June 29, 2025 • 12 mins
Joe Schmitz shares more about Peak Retirement Planning with Mindy and Mikaela!
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
People, and Mikayla didn't think I was going to be
until the five o'clock hour, So I'm like, Joe, can
you stay? Can I know you were doing wrong? Can
you stay for the first hour of What Matters? And
Joe's like, well, yeah, and Joe's so good on the air,
But I heard you guys talking about Midwestern millionaire. And
one of the best things that I think Joe is
put together is this YouTube video of a collection of
(00:24):
ideas that you know you're a Midwestern millionaire if you
dot dot.
Speaker 2 (00:29):
Dot And I hadn't seen it yet, so during the
commercial break, I mean, I know the book, have looked
at the book, have been highlighting a couple of things
in the book. I have a couple of copies at home,
and what is supposed to be for my mom? You
have these tips Joe's with Peak Retirement has founded Peak
Retirement Planning, and these tips I did not know about
(00:49):
and are so telling and good.
Speaker 3 (00:53):
Yeah, and I want to hear Mendy, what was your
You've probably listened to the video what ten times? Now?
Speaker 4 (00:57):
I'm sure, well he's your favorite one.
Speaker 1 (00:59):
And He's like, I just want to know how many
of these things do you do, and so I made
Randy listen to it. In fact, Kylon and Jill we
all listen to it again driving home because when we
have like a five and a half hour driving things
to do. Yeah, and each one, Brandy and I are
porting to each other. We do that. We do that.
He's more of a cupon cutter. I don't really lots. Yeah,
(01:20):
he's the coupon but haircuts. I've cut his hair since
I've known him. I've cut all my all my family,
you know, Kylon and Cameron. No more. Karen would never
let me touch her hair anymore.
Speaker 5 (01:30):
Neither would Kylon, but you did at one point, right,
And then.
Speaker 1 (01:34):
He talked on this list Joe talks about sometimes you'll
keep clothes and have holes in them yep, yep. Do
you order when you go out to dinner? Do you
just order water because it's the cheaper option. Yep? Do
you load up on chips and salsa and bread whenever
they give you free yep? I mean, there's so many things,
(01:54):
Mikayla that we did, but there was one thing you
didn't mention, and I don't think you did. There were
two things that I thought of that we do as
a family I've probably done this because Mikayla and I
exchange gifts a lot. So if anyone gives me a
gift bag or even wrapping paper, I save it and
reuse it. Wait, there's some there's some good spaceage on
(02:14):
that paper. You can reuse that. So we always reuse paper,
bows and bags. That's a given.
Speaker 5 (02:21):
That's a good one.
Speaker 1 (02:21):
And then in the hotel, who doesn't take all the
extra champoos into Amen. I've got a big box at
home full.
Speaker 5 (02:30):
Of all this extra and then you're ready.
Speaker 1 (02:33):
And conditioner that I've saved through the years, through all
those travel ball you.
Speaker 4 (02:37):
Got to get your money is worth. You know, that's
a lot of money. Stay a hotel.
Speaker 1 (02:41):
That's I think the bottom line is you feel like
I want to get my money's worth.
Speaker 4 (02:44):
Yeah, that's the Midwestern millionaire though.
Speaker 3 (02:46):
But you know what's fun is we only get forty
And I say only forty, I mean, Mendy, you're saying
you forgot too. I'll tell you, Mendy, I forgot probably thousand.
I mean my aunt she texts me and.
Speaker 5 (02:56):
She's just like she really into it.
Speaker 4 (02:58):
Oh, She's like, I was like, hey, give me some
more ideas.
Speaker 3 (03:00):
So I can make a hundred, and she probably gave
me sixty in herself, and so we're going to do
another one. We're going into sixty more to it to
make it one hundred total. But yeah, if anyone has
any good idea, send us a message at Peak or
Tyrant Planning so we can make sure we add it
to the video. But it's a lot of fun. And
that's our clients. I mean, they're the best savers, the
worst spenders, and that's why they're successful.
Speaker 1 (03:19):
But now that's why I'm one of his clients.
Speaker 5 (03:22):
I love it the worst spenders and now.
Speaker 1 (03:25):
We have necessarily liked that part about us.
Speaker 3 (03:27):
And now we have to encourage them to spend. Right, Mandy,
like you take.
