April 15, 2026 • 46 mins
Tracy Byrnes MBA, CFDA is a respected voice and advisor for families looking to grow and protect their wealth. As VP of Women & Investing, at Lebenthal Global Advisors LLC, Tracy strives to be a stabilizing force for clients to help them make well-informed decisions and plan for their families and businesses, especially during stressful times (e.g. divorce, downsizing, death). Her new book is “Deduct Everything! Hundreds of Tax Tips, Legal Write Offs, Credits and Loopholes.”
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Fearless Fabulous You is broadcast live Wednesdays at 12 Noon ET on W4WN Radio - Women 4 Women Network (www.w4wn.com) part of Talk 4 Radio (www.talk4radio.com) on the Talk 4 Media Network (www.talk4media.com).
Fearless Fabulous You Podcast is also available on Talk 4 Media (www.talk4media.com), Talk 4 Podcasting (www.talk4podcasting.com), iHeartRadio, Amazon Music, Pandora, Spotify, Audible, and over 100 other podcast outlets.
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Speaker 1 (00:00):
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(00:20):
be directed to those show hosts.
Speaker 2 (00:21):
Thank you for choosing W four WN Radio.
Speaker 3 (00:42):
Hello, and welcome to Fearless Fabulous You. I am your host,
Melanie Young, and it is April twenty twenty six, and
guess what It's tax Day? April fifteenth, twenty twenty six.
I hope you've either filed or extended, but having a
nice big exhale today. Would you know this? I didn't
until this year. April is Financial Awareness and Security Month,
(01:04):
and I dedicated twenty twenty six to becoming more financially fit.
I grew up in a family where spending was just
what we did, saving was what we didn't do, and
I watched both my parents run out of money at
old age, and it scares the the Jesus out of
me because I keep reading all these horror stories about
(01:28):
living past your retirement funds. So I decided that twenty
twenty six re my year to get over it and
reevaluate and strengthen my relationship with finances and money and
not be as frightened as I have been all my life.
I'm a daughter of a CPA, so tax time never
scared me because he was also the CFO of my
(01:50):
company and everything was write off being in the type
of business I was in. But I have a lot
of listeners, a lot of friends, a lot of people.
Maybe you watching who may be self employed. Maybe you
have a side hustle, maybe you have a small business
with employees. Maybe you are at theh like me, where
(02:10):
you're now taking soial security and figuring out how to
not outfit your finances. Maybe you're trying to put money
away for your family. There's so many things out there.
In the middle of it was this big, big announcement
this year of something called one big Beautiful Bill, and
I don't know. It all sounds big and beautiful, and
maybe it sounding like people be like who are really
(02:32):
wealthier and benefit more than coul people like me or you.
But I do know about that because I got this
great book that just came out, and it's by someone
I've known for a billion years, Tracy Byrne, who is
CFDA and MBA and leading voice to advisors for families
looking to grow the protective wealth. She is vice president
(02:54):
of Women in Investing for lead Involve Global Advisors. I
actually knew Tracy back in my PR days through a
shared interest in why. She has a business columnist for
Fox News and I had George the book on the
show whenever Bogiolae new Bau would come out, so ironically,
we came to know each other through the wine world.
(03:15):
She's actually a WSCT level free Wow, that's an achievement.
But her background is in finance, and she's really notching
enough a bit helping a lot of women going through
what we call the big d's divorce downsizing that you
name it, to make sure that they are financially secure.
(03:37):
Her book is deduct everything. That sounds like something my
dad would say, hundreds of tax tips, legal write offs,
credits and loopholes. Now, I am not a certified public
accountant and I am certainly not a financial specialist. I
need help more than anybody. But I like to lean
in and talk to people who are knowledgeable and ask
(03:59):
the questions. That's what I do to see what how
we can make better decisions and decisions about our finances.
And Tracy's an investment advisor, so she's got a c
c A. But what we're gonna start the show is saying,
all make it probably talk area. You know what you're
(04:26):
talking about. Is what we're going to do today with
Tracy Burns. Tracy, welcome fat with you.
Speaker 4 (04:34):
Thank you for.
Speaker 5 (04:34):
Having and yes, I love that you and I connected
over the Vogue.
Speaker 4 (04:41):
That's a that's a long time ago now it was.
Speaker 3 (04:43):
It was a lifetime ago because I love it and
you moved on and actually did and you had this
book out and I was like, oh, Tracy, you got
to come on the show, and you were like, are
you still in line? Is it? Yeah? I'm in mine too,
But I got the other things since she could have
wiped this with one market.
Speaker 4 (05:04):
So I feel like that's a good home. We need help.
Speaker 3 (05:12):
Absolutely absolutely, it's crazy. So let's talk with a little
bit about how you got into this aspect of the
financial will.
Speaker 5 (05:23):
So I was in business, I mean a thousand years ago.
I got my MBA in accounting. To your point, I
worked in Arnest and Young. I did taxes, I audited,
I did the things it couldn't do that for a living.
So but wanted to be a writer. Fell into financial journalism.
So I started writing for the New York Posts, Forbes,
Wall Street Journal, and found myself at Fox Business as
(05:45):
an anchor reporter, where you and I met.
Speaker 4 (05:47):
SO did live TV for probably ten years.
Speaker 5 (05:50):
Interestingly, I met so many great, fabulous women over the
course of my time there, and the one commonality was
they didn't know who to invest their money with because
while I love old white men, they didn't want to
invest with them right. They wanted the diversity of where
are the women in the business, and so I knew
there was a need. And I also got to an
inflection point in media where I was done thinking about
(06:12):
the next part of my life and what I wanted
to do. And I think we all hit this point
as women, especially where we want to do something that
really matters.
Speaker 4 (06:20):
And I wanted to be able to help people. I
am divorced.
Speaker 5 (06:23):
I've been divorced for twenty years, and I felt like
that was untapped women going through divorce.
Speaker 4 (06:28):
They're afraid to talk about it. You know.
Speaker 5 (06:31):
I always say my age and up, I'm fifty five,
fifty five and up. Many of them are stay at
home moms still, and they're so scared and so nervous,
and so I just thought it's high time someone gets
out there and helps them, and so I.
Speaker 4 (06:45):
Became a financial analyst.
Speaker 5 (06:47):
I spent eight years at UBS, which was great and
I learned a lot. But I have since gone independent
and it's just so liberating and fabulous, and you know,
I don't have to have corporate minimums on my accounts anymore.
I get to take on whoever I want to help,
and it's just it's really beautiful and there's so much
less pressure.
Speaker 4 (07:05):
Plus I get to do media and stuff like this
with you.
Speaker 3 (07:08):
I'm curious, Tracy, because you said you're independent. Are you
a fee based consultant or how do you work? Somebody
may want to know how how to find you and
work with you, so let's give out that information.
Speaker 5 (07:20):
So I'm with a registered uh, you know, a registered
independent advisor. So there's a team of people that that
help support me that. But yes, I'm be based on
basically whatever is to this stock market oftentimes any of
your you know, your bonds, your your savings or your
ammunis orright money market accounts. It's hard to feed. It's
(07:43):
hard to put a fee on that. There's nobody anything
that requires work is feed.
Speaker 3 (07:51):
So yeah, it makes a lot of sense. I only
really I'm I'm late, you know. I Okay, here comes
the big reveal. I got taken by someone really early on,
a young white man, with my inheritance, and it really
hurt a lot. A little bit of inheritance, but hurt
a lot. And I became very scared and didn't do
(08:12):
anything for a very long time, and it took me
years to even tell my dad what happened. But I
lost quite a bit of money and I've had to
overcome that. And then when I did end up with
some more money after selling houses, I needed to figure
out what to do. And god flip, I'm sixty seven,
(08:33):
so it's a big issue. As I said, I've seen,
you know, my parents die and leave nothing but debt,
and it's scary. So I really feel it's important early
on in life. Everybody listened and watch this, read my lips.
Early on in life you need to get a positive,
healthy relationship with money and understand how to make it
(08:56):
work for you.
Speaker 4 (08:59):
Right thousand percent.
Speaker 5 (09:01):
And I would add to that, you do not need
to know where Microsoft closed yesterday cares. That's not the
stuff you need to know. You need to know what
you know, what you have? Do you have a four
oh one K? Do you have life insurance? And you
could just stop there. I don't care if you know
any That's all you need to know as far as
(09:21):
I'm concerned. You just answer some simple questions. That way
you can start to ask smart ones. You don't need
to know what palanteer is and what it does and
why it's a meme stock these days.
Speaker 4 (09:32):
Basically, you don't need to know that.
Speaker 5 (09:34):
You need to know if you are saving properly, if
you're budgeting, you need to know those basics.
Speaker 4 (09:40):
Let's not overcome.
Speaker 5 (09:42):
And I would say, with all due respect again to
the old white guy, that you got it and a
lot of code. And I find that it's unfair and
I'm here to buy anything you want to ask.
Speaker 3 (09:56):
Well, you work with a lot of women who are
going through divorce, and one of the sound I'm not divorced,
I'm marry late and I run everything, but the problem
with many wonderful women who go through divorces. They have
let their husbands run everything and are often blindsided by
what they are left to deal with. Or maybe they
(10:18):
sign something that they didn't take a strong look at.
Could have been a lot of things, and that's very hard.
So what would you I'm going to just going into
a relationship for a marriage, take the romance out of it.
It is a contract. What would you tell women to
be really clear focused on financially.
Speaker 5 (10:43):
So I'm divorced, and I say all the time, you
should you know, marriage is a business relationship with the
bonus of sex. But I want to hear that from me.
But I don't want you to you know, I don't
want you to be in love.
Speaker 4 (11:01):
But I'm wanting to take it fiercely.
