Perennial Pride

In today's episode, Tom's you through the history of 401k plans and how it may play out for most people later in life and even in legacy. What was originally created for the uber wealthy when the tax rate was 70%, has now become the mainstream way for people to invest for retirement. You CAN have more security over your wealth AND still have access to it by following a different path. Schedule call with me today to learn more and get started today!

Highlights

• 00:22 The discussion on the role of government in controlling financial lives
• 02:38 The creation of 401k in the late 70s and early 80s and its initial benefits
• 05:18 The uncertainty of future tax rates and inflation's impact on retirement
• 08:07 The pressure on money in 401k accounts
• 11:49 The Required Minimum Distribution (RMD) age and the government's control over regulations
• 14:16 The Secure Act and the limit to deferring inherited accounts
• 15:22 The impact of potential financial issues on control over personal money
• 16:49 The importance of having flexibility, balance, and multiple options in personal finances
• 17:39 Conclusion and invitation to reach out for more help on financial planning Episode Resources
• Connect with Tom Suvansri
• https://perennialpride.com/
• https://www.facebook.com/perennialpride/
• https://twitter.com/perennialpride
• https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA

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Today, Tom is joined by Carolyn Tormey, a career ownership coach to talk about the benefits of entrepreneurship and franchising. With the economy changing and the potential for layoffs, on top of people retiring and looking for the next journey in their lives, many are understanding that time is our most precious resource. Moving to self-employment and away from corporate America is a way to provide yourself with financial freedom as these times are changing. IBC can help make a lot of this possible. Tune in to hear more about franchising, if it's right for you, and what to consider before becoming an entrepreneur.

Highlights

• 01:30 Caroline shares her journey into becoming a career ownership coach and working in the franchising industry
• 04:01 What a franchise is and how it can be beneficial for expanding businesses
• 06:08 The higher success rates of franchise businesses compared to independent businesses
• 08:27 The ideal types of people for franchising ownership
• 10:31 The growth and availability of semi-passive and completely passive franchise opportunities for potential owners
• 12:25 The benefits of diversifying investments by owning a franchise and having control over it
• 14:13 Avoiding pitfalls and common mistakes in franchising
• 14:47 The "20-60-20 rule" in franchising, explaining the performance levels of franchise owners
• 17:29 The importance of being well-capitalized and having a good understanding of the ramp-up period in franchise ownership
• 18:04 Typical levels of investment and financing options in franchise opportunities
• 21:42 The growing expansion and opportunities in the assisted living industry and franchise space
• 23:23 Observations about younger generations leaning more towards self-employment and franchise opportunities
• 29:32 The challenges of navigating through the wealth of information available to anyone wanting to start a franchise
• 30:38 The importance of exploring franchise opportunities in a non-threatening, low-pressure environment. Episode Resources
• Connect with Tom Suvansri
• https://perennialpride.com/
• https://www.facebook.com/perennialpride/
• https://twitter.com/perennialpride
• https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA
• Connect with Carolyn Tormey
• https://ctormey.esourcecoach.com/
• https://www.linkedin.com/in/carolyntormey

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A positive mindset can do so much not only for your day-to-day life, but also for your financial headspace. Think about pouring clean water into a dirty bucket - the more you pour, the cleaner the water gets. Tom talks about the importance of evaluating your financial situation and identifying ways to pour clean water into your personal and financial life. It's important to take full responsibility in your life because no one will do it for you. Your beliefs are what drives what you think which drives how you act. What are your actions doing for you today?

Highlights

• 00:09 Introduction to the importance of cleansing in both health and mindset
• 01:03 Analogy of filling and cleaning brain space with clean water
• 02:01 Morning practices to stay grounded and positive
• 03:45 Recognizing the small things in life as a source of gratitude
• 05:15 The need to be proactive in managing personal finances
• 07:17 Looking at areas where money is being lost, such as taxes and interest fees
• 10:01 The importance of optimizing and maximizing the efficiency of personal finances
• 11:20 Personal finance as an active sport and the need to take ownership and responsibility
• 12:04 Cleansing in all areas of life, including finances and mindset Episode Resources
• Connect with Tom Suvansri
• https://perennialpride.com/
• https://www.facebook.com/perennialpride/
• https://twitter.com/perennialpride
• https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA

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In today's episode, Tom talks about the importance of a balanced environment for our finances and our lives and maximizing our resources. He talks more about creating efficiencies of our resources and using those dollars to buy back some of those resources. In life and finances, we have to play both sides - offense and defense. Tune in to hear Tom talk about how to best play both sides of the game.