Speaker 2 (03:31):
A comprehensive look at all things, right, so you really
kind of.
Speaker 3 (03:35):
Except cut grass. We don't cut their grass.
Speaker 2 (03:37):
You probably would do, probably would, but you kind of
I don't want to say diagnosed, but I kind of
want to say diagnose. You analyze all financial perspectives or
elements I want to say, of their life. Maybe they're
okay spenders, they're not terrible spenders, and maybe they're okay
savers not great, and you you give direction on how
(03:57):
to improve it to become this Midwestern million Yeah.
Speaker 3 (04:00):
I mean we really try to advise them in all areas.
And that's why we have all the professionals all in
one place. We don't want someone to have to go
to their CPA. Here, they're a state planning an attorney here,
they're medicare specialists here.
Speaker 4 (04:10):
I mean, it's all just one one place. En't have
to worry about missing anything.
Speaker 3 (04:13):
And most advisors don't do that. Most advisors only manage
investments and that's it. So it's one of a big
differentiator that we have, but that's really our motive, like
we want to give more of a boutique, family oriented approach.
And we talk about this all the time. How my
mom works with us, my buddy from fourth grade join me.
I've got eight friends from college who work with us.
We've got three team members who are siblings.
Speaker 4 (04:34):
Two of our.
Speaker 3 (04:34):
Advisors are brothers. My buddy has his friend from college
it works with us. We've got one of our advisor's
brother helps me with our YouTube channel.
Speaker 4 (04:42):
So it's just a very connected group.
Speaker 3 (04:44):
And we always say we want to extend that feeling
to our clients because Midwestern millionaires, one thing they value
as well is family and.
Speaker 1 (04:51):
Trust well as a client as our family is. With
peak retirement, you do make you feel like family and
that's that great feeling that you don't get from everywhere. Also,
with you having everything under one roof, Joe, it just
makes it so much easier for people.
Speaker 2 (05:08):
It's hard to navigate because I've been talking about taking
a call with Joe for a while now and it's
hard to navigate. It feels like, and maybe you can
have some advice on this for me and other people.
Speaker 5 (05:18):
You do have your.
Speaker 2 (05:18):
Retirement planner over here and you want to do certain
things and they're like, well.
Speaker 5 (05:21):
We need to talk to your CPA.
Speaker 2 (05:23):
And let's say your CPA isn't the most responsive right
outside of the tax season. So how do you make
all of this happen so you can get back to
your retirement planner to tell them what your CPA said.
Speaker 1 (05:35):
Then you need an attorney to overlook every y yes.
Speaker 3 (05:37):
Yeah, And the problem with that, there's two problems with that.
Mikayla's one is that the advisors shouldn't tell you to
go see your CPA like the advisors should be doing
tax planning. That's one of the biggest parts of retirement
planning in that most of these Midwestern millionaires who have
been diligent savers, that's going to be the biggest expense
in their retirement. So if you're working with an advisor
who doesn't specialize in tax planning, then that's going to
(05:58):
be a big weakness.
Speaker 4 (06:00):
But also if you have to.
Speaker 3 (06:01):
Also they don't have tax prep, which most advisors don't
have tax prep in house, but we would highly suggest
advisors do that obviously because it makes things so much easier.
But then also the tax preparer, like even if you
went to the question that you asked your advisor, most
of the times the CPA is not going to know
it anyways. Maybe they know it, but they're going to
charge you for it, and it's you know, they don't
know your full financial situation. And so there's a big
(06:23):
gap that we're seeing with people not having all those
areas connected. So it's one of the biggest things we
always advise people whenever we educate them is make sure
you're working with a team that's all out of the
same place.
Speaker 2 (06:32):
But that's unusual. It sounds like it's really unusual to
have it all at the same place. Are you part
of a movement? Are you making a movement happen with this?
Speaker 3 (06:38):
I mean I was just featured. I don't know if
either of you saw that. I was featured on a
big industry podcast talking about our growth, our structure and
everything in California. I flew out there not too long.
I remember when you went, Yeah, yeah, so you know
that's kind of a big focus, but like, yeah, I
mean we're definitely different. The average agent advisor is fifty six,
and there's over the next ten years, one third of
the industry is going to retire. So it's just, you know,
(07:01):
most people have gotten comfortable just kind of getting by,
and so yeah, we do want to be that movement.
