1 00:00:00,400 --> 00:00:04,280 Speaker 1: You just realized your business needed to hire someone yesterday. 2 00:00:04,800 --> 00:00:09,520 Speaker 1: How can you find amazing candidates fast easy? Just use Indeed. 3 00:00:09,960 --> 00:00:12,680 Speaker 1: Stop struggling to get your job posts seen on other 4 00:00:12,760 --> 00:00:16,439 Speaker 1: job sites. With Indeed sponsored jobs, your post jumps to 5 00:00:16,480 --> 00:00:19,000 Speaker 1: the top of the page for your relevant candidates, so 6 00:00:19,120 --> 00:00:22,119 Speaker 1: you can reach the people you want faster. According to 7 00:00:22,160 --> 00:00:26,120 Speaker 1: Indeed data, sponsored jobs posted directly on Indeed have forty 8 00:00:26,120 --> 00:00:30,040 Speaker 1: five percent more applications than non sponsored jobs. Don't wait 9 00:00:30,080 --> 00:00:33,519 Speaker 1: any longer, speed up your hiring right now with Indeed, 10 00:00:33,960 --> 00:00:36,200 Speaker 1: and listeners of this show will get a seventy five 11 00:00:36,280 --> 00:00:39,440 Speaker 1: dollars sponsored job credit to get your jobs more visibility 12 00:00:39,600 --> 00:00:45,320 Speaker 1: at indeed dot com slash pod Katz thirteen. Just go 13 00:00:45,360 --> 00:00:50,120 Speaker 1: to Indeed dot com slash pod katz thirteen right now 14 00:00:50,479 --> 00:00:53,040 Speaker 1: and support our show by saying you heard about Indeed 15 00:00:53,080 --> 00:00:57,400 Speaker 1: on this podcast. Terms and conditions apply. Hiring Indeed is 16 00:00:57,440 --> 00:00:58,320 Speaker 1: all you need. 17 00:01:05,200 --> 00:01:07,280 Speaker 2: All right, guys, So a lot of people asks us 18 00:01:07,280 --> 00:01:09,000 Speaker 2: how do they make a podcast? So I'm let you 19 00:01:09,160 --> 00:01:13,319 Speaker 2: on a secret on the easiest, most productive way to 20 00:01:13,440 --> 00:01:15,840 Speaker 2: start a podcast and get it up and running, and 21 00:01:15,880 --> 00:01:19,360 Speaker 2: that is the app called anchor is free. They have 22 00:01:19,440 --> 00:01:21,600 Speaker 2: all kinds of cool creation tools that allow you to 23 00:01:21,680 --> 00:01:24,520 Speaker 2: record and edit your podcast right from your phone a computer. 24 00:01:24,959 --> 00:01:27,319 Speaker 2: They will distribute your podcast for you to all of 25 00:01:27,319 --> 00:01:31,520 Speaker 2: the major outlets including Spotify, Apple, Google, manymore, and you 26 00:01:31,520 --> 00:01:34,640 Speaker 2: can make money from your podcast with no minimum listenership. 27 00:01:34,880 --> 00:01:37,760 Speaker 2: It's everything you need to make a podcast in one simple, 28 00:01:37,880 --> 00:01:41,600 Speaker 2: easy place. So if you're interested in starting a podcast, 29 00:01:42,000 --> 00:01:45,959 Speaker 2: go download the free Anchor app or go to anchor 30 00:01:46,160 --> 00:01:48,640 Speaker 2: dot fm to get started. Let's do it. 31 00:01:54,160 --> 00:02:00,520 Speaker 3: My graduates from my school being force backdrop drop, drop, 32 00:02:01,400 --> 00:02:02,440 Speaker 3: drop drop. 33 00:02:12,639 --> 00:02:15,280 Speaker 4: We're going to talk about something that we don't have 34 00:02:15,320 --> 00:02:17,360 Speaker 4: to look too fartifying an expert for it, and that 35 00:02:17,520 --> 00:02:22,280 Speaker 4: is a life insurance. We've recently posted that series had 36 00:02:22,280 --> 00:02:25,960 Speaker 4: canceled ninety thousand life insurance policies for its employees, and 37 00:02:26,000 --> 00:02:28,359 Speaker 4: it begs the question like, should people be going through 38 00:02:28,400 --> 00:02:33,240 Speaker 4: their jobs to gain life insurance? Over the past I 39 00:02:33,240 --> 00:02:37,120 Speaker 4: guess twenty to thirty years, America has kind of switched. 40 00:02:37,520 --> 00:02:40,160 Speaker 4: One hundred and eight million people have gone through the 41 00:02:40,200 --> 00:02:43,120 Speaker 4: group rout while one hundred and two million people have 42 00:02:43,240 --> 00:02:47,480 Speaker 4: gone through the private method of life insurance, which is 43 00:02:47,560 --> 00:02:50,440 Speaker 4: like the first time that that's happened in history. So 44 00:02:51,880 --> 00:02:55,880 Speaker 4: we have our own expert two thousand Give me if 45 00:02:55,880 --> 00:02:57,320 Speaker 4: I'm wrong with the year two thousand and six. 46 00:02:58,160 --> 00:02:59,119 Speaker 2: I think two thousand and seven. 47 00:02:59,200 --> 00:03:02,200 Speaker 4: Two thousand and seven, and I sat down with a 48 00:03:02,320 --> 00:03:05,840 Speaker 4: financial planner who was starting in the business. He needed 49 00:03:05,840 --> 00:03:09,919 Speaker 4: a client, and he looked across and he said, Detroit, 50 00:03:10,840 --> 00:03:14,600 Speaker 4: you gotta get life insurance now. At twenty five, I'm thinking, 51 00:03:15,040 --> 00:03:17,200 Speaker 4: come on, man, why do I need life insurance? And 52 00:03:17,200 --> 00:03:19,960 Speaker 4: then we had a deeper conversation. I'm like, oh, with shot, 53 00:03:20,240 --> 00:03:22,840 Speaker 4: he's pretty serious about this. So we went through the 54 00:03:22,880 --> 00:03:26,400 Speaker 4: process and I got life insurance. And maybe you could 55 00:03:26,400 --> 00:03:29,399 Speaker 4: talk to people why it's so valuable and so that's 56 00:03:29,440 --> 00:03:32,400 Speaker 4: really important and how we've seen some cases where people 57 00:03:32,480 --> 00:03:36,520 Speaker 4: didn't have life insurance and the outcome of what it 58 00:03:36,640 --> 00:03:38,280 Speaker 4: left their family with, right, because it's not really for 59 00:03:38,320 --> 00:03:41,440 Speaker 4: the people who dies, for the people who remain. 