December 25, 2025 • 39 mins
Laura Rehbein is guiding successful professionals—retired or not—with straightforward strategies that replace financial uncertainty with confidence and clarity.
Laura Rehbein is a Private Wealth Advisor and founder of Impavid Wealth Advisors, a franchise of Ameriprise Financial Services, LLC. With 30 years of experience, she specializes in helping successful professionals and recent retirees turn financial uncertainty into clear, confident action. Laura works with those who’ve saved and succeeded— but now wonder what’s next. Her planning process is designed to simplify complexity and provide practical peace of mind.
Laura is the author of Fearless Finance, a relatable guide that helps people avoid “bad math,” plan for longevity, and address overlooked essentials like digital assets and pet trusts. Having taken on financial responsibility at just 12 years old, she brings empathy, realism, and wisdom to every conversation. Through personalized income strategies and ongoing support, Laura helps clients face the future with the fearlessness her firm’s name—Impavid—was built on.
Contact Details:
Email: laura.l.rehbein@ampf.com
Business: Impavid Wealth Advisors
Website: www.impavidwealthadvisors.com
Social Media:
LinkedIN - https://www.linkedin.com/in/laurarehbein/
Facebook - https://www.facebook.com/ImpavidWealthAdvisors
Email ImpavidWealthAdvisors@ampf.com with your name and address and and get a copy of your free book
Remember to SUBSCRIBE so you don't miss "Information That You Can Use." Share Just Minding My Business with your family, friends, and colleagues. Engage with us by leaving a review or comment on my Google Business Page. https://g.page/r/CVKSq-IsFaY9EBM/review Your support keeps this podcast going and growing.
Visit Just Minding My Business Media™ LLC at https://jmmbmediallc.com/ to learn how we can help you get more visibility on your products and services.
Laura Rehbein is a Private Wealth Advisor and founder of Impavid Wealth Advisors, a franchise of Ameriprise Financial Services, LLC. With 30 years of experience, she specializes in helping successful professionals and recent retirees turn financial uncertainty into clear, confident action. Laura works with those who’ve saved and succeeded— but now wonder what’s next. Her planning process is designed to simplify complexity and provide practical peace of mind.
Laura is the author of Fearless Finance, a relatable guide that helps people avoid “bad math,” plan for longevity, and address overlooked essentials like digital assets and pet trusts. Having taken on financial responsibility at just 12 years old, she brings empathy, realism, and wisdom to every conversation. Through personalized income strategies and ongoing support, Laura helps clients face the future with the fearlessness her firm’s name—Impavid—was built on.
Contact Details:
Email: laura.l.rehbein@ampf.com
Business: Impavid Wealth Advisors
Website: www.impavidwealthadvisors.com
Social Media:
LinkedIN - https://www.linkedin.com/in/laurarehbein/
Facebook - https://www.facebook.com/ImpavidWealthAdvisors
Email ImpavidWealthAdvisors@ampf.com with your name and address and and get a copy of your free book
Remember to SUBSCRIBE so you don't miss "Information That You Can Use." Share Just Minding My Business with your family, friends, and colleagues. Engage with us by leaving a review or comment on my Google Business Page. https://g.page/r/CVKSq-IsFaY9EBM/review Your support keeps this podcast going and growing.
Visit Just Minding My Business Media™ LLC at https://jmmbmediallc.com/ to learn how we can help you get more visibility on your products and services.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:02):
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Speaker 4 (01:45):
Welcome to Just Minding My Business. I hope you're having
an amazing day. I have a question for you. What
if the biggest risk to your financial future wasn't the market?
I'm certainty. Today's guest, Laura Raybond is the founder of
(02:06):
Impavit Wealth Advisors, which is a franchise of Amerorprice Financial
and Laura has thirty years of experience helping professionals and
retirees turn financial confusion into clarity. Laura is also an
author of Fearless Finance, which is a practical guy to
(02:29):
retiring with confidence. Welcome, Welcome, Welcome, Laura. I can't wait
to get into.
Speaker 1 (02:35):
This because you know that's the number one thing is finances.
Speaker 5 (02:41):
Thank you for having me this afternoon.
Speaker 1 (02:43):
Absolutely absolutely so. Tell us about Impavot Wealth Advisors.
Speaker 5 (02:50):
As you mentioned, I have been in the industry for
thirty years and I started with an enterprise thirty years
ago with impav Wealth Advisors. And for everybody out there,
because nobody knows this, and pavit is actually a little
known adjective in the English language that means fearless. And
(03:11):
so my whole approach is I would like people to
become a little more fearless about their finances by working
with us. And when I talk about fearless, I don't
mean being reckless or taking you know, crazy steps with
your finances. What I mean is gaining clarity and knowledge
(03:32):
and being more confident about where you're at and where
you're headed with your own plans.
Speaker 1 (03:37):
Yes, and I like that, So I'm pavit. I'm gonna
have to use that instead of fearless.
Speaker 4 (03:43):
Yes, there you go. I learned a new word. Kay.
Speaker 5 (03:49):
So how.
Speaker 1 (03:52):
How's bed mis quietly sabotaging smart retirement plans?
Speaker 5 (03:59):
I don't know where I came up with bad math
along the way, but I did. And bad math, to me,
isn't necessarily that my clients and people can't do math.
They can. I have sat across the table from so
many highly educated, successful people in my thirty years. They
(04:19):
clearly can do math. And so it's really that they're
avoiding it. They're avoiding doing the math, or they don't
have the tools to actually do the math for their
own situation. So they don't have the tools to do
projections for their retirement to look at how much money
they will need to provide enough income in retirement after taxes,
(04:42):
inflation and everything else. They don't have those tools, and
so that's why I call it bad math. It's either
avoidance or they just don't know where to start.
Speaker 4 (04:50):
So how do you rectify it?
Speaker 5 (04:55):
A couple things, And to give you a little bit
about my background why I love what I do and
I love helping people. I actually grew up in rural Michigan,
and my mom died when I was twelve, and so
as a twelve year old, I was thrust into the
role of call of household manager, where I had to
(05:18):
pay the bills, I had to run the checkbook, and
I had an account at the corner store I could
go get groceries. And I saw friends in the rural
community I lived in that struggled financially for their own
family circumstances and others that didn't. And I saw kids
my friends in different family situations where there might be
(05:39):
two siblings. One grows up to be very responsible monetarily
and one is a train wreck. And so you have
seen family two different people and they come out two
different ways. And so I just like to help people
learn how to examine their financial situation, measure their money
(06:01):
against the job it needs to do someday, and do
that repeatedly throughout your lifetime, because you know what life
changes definitely does. So if you think about it, if
you think about a young individual just starting out, they
might be buying their first home. They might be starting
to save for the future. Fast forward ten or fifteen years.
(06:23):
They might have children, they might be married, they might
be going into their second home. Fast forward another fifteen
or twenty years. They might be facing retirement. They might
have children in college, they might have parents that are
aging and that are facing health issues. And so people
will say to me, why do you get these successful
people that come in, and they're just they're confused. It's
(06:46):
because life changes and what you start out having a
simplistic financial situation, and as life goes on, it just
gets more complicated, and people don't know how to stop
and take an inventory of what they have financial and
where they're at. They don't know how to measure their
money against the job it needs to do, and they
also forget about the risks that are out there, the
(07:09):
sneaky risks that aren't always apparent to you, taxes, inflation,
long term care, estate planning, those types of things. And
so I help pull all that information together to kind
of be the coach or the guide for clients so
they can gain more clarity.
Speaker 4 (07:25):
Yeah, so you get people thinking in the right direction.
