
Speaker 5: have three point five million dollars. So the benefit with

578
00:28:50,120 --> 00:28:56,560
Speaker 5: that is that you already made your child a multi

579
00:28:56,600 --> 00:28:59,880
Speaker 5: millionaire in their retirement. Now to pushback for someone say okay,

580
00:29:00,080 --> 00:29:03,240
Speaker 5: well the child has to wait till sixty years old

581
00:29:03,360 --> 00:29:07,080
Speaker 5: to get it. Well, my question is if somebody had

582
00:29:07,280 --> 00:29:09,400
Speaker 5: a million dollars, two million, or three million dollars for

583
00:29:09,440 --> 00:29:14,920
Speaker 5: you right now and said, and you're forty, and said

584
00:29:15,600 --> 00:29:18,560
Speaker 5: at sixty you will you will get this money. Would

585
00:29:18,600 --> 00:29:21,680
Speaker 5: you be mad and you did nothing for it a

586
00:29:21,720 --> 00:29:23,440
Speaker 5: couple of years of work when you was a child.

587
00:29:23,840 --> 00:29:27,200
Speaker 5: Would you be mad at your grandparent for doing that?

588
00:29:27,760 --> 00:29:31,120
Speaker 5: Or would you look forward to the opportunity? Mind you, you

589
00:29:31,120 --> 00:29:32,840
Speaker 5: can take money from a row fire eight early in

590
00:29:32,880 --> 00:29:35,040
Speaker 5: the net. There's some penalties that you have to pay,

591
00:29:35,520 --> 00:29:38,160
Speaker 5: but you don't have to wait till your sixty.

592
00:29:37,920 --> 00:29:39,640
Speaker 7: You don't have to wait till you sixty and again

593
00:29:39,680 --> 00:29:41,840
Speaker 7: this is a conservative number, right, so we're talking about

594
00:29:41,880 --> 00:29:45,760
Speaker 7: ten percent. There's years obviously we saw over the past

595
00:29:45,760 --> 00:29:49,320
Speaker 7: three where the QQQ was trashed, the technology sector has

596
00:29:49,360 --> 00:29:51,040
Speaker 7: gone up twenty five ers.

597
00:29:51,720 --> 00:29:52,360
Speaker 4: Ernest, what's up?

598
00:29:52,480 --> 00:29:54,959
Speaker 7: You ever walk into a small business and everything just

599
00:29:55,120 --> 00:29:58,280
Speaker 7: works like the checkout is fast, the seats of digital

600
00:29:58,800 --> 00:30:01,760
Speaker 7: tipping is a breeze, and you're out the door before

601
00:30:01,800 --> 00:30:05,960
Speaker 7: the line even builds odds are they're using Square? We

602
00:30:06,120 --> 00:30:08,640
Speaker 7: love supporting businesses that run on Square because it just

603
00:30:08,680 --> 00:30:11,920
Speaker 7: feels seamless. Whether it's a local coffee shop, a vendor

604
00:30:11,960 --> 00:30:14,240
Speaker 7: at a pop up market, or even one of our

605
00:30:14,280 --> 00:30:17,920
Speaker 7: merch partners. Square makes it easy for them to take payments,

606
00:30:18,160 --> 00:30:21,880
Speaker 7: manage inventory, and run their business with confidence, all from

607
00:30:21,960 --> 00:30:25,360
Speaker 7: one simple system. If you're a business owner or even

608
00:30:25,480 --> 00:30:29,000
Speaker 7: just thinking about launching something soon, Square is hands down

609
00:30:29,000 --> 00:30:32,080
Speaker 7: one of the best tools out there to help you start, run,

610
00:30:32,280 --> 00:30:35,560
Speaker 7: and grow. It's not just about payments, it's about giving

611
00:30:35,640 --> 00:30:37,760
Speaker 7: you time back so you can focus on.

612
00:30:37,680 --> 00:30:39,120
Speaker 4: What matters most ready.

613
00:30:39,160 --> 00:30:42,520
Speaker 7: To see how Square can transform your business, visit Square

614
00:30:42,600 --> 00:30:47,280
Speaker 7: dot com, backslash, go, backslash eyl to learn more. That's

615
00:30:47,320 --> 00:30:52,760
Speaker 7: Square dot com backslash, Go backslash, eyl, don't wait, don't hesitate.

616
00:30:52,880 --> 00:30:55,280
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617
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Speaker 7: pushing your vision forward. This episode is brought to you

618
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Speaker 7: by P and C Bank. A lot of people think

619
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627
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628
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629
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Speaker 1: An illegal alien from Guatemala charged with raping a child

630
00:31:45,720 --> 00:31:49,520
Speaker 1: in Massachusetts. An MS thirteen gang member from El Salvador

631
00:31:49,760 --> 00:31:53,880
Speaker 1: accused of murdering a Texas man of Venezuelan charged with

632
00:31:53,960 --> 00:31:57,840
Speaker 1: filming and selling child pornography in Michigan. These are just

633
00:31:57,960 --> 00:32:01,720
Speaker 1: some of the heinous migrant criminals caught because of President

634
00:32:01,760 --> 00:32:02,200
Speaker 1: Donald J.

635
00:32:02,280 --> 00:32:04,720
Speaker 2: Trump's leadership. I'm Christy Noman, the.

636
00:32:04,720 --> 00:32:09,320
Speaker 1: United States Secretary of Homeland Security. Under President Trump, attempted

637
00:32:09,360 --> 00:32:13,040
Speaker 1: illegal border crossings are at the lowest levels ever recorded,

638
00:32:13,360 --> 00:32:16,040
Speaker 1: and over one hundred thousand illegal aliens.

639
00:32:15,600 --> 00:32:16,440
Speaker 2: Have been arrested.

640
00:32:16,720 --> 00:32:20,240
Speaker 1: If you are here illegally, your next you will be

641
00:32:20,320 --> 00:32:24,160
Speaker 1: fine nearly one thousand dollars a day. Imprisoned and deported,

642
00:32:24,640 --> 00:32:27,880
Speaker 1: you will never return. But if you register using our

643
00:32:27,920 --> 00:32:31,120
Speaker 1: CBP home app and leave now, you could be allowed

644
00:32:31,120 --> 00:32:32,120
Speaker 1: to return legally.

645
00:32:32,520 --> 00:32:34,760
Speaker 2: Do what's right. Leave now.

646
00:32:35,080 --> 00:32:39,880
Speaker 1: Under President Trump, America's laws, border and families will be protected.

647
00:32:39,960 --> 00:32:42,080
Speaker 3: Sponsored by the United States Department of Homeland Security.

648
00:32:42,640 --> 00:32:44,560
Speaker 7: Right is going up to twenty six percent, and then

649
00:32:44,600 --> 00:32:46,800
Speaker 7: it's going down to twelve. If we just take those

650
00:32:46,840 --> 00:32:49,160
Speaker 7: averages over the past five years, you're talking about way

651
00:32:49,200 --> 00:32:51,320
Speaker 7: more than ten percent. And the one thing that we

652
00:32:51,400 --> 00:32:54,400
Speaker 7: know about the stock market is that it is going

653
00:32:54,400 --> 00:32:56,560
Speaker 7: to appreciate eighty two percent of the time. The SMP

654
00:32:56,680 --> 00:33:00,760
Speaker 7: has increased over the course of the market's history, and

655
00:33:00,800 --> 00:33:04,600
Speaker 7: so ten percent is a conservative number. So you're saying sixty,

656
00:33:05,080 --> 00:33:08,160
Speaker 7: but that number could hit three million by fifty, right,

657
00:33:08,200 --> 00:33:12,120
Speaker 7: And so it's all about deferring the gratification, right, just

658
00:33:12,160 --> 00:33:16,080
Speaker 7: knowing that it's there and letting it compound, like it

659
00:33:16,120 --> 00:33:18,160
Speaker 7: is the eighth wonder of the world. For a reason

660
00:33:18,640 --> 00:33:21,280
Speaker 7: that money doesn't get touched, you'll be a millionaire. This

661
00:33:21,320 --> 00:33:24,480
Speaker 7: is not something that's hypothetical. At that number, at a

662
00:33:24,480 --> 00:33:26,800
Speaker 7: conservative ten percent, that's what it's going to average.

663
00:33:27,920 --> 00:33:30,400
Speaker 6: And it's one of these things that it's not even.

664
00:33:30,240 --> 00:33:37,800
Speaker 5: It's just basic math, right, This is that's like life

665
00:33:37,800 --> 00:33:41,560
Speaker 5: assurance is the easiest way, but this is another damn

666
00:33:41,920 --> 00:33:45,720
Speaker 5: guaranteed way to make your child a multi millionaire. Now,

667
00:33:45,760 --> 00:33:48,160
Speaker 5: once begin we never said when we said make your

668
00:33:48,240 --> 00:33:49,800
Speaker 5: child a millionaire. We never said that there's gonna be

669
00:33:49,840 --> 00:33:53,360
Speaker 5: a millionaire tomorrow. But once again, we talked about generational wealth.

670
00:33:53,600 --> 00:33:57,080
Speaker 5: So the whole point of it is that the child

671
00:33:57,080 --> 00:33:59,600
Speaker 5: should be equipped to be earning money, to be doing

672
00:33:59,680 --> 00:34:00,800
Speaker 5: things as an adult.