60 00:03:41,200 --> 00:03:41,800 Speaker 2: Living, right. 61 00:03:42,320 --> 00:03:43,720 Speaker 4: So yeah, you want to talk about. 62 00:03:43,520 --> 00:03:47,520 Speaker 2: That, Yeah, for sure. So yes, So anyway, that's not familiar. 63 00:03:48,600 --> 00:03:50,960 Speaker 2: I'm a financial advisor, That's what I do for a living, right. 64 00:03:51,040 --> 00:03:56,960 Speaker 2: So I started eleven years ago around that timeframe. And yes, 65 00:03:57,400 --> 00:04:05,240 Speaker 2: my first week in the business, my first client's Troy Truly, Yes, 66 00:04:05,760 --> 00:04:08,920 Speaker 2: I sold him a life insurance policy that's mine, and 67 00:04:08,960 --> 00:04:12,560 Speaker 2: then eleven years later he's still a client of mine. 68 00:04:13,040 --> 00:04:15,480 Speaker 2: So yeah, So I do. I do a few different things, 69 00:04:15,600 --> 00:04:18,600 Speaker 2: you know, I help people invest money retirement, and life 70 00:04:18,640 --> 00:04:20,400 Speaker 2: insurance is one of the things that I do as well. 71 00:04:20,480 --> 00:04:24,440 Speaker 2: So before I start, I'm not taking a side on 72 00:04:24,520 --> 00:04:30,520 Speaker 2: any policy. Life insurance is very debatable people have They're 73 00:04:30,640 --> 00:04:34,560 Speaker 2: very passionate about this. I've noticed online you have very 74 00:04:34,600 --> 00:04:38,200 Speaker 2: strong opinions. So I'm not here to tell you which 75 00:04:38,320 --> 00:04:41,640 Speaker 2: is the best policy which you should do, just provide information. 76 00:04:41,920 --> 00:04:45,039 Speaker 2: You can make your own decisions for yourself, right. But 77 00:04:45,279 --> 00:04:49,120 Speaker 2: it is interesting that SEA has canceled ninety thousand policies 78 00:04:49,120 --> 00:04:53,760 Speaker 2: for retirees because it does highlight something that is important. 79 00:04:54,240 --> 00:04:57,479 Speaker 2: Is you know, a lot of times people have insurance 80 00:04:57,480 --> 00:05:01,120 Speaker 2: at their job. Anythink that that's a right. Like most 81 00:05:01,160 --> 00:05:04,320 Speaker 2: things when it comes to finance, people aren't properly educated 82 00:05:04,320 --> 00:05:06,480 Speaker 2: a lot of times, right, so they don't really fully 83 00:05:06,520 --> 00:05:10,320 Speaker 2: understand life insurance or even why it's important how to 84 00:05:10,360 --> 00:05:13,120 Speaker 2: get it, you know, they don't really know, so they 85 00:05:13,160 --> 00:05:14,840 Speaker 2: just say, okay, I have it at my job, and 86 00:05:15,120 --> 00:05:19,640 Speaker 2: whatever it is what it is, right, So now is 87 00:05:19,680 --> 00:05:21,880 Speaker 2: to say okay, which is better the insurance at your 88 00:05:21,960 --> 00:05:24,440 Speaker 2: job or the insurance that you can get privately through 89 00:05:25,160 --> 00:05:29,559 Speaker 2: institution or company. Right, I always recommend both, right, Because 90 00:05:29,600 --> 00:05:32,520 Speaker 2: the insurance at your job, the good thing about that 91 00:05:32,720 --> 00:05:35,799 Speaker 2: is that it's usually very low as far as premiums 92 00:05:35,800 --> 00:05:39,440 Speaker 2: are concerned, or sometimes it's even free, so it's not 93 00:05:39,760 --> 00:05:42,880 Speaker 2: really costing you anything. So it's always good to have, right. 94 00:05:43,200 --> 00:05:46,119 Speaker 2: But the problem with having it as your only type 95 00:05:46,120 --> 00:05:49,479 Speaker 2: of insurance is what we just saw, right, is that 96 00:05:49,560 --> 00:05:51,520 Speaker 2: a lot of times it's not portable, meaning that you 97 00:05:51,520 --> 00:05:54,760 Speaker 2: can't take it with you when you retire, or if 98 00:05:54,800 --> 00:05:56,760 Speaker 2: you can take it with you, then the premium may 99 00:05:57,200 --> 00:05:59,200 Speaker 2: go up because now you're no longer part of that 100 00:05:59,240 --> 00:06:01,720 Speaker 2: group health insurance, right, Like if you leave your job, 101 00:06:02,320 --> 00:06:04,240 Speaker 2: now you can still keep your health insurance for a 102 00:06:04,240 --> 00:06:07,040 Speaker 2: certain amount of time, but you're on what's called cobra, right, 103 00:06:07,080 --> 00:06:09,520 Speaker 2: So now your health insurance premiums go up. So sometimes 104 00:06:09,520 --> 00:06:11,000 Speaker 2: the life insurance is the same, or even if the 105 00:06:11,000 --> 00:06:14,159 Speaker 2: life insurance premium stay the same, it's still subject to 106 00:06:14,200 --> 00:06:16,719 Speaker 2: the company. You know, they can change it. So just 107 00:06:16,720 --> 00:06:20,400 Speaker 2: like what SAIS did, right. So Okay, first of all, 108 00:06:20,400 --> 