Ep 54: Lions, Tigers, and Bank Runs...Oh My!

Have you ever considered how you’ll safeguard your financial legacy for the next generation? Today we want to dive into some of the technical aspects of estate planning and the crucial role it plays in retirement strategy. Estate planning can be as complex as it is important, but Michael will demystify the process, providing clarity on how to shield your legacy and make sure your assets flow smoothly to your heirs.

Here’s some of what we discuss in this episode:

• What are the main things you want to protect against when creating a trust?
• How to avoid probate court, which can be a long and expensive process.
• Why most people we work with benefit from a revocable trust.
• Tax strategies to consider to protect as much of your estate as you can.

Learn more: https://caffeinecashflow.com/

Get in touch with Michael-

Web: https://www.westpacwealth.com/team/michael-schulte

Email: michael.schulte@westpacwealth.com

Phone: 702-767-4897

Imagine your retirement plan as a ship sailing toward a horizon of rest and relaxation. But what if one leak could sink it all?

In today’s episode, we spotlight some of the single oversights that could send your dreams to the bottom. We'll share key strategies to plug the gaps, ensuring your financial ship stays buoyant and on course. Tune in to protect your future from the one mistake that could derail everything.

Here’s some of what we discuss in this episode:

• The possibility of outliving your money and planning strategies that help you create steady income in retirement.
• How do you address the relentless creep of inflation.
• The importance of considering long-term care costs in retirement planning.
• The potential impact of market volatility and the investment strategies to help mitigate risk.
• The threat of rising taxes on retirement.

Learn more: https://caffeinecashflow.com/

Get in touch with Michael-

Web: https://www.westpacwealth.com/team/michael-schulte

Email: michael.schulte@westpacwealth.com

Phone: 702-767-4897

Could the US elections be the market mover that investors have been fretting over, or is that just political noise clouding the bigger financial picture? It’s time to talk about the upcoming election and what it could mean for investors over the next two years. We're not just skimming the surface; we are diving into the data to see how investments have historically fared during the electoral tides, from Truman's post-war boom to the unpredictability of Trump's term.

Here’s some of what we discuss in this episode:

• The average return during election years since 1928.
• What the data shows us for the year after elections.
• A look back through past administrations and the returns during their years in office

Data courtesy of Efficient Advisors & Evidence Based Advisors

Get in touch with Michael-

Web: https://www.westpacwealth.com/team/michael-schulte

Email: michael.schulte@westpacwealth.com

Phone: 702-767-4897

Who knows what this year will bring our way, but there’s plenty of noise everywhere you look. With the election ahead and everything else happening around the world, the noise can become a distraction for your financial planning. Today we’ll breakdown why a long-term strategy is your financial compass in a sea of sensational headlines and market speculation.

Here’s some of what we discuss in this episode:

• We want to focus on strategy and tactics to make sure both are working in tandem.
• Elections years can be divisive but we don’t want that to impact our investment strategy.
• We want to build liquidity that will alow us to handle unexpected life events.
• The four core principles for wealth accumulation.

Learn more: https://caffeinecashflow.com/

Get in touch with Michael-

Web: https://www.westpacwealth.com/team/michael-schulte

Email: michael.schulte@westpacwealth.com

Phone: 702-767-4897

For those who are fortunate enough to generate significant wealth for their family, trying to preserve that wealth for multiple generations is often the much greater challenge. It takes much more than smart investing and asset management to create and sustain family wealth.

The stats tell us that just 10 percent of generational wealth lasts beyond the third generation, and you can point to a variety of reasons for that to be the case. Most people that get to this point want their family to be taken care of for decades to come, but not everyone takes the necessary steps to achieve unity to within their family.

It takes a concerted effort with effective communication, and today we’ll take you through the final six elements that you’ll want to apply to your planning process.

Here are the six elements we discuss in this episode:

• Inspire individual family members to participate for their own individual reasons.
• Train and mentor each generation.
• Facilitate the genuine transfer of leadership from generation to generation.
• Require true collaboration between your professional advisors.
• Create mechanisms for ongoing family governance

Learn more: https://caffeinecashflow.com/

Get in touch with Michael-

Web: https://www.westpacwealth.com/team/michael-schulte

Email: michael.schulte@westpacwealth.com

Phone: 702-767-4897

The stats tell us that just 10 percent of generational wealth lasts beyond the third generation, and you can point to a variety of reasons for that to be the case. Most people that get to this point want their family to be taken care of for decades to come, but not everyone takes the necessary steps to achieve unity to within their family.

