1 00:00:01,280 --> 00:00:03,520 Speaker 1: This episode is brought to you by P and C Bank. 2 00:00:03,920 --> 00:00:06,680 Speaker 1: A lot of people think podcasts about work are boring, 3 00:00:06,880 --> 00:00:10,719 Speaker 1: and sure they definitely can be, but understanding of professionals 4 00:00:10,800 --> 00:00:14,040 Speaker 1: routine shows us how they achieve their success little by little, 5 00:00:14,440 --> 00:00:18,079 Speaker 1: day after day. It's like banking with P and C Bank. 6 00:00:18,560 --> 00:00:21,360 Speaker 1: It might seem boring to save, plan and make calculated 7 00:00:21,400 --> 00:00:24,479 Speaker 1: decisions with your bank, but keeping your money boring is 8 00:00:24,520 --> 00:00:27,840 Speaker 1: what helps you live or more happily fulfilled life. P 9 00:00:27,960 --> 00:00:32,800 Speaker 1: and C Bank Brilliantly Boring since eighteen sixty five. Brilliantly 10 00:00:32,840 --> 00:00:35,479 Speaker 1: Boring since eighteen sixty five is a service mark of 11 00:00:35,520 --> 00:00:38,760 Speaker 1: the PNC Financial Service Group, Inc. P and C Bank 12 00:00:39,159 --> 00:00:41,400 Speaker 1: National Association Member FDIC. 13 00:00:43,000 --> 00:00:45,199 Speaker 2: Can we play this clip about our prenups are just 14 00:00:45,240 --> 00:00:46,920 Speaker 2: from Maria as their crucial for state planner. 15 00:00:47,280 --> 00:00:47,760 Speaker 3: Let's do it. 16 00:00:47,800 --> 00:00:48,920 Speaker 4: I thought this was fascinating. 17 00:00:50,200 --> 00:00:53,920 Speaker 5: You don't have a prenup, you don't take under the will. First, 18 00:00:54,280 --> 00:00:57,279 Speaker 5: all my children are married, All my children have pre 19 00:00:57,400 --> 00:01:02,640 Speaker 5: nups in my state. It works like this. If you 20 00:01:02,680 --> 00:01:05,119 Speaker 5: don't have a prenup, you don't take under the will. 21 00:01:05,400 --> 00:01:05,600 Speaker 4: Gone. 22 00:01:05,680 --> 00:01:08,080 Speaker 5: So I become the bad guy, and every time I 23 00:01:08,120 --> 00:01:09,800 Speaker 5: tell people this, I don't know how your kids are. 24 00:01:09,840 --> 00:01:13,120 Speaker 5: You'll you will remember this, believe me. So you don't 25 00:01:13,160 --> 00:01:15,080 Speaker 5: want your kid to have to be the bad guy. 26 00:01:15,880 --> 00:01:18,080 Speaker 5: You're the bad guy. So my kids can say, hey, 27 00:01:18,240 --> 00:01:24,360 Speaker 5: my dad, my dad's my dad. Now, if you don't 28 00:01:24,360 --> 00:01:27,759 Speaker 5: want to sign it, we're not getting shit right and 29 00:01:27,840 --> 00:01:31,119 Speaker 5: so so, so that's the first thing. The pre nups 30 00:01:31,160 --> 00:01:34,800 Speaker 5: are fairly tough, like you know, one of them, one 31 00:01:34,800 --> 00:01:37,000 Speaker 5: of the one of one lawyer said, this is the 32 00:01:37,040 --> 00:01:42,200 Speaker 5: most egregious document I've ever read. Gregious took it as 33 00:01:42,240 --> 00:01:47,280 Speaker 5: a compliment, I said, by design. And so but listen, 34 00:01:47,480 --> 00:01:50,280 Speaker 5: all of my the daughter in laws, the son in law. 35 00:01:50,520 --> 00:01:53,520 Speaker 5: I love these folks, but I'm not going to have 36 00:01:53,560 --> 00:01:58,120 Speaker 5: a situation where somebody can come in and you know, 37 00:01:59,160 --> 00:02:01,520 Speaker 5: my one son, Matt, he said, because he was the 38 00:02:01,520 --> 00:02:03,600 Speaker 5: first one he's said, well, Daddy, maybe I put a 39 00:02:03,640 --> 00:02:05,880 Speaker 5: clause in there that if I cheat on my wife 40 00:02:06,520 --> 00:02:09,880 Speaker 5: that then