00:06:22,479 Speaker 2: we need to talk about and understand why life insurance 109 00:06:22,520 --> 00:06:26,400 Speaker 2: is important, right, So it's important for a few different reasons, 110 00:06:26,440 --> 00:06:30,080 Speaker 2: but the main reason obviously is that you want to 111 00:06:30,120 --> 00:06:33,520 Speaker 2: provide a certain level of comfort, and you want to 112 00:06:33,560 --> 00:06:35,560 Speaker 2: leave a legacy, and you want to be able to 113 00:06:35,600 --> 00:06:39,400 Speaker 2: take care of your financial responsibilities when you're no longer here. 114 00:06:39,400 --> 00:06:43,200 Speaker 2: I always say all the time, it's nobody's responsibility to 115 00:06:43,279 --> 00:06:46,960 Speaker 2: take care of your family except for you, right. And 116 00:06:47,000 --> 00:06:49,800 Speaker 2: that's men and women, right, because we live in a 117 00:06:49,800 --> 00:06:53,359 Speaker 2: society where men and women work, and a lot of 118 00:06:53,400 --> 00:06:56,960 Speaker 2: times women make more money than the men. Right. They're 119 00:06:57,000 --> 00:06:59,440 Speaker 2: the bread winners in the home, or they may be 120 00:07:00,040 --> 00:07:02,760 Speaker 2: single parents on both sides, or even if you don't 121 00:07:02,760 --> 00:07:05,880 Speaker 2: have a children, you still have responsibilities, right, So I equate. 122 00:07:06,240 --> 00:07:07,760 Speaker 2: You know, it's unfortunate a lot of time, especially in 123 00:07:07,760 --> 00:07:11,480 Speaker 2: our community, when somebody passes away and other people have 124 00:07:11,560 --> 00:07:14,400 Speaker 2: to raise money for them, right, like go fund me 125 00:07:14,440 --> 00:07:17,000 Speaker 2: pages and things like that. That would be kind of like, 126 00:07:17,600 --> 00:07:19,600 Speaker 2: and this is no shame on anybody, because you have 127 00:07:19,640 --> 00:07:20,560 Speaker 2: to do what you have to do. But I'm just 128 00:07:20,560 --> 00:07:22,920 Speaker 2: saying as far that that person didn't plan properly, right, 129 00:07:23,080 --> 00:07:26,200 Speaker 2: that would be the equivalent of somebody coming into your 130 00:07:26,200 --> 00:07:29,160 Speaker 2: home and having to pay your bills for you, right, 131 00:07:29,200 --> 00:07:31,560 Speaker 2: it's your responsibility to take care of that. Right. So 132 00:07:32,280 --> 00:07:35,400 Speaker 2: that's what life insurance does, right. It allows your family 133 00:07:35,880 --> 00:07:39,800 Speaker 2: to go on and to take care of your responsibility 134 00:07:39,840 --> 00:07:42,520 Speaker 2: when you pass, as far as just the basics of 135 00:07:42,600 --> 00:07:45,840 Speaker 2: burying yourself, but also you know, putting your kids in 136 00:07:46,200 --> 00:07:48,760 Speaker 2: school and making sure that they have clothes to wear 137 00:07:48,840 --> 00:07:50,720 Speaker 2: and that they can go to college and things of 138 00:07:50,760 --> 00:07:53,560 Speaker 2: that nature. Right. So, and it's important that we start 139 00:07:53,600 --> 00:07:55,520 Speaker 2: to think long term too, because when we talk about 140 00:07:55,520 --> 00:07:58,040 Speaker 2: generational wealth, that's like a real popular term, but what 141 00:07:58,080 --> 00:08:00,320 Speaker 2: does that really mean, right, Right. That means that you 142 00:08:00,320 --> 00:08:03,120 Speaker 2: want to create wealth for generations. So one of the 143 00:08:03,160 --> 00:08:06,600 Speaker 2: easiest ways to create wellford generations is to have a 144 00:08:06,640 --> 00:08:08,920 Speaker 2: life insurance policy, right, because what you're doing is actually 145 00:08:09,000 --> 00:08:12,480 Speaker 2: buying money, right. So that's one of the most efficient, 146 00:08:12,840 --> 00:08:16,160 Speaker 2: one of the easiest ways to create generational wealth. Because 147 00:08:16,160 --> 00:08:19,480 Speaker 2: it's a trendy term. But the average person doesn't have 148 00:08:19,520 --> 00:08:21,640 Speaker 2: a multi million dollar business that they can leave. The 149 00:08:21,680 --> 00:08:24,840 Speaker 2: average person doesn't have five million dollars in a bank 150 00:08:24,880 --> 00:08:27,360 Speaker 2: that they can leave, right. The average person might not 151 00:08:27,400 --> 00:08:29,640 Speaker 2: even have a home, They might not even own a home, 152 00:08:30,640 --> 00:08:33,400 Speaker 2: But you can own an insurance policy. You can have 153 00:08:33,440 --> 00:08:36,040 Speaker 2: one hundred thousand dollars, half a million, a million dollars. 154 00:08:36,040 --> 00:08:39,120 Speaker 2: That's realistic, right, So this is something that can actually 155 00:08:39,160 --> 00:08:42,280 Speaker 2: be obtained in real life, not just to catch you phrase. 