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What does THE worst retirement plan I've ever seen look like? What should you avoid when you craft your retirement plan? Once you make certain decisions—there's no going back. You need to understand the choices you're making and how it will impact your future. In this episode of Retirement Made Easy, I share a story about the worst retirement plan I've ever seen. I explain what makes it so cringe-worthy—including the SIX mistakes that were made—and what you should do instead. You'll want to hear this episode if you want to avoid costly mistakes: [1:52] Mistake #1: Excluding your spouse from planning [5:16] Mistake #2: Single-life annuity pension option [8:05] Mistake #3: Making the wrong social security election(s) [9:43] Mistake #4: Relying on a possible inheritance [13:16] Mistake #5: Withdrawing too much from your retirement plan [16:37] Mistake #6: Choosing the wrong beneficiary Mistake #1: Leaving your spouse out of retirement planning In this story, we'll change the man's name to George. George is 72 years old and his wife is 8 years younger (64). She wasn't present at the meeting with me, and I asked why. George said “My wife doesn't need to know anything about retirement. She trusts me 100%.” That's the #1 problem. It's a HUGE mistake: both spouses need to know the ins and outs of what's going on in case something happens to the other person. Plan your retirement with your spouse. Mistake #2: Choosing a single-life annuity option for your pension When George told me he was collecting a monthly pension, I asked: Is it a 100% survivorship pension? Is it a 50% survivorship? Turns out, he chose the single-life annuity option, which means he receives $2,500 a month for the rest of his life—but upon his death his wife gets nothing. To make matters worse, George doesn't have life insurance either. Why is that a problem? Listen to find out! Mistake #3: Taking social security benefits too early George claimed his social security benefit immediately at 62. He then encouraged his wife to start taking her benefits at age 62. Doing so means they claimed the lowest benefit possible simply to get it right away. By taking his benefit early, George also lowered the survivor benefit. Why is that important? If there is a big age gap between spouses, you want to make sure the younger spouse is provided for. If George had delayed taking his benefits, it would've provided his wife a higher survivor benefit. Instead, he greatly reduced her potential survivor benefit. Mistake #4: Relying on an inheritance that may never come Many of George's poor choices all hinge on the assumption that his wife's wealthy mother would leave her an inheritance. But you cannot count on an inheritance to make your retirement plan successful. I've seen countless examples of people who thought they were going to get a large inheritance—and ended up getting very little. George's mother-in-law is 92. She could eat through any inheritance money paying for long-term care. What if she changes her will and gives her wealth to charity? What if he dies before his mother-in-law? What if he needed long-term care and his wife has nothing? Listen to hear what he should've had in place for protection. Mistake #5: Overspending your retirement money George and his wife were withdrawing north of 9% per year from their retirement accounts. They should only be withdrawing 4–5% per year to live on. They were withdrawing double what they should be. Why does it matter? They run the risk of running out of money. Even worse, most of the money was going towards country club memberships. He was 100% over-spending—all because he was relying on an inheritance for his wife. But when your money is gone, it's gone. Mistake #6: The wrong beneficiary While I was looking through George's paperwork, I noticed something odd and asked: “I thought you said your wife's name is ‘Nancy'—why is someone else's name listed as the primary beneficiary on these statements?” Who was the beneficiary? His ex-wife. If something happened to him, ALL of his retirement accounts would go to his ex-wife. There's a lot to be learned from the mistakes that George made when planning for their retirement. Listen to the whole episode for the full discussion—and what you need to do differently. Resources & People Mentioned 2020 Tax Planning Guide Secret Sauce to Retirement Connect With Gregg Gonzalez Email at: Gregg@RetireSTL.com Podcast: https://RetirementMadeEasyPodcast.com Website: https://StLouisFinancialAdvisor.com Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube Subscribe to Retirement Made EasyOn Apple Podcasts, Spotify, Google Podcasts
Shared Practices | Your Dental Roadmap to Practice Ownership | Custom Made for the New Dentist
If George's human side has somehow yet eluded you, this episode is for you. He and Tyler open up about knowing what you do and don't want to accomplish in the industry, why bigger practice acquisition isn't necessarily better--plus, was George scared at all going into practice ownership? Tyler and George sit down in-person for this special episode of The Pursuit of Ownership. Email the interns
On today's episode, George Bremer of The Herald Bulletin joins to discuss the Colts' 2019 season. What went wrong, plus what were the bright spots as we close out the year? There's plenty of questions for the Colts heading into one of the most important offseasons of the last 20 years. What are the holes still on the roster, and where should they be addressed? QB1 will continue to be a hot topic, but the defense still needs a couple pieces to take the next step as well. If George was in Chris Ballard's shoes, what areas would he prioritize in the draft and free agency? We also hit on the sudden report that left tackle Anthony Castonzo is considering retirement, which would rock the 2020 offseason before it even begins. Learn more about your ad choices. Visit megaphone.fm/adchoices
If George gets Rexha=Hoxha, then Amanda gets "It was a 7Seconds song."
