January 27, 2025 • 51 mins
Live show recorded 1/25/25
In this episode, financial expert Mark Rothstein, known as "Mr. Money," delves into the key policy changes and economic implications of President Trump's first week in office. From energy reform and immigration policies to tariffs and technology investments, Rothstein analyzes how these shifts may impact your personal finances and retirement planning. He also covers essential tax season updates and the importance of estate planning through trusts and wills. Tune in to gain valuable insights and strategies for navigating the evolving financial landscape.
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Episode Transcript
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Unknown (00:00):
Information and opinions presented are for
(00:01):
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
Income Tax Services LLC. Mr.Money is a marketing name only
(00:23):
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
LLC are unaffiliated entities.You
Mark Rothstein (00:43):
Good afternoon, Treasure Valley. This is Mr.
Money. Live here in downtownBoise, Idaho, doing another show
with you. Hope you're listening.5805436, is the number if you'd
like to dial in about money.5805436, and I got a whole lot
to talk about with money. Ifyou'd like to talk about it, I'd
(01:06):
like to you might say toyourself, why should you even
care about financial wellness?Why bother? Well, only half of
the states in America requirehigh school students to take a
personal finance class beforegraduating. 63% quote, of
Americans live paycheck topaycheck. 73% of American adults
(01:29):
rank finances as their primarystressor. And stressor leads to
not good health, leads to lesslife span, etc. And again,
that's 73% of American adultsrank finances as their primary
stressor. Only 25% of Americanteens have confidence in their
(01:50):
personal finance knowledge. I'vealways wondered. I'm scratching
my head doing it now, whydoesn't anybody teach money
there should be money school.When I do seminars, I teach
money school, give people theknowledge to take action, to
help their finances, to buildwealth. Fact, that's what this
show is about. We're on foryears here. We're going on our
(02:12):
third year here in Boise. Beenon for 10 plus years in Los
Angeles before I made the rightmove to come to Idaho, much
better place to be very happyhere. And I talk about money
every single week, and ofcourse, we're going to talk
about it today, giving you thenumber if you'd like to have
less stress, if you'd like totalk about money, there is
(02:34):
answers at the end of 5805436,how many numbers can you dial
and get answers to financialconcerns. Otherwise, listen in
on Mr. Money right here on the580 dial am or one Oh, 7.5 and
the FM dial and Mr. Moneyanswers.com. Is the website
(02:55):
where you can hear all my radioshows and my materials I use.
And again, dial in if you'd liketo Wall Street this week was up
2.2% for the Dow Jones.Industrial Average this week up
1.7% S, p5, 100 stocks up theNASDAQ technology exchange. That
(03:17):
one was up 1.7% so far year todate, NASDAQ are the technology
stocks up 3.3 year to date, S P,3.7 and the Dow Jones Industrial
Average up 4.4% again. Mr.Money, boy, oh boy, just keeps
going up. Mr. Money, I've heardyou talk that stocks have the
(03:40):
last two years with the best twoyears in a quarter, and that's
right, in a quarter century.That's right, last 25 years.
Last year, s, p, climbed 23% up.So you can see the stock
market's been doing very, verywell, even that Bitcoin
cryptocurrency was up in a largeway, overdoing 100,000 last year
(04:04):
and doing well this year. Soagain, we're seeing a lot of
good news. There seems to bemomentum. Is the word they use
on Wall Street. A lot ofmomentum going on these days.
And this was the first week ofTrump. This was his first week
in Trump and on his first day inoffice, President Trump signed a
(04:24):
record 26 executive orders, morethan any other administration in
history. There were four keyareas I just want to mention to
you. Yes, it relates to ourmoney, our financial planning,
our financial life. What werethose four key areas, energy,
immigration reform, tariffs andtechnology. And yes, they do
(04:49):
influence your pocketbook. Theydo influence the economy. They
do influence our dollar billsthat we're making. The first one
energy reform. And the questionin my. Ask is, will the oil
companies be on board? It wasone of the first areas Trump
signed. Yep. He followed throughon his campaign promise to
(05:09):
drill. Baby Drill. Those werehis words, drill. Baby Drill. He
made several executive actionsthat support the oil and gas
production in the US. He wantsto drill.
These include declaring anational emergency to reduce
restrictions on fossil fuelproduction and refining, as well
(05:30):
as to expedite some new energyinfrastructure projects. Don't
know if you knew that one. Theadministration also dialed back
on climate change initiativesand withdrew the US from the
Paris Climate Agreement again,which aims to cut greenhouse gas
emissions. So these energyorders have been focusing on so
(05:51):
much. By the way, they targetedAlaska for its natural gas
production, open up and drill,while the new administration may
be eager for all these oilcompanies to increase their
fossil fuel production, the oiland gas companies and OPEC, I
should mention, may not be askeen to do so. That sounds
(06:13):
strange. Increasing the supplyof oil and gas would ultimately
lower some energy prices and infact, therefore put downward
pressure on their revenue growthand earnings. And so maybe these
energy producers don't want toproduce so much that prices go
down. And remember, lower energyand gas prices would, however,
(06:35):
be very positive for containinginflation. Again, inflation, we
want the cost to go downward,not upward, even if US companies
were to drill and produce moreoil. Just know the logistics of
refining may be a headwind.Refineries will not only need to
access the drilled oil, thenthey may need to retool their
(06:56):
facilities to be able to processall this new US oil. Keep in
mind, everyone us is already atop oil producer globally, but
trying to expand this leadfurther could bring challenges
for companies, refineries, etc.Nonetheless, numbers say oil and
(07:16):
energy prices have respondedwith WTI oil down 5% since
Inauguration Day. So again,prices are coming down, and
that's a how should we say anegative that's something that
will bring down that inflation,if these lower costs for US
(07:37):
consumers using it, number twoon his list that he did sign
immigration reform. Second key,this is second key focus from
week one, as I mentioned,energy. Now I'm speaking about
immigration reform and these setof actions around immigration
focused largely on securing thesouthern border and preventing
(08:00):
illegal immigration, theydeclared Trump and his
administration declared nationalemergency at the border, naming
illegal foreign drug cartels asterrorists, ending public
benefits for unauthorizedimmigrants, and again, while The
campaign proposals around massdeportations have not yet
(08:22):
materialized. There has been anincrease in troops to support
border security. It's going onfor now. This administration
seems focused on containingillegal immigration,
particularly those targeted forcriminal activities. US
investors will be watching tosee if the next phase includes
the broader deportationactivity, which could be more
(08:46):
disruptive to labor supply andmarkets from all of us, from an
economic perspective, from Mr.Money's view, the key risk
remains legal immigrationdeclines over time. This could
weigh on US labor supply. So ifthere's a large deportation yet
we need labor. We need people toprovide productivity. A smaller
(09:09):
labor force here in Americacould mean not only softer
growth in the US, but it mayalso cause employers to pay a
higher wage to attract workers,which could then lead to price
increases. Because again, if I'mpaying my employees higher
dollars more cost, I'd like toincrease my price to make up for
(09:29):
that, and that is inflationary.That does bring up more pressure
to have inflation going upward.And again, that's what we've
been fighting all these years,is to keep inflation down. So
perhaps the good news is,President Trump has acknowledged
the need for little legalimmigration of the US, and
that's great. Yes, bring peoplein, but he's very key on his
(09:53):
words. Trump says, intechnology, especially, I want
skilled workers to. Fill theseshortages. So here's the third
one he talked about in thatfirst week, I thought I'd bring
you up to speed on tariffs, andso far, no action, I should say,
but it's been brought up whiletariffs were big concern for
(10:14):
markets heading intoInauguration Day, and it's still
on everybody's mind these days.My clients are all asking me all
week, what do you think aboutthe tariffs? Are there good days
ahead for my stocks? Is therebad days Mr. Money? Should I
reallocate my assets? Is myassets in the proper place for
(10:34):
my risk tolerance? I'm long termMy short term horizons? Will I
hit my goals again? They alwayssay, what about those tariffs?
Is that going to be bad news?And again, we have heard Trump
alluded to some specifics,including 25% I've heard even
50% tariff on Mexico and Canadaas of February one, citing
(10:57):
unauthorized immigrants and drugtrafficking is one of the key
reasons Trump wants to put thesetariffs on he's also spoken
about a 10% tariffs, up to 50%tariffs on China, and even
possibly levying tariffs on theEuropean Union. Again, none of
that has taken place yet. Infact, Trump administration has
(11:19):
asked federal agencies toevaluate us trade policy and
provide recommendations by Aprilone. So Mr. Money doesn't think
there's going to be major tarifflegislation yet, because we're
getting the information. Andagain, as I mentioned, the Trump
administration has asked federalagencies to evaluate us trade
policy and get back to him byApril one, this includes a
(11:42):
variety of things, all thepotential unfair trade practices
that exist now, what's causingthe US trade deficit that we
have? And make yourrecommendations and make
potential remedies. What couldbe some of the potential
remedies? So again, we're goingto wait and see on that one. Do
I think some tariffs will come?Mr. Money, does? The
(12:05):
administration now appears to betaking a more deliberate
research approach to doing this,and I think that's great.
Remember, keep in mind thatfiguring, not even just figuring
it, figure the inflation, butfight the inflation is a central
theme of Trump's campaign. Hesaid it very clearly, yes, Mr.