156 00:08:42,559 --> 00:08:44,520 Speaker 4: So at twenty five when you told me that, and 157 00:08:44,520 --> 00:08:46,800 Speaker 4: I was in my mind I'm not even thinking about 158 00:08:46,800 --> 00:08:48,600 Speaker 4: life insurance. But when I saw how serious you were 159 00:08:48,640 --> 00:08:51,160 Speaker 4: about it, I'm like, wait, this makes perfect sense. I 160 00:08:51,160 --> 00:08:53,040 Speaker 4: mean you probably you detailed it just like how you 161 00:08:53,040 --> 00:08:55,280 Speaker 4: did now straight from me, and I was like, wow, 162 00:08:55,520 --> 00:08:56,520 Speaker 4: I have to get this as. 163 00:08:56,440 --> 00:08:58,440 Speaker 2: Early as possible. And you planned for the future because 164 00:08:58,440 --> 00:09:01,560 Speaker 2: when you brought the insurance you was single, right, no, yep, 165 00:09:01,679 --> 00:09:04,679 Speaker 2: But now you have a family, you have kids, you 166 00:09:04,679 --> 00:09:06,800 Speaker 2: have a wife, you have a home, so now you 167 00:09:06,920 --> 00:09:09,400 Speaker 2: really need it, right, it makes more sense. I'm like, wow, 168 00:09:09,679 --> 00:09:11,040 Speaker 2: I've had that's a good thing. 169 00:09:11,080 --> 00:09:13,320 Speaker 4: I've had this for eleven years now, right, Like it 170 00:09:13,400 --> 00:09:14,120 Speaker 4: meant so much. 171 00:09:14,360 --> 00:09:15,199 Speaker 2: I just want to go back. 172 00:09:15,320 --> 00:09:17,520 Speaker 4: Because you said the premium is so low when you 173 00:09:17,559 --> 00:09:19,200 Speaker 4: do it at your job. One of the things that 174 00:09:19,400 --> 00:09:23,840 Speaker 4: studies are shown is that the assurance amounts are a 175 00:09:23,880 --> 00:09:25,640 Speaker 4: lot lower when you do it with a group, so 176 00:09:25,679 --> 00:09:28,840 Speaker 4: it ranges from twenty five thousand dollar policy to maybe 177 00:09:28,840 --> 00:09:31,760 Speaker 4: a fifty thousand dollars policy, whereas that might not even 178 00:09:31,800 --> 00:09:34,760 Speaker 4: cover what you need as far as your financial responsibilities 179 00:09:34,840 --> 00:09:36,760 Speaker 4: in the event that something happens to you. So, like 180 00:09:36,760 --> 00:09:39,120 Speaker 4: you want talk about the difference in the amounts. 181 00:09:38,800 --> 00:09:40,599 Speaker 2: Yeah, so I'll talk about the amount, but first I 182 00:09:40,640 --> 00:09:42,640 Speaker 2: want to actually just talk about the different types of policy. 183 00:09:42,679 --> 00:09:45,760 Speaker 2: There's diferent type of policy. So there's really a few 184 00:09:45,760 --> 00:09:47,560 Speaker 2: different types of policies, but it comes down to two 185 00:09:48,160 --> 00:09:51,040 Speaker 2: urn policies and a permanent policy. Right, And there's different 186 00:09:51,080 --> 00:09:54,440 Speaker 2: types of permanent policies, but a term policy is a 187 00:09:54,480 --> 00:09:56,600 Speaker 2: policy that lasts the term, Right. 188 00:09:57,480 --> 00:09:59,839 Speaker 5: Earners, What's up? You ever walk into a small business, 189 00:10:00,080 --> 00:10:03,560 Speaker 5: everything just works like the checkout is fast, the receipts 190 00:10:03,559 --> 00:10:07,080 Speaker 5: are digital, tipping is a breeze, and you're out the 191 00:10:07,120 --> 00:10:11,240 Speaker 5: door before the line even builds. Odds are they're using Square. 192 00:10:11,720 --> 00:10:14,320 Speaker 5: We love supporting businesses that run on Square because it 193 00:10:14,400 --> 00:10:17,360 Speaker 5: just feels seamless. Whether it's a local coffee shop, a 194 00:10:17,480 --> 00:10:19,920 Speaker 5: vendor at a pop up market, or even one of 195 00:10:19,920 --> 00:10:23,040 Speaker 5: our merch partners. Square makes it easy for them to 196 00:10:23,080 --> 00:10:26,920 Speaker 5: take payments, manage inventory, and run their business. With confidence, 197 00:10:27,280 --> 00:10:30,600 Speaker 5: all from one simple system. If you're a business owner 198 00:10:30,760 --> 00:10:34,160 Speaker 5: or even just thinking about launching something soon, Square is 199 00:10:34,280 --> 00:10:36,320 Speaker 5: hands down one of the best tools out there to 200 00:10:36,400 --> 00:10:40,320 Speaker 5: help you start, run, and grow. It's not just about payments, 201 00:10:40,720 --> 00:10:43,360 Speaker 5: it's about giving you time back so you can focus 202 00:10:43,400 --> 00:10:46,120 Speaker 5: on what matters most ready. To see how Square can 203 00:10:46,160 --> 00:10:50,960 Speaker 5: transform your business, visit Square dot com backslash, go backslash 204 00:10:51,040 --> 00:10:55,200 Speaker 5: eyl to learn more that Square dot com backslash, go 205 00:10:55,640 --> 00:10:59,719 Speaker 5: backslash eyl. Don't wait, don't hesitate, let's Square handle the 206 00:10:59,720 --> 00:11:06,200 Speaker 5: back so you can keep pushing your vision forward. This 207 00:11:06,280 --> 00:11:08,240 Speaker 5: episode is brought to you by P and C Bank. 208 00:11:08,640 --> 00:11:11,400 Speaker 5: A lot of people think podcasts about work are boring, 209 00:11:11,640 --> 00:11:15,479 Speaker 5: and sure, they definitely can be, but understanding a professional's 210 00:11:15,559 --> 00:11:18,800 Speaker 5: routine shows us how they achieve their success little by little, 211 00:11:19,200 --> 00:11:22,840 Speaker 5: day after day. It's like banking with P and C Bank. 212 00:11:23,280 --> 00:11:26,119 Speaker 5: It might seem boring to save, plan and make calculated 213 00:11:26,120 --> 00:11:29,240 Speaker 5: decisions with your bank, but keeping your money boring is 214 00:11:29,240 --> 00:11:32,560 Speaker 5: what helps you live a more happily fulfilled life. P 215 00:11:32,679 --> 00:11:37,520 Speaker 5: and C Bank Brilliantly Boring since eighteen sixty five. Brilliantly 216 00:11:37,600 --> 00:11:40,199 Speaker 5: Boring since eighteen sixty five is a service mark of 217 00:11:40,240 --> 00:11:43,480 Speaker 5: the PNC Financial Service Group, Inc. P and C Bank 218 00:11:43,920 --> 00:11:46,080 Speaker 5: National Association Member FDIC. 219 00:11:48,280 --> 00:11:52,200 Speaker 1: You just realized your business needed to hire someone yesterday. 