Speaker 5 (11:02):
And I get that life gets busy, right, I get it,
And you're going to probably handle off some responsibilities. Right
what typically happens Melanie is like and now I'm going
to use it.
Speaker 4 (11:12):
A heterosexual couple. She's working, they got some kids.
Speaker 5 (11:16):
She's got to get somebody's new cleats because they have
soccer practice. She got to make sure somebody has milk money.
She does all the day to day, and she turns
to her partner and says, you know what you have
basically the stuff that's not going to knock the wheels
off the bus today, So she hands it off. The
problem is they never reconnect and talk about what he's
doing long term, which she's doing short term. So I
(11:39):
would young couple have a little money date and you.
But we go out a's a line and ask ask
some questions.
Speaker 4 (11:49):
Do we have tirement money? If so, where is it?
How do I access it? Do we have life insurance? Right?
How do I access it?
Speaker 5 (11:56):
Make sure you know, use your names and passwords to
every account everywhere, and then that's it. Don't don't you
don't have to hurt your about this. You know what exists?
Speaker 4 (12:06):
A bunch of kids. How are we baing for comfort? Ask?
Just ask some questions. That's it.
Speaker 3 (12:12):
Yeah, no, I you know, I'll be honest with having
that conversation in my couple. My household is difficult. It's
easier to have the glass of wine than the discussion
about money. Trust me, it is hard. You wrote it.
I love this book. By the way, I you know,
grew up, like I said, I was the daughter of
a CPA. I deducted everything. I mean, Dad tried to
deduct my wedding. He may have, I don't know. It
(12:33):
was an event. I was in the event's business. I
had staff may reproduce it. It was a ev Let's
just say that was the last thing he said to
me walking me down the aisle literally at Commander's Palace.
He looked at me walking me down the aisle, arm in, um,
do you think we can deduct this? I'm like, Dad,
it's my wedding, anyway, I love it. Let's talk about what,
(12:54):
you know, the one big beautiful bill. So the one
big beautiful bill. You know, you're like, woo, another big
you know, giant exclamation point. And a lot of people think,
well for people who have a lot of money, so
then apply to me. But reading your book, I saw
where it really does matter. And starting with because I
just file my taxes, standard deductions have changed and what
(13:19):
top lines have are the key things that would matter
for people that aren't like in the one percent.
Speaker 5 (13:25):
Right, like, so the thing with the one percent is
they they there are just a gross income.
Speaker 4 (13:31):
It gets too big time to qualify for just.
Speaker 5 (13:32):
About anything in this in this eccray and that that's
pre pre the one fact. So there are a lot
of things for middle income families in here, especially people.
So let's start with to your point with the standard deduction.
It was raised this year, so I think it's fifteen
thousand and seven, seven hundred and fifty dollars for a
single person, thirty one to five for a married filing joint,
(13:55):
so that it's higher than normal or then it's been
I should say, which basically means you won't have to
deal with the itemization of Schedule A, you know, getting
receipts for your charity work, your mortgage interest, your real estate.
Speaker 4 (14:07):
Taxes, all that stuff.
Speaker 5 (14:09):
If you if the standards is greater than you're itemized,
you get it, and you're does make the tax return
a little bit easier, and that's I think one of
the that's the piece of it where they're expecting more
people to get money back.
Speaker 4 (14:23):
You've heard. I'm sure that people are supposed here. The
standard reduction is a big piece of that.
Speaker 3 (14:29):
It was big and of course I read your book
this weekend right after I found my taxes and I
had a zillion itemizations and receipts. I was the girl
that would put all her receipt paper, receipts in a
box and just send them to dad. Go figure it out.
Now it's spreadsheets and analysis and like days. But I
was like, oh, I didn't have to do that. But
that's good, that's good. The other thing is senior. So
(14:52):
I am senior, I guess, and I have a younger husband,
he's sixty two. I'm sixty seven. But it says that
you know, any of us have paid off mortgages or
don't have one, and we have different kinds of expenses
and a lower income. But apparently the deduction is better,
right for seniors.
Speaker 5 (15:10):
You get an extra sixty five hundred dollars, which is amazing,
and you should by the way you earned it. You've
done your time, so you shouldn't be penalized just because,
like you said, you are downsizing. You paid off your mortgage,
you did all the right things. So the extra sixty
five sorry six thousand per person, and it's a couple
of years.
Speaker 4 (15:28):
It's not forever.
Speaker 5 (15:29):
This is not one of those permanent, but take advantage
of it while you can. The things that are permanent,
you know, and I say permanent? Is everything permanent? I'm
not really sure, but they made the estate stuff permanent,
so at least wealthy people can plan better. But as
far as all these extra deductions, they all come to
(15:50):
the advantage of them while you.
Speaker 3 (15:51):
Can yeah, absolutely, And let's talk about the big looming
issue of what you can do insurance, what kinds of
insurance you can do? I mean I run so I
run everything through a company to connect the table. I
think I keep the company open just to go and
run everything to it. But which has its advantages? You know,
you've got medical insurance, You've got business insurance, you have
(16:14):
life insurance, you have disability insurance, you have long term insurance.
I don't know about thirty percent of what my budget
is insurance. What has has anything changed with that? What
is deductible now?
Speaker 5 (16:26):
So it's still your healthcare premiums, which you absolutely have
a deductive fifty percent of the deduction, right and business
yess But long term care, that kind of stuff generally
not depending on your plan and the way it's written.
I will say you could use your HSA account to
help you long term care. So that's something at least
(16:46):
to get try to get a little benefit out of it.
But for the most part, medical expenses are tough. You
have to be you know, above zero point five percent
of your adjusted gross income.
Speaker 4 (16:55):
There's still difficult. So but again, savior receipts.
Speaker 5 (16:58):
You never know if you had a big year with
a lot of medical expenses.
Speaker 4 (17:02):
Stave all that stuff. Save it, give it a shot.
Speaker 3 (17:05):
Yeah, even though you're not you don't need to have receipts.
I save receipts because because you could get audited, and
you have a great section on you know, the word
audit scares me. You know what to do if you
get audited, because then you really do need to have
all your seats. I want how many years do you
have to keep of your tax records as an individual
and it is a business.
Speaker 5 (17:25):
Generally three, I would say as a business, say five.
The audio chapter was semi like tongue and meant to be.
I know I had good a good fella's reference there.
Speaker 4 (17:35):
I want.
Speaker 5 (17:36):
So I want people to understand if you're audited, it
is not then they're not going to take away your children, right.
All they're doing is asking some and you know what,
wh didn't audit I over the course of my life
got got the infamous letter. You know, I think we're
also afraid that this caricature of uncle Sam is going
to grow up at the door and take away like
(17:58):
our first born wrong on our tax return.
Speaker 4 (18:01):
We're so scared.
Speaker 5 (18:02):
All in audit, It really is, is there. They just
want proof, want a little backup. They want to understand
what you did. Maybe you did miss something. Maybe you
didn't though, and they I have to tell you. I
did get a letter, the letter audit, and I sent
my documentation and it went away. So you can, I say, win, Lucy,
(18:23):
but win these things too. Don't be a free They're
just double checking sometimes sometimes there's there's technological errors. Just
give them what they need and move on with your life.
Speaker 3 (18:33):
Yeah, And so this is interesting, David, and I got
all the free stuff now that they offer seniors free dinners,
but I get something out of all of them. So
I went to one recently and he said, I'm a
tax planner, not a traditional cb CPA. You need someone
who can help you with tax planning versus the CP
who just does your taxes. Let's explain that and at
(18:56):
the difference for people. Because I was like, oh, really,
you know, explain the difference and why you may need
both when you may need.
Speaker 5 (19:06):
Or someone who does right, I just had this conversation
believe it or not, with my boyfriend hire kids. He's
got I mean, there's there's no return, like you have
to talk to a planner is going to look at
this big, one, big beautiful bill and help you take
advantage of it.
Speaker 4 (19:25):
Well, you know it's it's on the cover of the book.
Speaker 5 (19:27):
It's not a loophole, right, it's tough in the bill.
Right now, it's law and you're taking advantage. But sometimes
we just don't see it. You need someone in it,
not just someone who's in that's your tax error, right,
I could actually you need a planner, a CPA who
is specializing in tax planning to help you navigate and
(19:49):
figure out you know what I'm and it could save
me money down the room. So it's not it's not
a bad conversation to have with someone money.
Speaker 3 (19:58):
Well, I'm doing it, you know. So I'm looking at
this person right now. Is a bridge between my financial advisor,
who is you know, not be based, you know, it's
a big company, and my CPA who just does my
taxes and then making you know, in the evaluation and
everybody should do this regularly like you do everything else,
(20:22):
to see what I'm doing right around, because I'm at
a different stage of my life as is David, and
it's very different. When you get older, your income drops.
You're very cognizant of what things cost and what you
have left and how to use it widely. But then
sometimes you're bringing in side hustle. Let's talk about side hustles,
because I have some side hustles that actually brought in
(20:43):
some money last year, and I was surprised because I
probably didn't do the best record keeping on them, because
you know, you do defno own cash and everything. How
how are how should we be handling those side hustles
that actually turn out to be pretty good.
Speaker 5 (20:58):
Well, So to finish your previous thought, though, you should
organize a call with your tax planner, your financial advisor, stuff,
and you just have to sit there and listen.
Speaker 4 (21:08):
They could talk it out. You just have to facilitate
it right.
Speaker 5 (21:11):
You don't have to know everything, but they need to
be on the same page. Just as an example, the
financial advisor needs to know, Okay, you know what, she's
gonna have a big tax bill because of her small businesses.
Try not to generate a ton of capitalists for her
and go telling stuff all year long, that'll be a
double whammy for her. Just have the conversation June thirtieth.
