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S4 E9 The Legacy League: Passing on your Superpowers · The Swan Effect - Creating and Sustaining Your Financial Wellbeing

• 0:00
  Arthi: Your legacy isn't just about numbers.
• 0:03
  Arthi: It's about the confidence that comes with knowing your wealth is expertly managed.
• 0:09
  Arthi: At All Mutual Wealth, we offer solutions that go beyond investment management.
• 0:14
  Arthi: We're your trusted partner in achieving financial success.
• 0:19
  Arthi: Together with your financial planner, we uncover what matters most to you.
• 0:23
  Arthi: Crafting a personalized plan tailored to your unique goals.
• 0:28
  Arthi: Backed by a team dedicated to your wealth journey, we provide innovative strategies, in-depth research, and award-winning investment expertise.
• 0:38
  Arthi: Partner with us to take your wealth further with advice-led personalized wealth management, offering clients and financial planners a full suite of industry-leading investment solutions.
• 0:51
  Arthi: Visit www.allmutual.co.za forward slash wealth to learn more.
• 0:58
  Arthi: Hi there, I'm Arthi Rabikrisson.
• 1:06
  Arthi: Hello, I'm Malika Petersen.
• 1:08
  Arthi: Welcome to the Swan Infects Podcast.
• 1:11
  Arthi: We're your go-to podcast to simplify the complexities of money management, investing, and wealth management.
• 1:20
  Malika: So that you can gain confidence in your relationship with money and become financially liquid, independent, and free.
• 1:28
  Arthi: THat Fist step towards freedom is Knowledge, and you can start with gaining that right now by listening to this upcoming episode Hello everyone, and thanks for listening in to the latest episode of The Swan Effect Podcast. If you’ve been following us this season, you will know that we have been building on the theme of how to become the superhero of your own wealth journey. Last episode, we covered the wealth unlock of generosity, and this time, we’re focusing on the lasting legacy, the Legacy League, in fact, and And also thinking about ways in which you can pass on your superpowers to others.
• 2:13
  Arthi: Hi Malika.
• 2:14
  Malika: Hi, Arthi.
• 2:15
  Malika: I'm so excited about this episode today.
• 2:19
  Malika: Today we are diving into a topic that sounds serious and is often uncomfortable, right?
• 2:26
  Malika: But it really is actually one of the most powerful gifts that you can give your family, which is a legacy.
• 2:33
  Malika: In September in South Africa, we commemorated World's Month.
• 2:37
  Malika: And this month, coupled with financial planning and review, we thought it would be timely to help you understand more about lasting legacy and what that looks like.
• 2:48
  Arthi: That's right.
• 2:49
  Arthi: And legacy isn't just about the money you leave behind.
• 2:52
  Arthi: It's about preparing, protecting, and even empowering the next generation.
• 2:58
  Arthi: And today we're gonna be your financial superheroes helping you armor up with tools like wills, estate planning, and ooh, the life file.
• 3:08
  Arthi: I wonder if you've heard about that.
• 3:11
  Malika: Think of this episode as your superhero manual for legacy planning.
• 3:16
  Malika: We've discussed discipline as a wealth superpower.
• 3:20
  Malika: We've discussed generosity and some of the ups and downs and pitfalls there and things how to do it right.
• 3:26
  Malika: And then the creation of equity.
• 3:29
  Malika: So legacy is that golden thread that ties all of those together.
• 3:34
  Malika: So let's put on our capes and get started.
• 3:38
  Arthi: Yes, my cape is on.
• 3:39
  Arthi: All right, so maybe we start with wills, okay?
• 3:42
  Arthi: So, I mean, what is a will?
• 3:43
  Arthi: A will is like Captain America's shield, everyone.
• 3:48
  Arthi: At first glance, it looks pretty simple.
• 3:50
  Arthi: You know, just a document.
• 3:52
  Arthi: But in reality, it's your ultimate defense tool.
• 3:56
  Arthi: It protects your family from unnecessary battles when you're no longer around.
• 4:01
  Malika: Absolutely.