673
00:34:00,920 --> 00:34:04,200
Speaker 6: Right. Everything that they've given is.

674
00:34:04,360 --> 00:34:07,680
Speaker 5: Extra add ons for them, right, So this isn't like

675
00:34:07,760 --> 00:34:10,239
Speaker 5: the only thing that they should be like relying on

676
00:34:10,320 --> 00:34:13,840
Speaker 5: as a twenty five year old. But like I said,

677
00:34:13,920 --> 00:34:16,640
Speaker 5: if you can, one of the biggest problems that we

678
00:34:16,719 --> 00:34:20,719
Speaker 5: have in a society is retirement. And they're already talking

679
00:34:20,760 --> 00:34:24,920
Speaker 5: about cutbacks on Social Security. So if you don't have

680
00:34:25,000 --> 00:34:27,719
Speaker 5: to worry about retirement, how much more free? I know

681
00:34:27,760 --> 00:34:31,719
Speaker 5: people that take jobs just for retirement benefits. Yep, you

682
00:34:31,840 --> 00:34:34,279
Speaker 5: work a job for thirty years just because it has

683
00:34:34,320 --> 00:34:34,920
Speaker 5: a good pension.

684
00:34:35,320 --> 00:34:37,160
Speaker 7: People will retire and go back to get a part

685
00:34:37,200 --> 00:34:38,680
Speaker 7: time job because they need the insurance.

686
00:34:39,440 --> 00:34:39,760
Speaker 6: Yeah.

687
00:34:40,200 --> 00:34:40,439
Speaker 4: Sure.

688
00:34:41,200 --> 00:34:43,920
Speaker 7: And here's the thing, right, like, yeah, fifty sounds if

689
00:34:43,960 --> 00:34:46,040
Speaker 7: you're sitting in your twenties and your thirties, Like, sixty

690
00:34:46,080 --> 00:34:48,080
Speaker 7: sounds like a long wait, Like we just I just

691
00:34:48,120 --> 00:34:49,279
Speaker 7: turned forty three years ago.

692
00:34:49,320 --> 00:34:51,400
Speaker 4: You just turned forty a year ago.

693
00:34:52,320 --> 00:34:55,359
Speaker 7: At that same rate, you're still at that ten percent, right,

694
00:34:55,440 --> 00:34:57,520
Speaker 7: just from them five years from twelve to seventeen, that

695
00:34:57,600 --> 00:35:02,880
Speaker 7: ten percent compounded turns to nearly six hundred thousand by forty. Yeah, Like,

696
00:35:03,160 --> 00:35:05,000
Speaker 7: what did you get a six hundred thousand dollars take

697
00:35:05,000 --> 00:35:07,319
Speaker 7: in forty? I might have missed it. No, I wasn't

698
00:35:07,320 --> 00:35:07,920
Speaker 7: sitting there for you.

699
00:35:07,960 --> 00:35:09,879
Speaker 5: So yeah, on five hundred and thirty one thousand dollars

700
00:35:09,960 --> 00:35:12,279
Speaker 5: bout forty. So like I said, you don't. It's not

701
00:35:12,320 --> 00:35:14,920
Speaker 5: like a locked up and a trust. You can take

702
00:35:15,000 --> 00:35:17,560
Speaker 5: money out of the IRA whenever you want you'll pay

703
00:35:17,680 --> 00:35:20,960
Speaker 5: you'll pay an early penalty if you take it out

704
00:35:21,000 --> 00:35:24,440
Speaker 5: before your retirement. That's important to notice. But if you

705
00:35:24,560 --> 00:35:26,520
Speaker 5: need money, like let's say you've got a brilliant idea

706
00:35:26,560 --> 00:35:28,279
Speaker 5: you want to start a business, you can take the

707
00:35:28,280 --> 00:35:31,279
Speaker 5: money out. It's never been taxed before, so you pay tax.

708
00:35:31,280 --> 00:35:33,400
Speaker 5: You'll pay taxes on it, you'll pay a penalty tax.

709
00:35:33,680 --> 00:35:38,359
Speaker 5: But ideally it's better to wait because you'll pay no tax.

710
00:35:38,360 --> 00:35:40,600
Speaker 5: And like I said, keep in mind that money at

711
00:35:40,640 --> 00:35:44,000
Speaker 5: sixty three point five million is tax free. So when

712
00:35:44,000 --> 00:35:47,160
Speaker 5: you get your four one k, you're paying state and

713
00:35:47,200 --> 00:35:49,879
Speaker 5: federal taxes on it. So your million dollars is really

714
00:35:49,920 --> 00:35:53,520
Speaker 5: six hundred thousand dollars. This is three point five million

715
00:35:53,560 --> 00:35:57,279
Speaker 5: dollars tax free money. So I mean, that's just that's

716
00:35:57,320 --> 00:35:58,880
Speaker 5: just the trim minut. And like I said, for a

717
00:35:58,960 --> 00:36:01,160
Speaker 5: very short period of time, you just you paid seven

718
00:36:01,200 --> 00:36:03,840
Speaker 5: thousand dollars a year for six years, and that that

719
00:36:03,840 --> 00:36:05,320
Speaker 5: could be two thousand. Of course it's going to be

720
00:36:05,360 --> 00:36:07,800
Speaker 5: a lower, but you know, you could use the calculator

721
00:36:07,840 --> 00:36:09,360
Speaker 5: to see, Okay, if I put a thousand dollars and

722
00:36:09,400 --> 00:36:10,839
Speaker 5: if I put two thousand dollars, and if I put

723
00:36:10,840 --> 00:36:13,120
Speaker 5: fifteen hundred dollars in right, what is that equal? But

724
00:36:13,200 --> 00:36:15,800
Speaker 5: the bottom line is that relatively small amounts of money

725
00:36:15,960 --> 00:36:19,480
Speaker 5: in a short, relatively short period of time equals huge

726
00:36:19,520 --> 00:36:22,400
Speaker 5: amounts of money later on in lifeact.

727
00:36:23,239 --> 00:36:24,000
Speaker 4: This is a fact.

728
00:36:24,280 --> 00:36:25,080
Speaker 6: So that's another way.

729
00:36:25,360 --> 00:36:27,760
Speaker 4: So we got the life insurance, we got the IRA.

730
00:36:28,760 --> 00:36:30,640
Speaker 7: This is one of my favorite ones because it's something

731
00:36:30,640 --> 00:36:33,080
Speaker 7: that we've actually been practicing, and that is creating an

732
00:36:33,160 --> 00:36:35,720
Speaker 7: up my account for your child, right and UPMA stands

733
00:36:35,760 --> 00:36:39,040
Speaker 7: for a uniform transferred to minus act and this allows

734
00:36:39,040 --> 00:36:41,520
Speaker 7: you to hold access in your child's name up until

735
00:36:41,560 --> 00:36:44,719
Speaker 7: eighteen to twenty one. And this is important, right, Like

736
00:36:44,760 --> 00:36:47,080
Speaker 7: we talk about investing all the time on market Mondays,

737
00:36:47,080 --> 00:36:50,239
Speaker 7: we talk about it here on Eolisia, and we're doing

738
00:36:50,239 --> 00:36:53,720
Speaker 7: it for ourselves, right, And that's all great, But having

739
00:36:53,880 --> 00:36:57,719
Speaker 7: that asset for a longer term. Right, So I'm forty

740
00:36:57,760 --> 00:37:00,160
Speaker 7: three years old, right, if I have at my hew

741
00:37:00,200 --> 00:37:03,480
Speaker 7: for my son and my daughter, right, that account was

742
00:37:03,560 --> 00:37:05,680
Speaker 7: open when he was seven and when she was ten.

743
00:37:06,320 --> 00:37:06,480
Speaker 4: Right.

744
00:37:06,520 --> 00:37:08,640
Speaker 7: I just told you about the history of the market.

745
00:37:08,640 --> 00:37:10,680
Speaker 7: Eighty two percent of the time it has seen appreciation.

746
00:37:10,880 --> 00:37:13,160
Speaker 7: If they start if I started investing at seven, what

747
00:37:13,160 --> 00:37:15,239
Speaker 7: would my account look like now, knowing what I know,

748
00:37:15,680 --> 00:37:17,880
Speaker 7: they have the advantage of knowing what I know, plus

749
00:37:17,920 --> 00:37:21,439
Speaker 7: having the time that's factored into their lives.

750
00:37:21,520 --> 00:37:21,640
Speaker 4: Right.

751
00:37:21,640 --> 00:37:24,200
Speaker 7: So we're talking about somebody that's investments in seven, what

752
00:37:24,239 --> 00:37:25,320
Speaker 7: does that look like at forty?

753
00:37:25,320 --> 00:37:26,560
Speaker 4: What does that look like at fifty?

754
00:37:27,239 --> 00:37:30,879
Speaker 7: Now the difference between that and UGMA, which we're talking about,

755
00:37:31,080 --> 00:37:34,120
Speaker 7: is that you can have different type of assets. Right,

756
00:37:34,120 --> 00:37:36,120
Speaker 7: So we're talking about cash, we're talking about real estate.

757
00:37:36,160 --> 00:37:39,520
Speaker 7: We're talking about stocks that can all be held into account.