(21:33):
I'd say that way you get a sense of whether
you're have an appeld. You might make an estimate it's
not terrible. Before you go off fourth of July and
have a fabulous summer, think about facilitating a call. That's
and like I said, you don't even have to know anything,
you just have to make production of them.
Speaker 3 (21:49):
Well, that's kind of what I'm doing now, because you
don't want to do it, you know. April tenth, I
after doing my taxes this year and I haven't done
the Yeah, and because I also have corporate wins that
come later, so sometimes there's extensions. I realized it's time
to do this. And my circumstances are different because you know,
(22:09):
there's also and let's talk about this. Many of us
are at an age where they have been caring for
an elderly parent. The parent dies and we inherit something,
whether it's small or large, there's always something because you
have to deal with what they leave behind. And I
learned that inherited income and were from a sale of
(22:29):
a how whatever it's very is handled very differently than earned,
and then we'll get into state by state talk about that.
Because I was, I'll be honest with you, Tracy, when
I was living in Tennessee, because I've lived in three
states since we've connected in Europe, and so I was
(22:50):
talking to a Tennessee Tennessee CPA's plural because I interview people.
One of them put the hell on fire and damnation
in me, said I'm going to have a big tax bill,
to the point where I was like, whoa, he's so dramatic.
And then I went to another one and said, not
a problem, you not a problem. Well that's a big difference, right,
(23:13):
I guess who I went with not a problem, and
I didn't have a problem. But let's talk about that
because a lot of us are dealing with the estate
and taxes. How does that all work in while you're
still drawing an income doing other things?
Speaker 5 (23:31):
Right, So, like often, especially if it's like all little
investment account, you inherit it, and you the cool part
about it is you get this step up in basis
on So if you inherited a stockportfolio and let's just
say for argument's sake, they bought I'm making numbers up
Apple at ten dollars a share and now today it's
(23:51):
one hundred dollars. You inherit that at one hundred dollars,
so that means when you sell it you don't have
any capital gains.
Speaker 4 (23:57):
That's great for you.
Speaker 5 (23:59):
That's something to pay that people need to pay attention to,
and you need to tell your advisor when this stuff
comes in the door, like, by the way, this is inherited,
they changed state cost basis.
Speaker 4 (24:09):
Sometimes it doesn't happen home way. When you inherit a home.
Speaker 5 (24:14):
There's all these tax implications to it on the if
you go and sell it very important to bring up
again to that tax planner, not necessarily the preparer, and
of course your financial advisor. And for the really really
wealthy that fifteen million on the estate tax that you
can gift estate tax free, that in theory is permanent again,
(24:36):
actually is permanent anymore out there they're saying it's permanent.
Speaker 4 (24:39):
It's not.
Speaker 5 (24:40):
It was it was sunsetting, which basically means it was
fifteen million, and then it was going to be seven
and it lacked down.
Speaker 4 (24:48):
So that's really hard to plan when you're trying to
just be like for you know, it doesn't have.
Speaker 5 (24:54):
To be wealthy people from Manhattan. Right, you're talking about
farmers and things like that. So now at least, okay,
it's fifteen million text free, that's really important. But yeah,
those smaller accounts the roll over IRA. In IRA, it
has to be emptied in ten years, which have to
take money out, and when you take money out, there's
(25:14):
an income.
Speaker 4 (25:15):
Tax burden on that. So yeah, well it does create
tax implications.
Speaker 3 (25:21):
Well, you know, you said something interesting. I didn't know
what step up and all these terms were. So I
was swimming, my mother had died, I was dealing with
a man. I needed to note all that stuff you
talked about. Something called salt. I didn't know what it was.
I just know it's what you put on food. What
is salt sa LT and what is the pill fit.
Speaker 5 (25:39):
Unless you live in a high tax state, you probably
don't even care about this. But for those of us
that do, I'm in New Jersey, New York, Connecticut, California
are state tax Oh we're getting on schedule A. Hence
the itemization was really important. At the time, they dropped
it to ten thousand dollars and for a lot like
(26:00):
that means nothing. Right, our state tax is fifty thousand dollars.
They've raised that that state and local tax deduction forty
thousand dollars a big deal for a lot of people
in those high tax states.
Speaker 4 (26:17):
On the first front, consider.
Speaker 5 (26:19):
That when you are thinking about separating assets and divide
gets the house and the person who qualifies for that
big deduction should get the house because that makes way
more sense as opposed to giving it to some who
doesn't have enough money in It.
Speaker 4 (26:41):
Feels she has to stay there. So I do think
there's tax well that often that's often.
Speaker 3 (26:50):
Well, you know, this is why you need a tax planner,
and because you don't know all these things and you
get information coming at you from all over. There's something
called the child tax credit, right twenty two what is it?
Speaker 4 (27:07):
Twenty two hundred dollars a kid.
Speaker 5 (27:08):
Yeah, limitation a certain age bracket the kid I think
goes way at fourteen. And again if your income is
too high, you don't get it. But Uncle Sam basically
says it's it's expensive.
Speaker 4 (27:21):
To raise kid. We're going to give you a little bit.
That's really what that is.
Speaker 3 (27:25):
It's at one time, right, so this paying for your
child's education. Have any deductibility there are you know, the
lifetime learning credit is great if you're paying for college
or education.
Speaker 5 (27:40):
If you don't get a ten ninety eight dash tea
that stands for tuition, though, then you cannot do so.
Speaker 4 (27:48):
If to university you are paying for.
Speaker 5 (27:51):
School, online classes don't count, you will online classes don't count.
Speaker 4 (27:57):
They do not they do well.
Speaker 5 (27:59):
I guess I should say an online a random online
class does not count.
Speaker 4 (28:04):
An online class from like Harvard. That's actually a good question.
And I do not know the answer to you, because.
Speaker 3 (28:10):
Like Cornell, they're all doing online now, particularly since you know,
but probably the w set wine course is not deductible. However,
if you're a wine writer, a wine educator, or a
wine podcast or there is a deductive it's got to
be because it's an expense. It's a business expense. But
I see what you mean.
Speaker 4 (28:26):
That's actually that's very either way.
Speaker 5 (28:28):
Ask your prepare about all that you're paying for college?
You know what, just like bring just go to your prepare,
armed and dangerous and say these are all things I
pay for?
Speaker 4 (28:37):
Do I get deductions on any of it? And that's it.
Let them do their job.
Speaker 3 (28:42):
Yeah, obviously your dog is not your child. I love
that in there there's certain things that don't work. But
if if you're doing it, you know, it's like I
work from home and I do have and you're very
clear in the book. You know you have a dedicated
Uh take a picture of your office so that if
you do get on it, you get it. This is
my office, not a guest bedroom in here, or this
is really the office. And so many people are working
(29:04):
from home remotely, and that does caused some other deductions
and expenses as well. For tied into that, uh charity.
How has charity donations changed? I think we mentioned it
briefly admit a little while ago. But let's becic because
I saw something on TV about it today about you
should all be doing donations because there's a new task law.
Speaker 5 (29:29):
I will say, though, don't be afraid of it like
they're afraid of you know. I wish the book would
entitle the book everything. Right, if you free, if you close,
and no one, there's no favorite in.
Speaker 4 (29:49):
The scene or washing machine.
Speaker 5 (29:52):
Right, it is your office and where you go every day,
and you don't have a designated office anywhere else.
Speaker 3 (29:58):
Take it.
Speaker 5 (29:59):
You deserve it to that, I will say that charity,
so now you get a anywhere from one to two
thousand dollars deduction for charitable contributions if you do not itemize.
Speaker 4 (30:11):
So right off the bat, so take it because and.
Speaker 5 (30:16):
Part of that was they don't want to hurt charities
now right. It sounds terrible, but a lot of people,
myself included, would come down to the wire and donate
on December thirtieth just to get that deduction up because well,
because I needed it. And so if I'm not itemizing
now and I'm not, I'm not doing that. So they
(30:37):
have to still incentivize people to give. So it's one
to two thousand dollars depending on your income. And then
on the other side, if you itemize, there is a
limit now on based on your income as to how
much you can deduct for charity. But when you're telling
your charitable contributions, don't forget little things like if you're
driving to a church picnic and you may and you're
(30:59):
donating brownie, you get miles for driving to it, and
the cost of the brownies are part of your deduction.
Speaker 4 (31:06):
So, like it.
Speaker 5 (31:07):
Sounds all ridiculous, but it all adds up. So keep
track of all those little things, you know. I always
said that the castle the ingredients in the church cast
role deductive anything you give, pay attention to it. If
you give clothes, be very careful. Of course you can't.
You can't declare retail on that. But if you're donating
items in shoes or whatever, make sure you keep record
(31:31):
because even if it's two dollars here, three dollars here,
it all adds up.
Speaker 3 (31:37):
I donated a lot of my mother's stuff to the
point where they were like, you're here again, and it
was it was significant in the scheme of things. What
about your time? Can you deduct like I'm giving my
professional time normally I bill at two hundred an hour
or is that hard to document?
Speaker 4 (31:56):
I wit not that I know of, And maybe.
Speaker 3 (32:05):
Yeah, well you know, because you know, I've heard of
some crazy deductions the people do, and I'm like, really,
but some of them do make sense and some of
them don't. I thought this was interesting you brought it
up briefly because you live in the New York New
Jersey area, which is super super high tax area, and
many people are now actively researching where to live. That
(32:29):
you see all these lists of the most tax friendly
states and where to go to retire. But we all
know that the money's got to come from somewhere. So
if they're not taxing you, it's coming through sales, tex
or whatever.
Speaker 5 (32:40):
What.
