November 17, 2022 • 36 mins
After starting her career in the banking industry, Kristin Colca noticed that conventional financial wisdom was not working for many of her clients. A low-interest rate environment combined with Wall Street volatility and a growing pile of debt made it almost impossible to plan or create a secure plan for retirement. Further complicating these issues are the financial “experts” and “advisors” that are too quick to recommend one-size-fits-all solutions without fully understanding their client’s goals or dreams. Kristin’s mission is to create custom-tailored and holistic financial strategies for her clients that empower them to achieve financial freedom. Connect with Kristin Colca at learnmorewithkristin.com.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
intro guy (00:01):
Welcome to the Josh Bolton show. Die interesting and
inspiring conversations. And nowyour host, Josh Bolton. Oh crap,
I forgot. Oh. Awesome. Can yougive us a little intro about
yourself and what you do?
Kristin Colca (00:22):
Yeah, absolutely.
So my name is Christian Colca. Iwork as a bank on yourself
professional. I've been doingthis for about 11 years now. So
started working with clientswith life insurance strategies
back in 2011. And I personallylove it. You know, I really
specialize with working withentrepreneurs, investors, real
(00:42):
estate investors. But you know,I also work with just ordinary
people, families, individuals,you know, whoever thinks that
this might benefit them.
Josh Bolton (00:56):
That's awesome. Joe 11 years, man. So you usually
would saw Oh, eight, in that
Kristin Colca (01:03):
way right now. So I actually started working with
the strategy in 2011. So it'sright after la okay. Yes, yeah.
Josh Bolton (01:13):
Interesting.
What's, what's the differencebetween you selling back in 11,
to now, like the trends you seein the market, and I haven't
sold insurance. So
Kristin Colca (01:26):
you know, right now, people are getting back
into the same mindset that theywere right after 2008 2009 where
they're scared, right? They arescared because they have lost
money. They know people thathave lost money. They see their
401 K's going down, and theyjust bought a house that was
(01:50):
overpriced. And they see thattheir home values going down.
And they don't know where to puttheir cash. Right. Right after
the housing crash, you know,probably about four or five
years after that people werepretty happy. The market was
doing really well. You know,they kind of had amnesia over
(02:10):
the whole housing crash, but itseems to be coming back in the
last year. People seem to beback in that mindset of just
being scared and not knowingwhere to turn.
Josh Bolton (02:21):
Yeah, I would definitely say started back in
November 21. Like a year ago,essentially. Wouldn't especially
that's when like, the cryptocame in at its top, isn't that?
Yes.
Kristin Colca (02:35):
Yeah. People are all about the crypto and then
you know what happened?
Josh Bolton (02:39):
Honestly, I just read an article about FTX have
potentially went bankruptbecause they've been so
encrypted, they didn't even own.
Kristin Colca (02:47):
Oh, my gosh, and you hear that over and over
again?
Josh Bolton (02:50):
Yeah, it's everywhere. Yeah. That was just
one of the SAT there. And I'mlike, Wow, this sucks a lot of
people to lose money. Yeah.
Finally, people are starting torealize, oh, this is just kind
of one big Ponzi scheme rightnow.
Kristin Colca (03:04):
Well, yeah, it's not the, you know, the get rich
quick that they thought, youknow, of course, there's people
that are going to get rich offof any financial scheme like
that. Right? Doctor? Exactly.
But the vast majority of us,what do we do? We chase greed,
right. And we wait for otherpeople to make sure that it's
safe before we start chasingthat grade. So we see our
(03:25):
friends making money and we seethat whatever crypto it is going
up, up, up, up, up, and we buyin when it's up high, right? And
then when does it do? It goesdown?
Josh Bolton (03:40):
Yeah, that's the biggest one, because one of my
co workers, he was super intocrypto. And he was he was super
into Celsius, too. That's the,the lending one. And I told him
I dude, do you even know howthey make money? He's like, No,
not really. But the pay. I mean,like, that's the problem. You
can't write it out and be like,Oh, because I give them this and
(04:03):
they lend it at 18%. But I onlyget 6% of it kind of thing. It's
sustainable. You don't know howthe hell they make money. So
what's going on here?
Kristin Colca (04:15):
Right. And, you know, that's what I've always
told my clients because, youknow, probably three, four years
ago, this conversation came up alot. You know, what do you think
about crypto? Should I invest incrypto? I have investments in
crypto, right. But I look, yeah,I look at the project, though.
You know, what is his project?
Is it something that I seehaving a long term potential?
(04:37):
And am I investing in it?
Because it's, I think it's gonnago to the moon, or because I
believe in the project. And if Idon't believe in the project,
I'm not going to put my moneyinto it. Because for me, it's a
long term strategy.
Josh Bolton (04:54):
Oh, 100% Yeah, there's some projects I really
agree with. And I'm like, I Ibought crypto during the hype
during 2020. So my taxes were alittle interesting to file I got
out of it, but I'm not doingthat for a while. Yeah. So back
to life insurance. So you saidyou're a bank on yourself
(05:16):
specialists? What would I guesswhat is like the perch? For
someone who doesn't know whatthat is?
Kristin Colca (05:23):
Yeah, absolutely.
So what bank on yourself is, isit's a way of using a whole life
insurance policy as aalternative to financing and as
an alternative to traditionalsavings. And so it's a safe
place to put your cash. But it'salso a place where it's liquid
and accessible. Or you canborrow it out if you need it.
(05:46):
And there's some perks to doingthat. The reason that, you know,
if you're going to use thisstrategy, you should look for
someone that is a bank onyourself professional, is we go
through additional trainingoutside of just being licensed
as a life insurance agent. Sowe're really familiar and
specialized in how to designthese policies to make sure that
(06:08):
you're getting all the benefitsthat you can out of the
strategy, what carriers to workwith what products to work with
what riders to use. There's alot of moving parts that goes
into these policies to make surethat you're getting the total
bang for your buck.
Josh Bolton (06:25):
Right. Yeah, I had, I think it was the Chris, who
introduced us,
Kristin Colca (06:31):
Mark, Mark.
Josh Bolton (06:35):
Yeah, the way he was explaining it, and I do the
concepts of like, he explainedin my class, there's so much
going on back in that a lot ofpeople don't know about.
Kristin Colca (06:43):
Yes. And it's becoming so popular, that
there's a lot of life insuranceagents that are trying to kind
of jump on the boat. And they'renot using the right carriers.
They're not using the rightproducts, right. So we have
people that come to us and say,Hey, can you check out this
policy and just see if it'sstructured correctly? And I
would say maybe, you know, halfthe time, it's not, and it's
(07:06):
really unfortunate.
Josh Bolton (07:09):
So what's the consequences if it's not fully
structured correctly.
Kristin Colca (07:13):
So if you don't use the right product, one of
the most major consequences thatyou can run into is your policy
could be at risk of lapsing inthe future, which means that you
lose all the cash that you'veput into it, you lose your death
benefit, and more than likely,you're going to face a pretty
significant taxable event.
That's on the kind of worst casescenario side, right? less
(07:38):
severe consequences, but still,you know, something that you
don't want, it's just you're notenjoying all the benefits that
you could write. One of the bigbenefits that you get with our
strategy is if you borrowagainst your cash value, you
continue to earn the samedividend that you would have had
(07:59):
you not touch the policy at allright? So you're still
compounding your cash as you useit. Not every carrier offers
that. So if you're not with theright carrier, there's a chance
that you could be borrowingagainst your cash value, but not
enjoying the same dividend youcould have.
Josh Bolton (08:19):
That's interesting.
So is it like a fixed rate?