758
00:37:39,600 --> 00:37:41,520
Speaker 7: What does that mean? That means that you can manage

759
00:37:41,520 --> 00:37:44,600
Speaker 7: that account. Again, educate your kid during the process. And

760
00:37:44,640 --> 00:37:46,759
Speaker 7: so this is one of those things when we're talking about, Hey,

761
00:37:47,840 --> 00:37:50,520
Speaker 7: our kids know what is hot, right, So when Microsoft

762
00:37:50,920 --> 00:37:53,320
Speaker 7: is creating a product, or Metas coming out with a product,

763
00:37:53,360 --> 00:37:55,480
Speaker 7: or TikTok is the hot thing. Or I remember a

764
00:37:55,480 --> 00:37:57,560
Speaker 7: few years when we were talking about Rodblocks when that

765
00:37:57,600 --> 00:38:00,759
Speaker 7: became a public trading company. These are now conversations that

766
00:38:00,800 --> 00:38:03,520
Speaker 7: we can have with our children. Educate them about what

767
00:38:03,560 --> 00:38:07,000
Speaker 7: the publicly traded company is, but also allow them if

768
00:38:07,040 --> 00:38:07,960
Speaker 7: they want to to.

769
00:38:08,000 --> 00:38:10,400
Speaker 4: Invest over the long term.

770
00:38:10,640 --> 00:38:13,920
Speaker 7: Now, the beautiful thing is that at eighteen, they now

771
00:38:13,960 --> 00:38:17,560
Speaker 7: become owners of that account. So hopefully they've been practicing

772
00:38:17,600 --> 00:38:20,239
Speaker 7: with it, right, They've been watching you invest, They've been

773
00:38:20,280 --> 00:38:23,640
Speaker 7: watching transactions happen, they've been watching appreciation. I know for

774
00:38:23,719 --> 00:38:26,400
Speaker 7: the past couple of weeks we've seen something depreciation. But

775
00:38:26,440 --> 00:38:28,759
Speaker 7: that's why we're talking about long term holds. And so

776
00:38:29,200 --> 00:38:31,040
Speaker 7: I know when we talk about two tech two index

777
00:38:31,239 --> 00:38:33,680
Speaker 7: and says that this is why. Right, if we have

778
00:38:33,920 --> 00:38:36,799
Speaker 7: two tech companies and we have two indexes that track

779
00:38:36,880 --> 00:38:40,440
Speaker 7: the market overall, that's a great basis to start for

780
00:38:40,560 --> 00:38:43,200
Speaker 7: a child to have a long term investment. If we

781
00:38:43,239 --> 00:38:45,759
Speaker 7: want in great invest in great companies, well we have

782
00:38:45,840 --> 00:38:49,480
Speaker 7: that ability to do that as well. And so what

783
00:38:49,520 --> 00:38:51,520
Speaker 7: I've done is like I'll start to match. Right, if

784
00:38:51,560 --> 00:38:54,120
Speaker 7: I see a good company at a good price in

785
00:38:54,200 --> 00:38:56,800
Speaker 7: video which hit one hundred, not only am I adding

786
00:38:56,800 --> 00:38:59,600
Speaker 7: that into my portfolio, but I'm adding into my child's portfolio.

787
00:38:59,640 --> 00:39:00,880
Speaker 7: And the fact that I have too, when they can

788
00:39:00,920 --> 00:39:03,360
Speaker 7: mirror it, it makes it even better because they're watching

789
00:39:03,360 --> 00:39:08,040
Speaker 7: this appreciation go. The other part is the UTMA account.

790
00:39:08,200 --> 00:39:12,480
Speaker 7: Now there's some differences here, right. You can put real estate,

791
00:39:12,680 --> 00:39:15,880
Speaker 7: you can put jewelry, you can put commodities inside your UGMA.

792
00:39:16,160 --> 00:39:18,520
Speaker 4: Your UTMA, you can only this is key.

793
00:39:18,560 --> 00:39:22,400
Speaker 7: You can only have cash, stocks, bonds, mutual funds, and ets.

794
00:39:22,800 --> 00:39:23,920
Speaker 4: That's the biggest difference.

795
00:39:24,080 --> 00:39:26,839
Speaker 7: The UTMA allows more flexibility where you can have more

796
00:39:26,880 --> 00:39:28,960
Speaker 7: different types of assets. And I know some people have

797
00:39:29,000 --> 00:39:32,640
Speaker 7: collectibles that can be also passed down. At twenty one

798
00:39:32,719 --> 00:39:35,440
Speaker 7: or eighteen, they now controlling This is no longer something

799
00:39:35,480 --> 00:39:38,040
Speaker 7: that you can manage and is handed over to them.

800
00:39:38,080 --> 00:39:41,480
Speaker 7: Hopefully you've given them enough guidance, You've given them enough education,

801
00:39:42,040 --> 00:39:45,240
Speaker 7: enough resources to make positive decisions and good decisions inside

802
00:39:45,239 --> 00:39:47,839
Speaker 7: that account. Because again they've had it for ten years.

803
00:39:47,880 --> 00:39:49,520
Speaker 7: Like I said, my son was seven when he started.

804
00:39:49,840 --> 00:39:52,040
Speaker 7: By the time he's eighteen, i'll be eleven years for him.

805
00:39:52,440 --> 00:39:55,840
Speaker 7: That has hopefully in it thus far as appreciated pretty nicely.

806
00:39:56,719 --> 00:39:59,640
Speaker 7: Now at eighteen, if they've decided they want to start

807
00:39:59,640 --> 00:40:02,640
Speaker 7: a business, this now becomes the seed for their business.

808
00:40:02,920 --> 00:40:05,120
Speaker 7: Right If they decide that they want to go to college,

809
00:40:05,800 --> 00:40:07,280
Speaker 7: here startup money now that.

810
00:40:07,600 --> 00:40:09,960
Speaker 4: They can pay towards tuition or whatever their endeavor is.

811
00:40:10,280 --> 00:40:11,960
Speaker 7: If they decide that, hey, I want to take a

812
00:40:12,000 --> 00:40:13,520
Speaker 7: year of dad, and I want to work for you,

813
00:40:13,600 --> 00:40:15,239
Speaker 7: and I want to use this to invest in my

814
00:40:15,320 --> 00:40:16,319
Speaker 7: own form of real estate.

815
00:40:16,560 --> 00:40:17,160
Speaker 4: They can do that.

816
00:40:17,320 --> 00:40:21,400
Speaker 7: It allows your kids flexibility to have decision making power

817
00:40:21,800 --> 00:40:24,200
Speaker 7: at a young age that can affect them for.

818
00:40:24,160 --> 00:40:24,920
Speaker 4: The long term.

819
00:40:25,080 --> 00:40:27,520
Speaker 7: So those are two accounts that if you're adult and

820
00:40:27,520 --> 00:40:30,120
Speaker 7: if you're watching market mondays and you're trading now and

821
00:40:30,120 --> 00:40:32,959
Speaker 7: this is easy to do, right, you go to your brokerage. Right,

822
00:40:33,040 --> 00:40:36,080
Speaker 7: there's a tab it says UMA or UGMA. You can

823
00:40:36,120 --> 00:40:38,640
Speaker 7: open the account. You can start deposit money to into

824
00:40:38,680 --> 00:40:41,040
Speaker 7: that account now, and you can invest right. You can

825
00:40:41,040 --> 00:40:44,120
Speaker 7: invest like I said, in indexes, you can invest in ETFs,

826
00:40:44,400 --> 00:40:48,200
Speaker 7: you can invest in equities. These things are how you

827
00:40:48,239 --> 00:40:50,960
Speaker 7: build wealth. We talk about generational wealth. Well, somebody has

828
00:40:51,000 --> 00:40:52,840
Speaker 7: to do it right. So if you're doing it now,

829
00:40:53,120 --> 00:40:55,400
Speaker 7: you might as well create the habits that can be

830
00:40:55,440 --> 00:40:58,359
Speaker 7: sustained and passed down for your next generation. Those are

831
00:40:58,400 --> 00:41:01,480
Speaker 7: two positive ways to make sure so that you have generational.

832
00:41:01,040 --> 00:41:02,240
Speaker 6: Well, that's a fact.

833
00:41:02,280 --> 00:41:04,000
Speaker 5: And then there is so we do want to talk

834
00:41:04,000 --> 00:41:08,880
Speaker 5: about something that Okay, depending on state law, you have

835
00:41:08,920 --> 00:41:12,080
Speaker 5: to the child has access at eighteen or twenty one.

836
00:41:12,600 --> 00:41:15,400
Speaker 5: But so how to make your child a millionaire? This

837
00:41:15,440 --> 00:41:18,520
Speaker 5: is where this comes into play. Adding a trust, putting

838
00:41:18,520 --> 00:41:22,719
Speaker 5: the UTMA in a trust account, so you can override

839
00:41:22,760 --> 00:41:25,560
Speaker 5: that by having a trust account, right, because you're probably

840
00:41:25,560 --> 00:41:28,480
Speaker 5: not going to have a million dollars by eighteen. But

841
00:41:28,640 --> 00:41:31,480
Speaker 5: that same rule applied for the raw FIRA can be

842
00:41:31,520 --> 00:41:35,200
Speaker 5: applied for the UTMA right with no restrictions as far

843
00:41:35,200 --> 00:41:36,960
Speaker 5: as when you can actually take the money. But now

844
00:41:37,040 --> 00:41:42,520
Speaker 5: you can actually set stipulations and restrictions based on how

845
00:41:42,560 --> 00:41:45,319
Speaker 5: you want based on a trust. So, once again, for

846
00:41:45,400 --> 00:41:48,839
Speaker 5: the context of this video, we're not going to go

847
00:41:49,000 --> 00:41:51,279
Speaker 5: into deep detailed about trust because that could be a

848
00:41:51,320 --> 00:41:53,719
Speaker 5: video within itself. But there are some different types of

849
00:41:53,719 --> 00:41:55,160
Speaker 5: trust that you should be aware of with this too.

