Episode 258

full
Published on:

18th Mar 2024

Randa Hoffman - Magic in Money and Strategic Investments

In this illuminating episode, Randa Hoffman from Radiant Wealth Planning LLC shares a strategic and positive approach to making and managing money. Randa prefers a holistic approach, while debunking myths and emphasizing the interconnectedness of investments.

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Transcript
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Hi and welcome to the You World Order Showcase podcast. Today we have with us Randa Hoffman. Randa is from Radiant Wealth Planning LLC, which is located in Newport Beach, CA. They provide financial planning and investment management, bridging traditional financial planning.

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With your life goals and dreams utilizing tax strategies and she was featured in vogue magazines and.

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As one of the.

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One of the most influential women in Orange County that is so exciting.

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It's really.

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Magazine again in the picture.

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Oh, yes, yes, so it's it.

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Was the December issue so you

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See, this is Nicki Minaj.

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And then if I go to this.

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Page and here's Randa Hoffman.

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So exciting. Welcome to the show and I'm really glad that you joined us.

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That's pretty cool.

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And let's get into how you do what you do. We were talking about money and magic before we got started.

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Yes, money and magic, I bet you.

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Your honest is like what is?

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Going on, but probably not.

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Probably they're used to it. Yeah, so.

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You know what, you know.

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When people like, So what do you do?

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Like I make a lot of money for people. That's what I do. I make a lot of money for people and I save them a lot of money, you know, because there's two businesses, radiant wealth and radiant tax. But.

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We'll talk about.

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Radiant wealth. I just make a.

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Lot of money for people because I love it.

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I love money. I love seeing it in my bank accounts. I love making it. I love making it for other people. I just and it's so much fun. It's so much fun when people, when we meet with them on their quarterly meetings and they see their investments go up and or goals like one client she wants to take six months off from work and go travel in Africa. I'm like, yes.

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Yes, let's go. You can do it.

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That's so cool. That is so cool. That is just.

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Man, that makes me so.

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Happy. I love making money.

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I just love.

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It can. I say that enough.

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Yeah. And you should. So many people are like.

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But he's.

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The root of all evil or.

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They're afraid they're actually afraid of making money. I.

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It's like.

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No money's.

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Everywhere and it's just.

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Out there and it really does grow on trees. Don't believe that old line. It's a lie.

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No, that keeps you in scarcity. That keeps you in poverty. If money is the root of all evil, then you collect it and donate it.

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There's other people waiting for you to be wealthy.

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You know whether you know them or not, so don't deprive them because you're holding yourself back, not you. You guys, Joe, you know, as the individual, right?

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Don't hold yourself back.

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Wow, there's so much beautiful things you could do. You know, I was.

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Talking to somebody and she's like, yeah.

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She was saying.

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She knows this couple and they're billionaires and, but she's like they're so unhappy.

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And I corrected her. I'm like, it's not the money that makes them unhappy.

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They were unhappy before money just magnified the unhappiness.

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So it's not the money and money, just meant. If I I'm a very generous person, I love to share. When I go out, I tip the exact same amount as my tab, so if it's.

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$60.00, they're.

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Going to $60.00, I'm just generous.

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That's just me. That's just me. I was.

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Like that even before.

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You know, so if somebody was like that?

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If you're sending your greedy with the money, you're gonna be the same thing. You're gonna be unhappy. You're gonna be unhappy. It's just this. It's just. It's not the money.

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Money is a beautiful thing. It can really give you free.

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Freedom, freedom to just breathe.

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What do you want to do?

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That's what money is. It's so beautiful.

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And it's.

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Everywhere, because it's just energy. It doesn't. It doesn't actually even physically exist. I mean you may have a piece of paper that that piece of paper.

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It's just an object, it doesn't have any intrinsic.

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Value of its own.

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It used to when.

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We did like silver and gold coinage, but.

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And barter and stuff like.

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Yeah, if you're bartering that that has an intrinsic value, the only thing money does is just it. It helps in transactions so that it makes transactions flow easier than if you're trying to, you know, do a barter or do a trade or do.

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Or even exchange like physical assets for whatever you're looking for. It just makes it.

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It makes it much cleaner.

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But it's not.

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It's nothing in and of itself.

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Yeah, don't put so much weight into it, you know? Don't put it on a pedestal and don't minimize it.