We want to disrupt the industry and do things the
right way, and we don't want to overcharge for it either.
Like what we do is the same cost as what
someone typically is working elsewhere, and that's why we've attracted
clients all across the country at this point, and they're growing.
Speaker 1 (07:18):
I mean, he's a mover and a shaker. He only
hires the people who we trust, and they have to
be extremely hard working because that's who Joe is. I mean,
ever since you were little, just the work ethic, your determination,
your passion for anything that you love, whether it's basketball,
life or work. They just are all full into it.
And that's why he's grown so much. I mean, you
(07:40):
can look at any companies and so many times companies
are starting to shrink a little bit, where yours is
doing the complete opposite. So you have a theory and
a plan that's working not just for you, but for
all the clients that you help.
Speaker 4 (07:53):
Yeah, it's a lot of fun.
Speaker 2 (07:54):
There's a hot topic on TikTok right now about and
it's related to invest Smith's really pushing index funds.
Speaker 5 (08:03):
Yeah, how do you feel about index funds?
Speaker 4 (08:05):
Yeah, for sure.
Speaker 3 (08:06):
I mean, so there's think of it as three different
types of investments. If we can compare all three, it's
individual stocks index funds. So individual stocks would be like
investing in Apple or investing in Amazon directly. Index funds
would be a collective of individual stocks. So let's say
the S and P five hundred. That's an index fund
that's five hundred top companies in the US. And then
the other way is mutual funds. Mutual funds are going
(08:27):
to be a higher cost, very similar to index funds,
but they're actively managed and so a lot of people think, hey,
if you can act the manage, it'll do better than
the market. Well, most times mutual funds underperform the market
and you have to pay a fee on top of that.
So for most of our clients we look at using
index funds in ETFs, which are very similar to index funds,
and then individual stocks so keeps cost, slow tracks the market,
(08:48):
and then we try to make changes within there to
follow market trends, tax efficiency, and just try to make
sure the clients are getting the best experience because we
don't get paid more to offer one investment or the other.
There's a lot of infirms out there get paid more
to offer mutual funds. We don't get paid. We get
paid our fee that the client pays us. It's fully transparent.
We're not, you know, getting commissions from this mutual fund
(09:09):
if we sell that investment.
Speaker 4 (09:10):
So that's just not who we are.
Speaker 1 (09:11):
I heard you guys at the beginning of the hour
talk about the big beautiful bill, and I know you've
said all along you really think it's going to pass it
and take one step forward. But I know a lot
of people when it comes to taxes, are really hoping
that they get that tax break to continue.
Speaker 2 (09:26):
So, yeah, break it down for me because I followed
it a little bit. But there's a lot in the
big beautiful what do we need to know as folks
who are out there who aren't multi millionaires right or
Midwestern Western millionaires, but we're not multidia.
Speaker 3 (09:42):
Yeah, And that's the thing is, like, you know, the
biggest thing to know right now, because there's still some
things that are just like they're negotiating what's going to
be right, what's gonna be different. But the big thing
that everyone needs to understand is that the overall taxes
will be lower for most Americans moving forward if this
gets passed. And you know, in twenty seventeen, the Tax
Cuts and Jobs Act was enacted, but that sunset in
twenty twenty six, which is upcoming, and so that raised
(10:05):
that lowered everyone's taxes by about twenty percent for most
of the clients we work with. And so if that
goes away, people will pay twenty percent more in taxes
each year if they have the same income with this
being permanent, is what they say. Now, let me kind
of put some you know, understanding of what permanent means.
Permanent means that it has to get someone has to
change it for it to be the case Taxes and
(10:27):
Jobs Act. We knew that was going to sunset. There's
no sunset on this, which is great news. But you know,
someone could come in and definitely change it. But it's
definitely going to be good news for those who are
younger and working, those who are inter near retirement, anyone
out there. This is going to add benefits to and
allow them to have more of their money in their pocket.
VERSEU giving more to the government, sage.
Speaker 1 (10:46):
So when Trump, when President Trump initiated this in twenty seventeen,
he made it like a timeline. This will come to
an end in this year of twenty twenty six. But
now he's saying, if you pass this, it won't end.
Speaker 4 (10:57):
Yeah, so he's saying it will be permanent.
Speaker 1 (11:00):
Follow up question, really permanent now not in the government.
