Mr. Money Talks: Navigating Tax Deadlines, Disaster Preparedness, and the Wealth-Longevity Connection (1/18/25)

Live show recorded 1/18/25

In this episode of the Mr. Money podcast, financial expert Mark Rothstein covers a wide range of topics, including crucial tax deadlines, the importance of having a financial "to-go bag" for emergencies, and the relationship between wealth and longevity. Rothstein provides valuable insights and practical advice to help listeners manage their finances effectively and prepare for unexpected events.

Episode Transcript

Unknown (00:00):
The Information and opinions presented are for
general information only and arenot intended to provide specific
advice or recommendations forany individual you should
contact your investmentprofessional, attorney,
accountant or tax advisorregarding your individual
situation. The opinions of thepresenter do not necessarily
reflect those of independentFinancial Group LLC, its
affiliates, officers ordirectors. Mark Rothstein, aka
Mr. Money, is the owner of tristar financial LLC and Tristar

(00:20):
Income Tax Services LLC. Mr.Money is a marketing name only
and is not intended as anythingother than a marketing name for
entertainment purposes.Securities and advisory services
offered through independentFinancial Group LLC, a
registered investment advisormember, F, I N, R, A, S, I p, c,
tri star financial LLC. Tri starIncome Tax Services LLC and
independent Financial Group LLCare unaffiliated

Mark Rothstein (00:40):
entities. This is Mr. Money, and welcome to
Saturday, two o'clock here indowntown Boise K I do talk radio
studios. I am Mark Rothstein.Mr. Money, a financial planner.
Fact, a certified financialplanner. The last 40 plus years,
enrolled agent, means I'm aspecialist to deal with the IRS.

(01:02):
Here for you every week, it'sall about financial planning.
It's all about me speaking insimple language that you
understand. Many financialpeople talk over my head, over
other people's head, where, ifyou really understand it, you
can explain it in simple terms.I like one of Warren Buffett's
key nuggets. He said, make acouple of good decisions, quote,

(01:27):
during a lifetime, and avoidserious mistakes. I agree with
that. Learn about money, eventhough the schools don't teach.
It has me always scratching myhead about that. But learn about
it. This show is all aboutteaching. It really is. It's
about empowering you withknowledge and then to take some
action on what you've justlearned. Truly it so many people

(01:50):
Mr. Money meets that are justnot successful, not because they
don't have good ideas, notbecause they don't have money,
not because of age, not becauseof a whole lot of reasons, and
they always have reasons. It'sreally they simply didn't take
action. How many good thoughtshave you had? Ideas have you had

(02:12):
that you didn't write it down soit disappears, or you did write
it down, but again, you justdidn't take action. So Mr. Money
is in action right here. Ifyou'd like to dial in and talk
about any money issues, taxissues, you have 5805436, here
at K I do talk radio.com, or myown website, Mr. Money

(02:35):
answers.com, all the shows I'vedone are there, at least for the
last two years, with all of mydocuments, all of my
information, so you can read itstraight from the articles and
or listen to Mr. Money talkingabout it, 5805436, as always, I
start the show with what's goneon on Wall Street, and what do

(02:59):
we need to know? Because thinkabout it, that's where your
money is. Don't most all of uswho are investing have it in
stocks or bonds, maybe analternative investment, like
real estate investment trusts,maybe in gold or silver. Maybe
we've even got some money incryptocurrency. Maybe some of us
have money in Treasury bonds.Maybe we've got it in. Fill in

(03:23):
the blank, real estate holdings,all of it, what is affected is
the world, the economy. What'sgoing on in the world does
affect your investments. Sowhat's happened in this last
week? You may recall a week ago,I talked about how the Dow sees
the worst start to a year since2016 as federal rate cut, hopes

(03:47):
fade in 25 we had a whole lot ofjob employment a week plus ago,
which had people start thinkingthe Fed will not be further
dropping interest rates kind ofcaused a loss. Fact, the market
was down the last three weeks,until this week. All of a
sudden, this last Friday, stocksand higher post weekly gains.

(04:09):
Why? It's now ahead of the Trumpinauguration. That's right, it's
coming up. It's this Monday. USstocks ended this last Friday,
the last day of trading underPresident Biden, as investors
head into a three day weekendthat will see Donald Trump
inaugurated Monday, that'sright, the Dow Jones Industrial

(04:29):
Average refers to the 30 largestAmerican companies. When you
hear how the Dow did, gives youan indication how the markets
doing. When you look at thelarge 30, it gained 335 points
on Friday. Point eight, one toclose at 43,004 88 the S and P
refers to 500 large Americancompanies. They picked up 59

(04:52):
points on Friday, or about 1%the NASDAQ Composite, which
refers to the some of thosetech. Technology stocks home to
a lot of those Magnificent Sevenstocks, those key stocks that
have pushed up the market theselast two years. That one, the
NASDAQ, was up 292 points, or1.5% Mr. Money, what's that mean

