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From Bedside to Bankside: A Nurse's Guide to Financial Planning · HPK Provident Advisors: The Weekly Bull

• 0:00
  Speaker 1: Well, welcome back, nurses.
• 0:02
  Speaker 1: Colin Harper.
• 0:03
  Speaker 1: Here again, we have another exciting show for you today.
• 0:05
  Speaker 1: In our second episode here, we're really going to take a deep dive into you know our financial planning process, why it's important, how we use it, but, most importantly, what we're going to leave you with today is just some key principles that you really need to start thinking about as we work through.
• 0:22
  Speaker 1: You know our financial planning process, but you can take that and apply it to your own financial planning process, right, we have different firms with a lot of different names for their financial planning processes, but at the end of the day, it comes down to some pretty basic stuff, and that's what we're going to hope to educate you on today, brian.
• 0:39
  Speaker 1: Anything to add to the financial planning process there?
• 0:43
  Speaker 1: Well, a whole lot to add, that's very true.
• 0:45
  Speaker 1: That's a bad question, but a good answer.
• 0:49
  Speaker 2: Yeah, there's certainly a whole lot to add to it.
• 0:51
  Speaker 2: You know what we do here.
• 0:52
  Speaker 2: You know we work through a lot of processes and we're going to talk about our financial planning process and how we've named it, as Colin had mentioned.
• 1:00
  Speaker 2: Hey, you know, it's very similar to what nurses do.
• 1:02
  Speaker 2: Patient comes in.
• 1:05
  Speaker 2: There's a few things whether it be a mental checklist or an actual checklist that you need to run through before you get further into the customized treatment plan for that particular patient.
• 1:16
  Speaker 2: So what we're going to do is kind of walk through the checklist and we're going to fill in how you customize some of those for your individual situation.
• 1:25
  Speaker 2: But ultimately, just like you do in your profession, when a patient first comes in, regardless of how much you know about them, you've got to go through, really, the initial assessment of where they're at the vitals, if you will, and then you can begin the customized treatment plan?
• 1:43
  Speaker 1: Absolutely.
• 1:44
  Speaker 1: For those of you who are new here, we work with nurses on their finances.
• 1:49
  Speaker 1: That's what this podcast is about.
• 1:50
  Speaker 1: It's to educate the nursing community about financial planning and related topics.
• 1:54
  Speaker 1: And we aptly named our financial planning process the nursing process, and we're going to go through that acronym and break it out into each of those different steps.
• 2:03
  Speaker 1: So why don't we dive right in?
• 2:05
  Speaker 1: No, we used to dilly-dally around.
• 2:07
  Speaker 1: So the ANIN nursing stands for assessing your needs, and I would argue it is probably one of the most important steps in the whole planning process I have.
• 2:19
  Speaker 1: You know, everybody does this a little bit differently.
• 2:20
  Speaker 1: You know, brian and I go about assessing needs a bit differently in our introductory conversations.
• 2:26
  Speaker 1: Generally, both of us are in the meeting, so we kind of get the best of both worlds.
• 2:29
  Speaker 1: But I'll talk a little bit about what I do to get started assessing needs.
• 2:34
  Speaker 1: And then, brian, if you want to hop in and talk about your processes as well And while we're talking about this I would encourage listeners out there think about your needs and what you're planning for and why it matters.
• 2:47
  Speaker 1: Right, that's the foundational aspect of every single financial plan.
• 2:52
  Speaker 1: So when I have a brand new client, somebody I don't know, come in.
• 2:55
  Speaker 1: Or even somebody I do know come in.
• 2:57
  Speaker 1: I'll ask them a very simple, open-ended question.
• 3:00
  Speaker 1: And it's purposely very vague and very open-ended And people are kind of confused a lot of the times when I ask it.
• 3:05
  Speaker 1: But I ask them very simply what are the three most important things in your life?
• 3:11
  Speaker 1: And immediately people's brains start to go to the financial aspect of it, like, well, i don't want to run out of money and I don't want to be poor and I don't want to run out of money.
• 3:20
  Speaker 1: Right, that's like everybody thinks.
• 3:22
  Speaker 1: What they should say.
• 3:22
  Speaker 1: I'm like no, no, no, no, i don't care about the financial aspect of it.
• 3:25
  Speaker 1: What are the three most important things in your life?
• 3:28
  Speaker 1: on the personal side, there can be finances tied into that.
• 3:32
  Speaker 1: So oftentimes it comes down to a combination of faith, family finances, kind of that general ballpark of what's important to most folks.
• 3:45
  Speaker 1: And what I want you to do out there while you're listening is think about what's important to you on the personal side, because investments and the stock market and all these other things we're getting to later serve a important role in the financial planning process.
• 4:01
  Speaker 1: But it's very important to define specific goals and address specific needs with those tools, or else they're just numbers on paper and they don't really serve a purpose.
• 4:12
  Speaker 1: So, without, if a tool doesn't serve a purpose, is it really a tool or is it just a placeholder?
• 4:17
  Speaker 1: So it's very important for us that we establish some needs early on in the planning process that we're working towards, because at the end of the day, that's where the rest of the planning process draws from, because those original needs we established And, brian, i know you go through it a bit differently You don't ask that exact same question, but walk us through, whenever you're evaluating the needs of a new client or somebody who's coming to the office, what you're looking for and what steps you're going through.
• 4:45
  Speaker 2: Yeah, well, mentally, what I'm doing is trying to simplify as much as possible Where are you at now, where do you want to go?
• 4:55
  Speaker 2: And then that takes us further down into how you're going to get there, and that's where we partner with our clients on the how are you going to get there.
• 5:01
  Speaker 2: It really does start, though.
• 5:04
  Speaker 2: The needs start with where exactly are you at this point, and that becomes the basis for everything.
• 5:13
  Speaker 2: As I was talking about a little bit earlier, it's kind of like when a patient comes in for nurses and say, ok, let's get the vitals, where are you at right now?
• 5:23
  Speaker 2: And then we can kind of begin into the treatment plan.
• 5:29
  Speaker 2: So we often start out with a very casual but important conversation along those lines.
• 5:38
  Speaker 2: That's really the kickoff.
• 5:40
  Speaker 2: I always get a little bit concerned when folks come to us and say well, i've interviewed other advisors and they started out with how great their investment process is and what their returns are.
• 5:50
  Speaker 2: My question always did they ask you about where you're at right now or did they just talk about where they want to take you?
• 5:59
  Speaker 2: So we really start with hey, where are you right now?
• 6:01
  Speaker 2: And tell us what's going on.
• 6:04
  Speaker 2: Again, nurses understand this in their profession.
• 6:09
  Speaker 2: You talk to the patient and say, hey, how things going.
• 6:13
  Speaker 2: It's very open and you let the patient tell you what's happened.
• 6:16
  Speaker 2: And we do that in a very similar way on the financial side.
• 6:20
  Speaker 1: Yeah, I think that's a great point.
• 6:21
  Speaker 1: I think that the times with nursing are it's very similar.
• 6:24
  Speaker 1: It's a very similar process to what nurses do when they go and they start caring for a patient So very similar.
• 6:31
  Speaker 1: So, just like you said, that first step, that end in the nursing process, is let's assess those needs, establish those needs and take it from there.
• 6:42
  Speaker 1: I mean I think that's generally the bulk of our first meeting with folks is what those needs look like.
• 6:47
  Speaker 1: The next two sections of our nursing process really build on those original needs we established and it comes to so the?
