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Katie: Hiya, 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 elements of well being, however into one other space that can also be crucial, and that’s monetary wellness and long-term monetary wellbeing as a result of statistically, monetary struggles are a significant supply of stress for many people and in addition a significant supply of relationship stress for a lot of {couples}. I believe this final yr has made that much more acute for lots of people. And I assumed it was necessary to begin a dialog round this matter.

I’m right here with Michael Stevens who runs And he’s been one in every of my factors of contact for determining a few of these methods myself. And I wished to share them with you guys right this moment. We go into from very fundamental stage issues like financial savings versus investing and what sort of methods to arrange for this after which additionally into some much less well-known, however tax helpful methods that you should 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 in addition offers some ideas for constructing a powerful basis for lifelong monetary well being together with your youngsters. Like I mentioned, positively a distinct matter, however I believe a vital one, particularly proper now. So, with out additional ado, let’s be 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 speak 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 take a look at the statistics, it looks like funds are literally a significant 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 an enormous supply of stress. And this previous yr has compounded that even for lots of people, and particularly for lots of households. And you’re the finest professional I do know within the space of economic wellness. And I assumed it will 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 carry you on. I do know it is a massive matter and there’s loads of totally different instructions we’re gonna go. However to begin us off broad, are you able to simply, form of, give us an outline of the work that you just do relating to monetary wellness and preparedness?

Michael: Yeah, completely. And thanks a lot for having me on as a visitor. Katie, I do know that loads of your listeners, such as you mentioned, are into the bodily elements of well being and wellness. However once more, like what you have been saying, the monetary facet of well being and wellness is so necessary. So, what we actually deal with at my agency, Capital Wealth Advisors, is giving folks peace of thoughts and readability with their funds. And I at all times inform those who we don’t work for Wall Avenue. We work for our consumer’s finest curiosity. And that’s actually necessary. I might say, in the beginning, as an advisor, it’s a must to be working with somebody who’s a fiduciary. And it’d be no totally different than going to a physician 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 loads of what we find yourself doing is issues from a complete standpoint to provide folks monetary peace and wellness of their life in order that they’ll benefit from the issues with household and pals, 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 take 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 youngsters, within the very starting, funds have 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 clever with these sources and determine how one can put them in locations that might result in progress and safety over time. So what are a few of these components that you just take a look at? Clearly, I’m positive persons are beginning in loads of totally different locations. However what do you begin by ?

Michael: Completely. You already know, 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, , in some unspecified time in the future in my life, I used to be simply starting as effectively too identical to you and your husband. And the actually necessary factor for folks to appreciate 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 loads of actually good sources to make use of to have the ability to plan your monetary future. You already know, there’s that previous 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 the event you begin small, and simply hold going and construct off that momentum, someday, you’re gonna look again and go, “Wow, I’m so glad that I began. I had no concept I might make that massive of a distinction.”

Katie: Completely. And that’s one other nice corollary with well being as effectively is, , like, any form of coaching or getting wholesome, the very best time to begin is a very very long time in the past. The second-best time is correct now. And people issues construct over time slowly that generally you don’t even discover, till someday 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 like because the generations have gone, persons 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 like what we used to think about as the thought of retirement has morphed as effectively. Like, we don’t see folks sometimes as usually working for a similar firm and having simply retirement advantages that absolutely present for them as they become older. Is that what you’re discovering as effectively?