Speaker 3 (32:40):
And I'm having now lived in three states, I've learned
as well, what should everyone who's thinking about that big
relocation consider in terms of state income tax, federal income tax.
There's social tax and social security and any other factors.
Speaker 5 (32:58):
So at the end of the thing, so you have
to put the money aside, and sure.
Speaker 4 (33:04):
You like the view out your work people, where should
I go live? What do you like to do? Where
do you kind of and we can back into trying.
Speaker 5 (33:14):
To choose between I get there, but I can't say
you should go to Florida because there's state tax and
it's gonna save money. If you like, that's a terrible
It's terrible enough not attention to the point Florida's with
us are living is getting more and more expensive in
(33:34):
a state like flood because they have to make money
some So, you know, foming hamsures that the states that
are hate tax free right now, nothing is free in
the so very aware you're gonna get, you know, as
my grandfather a nickel and dime some in order for them.
Speaker 3 (33:55):
To also just speaking from experience, I live in Lituis
it's not the cheapest. The cost of living is low
in Louisiana, but I don't I didn't buy. I rent
why because it is expensive to have a house in Louisiana,
because we're in a major hurricane zone and property insurance
is high and you've got to have FEMA. I still
(34:16):
have FEMA and I rent because why because I can
only do much rental insurance, but I want to be covered.
And you have to think about those things. Property taxes.
You also have to look at when you change states
and you're not on general Medicare A and B and whatever,
you have to then go to the state. You have
to get a whole new insurance plan and it changes
(34:38):
dramatically because Tennessee was very inexpensive. There's no state income
tax in Tennessee, there's no very low cost. My car
insurance in Tennessee, and my health insurance in Tennessee was
a lot lower than in the Louisiana. Also, Louisiana is
the Napoleonic code, So really talk to your find the
(35:00):
ANCIL advisor carefully about that and your inheritance.
Speaker 4 (35:04):
Right because larda car and sh ridiculously hot. So again
like so that's my figurette.
Speaker 3 (35:18):
You know. My advice to anyone thinking about the movie
is go where you you know, you go where near family,
always physific family, or go where you always go on
vacations but have a good time. Like we went to
New Orleans all the time, so we now I don't
have to pay to go to Justice. I hope you're so.
That was a big decision. And he was really tempting
(35:41):
Tracy to stay at Chattanooga because I had a free
house that it wasn't free because they need a lot
of work and there were property taxes and I uh
was always going to be going for since and the
airport raised to them. I needed to be better airport.
So we chose to move to Louisiana. It came with
some expenses that I'm not happy about what We're immensely
(36:01):
happy living here. And I think that's the key is
you need to be immensely happy where you are and
be able to afford it so that you can do
everything you wind it.
Speaker 4 (36:13):
Right, That's what I think. So if you want to
live on a gun, okay, right, you gotta got it.
Can't say put me where gave the most money because.
Speaker 3 (36:27):
Yah, yeah, I mean, you know, I just I saw.
I'm going to tell her stop reading all those crazy
wills that keep popping up on your on your face
because you may have looked up one or two times.
And for this show, I researched a lot of stuff,
and then you start getting all the.
Speaker 4 (36:43):
Craft sent to you and it gives you exactly exactly right.
Speaker 3 (36:48):
So I'm curious. I'm curious, since you are in the
financial world, are there certain media sources for people you
follow that you respect.
Speaker 5 (37:01):
So that's a great question because so as you know,
I am still I read right right.
Speaker 4 (37:14):
Than of course, but regularly. But again there's there's a
fun so you know, up but if you're going, if
you Fox fan, please take and.
Speaker 5 (37:38):
Do the diligence. Still excited about that because it's not
just pipher annoying.
Speaker 3 (37:46):
I try to read different things, and I read a
lot of books, but I also, you know, I try
to be the CEO of my life, so I try
to have trust the advisors, and I evaluate them and
monitor him as well, and if they're not working, you know,
then I moved on to the next wood. And I've
had to do that many times. In the CPA because
(38:07):
my dad and my dad walk the water and I
always had no problems with him. Probably paid all the problems,
but because my mom was like when he died, she's like,
why am I paying taxes now? When you paid your taxes?
Work didn't know that because it was very hard after
he died getting right a trusted tack person. I think
I went through four.
Speaker 4 (38:26):
C Okay, good for.
Speaker 5 (38:31):
Yeah, an interview. They need to, I always say, because
you should become and in your.
Speaker 4 (38:54):
Adding man for go and you know sure that she's
paying for out of I gotta note that well comfortable, Hey,
not engaged.
Speaker 5 (39:15):
You know.
Speaker 4 (39:16):
I want to bet that that's the kind of relationship
I haven't. That's you should be and you should be.
Speaker 3 (39:25):
They should not be talking down to you. They should
make time for you. They should nichol and din you.
There's so many you know, you've got to t It's
trust and respect and you know everybody's in the business
is selling your time. Time is precious. But they you know,
I'm ember a lawyer. When my dad died and he
was like, it's fifteen minutes for this and fifteen minutes
(39:47):
for that, and I'm like, eh, eh, you know like
I like. I actually like the guy I'm working with now.
I've actually never met it. He's in Chicago, but he
seems to like. He responds. He answers, I have any problems,
but I am.
Speaker 4 (39:59):
I am.
Speaker 3 (40:00):
I'm talking to a tax planner here in Louisiana so
that I can fill in what I think is a
gap in the trifecta of investment advisor, by tax planner
and C B A. And then it may make changes silk,
you know, because you have to. You know, sometimes you
can't be too comfortable. You have to always make sure
(40:21):
you're checking things. I mean, I went for years not
looking at anything, and then I had to learn the
book very careful of.
Speaker 5 (40:30):
Okay, but we shouldn't be part on our happy right
ten years. As long as you start, it doesn't matter
when are start. Start learn art, asked, read and I
tell you a minute, especially well we were not.
Speaker 4 (40:49):
You should.
Speaker 5 (40:50):
I don't know what comparis to talk about it because
we don't. We have to ask questions not late and
you're currently.
Speaker 4 (41:00):
So there's no.
Speaker 3 (41:03):
Right and there's no dumb question.
Speaker 4 (41:06):
There's nothing again, how would you know? Another word? And
I'll tell you what I have a meet counting. They
were all the things.
Speaker 5 (41:16):
They still didn't a difference work, a credit work like
they didn't learn those BIS should not be embarrassed. You
should be more embarrassed educationally. Very frankly, that's another deb
but a questions do.
Speaker 3 (41:36):
Not be yeah, and and get and and you know,
start dipping your toes in the water suit. I mean,
the more, the sooner you can, you know, at any age,
just don't be afraid of dealing with your finances. And
don't just say, oh, I want to let so and
so handle that. They're the expert. You know, become knowledge
is power, sure is and and and you know, I
(42:01):
have become more empowered because I made it. My decision
a little late, but decision to become more knowledgeable. And
I got to tell you, Tracy, your book. I just
did the final blog deduct everything. It was easy to
read because it's very straightforward. It doesn't talk over your head.
It's it's the way I would have written a book.
Just okay, here's the question. Let me give you the answer.
(42:23):
And it was very helpful. I read it in a weekend,
so you know, it's easy to do. I'm so excited
that we connected. We'll have to connect again of a wine.
Speaker 4 (42:36):
These I would love it.
Speaker 3 (42:38):
Yeah, but I think you know everyone everyone. I would
like every woman out there to be very comfortable and
more elevated about their knowledge of their finances and their wine.
Speaker 4 (42:49):
One of these days I.
Speaker 3 (42:51):
Pass, Yeah, you could do a finance wine.
Speaker 4 (42:58):
I have did it called.
Speaker 5 (43:03):
I'm in Matters and it literally like the vocabulary left.
I encourage people to listen and literally like think, what
is the S five hundred you know thrown around all
the time, Well, equid.
Speaker 4 (43:18):
It's stock.
Speaker 5 (43:18):
But why do people use They're just being fancy like
so just like the jargon, why don't you get the
jargon down? You could turn the business background and start.
Speaker 3 (43:32):
Well, that's why I asked about Saul and and and
obba one big beautiful bill. And I didn't even know
what an ETF was. I had to look it up.
And then my husband didn't know what it was. I
had to tell him, and I was so proud that
I could tell him what it was because he's like,
what's that? And I'm like, well, okay, it's like trying
to treat it on, but you got it to learn
the jargon. It's like with wine, you got to learn
in the jargon that's it.
Speaker 4 (43:51):
It's you know, sadly, it was a little bit of
a boys club for a lot of years, and they.
Speaker 5 (43:55):
Used a lot of boothring it. It's like, you know
when I remember pig Latin.
Speaker 3 (44:04):
Well, you know, I had a lot of friends who
got their start early on in entry level finance doobs,
and one by one they either got let go, aged
out or they had issues with harassment. I raised my
glass of water to every woman that is still in
the business at this point. You still are in there,
and they're very senior doing well. But I raise a
(44:24):
glass of people like you who were there and making
it easier for other women to get in and get
involved and become experts in this area because it's a
good area to be on. Honestly, if I did my
life over, I wouldn't even consider getting into it because
I have become more interested in it.
Speaker 4 (44:41):
Well, because as you said, knowledge is power, you know,
the knowledge is power.
Speaker 5 (44:47):
Anywhere from thirty to fifty trillion brillion from men to women.
Speaker 4 (44:52):
So all this money is coming us. Again, I am
not telling you you understand what you happen. We can
change the world.
Speaker 5 (45:03):
We change change the occasional system, anything that bothers me.
We can do it, but we just need to learn
how to hold on understand otherwise.
Speaker 4 (45:15):
I hate to say it, but.
