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Katie: Whats up, and welcome to the “Wellness Mama” podcast. I’m Katie from and, my new private care line. That’s Wellnesse with an E on the tip. This episode deviates from the bodily elements of well being, however into one other space that can be crucial, and that’s monetary wellness and long-term monetary wellbeing as a result of statistically, monetary struggles are a serious supply of stress for many people and likewise a serious supply of relationship stress for a lot of {couples}. I believe this final 12 months has made that much more acute for lots of people. And I believed it was necessary to start out a dialog round this subject.

I’m right here with Michael Stevens who runs And he’s been considered one of my factors of contact for determining a few of these methods myself. And I needed to share them with you guys immediately. We go into from very fundamental degree issues like financial savings versus investing and how much methods to arrange for this after which additionally into some much less well-known, however tax useful methods that you need to use for your loved ones, even that youngsters can usually use from a younger age that result in long-term wealth. He breaks down a few of his most used methods along with his purchasers and likewise provides some ideas for constructing a robust basis for lifelong monetary well being together with your children. Like I mentioned, positively a unique subject, however I believe an important one, particularly proper now. So, with out additional ado, let’s be a part of Mike. Mike Stevens, welcome to the podcast.

Michael: Hey Katie, I’m excited to be right here, and thanks for having me.

Katie: I’m so excited to talk with you as a result of any of my longtime listeners know I cowl a complete lot of matters associated to well being and wellness. And once we have a look at the statistics, it looks as if funds are literally a serious supply of stress for lots of people. And I’ve talked about stress loads on right here as a result of it has a cascade impact into each space of our life. However I believe funds are a giant supply of stress. And this previous 12 months has compounded that even for lots of people, and particularly for lots of households. And you’re the greatest skilled I do know within the space of economic wellness. And I believed it could be actually related and necessary to, form of, delve into this space, particularly from the main focus of what we are able to do as households to organize and have higher monetary wellness in our day by day lives. And in order that’s why I used to be so excited to convey you on. I do know it is a large subject and there’s quite a lot of completely different instructions we’re gonna go. However to start out us off broad, are you able to simply, form of, give us an summary of the work that you just do with regards to monetary wellness and preparedness?

Michael: Yeah, completely. And thanks a lot for having me on as a visitor. Katie, I do know that quite a lot of your listeners, such as you mentioned, are into the bodily elements of well being and wellness. However once more, like what you had been saying, the monetary facet of well being and wellness is so necessary. So, what we actually concentrate on at my agency, Capital Wealth Advisors, is giving individuals peace of thoughts and readability with their funds. And I at all times inform those who we don’t work for Wall Road. We work for our shopper’s greatest curiosity. And that’s actually necessary. I’d say, firstly, as an advisor, it’s a must to be working with somebody who’s a fiduciary. And it’d be no completely different than going to a health care provider that doesn’t actually care about what’s happening in your life versus somebody that, , they’re invested in ensuring that you just succeed. So quite a lot of what we find yourself doing is issues from a complete standpoint to provide individuals monetary peace and wellness of their life in order that they’ll benefit from the issues with household and buddies, and simply the objectives that they wanna obtain of their life.

Katie: Yeah, that’s so necessary. What are a few of these issues that you just begin to have a look at? As a result of I do know from my very own, form of, journey during the last 15 years of being married and having children, within the very starting, funds had been so tight that it was simply really like month-to-month survival to pay payments. And it took a mindset shift for me as, like, we began to have the ability to develop issues a bit of bit to have the ability to be actually sensible with these assets and work out the way to put them in locations that may result in development and safety over time. So what are a few of these elements that you just have a look at? Clearly, I’m certain individuals are beginning in quite a lot of completely different locations. However what do you begin by ?

Michael: Completely. You understand, our core specialty is working with people who find themselves nearing retirement or in retirement, however we assist individuals from each stage of the sport. And, , sooner or later in my life, I used to be simply starting as nicely too similar to you and your husband. And the actually necessary factor for individuals to comprehend is that it’s not as daunting as what it appears. And now, with the web and issues like YouTube and nice books, there’s quite a lot of actually good assets to make use of to have the ability to plan your monetary future. You understand, there’s that outdated Chinese language proverb that claims, “The perfect time to plant a tree was 20 years in the past. After which the second-best time is now.” So, the explanation why I’m sharing that with the listeners right here is as a result of I simply wanna encourage individuals, don’t wait as a result of should you begin small, and simply maintain going and construct off that momentum, in the future, you’re gonna look again and go, “Wow, I’m so glad that I began. I had no concept I’d make that large of a distinction.”

Katie: Completely. And that’s one other nice corollary with well being as nicely is, , like, any form of coaching or getting wholesome, one of the best time to start out is a very very long time in the past. The second-best time is correct now. And people issues construct over time slowly that typically you don’t even discover, till in the future it’s a very profound change. And also you talked about working extra with individuals as they get near retirement. And I do know I’ve seen statistics that it looks as if because the generations have gone, individuals are making ready much less and fewer, not even simply saving much less and fewer from a financial perspective, however making ready much less and fewer for that. And it virtually looks as if what we used to consider as the thought of retirement has morphed as nicely. Like, we don’t see individuals sometimes as usually working for a similar firm and having simply retirement advantages that completely present for them as they become old. Is that what you’re discovering as nicely?

Michael: Yeah, completely. And I believe quite a lot of it has to do with the way in which our society is turning into. Beforehand, , our grandparents, they weren’t into on the spot gratification as a lot as we at the moment are with having the ability to scroll on Fb or Instagram and, form of, get an endorphin hit, simply from what we want proper now. You’ll be able to watch, , video on demand with Netflix., and so on. However the entire thing is, is that I’d inform individuals that you just don’t wanna commerce your monetary peace of thoughts for being an impulsive purchaser. And what I imply by that’s that it’s good to be devoted and say, “Look, I’ve a objective that I wanna retire.” And actually, Katie, the earlier that somebody will get began on this, the higher it’s gonna be. It actually has a compound impact. Identical to you mentioned, on well being and wellness, the identical factor goes for monetary. In case you can say, “I’m gonna be devoted and I’m gonna put apart X quantity of {dollars} a month, or hey, I’m not gonna be an impulsive purchaser and exit and purchase one thing immediately simply because I need it,” you’re gonna discover that you just’re gonna save much more cash.