Speaker 5 (07:32):
And a good financial advisor doesn't tell you what to do.
They just they're there to be the coach, to give
you the information and to give you the knowledge so
you can make the decision on what's right for you.
But it always goes back to life changes and as
things get more complicated, you go back to the basics.
Take an inventory of what you have, measure your money,
(07:55):
what's the job that needs to do because those jobs change.
Speaker 1 (08:00):
Because days are changing right before us reaily. So absolutely so,
how do you building your own paycheck and retirement?
Speaker 4 (08:13):
How does that work?
Speaker 5 (08:15):
That is the main question that people will come and
they're sitting before me, like the month before they retire,
and they're like, my last day is in thirty days.
Where's my money coming from? Because people are not used
to transitioning into retirement. If you're successful, you transition. One
time you're working and then you're retired, you don't go
(08:37):
back to work, So it's not something everybody does on
a continual basis. And so recreating the paycheck is really
you have to request a copy of my book because
I've got the graphics and it there that kind of
give you more of the definition and the description of
how to recreate your paycheck. But it's just bucketing your
(08:57):
assets between longer term assets meeting and short term and
having enough short term assets to give you the monthly
income that you need to supplement perhaps your pension and
perhaps your Social Security, and then backfilling from your medium
risk assets and then your longer term assets when that
(09:18):
cash runs dry. So it's almost like think of the
bathtub spict when you spick it the faucet bathtub faucet,
you turn it on and the money starts flowing and
the water starts flowing out. Mentally, that's what you think
about when you're recreating your paycheck, and you just structure
your investment so that way you've got the cash to
start flowing in as you need it. And that's something
I work through with people all the time because it's
(09:41):
it's a transition, and it's a big transition for people
that are facing retirement.
Speaker 1 (09:45):
Yes, it is not only financially, you've got emotionally.
Speaker 4 (09:50):
A whole lot of things come up for people.
Speaker 1 (09:52):
Absolutely, absolutely, Wow, don't overthink it.
Speaker 4 (10:00):
Throw it in a pile.
Speaker 5 (10:01):
And stought, yeah, that that is the thing, because I
tell people throw it all on a pile. Everything you have,
like statements, insurance policies, lists of your expenses, throw it
in a pile. I typically sort through that as the advisor,
(10:22):
but I have had people that they come to me
and they say, I got something in the mail. Okay,
it's a statement from a four to one kid for
good I had I left there fifteen years ago. You're
not taking an inventory on a regular basis because you
knew it was there, but somewhere along the way you
forgot about it. Because now you're at another job or
(10:44):
retired or whatever, and this is found money. And if
you don't do that regular inventory, it's easy to overlook
something when there's all these little pieces and parts that
make up your financial situation.
Speaker 4 (10:59):
Yes, okay, and.
Speaker 5 (11:00):
I feel I wrote the book. One of the main
reasons I wrote the book is because they sit across
the table from so many highly educated, successful people that
really truly just say, what's next, How do I know
if I have enough? And I wanted simple to understand
concepts that everybody can go back and refer to, whether
(11:21):
their situation is simple or it's complex. And so it's
just a guy that kind of help reframe that because
we are bombarded every day with stuff in the media
about investments, and so people start to get that one
lane highway of investments and they forget inflation, taxes, long
term care estate, like there's all these other things that
(11:42):
can impact your finances to the negative if you overlook it.
Speaker 1 (11:48):
So, since we're talking about the book, tell us what
people can get from the Fearless Finance.
Speaker 4 (11:56):
You gave this a little bit, but give us some watch.
Speaker 5 (12:00):
So there's several concepts in here in the book that
you can get some of it, as I said, measuring
your money, taking the inventory, but there is a whole
chapter on how do you assess your risk and your
asset allocation. There's also a lot of information in here
about how do you protect your financial future. You could
(12:20):
have the best investments, and you could have done the
best for yourself investment wise, and really save and down
the way neglected healthcare, long term care, and find yourself
in retirement where you need to pay a lot of
money for long term care expenses and that could really,
really severely impact your finances. And it doesn't matter how
(12:43):
well you did investment wise, the long term care expenses
kind of gave you a flat tire, so to speak, financially.
Same thing with taxes. If you don't manage your tax strategy,
have a good CPA, know what you're doing when you're
doing it, you end up having a more of a
tax issue than you could have. So there's these sneaky
things in there. One of the other main topics that
(13:08):
you can get from my book is estate planning topics,
and we all talk about go talk to your attorney
regarding whether you need a will, whether you need a trust,
and it's very important to have a good estate planning attorney.
But what I do is also remind my single people
mostly but also my couples, talk to your attorney about
(13:32):
what you need to put into place and who you
need to put into place. In the event that you
are still here but you are not competent, who's going
to step in in your place. I have seen very
good outcomes in these unfortunate situations. And I've seen disaster
(13:55):
with clients where they put a child, son or a
daughter and that that person comes in and thinks they
know everything and upheaves the apple cart and just ruins
the entire retirement picture. And I've seen other kids that
come in and they really take care and financially do
the right thing. So you have to make sure. One
(14:16):
of the couple other things that you can learn from
the book, digital assets not something everybody talks about when
it comes to estate planning, and it's just because it's
newer on the scene. If you think about it, you know,
we've always had wills and trusts and beneficiary designations, but
digital assets, that's kind of new, right last I don't
(14:38):
know twenty years would, however, long think of what you
have stored photos, social media accounts, online bank accounts. My
mind just went blank. There's a bunch of things you
have stored online. And you can't necessarily just leave a
password list and say, oh, one of my children and
(15:00):
we'll go get the past word list and go in there.
They can't do that. And I've had good stories and
bad stories. I've had bad stories where a child went
into dad's email after he passed and found all the
emails to the other woman. Well, that wasn't necessarily for
the family to get I've had children that go in
(15:20):
and take all the family photos and won't share them.
And so you have to think about who's in charge
of digital assets and put that in your documents and
talk to your attorney.
Speaker 1 (15:31):
I haven't thought about the digital stuff because I'm really
digital and yeah, my son has the passwords, but now
I have something to think about, how do I want
him to handle it well?
Speaker 5 (15:45):
And you also need to consider the I want to say,
terms of service. When you sign up for your email account, Yahoo, Google, Microsoft,
whatever whatever it might be, or any online account. Do
we ever read that when we sign up and create
(16:06):
our account. Do you read the fine print? No, cob
me that it's so much and I don't know if
it's still true today. But there was one email service.
I won't mention it because that doesn't really matter that
if you read their terms of service or fine print,
you would notice in there that if you pass away,
(16:29):
they will instantly shut your email down. Gone. What if
you have stuff in there your beneficiaries need to access,
it's gone? So you have to look at the very
important online accounts or storage places that you have and
how will your beneficiary or how will your designated person
get access to that. That is something that not everybody
(16:51):
thinks about because it's just it's still new. Even though
digital stuff has been around a while, it's still kind
of new when we think about estates.
Speaker 4 (16:58):
Yes, yes, absolutely.
Speaker 5 (17:01):
My other big topic which is very near and dear
to my heart that I talk about in the book,
that so many people overlook, and if I could just
make a billboard with this information. If you are a
pet owner, even if you say, oh, by the time
I get to that stage in life, I won't have
a pet, I don't care, you still might a pet trust.