is a nullin voyego. No, no, no, no, 41 00:02:10,160 --> 00:02:14,040 Speaker 5: because we don't need to have any litigation. He goes, 42 00:02:14,080 --> 00:02:15,880 Speaker 5: I'm not going to cheat. I said, I know you're not. 43 00:02:16,080 --> 00:02:18,560 Speaker 5: You know, he asked that question. Let's just get the 44 00:02:18,639 --> 00:02:22,320 Speaker 5: documents signed. So I did that years ago in two 45 00:02:22,360 --> 00:02:24,639 Speaker 5: thousand and eight, had everything a praise, and I gave 46 00:02:24,680 --> 00:02:26,480 Speaker 5: the big gift to him where you could give up 47 00:02:26,560 --> 00:02:28,840 Speaker 5: to like twenty four to twenty five million. So I 48 00:02:28,880 --> 00:02:31,600 Speaker 5: did that. I built a company called Litify, which was 49 00:02:31,639 --> 00:02:35,440 Speaker 5: a software company. And what I did with that, I 50 00:02:35,480 --> 00:02:37,959 Speaker 5: took Litified. I just put it all. I put twenty 51 00:02:38,000 --> 00:02:40,880 Speaker 5: percent each one of my children, twenty percent for me. 52 00:02:41,800 --> 00:02:44,080 Speaker 5: We sold it to Besmer at a six hundred million 53 00:02:44,080 --> 00:02:47,560 Speaker 5: dollars valuation at we took sixty percent. But when we 54 00:02:47,639 --> 00:02:50,160 Speaker 5: sold it all my kids got the money. And then 55 00:02:50,200 --> 00:02:53,480 Speaker 5: I used my twenty percent to toggle off and pay 56 00:02:53,480 --> 00:02:56,480 Speaker 5: the taxes, so they took a tax free. But I 57 00:02:56,520 --> 00:02:59,959 Speaker 5: have been very that question has been in my mind, 58 00:03:00,919 --> 00:03:03,200 Speaker 5: you know, even when I didn't have it in our will. 59 00:03:03,680 --> 00:03:08,639 Speaker 5: When we die, if our kids have one hundred million dollars, 60 00:03:08,720 --> 00:03:10,560 Speaker 5: they get nothing they're gonna get If they have a 61 00:03:10,639 --> 00:03:12,560 Speaker 5: hundred they're gonna get a hundred million, they get nothing. 62 00:03:12,600 --> 00:03:15,520 Speaker 5: We have in a state, I mean a foundation that 63 00:03:15,560 --> 00:03:18,320 Speaker 5: we hope to have, you know, you know, a billion 64 00:03:18,320 --> 00:03:22,000 Speaker 5: dollar foundation, and all of my money is going into 65 00:03:22,040 --> 00:03:26,240 Speaker 5: the foundation, and so but some of my kids are 66 00:03:26,240 --> 00:03:28,040 Speaker 5: already passed one hundred million. Mean some of them are 67 00:03:28,040 --> 00:03:31,280 Speaker 5: already that they're done and and and they're gonna make 68 00:03:31,320 --> 00:03:31,959 Speaker 5: a lot of money. 69 00:03:33,200 --> 00:03:36,000 Speaker 3: Interesting perspective. We only have a lot of time for 70 00:03:36,080 --> 00:03:39,080 Speaker 3: people talk about prenump. They usually talking about it for themselves. Yeah, 71 00:03:39,400 --> 00:03:45,040 Speaker 3: you only hit from a parent kind of demanding that 72 00:03:45,080 --> 00:03:48,560 Speaker 3: their kid get a pronumper or else they're left out 73 00:03:48,600 --> 00:03:50,960 Speaker 3: the will. And you could already know when he once 74 00:03:51,000 --> 00:03:53,800 Speaker 3: he said that thing about the son said, well, dad, 75 00:03:53,800 --> 00:03:56,880 Speaker 3: what if I cheat? You know where that came from? 76 00:03:57,720 --> 00:04:02,800 Speaker 2: Oh yeah, her friends, her camp and her friends. 