And whereas it’s, , at all times enjoyable to maintain up with the Joneses, there is a component of stress that comes together with that. And, , I’ve seen individuals which might be among the most happiest individuals of their life, they stay a really modest life-style, they usually get pleasure from their time with their household and buddies however they don’t have issues like debt hanging over them. And that’s actually anxious for lots of people. So, I’d simply counsel to anybody listening, should you haven’t already began, simply have a disciplined plan. And it doesn’t imply that it’s a must to stay on any, form of, finances the place you’re consuming simply rice and beans, however do issues like pay your self first. I’m additionally a giant proponent of charity as nicely. So, taking a few of your cash that you just’re incomes and paying it ahead, I discover that helps you be extra blissful in life if you’re blessing the lives of different individuals as a result of actually, that’s what cash is. Cash is a instrument, and you need to use cash to enlarge your self. And should you’re a superb individual, and also you give your time, and also you give cash, and also you’re disciplined, you’re gonna discover much more happiness in your life.

Katie: So what are a few of these particular issues that folks can begin to find out about and begin to prioritize after they get to the purpose of getting, hopefully, money owed paid off, issues like that? Is there, like, a triage that you just work by with individuals after they are available in and determining the highest priorities and the place these assets will be greatest used?

Michael: Yeah, I’m actually glad that you just requested that query as a result of there’s about three issues that we have a look at for individuals. One is charges. Charges matter. And I hope that each one the listeners listening to this can at all times bear in mind this analogy. However charges are like operating into the wind with a parachute on. It’s gonna actually sluggish you again. And if you concentrate on it, when anybody goes all the way down to, , like Las Vegas or one thing, you’ve gotten all these stunning casinos. Clearly, they’re constructed due to what individuals have misplaced. Financially, these casinos are constructed up they usually’re actually fairly. The identical goes for Wall Road. You understand, Wall Road have these stunning ivory towers. You understand, if you stroll in, there’s, , marble, and granite, and stuff in every single place. That’s due to charges. So, we attempt to encourage individuals simply to know first, what are the charges that they’re paying of their monetary elements of their funding life? And should you don’t know what your charges are, then attain out to your advisor. And should you don’t have an advisor, begin doing a bit of little bit of analysis and determining what the charges are as a result of charges completely make a distinction.

The following factor that I inform individuals is taxes. And folks at all times have a look at me sideways after I speak about taxes. And right here’s the explanation why it’s so necessary to know about taxes if you’re speaking about investments. My dad taught me early in life, it’s not how a lot you make, it’s how a lot you retain that counts. So, proper now, imagine it or not, taxes are on sale. In case you go all the way in which again to 1913, that’s when taxes started in the US. Taxes have gone actually, actually excessive earlier than. I’ll share with you a real story. Ronald Reagan, earlier than he was the president, he was an actor. Ronald Reagan would solely make about two motion pictures per 12 months. The rationale why he solely made two motion pictures per 12 months is he was contracted with the studios to make about $100,000 per film. So, on the time within the ’40s and ’50s within the State of California, when Ronald Reagan was making these motion pictures, he was in a 94% tax bracket on something that he would earn over $200,000. So for, , frequent sense functions, he wouldn’t work something after these two motion pictures had been made and he would simply experience his horses on his ranch and pay his remaining taxes to the State of California.

So, once more, going again to that entire mindset of taxes being at an all-time low proper now, , the highest tax bracket is 35%. And once more, if you return to what Ronald Reagan was paying when he was within the ’40s and ’50s on $200,000, which by the way in which, was some huge cash again then. However $200,000, 94% tax bracket, ouch. So, taxes are on sale. So, , what’s actually necessary about this, and I do know that I’m most likely throwing loads on the listeners suddenly, and hopefully, they’re taking notes, and going again and listening to this part once more as a result of that is form of an necessary level, the federal deficit proper now, Katie, as we’re speaking in March, is $28 trillion. And to place that into perspective, should you return 1 trillion seconds in the past, that was 31,688 years in the past, 1 trillion seconds. The Nationwide deficit is $28 trillion and we’re good on the cusp of including one other $2 trillion stimulus package deal. Folks should pay for that.

So, if you’re working and also you’re placing cash into tax-deferred accounts, like your 401(ok)s or 403(b)s, something the place it’s a must to pay taxes later in life, you would possibly take into account doing a Roth contribution. And that’s tax-free cash. So taxes are on sale. After which the final and I believe crucial factor, and we’ll dive extra into this a bit of bit, however it’s good to have a written earnings plan. And cash is a type of issues between {couples} that there’s disagreements. And I misplaced my dad at an early age, and bless my dad’s coronary heart, he was a improbable man, he took care of taxes, investments, insurance coverage, every little thing for my mother, and my two sisters, and myself. And once we misplaced my dad, tragically and unexpectedly when he was 49 years outdated, my mother had no clue the place to show. She didn’t know what to do. Now, had my mother had communicated with my dad they usually had a written plan of right here’s once we wanna retire, right here’s how a lot we have to save, and right here’s how a lot earnings we are able to take out of the retirement plan in order that if considered one of us will get sick sooner or later or each of us that we’re gonna be okay.

You understand, if I had been to be sitting on a aircraft proper now going to Hawaii, and the pilot comes on and he says, “You understand what? I’m excited, women and gents, to fly you to Hawaii. It’s mild winds and 87 levels. And this aircraft has a 42% chance of success of constructing it to Hawaii.” I’m not likely certain that I’d keep on that aircraft. So, going into your retirement years and never having an precise plan that’s stress-tested for the great and unhealthy and realizing that that plan is gonna work out, that may truly be a very unhealthy factor. You don’t wanna hope and a prayer plan. You need an precise written earnings plan. So, these are, form of, the three issues to recap, is charges matter, taxes matter, and having an precise written earnings plan.