Speaker 3 (45:17):
So well, great points, and you know, I hope everybody
benefits from this conversation because it's you know, it's never
too late, never too late. Tracy Burns, thank you. It's
been really great to see you and talk to you.
You can you'll be able to see the show on
(45:39):
YouTube and about sixty five podcast channels, uh Evergreen. So
it's always good to listen and watch and always know
that you have choices in life on how you want
to live, live yours, live them on your terms and
then on the terms of somebody else, and always choose
being fearless and fabulous.
Speaker 4 (45:56):
Thank you, yeh
The topics and opinions expressed on the following show are
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We make no recommendations or endorsements for radio show programs, services,
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(00:20):
be directed to those show hosts.
Speaker 2 (00:21):
Thank you for choosing W four WN Radio.
Speaker 3 (00:42):
Hello, and welcome to Fearless Fabulous You. I am your host,
Melanie Young, and it is April twenty twenty six, and
guess what It's tax Day? April fifteenth, twenty twenty six.
I hope you've either filed or extended, but having a
nice big exhale today. Would you know this? I didn't
until this year. April is Financial Awareness and Security Month,
(01:04):
and I dedicated twenty twenty six to becoming more financially fit.
I grew up in a family where spending was just
what we did, saving was what we didn't do, and
I watched both my parents run out of money at
old age, and it scares the the Jesus out of
me because I keep reading all these horror stories about
(01:28):
living past your retirement funds. So I decided that twenty
twenty six re my year to get over it and
reevaluate and strengthen my relationship with finances and money and
not be as frightened as I have been all my life.
I'm a daughter of a CPA, so tax time never
scared me because he was also the CFO of my
(01:50):
company and everything was write off being in the type
of business I was in. But I have a lot
of listeners, a lot of friends, a lot of people.
Maybe you watching who may be self employed. Maybe you
have a side hustle, maybe you have a small business
with employees. Maybe you are at theh like me, where
(02:10):
you're now taking soial security and figuring out how to
not outfit your finances. Maybe you're trying to put money
away for your family. There's so many things out there.
In the middle of it was this big, big announcement
this year of something called one big Beautiful Bill, and
I don't know. It all sounds big and beautiful, and
maybe it sounding like people be like who are really
(02:32):
wealthier and benefit more than coul people like me or you.
But I do know about that because I got this
great book that just came out, and it's by someone
I've known for a billion years, Tracy Byrne, who is
CFDA and MBA and leading voice to advisors for families
looking to grow the protective wealth. She is vice president
(02:54):
of Women in Investing for lead Involve Global Advisors. I
actually knew Tracy back in my PR days through a
shared interest in why. She has a business columnist for
Fox News and I had George the book on the
show whenever Bogiolae new Bau would come out, so ironically,
we came to know each other through the wine world.
(03:15):
She's actually a WSCT level free Wow, that's an achievement.
But her background is in finance, and she's really notching
enough a bit helping a lot of women going through
what we call the big d's divorce downsizing that you
name it, to make sure that they are financially secure.
(03:37):
Her book is deduct everything. That sounds like something my
dad would say, hundreds of tax tips, legal write offs,
credits and loopholes. Now, I am not a certified public
accountant and I am certainly not a financial specialist. I
need help more than anybody. But I like to lean
in and talk to people who are knowledgeable and ask
(03:59):
the questions. That's what I do to see what how
we can make better decisions and decisions about our finances.
And Tracy's an investment advisor, so she's got a c
c A. But what we're gonna start the show is saying,
all make it probably talk area. You know what you're
(04:26):
talking about. Is what we're going to do today with
Tracy Burns. Tracy, welcome fat with you.
Speaker 4 (04:34):
Thank you for.
Speaker 5 (04:34):
Having and yes, I love that you and I connected
over the Vogue.
Speaker 4 (04:41):
That's a that's a long time ago now it was.
Speaker 3 (04:43):
It was a lifetime ago because I love it and
you moved on and actually did and you had this
book out and I was like, oh, Tracy, you got
to come on the show, and you were like, are
you still in line? Is it? Yeah? I'm in mine too,
But I got the other things since she could have
wiped this with one market.
Speaker 4 (05:04):
So I feel like that's a good home. We need help.
Speaker 3 (05:12):
Absolutely absolutely, it's crazy. So let's talk with a little
bit about how you got into this aspect of the
financial will.
Speaker 5 (05:23):
So I was in business, I mean a thousand years ago.
I got my MBA in accounting. To your point, I
worked in Arnest and Young. I did taxes, I audited,
I did the things it couldn't do that for a living.
So but wanted to be a writer. Fell into financial journalism.
So I started writing for the New York Posts, Forbes,
Wall Street Journal, and found myself at Fox Business as
(05:45):
an anchor reporter, where you and I met.
Speaker 4 (05:47):
SO did live TV for probably ten years.
Speaker 5 (05:50):
Interestingly, I met so many great, fabulous women over the
course of my time there, and the one commonality was
they didn't know who to invest their money with because
while I love old white men, they didn't want to
invest with them right. They wanted the diversity of where
are the women in the business, and so I knew
there was a need. And I also got to an
inflection point in media where I was done thinking about
(06:12):
the next part of my life and what I wanted
to do. And I think we all hit this point
as women, especially where we want to do something that
really matters.
Speaker 4 (06:20):
And I wanted to be able to help people. I
am divorced.
Speaker 5 (06:23):
I've been divorced for twenty years, and I felt like
that was untapped women going through divorce.
Speaker 4 (06:28):
They're afraid to talk about it. You know.
Speaker 5 (06:31):
I always say my age and up, I'm fifty five,
fifty five and up. Many of them are stay at
home moms still, and they're so scared and so nervous,
and so I just thought it's high time someone gets
out there and helps them, and so I.
Speaker 4 (06:45):
Became a financial analyst.
Speaker 5 (06:47):
I spent eight years at UBS, which was great and
I learned a lot. But I have since gone independent
and it's just so liberating and fabulous, and you know,
I don't have to have corporate minimums on my accounts anymore.
I get to take on whoever I want to help,
and it's just it's really beautiful and there's so much
less pressure.
Speaker 4 (07:05):
Plus I get to do media and stuff like this
with you.
Speaker 3 (07:08):
I'm curious, Tracy, because you said you're independent. Are you
a fee based consultant or how do you work? Somebody
may want to know how how to find you and
work with you, so let's give out that information.
Speaker 5 (07:20):
So I'm with a registered uh, you know, a registered
independent advisor. So there's a team of people that that
help support me that. But yes, I'm be based on
basically whatever is to this stock market oftentimes any of
your you know, your bonds, your your savings or your
ammunis orright money market accounts. It's hard to feed. It's
(07:43):
hard to put a fee on that. There's nobody anything
that requires work is feed.
Speaker 3 (07:51):
So yeah, it makes a lot of sense. I only
really I'm I'm late, you know. I Okay, here comes
the big reveal. I got taken by someone really early on,
a young white man, with my inheritance, and it really
hurt a lot. A little bit of inheritance, but hurt
a lot. And I became very scared and didn't do
(08:12):
anything for a very long time, and it took me
years to even tell my dad what happened. But I
lost quite a bit of money and I've had to
overcome that. And then when I did end up with
some more money after selling houses, I needed to figure
out what to do. And god flip, I'm sixty seven,
(08:33):
so it's a big issue. As I said, I've seen,
you know, my parents die and leave nothing but debt,
and it's scary. So I really feel it's important early
on in life. Everybody listened and watch this, read my lips.
Early on in life you need to get a positive,
healthy relationship with money and understand how to make it
(08:56):
work for you.
Speaker 4 (08:59):
Right thousand percent.
Speaker 5 (09:01):
And I would add to that, you do not need
to know where Microsoft closed yesterday cares. That's not the
stuff you need to know. You need to know what
you know, what you have? Do you have a four
oh one K? Do you have life insurance? And you
could just stop there. I don't care if you know
any That's all you need to know as far as
(09:21):
I'm concerned. You just answer some simple questions. That way
you can start to ask smart ones. You don't need
to know what palanteer is and what it does and
why it's a meme stock these days.
Speaker 4 (09:32):
Basically, you don't need to know that.
Speaker 5 (09:34):
You need to know if you are saving properly, if
you're budgeting, you need to know those basics.
Speaker 4 (09:40):
Let's not overcome.
Speaker 5 (09:42):
And I would say, with all due respect again to
the old white guy, that you got it and a
lot of code. And I find that it's unfair and
I'm here to buy anything you want to ask.
Speaker 3 (09:56):
Well, you work with a lot of women who are
going through divorce, and one of the sound I'm not divorced,
I'm marry late and I run everything, but the problem
with many wonderful women who go through divorces. They have
let their husbands run everything and are often blindsided by
what they are left to deal with. Or maybe they
(10:18):
sign something that they didn't take a strong look at.
Could have been a lot of things, and that's very hard.
So what would you I'm going to just going into
a relationship for a marriage, take the romance out of it.
It is a contract. What would you tell women to
be really clear focused on financially.
Speaker 5 (10:43):
So I'm divorced, and I say all the time, you
should you know, marriage is a business relationship with the
bonus of sex. But I want to hear that from me.
But I don't want you to you know, I don't
want you to be in love.
Speaker 4 (11:01):
But I'm wanting to take it fiercely.
Speaker 5 (11:02):
And I get that life gets busy, right, I get it,
And you're going to probably handle off some responsibilities. Right
what typically happens Melanie is like and now I'm going
to use it.
Speaker 4 (11:12):
A heterosexual couple. She's working, they got some kids.
Speaker 5 (11:16):
She's got to get somebody's new cleats because they have
soccer practice. She got to make sure somebody has milk money.