Speaker 5 (11:04):
But you can create this go ahead And that's a
quick follow up question for you.
Speaker 4 (11:07):
I think tax codes written in pencil. They can change
it whichever they want.
Speaker 2 (11:11):
So okay, by quick follow up before we go to
break is what about this flat tax with the state
of Ohio. We're waiting to see what the governor does.
Is with the General Assembly decided and the property tax. What
do you think about that in terms of the work
you're doing.
Speaker 3 (11:24):
Yeah, so, I mean we'll wait and see with all
that kind of stuff. It's all the proposal and everything.
But something we work with with clients which is really interesting,
is that we work with clients all across the country,
and so when you look at different state taxes, there's
so many things.
Speaker 4 (11:36):
To look at.
Speaker 3 (11:36):
Like here in Ohio we have a sales tax, but
and and you know Tennessee there's no income tax. Or
Mendy you just were and so but you know, Mendy
goes and buys a beer, she's gonna, you know, pay
more and sales tax on that.
Speaker 4 (11:49):
You know.
Speaker 3 (11:49):
So there's all these ways that states can get revenue.
The key is they've got to get it from one
way or another, and so they can make changes all
they want, but at the end of the day, where's
the revenue going to come from. So there's a lot
of different things to look at because we have clients
that want to move to different states. So like if
you're thinking, hey, I'm in Ohio, but I want to
move to Florida, well you may have to pay more
property taxes in Florida, but maybe you get no income taxes,
(12:10):
so you have.
Speaker 5 (12:11):
To wait to see what happens depending on what gets signed.
Speaker 4 (12:13):
Ye got it correct?
Speaker 5 (12:15):
All right? Well thanks Joe. Peak Retirement Planning. What's your website?
Speaker 3 (12:19):
Yeah, Peak Retirement Planning dot com. If anyone wants to
request the Midwestern Millionaire book that Michaela's talked heavily about,
then they can do so.
Speaker 4 (12:27):
We'll send it out to.
Speaker 3 (12:27):
Them there, and if they want to reach out to
our team to schedule time, they can do so on
our website as well.
Speaker 5 (12:32):
Awesome good news is up next.
Speaker 4 (12:34):
This is what
People, and Mikayla didn't think I was going to be
until the five o'clock hour, So I'm like, Joe, can
you stay? Can I know you were doing wrong? Can
you stay for the first hour of What Matters? And
Joe's like, well, yeah, and Joe's so good on the air,
But I heard you guys talking about Midwestern millionaire. And
one of the best things that I think Joe is
put together is this YouTube video of a collection of
(00:24):
ideas that you know you're a Midwestern millionaire if you
dot dot.
Speaker 2 (00:29):
Dot And I hadn't seen it yet, so during the
commercial break, I mean, I know the book, have looked
at the book, have been highlighting a couple of things
in the book. I have a couple of copies at home,
and what is supposed to be for my mom? You
have these tips Joe's with Peak Retirement has founded Peak
Retirement Planning, and these tips I did not know about
(00:49):
and are so telling and good.
Speaker 3 (00:53):
Yeah, and I want to hear Mendy, what was your
You've probably listened to the video what ten times? Now?
Speaker 4 (00:57):
I'm sure, well he's your favorite one.
Speaker 1 (00:59):
And He's like, I just want to know how many
of these things do you do, and so I made
Randy listen to it. In fact, Kylon and Jill we
all listen to it again driving home because when we
have like a five and a half hour driving things
to do. Yeah, and each one, Brandy and I are
porting to each other. We do that. We do that.
He's more of a cupon cutter. I don't really lots. Yeah,
(01:20):
he's the coupon but haircuts. I've cut his hair since
I've known him. I've cut all my all my family,
you know, Kylon and Cameron. No more. Karen would never
let me touch her hair anymore.
Speaker 5 (01:30):
Neither would Kylon, but you did at one point, right,
And then.
Speaker 1 (01:34):
He talked on this list Joe talks about sometimes you'll
keep clothes and have holes in them yep, yep. Do
you order when you go out to dinner? Do you
just order water because it's the cheaper option. Yep? Do
you load up on chips and salsa and bread whenever
they give you free yep? I mean, there's so many things,
(01:54):
Mikayla that we did, but there was one thing you
didn't mention, and I don't think you did. There were
two things that I thought of that we do as
a family I've probably done this because Mikayla and I
exchange gifts a lot. So if anyone gives me a
gift bag or even wrapping paper, I save it and
reuse it. Wait, there's some there's some good spaceage on
(02:14):
that paper. You can reuse that. So we always reuse paper,
bows and bags. That's a given.