Katie: I’m glad you introduced that up about taxes. That had at all times been my hesitation with something that was tax-deferred of simply, like, if we have a look at historical past, are the percentages that taxes are going to go up or down? And up appears extra doubtless. And I believe Roths are an incredible choice. For anyone who’s not acquainted with that, are you able to stroll us by what a Roth is and the way they work? As a result of I do know that additionally some individuals aren’t in a position to arrange a Roth.

Michael: Yeah, thanks for asking that. So you actually have buckets that the IRS simply determines you on the way you’re gonna be taxed on one thing. And, form of, the frequent buckets on the market, you’ve heard of an IRA and also you’ve heard of a 401(ok) and 403(b) presumably, these are a tax-deferred bucket. And what which means is that if you go and also you see your CPA, and your CPA, bless their coronary heart, says, “Hey, you wanna lower your expenses in taxes this 12 months. Go forward and put cash into this 401(ok) or IRA, this tax-deferred bucket, and it’s gonna prevent cash.” Nicely, what lots of people don’t perceive, and it was myself included earlier than I acquired into the business, is that doesn’t imply that you just’re not paying taxes on that cash. It simply implies that you’re deferring it to a later level sooner or later. And such as you mentioned, there’s a excessive chance of success that taxes are gonna go up sooner or later. In order that’s actually a short-term strategy, simply saying, “Hey, let’s commerce one thing for proper now that sooner or later is perhaps much more.”

So, lots of people don’t notice that there’s one thing known as a Roth IRA. And should you’re working, your employer might have what’s known as a Roth 401(ok). And what which means is that you just’re eligible to place cash into this account. And there are guidelines round it. I’ll go over that in a single second. However there’s an account that you may put cash into the place you’ve already paid the tax. After which as soon as the cash goes into this Roth account or Roth 401(ok), it is going to develop and develop and develop and by no means be taxed ever once more sooner or later. So why does that matter? Nicely, once more, if we have a look at the nationwide deficit, a couple of issues are gonna must occur for the deficit to come back down. One, both the federal government’s gonna should spend much less. Yeah, proper. I doubt that’s gonna occur. Or two, what’s gonna occur is that they’re gonna attain into your tax-deferred account and say, “Hey, thanks a lot. We actually recognize you working exhausting. We’re simply gonna enhance taxes and take extra of your retirement cash in your tax-deferred aspect.” However upon getting it into the Roth account, there are completely no taxes that may ever be taken out.

So, once more, that’s why I mentioned, taxes are on sale. And if you wish to purchase one thing, and it’s good to purchase one thing, and that merchandise is on sale, that most likely is sensible at a superb level to truly purchase it whereas they’re on sale. Katie, I do wanna point out, nearly typically individuals aren’t conscious, even when they’re incomes an excessive amount of cash…Let me truly again that up for one second, how a Roth IRA will work. And this isn’t a Roth 401(ok) however a Roth IRA is should you’re youthful than age 50, you’re allowed to place $6,000 per individual, per 12 months right into a Roth IRA, that tax-free bucket. If you’re over the age of fifty, you’re allowed to do an additional $1,000 contribution catch-up. So that you and your partner may do $7,000 per individual per 12 months. Nonetheless, something that’s good for the IRS, they sometimes restrict us. So, there are guidelines and also you wanna positively speak to a CPA or an accountant and just be sure you’re eligible.

However should you’re incomes an excessive amount of cash, the IRS says, “Hey, sorry, you’re doing too nicely in life. We’re not gonna allow you to put your cash into tax-free.” There are some automobiles on the aspect that in case your listeners wanna attain out, we may speak about however there are tax-free options. However going again to that Roth IRA, should you’re incomes an excessive amount of cash, and you’ll’t contribute to a Roth IRA, and also you do have a tax-deferred account, you is perhaps eligible to do what’s known as a Roth conversion. And that’s a bit of identified factor that lots of people don’t notice is that should you say, “Hey, that’s me. I’ve put quite a lot of my cash right into a tax-deferred account, and I really feel like taxes would possibly go up, how do I maintain extra of what’s mine?” Nicely, that you could possibly truly do some Roth conversions. And the draw back is, is you gotta pay some taxes to get it into the tax-free bucket. However, once more, like I discussed, taxes are on sale. So, each single individual has their very own magic tax quantity. You must know the way a lot is acceptable so that you can convert.

Katie: Yeah, that’s…We had to do this as a result of we didn’t perceive all of this early on both. And so we ended up changing some issues right into a Roth. However I believe one other level right here that’s fascinating to speak about, I do know there’s gonna be complexities. And the reply is completely gonna be that folks must have private recommendation on this. However what we discovered in addition to there are methods to, as your children become old, construction a few of these issues for them, particularly with regards to a Roth. In case you personal a enterprise, as an example, or have sure kinds of work preparations, they’ll contribute to a Roth as nicely. I do know this world higher. However are you able to, form of, give us that overview for these of us who’ve older children who’re beginning to work?

Michael: Completely. So, one of many guidelines to have in a Roth IRA is it’s a must to have what’s known as earned earnings. And in case your partner works and also you don’t, and also you’re below the IRS high-risk threshold, then congratulations, you’re eligible to do a Roth IRA. Nonetheless, , most of our youngsters who’re younger nonetheless that aren’t working a job, they’re not incomes, , earned earnings, they wanna have the ability to say…Excuse me, I ought to say that quite a lot of our purchasers, they wanna educate their children concerning the energy of compound curiosity and saving for retirement. So, we use some completely different different automobiles to Roth IRA. Personally, I exploit what’s known as an overfunded index common life coverage. And I do know that I’m giving your viewers quite a lot of, form of, in-depth info that is perhaps a bit of bit exhausting to digest. And that’s okay as a result of this monetary stuff will be sophisticated, however it may also be actually clear should you simply take your time.