(05:15):
for the whole week? For thewhole week, the Dow was up 3.7%
remember, one week ago, I saidthe Dow sees the worst start to
a year for the previous weeks,the S P ended the week 2.9% up.
The NASDAQ technology was up2.5% and again, the Dow and the

(05:38):
S P each had their best weeksince early November, when
Trump's victory in the USelection sparked a big rally. So
you could see, a whole lot ofthis market is all about Trump,
all about Trump, and again,leading up to Trump's
inauguration on Monday, all ofit's up some more. So people are

(05:58):
very positive, or so WallStreet, I should say, is very
positive about the Trumpadministration and all the
things that were said of what heplans to do. Please note the US
stock market will be closed onMonday in honor of Martin Luther
King Day. Nonetheless, PresidentTrump's getting into office as
of this weekend. So what'scausing it to be down the last

(06:22):
couple of weeks, then up thislast week? Yes, as I mentioned,
it's Trump, and what's going tohappen with Trump? But I can't
let it go with just Trump. Youhave to know that the Federal
Reserve is the ones who raiseinterest rates, drop interest
rates. There's articles willtrump interfere with the Federal
Reserve, with Jerome Powell, whois the boss of the Federal

(06:47):
Reserve, him and his governors,will trump try to interfere?
There's articles on that. We'llwait and we'll see. But what's
key to everybody, including WallStreet, is, will they raise
interest rates? Will they dropinterest rates. They have been
dropping interest rates. If youlisten to Mr. Money, last
September, they dropped them,dropped them again in November,

(07:08):
dropped them again in December,and we'll see what they do come
January. Yes, there is a meetingin January the Federal Reserve.
It's on january 29 coming up, bythe way. And we'll see what the
Federal Reserve does aboutinterest so you always have to
know in the background, WallStreet is concerned. Will they
be dropping interest rates, orcould they possibly hike them

(07:31):
back up? There's, at this momenton Wall Street, about a 0%
chance of raising them, but itcertainly does not have a high
percentage of people thinkingthey're going to drop them. So
again, it's not simply a matterof the interest rates, or it's
not simply a matter of Trump.When I say Trump and his
administration, everyone'sworrying about his tariffs, that

(07:54):
he wants to charge some extratax against all goods coming in,
whether it is from Mexico, keyperson, key country working on
or whether the imports tariffswill hit Canada, especially big
time on China. But that's a bigquestion mark. What will happen
with the tariffs? The otherthing that's running Wall Street

(08:17):
at the moment is immigration.What will happen when Trump gets
in and wants to deport so manymillions and millions of
immigrants that did not comethrough, quote, unquote, legally
and again, what will all thesepolicies do for inflation? Will
the costs go up if all of asudden there's a higher tariff
or higher cost on goods comingin, that means I may have to be

(08:39):
paying more, and most everyarticle I read says there will
be some of that, and that's notforget tax policies. I am Mister
tax man the second part of theshow today, as every week, and
we gotta see what those taxpolicies changes are. Will he
keep the 2017 low tax rules thatexist and extend them, even

(09:03):
though they're supposed toexpire at the end of 25 again,
Trump said he would extend them.We also had Trump say, could
have been for votes. We'll seeif he goes through with it. But
about not taxing social securityfor our people getting Social
Security, he said, I won't taxtips. I won't tax a whole lot of

(09:24):
things. And deregulation, ofcourse, can't forget
deregulation. So Wall Street'slooking at all of this, the
tariffs, and how it'll affectthe country and the economy,
immigration, how it'll affectthe economy. All the tax law
changes or it doesn't changethem. And of course, interest
rates are in the background withthe Federal Reserve, and I'd

(09:44):
like to talk about also thedebt. I bring that up 35
trillion plus, and yearly, wehave more deficit spending every
year. And Trump has said, I wantto build up some of the military
that's been lacking over theyears. So there's. Certainly a
lot of issues, but people are inwait and watch. That's why you
haven't seen much in the market.The rise at the end, I think,

(10:07):
was just getting ready for Trumpcoming in and seeing, will he
follow through on all the thingshe says he will do. So it's
really going on on Wall Streetat the moment. And again, as I
mentioned earlier, for all ofus, we care about interest
rates. I've said that a fewtimes. Know that there are 2468,
meetings coming up this year. Idid mention how people are not

(10:31):
betting on an interest rate cutcoming up right now. As you've
heard me say recently, in fact,it was last week's show lot of
people working and again, thatmeans we don't need to help the
economy by lowering interestrates, because if a lot of
people are working, meansthey're spending money. That
means the economy is going well,because you gotta spend the

(10:53):
money. And yes, people arespending the money, which keeps
the economy going so well. And Imentioned earlier, January 29 is
the next meeting. We got anotherone. March, 19, May, 7, June,
18, July, 30, 917, 1029, and1210, at the end of the year,
Mr. Money will be watchingeverything going on. Mr. Money

(11:17):
will be right there to tell youabout it as it goes. But when we
come back, Mr. Money's got totalk about the most important
thing, at least to me as a taxman, is, what are all these tax
deadlines? You're thinking,possibly, Mr. Money's just
talking about April 15. I filemy taxes by April 15, and maybe
if I need an extension, I canget till October 15. Well, I'm

(11:40):
here to say, when we come back,I got a whole lot more deadlines
that we all have to know about,and know about some of these
brand new forms coming at us,which is coming for this tax
season, all when we come back.This is Mr. Money.