Highlights

• 01:43 How the basic concepts of gaining more control and freedom of our finances can relate to a football team and its setup.
• 03:41 The defensive side of personal finance and how it is set up to protect our wealth from others
• 07:25 The offensive side of personal finance and how it focuses on growing wealth
• 09:22 The importance of protection in building wealth
• 10:15 Role of savings in building wealth and growing it consistently
• 11:21 Investing in things you know, understand, and have more control over
• 12:33 The role of special teams in personal finance and how experts can help with various aspects of it.
• 14:26 Having a balanced and well-aligned financial strategy to achieve the desired goals in life Episode Resources
• Connect with Tom Suvansri
• https://perennialpride.com/
• https://www.facebook.com/perennialpride/
• https://twitter.com/perennialpride
• https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA

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Clients Adonis and Daniella join Tom today to share some of the things they have learned about personal finance and real estate investing. Working in the real estate industry, they understand the power of real estate as an investment class. Purchasing a duplex home, living on one side, and renting out the other, their tenant is helping to pay the mortgage. Being coachable and open-minded clients, they were willing to learn more about IBC and leverage it as a financing source for investments. Listen in as they share some interesting experiences to those considering real estate investing and careers.

Highlights

• 01:32 Adonis and Daniella discuss their background in the real estate industry, both working in leadership positions at their company and owning a two-family home.
• 03:41 Their experiences learning about personal finance growing up and finding better financial education through their jobs at Keller Williams
• 09:30 The journey toward finding and purchasing their ideal multi-family property after exploring different options together
• 15:19 Their experience as landlords and the importance of thoroughly screening potential tenants before renting out their property
• 16:21 Satisfaction with their multi-family property investment and the financial benefits they have seen from the venture
• 18:15 The importance of thinking long-term when it comes to financial planning and investing 19:30 Plans to acquire more properties to generate more profit for their future endeavors
• 20:44 The importance of estate planning and having strong financial knowledge to avoid stressful situations like probate court
• 23:16 Adopting the Infinite Banking concept and using whole life insurance policies as a means to store and grow their cash
• 27:37 How a small inheritance from was used to start a whole life insurance policy Episode Resources
• Connect with Tom Suvansri
• https://perennialpride.com/
• https://www.facebook.com/perennialpride/
• https://twitter.com/perennialpride
• https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA
• Connect with Adonis & Daniella Chamble
• https://adonis.kw.com/
• [email protected]

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In this episode, Tom shares his thoughts on the Netflix documentary "Get Smart with Money." This documentary talks about the basic fundamentals on personal finance but still focuses on the cookie cutter type of finance rather than thinking outside the box to create financial freedom and control most desire. Listen in to hear Tom talk through the positives and negatives of conditional thinking around finance.

Highlights

• 00:47 The importance of continuous learning, avoiding "arrivals syndrome," and the effect of financial anxiety
• 01:14 The lack of financial literacy in our school systems and the prevalence of financial anxiety among adults
• 02:37 Impact of financial stress on other aspects of life
• 07:20 Importance of investing in things you understand and have control over.
• 10:41 The second case study of a young family working towards financial independence and early retirement
• 11:48 Discussing the FIRE movement (Financially Independent, Retire Early) and the importance of producing value throughout life
• 14:37 The third case study about a young couple struggling with credit card and student loan debt
• 18:15 Case study of a young woman in the service industry, not feeling fulfilled, and relating her situation to financial aspects
• 18:55 Exploring alternative ways to build wealth aligned with passions
• 20:06 Creating cash flow and saving money by investing in your own business and expertise
• 21:17 The emotional pull of not having financial direction and the young woman's process of building a successful life and business. Episode Resources
• Connect with Tom Suvansri
• https://perennialpride.com/
• https://www.facebook.com/perennialpride/
• https://twitter.com/perennialpride
• https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA

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Society has come to rely on the government more than ever for benefits, security, financing, etc. Tom and lawyer Alessandra Messineo Long discuss how security has reduced the freedoms we have in life. Think about taxes - they come in so many shapes and sizes. When it comes to Protection vs. Wealth Accumulation, most people want to focus on the latter, but how do you protect them when you obtain them? Tom and Alessandra further discuss Estate Planning (taxation and legacy and the various aspects of an estate plan that can be leveraged while living making it easier/more efficient to pass to the next generation. Tune in to learn the importance of protecting assets now and for legacy planning. How can you protect your assets so your family can keep more for generations to come?

Highlights

• 01:05 - Alessandra explains the importance of putting one's affairs in order, even when it might be an uncomfortable topic.
• 06:50 - The importance of having a will and other legal documents in place for individuals over 18, especially those with assets or children.
• 10:52 - Discussion about guardianship for minor children in case something happens to the parents.
• 13:34 - The benefits of setting up a living trust or revocable trust to manage assets efficiently and avoid lengthy probate processes.
• 16:47 - The advantages of starting estate planning early and building it over time to prepare for the inevitable and ensure wealth transfer to family members swiftly and efficiently.
• 18:07 - Alessandra discusses the benefits of having a revocable trust and a durable power of attorney, which can manage assets and make decisions in case of incapacitation.
• 18:51 - The importance of estate planning as a gift to one's family to simplify the transfer of wealth and reduce fees, legal costs, and taxes.
• 19:39 - Discussion on the potential for changes in estate tax exemptions and the use of various documents and trusts to transfer wealth efficiently.
• 20:08 - The use of life insurance to transfer wealth to the next generation, both term and whole life policies, and the benefits of irrevocable life insurance trusts.
• 24:58 - Communication with family and advisors is essential for effective estate planning, discussing assets, beneficiaries, and making sure everyone knows where everything is.
• 27:05 - Preparing heirs for the wealth transfer is just as important as preparing the wealth itself, having open discussions about assets and wishes helps to ensure a smooth transition.
• 28:14 - Alessandra emphasizes checking beneficiaries on all assets and prioritizing estate planning as minors turn 18 to protect their interests in the future. Episode Resources
• Connect with Tom Suvansri
• https://perennialpride.com/
• https://www.facebook.com/perennialpride/
• https://twitter.com/perennialpride
• https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA
• Connect with Alessandra Messineo Long
• https://amlonglaw.com/