850
00:41:55,200 --> 00:41:59,200
Speaker 5: In particular that are most prevalent when we're talking about

851
00:41:59,239 --> 00:42:02,080
Speaker 5: these type of situations is yeah, revocable trust, which is

852
00:42:02,120 --> 00:42:04,520
Speaker 5: also known as a living trust, And the reason why

853
00:42:04,520 --> 00:42:07,760
Speaker 5: it's called revocable is that you can make changes throughout

854
00:42:07,760 --> 00:42:10,560
Speaker 5: the cost of your life, right, and then there's an

855
00:42:10,560 --> 00:42:15,520
Speaker 5: irrevocable trust, which hence the name is pretty much you

856
00:42:15,600 --> 00:42:17,680
Speaker 5: can't change over the course of your life, right, So

857
00:42:17,800 --> 00:42:22,040
Speaker 5: one is kind of set in stone and one is

858
00:42:22,360 --> 00:42:26,680
Speaker 5: more flexible. But the benefit with the trust period is

859
00:42:26,760 --> 00:42:30,000
Speaker 5: that it's asset protection as far as it takes the

860
00:42:30,120 --> 00:42:33,239
Speaker 5: asset out of everybody's name, right, so it's out of

861
00:42:33,280 --> 00:42:35,239
Speaker 5: your name, out of your child name. The trust. The

862
00:42:35,280 --> 00:42:38,640
Speaker 5: trust is the owner of the situation, and that's great

863
00:42:38,640 --> 00:42:41,799
Speaker 5: for asset protection. We talk about a state planning for sure,

864
00:42:42,280 --> 00:42:47,520
Speaker 5: but this for this conversation, we'll focus on rules and

865
00:42:47,520 --> 00:42:53,040
Speaker 5: stipulations as far as you know, setting parameters so one

866
00:42:53,080 --> 00:42:55,400
Speaker 5: of the you can go back to the regular One

867
00:42:55,440 --> 00:42:58,120
Speaker 5: of the things about the UTMA that people are concerned

868
00:42:58,120 --> 00:43:00,560
Speaker 5: about it is like, okay, well if I save us

869
00:43:00,640 --> 00:43:02,840
Speaker 5: money and I put this and I give my child

870
00:43:02,880 --> 00:43:05,840
Speaker 5: this money, well they're not gonna be ready for the

871
00:43:05,920 --> 00:43:12,200
Speaker 5: eighteen and most eighteen year olds are not responsible enough

872
00:43:12,200 --> 00:43:15,400
Speaker 5: to handle six figures or seven figures. That's kind of

873
00:43:15,880 --> 00:43:18,080
Speaker 5: even twenty one year old. Most twenty one year olds

874
00:43:18,200 --> 00:43:22,319
Speaker 5: haven't have enough information, haven't had enough life experience, so

875
00:43:22,680 --> 00:43:28,200
Speaker 5: it could lead to making bad decisions. If wasting the money,

876
00:43:28,320 --> 00:43:30,880
Speaker 5: that defeats the whole purpose. So having it in a

877
00:43:31,000 --> 00:43:37,799
Speaker 5: trust is beneficial because you get to dictate when and

878
00:43:37,880 --> 00:43:39,600
Speaker 5: how that money is dispersed.

879
00:43:39,600 --> 00:43:40,960
Speaker 6: So you can say, okay, well.

880
00:43:41,640 --> 00:43:44,759
Speaker 5: The money I have a let's say you have two

881
00:43:44,840 --> 00:43:49,719
Speaker 5: hundred thousand dollars in the first fifty thousand will be

882
00:43:49,920 --> 00:43:52,960
Speaker 5: given to my child when they complete college.

883
00:43:53,040 --> 00:43:54,280
Speaker 6: But they have to complete college.

884
00:43:54,320 --> 00:43:56,040
Speaker 5: So if you don't complete college and you don't get

885
00:43:56,040 --> 00:43:59,320
Speaker 5: the fifty thousands, the next fifty thousand will be granted

886
00:43:59,760 --> 00:44:03,640
Speaker 5: upon on marriage. Right, you don't get married, you're not

887
00:44:03,640 --> 00:44:06,839
Speaker 5: getting fifty thousand. Or there's a provision that they can

888
00:44:06,920 --> 00:44:09,879
Speaker 5: take fifty thousand out of the trust at any time

889
00:44:09,920 --> 00:44:12,080
Speaker 5: that they're an adult if they want to start a business,

890
00:44:12,120 --> 00:44:15,920
Speaker 5: but the business plan has to be reviewed by my accountant,

891
00:44:16,000 --> 00:44:18,040
Speaker 5: and the accountant has to say that it's a legitimate

892
00:44:18,040 --> 00:44:19,959
Speaker 5: business plan, and then they could get fifty thousand dollars

893
00:44:20,040 --> 00:44:22,879
Speaker 5: that way. Meanwhile, this whole time, the money is still

894
00:44:22,880 --> 00:44:24,839
Speaker 5: growing because we're still invested over the course of time.

895
00:44:25,160 --> 00:44:28,480
Speaker 5: So that's something that a lot of parents find attractive

896
00:44:28,560 --> 00:44:36,480
Speaker 5: because it provides you a certain level of authority still

897
00:44:36,719 --> 00:44:41,040
Speaker 5: over the money, the access to the money, what they're

898
00:44:41,120 --> 00:44:45,040
Speaker 5: using the money for, you could be as detailed as

899
00:44:45,160 --> 00:44:45,799
Speaker 5: as you want to be.

900
00:44:46,080 --> 00:44:47,399
Speaker 4: Yeah, that's an important fact.

901
00:44:47,440 --> 00:44:50,319
Speaker 7: Right, This is almost like putting the bumpers up right,

902
00:44:50,360 --> 00:44:53,280
Speaker 7: So when we're talking about generations, yes, if you've taken

903
00:44:53,280 --> 00:44:55,960
Speaker 7: these steps, yes, You're not going to be a millionaire

904
00:44:55,960 --> 00:44:59,480
Speaker 7: at eighteen or twenty one, but the steps are now

905
00:44:59,520 --> 00:45:01,320
Speaker 7: being prod for you to get to that level.

906
00:45:01,719 --> 00:45:03,319
Speaker 4: The problem is a lot of times.

907
00:45:03,040 --> 00:45:05,120
Speaker 7: We see when we get money and we don't know

908
00:45:05,160 --> 00:45:07,200
Speaker 7: what to do with it, we tend to spend it

909
00:45:07,239 --> 00:45:09,879
Speaker 7: and be frivolous. This is a system that it now

910
00:45:09,920 --> 00:45:11,840
Speaker 7: has put up the bumpers, right, So you still have

911
00:45:11,960 --> 00:45:15,120
Speaker 7: to work towards something in order to have that money, right,

912
00:45:15,200 --> 00:45:18,800
Speaker 7: which is a huge incentive. I could imagine being eighteen

913
00:45:18,880 --> 00:45:21,320
Speaker 7: years old and knowing that if I complete this task

914
00:45:21,400 --> 00:45:23,440
Speaker 7: or if I've done this, that there is going to

915
00:45:23,520 --> 00:45:27,040
Speaker 7: be that waiting for me. I mean, this is a

916
00:45:27,080 --> 00:45:29,640
Speaker 7: game that the wealthier plan that we haven't had access to.

917
00:45:29,719 --> 00:45:32,600
Speaker 4: But fortunately enough that is changing.

918
00:45:33,080 --> 00:45:35,839
Speaker 7: So these are parameters, right, This is the key to

919
00:45:35,880 --> 00:45:38,719
Speaker 7: sustainable wealth. Putting parameters in place that make sure that

920
00:45:39,280 --> 00:45:41,200
Speaker 7: you won't ruin this, right. We want to make sure

921
00:45:41,239 --> 00:45:42,440
Speaker 7: that this is sustained.

922
00:45:42,640 --> 00:45:47,399
Speaker 6: Yeah, so that's something that's vitally important to take.

923
00:45:47,440 --> 00:45:49,000
Speaker 5: And you can invest the money, like you said, you

924
00:45:49,000 --> 00:45:50,880
Speaker 5: can invest the money in stocks, you can invest the

925
00:45:50,920 --> 00:45:53,719
Speaker 5: money in ETFs, in deck funds, all that type of

926
00:45:53,800 --> 00:45:58,400
Speaker 5: they even bitcoin through the ibit ye, So you know,

927
00:45:58,840 --> 00:46:01,040
Speaker 5: you have different ways you can invest in money. So

928
00:46:01,080 --> 00:46:04,720
Speaker 5: that's the third way that you can make your child

929
00:46:05,120 --> 00:46:05,799
Speaker 5: a millionaire.