Michael: Yeah, completely. And I believe loads of it has to do with the best way our society is changing into. Beforehand, , our grandparents, they weren’t into prompt gratification as a lot as we are actually with having the ability to scroll on Fb or Instagram and, form of, get an endorphin hit, simply from what we’d like proper now. You’ll be able to watch, , video on demand with Netflix., and so forth. However the entire thing is, is that I might 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 that you must be devoted and say, “Look, I’ve a aim 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. If you happen to 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 would like 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 folks which are a few of the most happiest folks of their life, they stay a really modest way of life, and so they take pleasure in their time with their household and pals however they don’t have issues like debt hanging over them. And that’s actually tense for lots of people. So, I might simply counsel to anybody listening, in the event 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, funds the place you’re consuming simply rice and beans, however do issues like pay your self first. I’m additionally an enormous proponent of charity as effectively. So, taking a few of your cash that you just’re incomes and paying it ahead, I discover that helps you be extra completely happy in life once you’re blessing the lives of different folks as a result of actually, that’s what cash is. Cash is a software, and you should use cash to enlarge your self. And in the event you’re particular person, 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 study 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 by way of with folks once they are available and determining the highest priorities and the place these sources might be finest 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 each one the listeners listening to this can 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 right down to, , like Las Vegas or one thing, you could have all these stunning casinos. Clearly, they’re constructed due to what folks have misplaced. Financially, these casinos are constructed up and so they’re actually fairly. The identical goes for Wall Avenue. You already know, Wall Avenue have these stunning ivory towers. You already know, once you stroll in, there’s, , marble, and granite, and stuff all over. That’s due to charges. So, we attempt to encourage folks simply to know first, what are the charges that they’re paying of their monetary elements of their funding life? And in the event you don’t know what your charges are, then attain out to your advisor. And in the event 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 subsequent 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 necessary to know about taxes once 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. If you happen to go all the best way 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 yr. The rationale why he solely made two films per yr 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, , widespread sense functions, he wouldn’t work something after these two films have been made and he would simply journey 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, once you return to what Ronald Reagan was paying when he was within the ’40s and ’50s on $200,000, which by the best way, 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 in all probability throwing loads on the listeners , 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, in the event 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 excellent on the cusp of including one other $2 trillion stimulus package deal. Folks should pay for that.

So, once 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 may think about 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 that 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 unbelievable man, he took care of taxes, investments, insurance coverage, every thing for my mother, and my two sisters, and myself. And once we misplaced my dad, tragically and unexpectedly when he was 49 years previous, 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 and so they 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 every of us will get sick sooner or later or each of us that we’re gonna be okay.

You already know, if I have been to be sitting on a aircraft proper now going to Hawaii, and the pilot comes on and he says, “You already know what? I’m excited, girls and gents, to fly you to Hawaii. It’s gentle winds and 87 levels. And this aircraft has a 42% chance of success of creating it to Hawaii.” I’m probably not positive that I might 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 understanding that that plan is gonna work out, that might really 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 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 believe Roths are an incredible choice. For anyone who’s not acquainted with that, are you able to stroll us by way of what a Roth is and the way they work? As a result of I do know that additionally some folks aren’t capable of 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 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 once 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 yr. Go forward and put cash into this 401(ok) or IRA, this tax-deferred bucket, and it’s gonna prevent cash.” Properly, what lots of people don’t perceive, and it was myself included earlier than I bought into the business, is that doesn’t imply that you just’re not paying taxes on that cash. It simply signifies 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 likely to be much more.”

So, lots of people don’t notice that there’s one thing known as a Roth IRA. And in the event you’re working, your employer could have what’s known 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 you can 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 should develop and develop and develop and by no means be taxed ever once more sooner or later. So why does that matter? Properly, once more, if we take a look at the nationwide deficit, a number of issues are gonna must occur for the deficit to return 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 respect you working laborious. We’re simply gonna improve 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 that you must purchase one thing, and that merchandise is on sale, that in all probability is smart at 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 really 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 the event you’re youthful than age 50, you’re allowed to place $6,000 per particular person, per yr 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 particular person per yr. 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 in the event you’re incomes an excessive amount of cash, the IRS says, “Hey, sorry, you’re doing too effectively in life. We’re not gonna allow you to put your cash into tax-free.” There are some autos on the aspect 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 the event 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 likely to be 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 in the event you say, “Hey, that’s me. I’ve put loads of my cash right into a tax-deferred account, and I really feel like taxes may go up, how do I hold extra of what’s mine?” Properly, that you would really 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 particular person has their very own magic tax quantity. You need to 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 totally gonna be that folks must have private recommendation on this. However what we discovered in addition to there are methods to, as your youngsters become older, construction a few of these issues for them, particularly relating to a Roth. If you happen to personal a enterprise, as an example, or have sure kinds of work preparations, they’ll contribute to a Roth as effectively. I do know this world higher. However are you able to, form of, give us that overview for these of us who’ve older youngsters 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 beneath the IRS high-risk threshold, then congratulations, you’re eligible to do a Roth IRA. Nonetheless, , most of our kids who’re younger nonetheless that aren’t working a job, they’re not incomes, , earned earnings, they wanna be capable of say…Excuse me, I ought to say that loads of our purchasers, they wanna educate their youngsters in regards to the energy of compound curiosity and saving for retirement. So, we use some totally different various autos to Roth IRA. Personally, I take advantage of what’s known as an overfunded index common life coverage. And I do know that I’m giving your viewers loads of, form of, in-depth data that is likely to be a bit of bit laborious to digest. And that’s okay as a result of this monetary stuff might be difficult, however it may also be actually clear in the event you simply take your time.