Speaker 5 (02:21):
That's a good one.
Speaker 1 (02:21):
And then in the hotel, who doesn't take all the
extra champoos into Amen. I've got a big box at
home full.
Speaker 5 (02:30):
Of all this extra and then you're ready.
Speaker 1 (02:33):
And conditioner that I've saved through the years, through all
those travel ball you.
Speaker 4 (02:37):
Got to get your money is worth. You know, that's
a lot of money. Stay a hotel.
Speaker 1 (02:41):
That's I think the bottom line is you feel like
I want to get my money's worth.
Speaker 4 (02:44):
Yeah, that's the Midwestern millionaire though.
Speaker 3 (02:46):
But you know what's fun is we only get forty
And I say only forty, I mean, Mendy, you're saying
you forgot too. I'll tell you, Mendy, I forgot probably thousand.
I mean my aunt she texts me and.
Speaker 5 (02:56):
She's just like she really into it.
Speaker 4 (02:58):
Oh, She's like, I was like, hey, give me some
more ideas.
Speaker 3 (03:00):
So I can make a hundred, and she probably gave
me sixty in herself, and so we're going to do
another one. We're going into sixty more to it to
make it one hundred total. But yeah, if anyone has
any good idea, send us a message at Peak or
Tyrant Planning so we can make sure we add it
to the video. But it's a lot of fun. And
that's our clients. I mean, they're the best savers, the
worst spenders, and that's why they're successful.
Speaker 1 (03:19):
But now that's why I'm one of his clients.
Speaker 5 (03:22):
I love it the worst spenders and now.
Speaker 1 (03:25):
We have necessarily liked that part about us.
Speaker 3 (03:27):
And now we have to encourage them to spend. Right, Mandy,
like you take.
Speaker 2 (03:31):
A comprehensive look at all things, right, so you really
kind of.
Speaker 3 (03:35):
Except cut grass. We don't cut their grass.
Speaker 2 (03:37):
You probably would do, probably would, but you kind of
I don't want to say diagnosed, but I kind of
want to say diagnose. You analyze all financial perspectives or
elements I want to say, of their life. Maybe they're
okay spenders, they're not terrible spenders, and maybe they're okay
savers not great, and you you give direction on how
(03:57):
to improve it to become this Midwestern million Yeah.
Speaker 3 (04:00):
I mean we really try to advise them in all areas.
And that's why we have all the professionals all in
one place. We don't want someone to have to go
to their CPA. Here, they're a state planning an attorney here,
they're medicare specialists here.
Speaker 4 (04:10):
I mean, it's all just one one place. En't have
to worry about missing anything.
Speaker 3 (04:13):
And most advisors don't do that. Most advisors only manage
investments and that's it. So it's one of a big
differentiator that we have, but that's really our motive, like
we want to give more of a boutique, family oriented approach.
And we talk about this all the time. How my
mom works with us, my buddy from fourth grade join me.
I've got eight friends from college who work with us.
We've got three team members who are siblings.
Speaker 4 (04:34):
Two of our.
Speaker 3 (04:34):
Advisors are brothers. My buddy has his friend from college
it works with us. We've got one of our advisor's
brother helps me with our YouTube channel.
Speaker 4 (04:42):
So it's just a very connected group.
Speaker 3 (04:44):
And we always say we want to extend that feeling
to our clients because Midwestern millionaires, one thing they value
as well is family and.
Speaker 1 (04:51):
Trust well as a client as our family is. With
peak retirement, you do make you feel like family and
that's that great feeling that you don't get from everywhere. Also,
with you having everything under one roof, Joe, it just
makes it so much easier for people.
Speaker 2 (05:08):
It's hard to navigate because I've been talking about taking
a call with Joe for a while now and it's
hard to navigate. It feels like, and maybe you can
have some advice on this for me and other people.
Speaker 5 (05:18):
You do have your.
Speaker 2 (05:18):
Retirement planner over here and you want to do certain
things and they're like, well.