• 6:58
  Speaker 1: U stands for understanding your objectives.
• 7:01
  Speaker 1: So with needs, say we have a need to put somebody through college.
• 7:06
  Speaker 1: Right, that's a very typical goal we work with clients on is they have a son or daughter who's getting ready to go to college.
• 7:13
  Speaker 1: So when we look at a needs assessment, we have a need to fund however much is the client's goal of an education for their son or daughter.
• 7:24
  Speaker 1: Now when we get to understanding our objectives, we're going to clarify that a bit more and take that need to the next level.
• 7:32
  Speaker 1: So if I look at a need, of say we need X dollars for college over the next four years, when we get to you that understanding the objectives, that's where the actual dollars come into play, and we will start to define those goals a bit more specifically.
• 7:51
  Speaker 1: So starts with the needs and then understanding objectives.
• 7:55
  Speaker 1: We just dial it down a bit more from there.
• 7:58
  Speaker 1: Brian gave me some sage wisdom on college expenses, though years ago, when he was saying he's got a couple kids in school And I will have some eventually.
• 8:09
  Speaker 1: It's.
• 8:09
  Speaker 1: I said you know what, it doesn't matter what you do, you just got to figure it out when you get there.
• 8:13
  Speaker 1: Because there is you know, and I think that's very true with college planning There's a lot of stuff you can do and a lot of stuff that we recommend our clients do, but at the end of the day It's a painful expense.
• 8:24
  Speaker 2: You just kind of got to bite the bullet and figure it out when you get there well, you know, i've been planning for this for 20, 25 years now and I can tell you I did not put the correct inflation rate for education on my original projections.
• 8:41
  Speaker 2: It's pretty hard when it's sitting at a.
• 8:43
  Speaker 2: What is it like?
• 8:43
  Speaker 2: eight, nine percent now.
• 8:44
  Speaker 2: I mean, i mean you certainly want to.
• 8:50
  Speaker 2: You know I, i, you know I had one of the needs, if you will, is I wanted to help my children with college.
• 8:57
  Speaker 2: The objective was, you know I wasn't really planning on The.
• 9:05
  Speaker 2: The objective wasn't the most expensive school or the least expensive school.
• 9:09
  Speaker 2: I wanted something, you know, kind of reasonable.
• 9:12
  Speaker 2: So the need was I did want to help my children and doing that right now.
• 9:15
  Speaker 2: The goal was, you know, kind of middle of the range.
• 9:20
  Speaker 2: But to your point, as I had mentioned, you know Colin, you know you could plan for a whole lot of that.
• 9:26
  Speaker 2: But if you know your child comes to you and says I don't want to go to school, then you've over saved for it.
• 9:33
  Speaker 2: Child comes to you and says I want to go to, you know, wellesley or Smith or you know one of those Private schools that are super, super, outrageously expensive, then you got to kind of figure it out from there.
• 9:46
  Speaker 2: But yeah, i mean you got to have, you know, you got to have a plan, you got to have steps towards that, whether or not that, you know, works out 18, 15 years from now to the penny.
• 9:57
  Speaker 1: Probably won't, but You got to start with the base there.
• 10:02
  Speaker 1: One of my favorite clothes and I bring this up in almost every planning meeting we're working with new clients is Mike Tyson had a great quote said everybody has a plan to get punched in the face.
• 10:10
  Speaker 1: Yeah, and you know, a lot of times we get punches in the face, some small, some enough to knock you out, depending on.
• 10:17
  Speaker 1: You know what stage of life and what we're working on.
• 10:20
  Speaker 1: But you know, if you are planning to send your kid to community college and they decide to go to a very Expensive out-of-state private school, that's gonna be a big punch in the face and that's gonna hurt and that's gonna derail a lot of your other plans You may have going on and you might not want to get back in the ring for a while.
• 10:35
  Speaker 1: So it's important to plan for those consignancies and it's also important to have, you know hard conversations with your family members and your loved ones about.
• 10:43
  Speaker 1: You know realistic expectations and goals with them as well, and that's, you know, one kind of a side note, but something that I think is extremely important.
• 10:51
  Speaker 1: That doesn't happen as often, and Kind of as we start working with the younger generation I see it more happening.
• 10:59
  Speaker 1: But you know, for examples, the there's a lot of you know baby boomers that we work with that their parents Financial situation is a complete mystery to them, and that is not that.
• 11:12
  Speaker 1: I think that's more of the norm than the A typical side of it.
• 11:16
  Speaker 1: Would you, would you agree with that, brian?
• 11:18
  Speaker 2: I.
• 11:18
  Speaker 2: I don't think there's any doubt about it.
• 11:20
  Speaker 2: You know we work with a lot of families that.
• 11:22
  Speaker 2: You know they're pretty clear with this.
• 11:25
  Speaker 2: My kids don't know anything about this and I don't want them to know anything about it, and I Could certainly understand that.
• 11:31
  Speaker 2: But that ultimately at some point in time leads to this, to some challenges.
• 11:37
  Speaker 2: But you know there's practical reasons for that as well.
• 11:40
  Speaker 2: You know some people say, hey, if my children knew about this It it would already be spent by the time it ever gets into their hands, and so we got to be mindful of that as well.
• 11:49
  Speaker 2: But you know the approach of.
• 11:53
  Speaker 2: You know many, many people are far More free about discussing Personal parts of their lives than they are about their finances.
• 12:04
  Speaker 2: You know the finances, you know the money becomes the one untouchable topic to everybody, and And we kind of coach our clients through Being a little bit more judicious about that and understanding.
• 12:18
  Speaker 2: We want to understand why they feel that way, but we want to highlight for them the potential consequences of Making that a great secret until your very last days, because that's not always the best approach.
• 12:30
  Speaker 1: Oh, absolutely.
• 12:30
  Speaker 1: Well, I gave Mike great advice.
• 12:32
  Speaker 1: He had a mics, one of our partners here at the at the firm, and I gave him some great advice.
• 12:36
  Speaker 1: He had a new niece recently.
• 12:38
  Speaker 1: I'm like you know the surefire way to become the favorite uncle don't you Drink a bunch and talk about finances and religion at every, every every family gathering.
• 12:47
  Speaker 2: That's like a surefire way to be the favorite crazy uncle.
• 12:49
  Speaker 2: That's assuming you get invited back exactly so.
• 12:54
  Speaker 1: But you know I would encourage you to those people that are important to you.
• 12:57
  Speaker 1: You know your family members, especially your spouse.
• 13:00
  Speaker 1: You know you want to make sure you're including those people in your planning and we've helped facilitate that for a number of folks, and just to Just a tangent.
• 13:07
  Speaker 1: But you know, in order to like fully assess your needs, i think it's important that those important parties to you are involved in some capacity, and that's totally up to you And what capacity you'd like them involved in.
• 13:19
  Speaker 1: Just don't hand them a steaming pile of crap if you're not with us anymore.
• 13:23
  Speaker 1: Right, that's the only advice I can really give there.
• 13:26
  Speaker 1: Do a little bit of pre-planning and and that's what we're here to help facilitate as Well, and it removes a lot of stress on the tail end for folks now one group that does love when you do that Would be the taxing bodies.
• 13:38
  Speaker 1: Yes, of this country.
• 13:40
  Speaker 2: So that would be the IRS in any state that might levy taxes when you're not here.
• 13:45
  Speaker 1: That's a great transition of that idea.
• 13:47
  Speaker 1: Well, that is a great transition from steaming pile of crap.
