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Katie: Howdy, 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 top. This episode deviates from the bodily points of well being, however into one other space that can also be essential, 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 feel this final 12 months has made that much more acute for lots of people. And I believed it was vital to start out a dialog round this subject.

I’m right here with Michael Stevens who runs And he’s been one in all my factors of contact for determining a few of these methods myself. And I needed to share them with you guys right this moment. We go into from very primary 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 children can usually use from a younger age that result in long-term wealth. He breaks down a few of his most used methods together with his purchasers and likewise offers some suggestions for constructing a powerful basis for lifelong monetary well being together with your children. Like I mentioned, undoubtedly a unique subject, however I feel a vital 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 an entire lot of subjects associated to well being and wellness. And once we take 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 quite a bit on right here as a result of it has a cascade impact into each space of our life. However I feel 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 monetary wellness. And I believed it could be actually related and vital to, type of, delve into this space, particularly from the main target 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 carry you on. I do know this can be a massive subject and there’s a variety of completely different instructions we’re gonna go. However to start out us off broad, are you able to simply, type of, give us an outline of the work that you just do on the subject of monetary wellness and preparedness?

Michael: Yeah, completely. And thanks a lot for having me on as a visitor. Katie, I do know that a variety of your listeners, such as you mentioned, are into the bodily points of well being and wellness. However once more, like what you have been saying, the monetary side of well being and wellness is so vital. So, what we actually give attention to at my agency, Capital Wealth Advisors, is giving folks peace of thoughts and readability with their funds. And I at all times inform folks that we don’t work for Wall Road. We work for our shopper’s greatest curiosity. And that’s actually vital. I’d say, at the beginning, as an advisor, it’s important 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 occurring in your life versus somebody that, you realize, they’re invested in ensuring that you just succeed. So a variety of what we find yourself doing is issues from a complete standpoint to offer folks monetary peace and wellness of their life in order that they will benefit from the issues with household and mates, and simply the objectives that they wanna obtain of their life.

Katie: Yeah, that’s so vital. 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, type of, journey during the last 15 years of being married and having children, within the very starting, funds have been so tight that it was simply actually 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 little bit bit to have the ability to be actually sensible with these assets and work out tips on how 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 take a look at? Clearly, I’m positive individuals are beginning in a variety of completely different locations. However what do you begin by ?

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

Katie: Completely. And that’s one other nice corollary with well being as properly is, you realize, like, any type of coaching or getting wholesome, the perfect time to start out is a very very long time in the past. The second-best time is true now. And people issues construct over time slowly that generally you don’t even discover, till sooner or later it’s a very profound change. And also you talked about working extra with folks 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 getting ready much less and fewer, not even simply saving much less and fewer from a financial perspective, however getting ready much less and fewer for that. And it virtually looks as if what we used to consider as the concept of retirement has morphed as properly. Like, we don’t see folks sometimes as usually working for a similar firm and having simply retirement advantages that completely present for them as they grow old. Is that what you’re discovering as properly?

Michael: Yeah, completely. And I feel a variety of it has to do with the way in which our society is turning into. Beforehand, you realize, our grandparents, they weren’t into immediate gratification as a lot as we at the moment are with having the ability to scroll on Fb or Instagram and, type of, get an endorphin hit, simply from what we’d like proper now. You possibly can watch, you realize, video on demand with Netflix., and so forth. However the entire thing is, is that I’d inform folks 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 you must be devoted and say, “Look, I’ve a aim that I wanna retire.” And truthfully, 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. When 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 instantly simply because I need it,” you’re gonna discover that you just’re gonna save much more cash.