(12:25):
Money was there watching theinauguration and heard it
clearly him saying he's going todo what he can with his Cabinet
and the government to bring downinflation. I should also mention
he wants interest rates to golower. The Federal Reserve, by
the way, is meeting next week.Federal Reserve are the ones
(12:45):
that decide on interest rates.As of last December, when they
did drop the interest rates aquarter of a point. They did say
we're down to maybe one or twomore drops in the following
year. But right now, we'refeeling okay about it. So again,
this cycle of dropping, whichthey did in September, November
(13:06):
and December of last year, andthen a meeting again next
Wednesday, on for their meetingthis year, there's a lot of Wall
Street thoughts that there willnot be another drop this next
Wednesday of dropping interestrates for all of us that listen
to Mr. Money, you know, we likeinterest rates lower. I want my
(13:27):
mortgage payment to be lower. Orif I want to buy a house, I want
to borrow my house interest rateat a lower rate. I'd like my
credit card interest to go down.I'd like my automobile interest
rate to go down. Or if I want tobuy a car, to be lower. So
there's a lot of pluses to havea lower interest rate. It spurs
the economy. And again, I thinkthere's going to be some
(13:49):
conflict there. Trump wants itlower, and I don't think the
Federal Reserve is going to saywe're dropping it next week. So
again, the bench rock mark rightnow stands at 4.25 to five, 4.5
4.25 to 4.5% that's where thefederal rate is now. And so
(14:09):
we'll see what comes of that.That'll be interesting to see
next week. And that fourth key,oh, I should mention one other
thing, tariffs. When I wasspeaking about tariffs, and
that's a major Trump agendacoming. The other thing about
that is, what happened, MisterMoney, when there were tariffs
in the old days, in 2018 usannounced tariffs on imported
(14:32):
solar panels and washingmachines. That happened, June 15
of 2018 us announces 25% tariffon 60 billions of goods imported
from China. Oh, 18 again. Thiswas September us announces
another 10% tariff on 200billion worth of imported goods
from China. Again, October 18,2019 18 and 19. Now we're in 19
(14:59):
us imposed. Is 25% tariff oncertain European spirits and
wines. So tariffs have happenedin the past in 2018 and 19. And
keep in mind,
the market did okay. The marketdid not tank. The market was
just fine and dandy, doing itsups and downs, but it continued
(15:19):
in an upward motion that wholetime. So we'll see what it means
this time around. But if youlook at history, those ones done
in 18 and 19 did not upset themarketplace that we came right
back it was fine. The last one Iwanted to mention that Trump is
after is technology investment,AI Artificial Intelligence,
(15:42):
investing in technology,specifically artificial
intelligence, also seemed to befront and center in these early
days of the Trumpadministration. This last week,
this showed up, not only in anumber of technology CEOs
attending the inauguration, butalso in executive orders and
announcements of AI technologyinitiative, that's right, a new
(16:06):
AI technology initiative. Hesigned an executive order to
quote, make America the worldcapital in artificial
intelligence. The order callsfor agencies to craft policy to
ensure US dominance in AI. Inaddition, new administration has
proposed backing a privatesector investment up to 500
(16:30):
billion to fund infrastructurefor AI. The new venture, by the
way, is called Star Gate, aimsto build data centers, which is
a huge need to support AIcommuting power and potentially
create up to 100,000 jobs.Again, all good from the onset,
(16:51):
hearing that it's all aboutthough the implementation and
how the economy reacts to it,the US has already been a leader
in AI with many of theMagnificent Seven AI
infrastructure companies basedin the US and people have done
very well owning thoseMagnificent Seven stocks. The
(17:13):
investment in data centers andelectricity are critical for the
US to maintain leadership and bea driver for AI technology and
applications. Fact, read anarticle last week about Georgia,
and they were complaining thatit takes up so much room to do
these data centers. So again,maybe it does take up a whole
(17:34):
lot of room, but that's part ofthe price you pay for doing
this. In a future show, Missmoney is going to talk about.
We're out of time on thissegment. We'll talk about all
those other key items. How aboutderegulation? I have to say more
about that. How about thelowering of income taxes, that
tax cuts and Jobs Act? I gotmore to say about that, but at
(17:57):
least I wanted to cover thefirst four biggies. And again,
while many of these policyshifts may spark headlines,
cause you some uncertainty rightnow, the marketplace seems okay.
Yes, you should look at yourportfolios. Yes, Reese, if
you've got all the things youneed. But right now, fundamental
factors are there, earnings fromcompanies are there. And by the
(18:19):
way, they're reporting earningsthese weeks right now, our
economic growth, ourproductivity, our innovation,
inflation, seems to be okay atthe moment. So do your reviews
of your portfolios, talk to yourfinancial people and know that
Mr. Money will be back to dothat all year with you. In the
(18:41):
meantime, Mr. Money will be backin a moment, and we're going to
talk about what the IRS nowknows about you and the money
you make. They already know whatyou're making. So we need to
talk about you reporting thatall when we come back. This is
Mr. Money
Unknown (19:02):
and Me, tell you how it will be. There's one for you, 19
for me, because I'm the tax man.Yeah, on the tax man.
Mark Rothstein (19:23):
This is Mr. Tax man for this segment of our show
today. Number 5805436, if youlike to dial in 5805436, your
weekly education with moneysession is in session right now,
and tax seasons here. Just wantto remind everybody, your w2
(19:45):
wage statements are due byJanuary 31 today's january 25 so
just know if you haven'treceived your wages statement,
it should be coming. So January31 And know it should be there
by then. By the way, also,you're 1099 so if you were self
(20:08):
employed, you work for somebody,they're supposed to issue you a
1099 form which reports how muchyou made last year. By the way,
that 1099 a copy of it goes tothe IRS also, I should mention
so you do definitely want toreport your income. Not to
mention if the IRS has a copy ofyour 1099, it's in their
(20:29):
computer to match it up to makesure you reported it. And kind
of important to know all that,yes, of course, tax deadlines
are april 15, as always. Yes,we've reported on the fires in
Los Angeles that now they'veadded something to it. If you
were affected by the fire, youhad till October 15 to file your
(20:51):
taxes, so you had plenty of timeto do that. If you so choose to
do that, then they went on tosay, if you are in the L A area,
you get until October 15. Ain'tthat Very Nice. So again, you
may not have been affected, butthe fact that you're in the LA
area means you're affected,which means you get till October
(21:14):
15 to file. What else did theydo? They said, for all you
people that owe quarterlypayments, you got to pay in
taxes quarterly for the selfemployed if you did not get it
in by the fourth quarter,January 15 for last year. And
going forward this year, we'vegot our four payments this year,
(21:34):
April 15 of 25 so selfemployment income between
January and April. Income minusexpenses, your net income if you
owe some income taxes is selfemployed. You have to pay it by
April 15. Then the next one isJune 15. Again, you'll look from
April to June. Income minusexpenses. What was your net
(21:55):
income? If you owe some money,pay it by June 15. Then there's
a third quarter, September 15and the fourth quarter is due
January 15 of next year. Becauseof the fires, they said if
you're late on your april 15, 25payment, no worries, we're not
charging your penalties, nointerest charges. Same for your
June 15, same for your Septemberso they're going all out to make
(22:20):
sure that you're dealing withwhat you need to deal with in
Los Angeles, whether you'redirectly affected, maybe even
indirectly affected, but for allof us, others, not in a disaster
area, yes, we've got a file byApril 15. Yes, we've got all
those tax brackets again thisyear, that's like seven of them,
(22:43):
123456, of them, yes, 37% toptax bracket on there. Still
we've got here standarddeduction for this year. What
does that mean? Automatically,you get a tax deduction from the
government called the standarddeduction, and that's kind of
nice to have that. That's a nicenumber that we get every single
(23:05):
year. And I should mention thisfor everyone to know, that if
you are age 65 or older, youqualify for an additional
standard deduction, and that'salso given to you. So for last
year, for 24 it's $1,950 as youget extra, the extra is on top
(23:28):
of the standard one, which is14,600 for individuals, and
29,200 for married couples. Go.Lot of deductions are there?
Remember to take your deductionsalso for your IRA, you can put
money into an individualretirement account up till April
15 this year, year 25 and itstill can be a possible
(23:51):
deduction for you for last yearon 24 tax return. So again,
we're doing the year 24 taxreturn. I had a client last week
said to me, Mr. Money, I'm goingto owe a lot of money. I said,
one of the possibilities is openup an IRA Individual Retirement
Account. Get money in by April15. You can put in upwards of
(24:13):
7000 if you'd like. And thatcould possibly be a deduction. I
got to check if you have apension somewhere else before I
say it is deductible, but youcan put it in and then hopefully
deduct it again. Talk to yourtax person. Remember, if you've
got somebody in your houseyou're taking care of
financially, you're the head ofa household. You are not single.
(24:34):
You are head of a householdbecause you're taking care of
somebody in the house. So don'tfile single file as head of
household, because you get awhole lot better tax treatment
when that case. So somethingalso to look for. And for all of
you that are getting ready tofile, like yesterday or your w2
came in, can the IRS take yourtax return now? Yes, and if they
(24:57):
take it, how long does it takefor you to get your refund? Hmm.
Now the IRS says, within 21calendar days, as long as you
electronic file it, and again,Mr. Money does electronic file
his returns. But I want tomention in this segment one
other very important things thatthe IRS knows how much you make.
What do I mean by that? The IRSfinds out about your side
(25:21):
hustle, your extra work, yourself employment, your gig work,
anyone who earned more than 5000that's the number. Anyone who
earned more than $5,000 in theyear 2024 whether it's selling
tickets to concerts, musicalinstruments, other goods and
services online should expect toget a 10 99k form this month.