Unknown (11:58):
Let me tell you how
it will be.

Mark Rothstein (12:19):
Mr. TaxMan, Mr. Money is here live in the Boise
studios here at k, i, d, O. Wantto talk tax. I do 5805436, whole
lot of stuff going on in the taxworld these days. Mr. Money
tries to make it interesting andnot a boring subject. So
hopefully your eyes are nothazing over but yes, Tax Day is

(12:44):
now official. We are into theyear 25 we must file the 2024,
tax returns by April 15, atleast for most of us. Yes, you
can file an extension beforeApril 15. That means yes, some
paperwork needs to be filed.That'll get you to October 15.
That is the general rule. AndI'm going to speak about some

(13:08):
extra rules in there, but that'sthe general rule for all of us.
The IRS does expect 140 millionreturns to be filed by April 15.
So that's a whole lot ofprocessing they're going to be
doing, you may say. But Mr.Money, how fast can I get my
refund? And if you chooseelectronically to file it, which

(13:31):
the IRS likes, because they canprocess it much quickly, more
quickly, better electronically,then your refund could come to
you within a very, very shortamount of time, as quickly as 21
days. That's what the IRSofficially says. And if you mail
in a paper return, forget about21 days. How about four weeks?

(13:54):
Five weeks, eight weeks, andit's lost in the mail or not
process months and months. Soagain, Mr. Money recommends e
filing the returnelectronically, filing it for
those of you that say I justcan't get to it, Mr. Money, if
you fail to file your federaltax return on time, the standard

(14:16):
penalty is a whopping 5% of anytax due for every month the
return is late up to 25% of theunpaid balance. So that April 15
deadline is a real deadline, orget ready for a whole lot of
hurt from penalties and someinterest charges if you owe and
you don't pay again, if you filea return but failed to pay any

(14:40):
taxes. In this case, you filedit, you shouldn't pay it. Or if
you get an extension and youstill owe money, the penalty can
be point 5% of any unpaidamount. So there's a whole lot
of hurt. If that's the case, Imentioned a few exceptions,
Hurricane Helene, if anybody.Remembers that one that was off

(15:03):
the east coast, Alabama,Florida, Georgia, North
Carolina, South Carolina,Tennessee, Virginia, West
Virginia. Whole lot of stateswere affected. You have until
May 1 victims of HurricaneMilton. That was Florida. You
have until May 1 also, so you'vegot some extra time. And of

(15:23):
course, I mentioned this on lastweek's show the disasters in Los
Angeles. You betcha, you getmore time. You got till October
15 of this year. And again, manyof these could possibly be
extended even longer, dependingon circumstances, facts and
circumstances on the ground inyour case, again, best to file

(15:46):
sooner than later. I say best,especially if it's a refund,
best to file it as soon as youcan. And nonetheless, you got to
do at least an estimate, becauseif you don't finish the return,
you got to get an idea that ifyou owe money, get it into the
IRS by April 15, requesting moretime, and at same time, give

(16:06):
them some money. If you owe theIRS or state of Idaho or your
state some money. Mr. Money,wish I was living in Florida I
wouldn't pay any state incometax. Or in Texas, I wouldn't pay
any income tax. Or Wyomingwouldn't pay any income tax
Washington, there's a certainnumber of states Vegas where you
don't pay, that's Nevada. Don'thave to pay income tax, you

(16:28):
betcha. So again, if you're notliving in all those, you got to
deal with the state and the Fed.Couple other deadlines, as I
mentioned, is this your 1099,deadline? What's that? So if
you're a freelancer, anindependent contractor, if
you're earning money outside ofa w2 traditional job, you're

(16:52):
going to be receiving a 1099,form that says, Here, much, how
much we paid you during the yearat for your self employment
income. And again, employers gotto get that form out by the end
of January. So know that thatdeadlines there. So again, if
you hired somebody, paidsomebody, you've got to get that

(17:15):
form out to them. And again,wouldn't you know that 1099 of
course, a copy goes to the IRS.So yes, you issue a 1090 9d or
contractors, you then make acopy and send it to the IRS so
your contractor knows you'vebeen reported. So whatever that
amount is, make sure it getsreported on your tax return. Of

(17:36):
course, take deductions againstit, but that 1099 form you're
supposed to get out to thosecontractors end of January, your
w2 wages for regular workers gotto get those W twos out by the
end of January. And as Imentioned on last week's, show
those self employed peoplehaven't paid money into the

(17:58):
government or paid enough. Ofcourse, you can pay in an
estimate called a quarterlypayment, where you estimate how
much you may owe to thegovernment. Send it in four
times during the year. That'sApril 15, June 15, send some
money in by September 15, andthen send some money in by