• 4:02
  Malika: And I think without a shield, or in this case a wool, your loved ones are left exposed.
• 4:07
  Malika: Okay.
• 4:07
  Malika: And that's just the reality.
• 4:09
  Malika: In South Africa, if you pass away without a valid rule, the Interstate Succession Act decides who gets what.
• 4:18
  Malika: Now, guys, honestly, that's like handing handing Captain America's shield to a complete stranger that knows nothing about you or where you're from, and hoping that they protect your family.
• 4:30
  Malika: Spoiler alert, they probably won't.
• 4:33
  Arthi: Yeah, I mean, Malika, you're keeping it real.
• 4:35
  Arthi: I mean, that stranger doesn't know your family's needs, your promises, even your vision.
• 4:40
  Arthi: A will gives you control, everyone.
• 4:42
  Arthi: It lets you decide who inherits what, who takes care of your minor children, for example, but also who manages your estate.
• 4:50
  Arthi: Without it, your family could face confusion, disputes, delays, even that impact their financial well-being.
• 4:59
  Malika: Absolutely.
• 5:00
  Malika: And I think too few of us understand what a real possibility that is.
• 5:04
  Malika: We think that would impossibly happen to us, right?
• 5:07
  Malika: I mean, I once came across a Johannesburg family where the father passed away without the will.
• 5:13
  Malika: Now he owned a small transport business that the whole family worked in.
• 5:18
  Malika: But because there was no will, it took nearly two years before the estate was finalized.
• 5:24
  Malika: So in the meantime, the business collapsed because the family didn't have access to the funding that they required to continue to run it.
• 5:31
  Malika: You remember when you die, your accounts and the accounts of any of the businesses that you're a sole member of becomes frozen.
• 5:39
  Malika: So you're not able to access this, right?
• 5:41
  Malika: And that's really like a superhero falling mid-battle because the shield wasn't there.
• 5:48
  Malika: Now, I want you to think of your role as a superhero script.
• 5:52
  Malika: It ensures that the next chapter of your family's story is not only written by you, but will also continue after you're gone.
• 6:00
  Malika: And that nothing is left up to chance.
• 6:03
  Arthi: Oh, I like the way you've actually shared that example, Malika.
• 6:06
  Arthi: I mean, because here's the thing, like you said, a superhero can fall mid-battle, right?
• 6:11
  Arthi: Superheroes have weaknesses.
• 6:13
  Arthi: For example, Superman.
• 6:14
  Arthi: I mean, that's a very common one.
• 6:16
  Arthi: His weakness was kryptonite.
• 6:18
  Arthi: So think about this in the context of what we're speaking about today in terms of legacy planning.
• 6:23
  Arthi: That kryptonite comes in the form of some really common mistakes that we could be making.
• 6:29
  Malika: Absolutely, Arthi.
• 6:30
  Malika: And since we're speaking about wills, the kryptonite here is an outdated or poorly constructed will, right?
• 6:37
  Malika: People draft them once and they don't think about them again and they never update them.
• 6:42
  Malika: Now, that's like Spider-Man trying to swing on webs that he spun 20 years ago, and those threads will very definitely snap.
• 6:50
  Arthi: Oh dear.
• 6:50
  Arthi: But I mean what you're saying is so, so true.
• 6:53
  Arthi: And here's the thing, everyone, it doesn't have to be that way.
• 6:57
  Arthi: Reviewing your will is just as important as writing it.
• 7:00
  Arthi: Update it after marriage, a divorce, birth of children, or any major financial changes.
• 7:07
  Arthi: So, in essence, anytime you're going through some kind of a life change, you should think about updating it.
• 7:12
  Arthi: Just like Tony Stark, he constantly upgraded his suits.
• 7:17
  Arthi: And in that way, just think about it as making sure you're upgrading your role to keep it battle-ready for anything that could be going on.
• 7:24
  Arthi: It's also now making me think of another major pitfall, Malika, and a mistake that is often made.
• 7:30
  Arthi: And that is around liquidity, everyone.