• 13:55
  Speaker 2: Well, you know talking about.
• 14:00
  Speaker 1: Oh, the government.
• 14:01
  Speaker 1: Well, i mean, if we're talking kind of on that same thing, right is is those nasty surprises Of taxes, you know, unexpected things that come up a lot of.
• 14:09
  Speaker 1: That is a pretty good segue into our next step, which is the R, which is a reducing stress and managing risks, and it's really paramount to What we do.
• 14:20
  Speaker 1: So after we've kind of defined the goals, we have a much clearer picture of what we're planning for.
• 14:24
  Speaker 1: Risk management conversation starts, you know, it starts in that first conversation we have with folks, but it also starts pretty much right away.
• 14:33
  Speaker 1: There's a concept when it comes to risk and there's two moving parts to it, and I want you to get what you listening out there to think about these two moving parts.
• 14:41
  Speaker 1: There is the ability and the willingness to take risk.
• 14:45
  Speaker 1: So me, being a you know, young guy, i have the ability to take on a lot of risk in an investment portfolio that, say, i have designated for my retirement.
• 14:58
  Speaker 1: Right, i'm mid 30s right now.
• 15:00
  Speaker 1: I have about 30 years until I need to retire.
• 15:02
  Speaker 1: So when I look at that, and I look at an account that's designated for my retirement and I look at a 30 plus your time horizon, my ability to take risk is off the charts.
• 15:14
  Speaker 1: It's not going to get much higher than that.
• 15:16
  Speaker 1: But maybe I hate seeing dollars go down on my statements when I get them every month, so my willingness might not match with my ability to take risk.
• 15:27
  Speaker 1: So it's really important for us to help the folks we work with and it's really important if you're doing this on your own as kind of DIY thing, you need to have a very clear idea about your willingness to accept risk and your ability to accept risk.
• 15:41
  Speaker 1: You know we need to take some risk For almost everyone we work with to be able to reach long-term goals.
• 15:50
  Speaker 1: There's not really any secret around that.
• 15:52
  Speaker 1: So you know, if you are a bit more risk-adversed, right, it's our job to kind of explain to you the pros and cons of taking risk.
• 16:02
  Speaker 1: When I mean taking risks, i mean taking some sort of investment risk.
• 16:05
  Speaker 1: Long-term, the market goes up and down.
• 16:08
  Speaker 1: You know I like to describe it to folks if you bounce to yo-yo walking up the stairs, that's kind of your investment trajectory long-term.
• 16:17
  Speaker 1: Now We have a lot of historical data that'll back into that that shows that the longer we're invested, the higher probability of positive returns we have.
• 16:26
  Speaker 1: And Whenever we're modeling out.
• 16:30
  Speaker 1: You know cash flow and retirement.
• 16:31
  Speaker 1: We use software that goes into.
• 16:33
  Speaker 1: You know The year-over-year changes and everything like that.
• 16:36
  Speaker 1: But you know understanding that relationship between ability and willingness to take risk is a paramount part of any financial Plan, whether you're doing it on your own or you're doing it with somebody like us.
• 16:48
  Speaker 2: Well, there's often in our observation.
• 16:51
  Speaker 2: There's often a confusion between risk and volatility.
• 16:54
  Speaker 2: Volatility is the market going up and down.
• 16:56
  Speaker 2: Last few years, we had a ton of volatility.
• 16:58
  Speaker 2: Don't need to go much further back than 2020.
• 17:02
  Speaker 2: 2019 was a good year.
• 17:04
  Speaker 2: The first quarter of 2020 was fine and then COVID came along.
• 17:09
  Speaker 2: At one point in time, the market Let's call the market for this example, the SAP 500 500 largest companies In the country unmanaged index at one point in time, it was down more than 30% in 2020 and then by the end of 2020, it was positive.
• 17:24
  Speaker 2: That's volatility markets up, markets way down, and so we need to be careful about Our.
• 17:33
  Speaker 2: Industry often uses risk and volatility synonymously and and that's not necessarily true.
• 17:40
  Speaker 2: So Volatility is the up and down to the markets.
• 17:46
  Speaker 2: You know, one of the things that people also need to recognize is a significant risk which ultimately we're trying to solve for Is not reaching your goals.
• 17:54
  Speaker 2: Oh, absolutely.
• 17:55
  Speaker 2: Everybody wants to talk about risk and the financial services risk the market goes down.
• 17:59
  Speaker 2: Well, there's not a risk that the market's gonna go down at some point.
• 18:02
  Speaker 2: That's a fact, that that's gonna happen It varies points in time.
• 18:08
  Speaker 2: So that's the volatility, but we're trying to manage the risk that you're not going to reach your financial goals, which is a much bigger risk Than whether the market goes up or down.
• 18:17
  Speaker 2: So the are in nursing is in the nursing financial planning process that we employ here Is reducing stress, and I think everybody listening to this will understand that.
• 18:31
  Speaker 2: Why is that important?
• 18:34
  Speaker 2: All of you and, as healthcare professionals, deal with folks that they don't know what's going on with them and that's a huge stress to them, and So a lot of the reducing stress is very similar to what healthcare professionals do.
• 18:50
  Speaker 2: Let's start with education.
• 18:51
  Speaker 2: Hey, patient, this is what we know right now, this is what we think.
• 18:57
  Speaker 2: This is probably gonna be the next step.
• 18:59
  Speaker 2: It might not be things they want to hear, but it's educating them to reduce that stress.
• 19:04
  Speaker 2: There is somebody close to me that is analyzing everything about me, and how many times have you seen, especially in emergency situations, where You know nurse leans down to the patient, says, hey, there's a lot of things going on right now.
• 19:19
  Speaker 2: There's a lot of machines around here, there's a lot of people talking really loud, you're gonna be okay, we're all here for you.
• 19:26
  Speaker 2: Because they're stressed.
• 19:28
  Speaker 2: I mean that's a super high stress situation.
• 19:30
  Speaker 2: Patient comes in, they don't know what's happening, they don't know If they're gonna be okay, and the nurses right there to say, hey, let's educate first.
• 19:39
  Speaker 2: This is where you're at, this is what's happening, this is what's on the left, this is on the right, here's what we think we might do next.
• 19:45
  Speaker 2: And so, in a very similar way, we help to reduce stress.
• 19:49
  Speaker 2: Number one, with education.
• 19:50
  Speaker 2: What are the possible courses of action?
• 19:54
  Speaker 2: What do we think might be the best course of action?
• 19:57
  Speaker 2: and, you know, let's educate you on all of the different possibilities.
• 20:03
  Speaker 2: I mean, monty's a stressful thing.
• 20:05
  Speaker 2: Everybody has a little bit of stress around money.
• 20:08
  Speaker 2: You don't want to have enough, you want more.
• 20:10
  Speaker 2: If you got too much, it goes to the tax man.
• 20:12
  Speaker 2: So there's always a little bit of stress.
• 20:14
  Speaker 2: But if it starts out with the education and understanding what the options are, oftentimes we find that people feel much better about Understanding what's happening.
• 20:24
  Speaker 2: And, again, very similar to what nurses do with patients and say hey, this is where you're at right now.
• 20:29
  Speaker 2: Might not know like to hear it.
• 20:31
  Speaker 2: I've seen it before, though, and I can help you?
• 20:33
  Speaker 1: Yeah, absolutely, and I think a lot of that is what you're mentioning there in the.