Let's say I paid my $700,000 amonth, and I'm because of the
high paying that is it? Like$200 in dividends kind of thing?
Kristin Colca (08:34):
I'm kind of Yeah, so you know, the insurance
carriers, they do set thedividend interest rate each
year. And it's going to be basedoff of the performance of their
portfolio, and also how wellthey've managed their expenses
that year, how profitablethey've been. So it is going to
change here from year. But youknow, the carriers that we use
(08:58):
are pretty conservative. And sothere's not going to be real
crazy, big volatile swings andwhat the dividend interest rates
going to be.
Josh Bolton (09:07):
That's good. If you can get into about getting in
trouble. What are some of thecarriers that are out there?
Well, we
Kristin Colca (09:15):
in particular, work with mutual insurance
carriers. So Josh, do you knowthe difference between a mutual
carrier and a stock on carrier?
Josh Bolton (09:25):
Maybe can you give us a better definition?
Kristin Colca (09:28):
Sure. So I use the analogy of banks and credit
unions, right. So you bankswould be like your stock and
insurance companies, they arethere to profit their
stockholders, right. And thedecisions that they make are to
make their stockholders richer.
Credit unions are more so therefor their members and their
members are usually part ownersof the credit union, right. And
(09:52):
so if that credit unionsprofitable, they share in those
profits in the form ofdividends. Same thing with a
mutually owned insurancecompany, as a policy owner,
you're part owner of thatcompany, you get to share in the
profits, that insurance companyexist to benefit you. Right.
Right. So that's the first pieceof criteria we look at when it
(10:15):
comes to what insurance carriersto work with is they have to be
a mutually owned insurancecompany.
Josh Bolton (10:23):
Interesting. I didn't know that. That's from
like, can you explain this more?
Kristin Colca (10:27):
Yeah, yeah, absolutely. A lot of people
don't realize that there's a bigdifference with insurance
carriers and how they'restructured.
Josh Bolton (10:36):
It's interesting.
So I'm assuming now this is morein your field, how does one come
across the mutual insurance toask them to use their services?
Kristin Colca (10:50):
How does one contract with an insurance
carrier? Yes. Okay. So there'stwo ways, right, if you're a
consumer, number one is you caninteract directly with the
insurance company, right? Youjust go to the, their website,
you contact one of their agents,and you work with them directly.
The other way to do it would beworking with someone like me,
(11:13):
I'm an independent broker,right? So I can work with
whatever insurance carrier I'dlike to work with. I'm
contracted with about four rightnow that I prefer to work with.
So I would, you know, go outkind of do the shopping for you
put the contract together foryou and kind of act as the
middleman with that transaction.
Josh Bolton (11:34):
I'll say from what you were just explaining
earlier, as the complexity, it'sbetter just to pay you and get
it right.
Kristin Colca (11:41):
Absolutely.
Right. Because number one, Ihave the ability to shop around.
And I can take what you'relooking for, and find the
product and the carrier thatmatches up with what you're
looking for. Instead of youhaving to call different
carriers try and figure outinsurance lingo, you know, what
does this mean? What does thismean? You have someone who's
(12:02):
been educated, who knows whatthey're asking, he knows what
you're looking for? Yeah.
Josh Bolton (12:09):
You're like, you're sitting there having the look of
the Old English definition youlike. uses that anymore?
Kristin Colca (12:18):
Yeah. It's like going to a doctor if you have an
medical issue versus going onWebMD. Right.
Josh Bolton (12:28):
Went to the doctor's once, and I was like,
Oh, I think I have this. He'slike, Did you Google this? I'm
like, I might have had someparanoia,
Kristin Colca (12:35):
right.
Josh Bolton (12:39):
But I couldn't understand what that word was.
So I kept going down a rabbithole. And he's like, at least
you were looking at the word.
She's like, everyone's justlike, Oh, my God, I'm dying.
Kristin Colca (12:46):
I'm right.
Exactly. Yeah.
Josh Bolton (12:50):
That's awesome. So then, I'm now just asking that
curiosity, is the lifeinsurance, let's say, heaven
forbid, but I get cancer like60. Is there a plan that like
says, if you get terminalcancer, we will cover all your
bills kind of thing.
Kristin Colca (13:08):
So not quite, but there are there are benefits if
you become chronically ill, orterminally ill. So a lot of the
carriers that we work with, theyinclude a rider on the policies,
and for most people, it'sincluded at no additional
charge, which is really nice.
And with that rider does is itsays, you know, if you have
(13:29):
terminal cancer, you're able toaccess a portion of your death
benefit while you're stillliving to help with that medical
care. Right. So it's nice tohave that larger pool of cash to
dip into if you have a majormedical expense.
Josh Bolton (13:49):
Yeah, that's a big one. i It was a long time ago. A
friend of mine tried to get meinto like an MLM for life
insurance, but they wereclaiming like, oh, we will cover
all cancer. Expenses. I'msitting here going so much. It's
not cheap, even for insurancekind of thing. Yeah.
Kristin Colca (14:09):
Absolutely.
Josh Bolton (14:11):
This is one of those ads is like a total MLM
thing. And I realized thathalfway through, and I'm like,
Oh, they're like, way overpromising a way to deliver.
Kristin Colca (14:20):
Oh, my gosh, yeah. And that's such a scary
situation to be in selling thatstuff. Because you're just
you're setting yourself up for alawsuit.
Josh Bolton (14:28):
Well, yeah, they will do you got shut down so
quick, because if they did, wewill cover all in any capture
expenses. And I'm sitting heregoing, I know a pill, like a
treatment for cancer. It's like200k a shot. I'm gonna guarantee
that.
Kristin Colca (14:45):
Yeah, well, and then what if you go into some
kind of you do a study or go outof the country and try to get
some alternative treatments? Dothey cover that also?
Josh Bolton (14:57):
They got shut down real quick. Yeah. Excellent.
Here's the funniest one. Iactually had a lady come on
trying to sell insurance for aszombie apocalypse. Oh, right. I
was like, well, technicallythere's a slim possibility that
could happen, but like, but howdo you pay out people? How do
(15:19):
you end the financial system?
Yeah, I was like, Wait, how doyou insure against that?
Kristin Colca (15:24):
That is funny.
People come up with wild ideas.
Josh Bolton (15:28):
Right? It's like, the world is shambles, the
financial system is broken.
How's that gonna work? That wasone of them. I didn't, Eric
because I'm like, This is toocrazy.
Kristin Colca (15:43):
That is very crazy. I would have loved to
listen to that show the
Josh Bolton (15:50):
amount of stuff we went into. She's like, talking
about alternative medicine andthis and that. Religion at the
end, and it was just like, whenwe started this, I had to like,
pull my phone and look. Oh,that's what we're supposed to
talk about. That's
Kristin Colca (16:04):
too funny. Oh, my gosh.
Josh Bolton (16:08):
I'll see if I can find if I saved it somewhere
else. But yeah, that was justone of the sub like, No, this is
one person's like, oh, I don'twant to buy it.
Kristin Colca (16:17):
Oh, my gosh, I know. I wonder how many people
actually bought the the zombieapocalypse insurance. And if
they're still paying on it.
Josh Bolton (16:25):
I, we were talking just after COVID hit. So I'm
pretty sure because of thepandemic people were just buying
it.
Kristin Colca (16:34):
It could be it could be that some strange
things.
Josh Bolton (16:38):
Very strange.
So what is the well, actually,where are you stationed at by
the way?
Kristin Colca (16:47):
So I'm actually in Lake Charles, Louisiana, of
all places. Yeah, I it is verypretty here, you know, but it's
a very small town. I grew up inAustin, Texas, and moved here
about two years ago. Because Iwas about to marry my husband.