(18:18):
january 15. But Mr. Money,couple days late. I'm now at
it's fine with me. Had a clientget a hold of me and said, I'm
having trouble getting thepayment to the government. I
said, go to us.gov, and irs.gov,excuse me, and send some money
in that you're late a few daysmeans you're just late a few

(18:39):
days. The idea is get the moneyinto the IRS. So yes, pay your
quarterly payments. Yes, getthat money into the government.
Yes, it's owed. So you can't sayI didn't get around to it. You
simply got to get it into thegovernment. And some of these
new forms I should mention arevery interesting, like you may

(19:02):
say, Well, Mr. Money, I hadcontractors work for me. You
said I got to issue them at1099, if they work for me, so
the government can track downthose people who received money
from me, those contractors. Mr.Money, I didn't get the
contractor's name, address. Iknow what I paid the guy. I just
know it's Jim, and I know I paidhim 10 grand. Not good enough.

(19:26):
IRS says it is your job to getthe information. There is a form
called the w9 and so, yes, ifyou paid out to somebody some
money, yes, get that w9 by theway, if you go to irs.gov they
got all the forms there and askput in your internet for a w9

(19:47):
form, and it's used bybusinesses to collect the
person's identification. Soyou're going to get their name,
their address, their socialsecurity number or tax ID number
they use, and. What you used toput on your 1099 and send it out
to them, because you used the w9that they filled out and they
put their name and address andinfo and signed it and gave it

(20:10):
to you so very, very importantthat w9 gets you the information
so you can issue that 1099 thatneeds to be issued by the end of
the month. Mr. Money, what's thew9 is getting info? What the
heck is the 1099 form? The 1099form is where you use the w9 get

(20:31):
all the information, so you canfill out the 1099
and the 1099 has the amount youpaid someone. So the w9 you're
using to get the name, address,social, of the person. Then you
use that information, fill outyour 1099, send it to the
contractor. It shows I show youmade 10 grand. And you send it

(20:54):
out to them and send a copy tothe government. Mr. Money, my
contractor called me. He says, Ionly paid nine grand, not 10
grand. Mr. Buddy, can I fix the1099 form I gave the wrong
information? Answer, yes. 1099has a little X box. You can X
and say, correct it, andtherefore you'd resend it in re

(21:16):
give it to the contractor andshow nine grand that you paid
out instead of 10 grand. So itcould be done. Mr. Money, I've
never seen one of those 1099forms. I've only seen different
1099 forms, and that's correct.So again, you may get a 1099
form the end of the month inFebruary, end of January, into

(21:37):
February. And it's called the1090 9d i, V dividend. So this
is used by banks and brokeragecompanies, financial
institutions to report yourdividends that Charles Schwab
paid you, or your bank paid you,or Wells Fargo, wherever you're
doing your credit union,wherever you did some financial

(21:58):
services. So yes, make sureyou're looking and get your 1099
dividend form. You'll need thatfor your tax return. How about a
1099 i n t interest. So again,the bank is supposed to send you
a 1099 i n t because again, thebank paid out money to you, so

(22:19):
you're receiving the 1099 withthe interest number to report,
you may get another 1099 formcalled the 1090 9r form
retirement. So again, this onewill send to you report a
distributions of $10 or more.Virtually all these 1090 nines
are based on $10 or more. If youearned $1.50 they don't send it

(22:43):
to you, so it's $10 or more inall of them. But again, 1090, 9r
is where they're reporting thatthey sent out to you some
retirement money, or you had anannuity, and they sent you some
money some other kind of pensionor insurance contract. Again, R
for retirement. If you got somemoney from some retirement

(23:03):
account, you betcha, you'relooking for the form, and you
report that amount to your taxperson, and it gets reported.
Mr. Money, I got some 1099, ourpensions. It shows zero for tax
withheld. Yep, that could be aproblem if that is taxable
income coming out of yourretirement or pension, we should

(23:24):
have tax withholding, fed orstate if applicable, on it. If
it's missing, you may owe somemoney, but by all means, call
back the company and say, I wantto fix it and have some taxes
taken out. By the way, I seethat with Social Security, when
you get that tax form manytimes, people receive Social
Security, the government reduceswhat you got by the Medicare

(23:49):
because they take it outautomatically many times and
again, people don't realize thatthat social SSA form may be
taxable too. Social Securityportion of it may be taxable,
and that sometimes trips uppeople, because if no taxes are
withheld from the government onyour social security and you got
to report it, that may cause youto owe How about this one? This

(24:13):
is the one that's verycontroversial, called the 10,
99k you're going to hear a wholelot about this from Mr. Money in
the future, 10, 99k form thatyou may be getting summarizes
any income you earned, if youmade at least 5000 with a third
party payment network like Etsyor eBay or Venmo, you know all

(24:38):
those they now have to do it. Soif you're venmoing someone
that's doing personal things, oryou bought some personal items,
you ended up paying them morethan 5000 then Venmo or PayPal
may issue you a statement thatsays you receive more than 5000
as if it's taxable. Then you gotto. Port that you received the