(17:23):
If you're doing your state documents. You can easily talk
to your attorney about drafting a pet trust in your
documents because there are too many pets that get dumped
at the shelter, and especially senior pets. I'm a big
senior dog rescue, as you can tell with a picture
back there. But if you make a pet trust, it
(17:45):
designates some money for the care of your pets, if
you have any, and who's in charge? Because I tell you,
I see it over and over and over and over
with all the time I've spent in the rescue field,
is someone will say, oh, my daughter will take it, Well,
my daughter, my daughter will take my pet pig or
my iguana or my cat dog whatever. You don't know
where your daughter's going to be when you pass. What
(18:07):
if your daughter married somebody who's highly allergic. What if
your daughter health wise can't handle managing your animal? What
if you know there's a million reasons why it doesn't work.
A pet trust sets money aside and gives the person
in control of your state the ability to make sure
those pets are cared for and not dumped at the
(18:28):
shelter where they may or may not successfully get out.
So that's that's one of my big things. And with
my clients, I always make sure they put that in
their documents, whether they have animals or not at that time.
If they don't, it won't come into play.
Speaker 4 (18:44):
Wow. Yeah, I mean you touched on things that.
Speaker 1 (18:49):
Ninety percent of financial advisors don't even mention.
Speaker 5 (18:55):
There are many types of financial advisors. There are many
very good financial advisors, a lot of financial a lot
of financial advisors highly focused on the investment piece. Because
you know that's our niche. But if you have a good,
well rounded advisor, they should be taking a comprehensive approach.
(19:15):
They should be looking at everything and giving you information.
So that way, again you have knowledge, you have clarity,
and you feel more fearless about your situation. Yes, and
so all for all those reasons, that's really why I
wrote the book.
Speaker 4 (19:33):
And how do people get the book?
Speaker 5 (19:37):
It is not for sale. It is something I'm just
giving to individuals who want it. It is what I
chose to do, my version of Karma out Karma back.
So to get the book, you just need to send
an email to our company email address, which is Impavid
Wealth Advisors at AMPF dot com. And I'm sure you'll
(20:01):
put that in the fine print on your.
Speaker 1 (20:04):
Because I want the book because you've touched on some
things that I definitely hadn't thought about, you know, my
digital stuff. I don't have a pet right now, but
I did have one, and suppose I would pass before
my pet, I would just assumed whoe was left in
(20:25):
my house would have just did the right thing.
Speaker 5 (20:29):
And it doesn't always work that way. Unfortunately. People have
the best intentions, but it doesn't always work that way.
Speaker 4 (20:36):
True now. One of the things I heard you say is.
Speaker 1 (20:42):
The person who's going to be responsible if you are
no longer able to handle.
Speaker 4 (20:49):
Your business and you're still alive now, like you, I've
seen some horror horror I mean horror stories.
Speaker 2 (21:00):
Mm hmm.
Speaker 1 (21:02):
How does one What are some of the things that
you advise in picking the person who would handle your estate.
Speaker 4 (21:13):
In the event you can.
Speaker 5 (21:15):
I think you need to have a conversation with the
person and some of the horror stories I've seen honestly,
our children, our adult children, where you say I have
this highly educated, really smart child. I feel like that
child's going to do, you know, do what's in my
best interests, and then when the time comes, they mess
(21:36):
it all up. And I don't even know how you
judge whether that person will do that or not. But
maybe it starts with a conversation, a conversation with your
the child or whoever you pick to step into play
and kind of have have a talk about what you have,
(21:57):
why you have it, what was the strategy, who they
should call financially, how long you've been with your advisor,
why you're with your advisor, Because sometimes people might say
I just started with this advisor in the last couple
of years. Other times maybe they've been with the advisor
thirty or forty years. You're the person needs to understand
that if you really are concerned and feel like I
(22:21):
don't know, like I feel like they would be good
at finding a place for me to live and being
boots on the ground to help, but I feel like
on the money side it might not be great. You
could make them co co with a trustee and have
a financial trustee be in charge along with them, and
(22:46):
that I have done for people, not me personally, we
appoint the trustee. I've done that for a number of
people because they needed that.
Speaker 4 (22:58):
Surety can answer your question.
Speaker 1 (23:01):
What about if you wrote out a will in terms
of how you want your finances handled?
Speaker 4 (23:12):
I'm just I don't know. I'm asking you. Is that
a good idea?
Speaker 5 (23:18):
Yes? Absolutely, for lack of anything else, having a will
is important. When you say if I just write out
a will, you don't want to just write out a
will yourself. You definitely want a qualified attorney to draft
it and guide you because they know how You know
the language that needs to be in there, how it
(23:39):
needs to be written, you know how it needs to
be executed. The attorney's the one that really does that.
And the attorney can, you know, sit and listen to
the client and bring up things like, oh wait a minute,
you just said this, and this is what we should do.
And because that's what they do, so they'll be able
to draft a very good document. Because not everybody needs
a trust, any people do need a trust, So how
(24:01):
do you know what you need? The attorney can really
guide you on that now.
Speaker 1 (24:09):
In addition to having a trust, because I think that
if you have real estate anything like that, I think
the trust is key and I probably didn't frame when
I just asked you correctly, I did, and I didn't.
Speaker 4 (24:28):
Of course, you need an attorney to help you.
Speaker 1 (24:31):
Design everything based on because he'll take your layman terms
and put it in too.
Speaker 4 (24:38):
Legal terms, so to speak.
Speaker 1 (24:40):
And I think that's how most people approach it because
they don't know the legal side of everything. Well, let's
say you have a trust and you also want to will.
Speaker 4 (24:54):
To make sure all the other things that you talked about,
the digital the how does that work?
Speaker 5 (25:04):
The attorney will definitely put it all in a document.
If you have a trust, you also have a will
that kind of captures It's called the poor overwill. It
captures what maybe didn't get named into the trust and
puts it in there. But the attorney can structure all
of that in there. And the reason I say the
attorney is key is there's so many complexities that a
(25:27):
client may not be thinking about. And one of them,
to me, the easiest one that comes to my mind
because I have had so many people that have suffered
dementia or Alzheimer's. How what's the trigger? Do you have
one bad day? Whoop, there's a trigger? We take over?
Do you have two bad days? Because you know, with
(25:49):
dementia Alzheimer's, maybe you have a bad day and then
you're clear for a certain time period and then you
have another bad day. So you have to have And
I had a client in the situation where we sat
down with the attorney and the attorney talked through with him,
how do you want it declared that the person steps in?
Speaker 4 (26:11):
Is it?
Speaker 5 (26:12):
Two physicians declare it? Is it? How that's where that
you need the legal guidance. I mean, I can point
out the risk, but it's I can't do that for
a client. But I can point out the risk, and
the attorney can really do the guiding through that and
all of these things are things that you have to
face when you know you want to be fearless about
(26:33):
your finances because you could have the greatest investments, and
it all goes to, you know, in a ditch because
you didn't put these other pieces in place, or you forgot,
or you didn't think about it, or you avoided it
because back to the bad math.
Speaker 1 (26:48):
Wow. So there's so much to think about, and it
looks like you've covered all of the nuances because some
of the things you talk about never even cross my mind.
Speaker 5 (27:05):
And that's why I see people being confused. And you
look at people that are wealthy or successfully saving or
you know, very smart. Life changes, our situation changes, the
tax law changes, is state laws. Everything changes in modern
finance is just complex. So there's no way it's not
(27:28):
like you're putting together piece of furniture from my Kia.
That's hard enough, but modern finance is complex that it
would be odd that somebody knows all of it all
the time unless they're in the business.
Speaker 3 (27:45):
Yes.
Speaker 1 (27:46):
Absolutely, Wow, this has been open to say the least, Laura.
So let's talk about the productive pessimism.