77 00:04:03,720 --> 00:04:05,640 Speaker 3: Because the ain't no man in the right mind go 78 00:04:05,720 --> 00:04:07,880 Speaker 3: and sit up there and tell his father, Hey, dad, 79 00:04:08,040 --> 00:04:10,440 Speaker 3: what if I cheat? Can you null and void? I 80 00:04:10,480 --> 00:04:12,920 Speaker 3: would have slapped the shout him so bad, man like. 81 00:04:13,000 --> 00:04:18,680 Speaker 3: Look that's his wife telling him. Look, tell your father 82 00:04:19,480 --> 00:04:23,560 Speaker 3: that I want a provision that if you cheat, this 83 00:04:23,640 --> 00:04:25,520 Speaker 3: needs to be null and void. 84 00:04:27,839 --> 00:04:30,279 Speaker 4: Is that? Like? No, I'm not doing that, y'all think 85 00:04:30,360 --> 00:04:32,320 Speaker 4: Andrew had some arms. I'll tell my dad that. 86 00:04:32,400 --> 00:04:36,360 Speaker 2: Boy he goes shoot a missile at me, shout out 87 00:04:36,400 --> 00:04:37,559 Speaker 2: the top of sending me this clip. 88 00:04:37,720 --> 00:04:38,599 Speaker 4: This is amazing. 89 00:04:38,680 --> 00:04:44,360 Speaker 2: But when you're doing generational planning and a state planner, 90 00:04:44,720 --> 00:04:46,440 Speaker 2: these are some of the things you have to worry about. 91 00:04:46,880 --> 00:04:51,359 Speaker 2: And if they know that your family is well to do, 92 00:04:52,480 --> 00:04:55,719 Speaker 2: if that provision is in there, she would get together 93 00:04:55,839 --> 00:04:57,920 Speaker 2: with her friends at brunch and they'll find the girl 94 00:04:57,960 --> 00:05:00,000 Speaker 2: who did know that you would be weak four and 95 00:05:00,040 --> 00:05:01,400 Speaker 2: pay her to get it so they can get the 96 00:05:01,440 --> 00:05:01,920 Speaker 2: cash out. 97 00:05:03,080 --> 00:05:05,120 Speaker 3: Well, this is the House of Gucci. Once again, I 98 00:05:05,120 --> 00:05:07,880 Speaker 3: hope everybody want that movie. That's exactly what The House 99 00:05:07,920 --> 00:05:11,719 Speaker 3: of Gucci is about. Where their son was gonna marry 100 00:05:12,200 --> 00:05:17,200 Speaker 3: marry his wife and the father didn't like the wife 101 00:05:18,560 --> 00:05:20,919 Speaker 3: and wanted to write he wrote him out of the 102 00:05:20,960 --> 00:05:26,599 Speaker 3: will because of that. They later reconciled it. But he 103 00:05:26,680 --> 00:05:29,720 Speaker 3: turned out to be right. Actually, he actually turned out 104 00:05:29,760 --> 00:05:30,160 Speaker 3: to be right. 105 00:05:31,360 --> 00:05:33,800 Speaker 4: You gotta listen when they get them more influence of 106 00:05:33,839 --> 00:05:38,280 Speaker 4: something not being right. Oh's love. Okay, you don't know. 107 00:05:38,520 --> 00:05:40,440 Speaker 3: So this goes to a deeper question as far as 108 00:05:40,440 --> 00:05:43,479 Speaker 3: the financial planning aspect. Would you is that something that 109 00:05:43,520 --> 00:05:43,919 Speaker 3: you would do? 110 00:05:44,360 --> 00:05:47,680 Speaker 2: Of course I didn't work, you think I gotta think 111 00:05:47,680 --> 00:05:51,880 Speaker 2: of it like this. Uh, my father worked his entire 112 00:05:51,920 --> 00:05:56,840 Speaker 2: life and gave me everything that he knew about business. 113 00:05:56,920 --> 00:05:59,640 Speaker 2: Then my mother and grandmother did the same, passed it 114 00:05:59,720 --> 00:06:04,880 Speaker 2: to me. I build this empire and then I should 115 00:06:05,000 --> 00:06:08,000 Speaker 2: let that net Worth go because Xander made a mistake 116 00:06:08,040 --> 00:06:09,279 Speaker 2: for a girl he thought was cute. 117 00:06:10,920 --> 00:06:13,040 Speaker 4: It sounds harsh, but what do you what do you do? 118 00:06:13,040 --> 00:06:16,039 Speaker 4: Do you have to approve of the wife? No? 119 00:06:16,040 --> 00:06:18,600 Speaker 2: No, he can pick, but just that provision about the 120 00:06:19,279 --> 00:06:20,760 Speaker 2: prenup mandatory. 