(17:08):
We just got married about amonth and a half ago.
Congratulations. Thank you.
Yeah, so he works here. He livedhere. We were in a long distance
relationship for about fouryears before I moved here. So
it's been a bit of a cultureshock living in Lake Charles,
after moving from Austin, Texas,but it's gonna really nice. I
like it.
Josh Bolton (17:29):
That's awesome. I will say from what I've heard,
it's a very slow but beautifulplace.
Kristin Colca (17:36):
It is. You know, if you think about Austin, just
how busy it is there. How muchgrowth is happening there. It's
just a very bustling big city.
And it didn't always used to bethat way. Right? It used to kind
of have this kind of cool,weird, kind of small town feel
for a city. But it reallychanged over the years. So
(18:01):
coming here, kind of having thatslower pace of life, and really
more of that community feeling
Josh Bolton (18:09):
has been really nice. That's awesome. Yeah, it
was awesome. Yeah, so then, isthere anything in particular for
the insurance that I haven'tasked for, that you would like
to go over?
Kristin Colca (18:25):
Well, you know, one of the things that I
mentioned in the beginning thatI really specialize in is
working with entrepreneurs,investors, real estate
investors. And a really coolstrategy that I've helped people
implement over the years hasbeen using cash value life
insurance to invest. And theneat thing about it is you can
(18:48):
really have your cash workingfor you in two places at once.
Right. So if you think about areal estate investment, in
particular, imagine borrowingagainst your policy and
purchasing, let's say, the housethat you're going to use for a
short term rental, right andAirbnb, that money is working
(19:08):
for you inside that property,right? You're producing income
with the Airbnb. And of course,you have the equity inside the
property, right. At the sametime, because of that feature we
talked about before, that theinsurance carrier not
recognizing that you've borrowedagainst the cash continuing to
pay the same dividend on thecash that you borrowed. You
(19:30):
still have the money that youborrowed out working for you
inside the policy. So it'salmost like you have these
dollars working for you in twoplaces at once. Plus, you have
the death benefit protection,right? So if something happens
to you, your family isprotected, your business is
protected, your assetsprotected. your surviving
(19:51):
spouse, your kids don't have toworry about trying to sell that
Airbnb, right if they if theyhave to. They can really do
whatever they like with it. Ifthey can pay it off, they
continue to benefit from theincome. So it's a really cool
strategy that I love puttingtogether for my clients.
Josh Bolton (20:10):
It's awesome. Yeah, that the especially the borrow
against it for an investment,like something stable, like a
rental would be great becauseyou're gonna have to borrow it
from the bank anyways, you couldjust take it and be like, here's
the down payment kind of thing.
Exactly, exactly. So I'm justcurious for a guy like me, 29.
Male? What would be the averagegoing rate for the life
(20:33):
insurance we're talking aboutfor me?
Kristin Colca (20:37):
You know, that's a good question. Because a
typical insurance agent wouldsay, Oh, well, you know what?
$500,000 of coverage it cost Xamount a month that ended at A,
we work a little bitdifferently, right? Because the
focus is on the cash value. Whatwe do is we start with, okay,
what is your budget for thepolicy? Right, we'll kind of
(20:59):
talk about your financialsituation, your income, your
expenses, what you're currentlydoing for your savings and
investment strategies, what yourgoals are short term and long
term. And whatever that budgetends up being, we'll figure out
what is the death benefit that'sneeded? Right? For this premium?
(21:21):
So it could be well, my budgetis $500 a month. Okay. Well,
Josh, that gets you a policythat has about $500,000 of death
benefit, right. But the mainthing is, is that the majority
of that $500 is building thecash value. And a smaller
portion is actually paying forthe death benefit coverage.
Josh Bolton (21:41):
Interesting. Okay.
So then, let's say I'm able tothrow like 1800 a month, what
would that ballpark? Give me
Kristin Colca (21:54):
for a 29 year old? I want to kind of
guesstimate, $1,800 a month, youknow, you maybe would be looking
at a policy of a million dollarsplus, wow, my guesstimate?
Josh Bolton (22:10):
Well, let's see, I threw that out there. Because
it's like, I don't make thatjournal. pay that much. Yeah.
That's interesting. Okay, sothere's options. So then I guess
for someone that's younger,well, let's go for like someone
in their 40s. They're not tooyoung, but they're not too old.
(22:31):
Is the premium does it increasethe older you get kind of thing?
It does,
Kristin Colca (22:37):
right? So life insurance, they're always going
to evaluate the cost based onyour your age, your life
expectancy and your health. Sothe older we get, or the less
healthy we get, the more of arisk we pose to the insurance
company. Because they know thatthey're closer to the period of
time that they're going to haveto pay out that death claim,
right? So life insurance does goup as we get older. But you
(23:03):
know, not in such a significantway that a 40 year old would be,
you know, disqualified fromtaking advantage of this
strategy. The majority of myclients are actually between 45
and 65 years old, right? And wecan design a policy for them
with a very affordable premiumthat builds very nice cash
value, and has the death benefitprotection that they're looking
(23:26):
for.
Josh Bolton (23:27):
That's awesome.
Yeah, I wasn't see. Most peoplewould be thinking about in their
40s. So like, oh, yeah, probablygot maybe like 3040 years left
in me. Probably should getsomething.
Kristin Colca (23:40):
And well, let's hope not right, I plan to live
forever. So
Josh Bolton (23:46):
you're gonna get the neuro link chip in you?
Kristin Colca (23:48):
I think so. I think so. No, probably not.
That's a little scary.
Josh Bolton (23:54):
was gonna say this thing what he says like, the
neuro link will tell you thedefinition the meaning behind
the meme. Like, that's the easybrainwashing trick right
Kristin Colca (24:04):
there. Yes. Yeah.
That's a little scary.
Josh Bolton (24:07):
Right? And then it was just one of them. He said,
How Elon said it casually, asthey owe a pumpkin read and
overwrite. Oh, no, no, no, no,no, no.
Kristin Colca (24:21):
Imagine Elon Musk having complete control over
your brain.
Josh Bolton (24:25):
Just kind of what my my subtle thinking is with
that. That's terrifying. I hatewhat I mean. Like how he was
okay. What's your take onTwitter, by the way? You know, I
Kristin Colca (24:38):
think it's interesting. I for 1am always
going to be for free speech.
Right. Right. And I love thefact that and I, you know, I
don't want to get political, butI love the fact that um, he's
kind of made a stand for freespeech in a way right? Then it's
taking over this platform andrestoring it to really what it
(25:02):
was meant to be, which is thiskind of community. What's it
called? Like wherever one goesand gathers to do like the town
square. Exactly. Yeah. And Ithink that's really his
intention with it. And I can seeit having some positive
influence over other socialmedia sites.
Josh Bolton (25:25):
I was very well said. My whole take is I said,
you know, he made a smooth $200billion dollars off Twitter for
hyping his Tesla stock. Yeah, Ipaid 44 billion to pump it up
again to get another $22billion.
Kristin Colca (25:43):
Right. Yeah.
Wasn't he also using it for thedoge? To make money off of
Dogecoin?
Josh Bolton (25:48):
Yeah, was one of the big whales that bought him
for everyone else?
Unknown (25:51):
Yeah, yeah.
Josh Bolton (25:53):
Yeah, the turtle room. Like, if I had 44 billion
sit around, I totally do thesame thing. I buy the thing that
made me hundreds of billions ofdollars. So I sure i get
censored. Absolutely.
Kristin Colca (26:03):
Absolutely. Yeah, he's a he's a crazy guy, but you
can't deny that he's, he's gotthat genius in him.