Let me clarify to you why I exploit an overfunded index common life coverage. If you’re utilizing a life insurance coverage coverage, and I’ve to emphasise this, not all life insurance coverage insurance policies are the identical. Life insurance coverage, they’re a type of investments that it may truly be actually unhealthy so that you can do if it’s not correctly structured or the flip aspect of the coin, if one thing is correctly structured, it may be completely superior. So that you at all times should just be sure you’re working with a fiduciary and somebody that actually understands the way to construction these correctly since you wouldn’t wanna do one thing after which discover out that it was the worst mistake attainable to make.

However what can we do for our children as a result of they’re younger, I’ve an 8-year-old, a 5-year-old, and a 2-year-old, they’re not working a job. So that they don’t have earned earnings. And my spouse and I actually wanna give our children a head begin in life and educate them about monetary wellness. So we’re contributing month-to-month to this insurance coverage account for them. And it’s not an enormous sum of money and it doesn’t should be an enormous sum of money. However compounding curiosity makes a giant distinction. And if you get children happening this and beginning at an early age, that actually helps them perceive.

The entire thing concerning the life insurance coverage is that it’s tax-free, similar to the Roth IRA. And, , for me, I earn an excessive amount of that I can not contribute right into a Roth IRA. And as a enterprise proprietor, I perceive I wanna get as a lot of my taxes out of the way in which as attainable whereas they’re on sale. So, I personally use for part of my funding technique, this index common life coverage, the place I’m getting that cash right into a tax-free account and it doesn’t have any, form of, phase-outs or restrictions like a Roth IRA does. So the IRS says, “Okay. In case you’re gonna do that, then we’ll help you do this.” However once more, it’s a bit of little bit of a fancy state of affairs however perceive that even should you don’t have earned earnings, or should you’re a enterprise proprietor and also you’re incomes an excessive amount of cash, or just that you just simply wanna get my right into a tax-free different to a Roth IRA, there are alternatives for you.

Katie: Bought it. That is sensible. And I do know it’s, like I mentioned, a bit of bit extra advanced, seek the advice of your individual accountant, however for us, like, proudly owning sure companies and the youngsters in a position to work for us at completely different occasions in numerous methods, like, we’re very cautious to trace that. However for anyone who owns a enterprise, there are some methods you are able to do that. Simply ensure you observe the foundations in case your children…

Michael: Yeah, that’s the secret’s observe the foundations, speak to an accountant or a CPA, however there are issues on the market that you are able to do. And also you don’t must observe the lots. As a result of quite a lot of occasions, simply going a bit of off the overwhelmed path and understanding that there are higher choices, and that they’re not generally mentioned as a result of they’re not big moneymakers, that’s gonna be higher for you versus for the advisor.

Katie: Bought it. After which for my understanding, since it is a retirement car, there’s penalties should you wanna take it out early however there’s additionally I imagine, like, some exceptions to that. And from my analysis as nicely, like, typically it’s price doing should you’re in a position to make investments by a Roth as a result of the penalty can typically be lower than, like, long-term capital beneficial properties, as an example. So, like, I’ve form of needed to weigh these issues. However are you able to give us an summary of that?

Michael: Certain. And are you referring on the Roth IRA or the life insurance coverage account?

Katie: Sorry, on the Roth IRA, after which I positively wanna go deeper on the life insurance coverage aspect.

Michael: Okay. Sounds good. So, on the Roth IRA, the IRS means that you can take cash out of your Roth IRA with out the tax and with out the penalty. Once more, speak to a CPA and simply make it possible for it’s best for you. However there are issues like monetary hardship, or should you’re utilizing the cash to go to high school, or for the primary time dwelling buy in your life, you could possibly truly take cash out of your Roth IRA sooner than 59-and-a-half and never incur any form of IRS penalty for doing that.

Katie: Bought it. Okay. So now, stroll us by a bit of bit extra element on…As a result of that is one thing else I’ve been exploring with you and one of many causes I needed to have you ever on right here is utilizing the life insurance coverage aspect, basically as an funding car, as nicely and, form of, simply among the pointers that associate with that.

Michael: Sounds good. So, there’s a very good e book by Tony Robbins, and it’s known as “MONEY Grasp the Recreation.” And it’s an enormous e book, by the way in which, and a very pleasing learn too. And that’s the factor that I wanna simply, , inform the listeners right here, don’t be intimidated by these items. Simply begin sluggish and begin studying. It’s like anything. However Tony does a very good job about writing the place it’s very easy to know. However it’s I believe on, like, web page 439, he begins speaking about this. And Tony Robbins begins the e book or a chapter on the life insurance coverage by saying, “I used to be launched to this idea by a few of my wealthiest buddies.” Now, I believe that Tony Robbins might be a fairly rich man so when he says a few of his wealthiest buddies, there are tax methods. And that’s the one factor that, , once more, individuals have to comprehend is that the rich aren’t doing loopy issues like offshore financial institution accounts or some secret accounts the place they’re hiding cash. They’re truly simply paying their taxes proper now as a result of if you return to realizing that taxes are on sale, you wanna get as a lot of your cash into tax-free automobiles because it is sensible for you. That’s precisely what rich individuals are doing as nicely.

So, how the life insurance coverage idea works, and once more, I at all times wanna encourage individuals to simply speak to somebody who understands this idea rather well. However should you do a correctly structured life insurance coverage coverage for a part of your retirement plan, it may be the most effective choices that you just made. And right here’s why. One, if you put cash into the life insurance coverage coverage that I’m speaking about, the expansion is completely tax-free. And that’s a giant deal. We’ve already mentioned that. However the draw back to having a Roth IRA and pulling cash out previous to 59-and-a-half, such as you had been speaking about, Katie, is that you just’re gonna get a ten% early withdrawal penalty if it’s earlier than age 59-and-a-half. And that’s on the curiosity. Any cash that you just put right into a Roth IRA, you may at all times take that precept out immediately with none form of penalty. It’s simply the curiosity that may incur a ten% penalty previous to 59-and-a-half.