She does all the day to day, and she turns
to her partner and says, you know what you have
basically the stuff that's not going to knock the wheels
off the bus today, So she hands it off. The
problem is they never reconnect and talk about what he's
doing long term, which she's doing short term. So I
(11:39):
would young couple have a little money date and you.
But we go out a's a line and ask ask
some questions.
Speaker 4 (11:49):
Do we have tirement money? If so, where is it?
How do I access it? Do we have life insurance? Right?
How do I access it?
Speaker 5 (11:56):
Make sure you know, use your names and passwords to
every account everywhere, and then that's it. Don't don't you
don't have to hurt your about this. You know what exists?
Speaker 4 (12:06):
A bunch of kids. How are we baing for comfort? Ask?
Just ask some questions. That's it.
Speaker 3 (12:12):
Yeah, no, I you know, I'll be honest with having
that conversation in my couple. My household is difficult. It's
easier to have the glass of wine than the discussion
about money. Trust me, it is hard. You wrote it.
I love this book. By the way, I you know,
grew up, like I said, I was the daughter of
a CPA. I deducted everything. I mean, Dad tried to
deduct my wedding. He may have, I don't know. It
(12:33):
was an event. I was in the event's business. I
had staff may reproduce it. It was a ev Let's
just say that was the last thing he said to
me walking me down the aisle literally at Commander's Palace.
He looked at me walking me down the aisle, arm in, um,
do you think we can deduct this? I'm like, Dad,
it's my wedding, anyway, I love it. Let's talk about what,
(12:54):
you know, the one big beautiful bill. So the one
big beautiful bill. You know, you're like, woo, another big
you know, giant exclamation point. And a lot of people think,
well for people who have a lot of money, so
then apply to me. But reading your book, I saw
where it really does matter. And starting with because I
just file my taxes, standard deductions have changed and what
(13:19):
top lines have are the key things that would matter
for people that aren't like in the one percent.
Speaker 5 (13:25):
Right, like, so the thing with the one percent is
they they there are just a gross income.
Speaker 4 (13:31):
It gets too big time to qualify for just.
Speaker 5 (13:32):
About anything in this in this eccray and that that's
pre pre the one fact. So there are a lot
of things for middle income families in here, especially people.
So let's start with to your point with the standard deduction.
It was raised this year, so I think it's fifteen
thousand and seven, seven hundred and fifty dollars for a
single person, thirty one to five for a married filing joint,
(13:55):
so that it's higher than normal or then it's been
I should say, which basically means you won't have to
deal with the itemization of Schedule A, you know, getting
receipts for your charity work, your mortgage interest, your real estate.
Speaker 4 (14:07):
Taxes, all that stuff.
Speaker 5 (14:09):
If you if the standards is greater than you're itemized,
you get it, and you're does make the tax return
a little bit easier, and that's I think one of
the that's the piece of it where they're expecting more
people to get money back.
Speaker 4 (14:23):
You've heard. I'm sure that people are supposed here. The
standard reduction is a big piece of that.
Speaker 3 (14:29):
It was big and of course I read your book
this weekend right after I found my taxes and I
had a zillion itemizations and receipts. I was the girl
that would put all her receipt paper, receipts in a
box and just send them to dad. Go figure it out.
Now it's spreadsheets and analysis and like days. But I
was like, oh, I didn't have to do that. But
that's good, that's good. The other thing is senior. So
(14:52):
I am senior, I guess, and I have a younger husband,
he's sixty two. I'm sixty seven. But it says that
you know, any of us have paid off mortgages or
don't have one, and we have different kinds of expenses
and a lower income. But apparently the deduction is better,
right for seniors.
Speaker 5 (15:10):
You get an extra sixty five hundred dollars, which is amazing,
and you should by the way you earned it. You've
done your time, so you shouldn't be penalized just because,
like you said, you are downsizing. You paid off your mortgage,
you did all the right things. So the extra sixty
five sorry six thousand per person, and it's a couple
of years.
Speaker 4 (15:28):
It's not forever.
Speaker 5 (15:29):
This is not one of those permanent, but take advantage
of it while you can. The things that are permanent,
you know, and I say permanent? Is everything permanent? I'm
not really sure, but they made the estate stuff permanent,
so at least wealthy people can plan better. But as
far as all these extra deductions, they all come to
(15:50):
the advantage of them while you.
Speaker 3 (15:51):
Can yeah, absolutely, And let's talk about the big looming
issue of what you can do insurance, what kinds of
insurance you can do? I mean I run so I
run everything through a company to connect the table. I
think I keep the company open just to go and
run everything to it. But which has its advantages? You know,
you've got medical insurance, You've got business insurance, you have
(16:14):
life insurance, you have disability insurance, you have long term insurance.
I don't know about thirty percent of what my budget
is insurance. What has has anything changed with that? What
is deductible now?
Speaker 5 (16:26):
So it's still your healthcare premiums, which you absolutely have
a deductive fifty percent of the deduction, right and business
yess But long term care, that kind of stuff generally
not depending on your plan and the way it's written.
I will say you could use your HSA account to
help you long term care. So that's something at least
(16:46):
to get try to get a little benefit out of it.
But for the most part, medical expenses are tough. You
have to be you know, above zero point five percent
of your adjusted gross income.
Speaker 4 (16:55):
There's still difficult. So but again, savior receipts.
Speaker 5 (16:58):
You never know if you had a big year with
a lot of medical expenses.
Speaker 4 (17:02):
Stave all that stuff. Save it, give it a shot.
Speaker 3 (17:05):
Yeah, even though you're not you don't need to have receipts.
I save receipts because because you could get audited, and
you have a great section on you know, the word
audit scares me. You know what to do if you
get audited, because then you really do need to have
all your seats. I want how many years do you
have to keep of your tax records as an individual
and it is a business.
Speaker 5 (17:25):
Generally three, I would say as a business, say five.
The audio chapter was semi like tongue and meant to be.
I know I had good a good fella's reference there.
Speaker 4 (17:35):
I want.
Speaker 5 (17:36):
So I want people to understand if you're audited, it
is not then they're not going to take away your children, right.
All they're doing is asking some and you know what,
wh didn't audit I over the course of my life
got got the infamous letter. You know, I think we're
also afraid that this caricature of uncle Sam is going
to grow up at the door and take away like
(17:58):
our first born wrong on our tax return.
Speaker 4 (18:01):
We're so scared.
Speaker 5 (18:02):
All in audit, It really is, is there. They just
want proof, want a little backup. They want to understand
what you did. Maybe you did miss something. Maybe you
didn't though, and they I have to tell you. I
did get a letter, the letter audit, and I sent
my documentation and it went away. So you can, I say, win, Lucy,
(18:23):
but win these things too. Don't be a free They're
just double checking sometimes sometimes there's there's technological errors. Just
give them what they need and move on with your life.
Speaker 3 (18:33):
Yeah, And so this is interesting, David, and I got
all the free stuff now that they offer seniors free dinners,
but I get something out of all of them. So
I went to one recently and he said, I'm a
tax planner, not a traditional cb CPA. You need someone
who can help you with tax planning versus the CP
who just does your taxes. Let's explain that and at
(18:56):
the difference for people. Because I was like, oh, really,
you know, explain the difference and why you may need
both when you may need.
Speaker 5 (19:06):
Or someone who does right, I just had this conversation
believe it or not, with my boyfriend hire kids. He's
got I mean, there's there's no return, like you have
to talk to a planner is going to look at
this big, one, big beautiful bill and help you take
advantage of it.
Speaker 4 (19:25):
Well, you know it's it's on the cover of the book.
Speaker 5 (19:27):
It's not a loophole, right, it's tough in the bill.
Right now, it's law and you're taking advantage. But sometimes
we just don't see it. You need someone in it,
not just someone who's in that's your tax error, right,
I could actually you need a planner, a CPA who
is specializing in tax planning to help you navigate and
(19:49):
figure out you know what I'm and it could save
me money down the room. So it's not it's not
a bad conversation to have with someone money.
Speaker 3 (19:58):
Well, I'm doing it, you know. So I'm looking at
this person right now. Is a bridge between my financial advisor,
who is you know, not be based, you know, it's
a big company, and my CPA who just does my
taxes and then making you know, in the evaluation and
everybody should do this regularly like you do everything else,
(20:22):
to see what I'm doing right around, because I'm at
a different stage of my life as is David, and
it's very different. When you get older, your income drops.
You're very cognizant of what things cost and what you
have left and how to use it widely. But then
sometimes you're bringing in side hustle. Let's talk about side hustles,
because I have some side hustles that actually brought in
(20:43):
some money last year, and I was surprised because I
probably didn't do the best record keeping on them, because
you know, you do defno own cash and everything. How
how are how should we be handling those side hustles
that actually turn out to be pretty good.
Speaker 5 (20:58):
Well, So to finish your previous thought, though, you should
organize a call with your tax planner, your financial advisor, stuff,
and you just have to sit there and listen.
Speaker 4 (21:08):
They could talk it out. You just have to facilitate
it right.
Speaker 5 (21:11):
You don't have to know everything, but they need to
be on the same page. Just as an example, the
financial advisor needs to know, Okay, you know what, she's
gonna have a big tax bill because of her small businesses.
Try not to generate a ton of capitalists for her
and go telling stuff all year long, that'll be a
double whammy for her. Just have the conversation June thirtieth.
(21:33):
I'd say that way you get a sense of whether
you're have an appeld. You might make an estimate it's
not terrible. Before you go off fourth of July and
have a fabulous summer, think about facilitating a call. That's
and like I said, you don't even have to know anything,
you just have to make production of them.