Speaker 5 (27:58):
Productive pessimism is very simply when you look at what
you want to do down the road. And so I'll
go through an exercise with clients and we'll take a
look at what does it cost them to live today,
like how much do they spend on housing? And you know,
we go into detail like literally, how much does it
(28:18):
cost you to spend if you close your eyes and
think about where you want to be in retirement or
what retirement looks like. Are you traveling a certain amount,
are you in the same house, are you done educating children?
Like what does your expense structure look like in your mind?
(28:41):
And so I'll go through that exercise with clients, and
my productive pessimism is go conservative. I'm making this up.
If you think you need one hundred thousand dollars a year,
or if you think you're spending a certain amount on
a house or car or whatever, go high. Because if
you overestimate what you're going to need and we overshoot
(29:02):
and oversave, then you're safer. Then if we think, oh,
we can live on this much, but we really needed
this much, that won't work. So being pessimistic, overestimate what
you're gonna spend.
Speaker 4 (29:18):
Yes, and that makes sense. That's like I mean. And
then when you really.
Speaker 1 (29:21):
Think about it, Like, if you butted a project and
you get an estimate of one hundred, let's say one
hundred and fifty thousand dollars, you already know the unforeseen
stuff it's gonna pass.
Speaker 5 (29:34):
Absolutely, it's gonna cost you more in one hundred and fifty.
Speaker 4 (29:38):
Right, exact exact, So that makes perfect good sense. Wow.
So when people say do I have enough? What do
they really mean?
Speaker 5 (29:50):
They mean that they don't know how to do the math.
They're looking for somebody to do the math because they
might think they have enough or they're not sure they
have enough. Where if a person comes to me or
somebody like me, with our planning software that we have,
I literally can project out year by year how much
(30:12):
money you need, including inflation, including taxes, and I can
look at what would happen to your financial situation if
you face long term care expenses, or if one spouse
died too young or died sooner than we thought. So
I can look numerically at all those possible outcomes. Is
(30:33):
it absolutely perfect? No, it never is, because you're not
going to know what our tax brackets are absolutely one
hundred percent going to be or absolutely one hundred percent
are we going to know what inflation is going to be,
but at least we can take a good guestimate and
look at the number. So then I can boil all
those projections backwards to tell you how much money do
(30:55):
you need to have saved by the time you retire,
and what does it need to earn and how does
it fit in your risk tolerance? So that way it
has enough to drive the engine of retirement. And that
sounds like a lot, and it is a lot, But
that's what clients are looking for because they don't have
the software to do those projections and they just want clarity, yees, and.
Speaker 4 (31:16):
Know that they understand the soft for you in most
cases for sure.
Speaker 2 (31:20):
Very true, very true?
Speaker 4 (31:23):
Wow Wow? What this was an eye open a lot
to say the least.
Speaker 5 (31:31):
Well, good and thankful because I want to get this
information out so it can help people because people are
so bombarded with tidbits about investments in on the you
know mass media, bitcoint is the market up? Is the
market down? Like? Well, what does that mean to you?
Not a lot? Like what do you need? And it's
it's all this other stuff, yes.
Speaker 1 (31:52):
And the other stuff is mounting up, you know, I
mean not only that just the day to day activities
that happened, you know, and you got to think of it.
Speaker 4 (32:07):
Your your financial future. Yes, so wow, and you seem
like you are very passionate about it. I can feel
the energy and that's I.
Speaker 5 (32:20):
Love what I do. I love what I do because
I can help people successfully navigate stuff. I have a client,
I mean good, good situation, bad situations. I've had a
client in the past that was a nurse and her
big thing was she wanted to buy a house in France.
I'm like, oh, wow, we did the math and you
(32:40):
know what, and she hunkered in. She bought a house
in France.
Speaker 1 (32:44):
Wow.
Speaker 5 (32:45):
I had a couple that the wife was and I
can say this because he's shared this publicly. The wife
was very much into horseback riding and had a superman
accident with her horse and became a quadruple and so
their whole world was turned upside down and it was
(33:05):
just catastrophic. But I was able to work with them
very closely and stretch the money so the husband could retire.
They had round the clock care and she lived like
nine years and he's still okay financially. But if you
didn't have the clarity or you didn't have the way
to run the numbers. I don't know what the outcome
would have been. And so sometimes, unfortunately there is a
(33:28):
bad situation that I can help people at least financially
get through. But then otur of times there's good situations,
like you're able to buy house in.
Speaker 4 (33:37):
France, absolutely, so what if you already retired?
Speaker 5 (33:45):
Same thing?
Speaker 4 (33:46):
Okay, So it's never too late to start.
Speaker 5 (33:49):
It is never too late to start. I've had retirees
that come in they've lost a spouse and that's the
spouse that dealt with the finances. So the survivor comes
in and says, I don't know what to do. I
don't understand this stuff. He did it or she did it.
I've had retirees come in just last week that retired early,
(34:12):
that successfully saved and made their plan and retired early,
and they're like, our healthcare might go up to thirty
six thousand dollars next year. We're terrified, how is that
going to impact us? We don't want to go back
to work. So stuff's constantly changing, and you just it
doesn't mean you're even if you're not working, It doesn't
(34:33):
mean life stands still. It continues and you still need
to alter your goals based on the changes in life.
Speaker 1 (34:44):
Yes, yes, So if people want to connect with you,
Laura and get the book, how they do.
Speaker 5 (34:50):
So one of two ways? They can drop an email
to Impavid Wealth Advisors at AMPF dot com. I just
pick up the phone and call us and my phone
number is eight one three three one nine zero zero
one one. Or if you want to come to Sunny Florida,
just come visit us in Tampa.
Speaker 4 (35:12):
I'm like that idea, don't visit me. Absolutely well.
Speaker 1 (35:18):
God has blessed you because to be in the in
the position that you're in, because there's so many people
that don't.
Speaker 4 (35:26):
Understand planning for retirement. They just don't. It's just too
much to think.
Speaker 1 (35:34):
About it and have a body as passionate as you
are about it.
Speaker 5 (35:40):
It's a blessed think about school? What is the one
subject elementary, middle school, high school, college? What is the
one subject we don't teach.
Speaker 4 (35:52):
Finance?
Speaker 5 (35:55):
Why? Why we don't teach it? I don't know. There
are actual degrees you can get in financial planning, but
it's that's not that that's new, it's not been around.
I mean, there was no way I could do that
when I was in college.
Speaker 1 (36:10):
But it should start as soon as you start understanding
the value of money, which you start in school. Because
I remember my first job and I saw.
Speaker 4 (36:24):
Fika and all this stuff on there. I didn't know
what that was.
Speaker 1 (36:29):
And I went to my boss and I was like,
I didn't authorize these deductious.
Speaker 4 (36:36):
And I was serious about money. Who did this?
Speaker 2 (36:41):
You know?
Speaker 4 (36:41):
Who's all these folks?
Speaker 5 (36:44):
Yep, yep. We don't teach that on a grand scale.
We don't teach that.
Speaker 4 (36:51):
And that needs to change.
Speaker 1 (36:53):
That really does need to change, because our children need
to get understand money as soon as they know how
to spend it.
Speaker 4 (37:02):
They need to start understanding.
Speaker 5 (37:05):
Agreed, agreed, Well that's your next future. I don't know
about that.
Speaker 4 (37:14):
I don't know that I see you doing that for sure.
But it has been a blessing to have you here,
and I love you your.
Speaker 1 (37:25):
Passion around finances and helping people to.
Speaker 4 (37:28):
Figure out the retirement years. You just you've made my day, Laura.