However with life insurance coverage, there may be truly no early withdrawal penalty. The best way the insurance coverage corporations, form of, get round this, is that they do what’s known as a mortgage. And this is the reason I used to be saying to the listeners that life insurance coverage will be tweaked one of the best curiosity for the shopper or one of the best curiosity for the insurance coverage agent doing the coverage. You at all times need it to be in your aspect however what quite a lot of insurance coverage individuals neglect to say, and I’m giving them the advantage of the doubt there, is that if you take cash out of a life insurance coverage account, they’re not all created equal. Some corporations have what’s known as a mortgage provision or a mortgage charge, which implies that, yeah, you’re gonna get that cash out of the life insurance coverage completely tax-free similar to the Roth IRA, however should you don’t take it out with the proper firm, then the fallacious firm can cost you anyplace from 3% to eight% per 12 months mortgage curiosity in your cash.

There are quite a lot of actually good corporations which have low rates of interest, like 0.5% or 1%. And the insurance coverage firm that I personally use has a assured 0%. So what this implies is that as we’re placing cash in for my spouse, and myself, and my children, and it’s rising over time, if we have to faucet into it for college or we wanna faucet into it for, , some household occasion, or simply to make use of for our retirement sooner or later down sooner or later that’s tax-free earnings, anytime that we wanna take cash out of that account, if we’ve a 0% mortgage provision, what which means is that we’re not gonna pay any cash in taxes and we’re not gonna pay any charges. The insurance coverage firm is principally simply loaning our a reimbursement to us at a assured 0%. And that makes an enormous deal.

One different factor too, Katie, that your listeners is perhaps excited about with the life insurance coverage if it’s correctly structured, you don’t should disclose money worth life insurance coverage on FAFSA types. So anytime that your children going by college they usually’re filling out a FAFSA type to have the ability to get a grant, that doesn’t, by legislation, should be disclosed. And the unlucky factor is that we don’t need our children who’re working exhausting in class to not be eligible to get these grants simply because mother and pa make, , respectable cash of their life. Children needs to be rewarded primarily based on the efforts that they’re placing in. So, I may go down rabbit gap after rabbit gap on this, however simply to maintain it at a high-level overview, I like doing the overfunded life insurance coverage insurance policies after they’re correctly structured as a result of I believe it’s, , mixed with a Roth IRA, the most effective issues that you are able to do. And once more, that’s getting cash into tax-free accounts.

Katie: That is sensible. Yeah, it looks as if with something, once more, the corollary with well being is the sooner you begin, the higher, actually on these items. And such as you talked about about doing this in your children, even after they’re younger, and it being a lot inexpensive when they’re younger, after which it might probably construct for his or her entire life. So it’s such a bonus for them. And I believe that brings a very necessary level as nicely that’s actually gonna resonate with lots of people listening. And that’s, like, with regards to all of this, for many people studying this as adults and being cognizant of wanting to have the ability to move on not simply, like, funds, by way of cash and a superb future to our children, however the expertise and methods to have long-term monetary wellness themselves after they go away dwelling.

And I do know it is a actually necessary space for you as nicely and that you just and your spouse are very intentional in the way you educate your children about this and the conversations you’ve gotten surrounding cash. I believe that is additionally most likely a tricky level to speak about for lots of households or possibly dad and mom don’t actually know the way to, form of, begin these conversations, or the way to begin instructing these expertise to our children. And I do know it’s actually necessary to you. So, what are among the ideas you’d give to folks as they’re studying this themselves to assist their children be taught and have that sturdy, stable monetary basis as nicely?

Michael: Sounds good. So, go and get your child an ice cream cone after which take a giant chunk out of it earlier than you hand it to them and say that’s taxes, and watch the response on their face. I’m simply kidding. Don’t do this. However the entire thing about being a mother or father, , and today, it’s so exhausting to speak to our children about sure issues, cash being considered one of them. However what? At school, they don’t speak to individuals about this. I sit on the board of administrators for Junior Achievement of Utah. That’s the place we’re positioned. And Junior Achievement is superior as a result of it principally goes into these faculties and it teaches children nearly cash and teaches them about, , they’ll work exhausting and grow to be something they need in life. Children don’t have alternative in class on a regular basis, like what Junior Achievement is making an attempt to convey consciousness to. So it’s our job is the dad and mom to show.

Now, right here’s the deal. I don’t should be a world-class, , bicycle owner to have the ability to leap on a motorcycle and attempt to educate my children. So, if funds appear formidable to you, then be taught a bit of bit your self after which educate your children. And youngsters are fairly…, they take up this, form of, stuff. And I believe they’re gonna watch, , should you say, “Hey, the explanation why we’re placing cash into this household trip jar is as a result of we wanna lower your expenses or, , you probably have a job the place you’re mowing lawns otherwise you’re shoveling snow, encourage them, say, “Look, if we truly take a bit of little bit of this cash and put it apart and put it into an account the place it’s gonna develop or simply the truth that you’re saving, it’s going to be so significantly better for you.”

So, I assume my recommendation could be, , you don’t should be a professional to show somebody and even simply have that dialog. Make it a household occasion the place you’re studying about this, form of, stuff collectively. Possibly simply, , honesty isn’t at all times one of the best coverage. So should you’re that individual the place you don’t know a lot about funds, have a household assembly and say, “Hey, guys, what? I wanna do a brand new factor in the home. I wanna find out about this collectively. And let’s do some little bit of studying.” And clearly, for the youngsters, maintain it at an easier-to-understand degree. However make it a enjoyable factor and present them nearly how as they’re saving and saving or, , doing chores and placing that cash in, it’s gonna develop over time.