• 7:32
  Arthi: So think about it this way.
• 7:34
  Arthi: And we've covered previous episodes around how you can build on property and increase your share allocations and other forms of assets, right?
• 7:42
  Arthi: But here's the thing, we also want to ensure we've got a good balance of cash available.
• 7:47
  Arthi: Because if there's no cash available, for example, to reduce your debts or to manage your funeral costs or even deal with taxes, it's gonna pass through to your family to try and sort that out.
• 8:01
  Arthi: And they may be forced to sell precious assets.
• 8:04
  Arthi: Imagine forcing your children to sell maybe the family home in Soweto that's been passed down for generations.
• 8:12
  Arthi: I mean, that's not lace, that is out and out loss.
• 8:18
  Malika: Yeah.
• 8:18
  Malika: I mean, we've we've heard the horror stories like, you know, this happening so often.
• 8:24
  Malika: And, you know, leaving or creating a generational wealth setback, and I I use the word creating very deliberately, it can be very hard to and the reason that I say the word creating is because the setbacks can be avoided, right?
• 8:39
  Malika: There's also another aspect in terms of mistakes like conflicting documents.
• 8:43
  Malika: For example, your pension fund nomination form might say one thing in terms of the beneficiary, but your will says that it bequeasts or nominates another.
• 8:54
  Malika: And here's here's the kicker that I think a lot of South Africans are not aware of.
• 8:59
  Malika: The pension fund trustees are not bound by your will.
• 9:02
  Malika: Right.
• 9:02
  Malika: And and and that's kind of like Batman and Superman fighting on opposite side.
• 9:07
  Malika: There's just chaos that nobody wins from.
• 9:10
  Arthi: Oh my gosh.
• 9:10
  Arthi: It's actually just making me think about like dark side, the villain, just taking over free will because of these poor checks and balances in place.
• 9:19
  Arthi: Okay, and now, I mean, how's this for another layer of the world, right?
• 9:23
  Arthi: If your will makes bequests that clash with your marriage contract, that marriage regime is going to take precedence, everybody.
• 9:32
  Arthi: Oh my word.
• 9:33
  Arthi: So, I mean, think of that almost like Wonder Woman's lasso.
• 9:35
  Arthi: The truth wins out, even if it ties up your plans.
• 9:39
  Malika: Absolutely.
• 9:40
  Malika: I mean, trusts are also another tricky area, right?
• 9:43
  Malika: Naming a trust in a will is powerful.
• 9:45
  Malika: It's, you know, there's this saying that it's more dangerous to know a little bit about something than nothing about something, right?
• 9:51
  Malika: And I think this is very true when it comes to wolves, because many people think, oh, I'll do a trust.
• 9:57
  Malika: But the reality of the situation is that this is only powerful.
• 10:02
  Malika: Number one, if your trusted is up to date and it reflects the correct trustees and beneficiaries, right?
• 10:08
  Malika: Otherwise, it's like leaving the back gave unguarded.
• 10:11
  Malika: Villains like Riddler and Joker, in this case, in the form of disputes, they are able to creep in without you knowing.
• 10:19
  Malika: There's no protection, basically.
• 10:21
  Arthi: No protection.
• 10:21
  Arthi: And now that you've touched on disputes, it's making me think about family disputes as well, right?
• 10:26
  Arthi: So think about in those documents if your wording is so vague, oh my word, can that lead to epic battles or not?
• 10:34
  Arthi: I mean, I'm thinking Avengers versus Thanos style types of battles, except the battlefield is your family home.
• 10:42
  Arthi: And I'm actually recalling a recent uh conversation I had with an ex-colleague of mine where this person was the executor on a family estate.
• 10:53
  Arthi: And what seemed to be quite a simple wrap-up has now turned into factionalism, people taking different sides, contestation of the world.
• 11:03
  Arthi: And you know what?
• 11:04
  Arthi: What was once, I suppose, a family that was quite close now, these relationships are actually just being damaged in the process.
• 11:11
  Arthi: I don't know how it's gonna turn out, but yeah, I mean that's just it's awful, right?