And whereas it’s, you realize, at all times enjoyable to maintain up with the Joneses, there is a component of stress that comes together with that. And, you realize, I’ve seen folks which are among the most happiest folks of their life, they dwell a really modest way of life, they usually get pleasure from their time with their household and mates however they don’t have issues like debt hanging over them. And that’s actually annoying for lots of people. So, I’d simply recommend to anybody listening, in case you haven’t already began, simply have a disciplined plan. And it doesn’t imply that it’s important to dwell on any, type of, funds 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 properly. 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 while you’re blessing the lives of different folks as a result of actually, that’s what cash is. Cash is a software, and you need to use cash to amplify your self. And in case you’re an excellent 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 individuals can begin to find out about and begin to prioritize once they get to the purpose of getting, hopefully, money owed paid off, issues like that? Is there, like, a triage that you just work via with folks once they are available and determining the highest priorities and the place these assets could 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 take a look at for folks. One is charges. Charges matter. And I hope that every one the listeners listening to it will at all times keep in mind this analogy. However charges are like working into the wind with a parachute on. It’s gonna actually sluggish you again. And if you consider it, when anybody goes all the way down to, you realize, like Las Vegas or one thing, you have got all these stunning casinos. Clearly, they’re constructed due to what folks have misplaced. Financially, these casinos are constructed up they usually’re actually fairly. The identical goes for Wall Road. You recognize, Wall Road have these stunning ivory towers. You recognize, while you stroll in, there’s, you realize, marble, and granite, and stuff all over. That’s due to charges. So, we attempt to encourage folks simply to grasp first, what are the charges that they’re paying of their monetary points of their funding life? And in case you don’t know what your charges are, then attain out to your advisor. And in case you don’t have an advisor, begin doing a little bit 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 folks is taxes. And folks at all times take a look at me sideways after I discuss taxes. And right here’s the rationale why it’s so vital to grasp about taxes while 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, consider it or not, taxes are on sale. When you go all the way in which again to 1913, that’s when taxes started in the USA. 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 films per 12 months. The rationale why he solely made two films 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 films, he was in a 94% tax bracket on something that he would earn over $200,000. So for, you realize, widespread sense functions, he wouldn’t work something after these two films have been made and he would simply trip 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, you realize, the highest tax bracket is 35%. And once more, while 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, you realize, what’s actually vital about this, and I do know that I’m in all probability throwing quite a bit on the listeners all of sudden, and hopefully, they’re taking notes, and going again and listening to this part once more as a result of that is type of an vital level, the federal deficit proper now, Katie, as we’re speaking in March, is $28 trillion. And to place that into perspective, in case 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 bundle. Individuals must pay for that.

So, while 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 important to pay taxes later in life, you would possibly contemplate doing a Roth contribution. And that’s tax-free cash. So taxes are on sale. After which the final and I feel a very powerful factor, and we’ll dive extra into this a little bit bit, however you must have a written earnings plan. And cash is a kind 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 incredible man, he took care of taxes, investments, insurance coverage, the whole lot 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 one in all us will get sick sooner or later or each of us that we’re gonna be okay.

You recognize, if I have been to be sitting on a aircraft proper now going to Hawaii, and the pilot comes on and he says, “You recognize 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 positive 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 figuring out 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, type 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 take a look at historical past, are the percentages that taxes are going to go up or down? And up appears extra possible. And I feel Roths are an excellent possibility. For anyone who’s not conversant in that, are you able to stroll us via what a Roth is and the way they work? As a result of I do know that additionally some folks 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, type of, the widespread 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 meaning is that while you go and also you see your CPA, and your CPA, bless their coronary heart, says, “Hey, you wanna get monetary savings 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 could be much more.”

So, lots of people don’t notice that there’s one thing referred to as a Roth IRA. And in case you’re working, your employer might have what’s referred to as a Roth 401(ok). And what meaning 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 would be able to 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 would 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 take a look at the nationwide deficit, a number of issues are gonna must occur for the deficit to come back down. One, both the federal government’s gonna must 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 admire you working exhausting. We’re simply gonna improve taxes and take extra of your retirement cash in your tax-deferred facet.” However after 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 you must purchase one thing, and that merchandise is on sale, that in all probability is sensible at an excellent level to truly purchase it whereas they’re on sale. Katie, I do wanna point out, nearly generally folks 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 in case 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. In case you are over the age of fifty, you’re allowed to do an additional $1,000 contribution catch-up. So that you and your partner might do $7,000 per individual per 12 months. Nevertheless, something that’s good for the IRS, they sometimes restrict us. So, there are guidelines and also you wanna undoubtedly discuss to a CPA or an accountant and just remember to’re eligible.

