The Money Advantage Podcast

De: Bruce Wehner & Rachel Marshall
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  • Personal Finance for the Entrepreneurially-Minded!
    The Money Advantage, LLC. All Rights Reserved.
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Episodios
  • Leaving an Inheritance to My Great-Grandchildren

    Leaving an Inheritance to My Great-Grandchildren
    Aug 26 2024
    Do you want to give your kids the best possible chance at life, but you’re afraid of spoiling them, or worse? Are you concerned that leaving an inheritance will only end in disaster? Learn why "leaving an inheritance to my great-grandchildren" is a good thing and how to do it. Many parents are undecided about whether they want to leave an inheritance to their children. They fear raising ungrateful “trust fund babies” or leaving their kids with money they cannot possibly be good stewards of. Some parents didn’t receive an inheritance at all, so they don’t think their own children could possibly need it. https://www.youtube.com/live/x-tY0oVUqcU But what if you could leave an inheritance not only to your children but your grandchildren, and even your great-grandchildren? It’s not about how much money you have, it’s about how you prepare your children to take good care of that money and become value creators in their own right. Today, we’re talking about how the Marshall family approaches money and inheritance, and how you can begin preparing your kids to be great stewards of your legacy now and later. Learn how and why I am leaving an inheritance to my great-grandchildren, and you can too. Tune in now! The Inheritance SpectrumThe Marshall Family ValuesHave Your Kids Create ValueLeaving an Inheritance to My Great-GrandchildrenFinancial Wisdom for KidsBook A Strategy Call The Inheritance Spectrum Leaving an inheritance to your children or grandchildren can be a tricky subject to navigate. There are many pros and cons to both leaving or not leaving an inheritance that has a lot to do with HOW you go about it. In our case, we think inheritance is a spectrum of sorts. On one end, you’ve got those who are just dumping money on the next generation without much preparation or care. On the other side of the spectrum, you have people who are intentionally withholding an inheritance for various reasons. Then, you have everything in between. The side that is against leaving an inheritance generally comes from two schools of thought. Some people believe that they weren’t left anything, and so their children don’t need it either. They want to be selfish with their money, and they want their kids to figure it out on their own. The other camp is the parents who don’t wish to ruin their kids by spoiling them or leaving them with a cushy life without developing the work ethic or business savvy to keep it. Both sides of this spectrum are pretty extreme and can be damaging. There’s a middle ground that we advocate for that can actually ensure that your legacy lasts for generations, and that’s by building something to leave your children while also raising them to be good stewards of it. This could include involving your kids in the family business, teaching them good money principles, and making sure that they know how to continue growing their assets. By doing this, you create a generation that can do the same with their children so that many generations down the line your family is still prospering. [09:50] “It’s not the money that causes the problems. The challenge is money brings up all of this emotion… we attach it to our identity, our sense of self-worth.” The Marshall Family Values One of my family’s values is freedom. Most people conjure up the same mental image of freedom, but there are actually two major meanings of the word freedom when we go back to Hebrews in scripture. There’s a good form of freedom and a bad form of freedom. The way that most people conceptualize freedom is to be free FROM something—for example, freedom from obligations. This is why many people think of retirement as one of the ultimate freedoms because they won’t be tied down or expected to do anything. The other kind of freedom is the freedom to choose—not to be free of obligations, but to pick the obligations that matter to you and develop accordingly. This choice is about service,
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    43 m
  • Tax Benefits of Whole Life Insurance