• 20:36
  Speaker 1: In our example, with you know Somebody being treated, a patient being treated, it's that as they get further down the treatment plan, they're getting more and more clarity into what's wrong with them.
• 20:46
  Speaker 1: Right, and that's one of the biggest things that helps reduce stress Is clarity, because when you know, as a nurse, you're working with a patient, or when we're working with a client, they may be asking you all sorts of questions, but at the end of the day, they want to know one thing am I gonna be okay and Just like nursing, you're there to hold hands and say, yes, you're gonna be okay, we're gonna figure this out.
• 21:10
  Speaker 1: We're gonna get to a lot of them.
• 21:10
  Speaker 1: That's really that.
• 21:11
  Speaker 1: What we're trying to do in you know, step R of our nursing process is We're gonna do that same handle and we're gonna look at the big picture.
• 21:19
  Speaker 1: We're gonna make sure everything's gonna be okay to the best of our you know Abilities, given all the historical data and the planning and the expertise we have in those areas.
• 21:29
  Speaker 1: So I think that's a very, very good comparison there, brian.
• 21:33
  Speaker 2: Well, the early part of this does start with a lot of questions, and You know, as a nurse, how many times have you asked a patient a question?
• 21:42
  Speaker 2: What did you have for dinner at last night?
• 21:44
  Speaker 2: They look at you and say why would you ask that my arm hurts.
• 21:47
  Speaker 1: Well, there's a reason behind it.
• 21:48
  Speaker 2: Right, it's all interrelated And I know all the nurses out there have had that had that reaction like why would you ask that question?
• 21:56
  Speaker 2: Because you know, as a health care professional, all those things are interrelated.
• 22:00
  Speaker 2: So a lot of the beginning part of the nursing process here in the financial planning is asking the questions to understand.
• 22:08
  Speaker 2: People might come to us and say I don't like to weigh.
• 22:12
  Speaker 2: My portfolio is running and we're saying, okay, tell me about your You know, outline for me kind of you know what you picture your retirement to be.
• 22:24
  Speaker 2: And I said, well, geez I, how was that gonna help my portfolio between now and the end of the year?
• 22:28
  Speaker 2: Well, my question isn't about now.
• 22:30
  Speaker 2: In the end, of the year now and when you know It now and when you get to those those goals that they've outlined for us.
• 22:38
  Speaker 2: So there is there's a lot of questions, but it's very similar to what nurses do.
• 22:43
  Speaker 2: I mean, let's start out with understanding the patient as a whole and not just what their immediate pain point is, if you will and You know that's that's kind of one thing too right is is this an area for you, for those listeners out there?
• 23:00
  Speaker 1: Is this a spot you want to self-diagnose and really take a deep dive into your finances and try to gain some clarity?
• 23:06
  Speaker 1: Or is this something you'd like to outsource somewhere else?
• 23:08
  Speaker 1: And if outsourcing is your answer, then that's certainly what we're here for.
• 23:12
  Speaker 1: But we'd like to give you some ammunition to, you know, self-diagnose as well, so you at least know what to look for.
• 23:17
  Speaker 1: And I would say the biggest, the biggest spot of R is, you know, find some clarity and really work on, you know, assessing your needs, understanding your objectives, and that clarity will certainly help reduce stress.
• 23:30
  Speaker 1: You know, kind of moving on from there, once we have a good understanding of what goals we're planning for, what our objectives are, and We've already started to reduce stress, and that continues throughout the rest of the nursing process.
• 23:45
  Speaker 1: But We are going to, you know, start working on developing a strategy.
• 23:51
  Speaker 1: That's what S is for strategy.
• 23:52
  Speaker 1: Now that strategy.
• 23:54
  Speaker 1: What it does is it takes everything we've already talked about in the initial planning steps right the needs, the objectives, the reducing stress, the managing risks and It starts to look at how all of those different moving parts work together and when we see how they work together, that allows us to work on the next steps together and Bring in the investments, the tax management, as well as the Continual monitoring of the nursing plan.
• 24:21
  Speaker 1: So when we talk about strategy, brian, what are some things we generally talk about when we get to the strategy section of the nursing process?
• 24:30
  Speaker 2: Well, this is where we get into the specific ideas and kind of what that looks like.
• 24:35
  Speaker 2: You know there's a lot of different paths and we'll outline some of those.
• 24:40
  Speaker 2: You could do it this way, you could do it that way.
• 24:42
  Speaker 2: All things considered, it is our opinion that this is the best approach.
• 24:48
  Speaker 2: You can do it this way, you can do it this way, but with all of the analysis that that we do.
• 24:55
  Speaker 2: We have come up with very specific in our opinion ways that you can accomplish, satisfy those needs, accomplish those goals, reduce the stress.
• 25:06
  Speaker 2: And so we get into specifics.
• 25:08
  Speaker 2: You know the financial planning that we look at, and some of the basic areas is everything from cash flow to Protection of those be insurances, investment planning, which we'll talk a little bit about here, attacks, minimization ideas, and Retirement, income planning, estate planning.
• 25:30
  Speaker 2: In each of those areas, our nursing planning process, we will have strategies, ideas On each of those and making sure that they all fit together.
• 25:42
  Speaker 2: So the strategy really is the specific ideas based on You know what the our clients want to accomplish absolutely So I'll take it from like kind of the DIY perspective.
• 25:54
  Speaker 1: You're listening to this just looking for some actionable things you can do.
• 25:57
  Speaker 1: So if you've followed with us so far, you've come up with those, your needs, your objectives.
• 26:03
  Speaker 1: You're not a stressed person, so this is perfect for you.
• 26:06
  Speaker 1: Once we get to the strategy section of it, these are, you know, actual things We're gonna start doing or recommending day-to-day.
• 26:13
  Speaker 1: So if you, you know there's hundreds and hundreds of retirement calculators out there, right, where you can say here's how much money I make, here's how much money I want to have in retirement, here's my 401k balance, yada, yada, yada, there's a bunch of free calculators out there you can plug into and just get a ballpark of are you on track or not.
• 26:30
  Speaker 1: And then a lot of them will let you say, what if I saved an extra x dollars a month?
• 26:35
  Speaker 1: That would be a strategy item, right.
• 26:37
  Speaker 1: So when we're working with folks here, say, we want to start adding an extra 5% a year for the next 10 years to a to their 401k, or we want to set aside an extra three or four hundred bucks a month to go into a non-retirement account Different you know objectives for different people, but those are examples of specific, you know, strategy recommendations will start working on and we'll tie all that in together to Reach those needs and objectives We've clarified in previous steps.
• 27:11
  Speaker 2: I studied economics in college and The simplest definition of economics is the efficient allocation of limited resources, the two most limited resources our clients have.
• 27:22
  Speaker 2: Number one, or time is time, and then number two is money.
• 27:27
  Speaker 1: Yeah those.
• 27:27
  Speaker 2: Those are The most limited and most important of resources, and so we help folks to Efficiently allocate that.
• 27:35
  Speaker 2: The strategies could be okay for each dollar coming in the door, or X percent should go here, x percent should go into, you know, creating a personal reserve account for Emergencies or opportunities, x percent should go to, maybe, a retirement plan at work, those types of things.
• 27:57
  Speaker 2: And I mean we get very specific into Okay, the strategy is you have a limited resource.
• 28:03
  Speaker 2: You have goals, that in objectives that you have outlined for us, but there's a limited resource.
• 28:09
  Speaker 2: And here is our best ideas on how to make the most efficient use for each of those dollars.