As Brendan and Tavin fight their way through a podcast that is almost as long as the dual they are discussing, I would like to introduce the "If George only shot this like a 12-year-old boy it would be a better movie" and "I agree the fight is bad" tee shirts now available in the Unofficial Canon merch store, right next to the scotch mints and sliders. Grab a beverage, get comfy and get ready for a deep dive.
Today, I’m happy to announce that I have George B. Thomas joining me on the show. We met for the first time at PM Grow Summit, where he and Marcus Sheridan were doing an extra class on video. I learned some great skills on video-related topics from him then, but didn’t realize at the time how well-versed he is in marketing and sales. I can’t wait to have him share his wisdom with you in today’s episode! George and I engage in a fun and illuminating thought exercise in this conversation: if George woke up one day as a a property management company owner in charge of sales and marketing, what would he do? First, he would focus on attention and trust. Are you getting the attention that you need to close the deals that you need? Do people trust you, and see you as presenting a trustworthy brand? He would use the mindset of always be learning to educate himself about property management, and realize that it’s never going to stay the same. After orienting himself as a property manager, George would work on becoming a thought leader. This brings both attention and trust, the two factors that he previously pointed out as being important. After that, he would get into the tactical by making sure he had an up-to-date website and work on building a list, and then building revenue from the list. Tune into the episode to hear more about what George would do as a property manager, and how his expertise can apply to the field. George will also explore other important things like how to build that all-important attention and trust, when you should make a video instead of (or in addition to) just writing a blog post, how to operationalize sales and marketing, why it’s vital to make videos regardless of how you feel about doing them, and much more. Today’s Guest: George B. Thomas George B. Thomas on Facebook @GeorgeBThomas on Twitter George B. Thomas on LinkedIn George B. Thomas on YouTube george@impulsecreative.com Impulse Creative In This Episode: [00:44] - Steve introduces today’s guest, George B. Thomas. [01:14] - George talks about his thoughts on the event where he and Steve met. [02:19] - We hear more about who George is and what gets him fired up every day. [05:41] - If George woke up as a property management company owner, what would he do and what steps would he take? [07:09] - George talks about the first things he would do after getting his bearings as a property manager. [10:40] - Steve takes a moment to go back and explore some of what George has said, and point out some ways in which they agree. [13:05] - How can property managers get attention, and then get trust? [16:44] - We hear more about video-related topics, including when to make a video instead of writing a blog. [18:31] - What would George say to someone who doesn’t want to make videos because their clients might not want to know about property management? [22:46] - Steve talks about a recent blog article about mobile-first, and George talks more about why it’s important. [24:52] - We learn more about operationalizing sales and marketing. George then takes a deep dive into best practices and recommended tools for your own videos. [30:14] - Steve goes back to George’s initial thesis about attention and trust, and talks about which is harder to build. George then talks about getting attention. [34:47] - George takes a moment to unpack and expand upon some of what Steve has been saying about videos and Facebook Live. [38:37] - Steve talks about what he’ll do now that he’s inspired by this conversation. [40:09] - How important are personas? And is Steve overthinking the process? [44:11] - George jokes about nurturing people with a sledgehammer rather than a scalpel, and explains how a persona can help change that. [45:12] - In terms a funnel, should you be spending most of your time at the top or the bottom? [47:24] - Steve reacts to George’s advice about funnels. [50:09] - From the categories of roles, goals, and challenges, which would Steve’s “this best describes me” question come from? [52:34] - How does George think about marketing plans? Is it about trying a bunch of stuff? Going deep on one vertical? [53:19] - George lists some ways that listeners can reach out to him if they have questions. [54:25] - Steve closes the episode with a song from his new album, 26Black on Spotify! Links and Resources: George B. Thomas George B. Thomas on Facebook @GeorgeBThomas on Twitter George B. Thomas on LinkedIn George B. Thomas on YouTube george@impulsecreative.com Impulse Creative Sign Up for LeadSimple (don’t forget to use referral code STEVE) Apply for The List Mastermind Strategic Coach PM Grow Summit Marcus Sheridan HubSpot INBOUND Gary Vaynerchuk The Hubcast Podcast Sprocket Talk Wistia 23media TubeBuddy vidIQ Facebook Live Jim Rohn 26Black on Spotify
Topic - Low Birth Weight and Right Hemisphere. Children who are small at birth and have larger placentas are more likely to have increased activity in the right hemispheres of their brain. The right hemisphere is more creative than the left; it also controls the left side of the body. Imagination, insight and intuition all happen on the right side of the brain. If poor nutrition or stress caused the placenta to be disproportionate to the fetus, brain patterns may result in depression and anxiety. Right hemisphere trauma causes attention and memory problems, difficulty with social communication and using memory and effective organization. These deficits cause poor academic achievement and poor adjustment to young adulthood. If George was born with these conditions, monitor his school performance and social-emotional development. Intervene early. --- Send in a voice message: https://anchor.fm/drclaudia/message
So we begin! We start with George Washington pt.1 (from birth to the end of the War of Independence). If George wanted to be anything, it was to be a Proper Gentleman. He new all the rules: Work hard, stiff upper lip, don't brush your teeth with the tablecloth etc. Things were going... ok... But then a meeting was called to discuss those damned British. And Washington had just had that lovely blue uniform made...