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You know, it really is. It is whatever you want it to be, and it really is based on the relationship you have.

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If you think money is fun, even.

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If you don't have.

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It you know, I lived on both ends. I lived on the end that I didn't have money. So I know that feeling. You, you know people can't say. Ohh Randa you're fine. So of course you think it's fine. No, no, I lived with it. Not having it and I didn't think it was fun and that was so hard.

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Because then it didn't even come cause it.

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Because, you know, almost like when you're running. When you're running towards money, you're chasing money. Think of it as a lover. You're chasing towards a guy or a girl, and the person's like, whoa, back off. That's too much like, whoa, that's too much. You know, there's that's so unattractive. Same thing with money because it's energy.

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All right.

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If you're chasing towards something, you're

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So just sue. It's just palm down about it.

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This actually can be fun.

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With it.

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Really, having fun? I have an investment. A little Robin Hood account.

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OK. I'll just put it.

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Good, good.

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Out there.

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Yes, that's OK.

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And it's just for me to play.

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With I don't attach anything to it I put.

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You know, sometimes I'll put some money in it just to like have money to play with. And I have a bunch of different things that that I've invested in, in it, and I like to watch.

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Yeah, yeah.

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It and sometimes it goes up and sometimes it goes down and when it goes down, instead of being like I lost.

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It's like buying opportunity.

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Totally everything just went on sale. It's totally it's just like.

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It's just like the value in buying a house when things go down, a buyer is very interested.

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So when investments go down, a buyer should be very interested. It's, it's the same concept, you know, but people are like, Oh my God, the market is down. I don't want to buy them like.

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Do you think the market is never going to go up ever in your lifetime ever again?

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Right.

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If that's the case, then yeah, don't buy. But that's really not the case. So yeah, buy when it's cheap.

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Because it will go back up as long.

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As you do good investments.

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You know, if you do small CAP investments, then you know there's a chance they're not going to make it. They're small companies.

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But if you do solid investments, you know, buy and hold.

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But that's good. Yeah. Buy it when it's cheap. Yeah.

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Yeah. And you can get.

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You know you can invest in in stocks that are reasonable companies. There's still things out there that are good deal. Like, I don't know, Uber is a good example. I love Uber, Uber's cheap.

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Over shipping.

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And as well.

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Yeah. And if it's do?

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You believe in their story. You know? So. So there's different analysis. You can see fundamental analysis. You can see technical analysis. You know, you don't.

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Have to get so.

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Wrapped into that you do if you want to. If that, you know, find an analyst that you like.

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Find out. Are they on the buy side or on the sell side? What side you know? Do they kind of lean towards and kind of follow them and read what they say about?

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But sometimes you just want to buy something. You know, I have a client. She's like, I love Disney. Can we buy some Disney because we go to the theme parks and we?

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Do this I'm.

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Like, yeah, let's buy Disney, you know, so you just love Uber, you just buy Uber. It's OK.

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It's OK, don't make it.

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I buy Hormel too, because you know, I have a family relationship with Hormel. My grandmother was actually married to Ben Hormel.

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There you go.

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Is the brother of the man who started Hormel Industries, and it's just like I feel like I'm doing something for my family when I invest in Hormel.

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Totally, totally, totally. Now the flip side to it is if this is a person's retirement account, make sure you're diversified, you know, so there's that like, because every stock has a season.

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Last year's Magnificent 7. We heard those over in the mag Seven. Well, guess what, going in this year, they dropped and other stocks smaller stocks, mid cap stocks, they're increasing. So every energy is increasing. So everything has its season. So just be diversified so it can.

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OK.

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Every stock in our ETF or mutual fund or, you know, can shine.

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Yeah, and I don't.

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Y'all don't put all your eggs in one basket.

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Please don't do that. Yeah, please don't do that.

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It's kind of important.

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Because when, when some.

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Things go up and some things go down and you know, I do have cryptos even.

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I don't have a lot of them.

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I'm not going to.

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Dig you on that either that's OK.

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I look at it as it's just a different type of currency and you know, yes, it goes up and yes, it goes down.

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There's trends with it and you know, and I'm not actually advocating that anybody go out and invest on their own without doing a lot of research. I'm talking about my own personal little play account that I really do play with. It's not like it's not my.

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Yes, you have.

