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<v Speaker 1>Welcome to another episode of the Chicks on the Right podcast,

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<v Speaker 1>where we have friends and sponsor of our show, Zach

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<v Speaker 1>Abraham from Bulwark Capital Management, on with us to talk

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<v Speaker 1>about finances, money, the economy, all kinds of stuff. And

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<v Speaker 1>today we're going to talk about inheritance because there's a

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<v Speaker 1>recent article from MSN dot com entitled five reasons that

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<v Speaker 1>boomers are spending their money instead of leaving it to

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<v Speaker 1>the kids. So what's your immediate take on inheritance and

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<v Speaker 1>how it should be managed?

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<v Speaker 2>And do you think the boomers are mean? Because I

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<v Speaker 2>don't think they're being mean. They want to spend it

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<v Speaker 2>on themselves. They can just spend it on themselves.

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<v Speaker 3>Yeah.

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

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<v Speaker 4>to I've had to step in several times and kind

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<v Speaker 4>of grab clients by the shoulders and shake them and say, listen,

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<v Speaker 4>your retirement savings.

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<v Speaker 3>Are not for your kid, right, what is left over

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<v Speaker 3>is for them. But you know it's in.

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<v Speaker 4>One of the ways I explained it to him is

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<v Speaker 4>I go, like a drowning man saves no one, right,

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<v Speaker 4>So if you exhaust your funds, your kid's gonna end

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<v Speaker 4>up being you know, trying to take care of you

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<v Speaker 4>if if if they're not just a complete user, right,

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<v Speaker 4>because there I've seen some of that too, which I

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<v Speaker 4>mean I always, I always say the most disgusting part

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<v Speaker 4>of this job is when somebody passes away. I've seen

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<v Speaker 4>some really good situations and families that handle it correctly,

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<v Speaker 4>but just watching the vultures come in and.

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<v Speaker 2>Oh my gosh, I can only imagine people. Money changes people.

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<v Speaker 4>Oh yeah, it just and it's just it's and and

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<v Speaker 4>and the matters and the amounts really don't matter.

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<v Speaker 3>Right, You're right, it turns into it, it turns into

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<v Speaker 3>a blood fight, and it's just disgusting.

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<v Speaker 4>Yeah, But generally speaking, so I've gotten to see a

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<v Speaker 4>lot of different inheritances and and some of what my

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<v Speaker 4>clients have done have greatly impacted what I plan to do.

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<v Speaker 4>But but first and foremost, Yes, what you were saying

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<v Speaker 4>is I think that the boomers, in some ways, the

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<v Speaker 4>boomers are helping out their kids more than ever, more

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<v Speaker 4>than any other generation. So I think that there is

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<v Speaker 4>actually a lot of that going on. But I do

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<v Speaker 4>also think due to the lack of pensions, right, remember,

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<v Speaker 4>so like the makeup financially of this generation that's retiring

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<v Speaker 4>is substantively different than any other major generation that's retired before.

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<v Speaker 4>If you go back and look at retirement in the

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<v Speaker 4>seventies sixties, most people had virtually no exposure to the

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<v Speaker 4>stock market. They had a pension, and then they had

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<v Speaker 4>additional income that they made off of CDs and bonds

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<v Speaker 4>and things like that. The stock market was not considered

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<v Speaker 4>a retirement.

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

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<v Speaker 4>I still do see the boomers helping out a lot.

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<v Speaker 4>But again, it changes the way you look at things

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<v Speaker 4>when all of a sudden you're sitting there going, Okay,

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<v Speaker 4>I am my pension, right, I got to stretch this

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<v Speaker 4>money out and make it work. So I see both

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<v Speaker 4>things going on. I see them helping out a lot,

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<v Speaker 4>you know. I see a lot of people helping their

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<v Speaker 4>kids out with first with first home purchases, especially recently.

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<v Speaker 3>But then, yeah, I think.

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<v Speaker 4>They got a button batten down the hatches a little bit,

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<v Speaker 4>just because a lot of them are have the fixed

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<v Speaker 4>income portion, so the portion of their retirement income that

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<v Speaker 4>is coming in every month, regardless of what happens in

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<v Speaker 4>markets or anything, that is a smaller percentage of their

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<v Speaker 4>overall retirement spending than any other generation before. So by definition,

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<v Speaker 4>they've got to be more mindful and watchful over their

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<v Speaker 4>retirement assets because you know, it's not guaranteed.

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<v Speaker 3>Isn't it.

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<v Speaker 2>Like Warren Buffett or somebody who didn't leave money to

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<v Speaker 2>his kids because he's like, I don't.

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<v Speaker 1>Want to do slan to I mean he's live.