Let me clarify to you why I take advantage of 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 kind of investments that it might really 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 how one can 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 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. In order 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 amount of cash and it doesn’t should be an enormous amount of cash. However compounding curiosity makes an enormous distinction. And once you get youngsters happening this and beginning at an early age, that actually 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, , for me, I earn an excessive amount of that I can’t 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 best way 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, form of, phase-outs or restrictions like a Roth IRA does. So the IRS says, “Okay. If you happen to’re gonna do that, then we’ll help you do this.” However once more, it’s a bit of little bit of a posh state of affairs however perceive that even in the event you don’t have earned earnings, or in the event 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 various to a Roth IRA, there are alternatives for you.

Katie: Acquired it. That is smart. And I do know it’s, like I mentioned, a bit of bit extra complicated, seek the advice of your individual accountant, however for us, like, proudly owning sure companies and the children capable of work for us at totally different instances 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 youngsters…

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 plenty. As a result of loads of instances, simply going a bit of off the crushed path and understanding that there are higher choices, and that they’re not generally mentioned as a result of they’re not enormous moneymakers, that’s gonna be higher for you versus for the advisor.

Katie: Acquired it. After which for my understanding, since it is a retirement automobile, there’s penalties in the event you wanna take it out early however there’s additionally I consider, like, some exceptions to that. And from my analysis as effectively, like, generally it’s value doing in the event you’re capable of make investments by way of a Roth as a result of the penalty can generally be lower than, like, long-term capital positive aspects, as an example. So, like, I’ve form of needed to weigh these issues. However are you able to give us an outline 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 lets you take cash out of your Roth IRA with out the tax and with out the penalty. Once more, speak to a CPA and simply ensure that it’s best for you. However there are issues like monetary hardship, or in the event you’re utilizing the cash to go to highschool, or for the primary time dwelling buy in your life, you would really 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: Acquired it. Okay. So now, stroll us by way of 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 wished to have you ever on right here is utilizing the life insurance coverage aspect, primarily as an funding automobile, as effectively and, form of, simply a few of the pointers that associate with that.

Michael: Sounds good. So, there’s a very good guide by Tony Robbins, and it’s known as “MONEY Grasp the Sport.” And it’s an enormous guide, by the best way, and a very pleasant 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 the rest. However Tony does a very good job about writing the place it’s very easy to know. But it surely’s I believe on, like, web page 439, he begins speaking about this. And Tony Robbins begins the guide or a chapter on the life insurance coverage by saying, “I used to be launched to this idea by a few of my wealthiest pals.” Now, I believe that Tony Robbins might be a reasonably rich man so when he says a few of his wealthiest pals, there are tax methods. And that’s the one factor that, , once more, folks have to appreciate 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 really simply paying their taxes proper now as a result of once 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 smart for you. That’s precisely what rich persons are doing as effectively.

So, how the life insurance coverage idea works, and once more, I at all times wanna encourage folks to simply speak to somebody who understands this idea very well. However in the event you do a correctly structured life insurance coverage coverage for a part of your retirement plan, it may be probably the greatest choices that you just made. And right here’s why. One, once you put cash into the life insurance coverage coverage that I’m speaking about, the expansion is completely tax-free. And that’s an enormous 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’ll be able to at all times take that precept out immediately with none form of penalty. It’s simply the curiosity that might incur a ten% penalty previous to 59-and-a-half.

However with life insurance coverage, there’s really 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 for this reason I used to be saying to the listeners that life insurance coverage might be tweaked the very best curiosity for the consumer or the very best curiosity for the insurance coverage agent doing the coverage. You at all times need it to be in your aspect however what loads of insurance coverage folks neglect to say, and I’m giving them the advantage of the doubt there, is that once 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 price, which signifies that, yeah, you’re gonna get that cash out of the life insurance coverage completely tax-free identical to the Roth IRA, however in the event you don’t take it out with the proper firm, then the unsuitable firm can cost you wherever from 3% to eight% per yr mortgage curiosity in your cash.