(25:46):
That's right. Online platformssuch as stub, hub, Etsy, eBay,
previously only had a report the1099 money that you received
when it was $20,000 for thisyear 24 it's 5000 so this lower
threshold means forms will besent to millions more taxpayers
(26:07):
this year to reflect all themoney you got in 24 so the
year's over for 24 if you gotfive grand or more, that's a 10
99k form. And by the way, evenif you don't get the 10 99k form
that the company showed that yougot paid. You still got to
report your self employmentincome regardless. But if you
(26:29):
get a 10, 99k you certainlybetter be doing it. Threshold
was supposed to be $600 but allthe company said there's no way
we can report that low innumber. So the IRS said that
we're going to phase it in. Thenumber is 5000 in the year 24
and 2500 for the year 25 and 600for the year 2026
(26:53):
again, even without these forms,whether you get them or not, you
got to report your selfemployment income and pay tax on
it. And the IRS is after thisone company called just answer.
This is where you can call inand get an answer, and the
expert who answers you gets paid15 to 25 bucks. There were guys
(27:14):
there that made $1.3 million andof course, they did not report
it on their taxes. And justanswer did not report that they
paid them that much moneybecause they're supposed to
issue a 1099, so again,remember, if you're making self
employment income, would youplease remember to report it
(27:36):
goes on your tax return, onSchedule C, as in, cat sold
proprietorship. And again, youcould take all the expenses
against it. So again, whenyou're selling stuff for a
profit, you can deduct all therelevant expenses that go with
it. So, Mr. Money, there's aselling fee I have to pay to
(27:57):
eBay. Yeah, that's deductible. Ihad the telephone, yeah,
percentage of your phone, Mr.Money, I got to use my car. Can
I take off my car? Answer, yes,you can take off your car. So
expenses for your car, keeptrack of your mileage for that,
if that's the case. So again, awhole lot of things there, but
(28:17):
I'm here to say the number isfive grand or more you got your
company is supposed to bereporting it that you got it.
Mr. Money, what about PayPal?What about those other companies
I use? I pay my babysitter, Ipay fill in the blank. Answers
the same if, in fact, you paidout something to people, and
(28:41):
people received money from you.If that money that people
received is that number of fivegrand or more, the people who
received it, please remember toreport it. I didn't say you're
gonna owe income tax on it. Isaid, please report it. Then
take expenses against it, andthen hopefully you'll get below
(29:03):
the threshold of taxes beingowed on it, and you won't own
the income tax and you won'thave the IRS after you, because
they get a copy of those 10, 99kforms. When we come back, Mr.
Money is going to talk about atrust. That's probably the most
question I get in a year, that'sone of the top 10. I'd say, Mr.
(29:24):
Money, should I get a trust? Mr.Money, should I have a will? Mr.
Money, what's the difference ina will and a trust? Oh, Mr.
Money, I got a will. Do I need atrust? So I thought I would
answer that, because, again, Igot those calls this week from
clients. We come back, we'regoing to answer the question of,
what's a trust and do I need itwhen we come back? This is Mr.
(29:46):
Money. I need
Unknown (29:50):
somebody, not just anybody. You know, I need
someone. This is
Mark Rothstein (29:59):
Mr. Money, and we're live here in Boise, Idaho,
phone number 5805436, teaching,educating, learning about money
every single week from the twoo'clock to three o'clock Idaho
time. Yes, we're heard aroundthe world. And yes, Mr. Money
has a website. You can go to Mr.M, R, money, M, O, N, E, y,
(30:24):
answers, a n, s, W, E, R, Mr.Money, answers.com. If you'd
like to hear the show again, Ido speak a little quickly. I
hopefully speak in real simpleEnglish that you understand and
it can make a difference in yourlife, my goal make a difference
people. So the trust, whendeveloping any kind of plan, a
(30:48):
revocable trust, can providemany benefits for you. So that's
why you always hear people say,What about a trust? What do you
think about a trust? What's atrust? It's simply a written
arrangement under which oneperson who's called the trustee
holds legal title to propertyfor a beneficiary, you can be a
(31:08):
trustee of your own living trustand keep total control of your
assets in the trust. So again, atrust is just another way to
protect your money. Yes, I havea trust. Yes, it's in my name.
Yes, I am the trustee. In otherwords, I control it and again,
and having a living trust canfall into two categories. One is
(31:33):
living trust created during alifetime. So you're creating it
while you're alive. The Fancyword is inter vivos trust. Don't
need to know that. That's whatit's called. And again, this is
why you're alive, and it's anirrevocable or revocable I have
a revocable trust. All thatmeans is I'm able to create it,
(31:54):
which I did with an attorney,control it during my lifetime. I
can revoke it, I can amend it. Ican change it. My trust says
who's going to get my money. Ican change that again. If you
change it in your mind, no goodif you're putting new
beneficiaries are changing. Yes,you should document that have
witnesses speak to the attorneyon the proper way to make an
(32:17):
alteration to it. But you canthen there's a trust called
irrevocable trust. The first onerevocable. I can change it
irrevocable and wish Irelinquish the right to amend or
cancel the trust at a laterdate. So again, you've got two
different kinds of trust.Extreme care should be taken,
(32:39):
but it's really there for anestate plan. It's really there
that you're leavinginstructions. If something
happens to you, please leaveinstructions. What do you want
people to inherit from you? Whatdo you want people to do with
your property? What do you wantwith all of your assets? By the
way, it can also include whatyou want with your own body.
(32:59):
Would you like to be buried?Would you like to be cremated?
All this stuff goes in yourestate planning, and the trust
can speak a lot about it. Again,a revocable trust, which is what
most people have, has a couplemajor benefits. Number one,
having a trust avoids probate.What's that mean? Mr. Money,
avoiding probate means itdoesn't have to go through the
(33:22):
court system. If I don't have togo through the court system, I'm
not stuck inside of the legaladministration of the trust, the
legal administration of myassets, because it can avoid
probate. So a will has to gothrough the court system, has to
be probed, probated, a livingtrust does not need to be so
(33:43):
immediately, my trust keepsliquidity there because it's not
tied up through the courtsystem, because it doesn't have
to probe where the money isgoing to go, who the
beneficiaries are, who's theexecutor to handle my affairs.
It's all right in the trust. Soa trust allows you to name your
(34:04):
beneficiaries, name yourexecutor, if you're naming a man
to handle your affairs,executive tricks, if you're
naming a lady to do it. By theway, you can name a man and a
lady. You can name two people tobe co executors, if you wanted
to. And again, all they do isexecute as executors. On your
(34:24):
piece of paper, what you wroteyou want in your trust is what
they have to do. They don't getto change it. They do what you
tell them to do. So again,having a trust allows you to
write down and make changes ifyou want who's your beneficiary?
Who's going to be your executorsto receive, to handle things,
and you have a spot to nameguardianship if you pass away,
(34:48):
who's taking care of my child orchildren. Can add that in there.
If you've got a disabled child,let's say, and they need a
custodian to watch over them andgive them. Money is needed, you
can name a custodian that cancertainly be done. Maybe it's
just a regular child, five nodisability. In other words,
who's young, at five years old,they can't be left all this
(35:10):
money be left a house to a fiveyear old. So again, you can name
a custodian, and again, it'svery time consuming, as I
mentioned. You go throughprobate, sucks up all your time,
and you could be there formonths and months, going through
the court system for the courtto decide how to distribute
assets, etc. So again, having atrust, you name it right there.
(35:34):
These are my assets. This iswhere it's going. So a very,
very good thing to do, by theway, if you avoid probate, you
also keep privacy. So a trustnot only saves you money because
I don't have to go through thecourt system, it saves me money
because I don't need to hireattorneys to help me with the
court system, but a trust alsokeeps privacy because it didn't
(35:58):
go getting Pro, didn't gothrough the court system. Nobody
knows my business or my assets.And again, that's another good
thing, in addition to what Imentioned earlier, of liquidity,
because I'm not tied up in thecourts. So a lot of good things.
A revocable trust, I think, isvery much necessary if you have
a bulk of assets, if you havevery little assets, 100,200
(36:23):
300,000 maybe you don't need afancy trust. Maybe all you need
is a will. So yes, I do believeyou need a will, or at least a
trust and a will again, namesomebody to be your executor. A
will also says the guardianshipfor the child. A will also
(36:43):
names. Beneficiary does a wholelot of stuff, but it has to go
through probate. Has to costmoney to go through probate has
to be tied up in court. That'swhy, many times when you inherit
money from someone, takes like,a year to get it wasn't because
the executor didn't want to sendyou the assets. It's because
they had to go through theprocess of settling the estate.