That's all I can say.
Speaker 5 (37:36):
Thank you. I think my last comment would be it
can get overwhelming and the subject is vast, and there's
so many different nuances and things to think about. Just
start just start and you can do simple small things
and take movement in the right direction. Don't let it
(38:00):
overwhelm you take baby steps, do something, do something, Yes,
And that's.
Speaker 1 (38:04):
How it all works, especially when I mean, what's that
old saying, You don't want to eat the whole elephant,
mm hmm. You want to take a bite at a time, exactly,
And that's that's how you attack just about everything in life.
Speaker 5 (38:22):
You don't have to know everything to take action. I mean,
the first for many people, the first stop could just
be sending email say hey, lady, I want your book
and then read it. So that could be a step,
and a step could be fine. Find an advisor you're
comfortable with wherever you are, find somebody that can teach you.
Speaker 1 (38:41):
Yes, absolutely so again, Lord, let give your information one
more time.
Speaker 4 (38:46):
Please.
Speaker 5 (38:48):
The email is Impavid Wealth Advisors at a m PF
dot com and the phone number is eight one three
three one nine zero zero one one.
Speaker 1 (39:04):
Okay, and I will definitely make sure this information is
in the show notes. And thank you so much for
taking time out of your day to join us today
and audience. Thank you because Lord just drop some serious
gems on us today.
Speaker 4 (39:24):
So thank you so much.
Speaker 5 (39:26):
Thank you for having me.
Speaker 1 (39:27):
Absolutely thank you to our guests and you our values audience.
Speaker 4 (39:37):
Let's stop you by. We truly appreciate you.
Speaker 1 (39:41):
Many blessings to you and yours
Welcome to Just Minded My Business Media LLC, where you
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Speaker 4 (01:45):
Welcome to Just Minding My Business. I hope you're having
an amazing day. I have a question for you. What
if the biggest risk to your financial future wasn't the market?
I'm certainty. Today's guest, Laura Raybond is the founder of
(02:06):
Impavit Wealth Advisors, which is a franchise of Amerorprice Financial
and Laura has thirty years of experience helping professionals and
retirees turn financial confusion into clarity. Laura is also an
author of Fearless Finance, which is a practical guy to
(02:29):
retiring with confidence. Welcome, Welcome, Welcome, Laura. I can't wait
to get into.
Speaker 1 (02:35):
This because you know that's the number one thing is finances.
Speaker 5 (02:41):
Thank you for having me this afternoon.
Speaker 1 (02:43):
Absolutely absolutely so. Tell us about Impavot Wealth Advisors.
Speaker 5 (02:50):
As you mentioned, I have been in the industry for
thirty years and I started with an enterprise thirty years
ago with impav Wealth Advisors. And for everybody out there,
because nobody knows this, and pavit is actually a little
known adjective in the English language that means fearless. And
(03:11):
so my whole approach is I would like people to
become a little more fearless about their finances by working
with us. And when I talk about fearless, I don't
mean being reckless or taking you know, crazy steps with
your finances. What I mean is gaining clarity and knowledge
(03:32):
and being more confident about where you're at and where
you're headed with your own plans.
Speaker 1 (03:37):
Yes, and I like that, So I'm pavit. I'm gonna
have to use that instead of fearless.
Speaker 4 (03:43):
Yes, there you go. I learned a new word. Kay.
Speaker 5 (03:49):
So how.
Speaker 1 (03:52):
How's bed mis quietly sabotaging smart retirement plans?
Speaker 5 (03:59):
I don't know where I came up with bad math
along the way, but I did. And bad math, to me,
isn't necessarily that my clients and people can't do math.
They can. I have sat across the table from so
many highly educated, successful people in my thirty years. They
(04:19):
clearly can do math. And so it's really that they're
avoiding it. They're avoiding doing the math, or they don't
have the tools to actually do the math for their
own situation. So they don't have the tools to do
projections for their retirement to look at how much money
they will need to provide enough income in retirement after taxes,
(04:42):
inflation and everything else. They don't have those tools, and
so that's why I call it bad math. It's either
avoidance or they just don't know where to start.
Speaker 4 (04:50):
So how do you rectify it?
Speaker 5 (04:55):
A couple things, And to give you a little bit
about my background why I love what I do and
I love helping people. I actually grew up in rural Michigan,
and my mom died when I was twelve, and so
as a twelve year old, I was thrust into the
role of call of household manager, where I had to
(05:18):
pay the bills, I had to run the checkbook, and
I had an account at the corner store I could
go get groceries. And I saw friends in the rural
community I lived in that struggled financially for their own
family circumstances and others that didn't. And I saw kids
my friends in different family situations where there might be
(05:39):
two siblings. One grows up to be very responsible monetarily
and one is a train wreck. And so you have
seen family two different people and they come out two
different ways. And so I just like to help people
learn how to examine their financial situation, measure their money
(06:01):
against the job it needs to do someday, and do
that repeatedly throughout your lifetime, because you know what life
changes definitely does. So if you think about it, if
you think about a young individual just starting out, they
might be buying their first home. They might be starting
to save for the future. Fast forward ten or fifteen years.
(06:23):
They might have children, they might be married, they might
be going into their second home. Fast forward another fifteen
or twenty years. They might be facing retirement. They might
have children in college, they might have parents that are
aging and that are facing health issues. And so people
will say to me, why do you get these successful
people that come in, and they're just they're confused. It's
(06:46):
because life changes and what you start out having a
simplistic financial situation, and as life goes on, it just
gets more complicated, and people don't know how to stop
and take an inventory of what they have financial and
where they're at. They don't know how to measure their
money against the job it needs to do, and they
also forget about the risks that are out there, the
(07:09):
sneaky risks that aren't always apparent to you, taxes, inflation,
long term care, estate planning, those types of things. And
so I help pull all that information together to kind
of be the coach or the guide for clients so
they can gain more clarity.
Speaker 4 (07:25):
Yeah, so you get people thinking in the right direction.
Speaker 5 (07:32):
And a good financial advisor doesn't tell you what to do.
They just they're there to be the coach, to give
you the information and to give you the knowledge so
you can make the decision on what's right for you.
But it always goes back to life changes and as
things get more complicated, you go back to the basics.
Take an inventory of what you have, measure your money,
(07:55):
what's the job that needs to do because those jobs change.
Speaker 1 (08:00):
Because days are changing right before us reaily. So absolutely so,
how do you building your own paycheck and retirement?
Speaker 4 (08:13):
How does that work?
Speaker 5 (08:15):
That is the main question that people will come and
they're sitting before me, like the month before they retire,
and they're like, my last day is in thirty days.
Where's my money coming from? Because people are not used
to transitioning into retirement. If you're successful, you transition. One
time you're working and then you're retired, you don't go
(08:37):
back to work, So it's not something everybody does on
a continual basis. And so recreating the paycheck is really
you have to request a copy of my book because
I've got the graphics and it there that kind of
give you more of the definition and the description of
how to recreate your paycheck. But it's just bucketing your
(08:57):
assets between longer term assets meeting and short term and
having enough short term assets to give you the monthly
income that you need to supplement perhaps your pension and
perhaps your Social Security, and then backfilling from your medium
risk assets and then your longer term assets when that
(09:18):
cash runs dry. So it's almost like think of the
bathtub spict when you spick it the faucet bathtub faucet,
you turn it on and the money starts flowing and
the water starts flowing out. Mentally, that's what you think
about when you're recreating your paycheck, and you just structure
your investment so that way you've got the cash to
start flowing in as you need it. And that's something
I work through with people all the time because it's
(09:41):
it's a transition, and it's a big transition for people
that are facing retirement.