There are loads 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 youngsters, and it’s rising over time, if we have to faucet into it for varsity or we wanna faucet into it for, , 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 is likely to be curious about with the life insurance coverage if it’s correctly structured, you don’t should disclose money worth life insurance coverage on FAFSA kinds. So anytime that your youngsters going by way of college and so they’re filling out a FAFSA kind 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 laborious in class to not be eligible to get these grants simply because mother and pa make, , respectable cash of their life. Children ought to be rewarded based mostly 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 really like doing the overfunded life insurance coverage insurance policies once they’re correctly structured as a result of I believe it’s, , mixed with a Roth IRA, probably the greatest issues that you are able to do. And once more, that’s getting cash into tax-free accounts.

Katie: That is smart. Yeah, it looks like 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 youngsters, even once they’re younger, and it being a lot cheaper when they’re younger, after which it could possibly 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 effectively that’s actually gonna resonate with lots of people listening. And that’s, like, relating 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 future to our children, however the abilities and methods to have long-term monetary wellness themselves once they go away dwelling.

And I do know it is a actually necessary space for you as effectively and that you just and your spouse are very intentional in the way you educate your youngsters about this and the conversations you could have surrounding cash. I believe that is additionally in all probability a tricky level to speak about for lots of households or possibly mother and father don’t actually know how one can, form of, begin these conversations, or how one can begin educating these abilities to our children. And I do know it’s actually necessary to you. So, what are a few of the ideas you’ll give to oldsters as they’re studying this themselves to assist their youngsters be taught and have that sturdy, stable monetary basis as effectively?

Michael: Sounds good. So, go and get your child an ice cream cone after which take an enormous 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 guardian, , and nowadays, it’s so laborious to speak to our children about sure issues, cash being one in every of them. However what? In class, they don’t speak to folks 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 mainly goes into these colleges and it teaches youngsters nearly cash and teaches them about, , they’ll work laborious 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 attempting 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 should be a world-class, , bicycle owner to have the ability to bounce on a motorcycle and attempt to educate my youngsters. So, if funds appear formidable to you, then be taught a bit of bit your self after which educate your youngsters. And youngsters are fairly…, they take up this, form of, stuff. And I believe they’re gonna watch, , in the event 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 probably have a job the place you’re mowing lawns otherwise you’re shoveling snow, encourage them, say, “Look, if we really 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 a lot better for you.”

So, I suppose my recommendation can 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 the very best coverage. So in the event you’re that particular person 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 study this collectively. And let’s perform a little little bit of studying.” And clearly, for the children, hold it at an easier-to-understand stage. 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 effectively. However you’re proper, college shouldn’t be educating loads of these foundational abilities. And loads of listeners have heard me say on right here, , colleges not essentially educating loads of foundational life abilities. These are issues that we as mother and father 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 thing by way of that form of a mindset. However I believe no matter your investing technique is, no matter this stuff that you just’re gonna do, it’s an incredible alternative to show your youngsters as you go. Such as you mentioned, you don’t should be good at it to have the ability to begin educating 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, “Properly, I don’t, , need my child to deal with cash.” And I might 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 software, and you’ll actually do good issues and assist folks with it. And in the event you educate your youngsters that, you say, “Look, I’m not attempting to earn cash as a result of I wanna be the wealthiest particular person on this planet. I wish 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 capable of give away and provides their time or, , monetary sources to lifting different folks. There’s an previous saying, “A rising tide lifts all boats.” And I completely consider 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 wish to earn extra money?” There at all times needs to be a why. And the why ought to be, “Hey, I wanna have monetary peace and safety. I don’t wanna be wired in my life. I don’t wanna fear about how one can, , 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.” Study your self the why and in addition educate your youngsters the why. And, , going again to that factor, in the event you’re not a pleasant particular person, cash is a magnifier. It’s gonna enlarge you to an excellent not nicer particular person. And that’s simply gonna trigger emotional turmoil and stress in your life. However in the event you can view cash as a software and also you view it as I might help folks, I can bless the lives of different folks, I really feel like accumulating wealth shall be a lot extra aligned from a bodily, and emotional, non secular standpoint than simply attempt to grow to be the wealthiest particular person there’s.