(37:04):
That's part of the reason ittakes time. If you own property,
got to sell the property and getthe money. You've got to do a
tax return for the deceasedperson. So it does take some
time, but if you're a trust, youcan avoid probate, which make it
much quicker. And again, oneother thing I should mention
there, watch, if you've got atrust that you also have
(37:26):
reviewed your assets that getdistributed outside of the trust
or the will, there's a coupleassets you have that we don't
even read the will to see whereit goes. We don't even look at
your trust to see where thatasset goes certain assets avoid
all that. They simply get paidto the piece of paper you wrote
(37:47):
for it, like a retirementaccount, there is a beneficiary
form. So your retirement accountusually names a person who gets
your assets. So again,retirement asset, we simply look
at the piece of paper goes to mydaughter Eliana, then it's gonna
go to my daughter Eliana. If ithas my daughter Eliana and my
daughter Ariella, my twodaughters, it would go have z
(38:10):
habsy. In my case, I have 100%if I pass away, going to my
wife, and if my wife's notthere, then I have a secondary
beneficiary contingent of goingto my two daughters have z, have
these for each so again, someassets do not go through the
(38:30):
will or the trust, and thatwould be like a retirement
account. How about a lifeinsurance contract? Again, you
own life insurance. It's aseparate piece of paper where
you name who gets the lifeinsurance proceeds again, you
can name your spouse. You couldname your daughters. You can
name your sons. You can namewhoever you'd like. You can
split the percentage among them.By the way, one good thing about
(38:54):
life insurance, when theyinherit life insurance is tax
free, the money they receive ifthey receive a retirement
account, they got to report itand pay some income tax on it
slowly over time. With inheritedretirement accounts, many times
you have to take the money outover the next 10 years. And when
you take money out of retirementaccount, we got to report it and
(39:14):
pay income taxes on it. So thereis a lot around getting a trust
and around getting a will, Ivery much recommend it. I speak
about it every year. But again,it came up this week with a
client saying, Do I need atrust? Do I not? Of course, my
client had a will becausethey're my client, and I make
sure they have a will at least,then they need to go beyond me,
(39:37):
go to a lawyer to get the trust.But again, I keep getting that
question, so I thought it wastime to answer that when we come
back, Mr. Money is going to comeback with one other thing, and
that's re imagining retirementis your key to retirement
success. That's right, there isone key element that must be.
(40:00):
There for you to have a goodretirement? No, I'm not talking
about lots of money. That wouldbe great. But there is another
item that must be there for youto have a successful retirement.
We're going to talk about thatwhen we come back. This is Mr.
Money.
Unknown (40:18):
It's been a hard day, and I've been with you. Like a
dog. It's been a Hard Day'sNight. I should be sleeping like
a love, but when I get home toyou, I find the things that you
do will make me feel
Mark Rothstein (40:37):
all right, feeling all right. This is Mr.
Money in the house, as they sayin today's vernacular, right
here, k, i, d, O, Talk Radiostudios sharing the studio with
another gentleman who does themorning show, Kevin Miller, here
with my executive producer, Mr.Chris, and we're here together.
It is Saturday, it is twoo'clock, and Mr. Money wants to
(41:00):
talk about, re imaginingretirement. It's the key to
retirement success. What do Imean by that? Every article Mr.
Money reads about, it's alwaysabout the money, the money, the
money. Do you got enough money?Will you can you outlive your
money? Do you have enough so youdon't how do you figure how much
(41:21):
to pay out over your lifetimeagain, so you don't run out of
money? What happens if anemergency, a major health issue
comes later in life, and we needmoney for that? Well, will I
have enough money after that tokeep going? So many questions
around retirement. It's funny,how and I guess it's not funny,
but many Americans are not onlyfinancially unprepared to
(41:45):
retire. Say most of thearticles, some fear retirement
more than death. A recent surveyshows, and I've spoken about
this before, about 61% ofworking Americans are more
afraid of retire than of dyingand 64% fear retiring more than
getting divorced, according to anational survey from live career
(42:08):
that happened this last June.And again, it's a big deal. So
one of the articles I justrecently read that I want to
talk about here is fromThursday, January 16, USA,
today. I'd like to give you thetitle of it. Reimagining
retirement is key to retirementsuccess. Author Nancy K
(42:30):
Schlossberg, S, C, H, l, o, s,s, B, E, R, G, and again, why am
I doing that? Because you maywant to go back and reference
this article again. It'll be onmy website under today's date.
But again, what's the key pointis this, the need to matter in
life could be the secret tohappy retirement. And if so, if
(42:52):
that's true, that you need tomatter. People want to matter.
If so, what will happen to 4.1million individuals expected to
retire this year in year 2025,according to the National
Council on Aging, 80% will faceeither a financial or emotional
crisis. That's right. Accordingto National Council on Aging,
(43:15):
80% of those retirees, 4.1million that are retiring this
year will face either afinancial or emotional crisis,
and as a nation, we face thechallenge of figuring out how
millions of retirees canconstruct a new life where they
feel valued. That's what thewhole point is about. It's about
(43:37):
feeling that it matter. Suddenlymy wife was upside down. Again,
a gentleman that's working,working, working, or a lady
working, working, working. Allof a sudden they're retired.
There's no place to go to.There's no job I must complete.
There is nobody who works forme. You wake up and there's
nothing next. Quote, unquote,unless you created it. So again,
(44:00):
people are feeling they're nolonger relevant, they're no
longer appreciated, they're nolonger listened to. They felt
invisible. That's what a lot ofpeople now say, when you get
into retirement, I feelinvisible. The lack they
struggled with could be summedup in one word that it means to
matter, the need to feelnoticed, valued, depended on and
(44:24):
that's what this whole articleis talking about. And again, the
way to start is to ask yourself,what you can do to boost your
feelings that you matter. Oneget involved and stay engaged so
you may not have the sameexpectations as you had a week
before when you were working,but you need to decide to engage
(44:45):
in something, learn aboutsomething as you go forward,
seek new connections. They sayin the article, one recent widow
complained that some of thecouple she'd hung out with no
longer included her. A friendsuggested she take the
initiative. Start giving dinnerparties or inviting couples to
join her for a movie. Yep, seenew connections, another one
(45:07):
that shows you matter. Take thetime to thank someone for their
help, offer a kind word orrecognize someone's effort.
Those small guessers make othersfeel valued and enhance our own
sense of purpose. When you seesomeone struggling with
mattering, lend them a hand, dosomething nice, maybe place a
(45:27):
phone call of support. Butagain, check your own mindset
like you would your financialportfolio. That's where my eye
caught the article. Check yourmindset like you would your
financial portfolio. It isimportant to check your
psychological portfolio, just asmuch as you check your financial
(45:47):
portfolio. And again, talk aboutyour health. What is your
health? Is there a certaindepression that's there is a
certain ambivalence toward life?What's there? Talk to your
primary care doctor, just likeyou would talk about your
finances to your financialadvisor, or, of course, dial the
number and talk to Mr. Moneyeach week at 25805436, the idea
(46:11):
is, talk about it. Talk to yourhealth provider about that. To
feel that you matter, you needto focus on the psychological
portfolio. It says, whichcontains your identity for you
to be able to say to yourself,Who am I now that I don't have a
job? Your purpose? What excitesyou, what wakes you up in the
(46:35):
morning, and what about yourchanging relationships with
family, friends and formercolleagues, especially those
former colleagues, of course. Soagain, you gotta figure out your
new life path. That's the bottomline. Based on hundreds of
interviews, this NancySchlossberg, professor at
(46:55):
University of Maryland, went onto say there are six paths that
can help boost one's mattering.For you to matter you can
combine the past or go one onone with each one. However you
choose one is continuer. Thismeans continuing in a modified
way what you've always done. Forexample, someone whose field was
(47:19):
Gerontology might continue theirinterest in aging by
volunteering at a senior centeradventure moving into an
entirely different field, likethe advertising exec who became
a docent at a museum. But again,adventure tried something new,
create something new, matter ina new way, but gotta matter. How
(47:40):
about an easy glider, lettingeach day unfold with no clear
agenda, and join the freedom toexplore different activities.
Maybe become an involvedspectator, staying engaged in
your field, but as an observer,rather than a doer, how about be
a searcher, continuouslyexploring how to take the next
(48:01):
steps in your journey, tryingout different activities and
roles. Sounds like a good onefor me. How about a retreater?
Take a temporary break toreflect and recharge, so long as
it does not result in youbecoming a couch potato. Again,
these are all recommendationsfrom this professor. And again,
she ended the article by saying,Keep reevaluating your path, and
(48:26):
you can retire happy. Retirementis a major transition. As you
move from worker to retiree, youlose some relationships and
refocus on new ones, withfamily, friends, former
colleagues, you're modifyingyour daily routine and
assumptions about the world. Soaccording to Forbes, by the way,
(48:49):
retirees can expect to live 20to 30 more years. Hopefully,
that brings a smile to yourface, not a chagrin during these
years, you might experiencerecurring cycles of mattering,
not mattering and matteringagain not matter. Now I do
matter, but with each bump inthe road, you can revisit your
(49:11):
retirement strategies, that'syour financial strategies, and
re evaluate your path here,psychologically. The whole thing
is about mattering. Okay, so Mr.Money is here to bring that up
for all of us to consider,because absolutely how your
psychology is, yourconversations in your head, what
(49:34):
you say to yourself each day,having something you're up to
each day you wake up or Mr.Money, I'm not up to anything
specific. That's fine, as longas you're thinking about what to
be up to. People that have apositive future, have a future
to live into, tend to have alonger life, because they want
(49:56):
to get up each day to achievesomething next and. And that's
very important for a healthy,healthy, good life ahead.
Another good thing that's goodfor your health is to listen to
Mr. Money every Saturday, twoo'clock live. It's a money class
in simple English that canabsolutely make a difference for
you financially. I thank you forlistening to Mr. Money. I hear
(50:20):
the music in the background thatsays, Mr. Bunny is complete for
today. Have a prosperous week,everyone. We'll see you next
week. This is Mr. Money. TheInformation and opinions
presented are for generalinformation only
Unknown (50:29):
and are not intended to provide specific advice or
recommendations for anyindividual you should contact
your investment professional,attorney, accountant or tax
advisor regarding yourindividual situation. The
opinions of the presenter do notnecessarily reflect those of
independent Financial Group LLC,its affiliates, officers or
directors. Mark Rothstein, akaMr. Money, is the owner of tri
star financial LLC and tri starIncome Tax Services LLC. Mr.