Katie: Yeah, precisely. And that’s…I do know you and I’ve talked about this a bit of bit offline as nicely. However you’re proper, college is just not instructing quite a lot of these foundational expertise. And quite a lot of listeners have heard me say on right here, , faculties not essentially instructing quite a lot of foundational life expertise. These are issues that we as dad and mom nonetheless should be very conscious and cognizant of. And people conversations can occur…Children can perceive a lot from such a younger age. And simply in our household with our bent in direction of entrepreneurship, we form of work every little thing by that form of a mindset. However I believe no matter your investing technique is, no matter these items that you just’re gonna do, it’s an incredible alternative to show your children as you go. Such as you mentioned, you don’t should be excellent at it to have the ability to begin instructing them, however even simply to provide them that mindset early on in life about consciousness about saving and investing, and never simply spending cash and utilizing their cash to create extra wealth long-term, having that at a younger age is such a bonus.

Michael: And I believe that, , lots of people will say, “Nicely, I don’t, , need my child to concentrate on cash.” And I’d agree with that. However once more, I made a remark, , in direction of the start of our present right here is that cash is a instrument, and you’ll actually do good issues and assist individuals with it. And should you educate your children that, you say, “Look, I’m not making an attempt to earn a living as a result of I wanna be the wealthiest individual on the earth. I need to use cash to have the ability to bless the lives of different individuals.” And I had talked about about doing, like, charitable issues. The happiest individuals in life are the individuals which might be in a position to give away and provides their time or, , monetary assets to lifting different individuals. There’s an outdated saying, “A rising tide lifts all boats.” And I completely imagine that.

So, as we’re speaking to our children, and even for us, proper, as we’re on this quest to earn extra money in life, ask your self, “Why can we need to earn extra money?” There at all times needs to be a why. And the why needs to be, “Hey, I wanna have monetary peace and safety. I don’t wanna be stressed in my life. I don’t wanna fear about the way to, , make ends meet as a result of I went out and purchased a ship or a aspect by aspect and it was a frivolous buy that I can’t afford.” Be taught your self the why and likewise educate your children the why. And, , going again to that factor, should you’re not a pleasant individual, cash is a magnifier. It’s gonna enlarge you to a fair not nicer individual. And that’s simply gonna trigger emotional turmoil and stress in your life. However should you can view cash as a instrument and also you view it as I might help individuals, I can bless the lives of different individuals, I really feel like accumulating wealth might be a lot extra aligned from a bodily, and emotional, non secular standpoint than simply attempt to grow to be the wealthiest individual there may be.

Katie: I utterly agree and echo that. After which not solely are we not requiring assets from society to handle ourselves but additionally, like, you mentioned, we’ve the flexibility to assist others, which is actually, a very enjoyable motivator for me, as nicely. And I believe you’ve made such a superb level is that the sooner you put together for this, the extra compounding it occurs and also you get to do extra of that all through your entire life. And I’m additionally curious as a result of I’ve been working with you on this. So full disclosure, you might be serving to advise me on quite a lot of these areas, as I be taught. And for anyone listening, who possibly these are new matters to you, they usually wanna actually begin getting concerned, what does an optimum situation seem like? If somebody does have some earnings to place into a few of these completely different automobiles, I’m curious, like, what would you say is simply…? I’m certain there’s, after all, variation from household to household, however what could be some good overarching locations to start out? And likewise, should you’re keen to share, what do you do personally?

Michael: Oh, yeah, I’m at all times keen to share. Transparency, I believe, is actually key with all of the purchasers that we work with. So, once more, simply, , as a enterprise proprietor, like your self, quite a lot of my enterprise, I put…excuse me, my development that occurs financially in my life, I reinvest again into our firm. You understand, right here’s a bit of…Okay. And all of your listeners, Katie, they’ve to vow, I’m gonna share a secret proper now, they’ll’t exit and ever repeat that I mentioned this. However right here it goes. I can’t management the inventory market and neither can every other advisor that I do know. I really feel so significantly better by saying that. And no, I’m simply joking. However the purpose why I’m saying that’s as a result of, in all actuality, we are able to’t management the market. So, my recommendation for the listeners is, hey, as you’re rising and placing your cash someplace, take into account taking a hybrid strategy, placing a few of your cash into secure automobiles the place it’s going to continue to grow and even when issues just like the inventory market goes down, you gained’t lose cash. After which for a portion of your cash, it’s okay to have a bit of little bit of an up and down and have a bit of little bit of a curler coaster.

However the place lots of people get freaked out concerning the inventory market is that they go, “All proper, nicely, I don’t wanna put my cash in right here to look at one thing like 2008 occur once more the place I lose, , 40% of my retirement, like, at a very quick timeframe.” Truly, should you return to this previous March, the inventory market had one of many quickest drops in U.S. inventory historical past. It was down virtually 30%, like, actually inside a matter of weeks. And that was loopy as a result of should you return to the early 1900s, it had not fallen that quick. When issues like that occur and when there’s a lot volatility, it scares individuals. And, , this is likely one of the triggers why individuals don’t get into saving for retirement or investing as a result of they get paralysis evaluation. And that’s, “Hey, if I put my cash into one thing, what if I lose?” Nicely, take a balanced strategy. Identical to something that you just do in life, you wanna be balanced. Put some cash in a secure account. Put some cash in an account that’s gonna go up and down.

And, , for me, quite a lot of our retirement nest egg is in that tax-free car that I used to be speaking to you about, the Roth IRA. We’ve a Roth 401(ok) at my work that I contribute to as nicely. And I additionally put quite a lot of my very own private cash into the overfunded common life insurance policies. But additionally, after I put cash into my enterprise, that’s me investing in myself. And sooner or later, , down the highway, my enterprise might be price one thing that I can promote. In order that’s the way in which I have a look at my, , portion of my retirement nest egg. However, , I lose cash in my enterprise, and I name it R&D {dollars}. And what I imply by that’s not as a result of we made poor enterprise choices, however R&D {dollars} for me is, “Hey, let’s attempt promoting right here,” or, “Hey, let’s attempt, , this monetary piece of software program.” And typically you discover out, oh, shoot, that software program wasn’t nearly as good as what we thought or, hey, , we had been promoting right here, and it wasn’t actually a great spot. I imply, we go right into a calculated and we do one of the best we are able to, however the entire level is, is you may’t management every little thing.