Katie: I utterly agree and echo that. After which not solely are we not requiring sources from society to handle ourselves but additionally, like, you mentioned, now we have the power to assist others, which is actually, a very enjoyable motivator for me, as effectively. And I believe you’ve made such 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’re serving to advise me on loads of these areas, as I be taught. And for anyone listening, who possibly these are new matters to you, and so they 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 totally different autos, I’m curious, like, what would you say is simply…? I’m positive there’s, after all, variation from household to household, however what can be some good overarching locations to begin? And in addition, in the event you’re prepared to share, what do you do personally?

Michael: Oh, yeah, I’m at all times prepared to share. Transparency, I believe, is absolutely key with all of the purchasers that we work with. So, once more, simply, , as a enterprise proprietor, like your self, loads of my enterprise, I put…excuse me, my progress that occurs financially in my life, I reinvest again into our firm. You already know, 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 another advisor that I do know. I really feel so a lot better by saying that. And no, I’m simply joking. However the cause 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, think about taking a hybrid strategy, placing a few of your cash into protected 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 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 in regards to the inventory market is that they go, “All proper, effectively, 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, in the event 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 the event 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, , this is among 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?” Properly, take a balanced strategy. Identical to something that you just do in life, you wanna be balanced. Put some cash in a protected account. Put some cash in an account that’s gonna go up and down.

And, , for me, loads 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 effectively. And I additionally put loads 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 in some unspecified time in the future, , down the highway, my enterprise shall be value one thing that I can promote. In order that’s the best way I take 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 strive promoting right here,” or, “Hey, let’s strive, , this monetary piece of software program.” And generally you discover out, oh, shoot, that software program wasn’t pretty much as good as what we thought or, hey, , we have been promoting right here, and it wasn’t actually a great spot. I imply, we go right into a calculated and we do the very best we are able to, however the entire level is, is you’ll be able to’t management every thing.

So, what I’m attempting to say for the listeners is have the power 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 the event you’re doing issues constantly, you’re gonna determine what works. Now, one different factor too, Katie, that goes with out saying however it’s actually necessary shouldn’t be 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 finest 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 consumer’s finest curiosity, not as a result of I wanna exit and make a purchase order, so I like to recommend one thing to a consumer 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 providing you with good recommendation, then there’s some severe repercussions that may include that. There may very well be fines, there may very well be lack of license, or there may very well be jail time. And the unhappy factor is that everybody that’s on this business that’s coping with somebody’s life financial savings ought to be a fiduciary. And there’s no legislation at the moment that claims that. So, perform a little little bit of homework. And in the event you’re, , working with an advisor, ask them, “Are you a fiduciary?” And in the event that they’re not, I might 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, , the flip aspect of the coin is, “Hey, I don’t wanna put every thing in danger.” Once we have been all little youngsters, our mama taught us don’t put all of your eggs in a single basket. You wanna diversify. And that’s precisely what you must do.

Katie: Yeah, that’s nice recommendation. And I do know you could have some sources in your web site for folks to begin 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 guide “MONEY Grasp the Sport,” which I agree is phenomenal. Are there another sources you’ll suggest to folks to continue to learn about this?

Michael: You already know, that’s a tough factor as a result of the web is filled with opinions. I believe it’s simply discovering somebody that you just belief and that can perceive your state of affairs and be capable of give good recommendation. And that’s the entire thing about my job is that, , we carry folks on, like I mentioned, which are nearing retirement or at the moment 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 delight on is saying, “All proper, let’s create this plan for you and present you the way in the event you’re doing XYZ the way it could make an enormous 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, form of, like going round a working monitor the place you’re working and working and working, and also you’re like, “The place’s the end line?” And when you could have a plan and somebody, form of, takes every thing that you just’ve executed, and brings all of it collectively, and also you’re saying, “Hey what? You’ll be able to really 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 the very best sleep of my life.” And what I’m telling any listeners is that, , that is likely to be a good distance out for you. That ought to be your aim. That ought to be one thing that you just work in direction of.