(50:51):
Money is a marketing name onlyand is not intended as anything
other than a marketing name forentertainment 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. You.
Information and opinions presented are for
(00:01):
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
Income Tax Services LLC. Mr.Money is a marketing name only
(00:23):
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
LLC are unaffiliated entities.You
Mark Rothstein (00:43):
Good afternoon, Treasure Valley. This is Mr.
Money. Live here in downtownBoise, Idaho, doing another show
with you. Hope you're listening.5805436, is the number if you'd
like to dial in about money.5805436, and I got a whole lot
to talk about with money. Ifyou'd like to talk about it, I'd
(01:06):
like to you might say toyourself, why should you even
care about financial wellness?Why bother? Well, only half of
the states in America requirehigh school students to take a
personal finance class beforegraduating. 63% quote, of
Americans live paycheck topaycheck. 73% of American adults
(01:29):
rank finances as their primarystressor. And stressor leads to
not good health, leads to lesslife span, etc. And again,
that's 73% of American adultsrank finances as their primary
stressor. Only 25% of Americanteens have confidence in their
(01:50):
personal finance knowledge. I'vealways wondered. I'm scratching
my head doing it now, whydoesn't anybody teach money
there should be money school.When I do seminars, I teach
money school, give people theknowledge to take action, to
help their finances, to buildwealth. Fact, that's what this
show is about. We're on foryears here. We're going on our
(02:12):
third year here in Boise. Beenon for 10 plus years in Los
Angeles before I made the rightmove to come to Idaho, much
better place to be very happyhere. And I talk about money
every single week, and ofcourse, we're going to talk
about it today, giving you thenumber if you'd like to have
less stress, if you'd like totalk about money, there is
(02:34):
answers at the end of 5805436,how many numbers can you dial
and get answers to financialconcerns. Otherwise, listen in
on Mr. Money right here on the580 dial am or one Oh, 7.5 and
the FM dial and Mr. Moneyanswers.com. Is the website
(02:55):
where you can hear all my radioshows and my materials I use.
And again, dial in if you'd liketo Wall Street this week was up
2.2% for the Dow Jones.Industrial Average this week up
1.7% S, p5, 100 stocks up theNASDAQ technology exchange. That
(03:17):
one was up 1.7% so far year todate, NASDAQ are the technology
stocks up 3.3 year to date, S P,3.7 and the Dow Jones Industrial
Average up 4.4% again. Mr.Money, boy, oh boy, just keeps
going up. Mr. Money, I've heardyou talk that stocks have the
(03:40):
last two years with the best twoyears in a quarter, and that's
right, in a quarter century.That's right, last 25 years.
Last year, s, p, climbed 23% up.So you can see the stock
market's been doing very, verywell, even that Bitcoin
cryptocurrency was up in a largeway, overdoing 100,000 last year
(04:04):
and doing well this year. Soagain, we're seeing a lot of
good news. There seems to bemomentum. Is the word they use
on Wall Street. A lot ofmomentum going on these days.
And this was the first week ofTrump. This was his first week
in Trump and on his first day inoffice, President Trump signed a
(04:24):
record 26 executive orders, morethan any other administration in
history. There were four keyareas I just want to mention to
you. Yes, it relates to ourmoney, our financial planning,
our financial life. What werethose four key areas, energy,
immigration reform, tariffs andtechnology. And yes, they do
(04:49):
influence your pocketbook. Theydo influence the economy. They
do influence our dollar billsthat we're making. The first one
energy reform. And the questionin my. Ask is, will the oil
companies be on board? It wasone of the first areas Trump
signed. Yep. He followed throughon his campaign promise to
(05:09):
drill. Baby Drill. Those werehis words, drill. Baby Drill. He
made several executive actionsthat support the oil and gas
production in the US. He wantsto drill.
These include declaring anational emergency to reduce
restrictions on fossil fuelproduction and refining, as well
(05:30):
as to expedite some new energyinfrastructure projects. Don't
know if you knew that one. Theadministration also dialed back
on climate change initiativesand withdrew the US from the
Paris Climate Agreement again,which aims to cut greenhouse gas
emissions. So these energyorders have been focusing on so
(05:51):
much. By the way, they targetedAlaska for its natural gas
production, open up and drill,while the new administration may
be eager for all these oilcompanies to increase their
fossil fuel production, the oiland gas companies and OPEC, I
should mention, may not be askeen to do so. That sounds
(06:13):
strange. Increasing the supplyof oil and gas would ultimately
lower some energy prices and infact, therefore put downward
pressure on their revenue growthand earnings. And so maybe these
energy producers don't want toproduce so much that prices go
down. And remember, lower energyand gas prices would, however,
(06:35):
be very positive for containinginflation. Again, inflation, we
want the cost to go downward,not upward, even if US companies
were to drill and produce moreoil. Just know the logistics of
refining may be a headwind.Refineries will not only need to
access the drilled oil, thenthey may need to retool their
(06:56):
facilities to be able to processall this new US oil. Keep in
mind, everyone us is already atop oil producer globally, but
trying to expand this leadfurther could bring challenges
for companies, refineries, etc.Nonetheless, numbers say oil and
(07:16):
energy prices have respondedwith WTI oil down 5% since
Inauguration Day. So again,prices are coming down, and
that's a how should we say anegative that's something that
will bring down that inflation,if these lower costs for US
(07:37):
consumers using it, number twoon his list that he did sign
immigration reform. Second key,this is second key focus from
week one, as I mentioned,energy. Now I'm speaking about
immigration reform and these setof actions around immigration
focused largely on securing thesouthern border and preventing
(08:00):
illegal immigration, theydeclared Trump and his
administration declared nationalemergency at the border, naming
illegal foreign drug cartels asterrorists, ending public
benefits for unauthorizedimmigrants, and again, while The
campaign proposals around massdeportations have not yet
(08:22):
materialized. There has been anincrease in troops to support
border security. It's going onfor now. This administration
seems focused on containingillegal immigration,
particularly those targeted forcriminal activities. US
investors will be watching tosee if the next phase includes
the broader deportationactivity, which could be more
(08:46):
disruptive to labor supply andmarkets from all of us, from an
economic perspective, from Mr.Money's view, the key risk
remains legal immigrationdeclines over time. This could
weigh on US labor supply. So ifthere's a large deportation yet
we need labor. We need people toprovide productivity. A smaller
(09:09):
labor force here in Americacould mean not only softer
growth in the US, but it mayalso cause employers to pay a
higher wage to attract workers,which could then lead to price
increases. Because again, if I'mpaying my employees higher
dollars more cost, I'd like toincrease my price to make up for
(09:29):
that, and that is inflationary.That does bring up more pressure
to have inflation going upward.And again, that's what we've
been fighting all these years,is to keep inflation down. So
perhaps the good news is,President Trump has acknowledged
the need for little legalimmigration of the US, and
that's great. Yes, bring peoplein, but he's very key on his
(09:53):
words. Trump says, intechnology, especially, I want
skilled workers to. Fill theseshortages. So here's the third
one he talked about in thatfirst week, I thought I'd bring
you up to speed on tariffs, andso far, no action, I should say,
but it's been brought up whiletariffs were big concern for
(10:14):
markets heading intoInauguration Day, and it's still
on everybody's mind these days.My clients are all asking me all
week, what do you think aboutthe tariffs? Are there good days
ahead for my stocks? Is therebad days Mr. Money? Should I
reallocate my assets? Is myassets in the proper place for
(10:34):
my risk tolerance? I'm long termMy short term horizons? Will I
hit my goals again? They alwayssay, what about those tariffs?
Is that going to be bad news?And again, we have heard Trump
alluded to some specifics,including 25% I've heard even
50% tariff on Mexico and Canadaas of February one, citing
(10:57):
unauthorized immigrants and drugtrafficking is one of the key
reasons Trump wants to put thesetariffs on he's also spoken
about a 10% tariffs, up to 50%tariffs on China, and even
possibly levying tariffs on theEuropean Union. Again, none of
that has taken place yet. Infact, Trump administration has
(11:19):
asked federal agencies toevaluate us trade policy and
provide recommendations by Aprilone. So Mr. Money doesn't think
there's going to be major tarifflegislation yet, because we're
getting the information. Andagain, as I mentioned, the Trump
administration has asked federalagencies to evaluate us trade
policy and get back to him byApril one, this includes a
(11:42):
variety of things, all thepotential unfair trade practices
that exist now, what's causingthe US trade deficit that we
have? And make yourrecommendations and make
potential remedies. What couldbe some of the potential
remedies? So again, we're goingto wait and see on that one. Do
I think some tariffs will come?Mr. Money, does? The
(12:05):
administration now appears to betaking a more deliberate
research approach to doing this,and I think that's great.
Remember, keep in mind thatfiguring, not even just figuring
it, figure the inflation, butfight the inflation is a central
theme of Trump's campaign. Hesaid it very clearly, yes, Mr.