121 00:06:21,040 --> 00:06:25,039 Speaker 3: So you're not you're not gonna have to like say, okay, 122 00:06:25,080 --> 00:06:26,559 Speaker 3: I have to approve of who you're married. 123 00:06:26,680 --> 00:06:29,760 Speaker 2: No, no, no, because that's a mistake on parents do 124 00:06:29,800 --> 00:06:32,240 Speaker 2: that because you actually push them more to the person 125 00:06:33,000 --> 00:06:34,960 Speaker 2: that you're rebelling against. 126 00:06:35,600 --> 00:06:35,920 Speaker 4: Nothing. 127 00:06:36,080 --> 00:06:37,920 Speaker 2: I would be like, hey, I don't think so, but 128 00:06:38,520 --> 00:06:41,360 Speaker 2: if that's what you want to do, cool, cool, but 129 00:06:41,440 --> 00:06:47,760 Speaker 2: paperwork wise, legacy wise, when distributions happen, may it may 130 00:06:47,800 --> 00:06:50,880 Speaker 2: have an impact, and it may sound harsh, but these 131 00:06:51,960 --> 00:06:53,240 Speaker 2: just like we worked hard. 132 00:06:53,000 --> 00:06:55,320 Speaker 4: To build this. You have builders and takers. 133 00:06:55,360 --> 00:06:57,680 Speaker 2: There's a corehoord of people who just plan to take 134 00:06:57,720 --> 00:06:59,200 Speaker 2: away Zion. 135 00:07:00,200 --> 00:07:03,240 Speaker 4: I love you, you. 136 00:07:01,720 --> 00:07:04,920 Speaker 2: Have to learn they're trying to take from you, my brother. 137 00:07:06,440 --> 00:07:08,800 Speaker 2: It's a whole faction of them. The girls, someone out 138 00:07:08,800 --> 00:07:12,320 Speaker 2: here in Houston. You're on that radar list for who 139 00:07:12,320 --> 00:07:15,840 Speaker 2: they can get money out of. That sucker lists that 140 00:07:15,880 --> 00:07:17,800 Speaker 2: girls have in group chat when they'd be like, oh, 141 00:07:18,160 --> 00:07:20,320 Speaker 2: like if all of a sudden your DMS get Hella 142 00:07:20,400 --> 00:07:22,120 Speaker 2: popping and it's like forty. 143 00:07:21,800 --> 00:07:26,200 Speaker 4: Girls a week, they know you wanted the ones. 144 00:07:26,640 --> 00:07:29,800 Speaker 2: So as a builder you have to be careful to 145 00:07:29,920 --> 00:07:32,040 Speaker 2: stay away from the takers and be able to tell 146 00:07:32,040 --> 00:07:33,200 Speaker 2: who wants to take away. 147 00:07:32,960 --> 00:07:38,800 Speaker 3: From Yeah, I agree, I agree, Ernest. 148 00:07:38,840 --> 00:07:39,200 Speaker 4: What's up? 149 00:07:39,280 --> 00:07:41,760 Speaker 1: You ever walk into a small business and everything just 150 00:07:41,920 --> 00:07:45,080 Speaker 1: works like, the checkout is fast, the seats are digital, 151 00:07:45,640 --> 00:07:48,600 Speaker 1: tipping is a breeze, and you're out the door before 152 00:07:48,600 --> 00:07:52,760 Speaker 1: the line even builds odds are they're using Square. We 153 00:07:52,920 --> 00:07:55,480 Speaker 1: love supporting businesses that run on Square because it just 154 00:07:55,520 --> 00:07:58,760 Speaker 1: feels seamless. Whether it's a local coffee shop, a vendor 155 00:07:58,800 --> 00:08:01,040 Speaker 1: at a pop up market, or even one of our 156 00:08:01,120 --> 00:08:04,760 Speaker 1: merch partners. Square makes it easy for them to take payments, 157 00:08:04,960 --> 00:08:08,720 Speaker 1: manage inventory, and run their business with confidence, all from 158 00:08:08,800 --> 00:08:11,600 Speaker 1: one simple system. One of the things we love most 159 00:08:11,680 --> 00:08:15,600 Speaker 1: is seeing neighborhood businesses level up. 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