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Will I have more money than life or more life than money?
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Oct 25, 2017
Check out all of the shows here: https://thelittlewhitelie.com/lwl-live/ I'm getting older: Will I have more money than life or more life than money? We tackle this topic on our next #LittleWhiteLie with special guest Legacy Creator Kim Harris. Join the conversation #LWL My Direct Links, Programs & Equipment I use for my Shows & Promotion: BeLive: http://bit.ly/3p7E0DB Get Your Book In Front Of Thousands of Potential Buyers! https://bit.ly/2HJ38Qu Logitech HD Pro Webcam: https://amzn.to/362BuXP Wired Earbuds with Microphone: http://amzn.to/3p1pmOi Lavalier Lapel Microphone: http://amzn.to/3p9EFVo Blue Yeti USB Mic: https://amzn.to/395hExi ATR2100-USB Cardioid Dynamic Microphone: http://amzn.to/3qzEy5A LED Video Light Kit: http://amzn.to/360Qg1w Neewer Ring Light Kit: http://amzn.to/392bON2 (Some links on this video page may be affiliate links that can result in small commissions & help support the channel, they DO NOT cause you to pay any extra money for an item)
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0:00
welcome to the little white lie digital
0:03
network with Karen Glasser the little
0:05
white lie is all about the lies we tell
0:07
ourselves about getting older and how to
0:10
love the age you're in hello every one
0:14
caring Glasser here and welcome to the
0:16
little white lie this is promising to be
0:18
a great show today
0:20
I love the topic before we jumped into
0:23
that though if you're here on replay I'm
0:26
thrilled you're here on replay put your
0:28
put your comments down below because
0:30
we're gonna come back in and we're going
0:32
to be here as I like to say aughh
0:33
nauseam forever and ever and ever so go
0:36
ahead and make your comments and we will
0:37
make sure to reply and because we love
0:41
to have this out there to everyone if
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you're so inclined please share looked
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out on your mobile device or your tablet
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or your desktop laptop whatever you're
0:50
watching on it click that share button
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send it on out there I will be thrilled
0:55
and love you forever hello Joey Garrity
0:58
nice to see you on the show and hello
1:00
Mary Jo you guys are awesome for just
1:03
coming in as quite quickly as you did
1:04
and as I like to do every single show
1:07
I'm gonna go ahead and do the reveal I'm
1:08
just going to drop my head for a second
1:13
and there you go so if you have not yet
1:19
discovered the little white light
1:20
digital magazine well why not why not go
1:23
ahead and check it out you can just go
1:25
to bitly and I'll make sure to put the
1:27
link down below in the comments as well
1:29
LW L capital digital capital magazine
1:33
alrighty so today the question is very
1:37
very interesting it's the first time
1:39
that we've actually tackled this today
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and it's all about money and I know that
1:43
money can be one of those things that we
1:45
they love to talk about or don't love to
1:47
talk about and the question is or the
1:49
topic is I'm getting older will I have
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more money than life or more life than
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money don't you just love that topic I
1:58
personally would like to have more life
2:00
but I think we need money to go along
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with that and we'll find out what our
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special guest today has to say and who
2:06
better to talk about this then the
2:08
amazing
2:09
Kim Harris amazing Kim Harris she
2:13
her skills and knowledge and talents
2:15
with more than 20 plus years of
2:16
experience in the corporate world and
2:18
also in the non profit sectors and she
2:21
has established a reputation as the
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legacy creator loved that title by
2:25
empowering her clients to become
2:27
financially capable so that they can
2:29
live remarkably remarkably how cool is
2:32
that
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so we want them to live remarkably so
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without further ado I'm gonna go ahead
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and bring in our special guest hello Tim
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how are you
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I am remarkable I love that that's
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awesome
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you are awesome I'm just so excited to
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have you on the show and we and we're
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gonna tackle that question but I always
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like to ask my guests before we just
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jump in what is your little white lie
2:57
give us a heads up oh that's a desert
3:01
that was a tough one Karen that bet my
3:03
little white lie is I have a shoe fetish
3:08
and yeah and and it's it's yeah it's
3:14
kind of bad but but that's my little
3:16
white lie and I kind of keep it under
3:18
wraps but what I did was I I learned how
3:21
to justify it and so what I do is now
3:26
instead of buying a pair two pair three
3:29
pair of four pairs sometimes even five
3:30
pair of shoes at a time I if I'm going
3:33
to do that I donate five pairs of shoes
3:37
I love them that's awesome Jill has that
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changed as you've gotten older I'm
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curious no she always so no nope yeah
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the shoe thing will always be the thing
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I totally resonate with that I'm a shoe
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girl myself but I have noticed that my
3:58
shoe thing my little white lie shoe
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thing has got is different than it used
4:02
to be I used to be about the high heels
4:04
you know the five-inch heels and then I
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realized you know it hurts my feet oh I
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know it's kind of you know past that
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whole that whole thing yeah yeah it's
4:15
been the same so okay so thank you for
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sharing and being vulnerable about that
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let's get stumped into the question so
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you know we're all getting older no
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matter what age we are we
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today we get older so are we gonna have
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more money than life are we gonna have
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more life than money let's just jump yes
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the it's a decision you know you make a
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decision Oscar Wilde once said when I
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was young I thought money was the most
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important thing now that I'm old I know
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that it is so the bottom line is this
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you know and when we were young we don't
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think about when we're going to be old
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and or and I want to really kind of
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dispel that term old because you know we
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know that we are rocking it in our 50s
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60s and 70s
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so Amen sister Amen how about that and
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so the problem is though that women are
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more less likely to be financially
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prepared because we are mostly dependent
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on our significant others a husband to
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provide for us and so we end up in this
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spot where okay if that doesn't work out
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then what do I do
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oh you know how am I going to survive if
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something happens and I don't have
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enough money to pay my mortgage to you
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know just be take care of the basics
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right and so the the average the average
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age of a woman today the the mortality
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table state that women are living beyond
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80 you know husbands where men are
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living like in their mid 70s or whatever
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and so if we're living at 80 and that's