    Tax Benefits of Whole Life Insurance
    Aug 19 2024
    Unlock the secrets of mastering the tax benefits of whole life insurance with our latest Money Advantage podcast episode. We promise you’ll gain an in-depth understanding of tax laws related to life insurance strategies, like the pivotal 1988 government decision to limit cash value life insurance investments due to their tax perks. By diving into the historical context of the Tax Reform Act of 1986 and the Revenue Act of 1987, we uncover the intricate relationship between these laws and the economic climate of the time, helping you make smarter financial decisions today. https://www.youtube.com/live/0XcaTFWcOhM Travel back in time with us to explore how Nixon’s 1974 move away from the gold standard set the stage for inflation and the creation of IRAs and 401(k)s. These financial products shifted funds from whole life insurance, leading to the popularity of universal life policies. Our discussion reveals how high interest rates and regulatory responses like the 1988 Tamra Act reshaped the life insurance landscape, ensuring it remained a protection tool rather than a tax haven. The 1979 FTC report’s critique of whole life insurance also played a significant role, challenging traditional perceptions and influencing market dynamics. We round off the episode by dissecting the Modified Endowment Contract (MEC) and the Tamra Act’s regulatory impacts on life insurance policies. Discover the nuances of the one-year and seven-year rules, the scenarios leading to a policy becoming a MEC, and the resulting tax implications. We delve into circumstances where intentionally MEC'ing a policy could be beneficial, such as for estate planning or achieving better returns than traditional banking options. This rich historical insight equips you with the knowledge to navigate today’s complex financial landscape with confidence. Tax Loopholes vs. Tax IncentivesWhole Life Insurance and TaxesThe History of Whole Life Insurance and TaxationWhat Does it Mean to Be a MEC?Applying Whole Life Insurance tax Benefits TodayBook A Strategy Call Tax Loopholes vs. Tax Incentives To kick off this conversation, let’s get something clear: tax loopholes are not actually loopholes. The word “loophole” has a negative connotation, and if often used to suggest that people who use tax incentives to reduce their taxes are doing something sneaky or unethical. The reality is that the IRS writes tax law to be as specific and intentional as possible, and those “loopholes” are actually intentional incentives from the government. Tax incentives work to provide tax credits or breaks for investors who can do things that the government does not want to spend their own money on. For example, there are many tax incentives in real estate because housing is a constant and prevalent need. If housing cannot be provided by landlords, the government may have to provide more housing, and so the government creates tax incentives to have investors take the lead. Tax breaks don’t exist by accident. They are purposeful and are designed to get investors to take specific actions. Whole Life Insurance and Taxes Whole life insurance is a popular “tax-advantaged” asset because you can technically access your cash in a tax-free way. You can do this through a policy loan, which must still be paid back, or by withdrawing only up to your base premium. Otherwise, you can still have a taxable event. That being said, whole life insurance has long been a popular strategy for tax purposes, and in fact used to be even more beneficial from a tax standpoint, until the IRS got involved. And while there are some limitations, now, whole life insurance is still extremely advantageous from a tax standpoint. The History of Whole Life Insurance and Taxation Until the 1960s, whole life insurance was the premier savings vehicle for American families. It provided great flexibility and protection and was a powerful tax advantage.
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    40 m
  • Family Business Dynamics, with Savannah Suttle

    Family Business Dynamics, with Savannah Suttle
    Aug 12 2024
    Do you want to grow and scale a family business, but family business dynamics are getting in the way? https://www.youtube.com/live/vZkpINzoFts Unlock the secrets to harmonizing family business dynamics and business operations with Savannah Suttle from Schema Consulting to reveal the powerful impact of psychotherapy and marriage and family therapy techniques on family-run businesses. You'll learn how to navigate the complex interplay between evolving family roles and business practices, ensuring a cohesive approach to tackling both personal and professional challenges, especially during generational transitions. Discover the keys to balancing business needs with employee well-being as we tackle the intricacies of role reassessment and transparent communication. Savannah shares her wisdom on creating win-win scenarios where individual growth and business success go hand in hand. We discuss the critical importance of addressing difficult decisions head-on, fostering a culture of open dialogue that prevents fear and conflict avoidance, and underscoring the necessity of placing the right people in the right positions for maximum team morale and efficiency. Finally, we explore the essential strategies for scaling family businesses, emphasizing radical transparency and effective communication. Savannah guides us through the pitfalls of over-relying on long-standing employees without proper succession planning and highlights the importance of nurturing the next generation's authenticity and innovation. From strategic leadership transitions to fostering a shared vision, this episode equips you with the tools to ensure your family business remains vibrant and appealing for future generations, creating a lasting legacy of wealth and collaboration. So, if you want to discover how your family businesses can navigate complex dynamics and turn challenges into opportunities to grow your reach, impact, and team ... tune in now! How Behavior Therapy Leads to Family Business DynamicsNavigating Family Business GrowthMaking Tough DecisionsPassing Businesses from Generation to GenerationBook A Strategy Call How Behavior Therapy Leads to Family Business Dynamics While now Savannah works with family businesses, she got her start in behavior therapy, specifically marriage and family therapy. What’s unique about this field is that it’s a structural form of psychotherapy—if you can change the structure of the family, you can change the dynamic of the family. So changing one piece of the system will change the whole system. This structure is very close to, and even overlapping, with business structures. And if you have a family business, the dynamics are even more entwined. What Savannah found is that some of her clients who had family businesses had cemented some of their family dysfunction into their business operations. The problem is that at one point the dysfunction was actually functional, and served a positive purpose at one point. But then, over time, the business/family outgrew those roles or procedures, and yet they left them baked into the process. Those dysfunctions are then difficult to remove because the family has not come to terms with who they have become and what they need. [04:53] “Who you were when you started the business is probably not who you are now. And what you needed then is probably not what you need now.” Navigating Family Business Growth One of the ways in which family businesses may fail to adapt is how they scale. It’s one thing to manage a team of 10 people—especially when you know and love them—and another thing to manage a team of 150 people. The challenges of a team of 150 are different even from a team of thousands. [09:32] “The problem is when you start scaling and you’ve got a lot of people now, it’s usually a matter of headcount. Then all of a sudden you only have 24 hours in a day and you can’t talk to everybody and build relationships with everybody.”
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    51 m
Liderazgo Economía Finanzas Personales Éxito Personal
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