• 11:17
  Malika: It's just awful to hear or even think about.
• 11:19
  Malika: These loopholes can create absolute chaos.
• 11:23
  Malika: And in fact, think of this loophole, leaving out practical details, right?
• 11:30
  Malika: Such as, for example, that you leave a firearm.
• 11:33
  Malika: So let's say in your world, you state that everything, let me use an example.
• 11:38
  Malika: Me as Malika, I leave everything in my will to my niece, Grace, right?
• 11:43
  Malika: And now I own a firearm.
• 11:45
  Malika: Okay, it's one of the things that I own.
• 11:47
  Malika: It's an asset, it's a deemed asset in my estate.
• 11:50
  Malika: Now, she cannot, as a miner, legally own a firearm.
• 11:57
  Malika: But I've stated in my will I'm leaving everything to my niece.
• 12:00
  Malika: She can't apply for a for a firearms license.
• 12:03
  Malika: That will hold the entire estate up.
• 12:05
  Malika: Another example is having a cryptocurrency wallet, right?
• 12:08
  Malika: Where nobody knows what the passwords are.
• 12:11
  Malika: I haven't shared that with anybody.
• 12:12
  Malika: So these are really like unexploded bombs that are just waiting to derail an entire estate.
• 12:18
  Arthi: I mean, it sounds like we're just picking at all of these little, not even little, they they're pretty big like mistakes or oversights, right?
• 12:25
  Arthi: But you know, here's the thing, and I hope you're getting a sense of this, everyone.
• 12:29
  Arthi: The solution is actually if you regularly communicate and if you regularly review your documents, these loopholes should not exist, actually, to cause the kind of mayhem that we're sharing with you at a very high level today.
• 12:43
  Arthi: You know, so yes, regularly review your documents.
• 12:46
  Arthi: Think about working alongside a professional advisor so that all of these bases can be covered.
• 12:52
  Arthi: I mean, somebody like that who's knowledgeable, they're gonna probe you with questions so that hopefully some of these loopholes we've been speaking about, they can be closed.
• 13:01
  Arthi: And then obviously that impact of what we're calling kryptonite on your legacy can be minimal to potentially even just non-existent in time.
• 13:11
  Malika: So I know that our listeners are thinking, isn't there a tool that we can just use?
• 13:15
  Malika: So the answer is yes, there is one, and it's it's a live file.
• 13:20
  Malika: In South Africa, we call it a pop-off file, which is so South African.
• 13:24
  Malika: We like we joke about we joke about even the darkest of things, right?
• 13:29
  Malika: But it you need to think of this pop-off file as your your Batman utility belt.
• 13:34
  Arthi: Yeah, I mean, exactly.
• 13:36
  Arthi: Imagine Batman heading into Gotham without his gadgets.
• 13:40
  Arthi: Really?
• 13:40
  Arthi: I mean, it's impossible.
• 13:41
  Arthi: So think about that's what your family faces if you don't need them a life file.
• 13:46
  Malika: Yeah.
• 13:46
  Malika: So what is a life file or pop-off file?
• 13:49
  Malika: One organized folder or document or memory stick, however, you choose to leave it, that contains everything your loved ones will need, right?
• 13:59
  Malika: It's got copies of your will, identity document copies, bank detail information, information about your life insurance policies, your pension fund information, any property deeds that might be applicable, car registrations, even your passwords or the contact details of key people, your employee, for example.
• 14:19
  Malika: Those are the kinds of things that need to be included.
• 14:22
  Arthi: I mean, it's it's so important, but it it sounds so unglamorous, you know, to be doing it.
• 14:27
  Arthi: But everyone, it is life-saving.
• 14:29
  Arthi: Without it, your family are just like sidekicks stumbling in the dark.
• 14:33
  Arthi: And with it, they can really step up into the role of being the superhero quite seamlessly.
• 14:38
  Arthi: I mean, I must share.
• 14:39
  Arthi: My parents have created their life files for both my brother and I.