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the mortality of the average then we
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have to see that there those outside of
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the average are living into their late
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80s latent or early 90s and like we were
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talking earlier Karen I don't want to
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work in my I don't want to work in my
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70s and 80s I don't want to be working
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to make ends meet and things like that
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so what do I do
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how do i how do I deal with that and I I
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came upon this challenge myself when I
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turned 52 at 52 I decided to leave
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corporate America totally I mean like
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just mix it all together and Wow Wow you
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know just
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say I'm done well when I did that I did
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not take into consideration that you
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know I'm 10 years away from being 62 and
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at 62 I should be looking at okay 65 I'm
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gonna be retiring so I had to really
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come up with an accelerated plan to
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build my reservoir my cash reservoir to
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live it because Social Security is
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probably we're probably the last
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generation that's going to get that if
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any and and we're talking about you know
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if even if I work part-time I and put
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that with my Social Security I'm still
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just kind of living at the lower means
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of things and so I'm thinking I don't
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have enough money for retirement
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now Harry that's a very scary very scary
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so I started talking to other women who
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were 50-plus and and found that this was
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a common thread that we were just not
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adequately prepared for our retirement
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years and since we are living longer we
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had to cut we have to come up with ways
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now to stock market after 2008 crash
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nobody trusts it at all I mean it's like
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okay well that's kind of shaky and iffy
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and one of the reasons I do what I do
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today is because of the information that
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I found out in my own experience about
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building wealth from the standpoint of
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not working for the money that my money
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was working for me right and so I
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started using tools there are different
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wealth creation tools that you can use
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to build that wealth and there are life
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insurance policies whole life insurance
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policies not term life insurance
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policies when your commission structure
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properly and I have to you know have to
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say this because it's not every whole
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life policy that provides these benefits
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certain whole life policies provide the
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benefit of cash reserve build-up that
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will protect you or money when it's
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growing in other words you're not taxed
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on it when it's growing
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you're not taxed on it when you access
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it and you
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not text on it when you pass it on to
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your heirs so the laws the tax laws see
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the trick of the the whole trick of this
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retirement gain money gained is learning
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how to shelter the money that you have
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from the taxman because even if you had
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a 401k plan with your job for twenty
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years when you retire the tax man cometh
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okay he's going to take his chunk of
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that even though it's your money because
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it's going to be considered taxable
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income free great now the the the the
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the idea is to come up with ways in
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which the tax laws will protect your
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money and there plenty of those I mean
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you know the wealthy use it every single
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day they use these laws every single day
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on every instance and so we have to find
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out what what it what are these laws
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that protect our money what instruments
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are there that are out there that
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protect our money right right so one
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month my first recommendation is to
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consider consider a whole life policy if
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you have not reached age 62 yet you are
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still good to go okay so if you haven't
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reached age 62 and I'm gonna tell you 62
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is that age where life insurance
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companies say okay well no she's a
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little bit closer to the mortality rate
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than we'd like and it's going to be
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harder for you to get insurance if
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you're at 62 but if you haven't reached
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62 and you're in pretty good health not
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any major issues you can get this whole
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life policy that structured properly to
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protect you bit of some cash revenue and
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you can withdraw that money as you need
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it okay I remember I another instrument
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that is used by the wealthy to build
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cash reserve and this is what I call a
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longevity plan this is like gold because
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at the end of the day you're thinking
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how am I gonna have money to last me
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until you know my demise I mean you have
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to think about that and an annuity there
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certain annuities and I will say certain
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annuities provide you with what is
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called consistent income now there are