Speaker 3 (21:49):
Well, that's kind of what I'm doing now, because you
don't want to do it, you know. April tenth, I
after doing my taxes this year and I haven't done
the Yeah, and because I also have corporate wins that
come later, so sometimes there's extensions. I realized it's time
to do this. And my circumstances are different because you know,
(22:09):
there's also and let's talk about this. Many of us
are at an age where they have been caring for
an elderly parent. The parent dies and we inherit something,
whether it's small or large, there's always something because you
have to deal with what they leave behind. And I
learned that inherited income and were from a sale of
(22:29):
a how whatever it's very is handled very differently than earned,
and then we'll get into state by state talk about that.
Because I was, I'll be honest with you, Tracy, when
I was living in Tennessee, because I've lived in three
states since we've connected in Europe, and so I was
(22:50):
talking to a Tennessee Tennessee CPA's plural because I interview people.
One of them put the hell on fire and damnation
in me, said I'm going to have a big tax bill,
to the point where I was like, whoa, he's so dramatic.
And then I went to another one and said, not
a problem, you not a problem. Well that's a big difference, right,
(23:13):
I guess who I went with not a problem, and
I didn't have a problem. But let's talk about that
because a lot of us are dealing with the estate
and taxes. How does that all work in while you're
still drawing an income doing other things?
Speaker 5 (23:31):
Right, So, like often, especially if it's like all little
investment account, you inherit it, and you the cool part
about it is you get this step up in basis
on So if you inherited a stockportfolio and let's just
say for argument's sake, they bought I'm making numbers up
Apple at ten dollars a share and now today it's
(23:51):
one hundred dollars. You inherit that at one hundred dollars,
so that means when you sell it you don't have
any capital gains.
Speaker 4 (23:57):
That's great for you.
Speaker 5 (23:59):
That's something to pay that people need to pay attention to,
and you need to tell your advisor when this stuff
comes in the door, like, by the way, this is inherited,
they changed state cost basis.
Speaker 4 (24:09):
Sometimes it doesn't happen home way. When you inherit a home.
Speaker 5 (24:14):
There's all these tax implications to it on the if
you go and sell it very important to bring up
again to that tax planner, not necessarily the preparer, and
of course your financial advisor. And for the really really
wealthy that fifteen million on the estate tax that you
can gift estate tax free, that in theory is permanent again,
(24:36):
actually is permanent anymore out there they're saying it's permanent.
Speaker 4 (24:39):
It's not.
Speaker 5 (24:40):
It was it was sunsetting, which basically means it was
fifteen million, and then it was going to be seven
and it lacked down.
Speaker 4 (24:48):
So that's really hard to plan when you're trying to
just be like for you know, it doesn't have.
Speaker 5 (24:54):
To be wealthy people from Manhattan. Right, you're talking about
farmers and things like that. So now at least, okay,
it's fifteen million text free, that's really important. But yeah,
those smaller accounts the roll over IRA. In IRA, it
has to be emptied in ten years, which have to
take money out, and when you take money out, there's
(25:14):
an income.
Speaker 4 (25:15):
Tax burden on that. So yeah, well it does create
tax implications.
Speaker 3 (25:21):
Well, you know, you said something interesting. I didn't know
what step up and all these terms were. So I
was swimming, my mother had died, I was dealing with
a man. I needed to note all that stuff you
talked about. Something called salt. I didn't know what it was.
I just know it's what you put on food. What
is salt sa LT and what is the pill fit.
Speaker 5 (25:39):
Unless you live in a high tax state, you probably
don't even care about this. But for those of us
that do, I'm in New Jersey, New York, Connecticut, California
are state tax Oh we're getting on schedule A. Hence
the itemization was really important. At the time, they dropped
it to ten thousand dollars and for a lot like
(26:00):
that means nothing. Right, our state tax is fifty thousand dollars.
They've raised that that state and local tax deduction forty
thousand dollars a big deal for a lot of people
in those high tax states.
Speaker 4 (26:17):
On the first front, consider.
Speaker 5 (26:19):
That when you are thinking about separating assets and divide
gets the house and the person who qualifies for that
big deduction should get the house because that makes way
more sense as opposed to giving it to some who
doesn't have enough money in It.
Speaker 4 (26:41):
Feels she has to stay there. So I do think
there's tax well that often that's often.
Speaker 3 (26:50):
Well, you know, this is why you need a tax planner,
and because you don't know all these things and you
get information coming at you from all over. There's something
called the child tax credit, right twenty two what is it?
Speaker 4 (27:07):
Twenty two hundred dollars a kid.
Speaker 5 (27:08):
Yeah, limitation a certain age bracket the kid I think
goes way at fourteen. And again if your income is
too high, you don't get it. But Uncle Sam basically
says it's it's expensive.
Speaker 4 (27:21):
To raise kid. We're going to give you a little bit.
That's really what that is.
Speaker 3 (27:25):
It's at one time, right, so this paying for your
child's education. Have any deductibility there are you know, the
lifetime learning credit is great if you're paying for college
or education.
Speaker 5 (27:40):
If you don't get a ten ninety eight dash tea
that stands for tuition, though, then you cannot do so.
Speaker 4 (27:48):
If to university you are paying for.
Speaker 5 (27:51):
School, online classes don't count, you will online classes don't count.
Speaker 4 (27:57):
They do not they do well.
Speaker 5 (27:59):
I guess I should say an online a random online
class does not count.
Speaker 4 (28:04):
An online class from like Harvard. That's actually a good question.
And I do not know the answer to you, because.
Speaker 3 (28:10):
Like Cornell, they're all doing online now, particularly since you know,
but probably the w set wine course is not deductible. However,
if you're a wine writer, a wine educator, or a
wine podcast or there is a deductive it's got to
be because it's an expense. It's a business expense. But
I see what you mean.
Speaker 4 (28:26):
That's actually that's very either way.
Speaker 5 (28:28):
Ask your prepare about all that you're paying for college?
You know what, just like bring just go to your prepare,
armed and dangerous and say these are all things I
pay for?
Speaker 4 (28:37):
Do I get deductions on any of it? And that's it.
Let them do their job.
Speaker 3 (28:42):
Yeah, obviously your dog is not your child. I love
that in there there's certain things that don't work. But
if if you're doing it, you know, it's like I
work from home and I do have and you're very
clear in the book. You know you have a dedicated
Uh take a picture of your office so that if
you do get on it, you get it. This is
my office, not a guest bedroom in here, or this
is really the office. And so many people are working
(29:04):
from home remotely, and that does caused some other deductions
and expenses as well. For tied into that, uh charity.
How has charity donations changed? I think we mentioned it
briefly admit a little while ago. But let's becic because
I saw something on TV about it today about you
should all be doing donations because there's a new task law.
Speaker 5 (29:29):
I will say, though, don't be afraid of it like
they're afraid of you know. I wish the book would
entitle the book everything. Right, if you free, if you close,
and no one, there's no favorite in.
Speaker 4 (29:49):
The scene or washing machine.
Speaker 5 (29:52):
Right, it is your office and where you go every day,
and you don't have a designated office anywhere else.
Speaker 3 (29:58):
Take it.
Speaker 5 (29:59):
You deserve it to that, I will say that charity,
so now you get a anywhere from one to two
thousand dollars deduction for charitable contributions if you do not itemize.
Speaker 4 (30:11):
So right off the bat, so take it because and.
Speaker 5 (30:16):
Part of that was they don't want to hurt charities
now right. It sounds terrible, but a lot of people,
myself included, would come down to the wire and donate
on December thirtieth just to get that deduction up because well,
because I needed it. And so if I'm not itemizing
now and I'm not, I'm not doing that. So they
(30:37):
have to still incentivize people to give. So it's one
to two thousand dollars depending on your income. And then
on the other side, if you itemize, there is a
limit now on based on your income as to how
much you can deduct for charity. But when you're telling
your charitable contributions, don't forget little things like if you're
driving to a church picnic and you may and you're
(30:59):
donating brownie, you get miles for driving to it, and
the cost of the brownies are part of your deduction.
Speaker 4 (31:06):
So, like it.
Speaker 5 (31:07):
Sounds all ridiculous, but it all adds up. So keep
track of all those little things, you know. I always
said that the castle the ingredients in the church cast
role deductive anything you give, pay attention to it. If
you give clothes, be very careful. Of course you can't.
You can't declare retail on that. But if you're donating
items in shoes or whatever, make sure you keep record
(31:31):
because even if it's two dollars here, three dollars here,
it all adds up.
Speaker 3 (31:37):
I donated a lot of my mother's stuff to the
point where they were like, you're here again, and it
was it was significant in the scheme of things. What
about your time? Can you deduct like I'm giving my
professional time normally I bill at two hundred an hour
or is that hard to document?
Speaker 4 (31:56):
I wit not that I know of, And maybe.
Speaker 3 (32:05):
Yeah, well you know, because you know, I've heard of
some crazy deductions the people do, and I'm like, really,
but some of them do make sense and some of
them don't. I thought this was interesting you brought it
up briefly because you live in the New York New
Jersey area, which is super super high tax area, and
many people are now actively researching where to live. That
(32:29):
you see all these lists of the most tax friendly
states and where to go to retire. But we all
know that the money's got to come from somewhere. So
if they're not taxing you, it's coming through sales, tex
or whatever.
Speaker 5 (32:40):
What.
Speaker 3 (32:40):
And I'm having now lived in three states, I've learned
as well, what should everyone who's thinking about that big
relocation consider in terms of state income tax, federal income tax.
There's social tax and social security and any other factors.
Speaker 5 (32:58):
So at the end of the thing, so you have
to put the money aside, and sure.
Speaker 4 (33:04):
You like the view out your work people, where should
I go live? What do you like to do? Where
do you kind of and we can back into trying.