• 14:42
  Arthi: And I so actually admire Malika how organized they were in making sure how we know about it, how we have access to their information.
• 14:51
  Arthi: And in fact, they fairly recently updated it and shared that with us too.
• 14:54
  Arthi: So, I mean, way to go, mom and dad. Way to go!
• 14:57
  Malika: Oh, I love that.
• 14:58
  Malika: I truly love that.
• 14:59
  Malika: And I'm sure Adi that, you know, this isn't that this isn't just applicable for when they are no longer here, right?
• 15:05
  Malika: Yeah, it it may it may also be applicable for in the very, you know, unfortunate uh event of a family member getting hospitalized or incapacitated, right?
• 15:18
  Arthi: Yeah, 100%, absolutely.
• 15:20
  Malika: Yeah, so see everyone, a life file means that your family can step in immediately.
• 15:27
  Malika: Obviously, we, and you guys know this about our podcast, we always recommend that you have a financial advisor who knows your family and can guide them through this very difficult time.
• 15:38
  Malika: But you also need to create, maintain, and communicate to your family where that lifestyle is kept.
• 15:45
  Arthi: To reiterate, everybody, it's your superhero utility belt.
• 15:49
  Arthi: And every hero needs to get their gear ready ready.
• 15:52
  Arthi: Because I mean, also, apart from what we said earlier about superheroes having weaknesses, they're also battling villains in their stories, isn't it?
• 16:02
  Arthi: And in estate planning, the villain is tax.
• 16:05
  Arthi: Oh boy, you know, unfortunately, SARS in South Africa doesn't disappear when you do.
• 16:11
  Arthi: In fact, it's quite the opposite.
• 16:15
  Malika: Yeah, it certainly feels that way, you know, for the members of the family that are left behind to deal with the estate.
• 16:21
  Malika: Yeah, SARS is is unfortunately one of those things that doesn't go away.
• 16:26
  Malika: So when you pass to pass away, it really is treated as if you've sold all of your assets, right?
• 16:32
  Malika: The assumption is made that all of your assets have been sold.
• 16:35
  Malika: And that means that capital gains tax, estate duty, and executive's fees come into play.
• 16:41
  Malika: So that's kind of a villain that sneaks in when you think the movie's over, right?
• 16:46
  Arthi: Yeah, yeah, yeah, yeah.
• 16:48
  Arthi: Okay, so let's just give you a very quick high-level view of some of the ones we've mentioned, right?
• 16:53
  Arthi: So capital gains tax.
• 16:54
  Arthi: Basically, SARS pretends, as Malika said, that you've sold everything at market value and whatever is gained is taxed.
• 17:02
  Arthi: Okay.
• 17:02
  Arthi: There's obviously a lot more nuance about this.
• 17:04
  Arthi: This is just high level to help you understand.
• 17:06
  Arthi: Estate duty.
• 17:08
  Arthi: Okay, so if your estate is worth more than a half more than three and a half million after liabilities have been taken away, then an estate duty of 25% kicks in.
• 17:19
  Arthi: Okay.
• 17:19
  Arthi: Recently put again.
• 17:21
  Arthi: And then the third one we mentioned, which was executive fees, that can be up to three and a half percent plus that of the gross estate value.
• 17:31
  Arthi: Yeah.
• 17:32
  Arthi: So again, you can tell these are meaningful numbers, everybody, that can really, really impact what then filters down to the family.
• 17:40
  Malika: Uh, yes.
• 17:41
  Malika: So if you don't plan, I think you know the reality is that this villain takes a massive chunk before your family even sees what's left.
• 17:50
  Malika: Now, I want to give you an example.
• 17:53
  Malika: And it's an example of a slightly wealthier family where gener generational wealth had been created.
• 17:58
  Malika: They had a beautiful home in George.
• 18:01
  Malika: And the whole plan of the family was always that this home would stay in the family, that the family would take family holidays there, and that at the times when it wasn't used, that they would generate an income into the family trust, or sorry, into the family's uh to the to continue growing the wealth of the family by using it as an Airbnb or or renting it out for holiday accommodation.