Speaker 5 (05:21):
We need to talk to your CPA.
Speaker 2 (05:23):
And let's say your CPA isn't the most responsive right
outside of the tax season. So how do you make
all of this happen so you can get back to
your retirement planner to tell them what your CPA said.
Speaker 1 (05:35):
Then you need an attorney to overlook every y yes.
Speaker 3 (05:37):
Yeah, And the problem with that, there's two problems with that.
Mikayla's one is that the advisors shouldn't tell you to
go see your CPA like the advisors should be doing
tax planning. That's one of the biggest parts of retirement
planning in that most of these Midwestern millionaires who have
been diligent savers, that's going to be the biggest expense
in their retirement. So if you're working with an advisor
who doesn't specialize in tax planning, then that's going to
(05:58):
be a big weakness.
Speaker 4 (06:00):
But also if you have to.
Speaker 3 (06:01):
Also they don't have tax prep, which most advisors don't
have tax prep in house, but we would highly suggest
advisors do that obviously because it makes things so much easier.
But then also the tax preparer, like even if you
went to the question that you asked your advisor, most
of the times the CPA is not going to know
it anyways. Maybe they know it, but they're going to
charge you for it, and it's you know, they don't
know your full financial situation. And so there's a big
(06:23):
gap that we're seeing with people not having all those
areas connected. So it's one of the biggest things we
always advise people whenever we educate them is make sure
you're working with a team that's all out of the
same place.
Speaker 2 (06:32):
But that's unusual. It sounds like it's really unusual to
have it all at the same place. Are you part
of a movement? Are you making a movement happen with this?
Speaker 3 (06:38):
I mean I was just featured. I don't know if
either of you saw that. I was featured on a
big industry podcast talking about our growth, our structure and
everything in California. I flew out there not too long.
I remember when you went, Yeah, yeah, so you know
that's kind of a big focus, but like, yeah, I
mean we're definitely different. The average agent advisor is fifty six,
and there's over the next ten years, one third of
the industry is going to retire. So it's just, you know,
(07:01):
most people have gotten comfortable just kind of getting by,
and so yeah, we do want to be that movement.
We want to disrupt the industry and do things the
right way, and we don't want to overcharge for it either.
Like what we do is the same cost as what
someone typically is working elsewhere, and that's why we've attracted
clients all across the country at this point, and they're growing.
Speaker 1 (07:18):
I mean, he's a mover and a shaker. He only
hires the people who we trust, and they have to
be extremely hard working because that's who Joe is. I mean,
ever since you were little, just the work ethic, your determination,
your passion for anything that you love, whether it's basketball,
life or work. They just are all full into it.
And that's why he's grown so much. I mean, you
(07:40):
can look at any companies and so many times companies
are starting to shrink a little bit, where yours is
doing the complete opposite. So you have a theory and
a plan that's working not just for you, but for
all the clients that you help.
Speaker 4 (07:53):
Yeah, it's a lot of fun.
Speaker 2 (07:54):
There's a hot topic on TikTok right now about and
it's related to invest Smith's really pushing index funds.
Speaker 5 (08:03):
Yeah, how do you feel about index funds?
Speaker 4 (08:05):
Yeah, for sure.
Speaker 3 (08:06):
I mean, so there's think of it as three different
types of investments. If we can compare all three, it's
individual stocks index funds. So individual stocks would be like
investing in Apple or investing in Amazon directly. Index funds
would be a collective of individual stocks. So let's say
the S and P five hundred. That's an index fund
that's five hundred top companies in the US. And then
the other way is mutual funds. Mutual funds are going
(08:27):
to be a higher cost, very similar to index funds,
but they're actively managed and so a lot of people think, hey,
if you can act the manage, it'll do better than
the market. Well, most times mutual funds underperform the market
and you have to pay a fee on top of that.
So for most of our clients we look at using
index funds in ETFs, which are very similar to index funds,
and then individual stocks so keeps cost, slow tracks the market,
(08:48):
and then we try to make changes within there to
follow market trends, tax efficiency, and just try to make
sure the clients are getting the best experience because we
don't get paid more to offer one investment or the other.
There's a lot of infirms out there get paid more
to offer mutual funds. We don't get paid. We get
paid our fee that the client pays us. It's fully transparent.
We're not, you know, getting commissions from this mutual fund
(09:09):
if we sell that investment.