However in case you’re incomes an excessive amount of cash, the IRS says, “Hey, sorry, you’re doing too properly in life. We’re not gonna allow you to put your cash into tax-free.” There are some autos on the facet that in case your listeners wanna attain out, we might discuss however there are tax-free options. However going again to that Roth IRA, in case 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 could be eligible to do what’s referred to as a Roth conversion. And that’s a little bit identified factor that lots of people don’t notice is that in case you say, “Hey, that’s me. I’ve put a variety of my cash right into a tax-deferred account, and I really feel like taxes would possibly go up, how do I hold extra of what’s mine?” Nicely, that you might 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 feel one other level right here that’s attention-grabbing to speak about, I do know there’s gonna be complexities. And the reply is totally gonna be that individuals must have private recommendation on this. However what we discovered in addition to there are methods to, as your children grow old, construction a few of these issues for them, particularly on the subject of a Roth. When you personal a enterprise, as an example, or have sure forms of work preparations, they will contribute to a Roth as properly. I do know you realize this world higher. However are you able to, type 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 important to have what’s referred to as earned earnings. And in case your partner works and also you don’t, and also you’re beneath the IRS high-risk threshold, then congratulations, you’re eligible to do a Roth IRA. Nevertheless, you realize, most of our kids who’re younger nonetheless that aren’t working a job, they’re not incomes, you realize, earned earnings, they wanna have the ability to say…Excuse me, I ought to say that a variety of our purchasers, they wanna educate their children in regards to the energy of compound curiosity and saving for retirement. So, we use some completely different different autos to Roth IRA. Personally, I exploit what’s referred to as an overfunded index common life coverage. And I do know that I’m giving your viewers a variety of, type of, in-depth info that could be a little bit bit exhausting to digest. And that’s okay as a result of this monetary stuff could be difficult, but it surely can be actually clear in case you simply take your time.

Let me clarify to you why I exploit an overfunded index common life coverage. Once 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 kind of investments that it might truly be actually unhealthy so that you can do if it’s not correctly structured or the flip facet of the coin, if one thing is correctly structured, it may be completely superior. So that you at all times must just remember to’re working with a fiduciary and somebody that basically understands tips on how to construction these correctly since you wouldn’t wanna do one thing after which discover out that it was the worst mistake potential to make.

However what will we do for our youngsters 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. In order that they don’t have earned earnings. And my spouse and I actually wanna give our youngsters 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 while you get children occurring this and beginning at an early age, that basically helps them perceive.

The entire thing in regards to the life insurance coverage is that it’s tax-free, identical to the Roth IRA. And, you realize, 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 potential 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, type of, phase-outs or restrictions like a Roth IRA does. So the IRS says, “Okay. When you’re gonna do that, then we’ll permit you to try this.” However once more, it’s a little bit little bit of a posh state of affairs however perceive that even in case you don’t have earned earnings, or in case 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 little bit bit extra advanced, seek the advice of your individual accountant, however for us, like, proudly owning sure companies and the children 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 be sure you observe the foundations in case your children…

Michael: Yeah, that’s the bottom line is observe the foundations, discuss 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 plenty. As a result of a variety of occasions, simply going a little bit 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 this can be a retirement automobile, there’s penalties in case you wanna take it out early however there’s additionally I consider, like, some exceptions to that. And from my analysis as properly, like, generally it’s price doing in case you’re in a position to make investments via a Roth as a result of the penalty can generally be lower than, like, long-term capital good points, as an example. So, like, I’ve type of needed to weigh these issues. However are you able to give us an outline of that?

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

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

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, discuss to a CPA and simply guarantee that it’s best for you. However there are issues like monetary hardship, or in case you’re utilizing the cash to go to high school, or for the primary time residence buy in your life, you might truly take cash out of your Roth IRA sooner than 59-and-a-half and never incur any type of IRS penalty for doing that.

Katie: Bought it. Okay. So now, stroll us via a little bit 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 facet, primarily as an funding automobile, as properly and, type of, simply among the pointers that go together with that.

Michael: Sounds good. So, there’s a very good e book by Tony Robbins, and it’s referred to as “MONEY Grasp the Recreation.” And it’s an enormous e book, by the way in which, and a very satisfying learn too. And that’s the factor that I wanna simply, you realize, inform the listeners right here, don’t be intimidated by these items. Simply begin sluggish and begin studying. It’s like the rest. However Tony does a very good job about writing the place it’s very easy to grasp. Nevertheless it’s I feel 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 mates.” Now, I feel that Tony Robbins might be a reasonably rich man so when he says a few of his wealthiest mates, there are tax methods. And that’s the one factor that, you realize, once more, folks have to understand 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 while you return to realizing that taxes are on sale, you wanna get as a lot of your cash into tax-free autos because it is sensible for you. That’s precisely what rich individuals are doing as properly.