The Spouse Escape plan Meet George. He’s a business owner with a lot on his plate. Meet Pam. She’s George’s wife and while she worked in the business a long time ago, the business has grown up and she is no longer involved. Meet Sam – he’s George’s second in command and a great manager. George is busy making plans to grow his business while Sam runs the day to day operations. But today George is worried and he needed a solution. See, If George dies, he wants to make sure that Pam won’t have to worry about running and selling the business. So George met with his planner and came up with a Spouse Escape Plan. George had a Valuation done that indicated his business is worth $3million. So George and his key employee Sam entered into an agreement that if George dies, Sam will buy the business from Pam for $3 million dollars. If George dies, the business will be re-appraised and if it’s worth more, Sam will pay the difference to Pam in installments over a 5 years period. To make sure the money will be there, Sam will take out a $3 million life insurance policy on George. Even though George has some other personal life insurance, this policy will make sure that a business transaction will take place and give Pam an Escape plan. George’s Company will pay the premiums and give Sam a tax-deductible bonus that will cover the policy premiums and the tax cost. George feels better. Now he can go back to working on his business and know that Pam won’t have to worry about the business if he dies. Very Smart!
https://www.patreon.com/makersunplugged Music Provided by: SineRider -- https://soundcloud.com/sinerider Released: 11/16/2016 CHRONOLOGICAL NOTES Concept of Simplified Living [1:00] Soylent [1:20] https://www.soylent.com/ Kickstarter [2:30] https://www.kickstarter.com/ Doctor’s opinion on Soylent [9:56] Soylent bars as an alternative to the shake [11:22] Weight loss since beginning [12:49] Adapting to the new diet [20:32] Soylent product list [21:44] How George’s friends and colleagues reacted [22:57] Quantified Self Crowd [26:10] http://quantifiedself.com/ Hosts Dustin and Aaron try Soylent [28:25] Soylent as an aide to hunger and malnutrition [33:28] The Right Cup (not Kickstarter, actually Indiegogo) [35:07] https://www.indiegogo.com/projects/the-right-cup-trick-your-brain-drink-more-water-health-technology#/ Can you cook it? [36:13] If George ran out of Soylent tonight, what would he eat tomorrow? [42:05] Optimal temperature for consuming [43:52] Cost of Soylent compared to regular grocery shopping [44:50] Changes in daily habits and relationships since starting diet [50:28] - Life at Home, Office, Group Meals, Downtime, Holidays, Smoking, Sleep Making it to the end of the year [1:07:15] King’s Dominion Amusement Park [1:09:22] https://www.kingsdominion.com/ George’s other Makerspace projects [1:12:42] https://www.makerspaces.com/ Makerspace stories [1:15:50] Hack.rva [1:20:50] http://www.hackrva.org/blog/ Mouth-controlled bass drum [1:21:25] Couldn’t find any info on this. CONVERSATION NOTES Concept of Simplified Living [1:00] Doctor’s opinion on Soylent [9:56] Soylent bars as an alternative to the shake [11:22] Weight loss since beginning [12:49] Adapting to the new diet [20:32] Soylent product list [21:44] How George’s friends and colleagues reacted [22:57] Hosts Dustin and Aaron try Soylent [28:25] Soylent as an aide to hunger and malnutrition [33:28] Can you cook it? [36:13] If George ran out of Soylent tonight, what would he eat tomorrow? [42:05] Optimal temperature for consuming [43:52] Cost of Soylent compared to regular grocery shopping [44:50] Changes in daily habits and relationships since starting diet [50:28] - Life at Home, Office, Group Meals, Downtime, Holidays, Smoking, Sleep Making it to the end of the year [1:07:15] George’s other Makerspace projects [1:12:42] Makerspace stories [1:15:50] Mouth-controlled bass drum [1:21:25] Couldn’t find info on this LINK NOTES Soylent [1:20] https://www.soylent.com/ Kickstarter [2:30] https://www.kickstarter.com/ Quantified Self Crowd [26:10] http://quantifiedself.com/ The Right Cup (not Kickstarter, actually Indiegogo) [35:07] https://www.indiegogo.com/projects/the-right-cup-trick-your-brain-drink-more-water-health-technology#/ King’s Dominion Amusement Park [1:09:22] https://www.kingsdominion.com/ George’s other Makerspace projects [1:12:42] https://www.makerspaces.com/ Hack.rva [1:20:50] http://www.hackrva.org/blog/