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<v Speaker 2>Yeah, you know he's still live, but I'm like he

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<v Speaker 2>but he doesn't give him money. He doesn't like dole

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<v Speaker 2>out because he could be literally they could they could

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<v Speaker 2>be living at daddy's house right now and not doing

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<v Speaker 2>anything right.

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<v Speaker 1>Yeah, well he doesn't even live in like a fancy

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<v Speaker 1>house like he lives like in a seventies little Brady

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<v Speaker 1>Bunch house. Yeah, he lives very modestly.

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

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<v Speaker 4>But it's the same one I believe he purchased back

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<v Speaker 4>in the late fifties or early sixties.

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<v Speaker 3>Wow, he's remodeled it nice people have. Yeah. People have

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<v Speaker 3>to remember though, with Warren that he is, first of all,

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<v Speaker 3>I am convinced and it's not a this is not

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<v Speaker 3>a controversial thought, but that he's probably he's a little

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<v Speaker 3>on the spectrum, and he is obsessed with the idea

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<v Speaker 3>of compounded interest. So for him, the house is not

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<v Speaker 3>him being disciplined, it's the idea that that money is

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<v Speaker 3>not compounding at a rate of like ten to thirteen

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<v Speaker 3>percent a year. It just drives him nuts, literally, So

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<v Speaker 3>where you and I'd be.

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<v Speaker 4>Like, hey, when I get rich, I'm going to keep

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<v Speaker 4>the house small because you know, I'm not going to

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<v Speaker 4>overextend myself. That that's not his thinking, right, The byproduct

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<v Speaker 4>is that. But he's just obsessed with compounding interest. And

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<v Speaker 4>this is a guy that you know, had accumulated don't

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<v Speaker 4>quote me, but I want to say it's something like

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<v Speaker 4>between thirty to fifty grand by the time he was

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<v Speaker 4>fifteen or sixteens, is doing odd jobs. And remember this

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<v Speaker 4>is like back in the thirties, right, so he could

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<v Speaker 4>pay cash for a nice new home, you know when

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<v Speaker 4>he was in his teens, and it was just compounded interest.

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<v Speaker 4>He was just obsessed with the concept. But what he

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<v Speaker 4>said is he wants to give them enough money to

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<v Speaker 4>where they can do some cool things, but not enough

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<v Speaker 4>money to where they can do nothing. So yeah, I

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<v Speaker 4>don't know what the amount is that, but he's leaving

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<v Speaker 4>them a very manageable amount. Now I get this question

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<v Speaker 4>all the time. Do I agree with that one hundred percent?

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<v Speaker 3>Okay?

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<v Speaker 4>We live in a period of time where culture glorifies

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<v Speaker 4>money and wealth above all else.

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<v Speaker 3>And as a guy that has been flushed and a

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<v Speaker 3>guy that has been.

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<v Speaker 4>Broke, I have found the correlation between money and happiness,

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<v Speaker 4>and more importantly, money and a good family to be

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<v Speaker 4>very loose, right, like, meaning, money magnifies what you are.

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<v Speaker 4>If you're not happy without it, you won't be happy

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<v Speaker 4>with it. If you got a bad marriage without it,

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<v Speaker 4>it'll get worse with it. It just magnifies, right, And

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<v Speaker 4>so we put so much stock in money that looking

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<v Speaker 4>back at my own kids, I don't want money, you know,

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<v Speaker 4>I don't want it to limit their potential, like you know,

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<v Speaker 4>I want them to have the resources needed. But you know,

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<v Speaker 4>my wife and I talk about this all the time.

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<v Speaker 4>We had to fund our own way through college. We

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<v Speaker 4>had to do all this stuff on our own, quite

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<v Speaker 4>the hard knocks way, right, Yep. There's such a satisfaction,

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<v Speaker 4>a sense of accomplishment, and also you know a closeness

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<v Speaker 4>that that you know, that that breeds or that yields

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<v Speaker 4>that you just can't get anywhere else, and that sense

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<v Speaker 4>of satisfaction.

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<v Speaker 3>I think to rob that from your kids is I

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<v Speaker 3>think it's a crime.

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<v Speaker 2>Yeah, there's definitely there's definitely a difference between a kid,

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<v Speaker 2>I think, who has some skin in the game, like

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<v Speaker 2>with college, and a kid who doesn't. But you know,

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<v Speaker 2>with us, like we've always been like, okay, we we

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<v Speaker 2>will help you out, like with our older kids, will

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<v Speaker 2>help you out, make sure that your college is paid for,

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<v Speaker 2>will make sure you don't have any debt. And then

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<v Speaker 2>you are educated and you are capable, and you're not

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<v Speaker 2>coming back to live here and then and then you

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<v Speaker 2>know what I mean, And then you are you're you're

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<v Speaker 2>capable of going out and making your money. And both

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<v Speaker 2>of them have done that. Now our fourteen year old

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<v Speaker 2>is our fifteen year old will have to have a

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<v Speaker 2>little skin in the game when it comes to college.