So, how the life insurance coverage idea works, and once more, I at all times wanna encourage folks to simply discuss to somebody who understands this idea very well. However in case you do a correctly structured life insurance coverage coverage for a part of your retirement plan, it may be top-of-the-line choices that you just made. And right here’s why. One, while 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 have 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 instantly with none type 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’s truly no early withdrawal penalty. The best way the insurance coverage firms, type of, get round this, is that they do what’s referred to as a mortgage. And this is the reason I used to be saying to the listeners that life insurance coverage could be tweaked the perfect curiosity for the shopper or the perfect curiosity for the insurance coverage agent doing the coverage. You at all times need it to be in your facet however what a variety of insurance coverage folks neglect to say, and I’m giving them the good thing about the doubt there, is that while you take cash out of a life insurance coverage account, they’re not all created equal. Some firms have what’s referred to as a mortgage provision or a mortgage payment, which implies that, yeah, you’re gonna get that cash out of the life insurance coverage completely tax-free identical to the Roth IRA, however in case you don’t take it out with the suitable firm, then the fallacious firm can cost you anyplace from 3% to eight% per 12 months mortgage curiosity in your cash.

There are a variety of actually good firms 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 varsity or we wanna faucet into it for, you realize, some household occasion, or simply to make use of for our retirement in some unspecified time in the future down sooner or later that’s tax-free earnings, anytime that we wanna take cash out of that account, if now we have a 0% mortgage provision, what meaning is that we’re not gonna pay any cash in taxes and we’re not gonna pay any charges. The insurance coverage firm is mainly simply loaning our a refund to us at a assured 0%. And that makes an enormous deal.

One different factor too, Katie, that your listeners could be focused on with the life insurance coverage if it’s correctly structured, you don’t must disclose money worth life insurance coverage on FAFSA kinds. So anytime that your children going via faculty they usually’re filling out a FAFSA type to have the ability to get a grant, that doesn’t, by legislation, must be disclosed. And the unlucky factor is that we don’t need our youngsters who’re working exhausting in class to not be eligible to get these grants simply because mother and pop make, you realize, respectable cash of their life. Youngsters must be rewarded primarily based on the efforts that they’re placing in. So, I might 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 once they’re correctly structured as a result of I feel it’s, you realize, mixed with a Roth IRA, top-of-the-line 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 this stuff. And such as you talked about about doing this to your children, even once they’re younger, and it being a lot cheaper when they’re younger, after which it will possibly construct for his or her entire life. So it’s such a bonus for them. And I feel that brings a very vital level as properly that’s actually gonna resonate with lots of people listening. And that’s, like, on the subject of all of this, for many people studying this as adults and being cognizant of wanting to have the ability to go on not simply, like, funds, by way of cash and an excellent future to our youngsters, however the expertise and methods to have long-term monetary wellness themselves once they depart residence.

And I do know this can be a actually vital space for you as properly and that you just and your spouse are very intentional in the way you educate your children about this and the conversations you have got surrounding cash. I feel that is additionally in all probability a troublesome level to speak about for lots of households or possibly mother and father don’t actually know tips on how to, type of, begin these conversations, or tips on how to begin instructing these expertise to our youngsters. And I do know it’s actually vital to you. So, what are among the suggestions you’d give to oldsters as they’re studying this themselves to assist their children be taught and have that sturdy, strong monetary basis as properly?

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 try this. However the entire thing about being a dad or mum, you realize, and as of late, it’s so exhausting to speak to our youngsters about sure issues, cash being one in all them. However you realize what? In class, they don’t discuss to folks about this. I sit on the board of administrators for Junior Achievement of Utah. That’s the place we’re situated. And Junior Achievement is superior as a result of it mainly goes into these colleges and it teaches children nearly cash and teaches them about, you realize, they will work exhausting and turn out to be something they need in life. Youngsters don’t have alternative in class on a regular basis, like what Junior Achievement is making an attempt to carry consciousness to. So it’s our job is the mother and father to show.

Now, right here’s the deal. I don’t must be a world-class, you realize, bicycle owner to have the ability to soar on a motorbike and attempt to educate my children. So, if funds appear formidable to you, then be taught a little bit bit your self after which educate your children. And children are fairly…you realize, they soak up this, type of, stuff. And I feel they’re gonna watch, you realize, in case you say, “Hey, the rationale why we’re placing cash into this household trip jar is as a result of we wanna get monetary savings or, you realize, 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 little bit 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 a lot better for you.”

