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Speaker 1: Welcome to another episode of the Chicks on the Right podcast,

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where we have friends and sponsor of our show, Zach

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Abraham from Bulwark Capital Management, on with us to talk

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about finances, money, the economy, all kinds of stuff. And

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today we're going to talk about inheritance because there's a

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recent article from MSN dot com entitled five reasons that

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boomers are spending their money instead of leaving it to

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the kids. So what's your immediate take on inheritance and

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how it should be managed?

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Speaker 2: And do you think the boomers are mean? Because I

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don't think they're being mean. They want to spend it

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on themselves. They can just spend it on themselves.

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Speaker 3: Yeah.

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Speaker 4: You know what's funny from my perspective, I've actually had

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to I've had to step in several times and kind

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of grab clients by the shoulders and shake them and say, listen,

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your retirement savings.

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Speaker 3: Are not for your kid, right, what is left over

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is for them. But you know it's in.

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Speaker 4: One of the ways I explained it to him is

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I go, like a drowning man saves no one, right,

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So if you exhaust your funds, your kid's gonna end

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up being you know, trying to take care of you

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if if if they're not just a complete user, right,

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because there I've seen some of that too, which I

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mean I always, I always say the most disgusting part

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of this job is when somebody passes away. I've seen

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some really good situations and families that handle it correctly,

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but just watching the vultures come in and.

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Speaker 2: Oh my gosh, I can only imagine people. Money changes people.

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Speaker 4: Oh yeah, it just and it's just it's and and

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and the matters and the amounts really don't matter.

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Speaker 3: Right, You're right, it turns into it, it turns into

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a blood fight, and it's just disgusting.

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Speaker 4: Yeah, But generally speaking, so I've gotten to see a

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lot of different inheritances and and some of what my

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clients have done have greatly impacted what I plan to do.

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But but first and foremost, Yes, what you were saying

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is I think that the boomers, in some ways, the

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boomers are helping out their kids more than ever, more

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than any other generation. So I think that there is

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actually a lot of that going on. But I do

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also think due to the lack of pensions, right, remember,

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so like the makeup financially of this generation that's retiring

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is substantively different than any other major generation that's retired before.

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If you go back and look at retirement in the

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seventies sixties, most people had virtually no exposure to the

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stock market. They had a pension, and then they had

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additional income that they made off of CDs and bonds

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and things like that. The stock market was not considered

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a retirement.

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Speaker 3: Vehicle the way it is now. So it's changed a lot, But.

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Speaker 4: I still do see the boomers helping out a lot.

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But again, it changes the way you look at things

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when all of a sudden you're sitting there going, Okay,

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I am my pension, right, I got to stretch this

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money out and make it work. So I see both

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things going on. I see them helping out a lot,

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you know. I see a lot of people helping their

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kids out with first with first home purchases, especially recently.

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Speaker 3: But then, yeah, I think.

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Speaker 4: They got a button batten down the hatches a little bit,

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just because a lot of them are have the fixed

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income portion, so the portion of their retirement income that

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is coming in every month, regardless of what happens in

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markets or anything, that is a smaller percentage of their

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overall retirement spending than any other generation before. So by definition,

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they've got to be more mindful and watchful over their

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retirement assets because you know, it's not guaranteed.

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Speaker 3: Isn't it.

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Speaker 2: Like Warren Buffett or somebody who didn't leave money to

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his kids because he's like, I don't.

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Speaker 1: Want to do slan to I mean he's live.

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Speaker 2: Yeah, you know he's still live, but I'm like he

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but he doesn't give him money. He doesn't like dole

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out because he could be literally they could they could

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be living at daddy's house right now and not doing

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anything right.

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Speaker 1: Yeah, well he doesn't even live in like a fancy

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house like he lives like in a seventies little Brady

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Bunch house. Yeah, he lives very modestly.

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Speaker 4: Yeah, it's a five thousand square foot home in Omaha.

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But it's the same one I believe he purchased back

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in the late fifties or early sixties.

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Speaker 3: Wow, he's remodeled it nice people have. Yeah. People have

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to remember though, with Warren that he is, first of all,

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I am convinced and it's not a this is not

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a controversial thought, but that he's probably he's a little

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on the spectrum, and he is obsessed with the idea

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of compounded interest. So for him, the house is not

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him being disciplined, it's the idea that that money is

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not compounding at a rate of like ten to thirteen

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percent a year. It just drives him nuts, literally, So

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where you and I'd be.