So, what I’m making an attempt to say for the listeners is have the flexibility to place some cash into one thing that gained’t go down after which put some cash into issues that can go up and down, and be okay with the down, and simply know that that’s a part of life. And that should you’re doing issues persistently, you’re gonna work out what works. Now, one different factor too, Katie, that goes with out saying however it’s actually necessary is just not all advisors are created equal. And that could be a actually, actually necessary level. And what I imply by that’s that your advisor needs to be a fiduciary and that could be a license. An individual can’t simply say, “I’m gonna be a fiduciary.” And what a fiduciary is, is somebody that morally, legally, and ethically has your greatest pursuits at coronary heart. Our agency is a registered funding advisory agency and we’re fiduciaries. And what which means is that once we give recommendation to our purchasers, it’s in our shopper’s greatest curiosity, not as a result of I wanna exit and make a purchase order, so I like to recommend one thing to a shopper so I receives a commission a big fee. We don’t do this.

And when your advisor is a fiduciary, then in the event that they’re not supplying you with good recommendation, then there’s some critical repercussions that may include that. There could possibly be fines, there could possibly be lack of license, or there could possibly be jail time. And the unhappy factor is that everybody that’s on this business that’s coping with somebody’s life financial savings needs to be a fiduciary. And there’s no legislation at present that claims that. So, do some little bit of homework. And should you’re, , working with an advisor, ask them, “Are you a fiduciary?” And in the event that they’re not, I’d strongly encourage you to work with somebody that’s a fiduciary. So, hopefully, that helps out. I take a balanced strategy to my life and I notice it’s okay to have some issues go up and down, to spend money on myself, spend money on our firm, to attempt some new issues. However, , the flip aspect of the coin is, “Hey, I don’t wanna put every little thing in danger.” After we had been all little children, our mama taught us don’t put all of your eggs in a single basket. You wanna diversify. And that’s precisely what you need to do.

Katie: Yeah, that’s nice recommendation. And I do know you’ve gotten some assets in your web site for individuals to start out studying extra about these. And I’ll put these hyperlinks within the present notes at for any of you guys listening.

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You talked about Tony Robbin’s e book “MONEY Grasp the Recreation,” which I agree is phenomenal. Are there every other assets you’d suggest to individuals to continue learning about this?

Michael: You understand, that’s a tough factor as a result of the web is stuffed with opinions. I believe it’s simply discovering somebody that you just belief and that can perceive your state of affairs and have the ability to give good recommendation. And that’s the entire thing about my job is that, , we convey individuals on, like I mentioned, which might be nearing retirement or at present in retirement. However there are those who we work with that say, “Mike, I’ve no clue the place to start.” And what we actually, form of, geek out on and take pleasure on is saying, “All proper, let’s create this plan for you and present you the way should you’re doing XYZ the way it could make a giant distinction.” As a result of for lots of people, even these which might be nearing or proper about to cross the end line for retirement, lots of people don’t notice, “Hey, I’ve gained the monetary sport.”

And it’s, form of, like going round a operating monitor the place you’re operating and operating and operating, and also you’re like, “The place’s the end line?” And when you’ve gotten a plan and somebody, form of, takes every little thing that you just’ve accomplished, and brings all of it collectively, and also you’re saying, “Hey what? You’ll be able to truly retire.” Boy, the peace of thoughts that folks have, , we get those who cry in our workplace as a result of they really feel so good or they’ll name in or write again and say, “I had one of the best sleep of my life.” And what I’m telling any listeners is that, , that is perhaps a great distance out for you. That needs to be your objective. That needs to be one thing that you just work in direction of.

So, I actually like “MONEY Grasp the Recreation” from a monetary standpoint. However I need to share with the listeners a e book that’s actually impacted my life for a very constructive method. And that’s a e book by an creator named Clayton Christensen. And the e book known as “How Will You Measure Your Life?” And the explanation why I like this e book is as a result of, first off, Clayton Christensen, he was a Harvard professor. And what he did, right here’s form of, like, the backdrop, he would problem his graduating college students with three easy questions to look at, measure, and enhance all elements of their life.

Query primary that he would ask them is, , for them to ask themselves, “How can I ensure that I’ll achieve success and blissful in my profession or life?” Quantity two, “How can I ensure that my relationships with my partner, my kids, and my prolonged household, shut buddies, and so on. can grow to be a permanent supply of happiness of their life?” And the third factor, he says, “How can I ensure that I stay a lifetime of integrity and keep out of jail?” Now, that may shock somebody after I say keep out of jail. He’s not referring to, like, you make a selection, you’re going to jail. However what he’s referring to is, hey, we’ve these, , jails, emotionally, bodily, and mentally. You understand, should you don’t train and eat poor meals, you’re principally placing your physique in jail or should you’re getting over into debt that’s pointless, you’re placing your self into this emotional jail. So he’s saying how do you keep out of jail from a complete standpoint? And on a aspect observe, I believe there’s a man whose title was Jeff Skilling, he was with Enron, and I believe all you guys know that title. He was additionally in Clayton Christensen’s class at Harvard.

So, “How Will You Measure Your Life?” This e book has actually impacted me for a couple of causes. One, clearly, discovering happiness in your life is one thing that everybody is trying ahead to. You understand, he talks about it in his e book. And that’s, form of, the place I’ve been expounding on that concept is that cash is just not the foundation explanation for unhappiness, however it turns into an issue when it supersedes every little thing else. So, with that being mentioned, one of many issues that’s probably the most impacting second of my lifetime of studying this e book is when he talks about household. And, , Katie, this goes into what we had been speaking a couple of second in the past, nearly instructing our children. Clayton Christensen, he actually emphasizes that our function as dad and mom is to organize our youngsters for the longer term. And actually, that the tragedy of immediately’s tradition is that we’re outsourcing parenting to different individuals, like relations, or nannies, and even the faculties or extracurricular actions.