So, I assume my recommendation can be, you realize, you don’t must be a professional to show somebody and even simply have that dialog. Make it a household occasion the place you’re studying about this, type of, stuff collectively. Possibly simply, you realize, honesty isn’t at all times the perfect coverage. So in case you’re that individual the place you don’t know a lot about funds, have a household assembly and say, “Hey, guys, you realize 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 children, hold 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, you realize, 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 little bit bit offline as properly. However you’re proper, faculty is just not instructing a variety of these foundational expertise. And a variety of listeners have heard me say on right here, you realize, colleges not essentially instructing a variety of foundational life expertise. These are issues that we as mother and father nonetheless must be very conscious and cognizant of. And people conversations can occur…Youngsters can perceive a lot from such a younger age. And simply in our household with our bent in direction of entrepreneurship, we type of work the whole lot via that type of a mindset. However I feel no matter your investing technique is, no matter this stuff that you just’re gonna do, it’s an excellent alternative to show your children as you go. Such as you mentioned, you don’t must be good at it to have the ability to begin instructing them, however even simply to offer 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 feel that, you realize, lots of people will say, “Nicely, I don’t, you realize, need my child to give attention to cash.” And I’d agree with that. However once more, I made a remark, you realize, in direction of the start of our present right here is that cash is a software, and you’ll actually do good issues and assist folks with it. And in case you educate your children that, you say, “Look, I’m not making an attempt to earn cash as a result of I wanna be the wealthiest individual on the planet. I need to use cash to have the ability to bless the lives of different folks.” And I had talked about about doing, like, charitable issues. The happiest folks in life are the folks which are in a position to give away and provides their time or, you realize, monetary assets to lifting different folks. There’s an outdated saying, “A rising tide lifts all boats.” And I completely consider that.

So, as we’re speaking to our youngsters, and even for us, proper, as we’re on this quest to earn extra money in life, ask your self, “Why will we need to earn extra money?” There at all times needs to be a why. And the why must be, “Hey, I wanna have monetary peace and safety. I don’t wanna be wired in my life. I don’t wanna fear about tips on how to, you realize, make ends meet as a result of I went out and acquired a ship or a facet by facet and it was a frivolous buy that I can’t afford.” Study your self the why and likewise educate your children the why. And, you realize, going again to that factor, in case you’re not a pleasant individual, cash is a magnifier. It’s gonna amplify you to a good not nicer individual. And that’s simply gonna trigger emotional turmoil and stress in your life. However in case you can view cash as a software and also you view it as I may also help folks, I can bless the lives of different folks, I really feel like accumulating wealth will likely be a lot extra aligned from a bodily, and emotional, non secular standpoint than simply attempt to turn out to be the wealthiest individual there’s.

Katie: I fully agree and echo that. After which not solely are we not requiring assets from society to care for ourselves but additionally, like, you mentioned, now we have the flexibility to assist others, which is actually, a very enjoyable motivator for me, as properly. And I feel you’ve made such an excellent 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 a variety of these areas, as I be taught. And for anyone listening, who possibly these are new subjects to you, they usually wanna actually begin getting concerned, what does an optimum situation appear like? If somebody does have some earnings to place into a few of these completely different autos, I’m curious, like, what would you say is simply…? I’m positive there’s, in fact, variation from household to household, however what can be some good overarching locations to start out? And in addition, in case you’re keen to share, what do you do personally?

Michael: Oh, yeah, I’m at all times keen to share. Transparency, I feel, is de facto key with all of the purchasers that we work with. So, once more, simply, you realize, as a enterprise proprietor, like your self, a variety of my enterprise, I put…excuse me, my development that occurs financially in my life, I reinvest again into our firm. You recognize, right here’s a little bit…Okay. And all of your listeners, Katie, they’ve to vow, I’m gonna share a secret proper now, they will’t exit and ever repeat that I mentioned this. However right here it goes. I can’t management the inventory market and neither can some other advisor that I do know. I really feel so a lot better by saying that. And no, I’m simply joking. However the motive 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, contemplate taking a hybrid strategy, placing a few of your cash into secure autos 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 little bit little bit of an up and down and have a little bit little bit of a curler coaster.