• 28:18
  Speaker 2: And then the other limited resources time.
• 28:21
  Speaker 2: We're giving a lot of folks You their time back.
• 28:23
  Speaker 2: You can come back from a long shift and start to research all of this online.
• 28:30
  Speaker 2: You find 10 different websites.
• 28:33
  Speaker 2: They'll give you 10 different ideas.
• 28:35
  Speaker 2: We go through the planning process, show you what the numbers look like from our financial planning software and let you know why we think these are the best ideas.
• 28:45
  Speaker 2: That's in a very scientific way.
• 28:50
  Speaker 2: We'll show you the numbers and this is why we think this is the best approach for you And ultimately that gives a lot of our clients their time back.
• 28:57
  Speaker 2: They get to the comfort level that we're monitoring those things.
• 29:01
  Speaker 2: We get together on a regular basis to let them know what we're seeing and make sure that there is the most efficient possible allocation of that very limited resource that the money have coming in.
• 29:16
  Speaker 1: Perfect.
• 29:16
  Speaker 1: I think that's a great, great brief overview of strategy and just a couple items that go into it.
• 29:23
  Speaker 1: And so once our overall strategy is formed, that's when we really start diving into the actual details behind it and what fuels that strategy.
• 29:34
  Speaker 1: If you remember what I mentioned at the beginning of the podcast, we create goals because without goals, investments are just numbers on paper that don't really do anything for us.
• 29:44
  Speaker 1: So, depending on our time horizon and what goals we're trying to accomplish, we'll steer us towards that next I in nursing, which is investment planning.
• 29:52
  Speaker 1: So everything we've done up to this point and, if you noticed, we are one, two, three, four.
• 29:59
  Speaker 1: This is the fifth step into our planning process before we've even mentioned an investment, which is pretty uncommon.
• 30:06
  Speaker 1: When you go to a lot of places, the investment's kind of slap you in the face on the way through the door.
• 30:12
  Speaker 1: The investments are a very important part of what we do And in my biased opinion, we're very good at it.
• 30:18
  Speaker 1: And we have one of our partners, mike, that's.
• 30:21
  Speaker 1: His full-time role for us is just to manage our investment accounts for us.
• 30:25
  Speaker 1: But they just facilitate all the hard work we've already done on the planning side of it.
• 30:31
  Speaker 1: And if I sat here and pretended we had the best portfolios ever.
• 30:35
  Speaker 1: That would be ludicrous.
• 30:36
  Speaker 1: Right, we don't have a crystal ball.
• 30:38
  Speaker 1: We don't do anything magical.
• 30:40
  Speaker 1: I'm very proud of our investment planning department and that side of things.
• 30:45
  Speaker 1: However, anybody that pretends they have a crystal ball, are going to beat the market every year, is just blowing smoke, and I would run as fast as I went, as fast as I could, away from them if those are the types of folks you're interacting with.
• 30:58
  Speaker 1: But, that being said, like I said, the biggest thing that gives us a clue on what types of investments we should have is our time horizon.
• 31:04
  Speaker 1: The longer the time horizon we talked about risk, that ability and willingness scale, the bigger ability we have to hold assets that are meant for growth.
• 31:17
  Speaker 1: So if we kind of educate and boil it down extremely simply and we're going to have a whole episode on investment planning here in the future and what different types of investments you have access to, what to look for, all sorts of stuff we're probably bringing Mike.
• 31:31
  Speaker 1: We're probably bringing Mike on that.
• 31:33
  Speaker 1: We're going to bring on Mike because he's a friend you had who's too smart for his own good when we were all growing up and he sits in front of computer screens all day and just looks at numbers.
• 31:42
  Speaker 1: But do not worry, he's one of the only CFAs I've ever met with a personality, so he will not bore you to death and we will try to make it as easy and understandable as you can when we get there.
• 31:55
  Speaker 1: But yeah, on the investment planning, just very simply right Stocks are generally the type of investments you want to own for growth, and how a stock works is you take ownership in a company.
• 32:06
  Speaker 1: So if we buy one stock of one share of Apple, we have a one share ownership in Apple as a company.
• 32:15
  Speaker 1: So if Apple does really well and that stock goes up, we can either sell it for profit, which is generally what we want to do when we're focused on growth, investing right Buy stocks that are going to appreciate in value of strong companies over the long term.
• 32:30
  Speaker 1: On the flip side, bonds are generally viewed as more conservative investments And with a bond you actually loan some of the dollars that you worked to gain to a in the example of a corporate bond to a corporation for a promised interest rate payment.
• 32:49
  Speaker 1: There's all sorts of different bonds and we won't get into those weeds right now, but generally a safer investment because it's a contractual obligation by the company to pay out those promised coupon payments or interest payments of the bond.
• 33:04
  Speaker 1: So some two basic investment types one for growth, one for more stability not actually the case in recent terms with rising interest rates, but, like I said, we'll hop into that in another thing, but I'll kick it over to you.
• 33:22
  Speaker 1: I'll kick it over to Brian from the investment planning.
• 33:25
  Speaker 1: This is something that is very late in the process, but we start thinking about from day one.
• 33:31
  Speaker 1: I'll let you talk about the next letter here, brian.
• 33:35
  Speaker 2: Yeah, you know, expand on the investment planning a little bit and kind of into.
• 33:40
  Speaker 2: you know into the goals and the you know the time horizon.
• 33:46
  Speaker 2: Time horizons are very important.
• 33:48
  Speaker 2: You're talking about allocation of dollars.
• 33:50
  Speaker 2: Absolutely, you know, if you have, you can have multiple goals running simultaneously.
• 33:55
  Speaker 1: And most people do have multiple.
• 33:56
  Speaker 2: Absolutely.
• 33:57
  Speaker 2: You know one goal might be I want to build up my cash reserve, my personal reserve, emergency fund or opportunity fund.
• 34:04
  Speaker 2: I want to build it up.
• 34:05
  Speaker 2: What we know is, you know kind of the efficient allocation of resources.
• 34:10
  Speaker 2: Some amount of those resources might go to that Absolutely.
• 34:14
  Speaker 2: And we know darn well that those conservative dollars might not get a huge return quote unquote but they're serving their purpose Absolutely.
• 34:24
  Speaker 2: I mean it was a couple of years ago.
• 34:25
  Speaker 2: you leave money in the bank Actually, right now you leave money in the bank or you get less than half a percent or something along those lines, but it's serving its purpose.
• 34:31
  Speaker 2: And so, going into investment planning, you know our investment planning does go into the strategy and the time horizon.
• 34:40
  Speaker 2: So many people you know so.
• 34:43
  Speaker 2: I've been so.
• 34:44
  Speaker 2: I've been doing this in some capacity since 1993.
• 34:48
  Speaker 2: Many of my relatives to this day still want to talk about what the next best thing is.
• 34:55
  Speaker 2: Where do I put my money for the best return?
• 34:58
  Speaker 2: That's not always the best question.
• 34:59
  Speaker 2: Again, it's an efficient allocation of resources.
• 35:03
  Speaker 2: First of all, we don't have Chris the ball is calling head mentioned.
• 35:05
  Speaker 2: Second of all, it is so you know dependent upon the individual.
• 35:10
  Speaker 1: Well, that's such a reflection too on the time and culture we live in, right, it's like grind, grind, grind, grind, grind, hustle, hustle, hustle.
• 35:17
  Speaker 1: Be a millionaire overnight, make you know, buy Bitcoin, bitcoin, bitcoin.