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Speaker 4: Like, hey, when I get rich, I'm going to keep

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the house small because you know, I'm not going to

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overextend myself. That that's not his thinking, right, The byproduct

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is that. But he's just obsessed with compounding interest. And

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this is a guy that you know, had accumulated don't

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quote me, but I want to say it's something like

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between thirty to fifty grand by the time he was

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fifteen or sixteens, is doing odd jobs. And remember this

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is like back in the thirties, right, so he could

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pay cash for a nice new home, you know when

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he was in his teens, and it was just compounded interest.

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He was just obsessed with the concept. But what he

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said is he wants to give them enough money to

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where they can do some cool things, but not enough

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money to where they can do nothing. So yeah, I

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don't know what the amount is that, but he's leaving

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them a very manageable amount. Now I get this question

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all the time. Do I agree with that one hundred percent?

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Speaker 3: Okay?

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Speaker 4: We live in a period of time where culture glorifies

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money and wealth above all else.

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Speaker 3: And as a guy that has been flushed and a

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guy that has been.

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Speaker 4: Broke, I have found the correlation between money and happiness,

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and more importantly, money and a good family to be

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very loose, right, like, meaning, money magnifies what you are.

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If you're not happy without it, you won't be happy

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with it. If you got a bad marriage without it,

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it'll get worse with it. It just magnifies, right, And

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so we put so much stock in money that looking

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back at my own kids, I don't want money, you know,

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I don't want it to limit their potential, like you know,

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I want them to have the resources needed. But you know,

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my wife and I talk about this all the time.

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We had to fund our own way through college. We

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had to do all this stuff on our own, quite

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the hard knocks way, right, Yep. There's such a satisfaction,

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a sense of accomplishment, and also you know a closeness

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that that you know, that that breeds or that yields

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that you just can't get anywhere else, and that sense

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of satisfaction.

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Speaker 3: I think to rob that from your kids is I

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think it's a crime.

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Speaker 2: Yeah, there's definitely there's definitely a difference between a kid,

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I think, who has some skin in the game, like

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with college, and a kid who doesn't. But you know,

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with us, like we've always been like, okay, we we

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will help you out, like with our older kids, will

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help you out, make sure that your college is paid for,

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will make sure you don't have any debt. And then

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you are educated and you are capable, and you're not

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coming back to live here and then and then you

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know what I mean, And then you are you're you're

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capable of going out and making your money. And both

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of them have done that. Now our fourteen year old

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is our fifteen year old will have to have a

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little skin in the game when it comes to college.

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And so she's already like well versed in Okay, I've

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gotta I gotta do, like she knows in the back

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of her mind, I gotta do this. I gotta get scholarships.

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I gotta have it like she gets it. And and

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they're all hard workers. But I think you know a

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lot of that lies with they're not going to be

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handed everything, Like they're definitely not handed everything, because we

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weren't handed everything because we my husband and I both

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were not We didn't come from people with a lot

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of means, and so it's so so good for you.

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And I think it's good because a lot of times

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I look around and it's not all the time, but

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it shouldn't be a blanket statement. But I think, you know,

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I look around and I see some people, at least

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people who I have known throughout my life, who if

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they were given like a hefty inheritance, or if they

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knew they were going to get an inheritance, they were

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freaking lazy.

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Speaker 1: They were lazy, well, fear right, Like, there's so many people.

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One of the things I thought was so interesting about

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this MSN article is that they talked about, like these

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reasons that the boomers are spending their money instead of

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leaving it to their kids is not necessarily about a

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plan for like when they died and the kids inherit

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all this money, but instead they wanted to be alive

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to see their kids enjoy some of it. So they

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were like living and it wasn't really an inheritance. It

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was really like, hey, we want to help you pay

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for college. Hey we want to help you pay for

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this house because we want to help you understand the

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value of money and also enjoy watching our loved ones

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have a great life, like a have a new house

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or have a whatever college paid for, you know what

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I mean. So that was interesting, But the super rich

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was the most interesting because the super rich also the

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people I think that we're doing it right, were the

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ones that were saying, you're just like Warren Buffett, You're

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going to get enough to be comfortable, but the billions

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of dollars I have beyond that, you're gonna help me

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decide what charities are going to right right?

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Speaker 3: Cool?

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Speaker 4: Yeah, And I think that going along, one of the

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easy or one of the things that I've gleaned from

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this is that if you're gonna give money to kids

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reward activity, give give help them in things that they're

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already attempting to do right right and to see progress, like,

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for instance, well I help my kids out with the

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down payment on a house if I am so blessed

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to be in that position at that time, probably, but

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I'm gonna want to see some money saved up first, right, exactly,

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and and and does it have to be a certain percentage? No,

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but let me see the effort, right, let me see

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the and and and let me and let me help

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you and let let's I want to help you on

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your way.