So, I actually like “MONEY Grasp the Sport” from a monetary standpoint. However I wish to share with the listeners a guide that’s actually impacted my life for a very constructive manner. And that’s a guide by an creator named Clayton Christensen. And the guide known as “How Will You Measure Your Life?” And the rationale why I really like this guide 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 make sure that I’ll achieve success and completely happy in my profession or life?” Quantity two, “How can I make sure that my relationships with my partner, my youngsters, and my prolonged household, shut pals, and so forth. can grow to be an everlasting supply of happiness of their life?” And the third factor, he says, “How can I make sure 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 alternative, you’re going to jail. However what he’s referring to is, hey, now we have these, , jails, emotionally, bodily, and mentally. You already know, in the event you don’t train and eat poor meals, you’re mainly placing your physique in jail or in the event 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 guide has actually impacted me for a number of causes. One, clearly, discovering happiness in your life is one thing that everybody is wanting ahead to. You already know, he talks about it in his guide. And that’s, form of, the place I’ve been expounding on that concept is that cash shouldn’t be the basis reason behind unhappiness, however it turns into an issue when it supersedes every thing else. So, with that being mentioned, one of many issues that’s essentially the most impacting second of my lifetime of studying this guide is when he talks about household. And, , Katie, this goes into what we have been speaking a few second in the past, nearly educating our children. Clayton Christensen, he actually emphasizes that our position as mother and father is to organize our kids for the long run. And actually, that the tragedy of right this moment’s tradition is that we’re outsourcing parenting to different folks, like relations, or nannies, and even the faculties or extracurricular actions.

And we’ve actually overlooked the significance of our time, which is absolutely the best reward that we may give one other particular person. Investing our time in one other actually is an indication of respect and love. And it offers 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 be capable of steadiness our life. And we wanna be capable of select the proper 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 price seems to be negligible, we get suckered in, after which we get so far in our life, and we’re like, “Gosh, how did I get to date into debt?” Or, “Oh, my gosh, how come I’m so out of practice?” Or, “Geez, , there’s all these elements, proper, to creating good decisions.” So, that could be a guide that I might extremely encourage to any listener that desires 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 really like the advice. I’ll add that to the present notes as effectively 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 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 believe this final yr particularly has given some folks much more time freedom, or at the least location freedom relating to work as a result of issues have shifted a lot. However both manner, I believe recognizing early on, I say this, on the finish of each podcast, really, that point is our most precious 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 actually, I believe we’re happier, and more healthy, and contribute higher to different folks into society once we’re capable of work these issues in no matter manner we are able to now. It’s one thing I’ve encouraging my youngsters by way of entrepreneurship as effectively is like, actually, there are occasions once we’re gonna simply instantly commerce our time for cash however that point can also be a side of freedom. So to no matter diploma you can actually defend your time and who you spend it with, that’s actually a very beneficial asset. And cash might 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 scale of a checking account. It’s the power 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, , Katie, the world is a reasonably risky place proper now, from a political standpoint or simply what’s happening with even the inventory market. There’s loads of uncertainty and it could possibly create nervousness, however there’s loads of good. And I actually really feel like if we deal with 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 final 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 might 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 capable of steadiness it? Was I capable of make the world a greater place? Was I capable of take this future era of youngsters and practice them to be completely happy and profitable and to be, , 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, concerning that concept of, form of, that long-term considering and in addition inversion and determining how one can remedy issues as a long-term equation. Superb recommendation, and particularly relating to funds as a result of such as you talked about, it’s laborious to have these issues develop rapidly 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 children 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 search out you in the event that they wanna get in contact. However are you able to additionally simply tell us wherever they’ll discover you on-line or one of the best ways to attach?

Michael: Yeah, sounds good. So our firm is Capital Wealth Advisors in Lehi, Utah. There’s for some cause a few different Capital Wealth Advisors, however that’s not us. So the very best factor you would do is in the event you wanna get in contact and in the event you bought some questions, I’m more than pleased to level you in the proper path and assist out, so our web site is, or you’ll be able to 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 respect you placing all that within the notes. We have now the nicest workers on this planet. So, if it is a daunting factor for you, in the event you’re new, simply getting began and also you want some good recommendation, you’re gonna be greeted by the warmest, nicest folks on this 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 path. Even when we don’t work collectively, we’re at all times completely happy to pay it ahead and begin folks out on the proper foot.

Katie: Superb. 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 effectively. 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 respect on a private stage you serving to me be taught all of these items, 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 really like educating 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 precious 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 part of me once more on the subsequent episode of the “Wellness Mama” podcast.

If you happen to’re having fun with these interviews, would you please take two minutes to depart a ranking or evaluate on iTunes for me? Doing this helps extra folks to search out the podcast, which implies much more mothers and households may gain advantage from the data. I actually respect your time, and thanks as at all times for listening.