Here are the six elements we discuss in this episode:

• Foster strong and effective communication and build trust between generations.
• Develop, maintain, and regularly revisit your vision for the present and future.
• Successful families meet regularly.
• The four different types of capital you need for generational wealth.
• Keep the family business separate from the business of the family.
• Identify the roles necessary for the family to be successful.

Learn more: https://caffeinecashflow.com/

Get in touch with Michael-

Web: https://www.westpacwealth.com/team/michael-schulte

Email: michael.schulte@westpacwealth.com

Phone: 702-767-4897

Ever wish you could foresee financial missteps before they happen? On today’s episode explore some real-life stories of regret and arm yourself with the essential dos and don'ts to ensure your money works for you, not against you.

A lot of the things we’re going to be talking could make you lose over the long run, but we want to share what we’ve learned over years of helping people with their planning. By learning from the mistakes of others, we can hopefully prevent doing many of these same things.

Here’s some of what we discuss in this episode:

• The penalties and taxes that you incur with early IRA withdrawals can be costly.
• Too many people increase their expenses along with a rise in their income
• What options do you have to help your kids with tuition without risking your own retirement?
• The different ways retiring too early could cost you.
• Why you should be looking into Roth options now.

Learn more: https://caffeinecashflow.com/

Get in touch with Michael-

Web: https://www.westpacwealth.com/team/michael-schulte

Email: michael.schulte@westpacwealth.com

Phone: 702-767-4897

When you’re in the middle of difficult periods of market volatility, it certainly seems like this time is different and things may never turn around. But is that true? In this episode, Michael is going to look through returns over the past century to see how the market rebounded after the worst years. While there’s never a guarantee that the future will look exactly like it has in the past, the statistics we’ll share on the show will highlight the importance of investing for the long-term.

Here’s some of what we discuss in this episode:

• How what we’re experiencing today is closer to 1973 than 1993.
• The largest yearly losses and gains took place around the Great Depression.
• What your returns would look like if you missed some of the best single-day returns during a time period.
• What the annualized rate of return was during the first decade of the 2000s.

Get in touch with Michael-

Web: https://www.westpacwealth.com/team/michael-schulte

Email: michael.schulte@westpacwealth.com

Phone: 702-767-4897

Are you nearing “retirement age”? If so, let’s explore that pivotal question you’ll soon face: Should you retire or continue working? We’ll unravel the intricacies of this decision, addressing both financial and emotional aspects, and help you find out if you’re truly ready to retire.

This is typically one of the first things someone asks about when they meet with a financial advisor, and there’s a lot to unwind in order to figure out when someone is ready to retire. And if they’re not, is it because they haven’t saved enough or is it more of an emotional block? Michael will tackle retirement readiness in this episode.

In this episode, we’ll discuss:

• The different factors involved when someone tells us they aren’t really ready to retire.
• Have you thought about what your purpose will be in retirement?
• What causes people to have a lack of confidence to retire?
• How far out should business owners be planning their exit?
• What we talk about with clients who want to retire now but aren’t financially ready.

Learn more: https://caffeinecashflow.com/

Contact Michael: 

https://www.westpacwealth.com/team/michael-schulte
michael.schulte@westpacwealth.com
702-767-4897

 Almost everyone has made investment mistakes at some point. Even the most successful investors have regrets about decisions they’ve made in the past. But like everything else in life, it’s all about how you respond to a misstep.

In this episode, we’ll talk about how to bounce back from mistakes and avoid making them again in the future. Michael will share some numbers with us and walk us through the steps you need to take to get your investment plan back on track. The good news is there’s always time to make corrections and we’ll explain that today.

In this episode, we’ll discuss:

• How we define an investment.
• How to determine the cause of your mistake by asking yourself a few specific questions.
• Let’s determine how much more you can save each month to make up for the losses.
• Recalibrating your goals and identifying areas that you can make adjustments.
• What a real plan consists of and how we help people get their future plans on track.

Learn more: https://caffeinecashflow.com/

Contact Michael: 

https://www.westpacwealth.com/team/michael-schulte
michael.schulte@westpacwealth.com
702-767-4897