220 00:11:52,679 --> 00:11:57,440 Speaker 1: How can you find amazing candidates fast? Easy? Just use Indeed. 221 00:11:57,840 --> 00:12:00,559 Speaker 1: Stop struggling to get your job posts seen on other 222 00:12:00,679 --> 00:12:04,360 Speaker 1: job sites. With Indeed sponsored jobs, your post jumps to 223 00:12:04,400 --> 00:12:06,920 Speaker 1: the top of the page for your relevant candidates, so 224 00:12:07,000 --> 00:12:10,000 Speaker 1: you can reach the people you want faster. According to 225 00:12:10,040 --> 00:12:14,000 Speaker 1: Indeed data, sponsored jobs posted directly on Indeed have forty 226 00:12:14,040 --> 00:12:17,960 Speaker 1: five percent more applications than non sponsored jobs. Don't wait 227 00:12:17,960 --> 00:12:21,440 Speaker 1: any longer. Speed up your hiring right now with Indeed, 228 00:12:21,840 --> 00:12:24,080 Speaker 1: and listeners of this show will get a seventy five 229 00:12:24,160 --> 00:12:27,360 Speaker 1: dollars sponsored job credit to get your jobs more visibility 230 00:12:27,480 --> 00:12:33,200 Speaker 1: at indeed dot com slash pod katz thirteen. Just go 231 00:12:33,240 --> 00:12:38,040 Speaker 1: to Indeed dot com slash pod katz thirteen right now 232 00:12:38,360 --> 00:12:40,959 Speaker 1: and support our show by saying you heard about Indeed 233 00:12:40,960 --> 00:12:45,280 Speaker 1: on this podcast. Terms and conditions apply. Hiring Indeed is 234 00:12:45,360 --> 00:12:46,839 Speaker 1: all you need so like. 235 00:12:46,840 --> 00:12:50,160 Speaker 2: Ten, fifteen, twenty year term right, so you you have life. 236 00:12:50,200 --> 00:12:51,959 Speaker 2: This is what most people think about. Thing about like insurance. 237 00:12:51,960 --> 00:12:53,560 Speaker 2: It's the most basic form of insurance. So you have 238 00:12:53,600 --> 00:12:57,160 Speaker 2: an insurance policy. You pay a premium and if you die, 239 00:12:57,280 --> 00:12:59,160 Speaker 2: somebody gets money. So it's a term. So let's say 240 00:12:59,160 --> 00:13:01,280 Speaker 2: it's a twenty year term, so you're paying a premium 241 00:13:01,360 --> 00:13:04,120 Speaker 2: for twenty years. If you die before that twenty year 242 00:13:04,200 --> 00:13:06,760 Speaker 2: mark is up, then your family gets money. If you 243 00:13:06,800 --> 00:13:09,720 Speaker 2: outlive that term that you can reapply for the insurance anymore. 244 00:13:09,720 --> 00:13:11,280 Speaker 2: You can let it last, you don't have it anymore, 245 00:13:11,320 --> 00:13:14,360 Speaker 2: but it's just a certain period of time. That's the term. 246 00:13:14,559 --> 00:13:17,520 Speaker 2: And then most group insurance is if your jobs for 247 00:13:17,559 --> 00:13:20,000 Speaker 2: as long as you work at that job, or sometimes 248 00:13:20,000 --> 00:13:23,080 Speaker 2: it could be extended in retirement. But so that's one 249 00:13:23,160 --> 00:13:26,120 Speaker 2: form of it where it's just a premium a death benefit, 250 00:13:26,360 --> 00:13:29,800 Speaker 2: and that's it. The flip side to that coin is 251 00:13:29,840 --> 00:13:33,560 Speaker 2: what's called permanent insurance, right, so permanent insurance. Most of 252 00:13:33,600 --> 00:13:35,720 Speaker 2: the time, it is most commonly known as what's called 253 00:13:35,720 --> 00:13:38,199 Speaker 2: whole life insurance. There're different types of permanent, but we'll 254 00:13:38,240 --> 00:13:41,000 Speaker 2: just keep it basic whole life insurance. Right. Whole life 255 00:13:41,040 --> 00:13:44,200 Speaker 2: insurance lasts your whole life. You pay a premium, you 256 00:13:44,200 --> 00:13:46,360 Speaker 2: have a death benefit, but it also builds what's called 257 00:13:46,400 --> 00:13:49,839 Speaker 2: cash value. Cash values money that grows inside of the 258 00:13:49,880 --> 00:13:52,800 Speaker 2: life insurance policy, right and the money that goes inside 259 00:13:52,800 --> 00:13:55,040 Speaker 2: of the life insurance policy, now you can use that 260 00:13:55,200 --> 00:13:58,640 Speaker 2: aligne and you can borrow from the policy. Right now, 261 00:13:58,640 --> 00:14:01,520 Speaker 2: that's the benefit that you can use while you're alive soon. 262 00:14:01,679 --> 00:14:03,920 Speaker 6: And that's that's good for people who say, well, some 263 00:14:03,960 --> 00:14:06,120 Speaker 6: people don't really care what they leave for their family 264 00:14:06,360 --> 00:14:08,240 Speaker 6: or you know whoever else, if they're single, they. 265 00:14:08,160 --> 00:14:11,880 Speaker 2: Have no life, right because now, so now you're actually 266 00:14:12,040 --> 00:14:14,160 Speaker 2: saving money as well. So it's a double edged sword. Right. 