• 18:25
  Malika: What happened was when the parents' parents had passed, there was tax.
• 18:30
  Malika: The liquidity that you spoke about earlier was not available there.
• 18:34
  Malika: And essentially what happened was that they needed to sell this home in order to be able to take care of the capital gains tax, the estate duty, and the executive fees that were incurred by the rest of the estate.
• 18:44
  Malika: I think it's just important for people to understand that we think 3.5 million is a big number.
• 18:50
  Malika: But when you start to really look at all of your assets and all the things that are deemed as assets in your estate, you get to that number very, very quickly, right?
• 18:58
  Malika: So it really is important to plan tax effectively.
• 19:03
  Malika: And just like Iron Man designed new suits to outsmart his enemies, you can outsmart the tax villain too.
• 19:09
  Malika: Um by making sure that you have tax efficient strategies.
• 19:13
  Arthi: I mean, I'm still I think I'm still reeling from the example you just shared as well.
• 19:16
  Arthi: I mean, to think that something like that was meant to be left as a legacy, but now had to be sold off, you know?
• 19:22
  Arthi: Sure.
• 19:22
  Arthi: So I mean, if anything, what's coming to my mind, Malika, is you know what you're saying.
• 19:26
  Arthi: There's definitely ways that we can outsmart these types of villains, the taxes, right?
• 19:31
  Arthi: So, for example, you could use trusts quite strategically.
• 19:34
  Arthi: You know, they're like hidden fortresses where your assets can be protected and managed.
• 19:41
  Arthi: A properly set up family trust can actually ensure that your children or dependents are cared for, even if they're too young to manage the world themselves.
• 19:50
  Malika: Yeah, and make sure that your life cover, number one, make sure that you have life cover, right?
• 19:56
  Malika: I don't think you need to say that to our listeners because we've preached it, but make sure that it is structured to cover your taxes and debts.
• 20:03
  Malika: So you need to really think of life insurance cover as your financial iron man suit, right?
• 20:09
  Malika: It absorbs all of the final glows so that your family isn't left vulnerable.
• 20:14
  Malika: Too many South Africans underestimate this.
• 20:18
  Malika: And families are forced to sell homes, businesses, massive assets just to cover SARS bowls, right?
• 20:25
  Malika: Which is very scary.
• 20:26
  Arthi: Yeah, okay.
• 20:27
  Arthi: I like that.
• 20:27
  Arthi: I like that example.
• 20:28
  Arthi: And then maybe another example is to structure your assets wise.
• 20:32
  Arthi: So what that means is not just about ownership, no, but actually owning those assets in the right way.
• 20:38
  Arthi: So spread it across the properties of your retirement funds, your different types of investments.
• 20:44
  Arthi: I mean, we've spoken at a length in our previous episodes about this, right?
• 20:47
  Arthi: So spread them like your team of superheroes.
• 20:50
  Arthi: Each one has a unique role, and that will ensure that your legacy stays strong and balanced.
• 20:57
  Malika: And also don't forget, because I think a lot of us forget this, right?
• 21:00
  Malika: You can also give during your lifetime.
• 21:02
  Malika: I mean, that can be a very powerful tool.
• 21:04
  Malika: We spoke about gratitude, sorry, giving last time, right?
• 21:07
  Malika: Donations are taxed at 20%, which is lower than estate duty, which sits at 25%.
• 21:14
  Malika: So it's like passing on some of your superpowers while you're still alive so that you can actually see your family or community benefit.
• 21:23
  Malika: It's a very, very clever hero move, right?
• 21:25
  Malika: I mean, I can recall a captown entrepreneur who structured his estate so cleverly that when he's passed, his children inherited not only money, but also a family foundation, right?
• 21:36
  Malika: And that foundation finds scholarships for underprivileged youth to this day.
• 21:40
  Malika: So he really turned the tax battle into a legacy victory.
• 21:45
  Arthi: Sure.
• 21:45
  Arthi: I mean, that in essence is a story of superhero planning, turning challenges into opportunities for impact.