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<v Speaker 2>And so she's already like well versed in Okay, I've

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<v Speaker 2>gotta I gotta do, like she knows in the back

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<v Speaker 2>of her mind, I gotta do this. I gotta get scholarships.

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<v Speaker 2>I gotta have it like she gets it. And and

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<v Speaker 2>they're all hard workers. But I think you know a

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<v Speaker 2>lot of that lies with they're not going to be

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<v Speaker 2>handed everything, Like they're definitely not handed everything, because we

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<v Speaker 2>weren't handed everything because we my husband and I both

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<v Speaker 2>were not We didn't come from people with a lot

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<v Speaker 2>of means, and so it's so so good for you.

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<v Speaker 2>And I think it's good because a lot of times

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<v Speaker 2>I look around and it's not all the time, but

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<v Speaker 2>it shouldn't be a blanket statement. But I think, you know,

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<v Speaker 2>I look around and I see some people, at least

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<v Speaker 2>people who I have known throughout my life, who if

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<v Speaker 2>they were given like a hefty inheritance, or if they

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<v Speaker 2>knew they were going to get an inheritance, they were

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<v Speaker 2>freaking lazy.

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

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<v Speaker 1>One of the things I thought was so interesting about

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<v Speaker 1>this MSN article is that they talked about, like these

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<v Speaker 1>reasons that the boomers are spending their money instead of

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<v Speaker 1>leaving it to their kids is not necessarily about a

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<v Speaker 1>plan for like when they died and the kids inherit

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<v Speaker 1>all this money, but instead they wanted to be alive

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<v Speaker 1>to see their kids enjoy some of it. So they

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<v Speaker 1>were like living and it wasn't really an inheritance. It

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<v Speaker 1>was really like, hey, we want to help you pay

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<v Speaker 1>for college. Hey we want to help you pay for

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<v Speaker 1>this house because we want to help you understand the

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<v Speaker 1>value of money and also enjoy watching our loved ones

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<v Speaker 1>have a great life, like a have a new house

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<v Speaker 1>or have a whatever college paid for, you know what

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<v Speaker 1>I mean. So that was interesting, But the super rich

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<v Speaker 1>was the most interesting because the super rich also the

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<v Speaker 1>people I think that we're doing it right, were the

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<v Speaker 1>ones that were saying, you're just like Warren Buffett, You're

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<v Speaker 1>going to get enough to be comfortable, but the billions

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<v Speaker 1>of dollars I have beyond that, you're gonna help me

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<v Speaker 1>decide what charities are going to right right?

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<v Speaker 3>Cool?

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<v Speaker 4>Yeah, And I think that going along, one of the

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<v Speaker 4>easy or one of the things that I've gleaned from

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<v Speaker 4>this is that if you're gonna give money to kids

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<v Speaker 4>reward activity, give give help them in things that they're

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<v Speaker 4>already attempting to do right right and to see progress, like,

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<v Speaker 4>for instance, well I help my kids out with the

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<v Speaker 4>down payment on a house if I am so blessed

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<v Speaker 4>to be in that position at that time, probably, but

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<v Speaker 4>I'm gonna want to see some money saved up first, right, exactly,

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<v Speaker 4>and and and does it have to be a certain percentage? No,

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<v Speaker 4>but let me see the effort, right, let me see

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<v Speaker 4>the and and and let me and let me help

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<v Speaker 4>you and let let's I want to help you on

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<v Speaker 4>your way.

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<v Speaker 3>But helping you on your way kind of implies you

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<v Speaker 3>already started, right, like, I'm not gonna get you out

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<v Speaker 3>the door.

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<v Speaker 4>And I think that the delineation I'm gonna help you

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<v Speaker 4>do things, I'm not gonna help you do nothing right.

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<v Speaker 4>And and I had a very wealthy client that came

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<v Speaker 4>up with what I thought was an ingenious plan. And

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<v Speaker 4>it was very very detailed and very structured. And he

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<v Speaker 4>was a self made guy, you know, bootstraps type story.

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<v Speaker 4>We all know it, working class guy, construction type company,

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<v Speaker 4>specialty niche. But it worked his way up to where

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<v Speaker 4>he's probably forty fifty million dollars net worth, right, and.

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<v Speaker 3>He has two daughters.

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<v Speaker 4>And what he did with his estate attorneys and a

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<v Speaker 4>little bit of help from us, but they had most

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<v Speaker 4>of this put in place.

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<v Speaker 3>And what they did.

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<v Speaker 4>What he did is he delineated out like life goals,

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<v Speaker 4>so if they got married, they would receive this. If

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<v Speaker 4>they stayed married for ten years, they would get this.

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<v Speaker 4>If they got their master's degree, they would get this.