Josh Bolton (26:12):
I'm just just thinking aloud if you had to
ensure someone like Chem co fivecompanies questionable health at
best, what how would that panout?
Kristin Colca (26:23):
I wonder if he has has making the lifestyle
choices that would make himinsurable to begin with. Gosh,
he probably would be a veryinteresting client.
Josh Bolton (26:34):
Just from what I can tell he doesn't sleep that
much. It public tests it is Ithink he said like him over
sleeping is six hours.
Kristin Colca (26:45):
Oh my gosh.
That's how a lot of those kindof crazy genius guys are there.
Like those they sleep three,four hours a night and they're
up working? You know? It'scrazy.
Josh Bolton (26:57):
Yeah, it was like the human body's not immediate
can learn to cope with it, butit's not designed to go that
long.
Kristin Colca (27:04):
Yeah. But that just shows you what his brains
like. Right? His brain is justconstantly constantly working
and so much so that he canbarely sleep.
Josh Bolton (27:16):
It's crazy. The few interviews have heard of him on
like YouTube and Tik Tok. Irealize his stuttering is not
that he's lacking of words isbecause they're going so fast in
his brain. He's like, Wait, whatwas I supposed to say? We're
really paragraphs ahead. Yeah,he's
Kristin Colca (27:35):
trying to keep up with his brain.
Josh Bolton (27:39):
Because a lot of people like oh, he's stupid. I'm
like, No, stammering the way hedoes, because he's, it's like
he's trying to read something.
Right. But he it's going toofast for him. Right? Yeah,
exactly. That's interesting.
Yeah. Oh, because you were inAustin, where you just recently
moved out. What do you whatyou're back to Elon? Is it Tesla
(28:03):
in Austin? Or is a Houston?
Kristin Colca (28:05):
No. Yeah, they're opening the Tesla factory in
Austin. I'm not sure if it's ifit's opened yet. But I know that
they were working on buildingit.
Josh Bolton (28:15):
I think it is now is that Yeah, cuz all the
California ones are completelyshut down and sold off now. Oh,
wow. Yeah, so he has other thanhis one $10 million mansion. In
I think it's Laguna. He has noties to California anymore. Wow.
(28:37):
So I'd be interesting. I guessI'm gonna have to go check that
up. I don't have an assistantlike looked it up and put it on
the screen? Yeah. One day, oneday. I'll be like, have to go do
it.
Kristin Colca (28:49):
Yeah, isn't that Joe Rogan? He has his Jamie
Jamie, look it up. That'll beWednesday.
Josh Bolton (28:55):
Ray feels what it was go find it from replays So,
honestly, this has beenfantastic. Hey, I just have a
few questions for you. Okay,going out. Yeah. Three of them
actually. So I live in workduring these COVID times. What
(29:20):
have you been doing to keepyourself busy?
Kristin Colca (29:22):
Oh, gosh, that's a good question. Should I be
honest or should I make myselflook good? Oh my gosh. Well, you
know, I'm so positive I've beentrying to just get more into
taking care of my house rightbecause I'm getting older. It's
becoming one of the thingsthat's that's more important to
(29:42):
me to eat right and exercise.
Get outside get some sunshine.
I've probably also formed somereality TV addictions that I
need to break but yeah, that'sthat's pretty much it. And you
know, education is always Onething that I tried to focus on
so I have a lot of books on mybookshelf that I'm trying to
(30:06):
read. I probably read like fouror five bucks at a time because
I can't just focus on one. Butyeah, I try to just spend some
time reading as well.
Josh Bolton (30:16):
That's awesome. So I'm just curious. I never saw
it. Did you watch the tigerKing?
Kristin Colca (30:21):
I did not see that one. That's fine. I did not
get into Nope.
Josh Bolton (30:25):
I like in all the different heights like, Oh, you
have to watch this and that.
Everyone was talking about thatone. I was like, I mean, it's a
guy with a tiger.
Kristin Colca (30:35):
Yeah, yeah, that one didn't really speak to me. I
like the true crime stuff. Myhusband does not like that. I
like that. But
Josh Bolton (30:45):
listen to True Crime podcast.
Kristin Colca (30:46):
I am. Yep. Yep, it's bad.
Josh Bolton (30:50):
You're sitting here going? Oh, my God, that
neighbors acting funny.
Kristin Colca (30:54):
I No, no, I was watching Unsolved Mysteries the
other night and my husband waslike, Why do you like this
stuff? Like why do you likethis? Like it's a mystery of it
all. It's what happened and youknow, who did it like a love
mysteries?
Josh Bolton (31:08):
And I think it's more of a thrill of like, you
don't know. And then the thefinal unveiling, like, Oh, my
God, I didn't see that.
Kristin Colca (31:14):
Exactly, exactly.
Josh Bolton (31:17):
Although it will say there was one I was joking
with my my sister, because she'ssuper into that, like, the 90
minutes and all that. And I waslike, I told her cuz she's been
super anxiously then what do youthink it's because you listened
to so much crime junkies andunsolved this? And she's like,
even given it up?
Kristin Colca (31:40):
Exactly. Right.
Josh Bolton (31:42):
I was like just saying, because you're
constantly pumping your headfull that? Yeah. So someone
that's inspired by you thatwants to go down a similar path
of very successful woman,married and happy? What are some
tips, tricks or advice you'dgive them to start down that
path?
Kristin Colca (32:02):
Oh, my gosh, that's a hard question. You
know, my life has really been abit of a roller coaster, it's
been a lot of learning lessons,learning hard lessons, just to
give you a little bit of mybackground. So I actually got
pregnant when I was 16. And hadmy daughter raised her as a
single mom, for her whole life.
And really, that's why I was ina long distance relationship for
(32:27):
four years is because I wantedmy daughter to finish up high
school with her friends, youknow, and then for me to kind of
start my life with with myhusband once she was in college,
which she's a junior at TexasState right now. I'm at and, you
know, I've really kind of taken,I'm a bit of a control freak,
(32:49):
right. And the lesson that Ikeep learning that I keep
thinking God or the university,or whoever's in control is
trying to teach me is that I'mnot in control, right? So I
tried to just kind of follow thepath that God or the universe or
whoever is leading me down. Andit seems that whenever I'm open
(33:12):
to learning, open to beingproven wrong, is when I'm most
successful, and most happy in mylife. Right? So, you know, I
would just tell people that havean open mind, know that you're
not in control. Know that you'renot on anyone's timeline, but
(33:32):
your own. And just be open toexploring the possibilities and
what, God the universe, whateveryou believe in, is trying to
teach you.
Josh Bolton (33:45):
Yeah, I have to agree with that a lot of
different doors have beenopening for me because I
finally, like you, which is, Idon't have control, kind of
like, just throw up your hands.
And then usually when you dothat, it's like, oh, wait, well,
here's everything I needed.
Kristin Colca (34:00):
Exactly. Exactly.
Yeah.
Josh Bolton (34:03):
Awesome. Thank you for sharing your back history,
by the way. Absolutely. So finalquestion. Where can everyone
contact you out? They're like,alright, Josh, you had your fun,
like, we need to call her.
Kristin Colca (34:17):
Well, thank you for that, Josh. So you can go to
learn more with kristin.com. Andmy name is spelled k r, i s t i
n. So to to is no use. Or youcan give me a call. My number is
512-301-7701.
Josh Bolton (34:38):
And if you call her Tell her I sent you two,
Kristin Colca (34:40):
yes, please.
Josh Bolton (34:43):
Maybe Maybe I can't promise anything because she
might give you a discount.
Kristin Colca (34:52):
Yeah, unfortunately, you can't give
discounts with life insurance,but I'll send you a Starbucks
card.