Speaker 5 (33:14):
To choose between I get there, but I can't say
you should go to Florida because there's state tax and
it's gonna save money. If you like, that's a terrible
It's terrible enough not attention to the point Florida's with
us are living is getting more and more expensive in
(33:34):
a state like flood because they have to make money
some So, you know, foming hamsures that the states that
are hate tax free right now, nothing is free in
the so very aware you're gonna get, you know, as
my grandfather a nickel and dime some in order for them.
Speaker 3 (33:55):
To also just speaking from experience, I live in Lituis
it's not the cheapest. The cost of living is low
in Louisiana, but I don't I didn't buy. I rent
why because it is expensive to have a house in Louisiana,
because we're in a major hurricane zone and property insurance
is high and you've got to have FEMA. I still
(34:16):
have FEMA and I rent because why because I can
only do much rental insurance, but I want to be covered.
And you have to think about those things. Property taxes.
You also have to look at when you change states
and you're not on general Medicare A and B and whatever,
you have to then go to the state. You have
to get a whole new insurance plan and it changes
(34:38):
dramatically because Tennessee was very inexpensive. There's no state income
tax in Tennessee, there's no very low cost. My car
insurance in Tennessee, and my health insurance in Tennessee was
a lot lower than in the Louisiana. Also, Louisiana is
the Napoleonic code, So really talk to your find the
(35:00):
ANCIL advisor carefully about that and your inheritance.
Speaker 4 (35:04):
Right because larda car and sh ridiculously hot. So again
like so that's my figurette.
Speaker 3 (35:18):
You know. My advice to anyone thinking about the movie
is go where you you know, you go where near family,
always physific family, or go where you always go on
vacations but have a good time. Like we went to
New Orleans all the time, so we now I don't
have to pay to go to Justice. I hope you're so.
That was a big decision. And he was really tempting
(35:41):
Tracy to stay at Chattanooga because I had a free
house that it wasn't free because they need a lot
of work and there were property taxes and I uh
was always going to be going for since and the
airport raised to them. I needed to be better airport.
So we chose to move to Louisiana. It came with
some expenses that I'm not happy about what We're immensely
(36:01):
happy living here. And I think that's the key is
you need to be immensely happy where you are and
be able to afford it so that you can do
everything you wind it.
Speaker 4 (36:13):
Right, That's what I think. So if you want to
live on a gun, okay, right, you gotta got it.
Can't say put me where gave the most money because.
Speaker 3 (36:27):
Yah, yeah, I mean, you know, I just I saw.
I'm going to tell her stop reading all those crazy
wills that keep popping up on your on your face
because you may have looked up one or two times.
And for this show, I researched a lot of stuff,
and then you start getting all the.
Speaker 4 (36:43):
Craft sent to you and it gives you exactly exactly right.
Speaker 3 (36:48):
So I'm curious. I'm curious, since you are in the
financial world, are there certain media sources for people you
follow that you respect.
Speaker 5 (37:01):
So that's a great question because so as you know,
I am still I read right right.
Speaker 4 (37:14):
Than of course, but regularly. But again there's there's a
fun so you know, up but if you're going, if
you Fox fan, please take and.
Speaker 5 (37:38):
Do the diligence. Still excited about that because it's not
just pipher annoying.
Speaker 3 (37:46):
I try to read different things, and I read a
lot of books, but I also, you know, I try
to be the CEO of my life, so I try
to have trust the advisors, and I evaluate them and
monitor him as well, and if they're not working, you know,
then I moved on to the next wood. And I've
had to do that many times. In the CPA because
(38:07):
my dad and my dad walk the water and I
always had no problems with him. Probably paid all the problems,
but because my mom was like when he died, she's like,
why am I paying taxes now? When you paid your taxes?
Work didn't know that because it was very hard after
he died getting right a trusted tack person. I think
I went through four.
Speaker 4 (38:26):
C Okay, good for.
Speaker 5 (38:31):
Yeah, an interview. They need to, I always say, because
you should become and in your.
Speaker 4 (38:54):
Adding man for go and you know sure that she's
paying for out of I gotta note that well comfortable, Hey,
not engaged.
Speaker 5 (39:15):
You know.
Speaker 4 (39:16):
I want to bet that that's the kind of relationship
I haven't. That's you should be and you should be.
Speaker 3 (39:25):
They should not be talking down to you. They should
make time for you. They should nichol and din you.
There's so many you know, you've got to t It's
trust and respect and you know everybody's in the business
is selling your time. Time is precious. But they you know,
I'm ember a lawyer. When my dad died and he
was like, it's fifteen minutes for this and fifteen minutes
(39:47):
for that, and I'm like, eh, eh, you know like
I like. I actually like the guy I'm working with now.
I've actually never met it. He's in Chicago, but he
seems to like. He responds. He answers, I have any problems,
but I am.
Speaker 4 (39:59):
I am.
Speaker 3 (40:00):
I'm talking to a tax planner here in Louisiana so
that I can fill in what I think is a
gap in the trifecta of investment advisor, by tax planner
and C B A. And then it may make changes silk,
you know, because you have to. You know, sometimes you
can't be too comfortable. You have to always make sure
(40:21):
you're checking things. I mean, I went for years not
looking at anything, and then I had to learn the
book very careful of.
Speaker 5 (40:30):
Okay, but we shouldn't be part on our happy right
ten years. As long as you start, it doesn't matter
when are start. Start learn art, asked, read and I
tell you a minute, especially well we were not.
Speaker 4 (40:49):
You should.
Speaker 5 (40:50):
I don't know what comparis to talk about it because
we don't. We have to ask questions not late and
you're currently.
Speaker 4 (41:00):
So there's no.
Speaker 3 (41:03):
Right and there's no dumb question.
Speaker 4 (41:06):
There's nothing again, how would you know? Another word? And
I'll tell you what I have a meet counting. They
were all the things.
Speaker 5 (41:16):
They still didn't a difference work, a credit work like
they didn't learn those BIS should not be embarrassed. You
should be more embarrassed educationally. Very frankly, that's another deb
but a questions do.
Speaker 3 (41:36):
Not be yeah, and and get and and you know,
start dipping your toes in the water suit. I mean,
the more, the sooner you can, you know, at any age,
just don't be afraid of dealing with your finances. And
don't just say, oh, I want to let so and
so handle that. They're the expert. You know, become knowledge
is power, sure is and and and you know, I
(42:01):
have become more empowered because I made it. My decision
a little late, but decision to become more knowledgeable. And
I got to tell you, Tracy, your book. I just
did the final blog deduct everything. It was easy to
read because it's very straightforward. It doesn't talk over your head.
It's it's the way I would have written a book.
Just okay, here's the question. Let me give you the answer.
(42:23):
And it was very helpful. I read it in a weekend,
so you know, it's easy to do. I'm so excited
that we connected. We'll have to connect again of a wine.
Speaker 4 (42:36):
These I would love it.
Speaker 3 (42:38):
Yeah, but I think you know everyone everyone. I would
like every woman out there to be very comfortable and
more elevated about their knowledge of their finances and their wine.
Speaker 4 (42:49):
One of these days I.
Speaker 3 (42:51):
Pass, Yeah, you could do a finance wine.
Speaker 4 (42:58):
I have did it called.
Speaker 5 (43:03):
I'm in Matters and it literally like the vocabulary left.
I encourage people to listen and literally like think, what
is the S five hundred you know thrown around all
the time, Well, equid.
Speaker 4 (43:18):
It's stock.
Speaker 5 (43:18):
But why do people use They're just being fancy like
so just like the jargon, why don't you get the
jargon down? You could turn the business background and start.
Speaker 3 (43:32):
Well, that's why I asked about Saul and and and
obba one big beautiful bill. And I didn't even know
what an ETF was. I had to look it up.
And then my husband didn't know what it was. I
had to tell him, and I was so proud that
I could tell him what it was because he's like,
what's that? And I'm like, well, okay, it's like trying
to treat it on, but you got it to learn
the jargon. It's like with wine, you got to learn
in the jargon that's it.
Speaker 4 (43:51):
It's you know, sadly, it was a little bit of
a boys club for a lot of years, and they.
Speaker 5 (43:55):
Used a lot of boothring it. It's like, you know
when I remember pig Latin.
Speaker 3 (44:04):
Well, you know, I had a lot of friends who
got their start early on in entry level finance doobs,
and one by one they either got let go, aged
out or they had issues with harassment. I raised my
glass of water to every woman that is still in
the business at this point. You still are in there,
and they're very senior doing well. But I raise a
(44:24):
glass of people like you who were there and making
it easier for other women to get in and get
involved and become experts in this area because it's a
good area to be on. Honestly, if I did my
life over, I wouldn't even consider getting into it because
I have become more interested in it.
Speaker 4 (44:41):
Well, because as you said, knowledge is power, you know,
the knowledge is power.
Speaker 5 (44:47):
Anywhere from thirty to fifty trillion brillion from men to women.
Speaker 4 (44:52):
So all this money is coming us. Again, I am
not telling you you understand what you happen. We can
change the world.
Speaker 5 (45:03):
We change change the occasional system, anything that bothers me.
We can do it, but we just need to learn
how to hold on understand otherwise.
Speaker 4 (45:15):
I hate to say it, but.
Speaker 3 (45:17):
So well, great points, and you know, I hope everybody
benefits from this conversation because it's you know, it's never
too late, never too late. Tracy Burns, thank you. It's
been really great to see you and talk to you.
You can you'll be able to see the show on
(45:39):
YouTube and about sixty five podcast channels, uh Evergreen. So
it's always good to listen and watch and always know
that you have choices in life on how you want
to live, live yours, live them on your terms and
then on the terms of somebody else, and always choose
being fearless and fabulous.
Speaker 4 (45:56):
Thank you, yeh
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