930
00:46:07,120 --> 00:46:10,960
Speaker 7: Now number four, This one feels like it's the obvious

931
00:46:11,040 --> 00:46:13,400
Speaker 7: almost right, if we look at how wealth is built

932
00:46:13,400 --> 00:46:16,759
Speaker 7: throughout America, is built through entrepreneurs creating business and having

933
00:46:16,800 --> 00:46:17,720
Speaker 7: stock in that business.

934
00:46:18,000 --> 00:46:21,600
Speaker 4: The other way is only land own in real estate. Right,

935
00:46:21,640 --> 00:46:22,719
Speaker 4: owning real estate.

936
00:46:22,520 --> 00:46:25,319
Speaker 7: And owning it and having it in a way that

937
00:46:25,480 --> 00:46:28,000
Speaker 7: in a manner that now becomes beneficial for your children

938
00:46:28,560 --> 00:46:30,839
Speaker 7: is number four for sure. But it feels like it's

939
00:46:30,840 --> 00:46:34,480
Speaker 7: the obvious way that most people build wealth in our country.

940
00:46:34,960 --> 00:46:38,879
Speaker 7: And we've seen that over the history, right from reconstruction

941
00:46:39,000 --> 00:46:42,440
Speaker 7: to the Industrial Revolution to post war to Redline, and

942
00:46:42,440 --> 00:46:45,880
Speaker 7: we've seen appreciation in homes over time being passed down

943
00:46:45,960 --> 00:46:49,440
Speaker 7: to families has created wealth not only for the owner

944
00:46:49,440 --> 00:46:52,960
Speaker 7: of the home, but for generations of families thereafter.

945
00:46:53,520 --> 00:46:55,040
Speaker 4: So let's talk about some ways that can better fit

946
00:46:55,080 --> 00:46:55,640
Speaker 4: your children.

947
00:46:55,760 --> 00:46:57,919
Speaker 5: Yeah, real estate, So I mean real estate is pret

948
00:46:57,920 --> 00:47:00,000
Speaker 5: self explanatory as far as if you're a home owner

949
00:47:00,080 --> 00:47:03,759
Speaker 5: or if you're a real estate investor, but you can

950
00:47:04,000 --> 00:47:06,759
Speaker 5: going back to the trust, you can you can buy

951
00:47:06,840 --> 00:47:11,200
Speaker 5: real estate and a trust and have your child as

952
00:47:11,200 --> 00:47:13,680
Speaker 5: the beneficiary of the trust. So you can buy real

953
00:47:13,760 --> 00:47:17,600
Speaker 5: estate in both as the purposes for your child right.

954
00:47:19,040 --> 00:47:23,200
Speaker 6: In the trust. And once again you can utilize.

955
00:47:22,600 --> 00:47:27,520
Speaker 5: That as leverage later on to a have them own

956
00:47:27,560 --> 00:47:32,040
Speaker 5: the property outright or they can take over. As far

957
00:47:32,120 --> 00:47:35,279
Speaker 5: as rental income, so like let's say you have a

958
00:47:35,320 --> 00:47:37,400
Speaker 5: real estate property that gives you two thousand dollars a

959
00:47:37,480 --> 00:47:40,880
Speaker 5: month rental income. Right, you can say, okay, when my

960
00:47:41,040 --> 00:47:46,760
Speaker 5: child turns twenty five, they will be the recipient of

961
00:47:47,120 --> 00:47:52,320
Speaker 5: that income, but they have to be the landlord on

962
00:47:52,400 --> 00:47:54,080
Speaker 5: the property and these are the list of things they

963
00:47:54,160 --> 00:47:56,560
Speaker 5: need to check on the tenants. Now you're actually helping

964
00:47:56,760 --> 00:47:59,239
Speaker 5: the child learn real estate in real time because it's like, okay,

965
00:47:59,239 --> 00:48:02,520
Speaker 5: now this is actually out for you. So you are

966
00:48:02,560 --> 00:48:05,479
Speaker 5: going to receive the rent or part of the rent.

967
00:48:05,800 --> 00:48:08,200
Speaker 5: But part of the stipulation for you receiving part of

968
00:48:08,200 --> 00:48:11,400
Speaker 5: the rent is that you need to collect rent. You

969
00:48:11,480 --> 00:48:13,880
Speaker 5: need to talk to the tenants once a month, you

970
00:48:13,920 --> 00:48:15,719
Speaker 5: need to check on the property once a month. So

971
00:48:15,920 --> 00:48:18,600
Speaker 5: now you're actually grooming the child and be a property

972
00:48:18,640 --> 00:48:20,919
Speaker 5: manager and to learn about real estate in real time.

973
00:48:21,320 --> 00:48:25,600
Speaker 5: You're forcing them as opposed to them just collecting rent,

974
00:48:26,040 --> 00:48:28,480
Speaker 5: you know, and not knowing anything. That's not really helpful.

975
00:48:28,600 --> 00:48:31,200
Speaker 5: Like the more you learn, the better you'll be. So

976
00:48:31,719 --> 00:48:37,359
Speaker 5: structuring your real estate purchases, especially for real estate investors,

977
00:48:37,400 --> 00:48:41,040
Speaker 5: having you know a property to how many you want

978
00:48:41,600 --> 00:48:45,319
Speaker 5: in that trust, for the child to actually be the

979
00:48:45,360 --> 00:48:48,960
Speaker 5: owner and set point or to be the beneficiary as

980
00:48:48,960 --> 00:48:52,080
Speaker 5: far as rent or have some level of control, that's helpful.

981
00:48:52,440 --> 00:48:53,480
Speaker 6: It's beneficial as well.

982
00:48:53,520 --> 00:48:55,640
Speaker 5: So that's another way as far as you grow money

983
00:48:55,640 --> 00:48:57,680
Speaker 5: with stocks, but you also grow money with real estate,

984
00:48:58,200 --> 00:49:01,680
Speaker 5: and you can buy property. You can actually buy a

985
00:49:01,680 --> 00:49:03,879
Speaker 5: property in the up account as well, that's what I'm saying. Yeah,

986
00:49:03,960 --> 00:49:06,120
Speaker 5: but you could buy a property for your child, just

987
00:49:06,120 --> 00:49:07,439
Speaker 5: like you could buy stocks for your child.

988
00:49:07,520 --> 00:49:10,200
Speaker 7: Yeah. And that's the beauty of the UPMA is that

989
00:49:10,239 --> 00:49:13,279
Speaker 7: it allows diversified assets. We talk about stocks, to talk

990
00:49:13,280 --> 00:49:15,200
Speaker 7: about bonds, but it also allows you to have the

991
00:49:15,239 --> 00:49:17,600
Speaker 7: real estate piece. So those rates you can put them

992
00:49:17,600 --> 00:49:19,880
Speaker 7: in your portfolio, you can put them in your child's portfolio.

993
00:49:20,040 --> 00:49:22,600
Speaker 7: So whether it's I know, a lot of assignment properties

994
00:49:22,680 --> 00:49:23,279
Speaker 7: is a huge one.

995
00:49:23,320 --> 00:49:24,680
Speaker 4: PK. There's another one.

996
00:49:24,960 --> 00:49:27,719
Speaker 7: Crown Castle has been one that's performed, well, all those

997
00:49:27,800 --> 00:49:31,160
Speaker 7: rates can now sit inside your child's portfolio and watch

998
00:49:31,200 --> 00:49:33,680
Speaker 7: that appreciation over the time, and that can be passed

999
00:49:33,680 --> 00:49:36,719
Speaker 7: down and passed down. So these are the ways when

1000
00:49:36,760 --> 00:49:38,839
Speaker 7: we're talking about, Yeah, if I can't buy a home,

1001
00:49:39,120 --> 00:49:40,520
Speaker 7: or you don't have to buy a home, right, that'd

1002
00:49:40,560 --> 00:49:42,479
Speaker 7: be great if you can have land ownership, But there's

1003
00:49:42,480 --> 00:49:44,560
Speaker 7: other ways to own real estate that we need to

1004
00:49:44,560 --> 00:49:45,279
Speaker 7: take advantage of.

1005
00:49:45,680 --> 00:49:47,440
Speaker 5: Yeah, And that's the good thing about real estate is that,

1006
00:49:47,560 --> 00:49:50,120
Speaker 5: like I said, especially if you're an investor, you can

1007
00:49:50,280 --> 00:49:52,359
Speaker 5: buy let's say you buy a two hundred thousand dollar

1008
00:49:52,480 --> 00:49:56,520
Speaker 5: condo as an investment property, So you buy a condo

1009
00:49:56,760 --> 00:50:02,040
Speaker 5: in the trust trust owns it and you're the owner

1010
00:50:02,120 --> 00:50:05,720
Speaker 5: of that property. As far as like when the rental

1011
00:50:05,760 --> 00:50:08,239
Speaker 5: income comes, you can stipulate from the trust that you

1012
00:50:08,280 --> 00:50:10,600
Speaker 5: actually get the rental income. So now every month you're

1013
00:50:10,640 --> 00:50:14,640
Speaker 5: getting rental income over the course of twenty five years, right.