However the place lots of people get freaked out in regards to the inventory market is that they go, “All proper, properly, I don’t wanna put my cash in right here to look at one thing like 2008 occur once more the place I lose, you realize, 40% of my retirement, like, at a very quick timeframe.” Truly, in case 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 in case 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 folks. And, you realize, this is without doubt one of the triggers why folks 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, you realize, for me, a variety of our retirement nest egg is in that tax-free automobile that I used to be speaking to you about, the Roth IRA. We have now a Roth 401(ok) at my work that I contribute to as properly. And I additionally put a variety of my very own private cash into the overfunded common life insurance policies. But in addition, after I put cash into my enterprise, that’s me investing in myself. And in some unspecified time in the future, you realize, down the street, my enterprise will likely be price one thing that I can promote. In order that’s the way in which I take a look at my, you realize, portion of my retirement nest egg. However, you realize, 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 strive promoting right here,” or, “Hey, let’s strive, you realize, this monetary piece of software program.” And generally you discover out, oh, shoot, that software program wasn’t nearly as good as what we thought or, hey, you realize, we have been promoting right here, and it wasn’t actually a great place. I imply, we go right into a calculated and we do the perfect we are able to, however the entire level is, is you may’t management the whole lot.

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 in case you’re doing issues persistently, you’re gonna work out what works. Now, one different factor too, Katie, that goes with out saying but it surely’s actually vital is just not all advisors are created equal. And that may be a actually, actually vital level. And what I imply by that’s that your advisor needs to be a fiduciary and that may 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 meaning 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 try this.

And when your advisor is a fiduciary, then in the event that they’re not providing you with good recommendation, then there’s some severe repercussions that may include that. There might be fines, there might be lack of license, or there might be jail time. And the unhappy factor is that everybody that’s on this business that’s coping with somebody’s life financial savings must be a fiduciary. And there’s no legislation at the moment that claims that. So, do some little bit of homework. And in case you’re, you realize, 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 put money into myself, put money into our firm, to strive some new issues. However, you realize, the flip facet of the coin is, “Hey, I don’t wanna put the whole lot in danger.” Once we have 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 have got some assets in your web site for folks 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 some other assets you’d suggest to folks to continue to learn about this?

Michael: You recognize, that’s a tough factor as a result of the web is stuffed with opinions. I feel 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, you realize, we carry folks on, like I mentioned, which are nearing retirement or at the moment in retirement. However there are folks that we work with that say, “Mike, I’ve no clue the place to start.” And what we actually, type of, geek out on and take delight on is saying, “All proper, let’s create this plan for you and present you ways in case you’re doing XYZ the way it could make a giant distinction.” As a result of for lots of people, even these which are nearing or proper about to cross the end line for retirement, lots of people don’t notice, “Hey, I’ve gained the monetary recreation.”

And it’s, type of, like going round a working observe the place you’re working and working and working, and also you’re like, “The place’s the end line?” And when you have got a plan and somebody, type of, takes the whole lot that you just’ve carried out, and brings all of it collectively, and also you’re saying, “Hey you realize what? You possibly can truly retire.” Boy, the peace of thoughts that individuals have, you realize, we get folks that 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 the perfect sleep of my life.” And what I’m telling any listeners is that, you realize, that could be a good distance out for you. That must be your aim. That must 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 optimistic means. And that’s a e book by an writer named Clayton Christensen. And the e book is known as “How Will You Measure Your Life?” And the rationale 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 type of, like, the backdrop, he would problem his graduating college students with three easy questions to look at, measure, and enhance all points of their life.

Query primary that he would ask them is, you realize, 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 youngsters, and my prolonged household, shut mates, and so forth. can turn out to be an everlasting supply of happiness of their life?” And the third factor, he says, “How can I ensure that I dwell 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, now we have these, you realize, jails, emotionally, bodily, and mentally. You recognize, in case you don’t train and eat poor meals, you’re mainly placing your physique in jail or in case 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 facet observe, I feel there’s a man whose title was Jeff Skilling, he was with Enron, and I feel 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 number of causes. One, clearly, discovering happiness in your life is one thing that everybody is trying ahead to. You recognize, he talks about it in his e book. And that’s, type of, the place I’ve been expounding on that concept is that cash is just not the foundation reason for unhappiness, but it surely turns into an issue when it supersedes the whole lot else. So, with that being mentioned, one of many issues that’s essentially the most impacting second of my lifetime of studying this e book is when he talks about household. And, you realize, Katie, this goes into what we have been speaking a couple of second in the past, nearly instructing our youngsters. Clayton Christensen, he actually emphasizes that our position as mother and father is to organize our kids for the longer term. And actually, that the tragedy of right this moment’s tradition is that we’re outsourcing parenting to different folks, like kinfolk, or nannies, and even the colleges or extracurricular actions.