Josh Bolton (34:59):
Get free coffee.
Unknown (35:00):
Yeah
Josh Bolton (35:01):
absolute honor and a pleasure to have you on
Kristin Colca (35:04):
Oh thank you so much Josh This is so much fun
this was
Welcome to the Josh Bolton show. Die interesting and
inspiring conversations. And nowyour host, Josh Bolton. Oh crap,
I forgot. Oh. Awesome. Can yougive us a little intro about
yourself and what you do?
Kristin Colca (00:22):
Yeah, absolutely.
So my name is Christian Colca. Iwork as a bank on yourself
professional. I've been doingthis for about 11 years now. So
started working with clientswith life insurance strategies
back in 2011. And I personallylove it. You know, I really
specialize with working withentrepreneurs, investors, real
(00:42):
estate investors. But you know,I also work with just ordinary
people, families, individuals,you know, whoever thinks that
this might benefit them.
Josh Bolton (00:56):
That's awesome. Joe 11 years, man. So you usually
would saw Oh, eight, in that
Kristin Colca (01:03):
way right now. So I actually started working with
the strategy in 2011. So it'sright after la okay. Yes, yeah.
Josh Bolton (01:13):
Interesting.
What's, what's the differencebetween you selling back in 11,
to now, like the trends you seein the market, and I haven't
sold insurance. So
Kristin Colca (01:26):
you know, right now, people are getting back
into the same mindset that theywere right after 2008 2009 where
they're scared, right? They arescared because they have lost
money. They know people thathave lost money. They see their
401 K's going down, and theyjust bought a house that was
(01:50):
overpriced. And they see thattheir home values going down.
And they don't know where to puttheir cash. Right. Right after
the housing crash, you know,probably about four or five
years after that people werepretty happy. The market was
doing really well. You know,they kind of had amnesia over
(02:10):
the whole housing crash, but itseems to be coming back in the
last year. People seem to beback in that mindset of just
being scared and not knowingwhere to turn.
Josh Bolton (02:21):
Yeah, I would definitely say started back in
November 21. Like a year ago,essentially. Wouldn't especially
that's when like, the cryptocame in at its top, isn't that?
Yes.
Kristin Colca (02:35):
Yeah. People are all about the crypto and then
you know what happened?
Josh Bolton (02:39):
Honestly, I just read an article about FTX have
potentially went bankruptbecause they've been so
encrypted, they didn't even own.
Kristin Colca (02:47):
Oh, my gosh, and you hear that over and over
again?
Josh Bolton (02:50):
Yeah, it's everywhere. Yeah. That was just
one of the SAT there. And I'mlike, Wow, this sucks a lot of
people to lose money. Yeah.
Finally, people are starting torealize, oh, this is just kind
of one big Ponzi scheme rightnow.
Kristin Colca (03:04):
Well, yeah, it's not the, you know, the get rich
quick that they thought, youknow, of course, there's people
that are going to get rich offof any financial scheme like
that. Right? Doctor? Exactly.
But the vast majority of us,what do we do? We chase greed,
right. And we wait for otherpeople to make sure that it's
safe before we start chasingthat grade. So we see our
(03:25):
friends making money and we seethat whatever crypto it is going
up, up, up, up, up, and we buyin when it's up high, right? And
then when does it do? It goesdown?
Josh Bolton (03:40):
Yeah, that's the biggest one, because one of my
co workers, he was super intocrypto. And he was he was super
into Celsius, too. That's the,the lending one. And I told him
I dude, do you even know howthey make money? He's like, No,
not really. But the pay. I mean,like, that's the problem. You
can't write it out and be like,Oh, because I give them this and
(04:03):
they lend it at 18%. But I onlyget 6% of it kind of thing. It's
sustainable. You don't know howthe hell they make money. So
what's going on here?
Kristin Colca (04:15):
Right. And, you know, that's what I've always
told my clients because, youknow, probably three, four years
ago, this conversation came up alot. You know, what do you think
about crypto? Should I invest incrypto? I have investments in
crypto, right. But I look, yeah,I look at the project, though.
You know, what is his project?
Is it something that I seehaving a long term potential?
(04:37):
And am I investing in it?
Because it's, I think it's gonnago to the moon, or because I
believe in the project. And if Idon't believe in the project,
I'm not going to put my moneyinto it. Because for me, it's a
long term strategy.
Josh Bolton (04:54):
Oh, 100% Yeah, there's some projects I really
agree with. And I'm like, I Ibought crypto during the hype
during 2020. So my taxes were alittle interesting to file I got
out of it, but I'm not doingthat for a while. Yeah. So back
to life insurance. So you saidyou're a bank on yourself
(05:16):
specialists? What would I guesswhat is like the perch? For
someone who doesn't know whatthat is?
Kristin Colca (05:23):
Yeah, absolutely.
So what bank on yourself is, isit's a way of using a whole life
insurance policy as aalternative to financing and as
an alternative to traditionalsavings. And so it's a safe
place to put your cash. But it'salso a place where it's liquid
and accessible. Or you canborrow it out if you need it.
(05:46):
And there's some perks to doingthat. The reason that, you know,
if you're going to use thisstrategy, you should look for
someone that is a bank onyourself professional, is we go
through additional trainingoutside of just being licensed
as a life insurance agent. Sowe're really familiar and
specialized in how to designthese policies to make sure that
(06:08):
you're getting all the benefitsthat you can out of the
strategy, what carriers to workwith what products to work with
what riders to use. There's alot of moving parts that goes
into these policies to make surethat you're getting the total
bang for your buck.
Josh Bolton (06:25):
Right. Yeah, I had, I think it was the Chris, who
introduced us,
Kristin Colca (06:31):
Mark, Mark.
Josh Bolton (06:35):
Yeah, the way he was explaining it, and I do the
concepts of like, he explainedin my class, there's so much
going on back in that a lot ofpeople don't know about.
Kristin Colca (06:43):
Yes. And it's becoming so popular, that
there's a lot of life insuranceagents that are trying to kind
of jump on the boat. And they'renot using the right carriers.
They're not using the rightproducts, right. So we have
people that come to us and say,Hey, can you check out this
policy and just see if it'sstructured correctly? And I
would say maybe, you know, halfthe time, it's not, and it's
(07:06):
really unfortunate.
Josh Bolton (07:09):
So what's the consequences if it's not fully
structured correctly.
Kristin Colca (07:13):
So if you don't use the right product, one of
the most major consequences thatyou can run into is your policy
could be at risk of lapsing inthe future, which means that you
lose all the cash that you'veput into it, you lose your death
benefit, and more than likely,you're going to face a pretty
significant taxable event.
That's on the kind of worst casescenario side, right? less
(07:38):
severe consequences, but still,you know, something that you
don't want, it's just you're notenjoying all the benefits that
you could write. One of the bigbenefits that you get with our
strategy is if you borrowagainst your cash value, you
continue to earn the samedividend that you would have had
(07:59):
you not touch the policy at allright? So you're still
compounding your cash as you useit. Not every carrier offers
that. So if you're not with theright carrier, there's a chance
that you could be borrowingagainst your cash value, but not
enjoying the same dividend youcould have.
Josh Bolton (08:19):
That's interesting.
So is it like a fixed rate?
Let's say I paid my $700,000 amonth, and I'm because of the
high paying that is it? Like$200 in dividends kind of thing?
Kristin Colca (08:34):
I'm kind of Yeah, so you know, the insurance
carriers, they do set thedividend interest rate each
year. And it's going to be basedoff of the performance of their
portfolio, and also how wellthey've managed their expenses
that year, how profitablethey've been. So it is going to
change here from year. But youknow, the carriers that we use
(08:58):
are pretty conservative. And sothere's not going to be real
crazy, big volatile swings andwhat the dividend interest rates
going to be.