1014
00:50:14,960 --> 00:50:17,239
Speaker 5: But that what also is happening over the twenty five

1015
00:50:17,320 --> 00:50:21,360
Speaker 5: years is that the property is appreciated, So you're benefiting

1016
00:50:21,400 --> 00:50:23,840
Speaker 5: in your lifetime or as long as you want because

1017
00:50:23,880 --> 00:50:26,600
Speaker 5: you're actually you brought the property and then you're actually

1018
00:50:26,600 --> 00:50:29,960
Speaker 5: getting rental income from the property. Now the property is

1019
00:50:30,000 --> 00:50:34,080
Speaker 5: actually increasing over the cost of time, and it's in

1020
00:50:34,160 --> 00:50:37,520
Speaker 5: the trust and it's designated to go to your child

1021
00:50:38,040 --> 00:50:42,439
Speaker 5: at said age. So now when the child, let's say

1022
00:50:43,000 --> 00:50:45,480
Speaker 5: that two hundred thousand dollars property in twenty years is

1023
00:50:45,520 --> 00:50:48,320
Speaker 5: now worth five hundred thousand dollars. So now the child

1024
00:50:48,400 --> 00:50:50,239
Speaker 5: at that point in time is handled the property. But

1025
00:50:50,719 --> 00:50:53,040
Speaker 5: you've correct you collect the rental income all this time.

1026
00:50:53,440 --> 00:50:55,920
Speaker 5: What you can also say is that part of the

1027
00:50:55,960 --> 00:50:59,399
Speaker 5: transfer is that we have to do a refinance, and

1028
00:50:59,440 --> 00:51:02,880
Speaker 5: I have to I'm going to take two hundred thousand dollars.

1029
00:51:03,080 --> 00:51:07,520
Speaker 5: You're going to refinance the property, and there's probably at

1030
00:51:07,520 --> 00:51:09,480
Speaker 5: that point in time there's three hundred thousand dollars equity

1031
00:51:09,480 --> 00:51:13,000
Speaker 5: in it. So two hundred thousand dollars is going to

1032
00:51:13,040 --> 00:51:16,200
Speaker 5: be paid to me. Why would you do that, Well,

1033
00:51:17,000 --> 00:51:20,040
Speaker 5: you've paid. You've paid yourself as far as what you

1034
00:51:20,120 --> 00:51:25,040
Speaker 5: actually have paid into the property, right, and so you

1035
00:51:25,120 --> 00:51:27,480
Speaker 5: won two ways. Let's say you like, and we're just

1036
00:51:27,560 --> 00:51:29,799
Speaker 5: using a cash example, you pay twenty thousand dollars cash

1037
00:51:29,800 --> 00:51:33,600
Speaker 5: for this property, and you're getting two thousand dollars a month,

1038
00:51:33,960 --> 00:51:36,120
Speaker 5: so you've gotten two thousand dollars a month for twenty

1039
00:51:36,200 --> 00:51:39,960
Speaker 5: or thirty years. You won in that scenario because you've

1040
00:51:40,120 --> 00:51:42,960
Speaker 5: had income coming in every single month, and then you're

1041
00:51:42,960 --> 00:51:45,160
Speaker 5: getting your two hundred thousand dollars that you paid for

1042
00:51:45,200 --> 00:51:48,960
Speaker 5: the property back before you transfer ownership to your child.

1043
00:51:49,120 --> 00:51:52,759
Speaker 5: So your child is still benefiting because they're receiving an

1044
00:51:52,800 --> 00:51:56,600
Speaker 5: asset and the rent is probably now four thousand dollars

1045
00:51:56,640 --> 00:51:59,320
Speaker 5: a month, So even though they're refinanced, the refinance is

1046
00:51:59,320 --> 00:52:01,879
Speaker 5: probably like eighteen undred dollars a month, but they can

1047
00:52:01,920 --> 00:52:03,880
Speaker 5: cover that from the four thousand dollars a month rent

1048
00:52:03,880 --> 00:52:05,919
Speaker 5: that they get, so they're still netting. They're still netting

1049
00:52:05,920 --> 00:52:08,520
Speaker 5: twelve hundred dollars a month tax not tactical, but they're

1050
00:52:08,520 --> 00:52:12,120
Speaker 5: still netting two hundred dollars a month, and they now

1051
00:52:12,200 --> 00:52:16,000
Speaker 5: have a property that is worth five hundred thousand dollars.

1052
00:52:16,360 --> 00:52:20,040
Speaker 5: So in that scenario, nobody lost because you didn't lose

1053
00:52:20,080 --> 00:52:22,520
Speaker 5: any money. You actually made money from the rental income

1054
00:52:22,560 --> 00:52:24,040
Speaker 5: and you got your money that you paid for it back,

1055
00:52:24,120 --> 00:52:27,520
Speaker 5: but you also left something to your child. Well that's

1056
00:52:27,719 --> 00:52:29,880
Speaker 5: that's even better than the stock situation, because in the

1057
00:52:29,920 --> 00:52:32,640
Speaker 5: stock situation, you're just putting money into stocks. You're not

1058
00:52:32,719 --> 00:52:36,279
Speaker 5: getting that money back unless you put a stipulation in

1059
00:52:36,360 --> 00:52:38,359
Speaker 5: the trust that Okay, I'm gonna have to take money

1060
00:52:38,360 --> 00:52:40,840
Speaker 5: out of your brokates account. But in this what you

1061
00:52:40,840 --> 00:52:42,960
Speaker 5: could do that if you want. But in this situation,

1062
00:52:43,520 --> 00:52:46,800
Speaker 5: you actually got all the money back. You made money,

1063
00:52:47,000 --> 00:52:49,600
Speaker 5: the child's making money on the rental, and they have

1064
00:52:49,640 --> 00:52:52,120
Speaker 5: an appreciating asset. So you know, there's different ways that

1065
00:52:52,120 --> 00:52:53,880
Speaker 5: you can you can go about it. But before you

1066
00:52:53,920 --> 00:52:55,719
Speaker 5: set up a trust, of course, you you have to

1067
00:52:55,719 --> 00:52:59,880
Speaker 5: talk to a lawyer. That's important, so you know, seektly

1068
00:53:00,239 --> 00:53:04,400
Speaker 5: counsel see which trust is best for your situation. But

1069
00:53:04,520 --> 00:53:06,520
Speaker 5: you know, this time to kind of get some ideas.

1070
00:53:06,920 --> 00:53:09,759
Speaker 7: I mean, it's important, right setting up a trust, having

1071
00:53:09,800 --> 00:53:13,080
Speaker 7: an attorney, setting up in a state a plan is important.

1072
00:53:13,080 --> 00:53:15,480
Speaker 7: And that can't be expensive, right, Like that's something that

1073
00:53:15,520 --> 00:53:18,000
Speaker 7: people like. It sounds good, but you have to prepare

1074
00:53:18,000 --> 00:53:19,920
Speaker 7: for that, right, Like, I know, I just did one

1075
00:53:19,960 --> 00:53:23,200
Speaker 7: for my family. You did one for yours recently as well. Yeah,

1076
00:53:23,400 --> 00:53:25,440
Speaker 7: it cost us a couple thousand dollars, but we prepare

1077
00:53:25,480 --> 00:53:27,959
Speaker 7: for it. But it's important to lay the guidelines down

1078
00:53:28,040 --> 00:53:31,120
Speaker 7: because yes, I mean, we've done pretty well but he

1079
00:53:31,160 --> 00:53:33,320
Speaker 7: wants to make sure that his grandkids and his legacy.

1080
00:53:33,640 --> 00:53:34,480
Speaker 4: He's continued on.

1081
00:53:34,719 --> 00:53:36,680
Speaker 7: I think the interesting part about what you just explained

1082
00:53:36,719 --> 00:53:40,520
Speaker 7: is that the same thing that you just did, your

1083
00:53:40,600 --> 00:53:44,080
Speaker 7: child can now do for their children at less of

1084
00:53:44,080 --> 00:53:45,640
Speaker 7: a cost. Right, because if it costs you to two

1085
00:53:45,680 --> 00:53:48,880
Speaker 7: hundred thousand up front twenty years of paying a rental

1086
00:53:48,880 --> 00:53:51,080
Speaker 7: income to get it back, well, they didn't have.

1087
00:53:51,040 --> 00:53:53,480
Speaker 4: To go through that part. They've skipped that part.

1088
00:53:53,480 --> 00:53:55,719
Speaker 7: They've jumped into the equity play, and now that could

1089
00:53:55,719 --> 00:53:57,799
Speaker 7: be passed down because the one thing we know about

1090
00:53:57,840 --> 00:53:59,759
Speaker 7: property is that it's going to go up.

1091
00:54:00,080 --> 00:54:00,279
Speaker 4: Right.

1092
00:54:00,640 --> 00:54:03,040
Speaker 7: The cost of living has gone up every year for

1093
00:54:03,120 --> 00:54:05,840
Speaker 7: the past ten years, and so that's going to continue.

1094
00:54:06,000 --> 00:54:06,160
Speaker 4: Right.

1095
00:54:06,520 --> 00:54:08,880
Speaker 7: The amount of land that's available to be built on,

1096
00:54:09,040 --> 00:54:13,879
Speaker 7: especially in the environments that we live in, is becoming scarce, right,

1097
00:54:13,880 --> 00:54:15,800
Speaker 7: and so property values go up, comps are going to

1098
00:54:15,880 --> 00:54:18,920
Speaker 7: go up. That now creates another chain of success for

1099
00:54:19,440 --> 00:54:22,160
Speaker 7: their children, but for your grandchildren as well and their

1100
00:54:22,200 --> 00:54:23,279
Speaker 7: children after that.