And we’ve actually overlooked the significance of our time, which is de facto 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 vital in your life. And, you realize, 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 suitable choices as a result of it has a compounding impact identical to cash does, proper. Once we do one thing simply this one time as a result of the marginal value 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 practice?” Or, “Geez, you realize, there’s all these points, proper, to creating good decisions.” So, that may 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 properly so that you guys can discover it. And I feel that recommendation is so vital too, and ties into the retirement dialog as a result of I hear so usually folks assume that like, “Oh, I’m gonna do this stuff after I retire.” And so they’re spending all of their time doing different issues now. And I feel this final 12 months particularly has given some folks much more time freedom, or no less than location freedom on the subject of work as a result of issues have shifted a lot. However both means, I feel 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 dwell points of the life we wanna dwell.

And in reality, I feel we’re happier, and more healthy, and contribute higher to different folks into society once we’re in a position to work these issues in no matter means we are able to now. It’s one thing I’ve encouraging my children via entrepreneurship as properly is like, actually, there are occasions once we’re gonna simply immediately commerce our time for cash however that point can also be a facet of freedom. So to no matter diploma that you would be able to actually defend your time and who you spend it with, that’s actually a very helpful asset. And cash could be made extra however time can’t.

Michael: That’s proper. And once more, I really feel like a very powerful issues in our life are the issues that, you realize, can’t be measured, like the dimensions of a checking account. It’s the flexibility to like, to snort, to cry, to forgive, to have household relationships, and simply to actually embrace the great that you’ve in your life. As a result of, you realize, Katie, the world is a reasonably risky place proper now, from a political standpoint or simply what’s occurring with even the inventory market. There’s a variety of uncertainty and it will possibly create anxiousness, however there’s a variety of good. And I actually really feel like if we give attention to the great and we take time to have gratitude and mirror on the issues that’s vital 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 prepare them to be blissful and profitable and to be, you realize, leaders and doers of excellent?” And that’s actually what it’s, is start with the top 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, pertaining to that concept of, type of, that long-term pondering and likewise inversion and determining tips on how to remedy issues as a long-term equation. Excellent recommendation, and particularly on the subject of 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 this stuff and educate our youngsters about this stuff, the extra time freedom and the extra all of this stuff compound later in life. I do know…I discussed I’ll put your web site within the present notes for folks to seek out you in the event that they wanna get in contact. However are you able to additionally simply tell us anyplace they will discover you on-line or one of the simplest ways to attach?

Michael: Yeah, sounds good. So our firm is Capital Wealth Advisors in Lehi, Utah. There may be for some motive a few different Capital Wealth Advisors, however that’s not us. So the perfect factor you might do is in case you wanna get in contact and in case you acquired some questions, I’m more than pleased to level you in the suitable course 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 admire you placing all that within the notes. We have now the nicest workers on the planet. So, if this can be a daunting factor for you, in case you’re new, simply getting began and also you want some good recommendation, you’re gonna be greeted by the warmest, nicest folks on the planet as a result of our workers solely works with good folks as a result of they’re good folks. Give us a name. We may give you some course. Even when we don’t work collectively, we’re at all times blissful to pay it ahead and begin folks out on the suitable foot.

Katie: Superb. I’ll once more put these within the present notes at For any of you guys listening when you are driving or exercising, you could find the entire issues we’ve talked about there. And I’ll hyperlink to these books you’ve talked about as properly. 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 admire on a private degree you serving to me be taught all of these things, and particularly your time right here right this moment and sharing with everybody else. I’m very grateful that you just have been right here, and thanks.

Michael: Hey, it was enjoyable. And I like instructing folks 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 vitality with us right this moment. We’re each so grateful that you just have been right here, and I hope that you’ll be a part of me once more on the following episode of the “Wellness Mama” podcast.

When you’re having fun with these interviews, would you please take two minutes to depart a score or evaluation on iTunes for me? Doing this helps extra folks to seek out the podcast, which suggests much more mothers and households may benefit from the data. I actually admire your time, and thanks as at all times for listening.