Josh Bolton (09:07):
That's good. If you can get into about getting in
trouble. What are some of thecarriers that are out there?
Well, we
Kristin Colca (09:15):
in particular, work with mutual insurance
carriers. So Josh, do you knowthe difference between a mutual
carrier and a stock on carrier?
Josh Bolton (09:25):
Maybe can you give us a better definition?
Kristin Colca (09:28):
Sure. So I use the analogy of banks and credit
unions, right. So you bankswould be like your stock and
insurance companies, they arethere to profit their
stockholders, right. And thedecisions that they make are to
make their stockholders richer.
Credit unions are more so therefor their members and their
members are usually part ownersof the credit union, right. And
(09:52):
so if that credit unionsprofitable, they share in those
profits in the form ofdividends. Same thing with a
mutually owned insurancecompany, as a policy owner,
you're part owner of thatcompany, you get to share in the
profits, that insurance companyexist to benefit you. Right.
Right. So that's the first pieceof criteria we look at when it
(10:15):
comes to what insurance carriersto work with is they have to be
a mutually owned insurancecompany.
Josh Bolton (10:23):
Interesting. I didn't know that. That's from
like, can you explain this more?
Kristin Colca (10:27):
Yeah, yeah, absolutely. A lot of people
don't realize that there's a bigdifference with insurance
carriers and how they'restructured.
Josh Bolton (10:36):
It's interesting.
So I'm assuming now this is morein your field, how does one come
across the mutual insurance toask them to use their services?
Kristin Colca (10:50):
How does one contract with an insurance
carrier? Yes. Okay. So there'stwo ways, right, if you're a
consumer, number one is you caninteract directly with the
insurance company, right? Youjust go to the, their website,
you contact one of their agents,and you work with them directly.
The other way to do it would beworking with someone like me,
(11:13):
I'm an independent broker,right? So I can work with
whatever insurance carrier I'dlike to work with. I'm
contracted with about four rightnow that I prefer to work with.
So I would, you know, go outkind of do the shopping for you
put the contract together foryou and kind of act as the
middleman with that transaction.
Josh Bolton (11:34):
I'll say from what you were just explaining
earlier, as the complexity, it'sbetter just to pay you and get
it right.
Kristin Colca (11:41):
Absolutely.
Right. Because number one, Ihave the ability to shop around.
And I can take what you'relooking for, and find the
product and the carrier thatmatches up with what you're
looking for. Instead of youhaving to call different
carriers try and figure outinsurance lingo, you know, what
does this mean? What does thismean? You have someone who's
(12:02):
been educated, who knows whatthey're asking, he knows what
you're looking for? Yeah.
Josh Bolton (12:09):
You're like, you're sitting there having the look of
the Old English definition youlike. uses that anymore?
Kristin Colca (12:18):
Yeah. It's like going to a doctor if you have an
medical issue versus going onWebMD. Right.
Josh Bolton (12:28):
Went to the doctor's once, and I was like,
Oh, I think I have this. He'slike, Did you Google this? I'm
like, I might have had someparanoia,
Kristin Colca (12:35):
right.
Josh Bolton (12:39):
But I couldn't understand what that word was.
So I kept going down a rabbithole. And he's like, at least
you were looking at the word.
She's like, everyone's justlike, Oh, my God, I'm dying.
Kristin Colca (12:46):
I'm right.
Exactly. Yeah.
Josh Bolton (12:50):
That's awesome. So then, I'm now just asking that
curiosity, is the lifeinsurance, let's say, heaven
forbid, but I get cancer like60. Is there a plan that like
says, if you get terminalcancer, we will cover all your
bills kind of thing.
Kristin Colca (13:08):
So not quite, but there are there are benefits if
you become chronically ill, orterminally ill. So a lot of the
carriers that we work with, theyinclude a rider on the policies,
and for most people, it'sincluded at no additional
charge, which is really nice.
And with that rider does is itsays, you know, if you have
(13:29):
terminal cancer, you're able toaccess a portion of your death
benefit while you're stillliving to help with that medical
care. Right. So it's nice tohave that larger pool of cash to
dip into if you have a majormedical expense.
Josh Bolton (13:49):
Yeah, that's a big one. i It was a long time ago. A
friend of mine tried to get meinto like an MLM for life
insurance, but they wereclaiming like, oh, we will cover
all cancer. Expenses. I'msitting here going so much. It's
not cheap, even for insurancekind of thing. Yeah.
Kristin Colca (14:09):
Absolutely.
Josh Bolton (14:11):
This is one of those ads is like a total MLM
thing. And I realized thathalfway through, and I'm like,
Oh, they're like, way overpromising a way to deliver.
Kristin Colca (14:20):
Oh, my gosh, yeah. And that's such a scary
situation to be in selling thatstuff. Because you're just
you're setting yourself up for alawsuit.
Josh Bolton (14:28):
Well, yeah, they will do you got shut down so
quick, because if they did, wewill cover all in any capture
expenses. And I'm sitting heregoing, I know a pill, like a
treatment for cancer. It's like200k a shot. I'm gonna guarantee
that.
Kristin Colca (14:45):
Yeah, well, and then what if you go into some
kind of you do a study or go outof the country and try to get
some alternative treatments? Dothey cover that also?
Josh Bolton (14:57):
They got shut down real quick. Yeah. Excellent.
Here's the funniest one. Iactually had a lady come on
trying to sell insurance for aszombie apocalypse. Oh, right. I
was like, well, technicallythere's a slim possibility that
could happen, but like, but howdo you pay out people? How do
(15:19):
you end the financial system?
Yeah, I was like, Wait, how doyou insure against that?
Kristin Colca (15:24):
That is funny.
People come up with wild ideas.
Josh Bolton (15:28):
Right? It's like, the world is shambles, the
financial system is broken.
How's that gonna work? That wasone of them. I didn't, Eric
because I'm like, This is toocrazy.
Kristin Colca (15:43):
That is very crazy. I would have loved to
listen to that show the
Josh Bolton (15:50):
amount of stuff we went into. She's like, talking
about alternative medicine andthis and that. Religion at the
end, and it was just like, whenwe started this, I had to like,
pull my phone and look. Oh,that's what we're supposed to
talk about. That's
Kristin Colca (16:04):
too funny. Oh, my gosh.
Josh Bolton (16:08):
I'll see if I can find if I saved it somewhere
else. But yeah, that was justone of the sub like, No, this is
one person's like, oh, I don'twant to buy it.
Kristin Colca (16:17):
Oh, my gosh, I know. I wonder how many people
actually bought the the zombieapocalypse insurance. And if
they're still paying on it.
Josh Bolton (16:25):
I, we were talking just after COVID hit. So I'm
pretty sure because of thepandemic people were just buying
it.
Kristin Colca (16:34):
It could be it could be that some strange
things.
Josh Bolton (16:38):
Very strange.
So what is the well, actually,where are you stationed at by
the way?
Kristin Colca (16:47):
So I'm actually in Lake Charles, Louisiana, of
all places. Yeah, I it is verypretty here, you know, but it's
a very small town. I grew up inAustin, Texas, and moved here
about two years ago. Because Iwas about to marry my husband.
(17:08):
We just got married about amonth and a half ago.
Congratulations. Thank you.
Yeah, so he works here. He livedhere. We were in a long distance
relationship for about fouryears before I moved here. So
it's been a bit of a cultureshock living in Lake Charles,
after moving from Austin, Texas,but it's gonna really nice. I
like it.