• 21:52
  Arthi: I love that.
• 21:53
  Arthi: Really love it.
• 21:54
  Malika: Yeah, we've got reality, right?
• 21:56
  Malika: But we've we've only scratched the surface on so many of these.
• 22:01
  Malika: There is a lot more to dive into.
• 22:03
  Malika: And simply put, or to summarize, wills are your shield, pitfalls act as kryptonite, life files are the utility belt, and taxes can be very nasty villains.
• 22:15
  Malika: But if you create your legacy league as the ultimate power-up for building generational wealth, it really is about love, foresight, and empowerment.
• 22:38
  Arthi: Remember our episode on generosity?
• 22:40
  Arthi: You know, think of this as legacy is generosity's final chapter.
• 22:44
  Malika: Yeah.
• 22:45
  Arthi: And then when we spoke about discipline a few episodes before that, that ensures discipline ensures your shield stays really, really strong.
• 22:53
  Arthi: And oh, I mean, who can forget our chat about equity, right?
• 22:57
  Arthi: So legacy is how equity multiplies across generations.
• 23:01
  Arthi: Yes, you're right.
• 23:02
  Arthi: We covered a lot at a high level, but I think it's gonna get our listeners thinking about a lot of things, Amalika.
• 23:09
  Malika: Yeah, absolutely.
• 23:10
  Arthi: And with that, we're at our parting shot.
• 23:13
  Arthi: So, what would be your parting shot, Malik?
• 23:15
  Malika: Yeah, I think my my big parting shot is don't wait everyone.
• 23:18
  Malika: I know we all think we're gonna live forever, right?
• 23:21
  Malika: But create or update your will as soon as possible.
• 23:26
  Malika: Build your life file, right?
• 23:28
  Malika: Take your time with it, spend some time with it, plan for your taxes, get specialist or somebody like a financial advisor to assist you with that.
• 23:37
  Malika: Protect against your kryptonite pitfalls, and most importantly, communicate your legacy to your loved ones.
• 23:44
  Malika: How about you, Ati?
• 23:45
  Malika: What's your parting shot?
• 23:47
  Arthi: Oh, everyone, you can quote me on this.
• 23:49
  Arthi: Legacy is the cape that outlives you.
• 23:52
  Arthi: Wear it proudly and pass it on with purpose.
• 23:55
  Arthi: I think that's what I succinctly want to be able to say.
• 23:58
  Arthi: And guess what, listeners?
• 23:59
  Arthi: In order to help you, Marika and I have created a practical checklist so that you can make that start.
• 24:05
  Arthi: Okay.
• 24:06
  Arthi: So please make sure to download it and it's going to be available on the show notes for you to do that.
• 24:11
  Arthi: And use that alongside getting advice from a professional financial planner and any other experts in the field.
• 24:18
  Arthi: So that way you can put your clip on, pick up your shield, and step fully into your role as your family's wealth superhero.
• 24:25
  Arthi: Okay, so make sure to keep an eye for it again in the show notes.
• 24:29
  Malika: Until next time, remember, you are your wealth superhero.
• 24:33
  Arthi: Until next time, everyone, stay heroic.
• 24:37
  Malika: Thanks for joining us.
• 24:38
  Malika: We hope you found these ideas and guidance useful.
• 24:42
  Arthi: We're both seasoned in the investments industry.
• 24:45
  Arthi: Malika is at the cold phase of how, where, and why people invest the way they do.
• 24:52
  Malika: I certainly am.
• 24:53
  Malika: And you, Arthi, you've witnessed different types of investor behaviors around money too.
• 25:00
  Malika: And now work as a global award-winning coach to free us from the mindsets that stop us from becoming financially free.
• 25:08
  Arthi: Do subscribe, share, and write a review or send us comments.
• 25:12
  Arthi: We would love to hear from you.
• 25:14
  Arthi: Catch you on the next episode of the Swan Effect Podcast.
• 25:19
  Arthi: Bye for now.
• 25:20
  Arthi: Ciao!