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Joining Tom for a second time is friend and colleague Bryan McCloskey of Revisionist Wealth. Continuing up in their previous episode "The Retirement Experiment is Failing," Tom and Bryan talk more about the definition of retirement and how most people focus on net worth but in retirement, it's about cash flow and income. Pensions are no longer common for most outside of government jobs; money is being challenged and markets are in turmoil. It's important to maximize the use of assets to create the most income from a dollar. Listen in to learn why thinking about money in accumulation, distribution, and preservation can help you maximize efficiency and own your future to create freedom and reduce stress.

Highlights

• 03:57 Things to think about prior to retirement
• 07:38 There are different tools that can be used to complement the normal 401k
• 08:49 What a pension is
• 11:11 Annuity as a better or different tool to improve outcomes
• 12:53 Living with your cash flow
• 20:52 How to achieve the best plan to reduce taxes
• 26:40 The ability of some annuities to create paychecks
• 29:36 Needing good experts who'll share good wisdom and education with you Episode Resources
• Connect with Tom Suvansri
• https://perennialpride.com/
• https://www.facebook.com/perennialpride/
• https://twitter.com/perennialpride
• https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA
• Connect with Bryan McCloskey
• https://www.revisionistwealth.com/
• https://www.facebook.com/groups/973135963398734
• https://www.linkedin.com/in/bryanmccloskey

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Throughout my life and business, I've always tried to learn from the success of others. I take what resonates with me and move forward with trying to implement it. One of my favorite success stories is that of John D Rockefeller who came from humble beginnings as a bookkeeper to become the richest man in the country when he retired. Staying open-minded is key to increasing your success as new ideas and opportunities come your way. If you focus on being successful, you're likely going to become wealthy. He attributes checking your ego, creating poise and reserve, and paying attention to details part of his success. Learn some of the key strategies that made John D Rockefeller the wealthiest man in the country when he retired and the richest man in the world when he died.

Highlights

• 01:54 Learning about Rockefeller's background
• 02:47 The six key areas of success
• 05:19 Persist and stay motivated and try to be comfortable with failing
• 06:14 We can't always succeed immediately
• 11:25 Trying to gather information from others and then make your own decisions about things
• 16:54 The importance of paying attention to details
• 21:27 There's a substantial amount of wealth being eroded that can make a massive difference Episode Resources
• Connect with Tom Suvansri
• https://perennialpride.com/
• https://www.facebook.com/perennialpride/
• https://twitter.com/perennialpride
• https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA

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How to Listen: Subscribe on Youtube Listen on Spotify

People don't often talk about the emotions tied to their finances. Financial Advisor Mark Bertrang joins Tom as they talk about the emotional side of personal finances. In his book, Investments Don't Hug, he shares true life stories of families who have gone through significant pain by loss of a loved one unexpectedly and how having a life insurance plan provided such value for those families. He calls it a "love letter" to your family to show you truly cared for them to have it in place. Mark also shares his strategy so spend each dollar of his assets while alive and then have the bucket fill up for the next generation. Listen in to learn about sharing the power of life insurance as an asset and how it can create an impact that will last for generations.

Highlights

• 01:44 Who's Mark Bertrang and what is his background all about?
• 05:55 The biggest thing he learned from his long time in the industry
• 10:39 How a lot of people are just accumulating, accumulating, accumulating, and have all the money, but are not living
• 16:26 Understanding the book, Investments Don't Hug
• 25:37 The power of life insurance assets to impact generations
• 37:39 Giving us the opportunity to expand our thinking of what is possible
• 42:18 The biggest amount of money that started America was actually insurance companies Episode Resources
• Connect with Tom Suvansri
• https://perennialpride.com/
• https://www.facebook.com/perennialpride/
• https://twitter.com/perennialpride
• https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA
• https://www.amazon.com/Investments-Dont-Hug-Embracing-Insurance-ebook/dp/B01N0WIOTE?ref_=ast_author_mpb
• Connect with Mark Bertrang
• https://www.bertrangfinancial.com/
• https://www.linkedin.com/in/markbertrang
• [email protected]
• Investments Don't Hug: Embracing the Life Insurance Asset: https://www.amazon.com/Investments-Dont-Hug-Embracing-Insurance-ebook/dp/B01N0WIOTE?ref_=ast_author_mpb

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How to Listen: Subscribe on Youtube Listen on Spotify