Josh Bolton (17:29):
That's awesome. I will say from what I've heard,
it's a very slow but beautifulplace.
Kristin Colca (17:36):
It is. You know, if you think about Austin, just
how busy it is there. How muchgrowth is happening there. It's
just a very bustling big city.
And it didn't always used to bethat way. Right? It used to kind
of have this kind of cool,weird, kind of small town feel
for a city. But it reallychanged over the years. So
(18:01):
coming here, kind of having thatslower pace of life, and really
more of that community feeling
Josh Bolton (18:09):
has been really nice. That's awesome. Yeah, it
was awesome. Yeah, so then, isthere anything in particular for
the insurance that I haven'tasked for, that you would like
to go over?
Kristin Colca (18:25):
Well, you know, one of the things that I
mentioned in the beginning thatI really specialize in is
working with entrepreneurs,investors, real estate
investors. And a really coolstrategy that I've helped people
implement over the years hasbeen using cash value life
insurance to invest. And theneat thing about it is you can
(18:48):
really have your cash workingfor you in two places at once.
Right. So if you think about areal estate investment, in
particular, imagine borrowingagainst your policy and
purchasing, let's say, the housethat you're going to use for a
short term rental, right andAirbnb, that money is working
(19:08):
for you inside that property,right? You're producing income
with the Airbnb. And of course,you have the equity inside the
property, right. At the sametime, because of that feature we
talked about before, that theinsurance carrier not
recognizing that you've borrowedagainst the cash continuing to
pay the same dividend on thecash that you borrowed. You
(19:30):
still have the money that youborrowed out working for you
inside the policy. So it'salmost like you have these
dollars working for you in twoplaces at once. Plus, you have
the death benefit protection,right? So if something happens
to you, your family isprotected, your business is
protected, your assetsprotected. your surviving
(19:51):
spouse, your kids don't have toworry about trying to sell that
Airbnb, right if they if theyhave to. They can really do
whatever they like with it. Ifthey can pay it off, they
continue to benefit from theincome. So it's a really cool
strategy that I love puttingtogether for my clients.
Josh Bolton (20:10):
It's awesome. Yeah, that the especially the borrow
against it for an investment,like something stable, like a
rental would be great becauseyou're gonna have to borrow it
from the bank anyways, you couldjust take it and be like, here's
the down payment kind of thing.
Exactly, exactly. So I'm justcurious for a guy like me, 29.
Male? What would be the averagegoing rate for the life
(20:33):
insurance we're talking aboutfor me?
Kristin Colca (20:37):
You know, that's a good question. Because a
typical insurance agent wouldsay, Oh, well, you know what?
$500,000 of coverage it cost Xamount a month that ended at A,
we work a little bitdifferently, right? Because the
focus is on the cash value. Whatwe do is we start with, okay,
what is your budget for thepolicy? Right, we'll kind of
(20:59):
talk about your financialsituation, your income, your
expenses, what you're currentlydoing for your savings and
investment strategies, what yourgoals are short term and long
term. And whatever that budgetends up being, we'll figure out
what is the death benefit that'sneeded? Right? For this premium?
(21:21):
So it could be well, my budgetis $500 a month. Okay. Well,
Josh, that gets you a policythat has about $500,000 of death
benefit, right. But the mainthing is, is that the majority
of that $500 is building thecash value. And a smaller
portion is actually paying forthe death benefit coverage.
Josh Bolton (21:41):
Interesting. Okay.
So then, let's say I'm able tothrow like 1800 a month, what
would that ballpark? Give me
Kristin Colca (21:54):
for a 29 year old? I want to kind of
guesstimate, $1,800 a month, youknow, you maybe would be looking
at a policy of a million dollarsplus, wow, my guesstimate?
Josh Bolton (22:10):
Well, let's see, I threw that out there. Because
it's like, I don't make thatjournal. pay that much. Yeah.
That's interesting. Okay, sothere's options. So then I guess
for someone that's younger,well, let's go for like someone
in their 40s. They're not tooyoung, but they're not too old.
(22:31):
Is the premium does it increasethe older you get kind of thing?
It does,
Kristin Colca (22:37):
right? So life insurance, they're always going
to evaluate the cost based onyour your age, your life
expectancy and your health. Sothe older we get, or the less
healthy we get, the more of arisk we pose to the insurance
company. Because they know thatthey're closer to the period of
time that they're going to haveto pay out that death claim,
right? So life insurance does goup as we get older. But you
(23:03):
know, not in such a significantway that a 40 year old would be,
you know, disqualified fromtaking advantage of this
strategy. The majority of myclients are actually between 45
and 65 years old, right? And wecan design a policy for them
with a very affordable premiumthat builds very nice cash
value, and has the death benefitprotection that they're looking
(23:26):
for.
Josh Bolton (23:27):
That's awesome.
Yeah, I wasn't see. Most peoplewould be thinking about in their
40s. So like, oh, yeah, probablygot maybe like 3040 years left
in me. Probably should getsomething.
Kristin Colca (23:40):
And well, let's hope not right, I plan to live
forever. So
Josh Bolton (23:46):
you're gonna get the neuro link chip in you?
Kristin Colca (23:48):
I think so. I think so. No, probably not.
That's a little scary.
Josh Bolton (23:54):
was gonna say this thing what he says like, the
neuro link will tell you thedefinition the meaning behind
the meme. Like, that's the easybrainwashing trick right
Kristin Colca (24:04):
there. Yes. Yeah.
That's a little scary.
Josh Bolton (24:07):
Right? And then it was just one of them. He said,
How Elon said it casually, asthey owe a pumpkin read and
overwrite. Oh, no, no, no, no,no, no.
Kristin Colca (24:21):
Imagine Elon Musk having complete control over
your brain.
Josh Bolton (24:25):
Just kind of what my my subtle thinking is with
that. That's terrifying. I hatewhat I mean. Like how he was
okay. What's your take onTwitter, by the way? You know, I
Kristin Colca (24:38):
think it's interesting. I for 1am always
going to be for free speech.
Right. Right. And I love thefact that and I, you know, I
don't want to get political, butI love the fact that um, he's
kind of made a stand for freespeech in a way right? Then it's
taking over this platform andrestoring it to really what it
(25:02):
was meant to be, which is thiskind of community. What's it
called? Like wherever one goesand gathers to do like the town
square. Exactly. Yeah. And Ithink that's really his
intention with it. And I can seeit having some positive
influence over other socialmedia sites.
Josh Bolton (25:25):
I was very well said. My whole take is I said,
you know, he made a smooth $200billion dollars off Twitter for
hyping his Tesla stock. Yeah, Ipaid 44 billion to pump it up
again to get another $22billion.
Kristin Colca (25:43):
Right. Yeah.
Wasn't he also using it for thedoge? To make money off of
Dogecoin?
Josh Bolton (25:48):
Yeah, was one of the big whales that bought him
for everyone else?
Unknown (25:51):
Yeah, yeah.
Josh Bolton (25:53):
Yeah, the turtle room. Like, if I had 44 billion
sit around, I totally do thesame thing. I buy the thing that
made me hundreds of billions ofdollars. So I sure i get
censored. Absolutely.
Kristin Colca (26:03):
Absolutely. Yeah, he's a he's a crazy guy, but you
can't deny that he's, he's gotthat genius in him.
Josh Bolton (26:12):
I'm just just thinking aloud if you had to
ensure someone like Chem co fivecompanies questionable health at
best, what how would that panout?
Kristin Colca (26:23):
I wonder if he has has making the lifestyle
choices that would make himinsurable to begin with. Gosh,
he probably would be a veryinteresting client.