(12:25):
Money was there watching theinauguration and heard it
clearly him saying he's going todo what he can with his Cabinet
and the government to bring downinflation. I should also mention
he wants interest rates to golower. The Federal Reserve, by
the way, is meeting next week.Federal Reserve are the ones
(12:45):
that decide on interest rates.As of last December, when they
did drop the interest rates aquarter of a point. They did say
we're down to maybe one or twomore drops in the following
year. But right now, we'refeeling okay about it. So again,
this cycle of dropping, whichthey did in September, November
(13:06):
and December of last year, andthen a meeting again next
Wednesday, on for their meetingthis year, there's a lot of Wall
Street thoughts that there willnot be another drop this next
Wednesday of dropping interestrates for all of us that listen
to Mr. Money, you know, we likeinterest rates lower. I want my
(13:27):
mortgage payment to be lower. Orif I want to buy a house, I want
to borrow my house interest rateat a lower rate. I'd like my
credit card interest to go down.I'd like my automobile interest
rate to go down. Or if I want tobuy a car, to be lower. So
there's a lot of pluses to havea lower interest rate. It spurs
the economy. And again, I thinkthere's going to be some
(13:49):
conflict there. Trump wants itlower, and I don't think the
Federal Reserve is going to saywe're dropping it next week. So
again, the bench rock mark rightnow stands at 4.25 to five, 4.5
4.25 to 4.5% that's where thefederal rate is now. And so
(14:09):
we'll see what comes of that.That'll be interesting to see
next week. And that fourth key,oh, I should mention one other
thing, tariffs. When I wasspeaking about tariffs, and
that's a major Trump agendacoming. The other thing about
that is, what happened, MisterMoney, when there were tariffs
in the old days, in 2018 usannounced tariffs on imported
(14:32):
solar panels and washingmachines. That happened, June 15
of 2018 us announces 25% tariffon 60 billions of goods imported
from China. Oh, 18 again. Thiswas September us announces
another 10% tariff on 200billion worth of imported goods
from China. Again, October 18,2019 18 and 19. Now we're in 19
(14:59):
us imposed. Is 25% tariff oncertain European spirits and
wines. So tariffs have happenedin the past in 2018 and 19. And
keep in mind,
the market did okay. The marketdid not tank. The market was
just fine and dandy, doing itsups and downs, but it continued
(15:19):
in an upward motion that wholetime. So we'll see what it means
this time around. But if youlook at history, those ones done
in 18 and 19 did not upset themarketplace that we came right
back it was fine. The last one Iwanted to mention that Trump is
after is technology investment,AI Artificial Intelligence,
(15:42):
investing in technology,specifically artificial
intelligence, also seemed to befront and center in these early
days of the Trumpadministration. This last week,
this showed up, not only in anumber of technology CEOs
attending the inauguration, butalso in executive orders and
announcements of AI technologyinitiative, that's right, a new
(16:06):
AI technology initiative. Hesigned an executive order to
quote, make America the worldcapital in artificial
intelligence. The order callsfor agencies to craft policy to
ensure US dominance in AI. Inaddition, new administration has
proposed backing a privatesector investment up to 500
(16:30):
billion to fund infrastructurefor AI. The new venture, by the
way, is called Star Gate, aimsto build data centers, which is
a huge need to support AIcommuting power and potentially
create up to 100,000 jobs.Again, all good from the onset,
(16:51):
hearing that it's all aboutthough the implementation and
how the economy reacts to it,the US has already been a leader
in AI with many of theMagnificent Seven AI
infrastructure companies basedin the US and people have done
very well owning thoseMagnificent Seven stocks. The
(17:13):
investment in data centers andelectricity are critical for the
US to maintain leadership and bea driver for AI technology and
applications. Fact, read anarticle last week about Georgia,
and they were complaining thatit takes up so much room to do
these data centers. So again,maybe it does take up a whole
(17:34):
lot of room, but that's part ofthe price you pay for doing
this. In a future show, Missmoney is going to talk about.
We're out of time on thissegment. We'll talk about all
those other key items. How aboutderegulation? I have to say more
about that. How about thelowering of income taxes, that
tax cuts and Jobs Act? I gotmore to say about that, but at
(17:57):
least I wanted to cover thefirst four biggies. And again,
while many of these policyshifts may spark headlines,
cause you some uncertainty rightnow, the marketplace seems okay.
Yes, you should look at yourportfolios. Yes, Reese, if
you've got all the things youneed. But right now, fundamental
factors are there, earnings fromcompanies are there. And by the
(18:19):
way, they're reporting earningsthese weeks right now, our
economic growth, ourproductivity, our innovation,
inflation, seems to be okay atthe moment. So do your reviews
of your portfolios, talk to yourfinancial people and know that
Mr. Money will be back to dothat all year with you. In the
(18:41):
meantime, Mr. Money will be backin a moment, and we're going to
talk about what the IRS nowknows about you and the money
you make. They already know whatyou're making. So we need to
talk about you reporting thatall when we come back. This is
Mr. Money
Unknown (19:02):
and Me, tell you how it will be. There's one for you, 19
for me, because I'm the tax man.Yeah, on the tax man.
Mark Rothstein (19:23):
This is Mr. Tax man for this segment of our show
today. Number 5805436, if youlike to dial in 5805436, your
weekly education with moneysession is in session right now,
and tax seasons here. Just wantto remind everybody, your w2
(19:45):
wage statements are due byJanuary 31 today's january 25 so
just know if you haven'treceived your wages statement,
it should be coming. So January31 And know it should be there
by then. By the way, also,you're 1099 so if you were self
(20:08):
employed, you work for somebody,they're supposed to issue you a
1099 form which reports how muchyou made last year. By the way,
that 1099 a copy of it goes tothe IRS also, I should mention
so you do definitely want toreport your income. Not to
mention if the IRS has a copy ofyour 1099, it's in their
(20:29):
computer to match it up to makesure you reported it. And kind
of important to know all that,yes, of course, tax deadlines
are april 15, as always. Yes,we've reported on the fires in
Los Angeles that now they'veadded something to it. If you
were affected by the fire, youhad till October 15 to file your
(20:51):
taxes, so you had plenty of timeto do that. If you so choose to
do that, then they went on tosay, if you are in the L A area,
you get until October 15. Ain'tthat Very Nice. So again, you
may not have been affected, butthe fact that you're in the LA
area means you're affected,which means you get till October
(21:14):
15 to file. What else did theydo? They said, for all you
people that owe quarterlypayments, you got to pay in
taxes quarterly for the selfemployed if you did not get it
in by the fourth quarter,January 15 for last year. And
going forward this year, we'vegot our four payments this year,
(21:34):
April 15 of 25 so selfemployment income between
January and April. Income minusexpenses, your net income if you
owe some income taxes is selfemployed. You have to pay it by
April 15. Then the next one isJune 15. Again, you'll look from
April to June. Income minusexpenses. What was your net
(21:55):
income? If you owe some money,pay it by June 15. Then there's
a third quarter, September 15and the fourth quarter is due
January 15 of next year. Becauseof the fires, they said if
you're late on your april 15, 25payment, no worries, we're not
charging your penalties, nointerest charges. Same for your
June 15, same for your Septemberso they're going all out to make
(22:20):
sure that you're dealing withwhat you need to deal with in
Los Angeles, whether you'redirectly affected, maybe even
indirectly affected, but for allof us, others, not in a disaster
area, yes, we've got a file byApril 15. Yes, we've got all
those tax brackets again thisyear, that's like seven of them,
(22:43):
123456, of them, yes, 37% toptax bracket on there. Still
we've got here standarddeduction for this year. What
does that mean? Automatically,you get a tax deduction from the
government called the standarddeduction, and that's kind of
nice to have that. That's a nicenumber that we get every single
(23:05):
year. And I should mention thisfor everyone to know, that if
you are age 65 or older, youqualify for an additional
standard deduction, and that'salso given to you. So for last
year, for 24 it's $1,950 as youget extra, the extra is on top
(23:28):
of the standard one, which is14,600 for individuals, and
29,200 for married couples. Go.Lot of deductions are there?
Remember to take your deductionsalso for your IRA, you can put
money into an individualretirement account up till April
15 this year, year 25 and itstill can be a possible
(23:51):
deduction for you for last yearon 24 tax return. So again,
we're doing the year 24 taxreturn. I had a client last week
said to me, Mr. Money, I'm goingto owe a lot of money. I said,
one of the possibilities is openup an IRA Individual Retirement
Account. Get money in by April15. You can put in upwards of
(24:13):
7000 if you'd like. And thatcould possibly be a deduction. I
got to check if you have apension somewhere else before I
say it is deductible, but youcan put it in and then hopefully
deduct it again. Talk to yourtax person. Remember, if you've
got somebody in your houseyou're taking care of
financially, you're the head ofa household. You are not single.
(24:34):
You are head of a householdbecause you're taking care of
somebody in the house. So don'tfile single file as head of
household, because you get awhole lot better tax treatment
when that case. So somethingalso to look for. And for all of
you that are getting ready tofile, like yesterday or your w2
came in, can the IRS take yourtax return now? Yes, and if they
(24:57):
take it, how long does it takefor you to get your refund? Hmm.
Now the IRS says, within 21calendar days, as long as you
electronic file it, and again,Mr. Money does electronic file
his returns. But I want tomention in this segment one
other very important things thatthe IRS knows how much you make.
What do I mean by that? The IRSfinds out about your side
(25:21):
hustle, your extra work, yourself employment, your gig work,
anyone who earned more than 5000that's the number. Anyone who
earned more than $5,000 in theyear 2024 whether it's selling
tickets to concerts, musicalinstruments, other goods and
services online should expect toget a 10 99k form this month.