• 35:20
  Speaker 1: Right, that was not a recommendation to buy Bitcoin for all my compliance officers listening to this podcast, but the you know.
• 35:28
  Speaker 1: I think that's a function of the times we live in, right, they're everybody so caught up with like that next big win, and we're such an instant gratification society to actually pull back and work for something long term is foreign to us now, and there's a ton of people we, and most people we work with, are very committed to long term goals and they're great planners and great savers And and that's not a reflection on, you know, most folks we work with, but I think, just as a society as a whole, it's that instant gratification.
• 35:55
  Speaker 1: It's having, you know, groceries delivered to your house the same day you order them.
• 35:59
  Speaker 1: Now you don't even have to go shopping anymore, and so it's.
• 36:03
  Speaker 1: It's really, brian, i think you hit the nail on the head, right.
• 36:07
  Speaker 1: It's there's so many different purposes and options and many goals running simultaneously, and it also that the investment planning also fits in.
• 36:18
  Speaker 2: All of this ties together at all.
• 36:20
  Speaker 2: Dovetails dovetails very nicely into reducing stress 100%.
• 36:24
  Speaker 2: I really enjoy when we sit down with folks and, through a comprehensive financial plan, prove to them that they don't need to get exactly what the market does every year.
• 36:35
  Speaker 2: They certainly don't need to get some sort of return on their money that their neighbor is getting.
• 36:40
  Speaker 2: That reduces the stress of that kind of competitiveness that the popular financial press has us on this durable wheel of be better than you know XYZ market, be better than there's you know some obscure investor sitting in New York City that is just crushing them.
• 36:57
  Speaker 1: I need to have five star morning star numbers on all my mutual fund investments, right, you know?
• 37:01
  Speaker 2: we can certainly reduce the stress by proving to people let's just make smart decisions.
• 37:07
  Speaker 2: It doesn't have to be the decision that beats XYZ market And again doesn't have to beat the neighbor.
• 37:12
  Speaker 2: You know, you're sitting around the the nurses station at the hospital and these topics come up.
• 37:19
  Speaker 2: Invariably somebody's going to say oh, i bought Apple on the very first day it became public And now I don't really need to work.
• 37:27
  Speaker 2: But I, you know, i just like.
• 37:28
  Speaker 2: I mean, you have those conversations and reducing stresses when you can look at them and say I don't need to have that conversation because I'm on a path that I'm very comfortable is going to work.
• 37:39
  Speaker 2: So absolutely a little bit more on the investment planning, and so, as we go, a little bit further.
• 37:43
  Speaker 1: Speaking to that, speaking to that person who bought Apple on the first day they went public, they have a huge tax problem currently and they got unwind that somehow.
• 37:54
  Speaker 2: Yeah, so this is the.
• 37:55
  Speaker 2: You know we talked a little bit about.
• 37:58
  Speaker 2: You know the things that really kind of blow up a financial plan.
• 38:03
  Speaker 2: One is overspending, spending beyond your means.
• 38:07
  Speaker 2: Two would be a major, major healthcare event for which there was no planning or some level of planning to have a cushion there.
• 38:16
  Speaker 2: Another one is taxes.
• 38:19
  Speaker 2: Oh, absolutely.
• 38:20
  Speaker 2: And everywhere all the time, and it's got to be part of the conversation.
• 38:24
  Speaker 1: I think it's one of the most important parts of the conversation too, and it's often gets glanced over a lot.
• 38:31
  Speaker 1: One thing I want to mention that's like your, you know the free take home like go do this.
• 38:39
  Speaker 1: in my opinion, this is a pretty wide sweeping.
• 38:43
  Speaker 2: This is not a recommendation, though but well, you don't give tax or legal advice.
• 38:47
  Speaker 1: We do not give tax or legal advice.
• 38:49
  Speaker 1: But if it were me we have some thoughts, and I was a nurse and I was hanging out and working for an employer that offered a 401k plan And, more specifically, they had a Roth 401k option inside of that plan I would change all my contributions to the Roth side of that plan.
• 39:09
  Speaker 1: Now, that's just me.
• 39:10
  Speaker 1: That's not a specific recommendation for what you should do, but just a thought.
• 39:14
  Speaker 1: And so the reason I would do that if it were me and I was in those shoes is a couple reasons, but one I'm under the opinion and this is opinion that taxes are set to increase going forward.
• 39:29
  Speaker 1: I don't think they're going to decrease.
• 39:30
  Speaker 1: You know, i think we have some hefty bills to pay as a country, and how do we do that?
• 39:36
  Speaker 1: We raise taxes, right.
• 39:37
  Speaker 1: So that's a general rule of thumb.
• 39:39
  Speaker 1: So I think taxes are going to increase in retirement.
• 39:42
  Speaker 1: I would rather have a tax-free bucket to pull from in retirement than a tax-deferred bucket.
• 39:49
  Speaker 1: And what I mean by that?
• 39:50
  Speaker 1: let me break that down for you.
• 39:53
  Speaker 1: 401ks and IRAs are tax the same and they're what's called tax-deferred, so you get a tax deduction on that money that goes in, so you don't pay taxes on the money going in.
• 40:03
  Speaker 1: It gets to grow in that IRA or 401k until you are required to take it out through your required minimum distribution.
• 40:12
  Speaker 1: It grows tax-deferred but then it's taxed at your ordinary income rate on the way out.
• 40:18
  Speaker 1: So the tax deferral is certainly worth it And there is a place for IRAs.
• 40:22
  Speaker 1: And you know, depending on your situation, it may make sense to take upfront deductions.
• 40:27
  Speaker 1: Now, that's very situation dependent But as a broad sweeping, what I would do if it were me sitting there, the Roth IRA is a fantastic vehicle because you don't get a deduction on the way in, but what it does is it grows tax-free in there and it gives you a lot more flexibility.
• 40:44
  Speaker 1: One, there's no required minimum distributions with Roth IRAs, roth 401ks.
• 40:49
  Speaker 1: The IRS is not going to make you go in there and take it out.
• 40:53
  Speaker 1: Two, your basis or what your dollars that went in there, not the growth you can access, right, even if you're under 59.5, which is we'll kind of do an all about IRAs and retirement account podcast where we really dive into the nitty gritty and the rules and the details.
• 41:10
  Speaker 1: We could spend two hours just talking about IRAs and retirement plans, i think easily.
• 41:13
  Speaker 1: So before I go too much off the walls.
• 41:17
  Speaker 1: Where I've already headed, you know strongly consider switching your contributions to a Roth 401k if you have that option with your employer, or you could do a combination, absolutely.
• 41:27
  Speaker 1: Combination works too.
• 41:28
  Speaker 2: Yeah, you know kind of out efficient allocation of resources.
• 41:31
  Speaker 2: We have a lot of folks that we work with that do some traditional.
• 41:35
  Speaker 2: They get a deduction on the way in.
• 41:37
  Speaker 2: They get that tax deferral and we recognize that on the way out they're going to pay taxes and then they do a few dollars there in the Roth.
• 41:43
  Speaker 2: They pay the taxes.
• 41:45
  Speaker 2: Before it gets in there It's tax deferred and then, if done properly, they don't pay taxes on it again.
• 41:50
  Speaker 2: So it can be a combination actually, if it's available Absolutely.