Speaker 1 (09:45):
Yes, it is not only financially, you've got emotionally.
Speaker 4 (09:50):
A whole lot of things come up for people.
Speaker 1 (09:52):
Absolutely, absolutely, Wow, don't overthink it.
Speaker 4 (10:00):
Throw it in a pile.
Speaker 5 (10:01):
And stought, yeah, that that is the thing, because I
tell people throw it all on a pile. Everything you have,
like statements, insurance policies, lists of your expenses, throw it
in a pile. I typically sort through that as the advisor,
(10:22):
but I have had people that they come to me
and they say, I got something in the mail. Okay,
it's a statement from a four to one kid for
good I had I left there fifteen years ago. You're
not taking an inventory on a regular basis because you
knew it was there, but somewhere along the way you
forgot about it. Because now you're at another job or
(10:44):
retired or whatever, and this is found money. And if
you don't do that regular inventory, it's easy to overlook
something when there's all these little pieces and parts that
make up your financial situation.
Speaker 4 (10:59):
Yes, okay, and.
Speaker 5 (11:00):
I feel I wrote the book. One of the main
reasons I wrote the book is because they sit across
the table from so many highly educated, successful people that
really truly just say, what's next, How do I know
if I have enough? And I wanted simple to understand
concepts that everybody can go back and refer to, whether
(11:21):
their situation is simple or it's complex. And so it's
just a guy that kind of help reframe that because
we are bombarded every day with stuff in the media
about investments, and so people start to get that one
lane highway of investments and they forget inflation, taxes, long
term care estate, like there's all these other things that
(11:42):
can impact your finances to the negative if you overlook it.
Speaker 1 (11:48):
So, since we're talking about the book, tell us what
people can get from the Fearless Finance.
Speaker 4 (11:56):
You gave this a little bit, but give us some watch.
Speaker 5 (12:00):
So there's several concepts in here in the book that
you can get some of it, as I said, measuring
your money, taking the inventory, but there is a whole
chapter on how do you assess your risk and your
asset allocation. There's also a lot of information in here
about how do you protect your financial future. You could
(12:20):
have the best investments, and you could have done the
best for yourself investment wise, and really save and down
the way neglected healthcare, long term care, and find yourself
in retirement where you need to pay a lot of
money for long term care expenses and that could really,
really severely impact your finances. And it doesn't matter how
(12:43):
well you did investment wise, the long term care expenses
kind of gave you a flat tire, so to speak, financially.
Same thing with taxes. If you don't manage your tax strategy,
have a good CPA, know what you're doing when you're
doing it, you end up having a more of a
tax issue than you could have. So there's these sneaky
things in there. One of the other main topics that
(13:08):
you can get from my book is estate planning topics,
and we all talk about go talk to your attorney
regarding whether you need a will, whether you need a trust,
and it's very important to have a good estate planning attorney.
But what I do is also remind my single people
mostly but also my couples, talk to your attorney about
(13:32):
what you need to put into place and who you
need to put into place. In the event that you
are still here but you are not competent, who's going
to step in in your place. I have seen very
good outcomes in these unfortunate situations. And I've seen disaster
(13:55):
with clients where they put a child, son or a
daughter and that that person comes in and thinks they
know everything and upheaves the apple cart and just ruins
the entire retirement picture. And I've seen other kids that
come in and they really take care and financially do
the right thing. So you have to make sure. One
(14:16):
of the couple other things that you can learn from
the book, digital assets not something everybody talks about when
it comes to estate planning, and it's just because it's
newer on the scene. If you think about it, you know,
we've always had wills and trusts and beneficiary designations, but
digital assets, that's kind of new, right last I don't
(14:38):
know twenty years would, however, long think of what you
have stored photos, social media accounts, online bank accounts. My
mind just went blank. There's a bunch of things you
have stored online. And you can't necessarily just leave a
password list and say, oh, one of my children and
(15:00):
we'll go get the past word list and go in there.
They can't do that. And I've had good stories and
bad stories. I've had bad stories where a child went
into dad's email after he passed and found all the
emails to the other woman. Well, that wasn't necessarily for
the family to get I've had children that go in
(15:20):
and take all the family photos and won't share them.
And so you have to think about who's in charge
of digital assets and put that in your documents and
talk to your attorney.
Speaker 1 (15:31):
I haven't thought about the digital stuff because I'm really
digital and yeah, my son has the passwords, but now
I have something to think about, how do I want
him to handle it well?
Speaker 5 (15:45):
And you also need to consider the I want to say,
terms of service. When you sign up for your email account, Yahoo, Google, Microsoft,
whatever whatever it might be, or any online account. Do
we ever read that when we sign up and create
(16:06):
our account. Do you read the fine print? No, cob
me that it's so much and I don't know if
it's still true today. But there was one email service.
I won't mention it because that doesn't really matter that
if you read their terms of service or fine print,
you would notice in there that if you pass away,
(16:29):
they will instantly shut your email down. Gone. What if
you have stuff in there your beneficiaries need to access,
it's gone? So you have to look at the very
important online accounts or storage places that you have and
how will your beneficiary or how will your designated person
get access to that. That is something that not everybody
(16:51):
thinks about because it's just it's still new. Even though
digital stuff has been around a while, it's still kind
of new when we think about estates.
Speaker 4 (16:58):
Yes, yes, absolutely.
Speaker 5 (17:01):
My other big topic which is very near and dear
to my heart that I talk about in the book,
that so many people overlook, and if I could just
make a billboard with this information. If you are a
pet owner, even if you say, oh, by the time
I get to that stage in life, I won't have
a pet, I don't care, you still might a pet trust.
(17:23):
If you're doing your state documents. You can easily talk
to your attorney about drafting a pet trust in your
documents because there are too many pets that get dumped
at the shelter, and especially senior pets. I'm a big
senior dog rescue, as you can tell with a picture
back there. But if you make a pet trust, it
(17:45):
designates some money for the care of your pets, if
you have any, and who's in charge? Because I tell you,
I see it over and over and over and over
with all the time I've spent in the rescue field,
is someone will say, oh, my daughter will take it, Well,
my daughter, my daughter will take my pet pig or
my iguana or my cat dog whatever. You don't know
where your daughter's going to be when you pass. What
(18:07):
if your daughter married somebody who's highly allergic. What if
your daughter health wise can't handle managing your animal? What
if you know there's a million reasons why it doesn't work.
A pet trust sets money aside and gives the person
in control of your state the ability to make sure
those pets are cared for and not dumped at the
(18:28):
shelter where they may or may not successfully get out.
So that's that's one of my big things. And with
my clients, I always make sure they put that in
their documents, whether they have animals or not at that time.
If they don't, it won't come into play.
Speaker 4 (18:44):
Wow. Yeah, I mean you touched on things that.
Speaker 1 (18:49):
Ninety percent of financial advisors don't even mention.
Speaker 5 (18:55):
There are many types of financial advisors. There are many
very good financial advisors, a lot of financial a lot
of financial advisors highly focused on the investment piece. Because
you know that's our niche. But if you have a good,
well rounded advisor, they should be taking a comprehensive approach.
(19:15):
They should be looking at everything and giving you information.
So that way, again you have knowledge, you have clarity,
and you feel more fearless about your situation. Yes, and
so all for all those reasons, that's really why I
wrote the book.
Speaker 4 (19:33):
And how do people get the book?
Speaker 5 (19:37):
It is not for sale. It is something I'm just
giving to individuals who want it. It is what I
chose to do, my version of Karma out Karma back.