1101
00:54:24,200 --> 00:54:24,399
Speaker 6: Yep.

1102
00:54:25,080 --> 00:54:28,440
Speaker 5: Okay, So the last one that we'll talk about is

1103
00:54:28,680 --> 00:54:29,920
Speaker 5: stock gifting.

1104
00:54:30,600 --> 00:54:32,640
Speaker 7: Remember that that post you put up like that was

1105
00:54:32,760 --> 00:54:35,040
Speaker 7: years ago when we were like yo instead at a

1106
00:54:35,080 --> 00:54:37,920
Speaker 7: baby shower getting gifts we should be Brian stocks that

1107
00:54:37,960 --> 00:54:38,759
Speaker 7: really didn't pick up.

1108
00:54:39,320 --> 00:54:40,759
Speaker 4: People really didn't take advantage of that.

1109
00:54:41,000 --> 00:54:44,200
Speaker 7: But that's one of these things, right, Like, if we

1110
00:54:44,360 --> 00:54:47,880
Speaker 7: know the advantage of investing in the market, right, and

1111
00:54:47,920 --> 00:54:50,600
Speaker 7: we have a child that is coming into this, wow,

1112
00:54:50,880 --> 00:54:53,040
Speaker 7: and it doesn't even have to be a baby shower.

1113
00:54:53,120 --> 00:54:55,000
Speaker 7: It could be any type of holiday. It could be

1114
00:54:55,040 --> 00:54:57,759
Speaker 7: a birthday, it could be Christmas. Yes, it's cool to

1115
00:54:57,840 --> 00:55:01,799
Speaker 7: have cool toys and have nice items, but the one

1116
00:55:01,840 --> 00:55:03,719
Speaker 7: thing we know about those items is that they're gonna

1117
00:55:03,719 --> 00:55:06,080
Speaker 7: hold no value after we open and they're not going

1118
00:55:06,160 --> 00:55:08,520
Speaker 7: to appreciate in time, even if it's a collectible like

1119
00:55:08,560 --> 00:55:11,400
Speaker 7: a sneak or something. A child at seven eight not

1120
00:55:11,440 --> 00:55:13,319
Speaker 7: they're wearing that shoe and they're gonna wear that thing

1121
00:55:13,360 --> 00:55:15,560
Speaker 7: to death and it's gonna be worth nothing after it

1122
00:55:15,600 --> 00:55:18,839
Speaker 7: was purchasing one. Whereas if we put it into an

1123
00:55:18,880 --> 00:55:21,360
Speaker 7: investment like a stock or on a etf on index,

1124
00:55:22,120 --> 00:55:24,920
Speaker 7: we know long term that that's going to appreciate, and

1125
00:55:24,960 --> 00:55:27,279
Speaker 7: so we need to get in the habit of at

1126
00:55:27,360 --> 00:55:31,040
Speaker 7: least thinking that way, right, we can now gift an

1127
00:55:31,080 --> 00:55:34,720
Speaker 7: asset that's going to appreciate over the course of someone's life,

1128
00:55:35,719 --> 00:55:37,360
Speaker 7: and even if they don't know, I think that's the

1129
00:55:37,400 --> 00:55:39,480
Speaker 7: perfect part of it. A lot of times and we've

1130
00:55:39,480 --> 00:55:42,120
Speaker 7: seen people be gifted stock and they're like, what is this?

1131
00:55:42,160 --> 00:55:42,920
Speaker 4: What do I do with this?

1132
00:55:43,719 --> 00:55:46,080
Speaker 7: It now becomes a teaching lesson again, Right, you always

1133
00:55:46,120 --> 00:55:48,480
Speaker 7: have to have an inflection point in any point of education.

1134
00:55:49,120 --> 00:55:51,880
Speaker 7: The fact that you've done something that is completely different

1135
00:55:51,880 --> 00:55:55,560
Speaker 7: than buying a PlayStation. Right, maybe you buy Sony stock

1136
00:55:55,920 --> 00:55:57,759
Speaker 7: in addition to it. Right, so now it's best of

1137
00:55:57,800 --> 00:56:00,200
Speaker 7: both for us. Well, here I invested it in the

1138
00:56:00,239 --> 00:56:02,480
Speaker 7: actual item, but here we invested in the company too.

1139
00:56:02,760 --> 00:56:04,600
Speaker 7: Here's why we did it, and here's how long you're

1140
00:56:04,600 --> 00:56:06,920
Speaker 7: going to hold it. It's an inflection point. Now to

1141
00:56:06,960 --> 00:56:10,200
Speaker 7: increase the intelligence of a child that you know, that

1142
00:56:10,320 --> 00:56:12,840
Speaker 7: becomes contagious. Right, the kid now gets to explain to

1143
00:56:12,920 --> 00:56:16,040
Speaker 7: him his peers and his cousins and his friends what happened,

1144
00:56:16,040 --> 00:56:18,120
Speaker 7: and hopefully they explain to their parents. That's how you

1145
00:56:18,160 --> 00:56:21,480
Speaker 7: build education in the community. That digress, Yeah, for sure.

1146
00:56:21,560 --> 00:56:27,760
Speaker 5: And the irs allows tax free gifts of eighteen thousand

1147
00:56:27,800 --> 00:56:28,359
Speaker 5: dollars a year.

1148
00:56:28,920 --> 00:56:29,080
Speaker 4: HW.

1149
00:56:29,920 --> 00:56:32,279
Speaker 5: So we have never really talked about gifting too much,

1150
00:56:32,440 --> 00:56:37,719
Speaker 5: but you can gift eighteen thousand dollars a year tax free.

1151
00:56:38,080 --> 00:56:39,960
Speaker 5: So we talked about the tax benefits as far as

1152
00:56:39,960 --> 00:56:41,719
Speaker 5: you know if you're a self employed person, but this

1153
00:56:41,880 --> 00:56:44,880
Speaker 5: is another way to kind of a tax purposes benefits

1154
00:56:44,960 --> 00:56:48,600
Speaker 5: is you know, when you're talking about stock gifting, the

1155
00:56:48,760 --> 00:56:50,719
Speaker 5: tax aspect is a major part of it.

1156
00:56:51,200 --> 00:56:53,040
Speaker 6: So this is a you can you.

1157
00:56:52,960 --> 00:56:59,560
Speaker 5: Can gift tax free up to eighteen thousand dollars a year,

1158
00:57:00,280 --> 00:57:01,840
Speaker 5: right and it doesn't have to be just stocks, but

1159
00:57:01,840 --> 00:57:04,680
Speaker 5: we're talking about stocks right now, so that's the main focus.

1160
00:57:04,760 --> 00:57:07,960
Speaker 5: But it's the same principles that apply when we talked

1161
00:57:08,000 --> 00:57:11,160
Speaker 5: about all of the other stuff. Right, you you can

1162
00:57:11,239 --> 00:57:16,360
Speaker 5: literally take ten thousand dollars a year and gifted to

1163
00:57:16,440 --> 00:57:21,960
Speaker 5: your child or to your grandchild, and that's tax free

1164
00:57:22,640 --> 00:57:28,080
Speaker 5: and that same compounding interest growth will occur. So that's

1165
00:57:28,120 --> 00:57:32,760
Speaker 5: another benefit of you know, gifting is that the tax

1166
00:57:33,040 --> 00:57:37,920
Speaker 5: aspect of it, like, that's a great way to utilize

1167
00:57:37,960 --> 00:57:42,960
Speaker 5: the tax system in America and to still benefit the

1168
00:57:43,040 --> 00:57:43,760
Speaker 5: next generation.

1169
00:57:44,080 --> 00:57:46,240
Speaker 7: Yeah, and and somebody's going to ask, well, how do

1170
00:57:46,280 --> 00:57:49,040
Speaker 7: I gift it? It goes back to the third way

1171
00:57:49,080 --> 00:57:52,520
Speaker 7: that we said that you can create a millionaire situation

1172
00:57:52,600 --> 00:57:55,320
Speaker 7: for your child, open the up my account. Right, that

1173
00:57:55,400 --> 00:57:58,120
Speaker 7: up my account is super important number. Again for the

1174
00:57:58,160 --> 00:58:01,240
Speaker 7: tax purposes, but again this is now something you can

1175
00:58:01,360 --> 00:58:04,240
Speaker 7: put assets inside of, whether it be collectibles, whether it

1176
00:58:04,280 --> 00:58:07,880
Speaker 7: be real estate, whether it be ibid us to invest

1177
00:58:07,920 --> 00:58:12,320
Speaker 7: in bitcoin. This is a definite must if you're trying

1178
00:58:12,320 --> 00:58:14,640
Speaker 7: to build wealth for your children, right, you have to

1179
00:58:14,680 --> 00:58:17,000
Speaker 7: have a up account. In fact, I encourage everybody after

1180
00:58:17,040 --> 00:58:19,240
Speaker 7: they watch this video or tomorrow morning, go to your

1181
00:58:19,240 --> 00:58:21,680
Speaker 7: broker's account, whichever one you use. And I've done it

1182
00:58:21,680 --> 00:58:24,000
Speaker 7: on each one of them. So Fidelity has it, Schwab

1183
00:58:24,080 --> 00:58:26,520
Speaker 7: has it, e Trade has it, Open an up my

1184
00:58:26,600 --> 00:58:30,120
Speaker 7: account and just open it. Put five hundred dollars in there.