(25:01):
five grand, but then you got toshow on your tax return. It's
not taxable. It used to be20,000 was the limit. Now it's
dropping down to 5000 so again,watch how much you're venmoing,
how much you're eBaying, howmuch Etsy you're doing pay
paling, because they are nowrequired to issue you a form if,

(25:22):
in fact, you received five grandor more through their system,
it's going to cause a lot oftrouble. Lot of people do that.
It isn't taxable, but thecompanies have to report if
you've got five grand or more.So that's going to become an
issue. And yes, we'll take careof phone calls on that as the
time comes with that one other1099 form that's coming to you,

(25:43):
I want to mention, called the1090 9g G, what's that one? It
details the unemploymentcompensation you may have gotten
from your state. And as aresult, by the way, could be a
1090 9g for state income taxrefund. Also, bottom line is
that 1090, 9g that shows yourunemployment compensation is

(26:06):
again taxable income on yourfederal tax return, and there
may not be any federal incometax withheld or state income tax
withheld. Usually it's nottaxable on the state so it's not
an issue. Usually it's for theFed. But again, what are you
doing as you get ready for taxseason, that 1090 9g for
unemployment you're looking for?And yes, I've had clients that

(26:27):
got unemployment never got the1099 form. And then they say to
me, I don't know how much I got.So that could be an issue the
1090 9g look for the 10 99k lookfor the 1090 9r look for the
1099, dividend. Look for the1099. Interest and your Social
Security. Got to report themall. So again, very, very

(26:50):
important to know the mostimportant thing, of course, it's
the obvious one, but again, Ishould mention it. That's called
your w2 form, your wagestatement. The w2 is the form
your employer is required tosend you end of January, as I
mentioned, documenting how muchmoney you earned working for

(27:11):
them in the prior year, how muchtax was withheld from your
paychecks. It's shown on there.That's the key item that gets
reported on your tax return forthe next few months. Mr. Money
is going to overdo the tax talk,because I want you to pay less
income tax. I would like you tokeep more of your money if you

(27:32):
try to use just the free filing.That does not mean you know all
the tax laws and all thosedeductions. It's pages and pages
and 1000s of more pages of taxlaw changes. Yes, I talk about
it during the year, but Iabsolutely recommend a tax
professional if you have someaction in your life, if you're

(27:53):
just a w2 employee period, oneone job, one wage, okay, maybe
not needed. But if you've gotaction in your life, if you've
got other things going on inyour life, kids, and by the way,
maybe you're supportinggrandparents or parents, that's
possible. Deduction. Whole lotof deductions. My clients got to

(28:13):
spend an hour with me. I got abrilliant ask you lots of
questions. I know what'sdeductible, so I ask lots of
questions. I do not let myclients drop off information and
say, Call me when it's ready.Nope, gotta have an interview.
Got to go snooping around forall those tax deductions that
are there. And many times, myclients go, I didn't know that

(28:35):
was deductible. I didn't knowthat was deductible. So again,
Mr. Money's here to say, if youcan get a tax preparer do that,
whether it's a lady, whetherit's a man, whoever, it may be
very important to pay the leasttaxes, my opinion, and receive
the biggest refund. Very, veryimportant. When we come back,

(28:57):
I'm going to talk about thedisaster in Los Angeles? Yes.
I've spoken to clients in LosAngeles that I have Yes. My
clients have lost money, losttheir homes, lost their cars,
lost everything, and they Yes,there are disaster relief. Yes,
maybe you don't have to pay onyour mortgage for a little

(29:19):
while. Some forbearance for awhile, but I'm gonna bring it
around to money. What had methinking is, if all of a sudden
there's a disaster, what do youdo? What about all your
financial documents? What do youdo? I have the answers when we
come back. This is Mr. Money.

Unknown (29:36):
Welcome back to the Mr. Money show on kit. I do talk
radio, 1075 FM and 580 AM.

Mark Rothstein (29:48):
Mr. Money is in the house here at K I do talk
radio studios downtown. Boise,little chilly out there today.
Ah, but I'm in a nice warm i.Studio here with my producer and
friend Chris. And so if you'dlike to dial in 5805436, is the

(30:09):
number. Remember, you can listento all Mr. Money shows and all
of my research and materials Iuse at Mr. Money answers.com By
all means, go on over there. Gota question on the website, you
can even hit the button and askMr. Money a question, if you'd
like. Yes, I have had clientsthat call the radio show and put
me and put them on hold. Theydon't want to talk live on the

(30:31):
air. They just want to ask theirquestion and get the answer so
that can be done, though, Iprefer to talk to you live at
5805436, going into a subjectthat may be a little sad for
people. That means, what do youdo if there is a disaster that
we're hearing all about justconstantly, even recently, on

(30:52):
the news a moment ago? So doesMr. Money have a financial
answer? Thinking now financialMr. Money? Financial answer,
what do you do? These wildfireswere devastating to Southern
California. In fact, all of thewildfires, all of the
hurricanes, are devastating, somaybe what you should do is have