So to get the book, you just need to send
an email to our company email address, which is Impavid
Wealth Advisors at AMPF dot com. And I'm sure you'll
(20:01):
put that in the fine print on your.
Speaker 1 (20:04):
Because I want the book because you've touched on some
things that I definitely hadn't thought about, you know, my
digital stuff. I don't have a pet right now, but
I did have one, and suppose I would pass before
my pet, I would just assumed whoe was left in
(20:25):
my house would have just did the right thing.
Speaker 5 (20:29):
And it doesn't always work that way. Unfortunately. People have
the best intentions, but it doesn't always work that way.
Speaker 4 (20:36):
True now. One of the things I heard you say is.
Speaker 1 (20:42):
The person who's going to be responsible if you are
no longer able to handle.
Speaker 4 (20:49):
Your business and you're still alive now, like you, I've
seen some horror horror I mean horror stories.
Speaker 2 (21:00):
Mm hmm.
Speaker 1 (21:02):
How does one What are some of the things that
you advise in picking the person who would handle your estate.
Speaker 4 (21:13):
In the event you can.
Speaker 5 (21:15):
I think you need to have a conversation with the
person and some of the horror stories I've seen honestly,
our children, our adult children, where you say I have
this highly educated, really smart child. I feel like that
child's going to do, you know, do what's in my
best interests, and then when the time comes, they mess
(21:36):
it all up. And I don't even know how you
judge whether that person will do that or not. But
maybe it starts with a conversation, a conversation with your
the child or whoever you pick to step into play
and kind of have have a talk about what you have,
(21:57):
why you have it, what was the strategy, who they
should call financially, how long you've been with your advisor,
why you're with your advisor, Because sometimes people might say
I just started with this advisor in the last couple
of years. Other times maybe they've been with the advisor
thirty or forty years. You're the person needs to understand
that if you really are concerned and feel like I
(22:21):
don't know, like I feel like they would be good
at finding a place for me to live and being
boots on the ground to help, but I feel like
on the money side it might not be great. You
could make them co co with a trustee and have
a financial trustee be in charge along with them, and
(22:46):
that I have done for people, not me personally, we
appoint the trustee. I've done that for a number of
people because they needed that.
Speaker 4 (22:58):
Surety can answer your question.
Speaker 1 (23:01):
What about if you wrote out a will in terms
of how you want your finances handled?
Speaker 4 (23:12):
I'm just I don't know. I'm asking you. Is that
a good idea?
Speaker 5 (23:18):
Yes? Absolutely, for lack of anything else, having a will
is important. When you say if I just write out
a will, you don't want to just write out a
will yourself. You definitely want a qualified attorney to draft
it and guide you because they know how You know
the language that needs to be in there, how it
(23:39):
needs to be written, you know how it needs to
be executed. The attorney's the one that really does that.
And the attorney can, you know, sit and listen to
the client and bring up things like, oh wait a minute,
you just said this, and this is what we should do.
And because that's what they do, so they'll be able
to draft a very good document. Because not everybody needs
a trust, any people do need a trust, So how
(24:01):
do you know what you need? The attorney can really
guide you on that now.
Speaker 1 (24:09):
In addition to having a trust, because I think that
if you have real estate anything like that, I think
the trust is key and I probably didn't frame when
I just asked you correctly, I did, and I didn't.
Speaker 4 (24:28):
Of course, you need an attorney to help you.
Speaker 1 (24:31):
Design everything based on because he'll take your layman terms
and put it in too.
Speaker 4 (24:38):
Legal terms, so to speak.
Speaker 1 (24:40):
And I think that's how most people approach it because
they don't know the legal side of everything. Well, let's
say you have a trust and you also want to will.
Speaker 4 (24:54):
To make sure all the other things that you talked about,
the digital the how does that work?
Speaker 5 (25:04):
The attorney will definitely put it all in a document.
If you have a trust, you also have a will
that kind of captures It's called the poor overwill. It
captures what maybe didn't get named into the trust and
puts it in there. But the attorney can structure all
of that in there. And the reason I say the
attorney is key is there's so many complexities that a
(25:27):
client may not be thinking about. And one of them,
to me, the easiest one that comes to my mind
because I have had so many people that have suffered
dementia or Alzheimer's. How what's the trigger? Do you have
one bad day? Whoop, there's a trigger? We take over?
Do you have two bad days? Because you know, with
(25:49):
dementia Alzheimer's, maybe you have a bad day and then
you're clear for a certain time period and then you
have another bad day. So you have to have And
I had a client in the situation where we sat
down with the attorney and the attorney talked through with him,
how do you want it declared that the person steps in?
Speaker 4 (26:11):
Is it?
Speaker 5 (26:12):
Two physicians declare it? Is it? How that's where that
you need the legal guidance. I mean, I can point
out the risk, but it's I can't do that for
a client. But I can point out the risk, and
the attorney can really do the guiding through that and
all of these things are things that you have to
face when you know you want to be fearless about
(26:33):
your finances because you could have the greatest investments, and
it all goes to, you know, in a ditch because
you didn't put these other pieces in place, or you forgot,
or you didn't think about it, or you avoided it
because back to the bad math.
Speaker 1 (26:48):
Wow. So there's so much to think about, and it
looks like you've covered all of the nuances because some
of the things you talk about never even cross my mind.
Speaker 5 (27:05):
And that's why I see people being confused. And you
look at people that are wealthy or successfully saving or
you know, very smart. Life changes, our situation changes, the
tax law changes, is state laws. Everything changes in modern
finance is just complex. So there's no way it's not
(27:28):
like you're putting together piece of furniture from my Kia.
That's hard enough, but modern finance is complex that it
would be odd that somebody knows all of it all
the time unless they're in the business.
Speaker 3 (27:45):
Yes.
Speaker 1 (27:46):
Absolutely, Wow, this has been open to say the least, Laura.
So let's talk about the productive pessimism.
Speaker 5 (27:58):
Productive pessimism is very simply when you look at what
you want to do down the road. And so I'll
go through an exercise with clients and we'll take a
look at what does it cost them to live today,
like how much do they spend on housing? And you know,
we go into detail like literally, how much does it
(28:18):
cost you to spend if you close your eyes and
think about where you want to be in retirement or
what retirement looks like. Are you traveling a certain amount,
are you in the same house, are you done educating children?
Like what does your expense structure look like in your mind?
(28:41):
And so I'll go through that exercise with clients, and
my productive pessimism is go conservative. I'm making this up.
If you think you need one hundred thousand dollars a year,
or if you think you're spending a certain amount on
a house or car or whatever, go high. Because if
you overestimate what you're going to need and we overshoot
(29:02):
and oversave, then you're safer. Then if we think, oh,
we can live on this much, but we really needed
this much, that won't work. So being pessimistic, overestimate what
you're gonna spend.
Speaker 4 (29:18):
Yes, and that makes sense. That's like I mean. And
then when you really.
Speaker 1 (29:21):
Think about it, Like, if you butted a project and
you get an estimate of one hundred, let's say one
hundred and fifty thousand dollars, you already know the unforeseen
stuff it's gonna pass.
Speaker 5 (29:34):
Absolutely, it's gonna cost you more in one hundred and fifty.
Speaker 4 (29:38):
Right, exact exact, So that makes perfect good sense. Wow.
So when people say do I have enough? What do
they really mean?
Speaker 5 (29:50):
They mean that they don't know how to do the math.