• 41:52
  Speaker 1: Well, that's very true, and they I mean, if you guys have gathered anything from today's podcast, it's there's a number of ways to slice the cake And they're all viable in some situations, right, and so it's really important to understand, either by yourself or with the help of professional, your specific situation and how it applies to you, because I've recommended certain folks make traditional IRA contributions because some people will have a lower tax environment in retirement.
• 42:20
  Speaker 1: It's not super common, but it's definitely possible.
• 42:24
  Speaker 2: Well, there's some nurses that we're working with that they are in their peak earning years.
• 42:30
  Speaker 1: Oh, absolutely.
• 42:31
  Speaker 2: For many different reasons Huge demand for their skills.
• 42:33
  Speaker 2: Huge demand, low supply right now of nursing professionals.
• 42:40
  Speaker 2: Certainly, in some of the specialties They have reached their peak earning years And those deductions right now could be very helpful.
• 42:48
  Speaker 2: Oh, they feel real nice.
• 42:49
  Speaker 2: But I am entertained that many people come to us and are very proud to say Hey, you know, i've saved.
• 42:58
  Speaker 2: For example, i've saved a million dollars, yes, in my traditional IRA or 401k.
• 43:03
  Speaker 2: And we unfortunately and it's part of our role is to remind them you don't have a million dollars in your 401k.
• 43:11
  Speaker 2: They'll show us the statement and say I absolutely do, but you got a partner in that and the partner is the government.
• 43:18
  Speaker 2: Yep, because in the traditional IRAs, traditional 401ks, when you stop to start to take that money out, the tax man is standing there.
• 43:26
  Speaker 2: To the tune of, like a nice, you know, roughly 20% haircut given, you know kind of 20% more depends on the situation very much, but but you know, part of what we're doing is Kind of looking down the road.
• 43:39
  Speaker 2: I mean, there's a certain amount and again nurses will get this there.
• 43:43
  Speaker 2: There are certain things you could do as a nurse that is going to make the the client feel better right now, oh, absolutely.
• 43:49
  Speaker 2: But if you're not looking down the road and say what I am, this treatment plan, what we're prescribing, Give me a morphine drip, but if you don't fix my broken leg, it ain't gonna get better.
• 43:59
  Speaker 1: That's exactly right.
• 44:01
  Speaker 2: And so there are certain things that can be done that feel good right now.
• 44:04
  Speaker 2: What we help to do is is to kind of go through the thinking that nurses do, i I can control something right now, but I also have to recognize what the implications of that might be in the future.
• 44:17
  Speaker 2: And and that's where the tax kind of ideas come in and it's fully integrated into all that we do We do highly recommend that you work with a qualified tax professional and, at your discretion and guidance, we can kind of partner with them to make sure that everything, all parts of your financial picture, are really working together efficiently.
• 44:40
  Speaker 1: Absolutely We're and we're much we are We could do about 15 podcasts on uh taxes.
• 44:45
  Speaker 2: Oh, we can easily do.
• 44:46
  Speaker 1: Oh, no, no, not even close, and I think the biggest thing, just the biggest takeaway is We are on the proactive side of tax management and the, the tax preparer, generally fulfills the reactive role.
• 44:59
  Speaker 1: So they deal with things that have already happened.
• 45:01
  Speaker 1: We deal with things that can happen or we would like to happen to kind of reduce that burden.
• 45:05
  Speaker 1: And one of the most important is distribution sequences and retirement and what accounts stuff is coming from.
• 45:13
  Speaker 1: So if you haven't, you know that's one other little tidbit and takeaway.
• 45:16
  Speaker 1: If you're the diy type and you're just listening for some some tips and tricks, make sure you research the most efficient way to distribute assets in retirement, because it actually has a very substantial impact on Dollars in your pocket versus dollars to the uncle sam's pocket, right?
• 45:35
  Speaker 1: So it's it's generally The most efficient way to distribute assets, makes a big deal.
• 45:41
  Speaker 1: You know one little tidbit too if you're charitable inclined, the best, best, best way to you know take care of requirement and distributions.
• 45:49
  Speaker 1: If you're charitable inclined, send them to your charity of choice Whether it's your church, you know.
• 45:53
  Speaker 1: Whatever that charity is.
• 45:54
  Speaker 1: I I wish I could get every person who's charitable inclined on this earth to do that.
• 45:59
  Speaker 1: It is one of the It's much more known now, but it's highly underutilized, even for our folks We work with that are very charitable inclined It's just kind of.
• 46:08
  Speaker 1: It's not something that comes up in conversation that often so If we can encourage just one person to make a Get an extra 20% or whatever your tax rate is to a charity versus paying it to uncle sam, i would always, always opt for that.
• 46:23
  Speaker 2: And that's called a qualified charitable distribution And that's for folks that are subject to required minimum distributions.
• 46:31
  Speaker 2: Actually, there's a little loophole in the qcd qualified to tell, you tell.
• 46:35
  Speaker 2: Well, for a lot of folks the rmb isn't going to come until they're 73, but qualified charitable distributions can still be done if you're 70 and a half.
• 46:45
  Speaker 1: I did not know that.
• 46:46
  Speaker 1: That is very true, that is true.
• 46:48
  Speaker 2: They.
• 46:48
  Speaker 2: They did not update that when they increased the required minimum distribution depending on your age.
• 46:53
  Speaker 2: So you might be in a situation where we're planning out.
• 46:56
  Speaker 2: You're saying I don't need to take money out of a traditional ira 401k until i'm 73, but the qualified charitable distributions can take effect at 70 and a half.
• 47:05
  Speaker 1: So if i'm playing devil's advocate and i'm sitting here and be like, why in the world would I want to do something like that?
• 47:11
  Speaker 2: Well, you would do something like that because you're helping out a charity.
• 47:14
  Speaker 2: Uh, the monies would need to go directly from the ira or 401k to the charity.
• 47:19
  Speaker 2: Don't funnel it through your own checking account.
• 47:22
  Speaker 2: We can facilitate that for you.
• 47:24
  Speaker 2: Goes directly to the charity.
• 47:25
  Speaker 2: Number one You're doing good, yeah, um, and there's probably charities that you're giving to anyway.
• 47:30
  Speaker 2: Um, so that's the number one why you would do that.
• 47:34
  Speaker 2: Number two By the time you get to, when you have to take money out of that traditional ira ira or 401k possibly The account values to lower.
• 47:45
  Speaker 2: Well, who wants a lower account value?
• 47:48
  Speaker 2: Well, you might, because that would make the required minimum distribution when you get to the age of 73 a little bit lower.
• 47:55
  Speaker 1: I love talking about taxes.
• 47:56
  Speaker 1: It's just so fun We're gonna get so far down this rabbit hole on other podcasts.
• 48:00
  Speaker 1: I just can't wait It's.
• 48:01
  Speaker 1: It's one of those things.
• 48:03
  Speaker 2: We're gonna talk about this many times, but that's, that's a little tidbit, um And some of those actionable things.
• 48:10
  Speaker 2: We want everybody to come away.
• 48:11
  Speaker 1: That's exactly that's the reason we're doing this podcast.
• 48:14
  Speaker 1: We just want you to be able to listen to this Me like I've never thought of it that way before or there's a little idea I can key on each episode to either you know, something you can take with you, something that's, you know, immediately applicable to your life, something that just a different way to think about.
• 48:29
  Speaker 1: Something like that qualified charitable distribution Is is is a great example there of just some stuff we hope to give back to the community through this podcast.
• 48:37
  Speaker 1: And, uh, something we also hope Happens through this podcast is to grow that community.