267 00:14:14,200 --> 00:14:18,040 Speaker 2: So now some people say, okay, well only by term insurance, 268 00:14:18,080 --> 00:14:20,920 Speaker 2: don't buy whole life insurance, or some people say only 269 00:14:20,920 --> 00:14:24,360 Speaker 2: buy whole life insurance, don't buy term insurance. I'm of 270 00:14:24,440 --> 00:14:27,880 Speaker 2: the mindset that no shoe is ever going to fit 271 00:14:28,160 --> 00:14:32,560 Speaker 2: any all foots, right, so you have to, you know, 272 00:14:33,000 --> 00:14:35,560 Speaker 2: see what's best for you and your family, because they 273 00:14:35,560 --> 00:14:39,480 Speaker 2: both have advantages, and they both can be beneficial, and 274 00:14:39,520 --> 00:14:42,760 Speaker 2: they both have things that may not be attractive. Right. So, 275 00:14:42,960 --> 00:14:45,320 Speaker 2: but one thing that I want to keep in mind 276 00:14:45,480 --> 00:14:47,840 Speaker 2: for our listeners is that one of the big things 277 00:14:47,840 --> 00:14:50,600 Speaker 2: why people say buy term and don't buy whole life 278 00:14:50,880 --> 00:14:53,560 Speaker 2: is that it's what's called buy term and invest a difference. 279 00:14:53,960 --> 00:14:56,200 Speaker 2: Whereas they're saying that, well, whole life isn't a good 280 00:14:56,240 --> 00:14:59,080 Speaker 2: investment because if you invested your money in stock or 281 00:14:59,120 --> 00:15:02,360 Speaker 2: an investment would earn more than the rate of return 282 00:15:02,400 --> 00:15:05,200 Speaker 2: that we're getting a whole life policy. That's true, but 283 00:15:05,240 --> 00:15:08,080 Speaker 2: it's not an investment. It's life insurance, right, So it's 284 00:15:08,120 --> 00:15:11,000 Speaker 2: like it's apples to orange. It's apples to orange in comparison. 285 00:15:11,480 --> 00:15:13,840 Speaker 2: So you can do both. You don't have to do 286 00:15:14,160 --> 00:15:15,560 Speaker 2: one or the other. Right, Like you can have an 287 00:15:15,600 --> 00:15:18,040 Speaker 2: investment where you're actually growing money, you can have a 288 00:15:18,080 --> 00:15:21,240 Speaker 2: life insurance policy where it's a permanent policy. Because the 289 00:15:21,240 --> 00:15:23,640 Speaker 2: thing about the life insurance also is that hopefully you 290 00:15:23,640 --> 00:15:27,320 Speaker 2: don't die in twenty years. It's like, I mean, you 291 00:15:27,360 --> 00:15:29,720 Speaker 2: have term insurance. Most of the term policies don't pay 292 00:15:29,720 --> 00:15:32,160 Speaker 2: out because most of the time people don't die within 293 00:15:32,200 --> 00:15:34,800 Speaker 2: that term. So if I have a twenty year term policy, 294 00:15:34,880 --> 00:15:38,880 Speaker 2: I don't want to die in twenty years, so you know, 295 00:15:39,040 --> 00:15:42,360 Speaker 2: I mean it's good to have just in case. But 296 00:15:42,480 --> 00:15:44,960 Speaker 2: the whole life everybody's going to die eventually, so it 297 00:15:45,040 --> 00:15:47,280 Speaker 2: doesn't matter whether I'm ninety or one hundred years or 298 00:15:47,320 --> 00:15:49,760 Speaker 2: I can still leave a legacy for my family. So 299 00:15:50,880 --> 00:15:54,080 Speaker 2: these are things that you know, people have to understand, 300 00:15:54,320 --> 00:15:57,480 Speaker 2: and a lot of times in our community it's unfortunate. 301 00:15:57,600 --> 00:16:01,440 Speaker 2: Especially you know, we talk about like Aretha Franklin, Right, 302 00:16:01,880 --> 00:16:07,920 Speaker 2: she passed away last year and her estate it was 303 00:16:07,960 --> 00:16:11,000 Speaker 2: a mess because she never planned for her estate, right. 304 00:16:11,080 --> 00:16:12,560 Speaker 2: And one of the things I don't know if this 305 00:16:12,600 --> 00:16:14,720 Speaker 2: is true or not, but I heard that she said 306 00:16:14,760 --> 00:16:16,840 Speaker 2: that she never really wanted to do a state planning 307 00:16:17,080 --> 00:16:19,920 Speaker 2: because she didn't want to jinx herself. And it's like, 308 00:16:20,120 --> 00:16:24,840 Speaker 2: you're gonna die, It's not, yeah, nobody, look, newsflash, you're not. 309 00:16:25,960 --> 00:16:27,920 Speaker 2: It's going to happen, right, So either you plan for 310 00:16:28,040 --> 00:16:29,760 Speaker 2: it or you don't plan for it, but it's going 311 00:16:29,800 --> 00:16:31,600 Speaker 2: to happen either way. Right, So I just want to 312 00:16:31,640 --> 00:16:33,480 Speaker 2: take like a couple of minutes. We talked about the 313 00:16:33,520 --> 00:16:36,320 Speaker 2: state planning because part of it is on the financial side, 314 00:16:36,320 --> 00:16:38,160 Speaker 2: like life insurance stuff like that. But it's also it's 315 00:16:38,360 --> 00:16:42,040 Speaker 2: very important to plan on the legal side as well. Right, 316 00:16:42,120 --> 00:16:46,520 Speaker 2: So like a will. You're a lawyer, So what is 317 00:16:46,560 --> 00:16:49,080 Speaker 2: a will? And why should people have a will? Because 318 00:16:49,080 --> 00:16:50,560 Speaker 2: I think that everybody should have a will. A lot 319 00:16:50,600 --> 00:16:53,000 Speaker 2: of times people have the misconception that if they're not rich, 320 00:16:53,520 --> 00:16:55,600 Speaker 2: they're not wealthy, they don't need to have a will. 321 00:16:55,720 --> 00:16:57,480 Speaker 2: They can wait to have a will. I think that 322 00:16:57,560 --> 00:16:59,560 Speaker 2: everybody should have a will, and a will can be 323 00:16:59,600 --> 00:17:02,320 Speaker 2: revived as time goes. Well, can you just briefly talk 324 00:17:02,320 --> 00:17:03,240 Speaker 2: about like what a will is. 325 00:17:03,560 --> 00:17:06,119 Speaker 6: Yeah, So basically a will is just like a plan 326 00:17:06,240 --> 00:17:08,119 Speaker 6: for what's going to happen when you pass away. 327 00:17:08,200 --> 00:17:09,040 Speaker 2: So you're basically. 