Houston Podcast | Connecting Money with Purpose

It's true that Riskalyze makes your investment performance more predictable and reliable because it empowers you to to consistently follow your plan and achieve greater success in your financial life, that's the real reason Family Wealth Builder uses tools like Riskalyze with all of our investors.

Are you a successful family or business owner who is occasionally frustrated or downright depressed about the amount of taxes you pay every year?

Have you ever wondered why your CPA only provides tax preparation services, but doesn't give you great advice to

1. Reduce Your Taxes,

2. Protect Your Assets, and

3. Build Your Wealth 

As business owners, we all want to know that we're taking full advantage of every tax break we deserve. Tax Planning is a great place to start! But there's so much more.

## The Model for Growth

Vision, Intention, and Means: A Very Personal Journey In my own life and in the lives of countless people I’ve counseled, I’ve realized that change happens most readily and permanently if people have a clear picture of the future, a commitment to take steps of progress, and good handles on the steps they need to take. Elements of change, then, are vision, intention, and means.

Visit FamilyWealthBuilder.com for complete notes from this episode.

Wealth building for women can become an ever-growing challenge in the never-ending pursuit of a balanced life. Basic budgeting for daily consumption, children’s education funding, personal expenses, recreation, and financial independence are a few essential elements of wealth building for women and their families.

Investment Strategy is only one part of Wealth Management but anyone who understands risk and reward knows that Investment Strategy makes a big difference in your portfolio.

In this short video I'm going to show you how I layer one investment strategy on the next to design an overall investment strategy that helps you Minimize Risk and Maximize Return.

3 Mistakes in Trust and Estate Planning

1. Create it and forget it
2. Mismatch of your family and your money
3. IRA assets left rudderless

Trust Mistake #1 Create it and forget it

— 95% of wealthy families who create an estate plan with a Will, Medical/Financial POA, and/or Revocable Trust are done once and then only after someone dies — everything in the Trust and Estate Planning is forgotten.

— The Family Members Never Talk About it — The Financial Advisory team never reviews it — The people are supposed to be beneficiary's of your plan are clueless.

— Life events can change fast.

— death, — divorce, — retirement, — sale of business, — other changes in your family situation Your Will and Your Plan — Medical/Financial POA and — important elements of your estate planning need to reflect and adapt to those changes. Why We Recommend a Trust Review in 2018! Trust Mistake #2 Mismatch of your Purpose and your Money

We all have an opinion about our money and how our family should manage it. The fact that money is the #1 reason for divorce in America illustrates the need for better communication.

Vision,Values, and Purpose

Sometimes our vision, values, and purpose aligns with our family — including our spouse. Most of the time our financial purpose DOES NOT align with everyone in our family. Should it?

Your Will and the trusts created from your Will need your vision, values, and purpose to be clearly communicated.

Just think about your children, grandchildren, and the next generation. Will they be equipped to effectively manage the liquid investments and potential non-liquid investment assets in your estate without a clear Blueprint?

When your vision, values, and purpose are clearly laid out in your Will, your hopes and dreams (in terms of what your Will and Estate Plan will accomplish) are far more likely to become reality for the people you love.

Family Wealth Purpose Statement

When your vision, values, and purpose are clear, you and your family will experience a lot more confidence about how your plan will — or will not — achieve What Matters Most for the people you love. When you have more clarity and more confidence, your family will be far more likely to experience more contentment in your financial life.

Trust Mistake #3 IRA assets left rudderless

There are 15 choices a surviving spouse has to make when inheriting an IRA. IRA rules change. The holder of your money, the custodian, has very inconsistent interpretations of your IRA assets when looking at your Will or Revocable Trust. Most estate planning lawyers are not deeply knowledge on handling IRA assets exactly how a client wants it. Using a Trusteed IRA can solve those issues.

Your Next Step Schedule Your Trust Review

It all starts with a thoughtful review of your family’s Trust. And, its free, so call or email Chris today and be sure you mention this podcast. When we meet, I’d love to give you a copy of my book Make Your Money Count as a gesture of my commitment to help you, your family, and other people…

Manage the risk and reward of everyday life, recover from the unexpected, and realize your highest purpose. That’s my mission at Family Wealth Builder of Houston. Jim Munchbach, Certified Financial Planner™

CEO | Family Wealth Builder of Houston [email protected] (832) 895-1700

https://www.familywealthbuilder.com Christopher N. Holtby

Co-Founder | Wealth Advisors Trust Company

https://wealthadvisorstrust.com

Do you get just a little anxious when the stock market crashes?

In this episode, I want to share a few thoughts about how to manage the risk in your investment portfolio. Honestly, on days like today, its really more about managing your own emotions. Taking a deep breathe and being confident that your long-term plan is working just the way its supposed to work.