They're looking for somebody to do the math because they
might think they have enough or they're not sure they
have enough. Where if a person comes to me or
somebody like me, with our planning software that we have,
I literally can project out year by year how much
(30:12):
money you need, including inflation, including taxes, and I can
look at what would happen to your financial situation if
you face long term care expenses, or if one spouse
died too young or died sooner than we thought. So
I can look numerically at all those possible outcomes. Is
(30:33):
it absolutely perfect? No, it never is, because you're not
going to know what our tax brackets are absolutely one
hundred percent going to be or absolutely one hundred percent
are we going to know what inflation is going to be,
but at least we can take a good guestimate and
look at the number. So then I can boil all
those projections backwards to tell you how much money do
(30:55):
you need to have saved by the time you retire,
and what does it need to earn and how does
it fit in your risk tolerance? So that way it
has enough to drive the engine of retirement. And that
sounds like a lot, and it is a lot, But
that's what clients are looking for because they don't have
the software to do those projections and they just want clarity, yees, and.
Speaker 4 (31:16):
Know that they understand the soft for you in most
cases for sure.
Speaker 2 (31:20):
Very true, very true?
Speaker 4 (31:23):
Wow Wow? What this was an eye open a lot
to say the least.
Speaker 5 (31:31):
Well, good and thankful because I want to get this
information out so it can help people because people are
so bombarded with tidbits about investments in on the you
know mass media, bitcoint is the market up? Is the
market down? Like? Well, what does that mean to you?
Not a lot? Like what do you need? And it's
it's all this other stuff, yes.
Speaker 1 (31:52):
And the other stuff is mounting up, you know, I
mean not only that just the day to day activities
that happened, you know, and you got to think of it.
Speaker 4 (32:07):
Your your financial future. Yes, so wow, and you seem
like you are very passionate about it. I can feel
the energy and that's I.
Speaker 5 (32:20):
Love what I do. I love what I do because
I can help people successfully navigate stuff. I have a client,
I mean good, good situation, bad situations. I've had a
client in the past that was a nurse and her
big thing was she wanted to buy a house in France.
I'm like, oh, wow, we did the math and you
(32:40):
know what, and she hunkered in. She bought a house
in France.
Speaker 1 (32:44):
Wow.
Speaker 5 (32:45):
I had a couple that the wife was and I
can say this because he's shared this publicly. The wife
was very much into horseback riding and had a superman
accident with her horse and became a quadruple and so
their whole world was turned upside down and it was
(33:05):
just catastrophic. But I was able to work with them
very closely and stretch the money so the husband could retire.
They had round the clock care and she lived like
nine years and he's still okay financially. But if you
didn't have the clarity or you didn't have the way
to run the numbers. I don't know what the outcome
would have been. And so sometimes, unfortunately there is a
(33:28):
bad situation that I can help people at least financially
get through. But then otur of times there's good situations,
like you're able to buy house in.
Speaker 4 (33:37):
France, absolutely, so what if you already retired?
Speaker 5 (33:45):
Same thing?
Speaker 4 (33:46):
Okay, So it's never too late to start.
Speaker 5 (33:49):
It is never too late to start. I've had retirees
that come in they've lost a spouse and that's the
spouse that dealt with the finances. So the survivor comes
in and says, I don't know what to do. I
don't understand this stuff. He did it or she did it.
I've had retirees come in just last week that retired early,
(34:12):
that successfully saved and made their plan and retired early,
and they're like, our healthcare might go up to thirty
six thousand dollars next year. We're terrified, how is that
going to impact us? We don't want to go back
to work. So stuff's constantly changing, and you just it
doesn't mean you're even if you're not working, It doesn't
(34:33):
mean life stands still. It continues and you still need
to alter your goals based on the changes in life.
Speaker 1 (34:44):
Yes, yes, So if people want to connect with you,
Laura and get the book, how they do.
Speaker 5 (34:50):
So one of two ways? They can drop an email
to Impavid Wealth Advisors at AMPF dot com. I just
pick up the phone and call us and my phone
number is eight one three three one nine zero zero
one one. Or if you want to come to Sunny Florida,
just come visit us in Tampa.
Speaker 4 (35:12):
I'm like that idea, don't visit me. Absolutely well.
Speaker 1 (35:18):
God has blessed you because to be in the in
the position that you're in, because there's so many people
that don't.
Speaker 4 (35:26):
Understand planning for retirement. They just don't. It's just too
much to think.
Speaker 1 (35:34):
About it and have a body as passionate as you
are about it.
Speaker 5 (35:40):
It's a blessed think about school? What is the one
subject elementary, middle school, high school, college? What is the
one subject we don't teach.
Speaker 4 (35:52):
Finance?
Speaker 5 (35:55):
Why? Why we don't teach it? I don't know. There
are actual degrees you can get in financial planning, but
it's that's not that that's new, it's not been around.
I mean, there was no way I could do that
when I was in college.
Speaker 1 (36:10):
But it should start as soon as you start understanding
the value of money, which you start in school. Because
I remember my first job and I saw.
Speaker 4 (36:24):
Fika and all this stuff on there. I didn't know
what that was.
Speaker 1 (36:29):
And I went to my boss and I was like,
I didn't authorize these deductious.
Speaker 4 (36:36):
And I was serious about money. Who did this?
Speaker 2 (36:41):
You know?
Speaker 4 (36:41):
Who's all these folks?
Speaker 5 (36:44):
Yep, yep. We don't teach that on a grand scale.
We don't teach that.
Speaker 4 (36:51):
And that needs to change.
Speaker 1 (36:53):
That really does need to change, because our children need
to get understand money as soon as they know how
to spend it.
Speaker 4 (37:02):
They need to start understanding.
Speaker 5 (37:05):
Agreed, agreed, Well that's your next future. I don't know
about that.
Speaker 4 (37:14):
I don't know that I see you doing that for sure.
But it has been a blessing to have you here,
and I love you your.
Speaker 1 (37:25):
Passion around finances and helping people to.
Speaker 4 (37:28):
Figure out the retirement years. You just you've made my day, Laura.
That's all I can say.
Speaker 5 (37:36):
Thank you. I think my last comment would be it
can get overwhelming and the subject is vast, and there's
so many different nuances and things to think about. Just
start just start and you can do simple small things
and take movement in the right direction. Don't let it
(38:00):
overwhelm you take baby steps, do something, do something, Yes,
And that's.
Speaker 1 (38:04):
How it all works, especially when I mean, what's that
old saying, You don't want to eat the whole elephant,
mm hmm. You want to take a bite at a time, exactly,
And that's that's how you attack just about everything in life.
Speaker 5 (38:22):
You don't have to know everything to take action. I mean,
the first for many people, the first stop could just
be sending email say hey, lady, I want your book
and then read it. So that could be a step,
and a step could be fine. Find an advisor you're
comfortable with wherever you are, find somebody that can teach you.
Speaker 1 (38:41):
Yes, absolutely so again, Lord, let give your information one
more time.
Speaker 4 (38:46):
Please.
Speaker 5 (38:48):
The email is Impavid Wealth Advisors at a m PF
dot com and the phone number is eight one three
three one nine zero zero one one.
Speaker 1 (39:04):
Okay, and I will definitely make sure this information is
in the show notes. And thank you so much for
taking time out of your day to join us today
and audience. Thank you because Lord just drop some serious
gems on us today.
Speaker 4 (39:24):
So thank you so much.
Speaker 5 (39:26):
Thank you for having me.
Speaker 1 (39:27):
Absolutely thank you to our guests and you our values audience.
Speaker 4 (39:37):
Let's stop you by. We truly appreciate you.
Speaker 1 (39:41):
Many blessings to you and yours
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