(31:15):
a to go bag. Yep, a financial togo bag when there is these kinds
of disasters, finances areimportant. Obviously, if you
have to evacuate on shortnotice, you probably won't have
time to pull together all ofyour account numbers, some cash

(31:36):
and other essentials. That's whymany of us financial advisors
recommend having a financial togo bag if needed. So what do you
put in the bag? What do you putin the bag is important
documents such as it's yes, itshould include originals of your
social security cards, somebirth certificates and

(31:57):
passports, all again, basicinformation identifying it's
you, even some of your documentsyou keep in your wallet, like
your driver's license, make acopy. Put it in the bag too.
Again you want all of this. Havea photocopy of a utility bill or
something else that shows whereyou live, in case your

(32:19):
neighborhood is blocked off whenyou return, and you have to
prove your resident Bet youdidn't think of that one. That's
something you need also, again,have all your account numbers
for your bank account, yourinsurance companies, your stock
brokerage accounts, even theaccount numbers for your
mortgage or maybe even theinformation regarding your

(32:43):
landlord. Again, having all thisinformation, and by the way,
please don't forget tofrequently update it each year
or every six months. Have thosephone numbers, have those Online
Passes. How about passwords? Howabout your all those put a sheet
in with those, again, maybe evenphone numbers for customer

(33:05):
service for all those accounts.So it's Joey at Charles Schwab,
and here's his number. If I havea Charles Schwab account, do not
assume you'll have a workingcomputer where your passwords
are all stored. So having it ona piece of paper in your to go
bag is essentials. Don't evencount on being able to access

(33:27):
contacts on your mobile phone.So again, we're thinking just
grab the bag and get out withall the key information. Should
it include your estate planningdocuments? Sure? Why not have a
copy of your trust or your willor your medical directives.
Again, you've heard Mr. Moneytalk about these on during the

(33:47):
year, keep the one document atleast in there that lists all
your important roles andresponsibilities for people in
your life. If your Will says myexecutor is someone, put the
executors name and phone numberdown there. Put your broker's
name and phone number. How aboutyour banker's name and phone
number? Again, having thatinformation in a disaster,

(34:11):
you're gonna wish it was all onone sheet, and you're gonna wish
those contacts were right therein your bag. Make sure your
insurance policies, that'sright. Insurance policies,
obviously, most important, fromhealth care to homeowners to
your house, are included on theone page that I'm talking about.
So this one page got a whole lotof information on it, note your

(34:34):
policy numbers, and, of course,the agent or broker you work
with and their phone number forcustomer service if needed all
these people evacuated or justran because they needed to in
Los Angeles, they certainly wishthey had their house insurance
information, the policy numberand who to call when they had to

(34:55):
vacate all of a sudden. So Mr.Money is here to say it's just
one example. List all theimportant policy numbers and the
phone numbers on there. It's agood idea to document all the
contents in your home too. Had aclient recently spoke to,
unfortunately, lost their home.Yep, Mr. Money has clients in

(35:16):
Los Angeles, and again, theywere very worried. What am I
going to do? I mean, they had toleave, and they left
immediately. And again, all of asudden, their $2 million home,
they have nothing any longer,and talk to me a week later, and
it turns out the insurancecompany said we're going to give

(35:38):
you X amount of dollars for thehouse, X amount for your
contents inside the house, we'regiving you x amount, 30 grand
for the helping you find a newplace to live so they were made
whole very quickly. I don'tthink that's applying all the
time. So again, good idea tohave the contents of your home

(35:58):
on a piece of paper and thevalue on it. Remember to update
it every year. If not takepictures, at least put it in
there. So if there's a disasterlike this, you could say, Here's
pictures of my contents, orhere's a listing of my contents,
please value it properly andgive me a nice check again. You

(36:19):
might say, Mr. Money. Do I putall this information on paper,
or can I just electronically putit into the cloud or into my
computer? My recommendation isboth, why not have it in the
cloud if needed, but also, Iwould have that piece of paper
in case you can't get to thecloud. Okay, what else should

(36:40):
you keep in your financial to gobag that I'm talking about,
trying to cover everything here.What else should be in there?
Cash, just good old cash,several $100 to maybe as much as
1000 don't forget, electricityis out. You might not have
access to an ATM for a while. Soagain, having some cash, maybe

(37:04):
even having a blank check thatyou can use if needed. Make sure
you have extra keys to yourvehicles, or extra key to your
home other properties you mightown, like a vacation home or you
got a storage unit, why not putit in the to go bag case you got
to run over to the storage unitto get some things that are
there because your house isgone. Oh, would you please store

(37:28):
everything in a bag that iswaterproof, or pouches
waterproof? Check themregularly, make sure they're
sealed. So again, Mr. Moneyusually says, have a nice
financial file to keepeverything. Mr. Money is now
saying I'd like you to have theto go bag, the financial to go

(37:48):
bag. So again, you got to vacateyour house for whatever reason.
It's storm damage, it'shurricanes. It is
maybe even thievery. Someonewent to your house and just
started taking some things fromyou. You should have this to go
bag with your information. So ofcourse, you'll say, Mr. Money,
where should I keep my financialto go? Bag? Keep your bag