Learn more at Family Wealth Builder of Houston: FamilyWealthBuilder.com

Make Your Family Strong: “Through [skillful and godly] wisdom a house [a life, a home, a family] is built, And by understanding it is established [on a sound and good foundation], And by knowledge its rooms are filled With all precious and pleasant riches. A wise man is strong, And a man of knowledge strengthens his power;” PROVERBS‬

Everyone leaves something behind. Your legacy will be etched in the hearts and minds and lives of the people you love. Visit FamilyWealthBuilder.com | Pls leave Review

The Power of Money

Money can be used to rebuild entire nations and yet when we use money to provide simple things like food, shelter, or education to someone in need, Money has the power to fill our heart with good things. Using money to “do good” fills our soul with peace, love, joy and a lot of other beautiful things that money can never buy.

Today’s episode contains four features 

 

1. Introducing a 5 Part Mini-Series: Part One — Starting with Clarity
2. KickStarter Update — 12 Steps to Financial Freedom
3. Shout Out to our Corporate Sponsors — still on the fence
4. Another song from my friend Micah Peacock

 

5 Financial Planning Rules, Boundaries, and Limitations 

1 of 5 (Clarity Planning)

The five pillars of planning — clarity, confidence, control, contentment, and communication — are really planning principles that are embedded in the process of financial life planning:

— Clarity

— Confidence

— Control

— Communication

— Contentment

While these five pillars of planning sound really good, be warned, each of these five pillars of planning can be used or abused. I’m creating a five part mini-series to outline a few rules, boundaries, and limitations related to each of these five financial life planning principles because I’m hoping to get you to think about the next step in your plan. 

I promise these principles are important for your personal plan, your family’s plan, or even your business plan.

Starting With Clarity

Let’s not and say we did. Based on my 25 years in financial services, I promise you — most individuals, families, and yes even business owners find it more than a little challenging to put into words What Matters Most. And some of the folks I have worked with who could tell you exactly what they believed and why — were a little less than clear about how to connect their money with their mouth. 

“Quote”

If Footmen Tire You, What Will Horses Do?

If starting with clarity is challenging for most regular people, how difficult do you think it must be for a financial professional who has to make a living selling his or her products and services. 

Financial Advisors come in all shapes and sizes but there are only a select few who are real Financial Planners. A growing number of Financial Advisors go by the title Certified Financial Planner™ professional. Many of us earned that designation in order to be perceived as more credible so that we could sell more insurance or investment products. That was my motivation, I am a recovering sales addict.

Financial Sales Professionals invest a lot of time, money, and effort to hone a special set of sales skills designed to help you figure out What Matters Most. Armed with that information, it becomes very easy to convince you that my product, service, or strategy is the best solution to help you get from where you are to where you want to be in the future.

When I was a kid, I had to go to church “every time the doors were opened” and my Baptist church was opened a lot! One Sunday night we had a special event featuring a powerful piece of propaganda focusing on the evils of communism and the very real threat facing our nation at that time. I have been afraid of Russians ever since. And, I have come to love Tom Clancy novels, too! 

The title of that movie was “If Footmen Tire You, What Will Horses Do?”.  I think a good modern day analogy would be ISIS. If I wanted to remake the original movie, I would create a real villain — like ISIS — and associate it with a very real threat like say Muslims in my neighborhood. If I were still a Fundamental Baptist, I would be full of conviction. My conviction would give me a ton of clarity…

And that’s the problem with Starting with Clarity. What if you’re wrong?

Powered by Purpose 

Your vision, values, and purpose may not be all that easy to put into words. Your life’s purpose may not ever be written on a napkin or posted in a 144 character tweet. Clarity about What Matters Most may scare you a little. I hope it does scare you a little. It scares me a little every time I ask myself or a client some form of the question: What Matters Most?  Even though it scares me,  I promise you — I’ll never stop asking. In order to create a real financial life plan that helps you lean into your purpose, I have to know What Matters Most.

Join me for the next episode in the mini-series: Five Financial Planning Rules, Boundaries, and Limitations:

1. — Clarity
2. — Confidence
3. — Control
4. — Communication
5. — Contentment

Visit FamilyWealthBuilder.com or search check us out in iTunes, Stitcher Radio, or anywhere Podcasts are played.

I’m Jim Munchbach, Certified Financial Planner™ practitioner and your humble host. 

Before you go, if you’re considering backing our KickStarter, take a listen to the short video script that explains what we’re building: 

12 Steps to Financial Freedom — this will be our Signature Course for Motivated Millennials and Retiring Baby Boomers who want to build a financial foundation for your future.  12 Steps to Financial Freedom will feature The Ultimate Blueprint to Make Your Money Count. The Blueprint is the Big Idea in my book Make Your Money Count. If you decide to back our KickStarter for $25 or more, I’ll send you a Special Edition - signed - hard cover copy of Make Your Money Count along with an invitation to our Big Texas BBQ party on June 3 in Houston Texas.

 

So, here’s the audio for our KickStarter video. And then a beautiful song from my beautiful friend Micah Peacock.

 

Thanks for listening. If you want a reminder when I post the next episode, stop by FamilyWealthBuilder.com and sign up, give me permission to send you an email. I promise — I hate span as much as you do.

 

Until next time have a great week.