328 00:17:08,800 --> 00:17:10,920 Speaker 6: Gonna say, for all the stuff that I own, that's 329 00:17:10,960 --> 00:17:14,200 Speaker 6: a value, I want it to be given out according 330 00:17:14,320 --> 00:17:18,080 Speaker 6: to this in this manner. And if you have small children, 331 00:17:18,160 --> 00:17:20,280 Speaker 6: which is really really important, if you have small children, 332 00:17:20,320 --> 00:17:22,440 Speaker 6: to have a will, you're gonna dictate who's going to 333 00:17:22,520 --> 00:17:26,200 Speaker 6: take care of your child, because if you pass away 334 00:17:26,440 --> 00:17:28,680 Speaker 6: and you don't have anyone in place to take care 335 00:17:28,680 --> 00:17:32,120 Speaker 6: of your child, Like a godparent is not a legal guardian. 336 00:17:32,160 --> 00:17:34,359 Speaker 6: So some of us you appoint a godparent and you 337 00:17:34,400 --> 00:17:37,400 Speaker 6: say this person, but that's not good enough, you know. Basically, 338 00:17:37,480 --> 00:17:40,600 Speaker 6: so a will is a legal document that as long 339 00:17:40,640 --> 00:17:43,560 Speaker 6: as it's executed like signed in the proper manner, is 340 00:17:43,640 --> 00:17:46,040 Speaker 6: gonna basically be able to say, this is what this 341 00:17:46,080 --> 00:17:49,119 Speaker 6: person wanted, you know, when they passed away with their stuff. 342 00:17:49,160 --> 00:17:51,040 Speaker 2: Okay, And also I think it's important to have a 343 00:17:51,040 --> 00:17:55,080 Speaker 2: living will, right, So a living will, from my understanding, 344 00:17:55,720 --> 00:17:57,879 Speaker 2: you have a health care proxy and you have the 345 00:17:57,960 --> 00:18:01,080 Speaker 2: power of returney yes, right, so can you brief about that? 346 00:18:02,760 --> 00:18:06,639 Speaker 6: So so the healthcare proxy basically, if you get sick 347 00:18:06,760 --> 00:18:09,800 Speaker 6: and you're in the hospital, your loved ones will not 348 00:18:09,880 --> 00:18:12,440 Speaker 6: be able to make medical decisions for you, right, So 349 00:18:12,760 --> 00:18:14,680 Speaker 6: the hospital is not going to really take their word 350 00:18:14,720 --> 00:18:17,840 Speaker 6: for it. And it's also difficult even if you're a spouse, 351 00:18:18,080 --> 00:18:20,639 Speaker 6: you may not be able to dictate what happens to 352 00:18:20,720 --> 00:18:23,040 Speaker 6: that person or how the hospital takes care of her 353 00:18:23,280 --> 00:18:25,720 Speaker 6: him or her. And so the healthcare proxy will say, 354 00:18:25,800 --> 00:18:28,320 Speaker 6: you know, if I'm sick, I want this person to 355 00:18:28,359 --> 00:18:30,440 Speaker 6: make the decision and I want them to be able 356 00:18:30,440 --> 00:18:33,440 Speaker 6: to do these particular things. And a living will kind 357 00:18:33,440 --> 00:18:36,240 Speaker 6: of goes even further into that. It gives like details 358 00:18:36,280 --> 00:18:39,199 Speaker 6: of like treatment, like say, God forbid, you have cancer. 359 00:18:39,359 --> 00:18:41,760 Speaker 6: It will say like, you know, you know, I don't 360 00:18:41,800 --> 00:18:44,119 Speaker 6: want chemo or you know, whatever the case is. It 361 00:18:44,720 --> 00:18:47,240 Speaker 6: you can detail exactly what type of treatments that you 362 00:18:47,280 --> 00:18:49,240 Speaker 6: have and give direction to the person who you gave 363 00:18:49,240 --> 00:18:52,480 Speaker 6: the healthcare proxy to, so they have some understanding on how. 364 00:18:52,240 --> 00:18:53,639 Speaker 2: To act on your behalf. 365 00:18:55,720 --> 00:18:59,200 Speaker 6: So power of attorney is also extremely important because if 366 00:18:59,200 --> 00:19:01,280 Speaker 6: you're in capacity, say that, like you're still alive, but 367 00:19:01,440 --> 00:19:04,640 Speaker 6: you can't make decisions for yourself the healthcare, I'm sorry. 