(38:12):
somewhere obviously waterproofand fire proof. It's got to go
somewhere like that. Yes. Noproblem. Putting it in a safe in
your home. No problem. But makesure you know how to get to that
safe and get into that safe. Ifwe got to run and you got to get
out, make sure it's easilyaccessible. If you're not sure
what the code is to get in, nota good idea. Make sure that you

(38:36):
can access it quickly and moveon with life again. Mr. Money,
You're upsetting me. Couldsomething happen here in Idaho
or wherever you're living. Itcould what's the harm in taking
some time to get this financialbag to go, which has all the
important documents andfinancial information that may

(38:58):
be needed, and have it in such aplace that if you gotta go fast,
you gotta go fast. Have anotherclient, Don, who I spoke with, I
was busy helping his neighborget out. He spent 1015, 20
minutes helping to pack that carfor the neighbor. Neighbor ends
up saying, I'm not going. So asa result, Don, in this case,

(39:21):
went off, took off with hisfamily, and turns out, all the
homes were destroyed, and hemight have been able to spend
the 10 or 15 minutes on his ownitems, to get it all ready and
or take his other car that gotburned and destroyed, but he was
spending time helping aneighbor. Mr. Money loves

(39:42):
helping the neighbor. Just sayto the neighbor, am I hoping so
we can leave versus I'm helpingyou, but you end up deciding to
stay versus leaving. And again,even Mr. Money had clients that
had a death last week with thefires, etc. So very sad what I'm
speaking about. But. But it's apart of life, and to be ready

(40:02):
for it, just like Mr. Moneytalks all the time throughout
the year, to make sure you havea will. Make sure that you have
your durable power of attorneyfor health care. Make sure you
have x, y, z, that's what I doin my meetings, and your
financial planner should do thesame. Is making sure you dot the
i's and cross the T's. I was ata dinner party the other night

(40:25):
and it came up about wills. Youwould think Mr. Money talked
about it. No, it came up withoutme. Of course, I added to the
conversation. But you would besurprised how people do not have
a will. Do not have a financialpower of attorney. Everyone
knows you should have one, butthey didn't do it. So I'm asking
all listeners, if you have notdone it, would you please do it?

(40:49):
And if you do have it, would youplease pull it up, know where it
is, and would you please reviewit, make sure you're not leaving
money in your retirement accountto your ex wife or to an ex
girlfriend. In other words, makesure the documents are up to
date. If you had a death in thefamily, maybe got to change
something. Maybe had a birth inthe family, got to change

(41:10):
something. Maybe you've got achild that got divorced or got
married, maybe you got to updateyour will again there or your
trust. So Mr. Money's busyshouting loud, take care of your
business and to have a financialto go bag. In case there's any
disaster, have the go bag, thevacant bag, the one to leave

(41:31):
with you got to run off with.Make sure it's complete. When we
come back, Mr. Money is going togo to a happy topic, which is
this, can money buy you a longerlife? What do you think if
you're wealthier? Do you thinkhaving more money is going to
buy you a longer life? You maybe surprised by the answer. All

(41:52):
when we come back, this is Mr.Money.

Unknown (42:00):
Welcome back to the Mr. Money show on K I do talk radio,
1075, FM and 580 AM.

Mark Rothstein (42:08):
Mr. Money is here talking about happiness.
You'd like to talk abouthappiness and let Mr. Money know
what you think. Does money makeyou happy? Or does money make
you happier. We can ask it thatway, 5805436, live here in the K
I do talk studios here. So Canmoney buy a longer life? Answer,

(42:33):
yes, but only up to a point.That's the real answer,
according to my Wall StreetJournal article here that I'm
looking at. And again, this iswith a Mr. JR Whalen of The Wall
Street Journal found itinteresting. Thought I'd bring
it up, plus I wanted a happytopic to talk about. And so the

(42:54):
things that help people livelonger are pretty well
established already. We all knowyou gotta eat better, gotta
sleep more, gotta exercise more,spend time with friends. So you
can make improvement on allthese fronts without ever
spending a dime. But you canalso spend in a smart way to up

(43:17):
the level of these. So again,bottom line is, do you need the
money to be happy? No, you wantto be happy. You want to live
longer, eat, better, sleep, moreexercise, more spend time with
friends. According to thejournal, j, A, M, a, internal
medicine, what did the journalsay once Americans make it to

(43:39):
their late 50s, the wealthiest10% live to a median age of
around 86 years. That's roughly14 years longer than the least
wealthy 10% so looking atnumbers of how long you live,
yes, wealthier people do tend tolive longer than the very much

(44:00):
less wealthy people. Statistic.Okay, again, what's the reason?
Because healthcare is a big one.It is buying healthy food, maybe
even a gym membership. But it'salso important to recognize how
not everything aboutrelationship between money and

(44:20):
longevity has to do on theindividual level. Spending
decision said a little bitclearer, it's really about how
you use your money and do youuse it in a strategic way. I saw
the TV show this guy wants tolive 100 plus years old, and by
the time he's done with his 50pills every day and his exercise

(44:44):
and his eating and everythingelse, certainly takes a whole
lot of time every day. And soI'm not sure what he's going to
do with this long, long, longlife that he's running, but that
was what the Netflix show wasall about. And so the idea what
they're getting at is the art.Article, it's not so much all
the wealth, it's really howyou're spending your wealth.