Josh Bolton (26:34):
Just from what I can tell he doesn't sleep that
much. It public tests it is Ithink he said like him over
sleeping is six hours.
Kristin Colca (26:45):
Oh my gosh.
That's how a lot of those kindof crazy genius guys are there.
Like those they sleep three,four hours a night and they're
up working? You know? It'scrazy.
Josh Bolton (26:57):
Yeah, it was like the human body's not immediate
can learn to cope with it, butit's not designed to go that
long.
Kristin Colca (27:04):
Yeah. But that just shows you what his brains
like. Right? His brain is justconstantly constantly working
and so much so that he canbarely sleep.
Josh Bolton (27:16):
It's crazy. The few interviews have heard of him on
like YouTube and Tik Tok. Irealize his stuttering is not
that he's lacking of words isbecause they're going so fast in
his brain. He's like, Wait, whatwas I supposed to say? We're
really paragraphs ahead. Yeah,he's
Kristin Colca (27:35):
trying to keep up with his brain.
Josh Bolton (27:39):
Because a lot of people like oh, he's stupid. I'm
like, No, stammering the way hedoes, because he's, it's like
he's trying to read something.
Right. But he it's going toofast for him. Right? Yeah,
exactly. That's interesting.
Yeah. Oh, because you were inAustin, where you just recently
moved out. What do you whatyou're back to Elon? Is it Tesla
(28:03):
in Austin? Or is a Houston?
Kristin Colca (28:05):
No. Yeah, they're opening the Tesla factory in
Austin. I'm not sure if it's ifit's opened yet. But I know that
they were working on buildingit.
Josh Bolton (28:15):
I think it is now is that Yeah, cuz all the
California ones are completelyshut down and sold off now. Oh,
wow. Yeah, so he has other thanhis one $10 million mansion. In
I think it's Laguna. He has noties to California anymore. Wow.
(28:37):
So I'd be interesting. I guessI'm gonna have to go check that
up. I don't have an assistantlike looked it up and put it on
the screen? Yeah. One day, oneday. I'll be like, have to go do
it.
Kristin Colca (28:49):
Yeah, isn't that Joe Rogan? He has his Jamie
Jamie, look it up. That'll beWednesday.
Josh Bolton (28:55):
Ray feels what it was go find it from replays So,
honestly, this has beenfantastic. Hey, I just have a
few questions for you. Okay,going out. Yeah. Three of them
actually. So I live in workduring these COVID times. What
(29:20):
have you been doing to keepyourself busy?
Kristin Colca (29:22):
Oh, gosh, that's a good question. Should I be
honest or should I make myselflook good? Oh my gosh. Well, you
know, I'm so positive I've beentrying to just get more into
taking care of my house rightbecause I'm getting older. It's
becoming one of the thingsthat's that's more important to
(29:42):
me to eat right and exercise.
Get outside get some sunshine.
I've probably also formed somereality TV addictions that I
need to break but yeah, that'sthat's pretty much it. And you
know, education is always Onething that I tried to focus on
so I have a lot of books on mybookshelf that I'm trying to
(30:06):
read. I probably read like fouror five bucks at a time because
I can't just focus on one. Butyeah, I try to just spend some
time reading as well.
Josh Bolton (30:16):
That's awesome. So I'm just curious. I never saw
it. Did you watch the tigerKing?
Kristin Colca (30:21):
I did not see that one. That's fine. I did not
get into Nope.
Josh Bolton (30:25):
I like in all the different heights like, Oh, you
have to watch this and that.
Everyone was talking about thatone. I was like, I mean, it's a
guy with a tiger.
Kristin Colca (30:35):
Yeah, yeah, that one didn't really speak to me. I
like the true crime stuff. Myhusband does not like that. I
like that. But
Josh Bolton (30:45):
listen to True Crime podcast.
Kristin Colca (30:46):
I am. Yep. Yep, it's bad.
Josh Bolton (30:50):
You're sitting here going? Oh, my God, that
neighbors acting funny.
Kristin Colca (30:54):
I No, no, I was watching Unsolved Mysteries the
other night and my husband waslike, Why do you like this
stuff? Like why do you likethis? Like it's a mystery of it
all. It's what happened and youknow, who did it like a love
mysteries?
Josh Bolton (31:08):
And I think it's more of a thrill of like, you
don't know. And then the thefinal unveiling, like, Oh, my
God, I didn't see that.
Kristin Colca (31:14):
Exactly, exactly.
Josh Bolton (31:17):
Although it will say there was one I was joking
with my my sister, because she'ssuper into that, like, the 90
minutes and all that. And I waslike, I told her cuz she's been
super anxiously then what do youthink it's because you listened
to so much crime junkies andunsolved this? And she's like,
even given it up?
Kristin Colca (31:40):
Exactly. Right.
Josh Bolton (31:42):
I was like just saying, because you're
constantly pumping your headfull that? Yeah. So someone
that's inspired by you thatwants to go down a similar path
of very successful woman,married and happy? What are some
tips, tricks or advice you'dgive them to start down that
path?
Kristin Colca (32:02):
Oh, my gosh, that's a hard question. You
know, my life has really been abit of a roller coaster, it's
been a lot of learning lessons,learning hard lessons, just to
give you a little bit of mybackground. So I actually got
pregnant when I was 16. And hadmy daughter raised her as a
single mom, for her whole life.
And really, that's why I was ina long distance relationship for
(32:27):
four years is because I wantedmy daughter to finish up high
school with her friends, youknow, and then for me to kind of
start my life with with myhusband once she was in college,
which she's a junior at TexasState right now. I'm at and, you
know, I've really kind of taken,I'm a bit of a control freak,
(32:49):
right. And the lesson that Ikeep learning that I keep
thinking God or the university,or whoever's in control is
trying to teach me is that I'mnot in control, right? So I
tried to just kind of follow thepath that God or the universe or
whoever is leading me down. Andit seems that whenever I'm open
(33:12):
to learning, open to beingproven wrong, is when I'm most
successful, and most happy in mylife. Right? So, you know, I
would just tell people that havean open mind, know that you're
not in control. Know that you'renot on anyone's timeline, but
(33:32):
your own. And just be open toexploring the possibilities and
what, God the universe, whateveryou believe in, is trying to
teach you.
Josh Bolton (33:45):
Yeah, I have to agree with that a lot of
different doors have beenopening for me because I
finally, like you, which is, Idon't have control, kind of
like, just throw up your hands.
And then usually when you dothat, it's like, oh, wait, well,
here's everything I needed.
Kristin Colca (34:00):
Exactly. Exactly.
Yeah.
Josh Bolton (34:03):
Awesome. Thank you for sharing your back history,
by the way. Absolutely. So finalquestion. Where can everyone
contact you out? They're like,alright, Josh, you had your fun,
like, we need to call her.
Kristin Colca (34:17):
Well, thank you for that, Josh. So you can go to
learn more with kristin.com. Andmy name is spelled k r, i s t i
n. So to to is no use. Or youcan give me a call. My number is
512-301-7701.
Josh Bolton (34:38):
And if you call her Tell her I sent you two,
Kristin Colca (34:40):
yes, please.
Josh Bolton (34:43):
Maybe Maybe I can't promise anything because she
might give you a discount.
Kristin Colca (34:52):
Yeah, unfortunately, you can't give
discounts with life insurance,but I'll send you a Starbucks
card.
Josh Bolton (34:59):
Get free coffee.
Unknown (35:00):
Yeah
Josh Bolton (35:01):
absolute honor and a pleasure to have you on
Kristin Colca (35:04):
Oh thank you so much Josh This is so much fun
this was
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