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three types deferred immediate and
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variable these are fixed income
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annuities but you can get them
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disseminated in either of those three
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ways deferred is the best option and the
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reason is because if you're already at
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retirement age say 62 you're a 62 year
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old woman you don't have enough money to
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live off of an annuity payment upfront
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cash amount in your annuity and then
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taking the payments later right so
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you're 62 but you want to say yeah 50
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you know I want to make myself another
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10 years to work or 10 years to generate
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income and put it in the pool so you got
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10 years of your annuity building now
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when you take that money at 72 versus at
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62 then you're able to take a consistent
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annual income and so what I do with my
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clients is I I work out both scenarios
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I work out okay this is what a whole
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life policy is going to look like with
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your cash reserve after 10 to 15 years
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this is what your annuity payments are
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going to look like if you decide to take
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your payments after 10 years and
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oftentimes what we find is that the
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annuity payments are always always more
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always more and it's guaranteed income
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for the rest of your life no matter what
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your initial payment is for that you get
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guaranteed payments for the rest of your
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life
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Wow I mean this is this is like the
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secret sauce right secrets all oh yeah
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oh yeah and you know we talked before
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you came on you know my husband is
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retiring in a week yay and you know he's
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72 and he has to take actually hit our
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401 requires so you get to a certain age
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as you know when you're 71 in something
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you have to start taking you have to and
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the minimum from and if you're still
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actually working like he was you get
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taxed at that rate so you kind of you
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that's that is that a reason to retire
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before that kicks in so that you're not
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that tax rate no because you can use
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instruments that will protect you from
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the tax rate so for example if this is a
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401 K in a traditional IRA account then
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yeah you're gonna get hit with some
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heavy duty taxes if it's in a Roth IRA
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however this is after-tax money that is
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well the money that he contributed to
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his 401 K is being treated as a Roth IRA
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as after-tax and so it doesn't get taxed
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when he takes the distribution yeah so
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that's the that's the trick the trick is
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how do you use the tax laws to receive
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favorable tax treatment from the IRS and
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not get in trouble and get hit with all
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these incredibly high tax rates that you
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could possibly get hit with I'm sure
14:16
that our viewers and whether they're on
14:18
live or on the replay they're wondering
14:20
yeah how do we know how can we do this
14:22
so they're gonna want to get in touch
14:23
with you I know absolutely and and one
14:26
of the ways they can get in touch with
14:27
you is just go right over to your
14:28
website right I'm putting it right up on
14:29
the screen it says it actually is Kim
14:32
dash X I - legacy enterprise calm and
14:37
we'll make sure to put it in the
14:38
comments as well so you can click on it
14:40
and also because Kim is just an awesome
14:43
one implement and I want to thank you
14:44
for this if you would like a free
14:45
consultation with her go ahead and just
14:47
go to Kim Harris dot you can book got me
14:50
I love that you can book John Smith and
14:52
check it out you know I'm sure that our
14:56
viewers are very interested in this
14:59
topic some some of our viewers are
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already like you know I'm sixty I'm
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gonna be 61 some of our viewers are 60
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and above some of them in their 50s and
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their 40s and it's never too early to
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start thinking about this is it ever too
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late is it ever too late to start
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thinking no no it's not as long as
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you're living and breathing now the
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difference the only difference is the
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later you wait the less that your
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chances are that you'll have a
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substantial amount of money to withdraw
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but you will be able to withdraw some
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money you understand so it just depends
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like I said if you get to age 62 if
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you're looking at the whole
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policy that I'm talking about and having
15:37
a structure properly at age 62 then your
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chances of getting that are going to be
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a little slimmer and you're gonna pay a
15:43
steeper premium because of that but it's
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not too late it is not too late as long
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as you're living and breathing and in
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pretty decent health okay and have had
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no major issues great advice
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Kim thank you so much I have a family we
16:00
could go on for hours on this topic but
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but we're gonna let them just contact
16:05
you and get in touch with you and get us
16:07
four answers for that any last thoughts
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before we say goodbye well no I mean you
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know I just say continue to live
16:14
remarkably and make sure you have a
16:17
legacy worth leaving behind well thank
16:20
you I'm so appreciative and just really
16:22
honored that you had the time to sit
16:24
with us today on the little white lie
16:25
and I want to thank our viewers because
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we know that you have a choice as to how
16:29
to spend your time and Kim and I are
16:31
very very happy that you chose to spend
16:33
it with us
16:34
today so go out and give somebody an
16:36
awesome day and we'll see you next time
16:38
on the next episode of the little white
16:41
lie goodbye everyone
#Retirement & Pension
#Self-Help & Motivational
#Seniors & Retirement