(25:46):
That's right. Online platformssuch as stub, hub, Etsy, eBay,
previously only had a report the1099 money that you received
when it was $20,000 for thisyear 24 it's 5000 so this lower
threshold means forms will besent to millions more taxpayers
(26:07):
this year to reflect all themoney you got in 24 so the
year's over for 24 if you gotfive grand or more, that's a 10
99k form. And by the way, evenif you don't get the 10 99k form
that the company showed that yougot paid. You still got to
report your self employmentincome regardless. But if you
(26:29):
get a 10, 99k you certainlybetter be doing it. Threshold
was supposed to be $600 but allthe company said there's no way
we can report that low innumber. So the IRS said that
we're going to phase it in. Thenumber is 5000 in the year 24
and 2500 for the year 25 and 600for the year 2026
(26:53):
again, even without these forms,whether you get them or not, you
got to report your selfemployment income and pay tax on
it. And the IRS is after thisone company called just answer.
This is where you can call inand get an answer, and the
expert who answers you gets paid15 to 25 bucks. There were guys
(27:14):
there that made $1.3 million andof course, they did not report
it on their taxes. And justanswer did not report that they
paid them that much moneybecause they're supposed to
issue a 1099, so again,remember, if you're making self
employment income, would youplease remember to report it
(27:36):
goes on your tax return, onSchedule C, as in, cat sold
proprietorship. And again, youcould take all the expenses
against it. So again, whenyou're selling stuff for a
profit, you can deduct all therelevant expenses that go with
it. So, Mr. Money, there's aselling fee I have to pay to
(27:57):
eBay. Yeah, that's deductible. Ihad the telephone, yeah,
percentage of your phone, Mr.Money, I got to use my car. Can
I take off my car? Answer, yes,you can take off your car. So
expenses for your car, keeptrack of your mileage for that,
if that's the case. So again, awhole lot of things there, but
(28:17):
I'm here to say the number isfive grand or more you got your
company is supposed to bereporting it that you got it.
Mr. Money, what about PayPal?What about those other companies
I use? I pay my babysitter, Ipay fill in the blank. Answers
the same if, in fact, you paidout something to people, and
(28:41):
people received money from you.If that money that people
received is that number of fivegrand or more, the people who
received it, please remember toreport it. I didn't say you're
gonna owe income tax on it. Isaid, please report it. Then
take expenses against it, andthen hopefully you'll get below
(29:03):
the threshold of taxes beingowed on it, and you won't own
the income tax and you won'thave the IRS after you, because
they get a copy of those 10, 99kforms. When we come back, Mr.
Money is going to talk about atrust. That's probably the most
question I get in a year, that'sone of the top 10. I'd say, Mr.
(29:24):
Money, should I get a trust? Mr.Money, should I have a will? Mr.
Money, what's the difference ina will and a trust? Oh, Mr.
Money, I got a will. Do I need atrust? So I thought I would
answer that, because, again, Igot those calls this week from
clients. We come back, we'regoing to answer the question of,
what's a trust and do I need itwhen we come back? This is Mr.
(29:46):
Money. I need
Unknown (29:50):
somebody, not just anybody. You know, I need
someone. This is
Mark Rothstein (29:59):
Mr. Money, and we're live here in Boise, Idaho,
phone number 5805436, teaching,educating, learning about money
every single week from the twoo'clock to three o'clock Idaho
time. Yes, we're heard aroundthe world. And yes, Mr. Money
has a website. You can go to Mr.M, R, money, M, O, N, E, y,
(30:24):
answers, a n, s, W, E, R, Mr.Money, answers.com. If you'd
like to hear the show again, Ido speak a little quickly. I
hopefully speak in real simpleEnglish that you understand and
it can make a difference in yourlife, my goal make a difference
people. So the trust, whendeveloping any kind of plan, a
(30:48):
revocable trust, can providemany benefits for you. So that's
why you always hear people say,What about a trust? What do you
think about a trust? What's atrust? It's simply a written
arrangement under which oneperson who's called the trustee
holds legal title to propertyfor a beneficiary, you can be a
(31:08):
trustee of your own living trustand keep total control of your
assets in the trust. So again, atrust is just another way to
protect your money. Yes, I havea trust. Yes, it's in my name.
Yes, I am the trustee. In otherwords, I control it and again,
and having a living trust canfall into two categories. One is
(31:33):
living trust created during alifetime. So you're creating it
while you're alive. The Fancyword is inter vivos trust. Don't
need to know that. That's whatit's called. And again, this is
why you're alive, and it's anirrevocable or revocable I have
a revocable trust. All thatmeans is I'm able to create it,
(31:54):
which I did with an attorney,control it during my lifetime. I
can revoke it, I can amend it. Ican change it. My trust says
who's going to get my money. Ican change that again. If you
change it in your mind, no goodif you're putting new
beneficiaries are changing. Yes,you should document that have
witnesses speak to the attorneyon the proper way to make an
(32:17):
alteration to it. But you canthen there's a trust called
irrevocable trust. The first onerevocable. I can change it
irrevocable and wish Irelinquish the right to amend or
cancel the trust at a laterdate. So again, you've got two
different kinds of trust.Extreme care should be taken,
(32:39):
but it's really there for anestate plan. It's really there
that you're leavinginstructions. If something
happens to you, please leaveinstructions. What do you want
people to inherit from you? Whatdo you want people to do with
your property? What do you wantwith all of your assets? By the
way, it can also include whatyou want with your own body.
(32:59):
Would you like to be buried?Would you like to be cremated?
All this stuff goes in yourestate planning, and the trust
can speak a lot about it. Again,a revocable trust, which is what
most people have, has a couplemajor benefits. Number one,
having a trust avoids probate.What's that mean? Mr. Money,
avoiding probate means itdoesn't have to go through the
(33:22):
court system. If I don't have togo through the court system, I'm
not stuck inside of the legaladministration of the trust, the
legal administration of myassets, because it can avoid
probate. So a will has to gothrough the court system, has to
be probed, probated, a livingtrust does not need to be so
(33:43):
immediately, my trust keepsliquidity there because it's not
tied up through the courtsystem, because it doesn't have
to probe where the money isgoing to go, who the
beneficiaries are, who's theexecutor to handle my affairs.
It's all right in the trust. Soa trust allows you to name your
(34:04):
beneficiaries, name yourexecutor, if you're naming a man
to handle your affairs,executive tricks, if you're
naming a lady to do it. By theway, you can name a man and a
lady. You can name two people tobe co executors, if you wanted
to. And again, all they do isexecute as executors. On your
(34:24):
piece of paper, what you wroteyou want in your trust is what
they have to do. They don't getto change it. They do what you
tell them to do. So again,having a trust allows you to
write down and make changes ifyou want who's your beneficiary?
Who's going to be your executorsto receive, to handle things,
and you have a spot to nameguardianship if you pass away,
(34:48):
who's taking care of my child orchildren. Can add that in there.
If you've got a disabled child,let's say, and they need a
custodian to watch over them andgive them. Money is needed, you
can name a custodian that cancertainly be done. Maybe it's
just a regular child, five nodisability. In other words,
who's young, at five years old,they can't be left all this
(35:10):
money be left a house to a fiveyear old. So again, you can name
a custodian, and again, it'svery time consuming, as I
mentioned. You go throughprobate, sucks up all your time,
and you could be there formonths and months, going through
the court system for the courtto decide how to distribute
assets, etc. So again, having atrust, you name it right there.
(35:34):
These are my assets. This iswhere it's going. So a very,
very good thing to do, by theway, if you avoid probate, you
also keep privacy. So a trustnot only saves you money because
I don't have to go through thecourt system, it saves me money
because I don't need to hireattorneys to help me with the
court system, but a trust alsokeeps privacy because it didn't
(35:58):
go getting Pro, didn't gothrough the court system. Nobody
knows my business or my assets.And again, that's another good
thing, in addition to what Imentioned earlier, of liquidity,
because I'm not tied up in thecourts. So a lot of good things.
A revocable trust, I think, isvery much necessary if you have
a bulk of assets, if you havevery little assets, 100,200
(36:23):
300,000 maybe you don't need afancy trust. Maybe all you need
is a will. So yes, I do believeyou need a will, or at least a
trust and a will again, namesomebody to be your executor. A
will also says the guardianshipfor the child. A will also
(36:43):
names. Beneficiary does a wholelot of stuff, but it has to go
through probate. Has to costmoney to go through probate has
to be tied up in court. That'swhy, many times when you inherit
money from someone, takes like,a year to get it wasn't because
the executor didn't want to sendyou the assets. It's because
they had to go through theprocess of settling the estate.