1185
00:58:30,280 --> 00:58:32,720
Speaker 7: In the same way we talk about dollar cost averaging. Right,

1186
00:58:32,760 --> 00:58:34,520
Speaker 7: this is another key things the same way we talked

1187
00:58:34,520 --> 00:58:36,880
Speaker 7: about dollar cost averaging. Make sure that you have a

1188
00:58:36,920 --> 00:58:40,120
Speaker 7: plan into putting money into that up account. Don't just

1189
00:58:40,240 --> 00:58:42,040
Speaker 7: leave it at the five hundred that you did to

1190
00:58:42,080 --> 00:58:43,840
Speaker 7: open it and thinking that it's going to grow. We

1191
00:58:43,920 --> 00:58:46,240
Speaker 7: told you the threshold from a tax standpoint, we told

1192
00:58:46,240 --> 00:58:47,880
Speaker 7: you the things that you can invest inside of it.

1193
00:58:48,360 --> 00:58:51,800
Speaker 7: Make sure that there's a plan to put assets until

1194
00:58:51,800 --> 00:58:53,840
Speaker 7: it can accumulate to something that's going to be worthwhile

1195
00:58:53,880 --> 00:58:54,360
Speaker 7: in the future.

1196
00:58:55,480 --> 00:58:56,320
Speaker 6: So there you have it.

1197
00:58:56,320 --> 00:59:01,400
Speaker 5: It's five ways you got life insurance, growth, ira UTMA,

1198
00:59:01,600 --> 00:59:07,200
Speaker 5: trust account, real estate, and stock gifting. And once again,

1199
00:59:07,240 --> 00:59:09,400
Speaker 5: this isn't something that you don't You're not making a

1200
00:59:09,480 --> 00:59:15,200
Speaker 5: child a millionaire tomorrow, but within their lifetime if done correctly,

1201
00:59:16,000 --> 00:59:18,000
Speaker 5: just one of these can make them a millionaire. And

1202
00:59:18,000 --> 00:59:21,000
Speaker 5: now if you do multiple can one of them can

1203
00:59:21,040 --> 00:59:24,080
Speaker 5: make them a multi millionaire. If you do multiple of these,

1204
00:59:24,600 --> 00:59:28,040
Speaker 5: then they could become extremely wealthy. You can set your

1205
00:59:28,120 --> 00:59:31,920
Speaker 5: child up to become extremely wealthy within their lifetime. That

1206
00:59:32,040 --> 00:59:34,400
Speaker 5: might be at forty, that might be at sixty. But

1207
00:59:35,360 --> 00:59:37,760
Speaker 5: the whole point is that it's a marathon. So you

1208
00:59:37,800 --> 00:59:41,760
Speaker 5: can set your child up to be wealthy in their

1209
00:59:41,840 --> 00:59:45,360
Speaker 5: lifetime by taking steps in actions early on.

1210
00:59:46,360 --> 00:59:47,840
Speaker 4: That's a fact. That's a fact.

1211
00:59:47,840 --> 00:59:49,480
Speaker 7: There's going to be two types of people in the world,

1212
00:59:50,160 --> 00:59:53,000
Speaker 7: the bosses and the people that work for them.

1213
00:59:53,200 --> 00:59:53,840
Speaker 4: De sidewise.

1214
00:59:54,480 --> 00:59:59,160
Speaker 5: And another great resource personal finance is this book right here,

1215
01:00:00,080 --> 01:00:03,920
Speaker 5: Deserve to Be Rich New York Times bestseller. So I

1216
01:00:04,000 --> 01:00:09,000
Speaker 5: highly encourage everybody that's on the pathway to figure out finance,

1217
01:00:09,080 --> 01:00:11,480
Speaker 5: to learn about investing, to try to just become a

1218
01:00:11,480 --> 01:00:13,880
Speaker 5: better person when it comes to money. That is the

1219
01:00:13,920 --> 01:00:17,640
Speaker 5: blueprint that you that you can't follow step by step

1220
01:00:17,720 --> 01:00:22,360
Speaker 5: in detail. So the book is available wherever books are sold,

1221
01:00:22,440 --> 01:00:25,720
Speaker 5: and there's an audio version as well, so you deserve

1222
01:00:25,840 --> 01:00:34,440
Speaker 5: to be rich. It's change the game personal finance, investing, entrepreneurship, mindset,

1223
01:00:34,680 --> 01:00:35,800
Speaker 5: variety of different things.

1224
01:00:35,840 --> 01:00:38,640
Speaker 7: Cop it, share it, tag us. I love when people

1225
01:00:38,680 --> 01:00:40,600
Speaker 7: tag us when they're in the bookstores and they purchasing it.

1226
01:00:40,920 --> 01:00:42,920
Speaker 7: I love when people are personing it for other people

1227
01:00:42,960 --> 01:00:46,960
Speaker 7: and tagging them is definitely a game changer. I think

1228
01:00:46,960 --> 01:00:49,000
Speaker 7: I'm gonna go in a bookstore and just start signing. Well,

1229
01:00:49,040 --> 01:00:50,720
Speaker 7: I have to purchase anything. If I just start signing

1230
01:00:50,720 --> 01:00:52,440
Speaker 7: the ones on the shelf, it kind of adds to it.

1231
01:00:52,440 --> 01:00:56,200
Speaker 7: It's like an autograph copy. Maybe maybe yeah, I'm gonna

1232
01:00:56,240 --> 01:00:57,600
Speaker 7: do that in New York. I'm gonna do that in

1233
01:00:57,920 --> 01:00:59,680
Speaker 7: a in a store and just let people know that

1234
01:01:00,160 --> 01:01:03,120
Speaker 7: the books are signed here. Come click them up, run

1235
01:01:03,160 --> 01:01:04,920
Speaker 7: it up, y'all. We appreciate all the love for it.

1236
01:01:06,040 --> 01:01:08,120
Speaker 7: New York Times Bestseller is not an easy feed. It's

1237
01:01:08,160 --> 01:01:10,200
Speaker 7: not something that happens every day. But it doesn't happen

1238
01:01:10,280 --> 01:01:12,880
Speaker 7: without y'all, So we appreciate the love and support.

1239
01:01:13,120 --> 01:01:17,680
Speaker 5: Appreciate it, and once again ianinvest dot com. Yes, there's

1240
01:01:17,720 --> 01:01:20,480
Speaker 5: twenty four hours left, there's one day left, fifty percent

1241
01:01:20,520 --> 01:01:24,240
Speaker 5: off of stock club and three years a sniper, so

1242
01:01:24,280 --> 01:01:25,560
Speaker 5: you can go to ianinvest dot com.

1243
01:01:25,560 --> 01:01:28,360
Speaker 6: Take advantage of that. And that's it. Guys.

1244
01:01:28,520 --> 01:01:29,040
Speaker 4: It was love.

1245
01:01:29,640 --> 01:01:30,840
Speaker 6: We'll see you later peace.

1246
01:01:32,360 --> 01:01:36,040
Speaker 1: An illegal alien from Guatemala charged with raping a child

1247
01:01:36,080 --> 01:01:39,880
Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador

1248
01:01:40,120 --> 01:01:44,240
Speaker 1: accused of murdering a Texas. Man of Venezuelan charged with

1249
01:01:44,320 --> 01:01:47,240
Speaker 1: filming and selling child pornography in Michigan.

1250
01:01:47,600 --> 01:01:48,280
Speaker 2: These are just.

1251
01:01:48,320 --> 01:01:52,080
Speaker 1: Some of the heinous migrant criminals caught because of President

1252
01:01:52,120 --> 01:01:52,520
Speaker 1: Donald J.

1253
01:01:52,640 --> 01:01:53,600
Speaker 2: Trump's leadership.

1254
01:01:53,880 --> 01:01:57,480
Speaker 1: I'm Christine Noman, the United States Secretary of Homeland Security.

1255
01:01:57,800 --> 01:02:01,560
Speaker 1: Under President Trump, attempted ille border crossings are at the

1256
01:02:01,600 --> 01:02:05,480
Speaker 1: lowest levels ever recorded, and over one hundred thousand illegal

1257
01:02:05,520 --> 01:02:09,320
Speaker 1: aliens have been arrested. If you are here illegally, your

1258
01:02:09,440 --> 01:02:12,760
Speaker 1: next you will be fine nearly one thousand dollars a day,

1259
01:02:12,920 --> 01:02:16,920
Speaker 1: imprisoned and deported, you will never return. But if you

1260
01:02:17,040 --> 01:02:20,640
Speaker 1: register using our CBP home app and leave now, you

1261
01:02:20,720 --> 01:02:21,880
Speaker 1: could be allowed.

1262
01:02:21,480 --> 01:02:25,080
Speaker 2: To return legally, do what's right. Leave now.

1263
01:02:25,440 --> 01:02:29,760
Speaker 1: Under President Trump, America's laws, border and families.

1264
01:02:29,400 --> 01:02:30,200
Speaker 2: Will be protected.

1265
01:02:30,320 --> 01:02:32,440
Speaker 3: Sponsored by the United States Department of Homeland Security,