And we’ve actually overpassed the significance of our time, which is actually the best present that we may give one other individual. Investing our time in one other actually is an indication of respect and love. And it gives this clear sign to others to what’s most necessary in your life. And, , once more, simply going again to that entire factor about staying out of jail is we wanna have the ability to steadiness our life. And we wanna have the ability to select the proper choices as a result of it has a compounding impact similar to cash does, proper. After we do one thing simply this one time as a result of the marginal price seems to be negligible, we get suckered in, after which we get thus far in our life, and we’re like, “Gosh, how did I get to this point into debt?” Or, “Oh, my gosh, how come I’m so out of form?” Or, “Geez, , there’s all these elements, proper, to creating good selections.” So, that could be a e book that I’d extremely encourage to any listener that wishes to enhance relationships or enhance themselves from a holistic standpoint. “How Will You Measure Your Life?” by Clayton Christensen.

Katie: That’s a brand new one. I like the advice. I’ll add that to the present notes as nicely so that you guys can discover it. And I believe that recommendation is so necessary too, and ties into the retirement dialog as a result of I hear so usually individuals assume that like, “Oh, I’m gonna do these items after I retire.” And so they’re spending all of their time doing different issues now. And I believe this final 12 months particularly has given some individuals much more time freedom, or a minimum of location freedom with regards to work as a result of issues have shifted a lot. However both method, I believe recognizing early on, I say this, on the finish of each podcast, truly, that point is our Most worthy asset. And recognizing that early and treating it as such, we don’t have to attend for retirement to stay elements of the life we wanna stay.

And in reality, I believe we’re happier, and more healthy, and contribute higher to different individuals into society once we’re in a position to work these issues in no matter method we are able to now. It’s one thing I’ve encouraging my children by entrepreneurship as nicely is like, actually, there are occasions once we’re gonna simply straight commerce our time for cash however that point can be a side of freedom. So to no matter diploma that you may actually defend your time and who you spend it with, that’s actually a very priceless asset. And cash will be made extra however time can’t.

Michael: That’s proper. And once more, I really feel like crucial issues in our life are the issues that, , can’t be measured, like the dimensions of a checking account. It’s the flexibility to like, to chuckle, to cry, to forgive, to have household relationships, and simply to essentially embrace the great that you’ve in your life. As a result of, , Katie, the world is a fairly unstable place proper now, from a political standpoint or simply what’s happening with even the inventory market. There’s quite a lot of uncertainty and it might probably create anxiousness, however there’s quite a lot of good. And I actually really feel like if we concentrate on the great and we take time to have gratitude and mirror on the issues that’s necessary to us in our life, we’ll discover happiness.

Now, I’m gonna share with you one very last thing that my dad shared with me that stood out to me. As my dad at all times mentioned, “Mike, you’re by no means gonna wanna look again in your life and say, ‘Gosh, I ought to have spent extra time on the workplace, or, ‘Geez, I want I’d have made extra money.’” On the finish of the day when all of us are out of time, we’re gonna look again on our life and we’re gonna say, “Was I in a position to steadiness it? Was I in a position to make the world a greater place? Was I in a position to take this future technology of children and practice them to be blissful and profitable and to be, , leaders and doers of fine?” And that’s actually what it’s, is start with the tip in thoughts and simply work backwards from there. And that applies to your monetary wellness and it applies to your bodily wellness. You gotta begin on the finish and work backwards.

Katie: Completely. And yeah, referring to that concept of, form of, that long-term pondering and likewise inversion and determining the way to clear up issues as a long-term equation. Superb recommendation, and particularly with regards to funds as a result of such as you talked about, it’s exhausting to have these issues develop shortly in a single day. However over time, it may be actually astounding what can occur. In a way, the youthful we begin engaged on these items and educate our children about these items, the extra time freedom and the extra all of these items compound later in life. I do know…I discussed I’ll put your web site within the present notes for individuals to seek out you in the event that they wanna get in contact. However are you able to additionally simply tell us anyplace they’ll discover you on-line or the easiest way to attach?

Michael: Yeah, sounds good. So our firm is Capital Wealth Advisors in Lehi, Utah. There’s for some purpose a few different Capital Wealth Advisors, however that’s not us. So one of the best factor you could possibly do is should you wanna get in contact and should you acquired some questions, I’m more than pleased to level you in the proper route and assist out, so our web site is, or you may attain out to me on LinkedIn, Michael Stevens, Capital Wealth Advisors. And if anybody would love, you’re welcome to simply give our workplace a name, 801-210-2800. And I recognize you placing all that within the notes. We’ve the nicest employees on the earth. So, if it is a daunting factor for you, should you’re new, simply getting began and also you want some good recommendation, you’re gonna be greeted by the warmest, nicest individuals on the earth as a result of our employees solely works with good individuals as a result of they’re good individuals. Give us a name. We may give you some route. Even when we don’t work collectively, we’re at all times blissful to pay it ahead and begin individuals out on the proper foot.

Katie: Wonderful. I’ll once more put these within the present notes at For any of you guys listening while you’re driving or exercising, you could find all the issues we’ve talked about there. And I’ll hyperlink to these books you’ve talked about as nicely. I’m excited to take a look at the “How Will You Measure Your Life?” one. I simply put it in my Amazon cart. And Michael I recognize on a private degree you serving to me be taught all of these items, and particularly your time right here immediately and sharing with everybody else. I’m very grateful that you just had been right here, and thanks.

Michael: Hey, it was enjoyable. And I like instructing individuals and, Katie, you and your loved ones are superior. Thanks a lot for having me on.

Katie: And as I say, and it was reiterated on this episode, I mentioned this each time, thanks for listening, for sharing your Most worthy asset, your time, your power with us immediately. We’re each so grateful that you just had been right here, and I hope that you’ll be a part of me once more on the subsequent episode of the “Wellness Mama” podcast.

In case you’re having fun with these interviews, would you please take two minutes to go away a score or overview on iTunes for me? Doing this helps extra individuals to seek out the podcast, which implies much more mothers and households may benefit from the knowledge. I actually recognize your time, and thanks as at all times for listening.


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