(37:04):
That's part of the reason ittakes time. If you own property,
got to sell the property and getthe money. You've got to do a
tax return for the deceasedperson. So it does take some
time, but if you're a trust, youcan avoid probate, which make it
much quicker. And again, oneother thing I should mention
there, watch, if you've got atrust that you also have
(37:26):
reviewed your assets that getdistributed outside of the trust
or the will, there's a coupleassets you have that we don't
even read the will to see whereit goes. We don't even look at
your trust to see where thatasset goes certain assets avoid
all that. They simply get paidto the piece of paper you wrote
(37:47):
for it, like a retirementaccount, there is a beneficiary
form. So your retirement accountusually names a person who gets
your assets. So again,retirement asset, we simply look
at the piece of paper goes to mydaughter Eliana, then it's gonna
go to my daughter Eliana. If ithas my daughter Eliana and my
daughter Ariella, my twodaughters, it would go have z
(38:10):
habsy. In my case, I have 100%if I pass away, going to my
wife, and if my wife's notthere, then I have a secondary
beneficiary contingent of goingto my two daughters have z, have
these for each so again, someassets do not go through the
(38:30):
will or the trust, and thatwould be like a retirement
account. How about a lifeinsurance contract? Again, you
own life insurance. It's aseparate piece of paper where
you name who gets the lifeinsurance proceeds again, you
can name your spouse. You couldname your daughters. You can
name your sons. You can namewhoever you'd like. You can
split the percentage among them.By the way, one good thing about
(38:54):
life insurance, when theyinherit life insurance is tax
free, the money they receive ifthey receive a retirement
account, they got to report itand pay some income tax on it
slowly over time. With inheritedretirement accounts, many times
you have to take the money outover the next 10 years. And when
you take money out of retirementaccount, we got to report it and
(39:14):
pay income taxes on it. So thereis a lot around getting a trust
and around getting a will, Ivery much recommend it. I speak
about it every year. But again,it came up this week with a
client saying, Do I need atrust? Do I not? Of course, my
client had a will becausethey're my client, and I make
sure they have a will at least,then they need to go beyond me,
(39:37):
go to a lawyer to get the trust.But again, I keep getting that
question, so I thought it wastime to answer that when we come
back, Mr. Money is going to comeback with one other thing, and
that's re imagining retirementis your key to retirement
success. That's right, there isone key element that must be.
(40:00):
There for you to have a goodretirement? No, I'm not talking
about lots of money. That wouldbe great. But there is another
item that must be there for youto have a successful retirement.
We're going to talk about thatwhen we come back. This is Mr.
Money.
Unknown (40:18):
It's been a hard day, and I've been with you. Like a
dog. It's been a Hard Day'sNight. I should be sleeping like
a love, but when I get home toyou, I find the things that you
do will make me feel
Mark Rothstein (40:37):
all right, feeling all right. This is Mr.
Money in the house, as they sayin today's vernacular, right
here, k, i, d, O, Talk Radiostudios sharing the studio with
another gentleman who does themorning show, Kevin Miller, here
with my executive producer, Mr.Chris, and we're here together.
It is Saturday, it is twoo'clock, and Mr. Money wants to
(41:00):
talk about, re imaginingretirement. It's the key to
retirement success. What do Imean by that? Every article Mr.
Money reads about, it's alwaysabout the money, the money, the
money. Do you got enough money?Will you can you outlive your
money? Do you have enough so youdon't how do you figure how much
(41:21):
to pay out over your lifetimeagain, so you don't run out of
money? What happens if anemergency, a major health issue
comes later in life, and we needmoney for that? Well, will I
have enough money after that tokeep going? So many questions
around retirement. It's funny,how and I guess it's not funny,
but many Americans are not onlyfinancially unprepared to
(41:45):
retire. Say most of thearticles, some fear retirement
more than death. A recent surveyshows, and I've spoken about
this before, about 61% ofworking Americans are more
afraid of retire than of dyingand 64% fear retiring more than
getting divorced, according to anational survey from live career
(42:08):
that happened this last June.And again, it's a big deal. So
one of the articles I justrecently read that I want to
talk about here is fromThursday, January 16, USA,
today. I'd like to give you thetitle of it. Reimagining
retirement is key to retirementsuccess. Author Nancy K
(42:30):
Schlossberg, S, C, H, l, o, s,s, B, E, R, G, and again, why am
I doing that? Because you maywant to go back and reference
this article again. It'll be onmy website under today's date.
But again, what's the key pointis this, the need to matter in
life could be the secret tohappy retirement. And if so, if
(42:52):
that's true, that you need tomatter. People want to matter.
If so, what will happen to 4.1million individuals expected to
retire this year in year 2025,according to the National
Council on Aging, 80% will faceeither a financial or emotional
crisis. That's right. Accordingto National Council on Aging,
(43:15):
80% of those retirees, 4.1million that are retiring this
year will face either afinancial or emotional crisis,
and as a nation, we face thechallenge of figuring out how
millions of retirees canconstruct a new life where they
feel valued. That's what thewhole point is about. It's about
(43:37):
feeling that it matter. Suddenlymy wife was upside down. Again,
a gentleman that's working,working, working, or a lady
working, working, working. Allof a sudden they're retired.
There's no place to go to.There's no job I must complete.
There is nobody who works forme. You wake up and there's
nothing next. Quote, unquote,unless you created it. So again,
(44:00):
people are feeling they're nolonger relevant, they're no
longer appreciated, they're nolonger listened to. They felt
invisible. That's what a lot ofpeople now say, when you get
into retirement, I feelinvisible. The lack they
struggled with could be summedup in one word that it means to
matter, the need to feelnoticed, valued, depended on and
(44:24):
that's what this whole articleis talking about. And again, the
way to start is to ask yourself,what you can do to boost your
feelings that you matter. Oneget involved and stay engaged so
you may not have the sameexpectations as you had a week
before when you were working,but you need to decide to engage
(44:45):
in something, learn aboutsomething as you go forward,
seek new connections. They sayin the article, one recent widow
complained that some of thecouple she'd hung out with no
longer included her. A friendsuggested she take the
initiative. Start giving dinnerparties or inviting couples to
join her for a movie. Yep, seenew connections, another one
(45:07):
that shows you matter. Take thetime to thank someone for their
help, offer a kind word orrecognize someone's effort.
Those small guessers make othersfeel valued and enhance our own
sense of purpose. When you seesomeone struggling with
mattering, lend them a hand, dosomething nice, maybe place a
(45:27):
phone call of support. Butagain, check your own mindset
like you would your financialportfolio. That's where my eye
caught the article. Check yourmindset like you would your
financial portfolio. It isimportant to check your
psychological portfolio, just asmuch as you check your financial
(45:47):
portfolio. And again, talk aboutyour health. What is your
health? Is there a certaindepression that's there is a
certain ambivalence toward life?What's there? Talk to your
primary care doctor, just likeyou would talk about your
finances to your financialadvisor, or, of course, dial the
number and talk to Mr. Moneyeach week at 25805436, the idea
(46:11):
is, talk about it. Talk to yourhealth provider about that. To
feel that you matter, you needto focus on the psychological
portfolio. It says, whichcontains your identity for you
to be able to say to yourself,Who am I now that I don't have a
job? Your purpose? What excitesyou, what wakes you up in the
(46:35):
morning, and what about yourchanging relationships with
family, friends and formercolleagues, especially those
former colleagues, of course. Soagain, you gotta figure out your
new life path. That's the bottomline. Based on hundreds of
interviews, this NancySchlossberg, professor at
(46:55):
University of Maryland, went onto say there are six paths that
can help boost one's mattering.For you to matter you can
combine the past or go one onone with each one. However you
choose one is continuer. Thismeans continuing in a modified
way what you've always done. Forexample, someone whose field was
(47:19):
Gerontology might continue theirinterest in aging by
volunteering at a senior centeradventure moving into an
entirely different field, likethe advertising exec who became
a docent at a museum. But again,adventure tried something new,
create something new, matter ina new way, but gotta matter. How
(47:40):
about an easy glider, lettingeach day unfold with no clear
agenda, and join the freedom toexplore different activities.
Maybe become an involvedspectator, staying engaged in
your field, but as an observer,rather than a doer, how about be
a searcher, continuouslyexploring how to take the next
(48:01):
steps in your journey, tryingout different activities and
roles. Sounds like a good onefor me. How about a retreater?
Take a temporary break toreflect and recharge, so long as
it does not result in youbecoming a couch potato. Again,
these are all recommendationsfrom this professor. And again,
she ended the article by saying,Keep reevaluating your path, and
(48:26):
you can retire happy. Retirementis a major transition. As you
move from worker to retiree, youlose some relationships and
refocus on new ones, withfamily, friends, former
colleagues, you're modifyingyour daily routine and
assumptions about the world. Soaccording to Forbes, by the way,
(48:49):
retirees can expect to live 20to 30 more years. Hopefully,
that brings a smile to yourface, not a chagrin during these
years, you might experiencerecurring cycles of mattering,
not mattering and matteringagain not matter. Now I do
matter, but with each bump inthe road, you can revisit your
(49:11):
retirement strategies, that'syour financial strategies, and
re evaluate your path here,psychologically. The whole thing
is about mattering. Okay, so Mr.Money is here to bring that up
for all of us to consider,because absolutely how your
psychology is, yourconversations in your head, what
(49:34):
you say to yourself each day,having something you're up to
each day you wake up or Mr.Money, I'm not up to anything
specific. That's fine, as longas you're thinking about what to
be up to. People that have apositive future, have a future
to live into, tend to have alonger life, because they want
(49:56):
to get up each day to achievesomething next and. And that's
very important for a healthy,healthy, good life ahead.
Another good thing that's goodfor your health is to listen to
Mr. Money every Saturday, twoo'clock live. It's a money class
in simple English that canabsolutely make a difference for
you financially. I thank you forlistening to Mr. Money. I hear
(50:20):
the music in the background thatsays, Mr. Bunny is complete for
today. Have a prosperous week,everyone. We'll see you next
week. This is Mr. Money. TheInformation and opinions
presented are for generalinformation only
Unknown (50:29):
and are not intended to provide specific advice or
recommendations for anyindividual you should contact
your investment professional,attorney, accountant or tax
advisor regarding yourindividual situation. The
opinions of the presenter do notnecessarily reflect those of
independent Financial Group LLC,its affiliates, officers or
directors. Mark Rothstein, akaMr. Money, is the owner of tri
star financial LLC and tri starIncome Tax Services LLC. Mr.
(50:51):
Money is a marketing name onlyand is not intended as anything
other than a marketing name forentertainment 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. You.
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