368 00:19:04,680 --> 00:19:07,320 Speaker 6: The power of attorney is going to allow you to 369 00:19:07,359 --> 00:19:11,680 Speaker 6: appoint somebody to take all your finances, your insurance, your 370 00:19:11,680 --> 00:19:16,479 Speaker 6: bank accounts, your homes, your real estate taxes, anything. And 371 00:19:16,560 --> 00:19:18,520 Speaker 6: if you're taking care of somebody, it allows you to 372 00:19:18,760 --> 00:19:21,160 Speaker 6: it allow that person who has your power of attorney 373 00:19:21,359 --> 00:19:24,680 Speaker 6: to continue giving like customary gifts that you normally give 374 00:19:24,760 --> 00:19:27,239 Speaker 6: to somebody, or that you're taking care of somebody, so 375 00:19:27,240 --> 00:19:29,600 Speaker 6: they can handle all those things to make sure that 376 00:19:29,680 --> 00:19:32,480 Speaker 6: your affairs are in order. And so like sometimes people 377 00:19:32,480 --> 00:19:34,480 Speaker 6: go God forbid into a coma, but they come out 378 00:19:34,560 --> 00:19:36,320 Speaker 6: you know, you're not necessarily going to die, but you 379 00:19:36,359 --> 00:19:39,320 Speaker 6: can't make decisions or you're just sick. So that kind 380 00:19:39,320 --> 00:19:39,840 Speaker 6: of covers that. 381 00:19:40,000 --> 00:19:42,040 Speaker 2: Now it's extremely important. Just so quick, I'll take a 382 00:19:42,040 --> 00:19:45,240 Speaker 2: minute just to tell a personal story. So, my grandmother, 383 00:19:46,000 --> 00:19:49,840 Speaker 2: she had twelve kids, right, so she had Alzheimer's disease. 384 00:19:49,960 --> 00:19:53,199 Speaker 2: So when she was in the last stages of her 385 00:19:53,200 --> 00:19:57,399 Speaker 2: life and she was in a coma, and she was 386 00:19:57,400 --> 00:20:00,320 Speaker 2: in an hospital. So long story short, half of her 387 00:20:00,400 --> 00:20:03,280 Speaker 2: kids wanted to keep her alive. The other half of 388 00:20:03,320 --> 00:20:05,399 Speaker 2: the kids like, this isn't a quality of life, like 389 00:20:05,560 --> 00:20:07,480 Speaker 2: we need to pull a plug now that fighting with 390 00:20:07,520 --> 00:20:10,719 Speaker 2: each other. Who really knows what she wanted, right, But 391 00:20:10,880 --> 00:20:13,000 Speaker 2: if she would have done that and britten it out 392 00:20:13,040 --> 00:20:14,800 Speaker 2: like look, I don't keep me alive like you know, 393 00:20:14,960 --> 00:20:17,280 Speaker 2: or keep me, it wouldn't be an argument. So regardless 394 00:20:17,320 --> 00:20:20,240 Speaker 2: of how you feel, you can't make a decision because 395 00:20:20,240 --> 00:20:23,560 Speaker 2: it's already put in place. This is just. And also 396 00:20:23,720 --> 00:20:27,199 Speaker 2: she owned the home and once again she didn't have 397 00:20:27,200 --> 00:20:30,399 Speaker 2: a will, right, So now you have twelve kids that 398 00:20:30,520 --> 00:20:32,000 Speaker 2: have different ideas of what they want to do with 399 00:20:32,040 --> 00:20:34,600 Speaker 2: the home. Someone to rent it out, someone to sell it. 400 00:20:35,320 --> 00:20:39,160 Speaker 2: So now it just causes fights, You break up families, 401 00:20:39,920 --> 00:20:42,919 Speaker 2: brothers and sisters, stop speaking to each other. It happens 402 00:20:42,960 --> 00:20:46,280 Speaker 2: all the time. It's pretty common, right, So this is 403 00:20:46,280 --> 00:20:48,439 Speaker 2: an unfortunate situation and this is something that we have 404 00:20:48,480 --> 00:20:54,920 Speaker 2: to plan for. So thank you for coming and giving 405 00:20:55,080 --> 00:20:58,680 Speaker 2: your expertise because, like I said, it's important, especially in 406 00:20:58,680 --> 00:21:01,399 Speaker 2: our communities where we don't know a lot of it. 407 00:21:01,880 --> 00:21:04,399 Speaker 2: It's not a conversation. We're happening. No, we're not right. 408 00:21:04,480 --> 00:21:08,800 Speaker 4: So it's like hopefully like this conversation here opens eyes like, hey, 409 00:21:08,800 --> 00:21:10,639 Speaker 4: this is something we should playful because like what you said, 410 00:21:10,800 --> 00:21:16,000 Speaker 4: nobody uh is planning I mean doesn't that. But we 411 00:21:16,040 --> 00:21:18,280 Speaker 4: should right because like we said, it's not for the 412 00:21:18,280 --> 00:21:20,640 Speaker 4: people who live. It's for the people, for the people 413 00:21:20,960 --> 00:21:23,560 Speaker 4: who die, for the people who live on with our legacies. 414 00:21:25,480 --> 00:21:31,520 Speaker 3: My graduates from my school being forced bag drop bag drop, Mike, 415 00:21:31,600 --> 00:21:33,840 Speaker 3: drop bag drop drops. 416 00:21:44,200 --> 00:21:44,400 Speaker 6: Hi. 417 00:21:44,640 --> 00:21:47,399 Speaker 7: I'm Sherry Harris, owner of Life Source Water. As a 418 00:21:47,400 --> 00:21:50,600 Speaker 7: new grandmother in lifelong Californian, I care about what's in 419 00:21:50,640 --> 00:21:54,080 Speaker 7: the water my family uses every day. For over forty years, 420 00:21:54,200 --> 00:21:57,480 Speaker 7: our whole house water system has protected Bay Area families 421 00:21:57,520 --> 00:22:00,639 Speaker 7: with filtered water from every tap. Now we're offering a 422 00:22:00,760 --> 00:22:04,440 Speaker 7: double dip in savings, free basic installation plus an extra 423 00:22:04,480 --> 00:22:07,000 Speaker 7: two hundred and fifty dollars off that's up to twelve 424 00:22:07,119 --> 00:22:09,800 Speaker 7: hundred dollars in savings. Call our factory at one eight 425 00:22:09,920 --> 00:22:13,320 Speaker 7: hundred Water ninety nine or visit lifesourcewater dot com. Hurry 426 00:22:13,320 --> 00:22:14,480 Speaker 7: offer in September thirty. 427 00:22:14,520 --> 00:22:15,640 Speaker 2: Warranty limitations apply