• 48:43
  Speaker 1: And that brings us to our last, last part of the nursing process grow and review and this is really just Your financial plan or your nursing plan is a living and breathing Thing.
• 48:59
  Speaker 1: It is not a static document, it is not a snapshot of that moment in your life.
• 49:04
  Speaker 1: It is a A Living and breathing thing.
• 49:08
  Speaker 1: I was watching avatar with my wife last night the new ones on disney plus.
• 49:11
  Speaker 1: So I, you know I keep seeing that world like living and breathing all together and interactive and uh, so it's like it's like avatar.
• 49:18
  Speaker 1: Right, It's living and breathing all the time, it changes all the time and it's uh, you know.
• 49:23
  Speaker 1: So that's, i think, one of the most important things is that The bulk of the work happens up front, right, so there's a short-term sacrifice for a long-term gain, and the bulk of that happens up front.
• 49:33
  Speaker 1: However, the ongoing maintenance is just as important.
• 49:39
  Speaker 1: Because if we don't, if we just put in all that work up front and we don't check in regularly or you, if you're doing this yourself, you don't have, you know, a family meeting to check status or check how the budget's doing then you just wasted all that upfront effort.
• 49:53
  Speaker 1: And this is, i think, one of the biggest things is, at a bare minimum, annually, need to get together and really give a thorough review to everything we just looked at here in the entire nursing process.
• 50:04
  Speaker 1: Right, make sure your needs didn't change, make sure our objectives are on track.
• 50:08
  Speaker 1: Are you stressed?
• 50:10
  Speaker 1: Well, let's fix that right.
• 50:11
  Speaker 1: So it's, it's every.
• 50:13
  Speaker 1: It just lives and breathes with you and it lives life with you, and that's, you know, that's the whole purpose behind the nursing plan.
• 50:20
  Speaker 1: You've been a nurse your whole life, maybe, you know, or the bulk of your career.
• 50:25
  Speaker 1: This is just to take that to the next level.
• 50:29
  Speaker 1: Right, there's a gonna be.
• 50:30
  Speaker 1: Your nursing plan will continue to care for you after you've stopped caring for patients.
• 50:36
  Speaker 1: Right, it's just a continuation of stuff you've already worked very hard for in your life And I can't reiterate how important it is.
• 50:43
  Speaker 1: Ongoing adjustments and maintenance are to keep this relevant, because things change.
• 50:49
  Speaker 1: You know when, when my you know I think I talked about this the last episode.
• 50:53
  Speaker 1: My grandfather started this, not nursing your nest egg, but this firm.
• 50:57
  Speaker 1: You know, years and years and years ago, back in the 60s.
• 50:59
  Speaker 1: We still have a cut out from the newspaper in the office that has.
• 51:02
  Speaker 1: It's maybe a fifth of a page, if that of a newspaper.
• 51:06
  Speaker 1: That's all the mutual funds you could buy at that point in time To the I don't even know how many are out there now, tens of thousands plus probably more mutual funds investments you can.
• 51:20
  Speaker 1: You can go on your cell phone and buy it instantly.
• 51:23
  Speaker 1: Take you probably five minutes to open an E-Trade account these days, if that.
• 51:27
  Speaker 1: So things change and it's important that your plan reflects the changes happening in the world, happening in your life, happening in the environment.
• 51:37
  Speaker 1: So that's that kind of brings it full circle And then, at any point, if we need to go back and revisit any of the other sections of the nursing process very easy to do And those updates are quick and fairly seamless once the upfront work is put in.
• 51:52
  Speaker 2: And nurses are gonna understand this And you know, as a nurse, the last thing you wanna do is you see a patient come in and say, okay, this patient, i've seen this before.
• 52:03
  Speaker 2: Same age, same health profile, same weight, height, vitals.
• 52:09
  Speaker 2: If you were to go to that patient, then they have a certain condition and you say, ah, i've seen this a million times, this is exactly what we're gonna do.
• 52:18
  Speaker 2: And you walk out of the room and never go back.
• 52:20
  Speaker 2: This is laughable to nurses.
• 52:22
  Speaker 2: You know it's gonna be that one patient.
• 52:24
  Speaker 2: You walk in and say, oh, wait a minute, there's something different going on here.
• 52:27
  Speaker 2: They're not reacting to this course of care Like the last patient that looked.
• 52:33
  Speaker 2: The same act, the same same age, same health profile and all these other things.
• 52:36
  Speaker 2: The financial planning's the same way.
• 52:38
  Speaker 2: You know you could end up working with some folks and say, hey, i've been an advisor forever.
• 52:46
  Speaker 2: If you're this age, this is your career, this is your income, this is your tax bracket.
• 52:50
  Speaker 2: Boom, here you go.
• 52:52
  Speaker 2: You know you get something right out of the box and it works every time.
• 52:57
  Speaker 2: We know that's not the case.
• 52:58
  Speaker 2: So that's why there's the constant monitoring.
• 53:01
  Speaker 2: Nurses get this.
• 53:03
  Speaker 1: Well, I think that's-.
• 53:04
  Speaker 2: There's a constant check in with the patient because, regardless of how many times you have treated that patient that looks so similar to what you're looking at, all things could be very different in that case And I think that's such a good point too is that we work specifically with nurses.
• 53:22
  Speaker 1: You know careers a lot of those variables are similar, but each of these nursing plans we do are a bit different and they're personalized.
• 53:30
  Speaker 1: And I think that is so important.
• 53:32
  Speaker 1: is that finding that level of personalization, whether you're doing it yourself, whether you're working with us, whether you're working with somebody else, don't just go online and have a robot print you out a cookie cutter, a cookie cutter retirement plan.
• 53:47
  Speaker 1: There's something about robots that never resonated with me and that's, they have very cold hands right.
• 53:53
  Speaker 1: So robots have very cold hands, and I think that the personal connection and having somebody to live life with, whether that's your family member, whether you're doing it yourself but retirement is not a journey meant to do alone, and neither is the financial planning process, in our opinion, and that's why we developed the nursing process.
• 54:13
  Speaker 1: That is why we work specifically with nurses to help walk them through this, and that's why we made this podcast to just give you, you know, just some insight into that planning process And hopefully, if you're watching it, for some you know, diy tips and tricks.
• 54:26
  Speaker 1: You got some of that as well.
• 54:30
  Speaker 2: It is.
• 54:31
  Speaker 2: It's the checklist.
• 54:33
  Speaker 2: You're right I mean you've really got to start your.
• 54:37
  Speaker 2: the beginning of the treatment plan is the checklist And then you start the customization from there.
• 54:44
  Speaker 2: And that's exactly what we're doing here.
• 54:45
  Speaker 2: It makes a lot of sense to us.
• 54:46
  Speaker 2: It does help to reduce the stress, which is part of the nursing financial plan.
• 54:51
  Speaker 2: Is reducing the stresses?
• 54:53
  Speaker 2: is having those steps to walk through Absolutely?
• 54:59
  Speaker 1: Well, if you made it this far into the episode, bless your heart, because it was a hike right.
• 55:03
  Speaker 1: Brian and I are a bit verbose at times, but we loved having you join us.
• 55:06
  Speaker 1: Anything we can do for you, feel free to reach out in our website or shoot us a quick email.
• 55:10
  Speaker 1: We'd love to chat with you.
• 55:12
  Speaker 1: Until next episode, have a great, great week and we will see you then.
• 55:17
  Speaker 1: Be safe.