(45:06):
That's really it. So you need totarget your spending, whatever
that amount is, to things thatkind of tick multiple boxes in
terms of health benefits. Let megive an example. One
gerontologist, expert on Aging,Cornell said that she often
recommends that people of theolder age take up the activity

(45:27):
that you would enjoy doing andtake it up at an early age, and
maybe something like ballroomdancing. Why? Because it comes
with the benefits on multipletiers. Is what she's getting at
here. You have the physicalbenefits of moving around and
dancing. You have the cognitivebenefits of memorizing the
steps. You have the socialbenefits of doing this alongside

(45:51):
a group of people. So again,doesn't have to be ballroom
dancing, but notice how by doingthat exercise, you are most
certainly exercising. You'respending time with friends. Got
two of them, but doesn't meanyou sleep more, eat better.
Those are the four key oneshere. Eat better, sleep more,
exercise more, and spend timewith friends. The article goes

(46:12):
on. Thought I would share it.The key here, in this case, is
that's not much about the moneyitself, but how you use it, like
I just said, does it matter whenyou take it on early in life or
later in life, both whether youtake it on early in life or
late, find those activities youenjoy. If you find them in these

(46:32):
hobbies and activities you likewhen you're younger, it means
well into when you're older, youcan keep doing these lifelong
passions and spend your daydoing that in older age. Maybe
you discover them later. Oneother thing they mentioned here
is, aside from, when do youstart? Sooners better than
later. As they said, the otherone is getting some gadgets. In

(46:54):
other words, those that monitortheir health tend to live longer
also because they're monitoringit. Many of us simply see our
doctor once a year period. Butthose that have like the Apple
Watch, or, I don't know thisone, or a ring, Oh, you are a
ring. What are they doing? It'sdoing your health habits,

(47:15):
looking how many steps you doeach day, how much are you
sleeping, etc. It's monitoringyour health so you can adjust
where needed. Last thought theysaid on this happiness issue was
this one, oftentimes people putemphasis on the chronological
years when they focus onlongevity. How long am I going

(47:37):
to live this focus on it. Will Ilive to 75 we're going to live
to 85 Can I live to 95 thearticle here says, versus how do
experts say people could betterthink about living longer? So
what's the better way? The keyhere is to think about something
that doesn't have as much to dowith money as what we've been
talking about. In other words,if you're going to try to live

(48:00):
longer. What are you actuallygoing to do with those extra
years? That's the point, andit's important to think about
how you'll fill your days withactivities and people that
fulfill you, keep youstimulated. Living Longer. Of
course, is great we we all mightagree with that, whether you're
rich or you're not so rich, butyou should absolutely think

(48:21):
about what you want to put onyour list. What do you want to
put on your canvas? What do youwant to say your life is about
as you're stretching it outahead of you have I've always
said I want to be up tosomething gets me up in the
morning. Want to be up tosomething I want to live in the
world, the possibility toachieve X, Y or Z. And think it

(48:41):
keeps me very young. Of course,I could exercise a little
better. Of course, I could eat alittle better. Of course, I
could sleep a little better. SoI'm working on those, but at
least I'm getting some of thosekey items done. So Can money buy
you a longer how life? I guessit can to some degree on these
stats, but you really got tolook at things that aren't about

(49:03):
money, about eating better,sleeping more, exercising more,
spending time with friends,being social. That's a takeaway
from this. And again, the wholeidea is doing all that and
having a future you're livinginto. That's about it. The
music's here, Mr. Money meansMr. Money's not gonna stay on.

(49:25):
We've come to the end of theshow. I wish you all a
prosperous week. Be back nextweek to talk about Trump and
talk about our economic numbersthat drive all of our money.
This is Mr. Money. Informationand opinions

Unknown (49:37):
presented are for general information only and are
not intended to provide specificadvice or recommendations for
any individual you shouldcontact your investment
professional, attorney,accountant or tax advisor
regarding your individualsituation. The opinions of the
presenter do not necessarilyreflect those of independent
Financial Group LLC, itsaffiliates, officers or
directors. Mark Rothstein, akaMr. Money, is the owner of tri
star financial LLC and tri starIncome Tax Services LLC. Mr.

(49:59):
Money is a mark. Marketing nameonly, and is not intended as
anything other than a marketingname for entertainment purposes.
Securities and advisory servicesoffered through independent
Financial Group LLC, aregistered investment advisor
member, F, I N, R, A, S, I p, c,tri star financial LLC. Tri star
Income Tax Services LLC andindependent Financial Group LLC
are unaffiliated entities.