Speaker 4 (09:10):
So that's just not who we are.
Speaker 1 (09:11):
I heard you guys at the beginning of the hour
talk about the big beautiful bill, and I know you've
said all along you really think it's going to pass it
and take one step forward. But I know a lot
of people when it comes to taxes, are really hoping
that they get that tax break to continue.
Speaker 2 (09:26):
So, yeah, break it down for me because I followed
it a little bit. But there's a lot in the
big beautiful what do we need to know as folks
who are out there who aren't multi millionaires right or
Midwestern Western millionaires, but we're not multidia.
Speaker 3 (09:42):
Yeah, And that's the thing is, like, you know, the
biggest thing to know right now, because there's still some
things that are just like they're negotiating what's going to
be right, what's gonna be different. But the big thing
that everyone needs to understand is that the overall taxes
will be lower for most Americans moving forward if this
gets passed. And you know, in twenty seventeen, the Tax
Cuts and Jobs Act was enacted, but that sunset in
twenty twenty six, which is upcoming, and so that raised
(10:05):
that lowered everyone's taxes by about twenty percent for most
of the clients we work with. And so if that
goes away, people will pay twenty percent more in taxes
each year if they have the same income with this
being permanent, is what they say. Now, let me kind
of put some you know, understanding of what permanent means.
Permanent means that it has to get someone has to
change it for it to be the case Taxes and
(10:27):
Jobs Act. We knew that was going to sunset. There's
no sunset on this, which is great news. But you know,
someone could come in and definitely change it. But it's
definitely going to be good news for those who are
younger and working, those who are inter near retirement, anyone
out there. This is going to add benefits to and
allow them to have more of their money in their pocket.
VERSEU giving more to the government, sage.
Speaker 1 (10:46):
So when Trump, when President Trump initiated this in twenty seventeen,
he made it like a timeline. This will come to
an end in this year of twenty twenty six. But
now he's saying, if you pass this, it won't end.
Speaker 4 (10:57):
Yeah, so he's saying it will be permanent.
Speaker 1 (11:00):
Follow up question, really permanent now not in the government.
Speaker 5 (11:04):
But you can create this go ahead And that's a
quick follow up question for you.
Speaker 4 (11:07):
I think tax codes written in pencil. They can change
it whichever they want.
Speaker 2 (11:11):
So okay, by quick follow up before we go to
break is what about this flat tax with the state
of Ohio. We're waiting to see what the governor does.
Is with the General Assembly decided and the property tax. What
do you think about that in terms of the work
you're doing.
Speaker 3 (11:24):
Yeah, so, I mean we'll wait and see with all
that kind of stuff. It's all the proposal and everything.
But something we work with with clients which is really interesting,
is that we work with clients all across the country,
and so when you look at different state taxes, there's
so many things.
Speaker 4 (11:36):
To look at.
Speaker 3 (11:36):
Like here in Ohio we have a sales tax, but
and and you know Tennessee there's no income tax. Or
Mendy you just were and so but you know, Mendy
goes and buys a beer, she's gonna, you know, pay
more and sales tax on that.
Speaker 4 (11:49):
You know.
Speaker 3 (11:49):
So there's all these ways that states can get revenue.
The key is they've got to get it from one
way or another, and so they can make changes all
they want, but at the end of the day, where's
the revenue going to come from. So there's a lot
of different things to look at because we have clients
that want to move to different states. So like if
you're thinking, hey, I'm in Ohio, but I want to
move to Florida, well you may have to pay more
property taxes in Florida, but maybe you get no income taxes,
(12:10):
so you have.
Speaker 5 (12:11):
To wait to see what happens depending on what gets signed.
Speaker 4 (12:13):
Ye got it correct?
Speaker 5 (12:15):
All right? Well thanks Joe. Peak Retirement Planning. What's your website?
Speaker 3 (12:19):
Yeah, Peak Retirement Planning dot com. If anyone wants to
request the Midwestern Millionaire book that Michaela's talked heavily about,
then they can do so.
Speaker 4 (12:27):
We'll send it out to.
Speaker 3 (12:27):
Them there, and if they want to reach out to
our team to schedule time, they can do so on
our website as well.
Speaker 5 (12:32):
Awesome good news is up next.
Speaker 4 (12:34):
This is what
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