Caffeine And Cash Flow with Michael Schulte

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

Is there ever a right time to stop contributing to your 401k? Should you help your daughter and her boyfriend with their home purchase? What about deciding to retire at the peak of your earnings? Tune into this episode of Caffeine and Cash Flow where we tackle these questions and more.

In this episode, we’ll discuss:

• The issues that can arise when helping your daughter buy a home with her boyfriend.
• With the possibility of a recession on the horizon, does it make sense to hold off on investing for a while?
• Is it worth keeping a mortgage for the tax deductions in retirement?
• How can you know if a financial advisor is legitimate or not?
• Will you regret walking away from a career with a great paycheck to retire a little earlier?

Learn more: https://caffeinecashflow.com/

Contact Michael: 

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

Whether you’re close to retirement or still far from that exciting date, it’s not uncommon to wonder when you should start preparing for each aspect of it.  

Tune in to find out how far away from retirement you should have answers to these pressing questions.

In this episode, we’ll discuss:

• Why you should start thinking about the option to downsize about 15 years out.
• When you and your spouse should start picking out retirement dates and whether it’s best to stagger them.
• Why Michael says you should be paying attention to your risk as much as 40 years before retirement.
• Is it realistic to have a firm grip on expenses well in advance?

Learn more: https://caffeinecashflow.com/

Contact Michael: 

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

Are you ready to take control of your finances during life's most pivotal moments? In this episode, we dive into the complex world of financial decision-making during key life events. From the excitement of marriage and the joy of welcoming a new child to the challenges of divorce and the loss of a loved one, we'll provide practical tips and guidance to help you make informed decisions and maintain financial stability.

In this episode, we’ll discuss:

• The four things you need to communicate about when you get married. (2:48)
• How your budget changes when you have a child. (10:51)
• What is a good approach to saving money for college? (14:49)
• Here are some of the key financial decisions that need to be made for retirement. (20:16)

Learn more: https://caffeinecashflow.com/

Contact Michael: 

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

It’s not just the financially uncertain who need to think carefully about their retirement plan. Even those who feel confident in their retirement savings might still have important questions to answer and decisions to make. 

In this episode, we'll explore the three retirement planning mindsets: those who have no idea if they can retire, those who think they have enough money to retire, and those who know for sure they have enough money to retire.

Here are the three retirement planning mindsets we’ll discuss:

• "I have no idea if I can retire or not." (2:22)
• "I think I have enough money to retire, but I’m not sure." (6:05)
• "I know I have enough money to retire." (12:30)

Learn more: https://caffeinecashflow.com/

Contact Michael: 

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

Welcome to part two of our series about retirement planning mistakes. Last time, we talked about the pitfalls of ignoring tax implications, failing to diversify your investments, and procrastinating when starting your investments. On today’s show, we’ll share seven more mistakes people often make when planning their retirement.

In this episode, we’ll discuss:

• Relying solely on employer-sponsored retirement plans. (1:34)
• Not adjusting your retirement budget for inflation. (5:22)
• Assuming you won’t live a long life. (8:09)

Learn more: https://caffeinecashflow.com/

Contact Michael: 

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

In the complex world of retirement planning, there are countless pitfalls one could face. In part one of this two-part series, we're sharing seven of the top mistakes to watch out for. Avoiding these crucial missteps can have a significant impact on the success of your retirement plan. Join us as we delve into these key issues and learn how to navigate them effectively when it's your turn to plan for retirement.

 In this episode, we’ll share:

• Are you ignoring future tax implications? (2:49)
• Are you failing to diversify your investments? (5:33)
• Are you procrastinating on your retirement savings? (12:37)

Learn more: https://caffeinecashflow.com/

Contact Michael: 

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

After listening to today’s episode, you’ll never attend another baseball game with the family and look at it the same way. We’re going to show you how taking some of baseball’s most basic principles can help lead to financial success in your retirement portfolio. Join us as we talk about successfully executing the financial fundamentals. 

We’ll dive into the importance of liability protection, saving, and reducing debt. We’ll then share a critical part of building wealth for the future before Michael dives into a couple of listener questions from the mailbag to wrap up the episode. So, grab your peanuts and crackerjacks and let’s take the financial field!

 In this episode, we’ll share:

• How to make sure you can’t be beaten backward with your money. (7:34)
•  How to become a world-class saver*. (11:22)
• Why you need to build liquidity. (17:06)

*Guardian considers someone who saves at least 15 to 20% of their income to be a World-Class Saver

Learn more: https://caffeinecashflow.com/

Contact Michael: 

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

People own a handful of gigantic companies and think their portfolio is bulletproof, but it's not, especially over a long period of time like we hope your retirement will be. Some clients gravitate towards bigger S&P 500 companies, assuming that they will remain stable for years to come. While these companies may appear to have a bright future, it is not always the best bet in the long run.

Just like a company’s success can change over the years, so can sports teams. In honor of baseball season starting up, we’ll compare World Series champions from each decade and big companies in the S&P 500 and take a look at how they have changed in this episode. 

In this episode, we’ll share:

• Today’s worst baseball franchises. (4:17)
•  The ten largest companies in 1980, 2000, and 2020. (12:29)
• General Electric, Exxon, and other companies’ changes over the years. (16:40)

Learn more: https://caffeinecashflow.com/

Contact Michael: 

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

It’s a question we hear all the time: "What’s a good rate of return?" When clients invest money, they want to see it grow. But they also wonder what rates are “good” or “bad.” 

It's essential to keep in mind that there's no one-size-fits-all answer to this question because everyone’s financial goals are unique. However, if you’re just looking to maximize rate of return and get rich quickly over a short period of time, that’s never a good idea. We encourage our clients to prioritize long-term wealth building over short-term gains. 

Join us for an insightful conversation about this idea and gain valuable insights on maximizing your returns over the long term.

In this episode, we’ll share:

• Why you want to “get rich long,” not quick. (2:51)
• What happened during the real estate and stock bubble in Japan? (5:38)
• Why you should know some key financial moments in time. (8:32)

Learn more: https://caffeinecashflow.com/

Contact Michael: 

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

Today we’re talking about bank runs and some of the banking failures we’ve seen over the course of our country’s history. With the recent Silicon Valley Bank collapse, bank failures have been a popular topic featured on the news recently, and many of us are wondering how this recent event will impact our lives. Will bank collapses have an impact on your portfolio and your financial plans in general? We’ll answer those and more questions on today’s show.

On this episode, we’ll share:

• Current banking events and what happened with Silicon Valley Bank. (2:22)
• What happened more than 200 years ago in the banking world. (7:45)
• What happened with skyrocketing interest rates. (13:07)

Learn more: https://caffeinecashflow.com/

Contact Michael: 

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