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Speaker 3: But helping you on your way kind of implies you

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already started, right, like, I'm not gonna get you out

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the door.

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Speaker 4: And I think that the delineation I'm gonna help you

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do things, I'm not gonna help you do nothing right.

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And and I had a very wealthy client that came

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up with what I thought was an ingenious plan. And

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it was very very detailed and very structured. And he

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was a self made guy, you know, bootstraps type story.

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We all know it, working class guy, construction type company,

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specialty niche. But it worked his way up to where

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he's probably forty fifty million dollars net worth, right, and.

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Speaker 3: He has two daughters.

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Speaker 4: And what he did with his estate attorneys and a

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little bit of help from us, but they had most

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of this put in place.

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Speaker 3: And what they did.

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Speaker 4: What he did is he delineated out like life goals,

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so if they got married, they would receive this. If

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they stayed married for ten years, they would get this.

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If they got their master's degree, they would get this.

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And so there was money there to help out for things,

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but every portion of money required them to accomplish something

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to get it right. And so it was like, even

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when I'm not here, I will help them, but there

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have to be things that there's got to be progress evident. Right,

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I'm not just going to hand them a million dollars

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because they got married.

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Speaker 3: And I remember the conversation with him. He goes, A,

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they haven't earned it, and B I want the marriage

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to work.

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Speaker 1: That's good.

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Speaker 4: Yeah, And you know, I think about so many times

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where you know, I don't I mean, I don't think

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this would have been the case. But a lot of

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times going through those hard times, those broke times when

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you don't have enough money to get a divorce, right,

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like you don't have it of money, you got to

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learn how to work through things. And I think we

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as parents, they have a term for it now, snowplow parents. Right,

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everybody knows helicopter parents, but snow snowplow parents go ahead

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of the kid and knock down every obstacle.

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Speaker 2: Right, Yeah, that's so bad.

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Speaker 3: And then they will why isn't my kid strong, and

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I'm like, he hasn't had to be.

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Speaker 2: They have to and they have to eat the ramen noodles,

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they have to period of time, they have to have

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the apartment where they have cinder blocks is furniture for myselves.

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Speaker 3: And it's fun.

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Speaker 2: It's fun, you know, it's fun.

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Speaker 3: It's you hungry, and that's good. It's a good thing.

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And it makes you scared. It makes you scared out

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of your bloody mind, and it makes your paranoid. I

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was listening to a Joe Rogan interview recently and he

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talked about being growing up and being paranoid, being a loser,

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and I was just laughing because I was like, I

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still have that paranoia. I remember I worked on a

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fishing boat and I took a bunch of books with

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me because I was so afraid I wouldn't go back

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and finish college.

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Speaker 4: Just paranoid I was going to be nobody. And that

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little fear is good. It drives you, it's you up

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early in the morning. It makes you work harder.

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Speaker 3: And you shouldn't feel a little PTSD is good for you,

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right you just everything shouldn't be easy, and and you know, nobody,

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nobody climbs to the top of a little knoll and

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stands there and head. They do it when they get

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to the top of a mountain, Right, that's.

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Speaker 4: An accomplishment, And I just feel like we're flattening too

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many mountains for our kids.

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Speaker 2: Yeah, I love that. I love them. That's good.

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Speaker 1: That's good stuff right there, Zach. You always have good stuff.

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And I know you have lots and lots of good

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advice for people who are either looking for a financial

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advisor or maybe already have one but would like a

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second opinion. You have these free webinars that people can

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sign up for. Where can people learn more about you

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and your services.

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Speaker 4: Yeah, we've actually got one coming up, so you can

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go to Buworkcapitalmanagement dot com. Know your Risk Radio dot com.

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You can just google us Bullwork Capital Management takes you

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right there to our website. You can sign up and

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the other nice things. You know, when you're investing with us, lending,

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your money is going to black Rock or Vanguard or

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any of those other places too.

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Speaker 3: So love that. Not a bad deal. Love it? Thank you, Zach,

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Thanks ladies, thanks for having me. Reservices offered through Trek

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Financial LLC and SEC Registered Investment advisor.

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Speaker 4: The opinions expressed in this programmer for general informational purposes only,

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and are not intended to provide specific advice or recommendations

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for any individual or on any specific security. Any references

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to performance of security so thought to be materially accurate

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and actual performance may different.

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Speaker 3: Investments involved risk and or not guaranteed. Past performance doesn't

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guarantee future results Trek twenty four to three zero