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<v Speaker 4>And so there was money there to help out for things,

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<v Speaker 4>but every portion of money required them to accomplish something

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<v Speaker 4>to get it right. And so it was like, even

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<v Speaker 4>when I'm not here, I will help them, but there

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<v Speaker 4>have to be things that there's got to be progress evident. Right,

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<v Speaker 4>I'm not just going to hand them a million dollars

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<v Speaker 4>because they got married.

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<v Speaker 3>And I remember the conversation with him. He goes, A,

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<v Speaker 3>they haven't earned it, and B I want the marriage

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<v Speaker 3>to work.

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<v Speaker 1>That's good.

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<v Speaker 4>Yeah, And you know, I think about so many times

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<v Speaker 4>where you know, I don't I mean, I don't think

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<v Speaker 4>this would have been the case. But a lot of

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<v Speaker 4>times going through those hard times, those broke times when

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<v Speaker 4>you don't have enough money to get a divorce, right,

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<v Speaker 4>like you don't have it of money, you got to

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<v Speaker 4>learn how to work through things. And I think we

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<v Speaker 4>as parents, they have a term for it now, snowplow parents. Right,

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<v Speaker 4>everybody knows helicopter parents, but snow snowplow parents go ahead

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<v Speaker 4>of the kid and knock down every obstacle.

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<v Speaker 2>Right, Yeah, that's so bad.

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<v Speaker 3>And then they will why isn't my kid strong, and

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<v Speaker 3>I'm like, he hasn't had to be.

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<v Speaker 2>They have to and they have to eat the ramen noodles,

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<v Speaker 2>they have to period of time, they have to have

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<v Speaker 2>the apartment where they have cinder blocks is furniture for myselves.

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<v Speaker 3>And it's fun.

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<v Speaker 2>It's fun, you know, it's fun.

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<v Speaker 3>It's you hungry, and that's good. It's a good thing.

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<v Speaker 3>And it makes you scared. It makes you scared out

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<v Speaker 3>of your bloody mind, and it makes your paranoid. I

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<v Speaker 3>was listening to a Joe Rogan interview recently and he

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<v Speaker 3>talked about being growing up and being paranoid, being a loser,

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<v Speaker 3>and I was just laughing because I was like, I

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<v Speaker 3>still have that paranoia. I remember I worked on a

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<v Speaker 3>fishing boat and I took a bunch of books with

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<v Speaker 3>me because I was so afraid I wouldn't go back

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<v Speaker 3>and finish college.

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<v Speaker 4>Just paranoid I was going to be nobody. And that

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<v Speaker 4>little fear is good. It drives you, it's you up

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<v Speaker 4>early in the morning. It makes you work harder.

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<v Speaker 3>And you shouldn't feel a little PTSD is good for you,

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<v Speaker 3>right you just everything shouldn't be easy, and and you know, nobody,

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<v Speaker 3>nobody climbs to the top of a little knoll and

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<v Speaker 3>stands there and head. They do it when they get

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<v Speaker 3>to the top of a mountain, Right, that's.

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<v Speaker 4>An accomplishment, And I just feel like we're flattening too

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<v Speaker 4>many mountains for our kids.

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<v Speaker 2>Yeah, I love that. I love them. That's good.

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<v Speaker 1>That's good stuff right there, Zach. You always have good stuff.

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<v Speaker 1>And I know you have lots and lots of good

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<v Speaker 1>advice for people who are either looking for a financial

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<v Speaker 1>advisor or maybe already have one but would like a

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<v Speaker 1>second opinion. You have these free webinars that people can

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<v Speaker 1>sign up for. Where can people learn more about you

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<v Speaker 1>and your services.

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<v Speaker 4>Yeah, we've actually got one coming up, so you can

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<v Speaker 4>go to Buworkcapitalmanagement dot com. Know your Risk Radio dot com.

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<v Speaker 4>You can just google us Bullwork Capital Management takes you

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<v Speaker 4>right there to our website. You can sign up and

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<v Speaker 4>the other nice things. You know, when you're investing with us, lending,

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<v Speaker 4>your money is going to black Rock or Vanguard or

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<v Speaker 4>any of those other places too.

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

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<v Speaker 3>Thanks ladies, thanks for having me. Reservices offered through Trek

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<v Speaker 3>Financial LLC and SEC Registered Investment advisor.

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<v Speaker 4>The opinions expressed in this programmer for general informational purposes only,

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<v Speaker 4>and are not intended to provide specific advice or recommendations

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<v Speaker 4>for any individual or on any specific security. Any references

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<v Speaker 4>to performance of security so thought to be materially accurate

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<v Speaker 4>and actual performance may different.

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<v Speaker 3>Investments involved risk and or not guaranteed. Past performance doesn't

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<v Speaker 3>guarantee future results Trek twenty four to three zero