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Retirement account.

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And if you're going to look at investing, I strongly recommend people look to people like you that can give them the bigger picture about what.

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What they need to look at, what they need to think about. You know, there's tax ramifications anytime you do investing and there's just.

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You know, you already brought up the points about.

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You know being.

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Diversified in different types of funds and.

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Or if you're even buying individual stocks, there's ways.

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To do it.

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That can minimize your risk and maximize your return, and that's.

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That is.

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Work being shined.

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True, that is so true. Yeah. Yeah. Because everything I do, the investments I do, the portfolios I create, the models I create is very strategic.

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It's not Willy nilly. Oh, I think.

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I'm going to.

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Do this or no, it is very strategic between large cap, mid cap, small cap, local, international emerging markets, everything.

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Is strategic between.

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Stocks and bonds, treasury bonds. Corporate bonds.

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Everything is very.

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Strategic. You know the duration of the bonds.

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There's nothing wrong working with a financial advisor and then having your small account. Now, if you have a financial advisor that says no, you shouldn't. You shouldn't have your own small account. Everything should be I should manage everything.

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Maybe that's not your jam. Maybe that kind of person just doesn't align with who you want to work with. And that's OK. You know, the beautiful thing about zoom you can work with anybody in the United States of America. I can work with anybody in the, you know, like it doesn't have to be like old school. I have to call my broker. That's two blocks away.

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Doesn't have to be like that.

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I have clients.

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In Texas, Washington, DC, Washington, sorry, Washington DC, Washington state, California.

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Nevada. So it doesn't matter. That's what's so cool about it. Find somebody that's really aligned with who you are. You can really resonate with that person if you want somebody that wants to teach you a little what they're doing as opposed to I'm the professional. Do you have to listen to me and find somebody who's willing? Who's?

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Willing to share that with you.

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Some people don't care. They're like just do what you wanna do.

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And I have.

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Clients like that, they're like, I just don't care. But some clients, they want to learn and she's like, I'm taking notes.

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So cute I love.

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That I love that. So. Yeah. Yeah, fine, fine.

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Find that person. It's really worth it. It really is.

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Makes a huge difference, especially when you're talking about.

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Your future.

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And money has another.

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Quality to it, it represents.

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Your time and your personal energy when it comes to like working and you're exchanging your energy.

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For money and you want that money to be able to take care of you at a later.

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Date then having somebody who knows what they're doing.

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And who does?

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Align with who you are energetically will help you grow that money and.

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And be able.

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To make the most difference with that, that money investing, you know, we talk about investing in stocks and futures.

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And whatever. But there's a there's a larger picture to that. When you invest in a company, it's not just like some random.

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Piece of paper that has the name of it.

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On there, you're.

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Investing in all the people that work in the.

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Facility you're investing in, the people that run the facility, you're investing in the infrastructure of the facility and you're investing in yourself in some ways, if you use that commodity like the GAL that wanted to invest in Disney, well, when you invest in Disney, you're creating movies, you're funding all the people that work in those theme parks.

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And you're allowing them to grow and expand and.

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It just.

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It's not like.

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It's just this one thing. Everything is so connected, and the energy that you put into it expands out into helping those.

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Those entities.

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That are living entities. They're not just like this brick and mortar. I mean, Disneyland would not beat Disneyland if there weren't human beings that went there and visited or that thought about it. You know, Walt Disney had a great idea.

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And he brought it to life. But that life has evolved. I went to Disneyland when it was like, really young, like within the first decade of it being invented. I lived in San Diego, and I went there for my 9th birthday.

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Back when they had E tickets.

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Yeah, yeah, yeah. Real tickets. So you see it? You see it in a different light, you know, and if you're an investor, and if you're in an investor in a company that gives you dividends, you know, they're rewarding their shareholders. Thank you for having owning our stock. Here you go. We want to share our profits with you.

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Man, that's so cool.

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But the flip side, it doesn't have to be so.

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Emotionally big like that. You know, I invest a lot in ETF's, exchange traded funds, and this is a one basket can have like 102 hundred stocks bonds mix.

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Sometimes you know who what they are, and sometimes you don't. And so sometimes the what I'm getting at.

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It doesn't have.

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To be so, I have to love everything.

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In My Portfolio.

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Doesn't have to be like that either. Yeah, yeah.

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It doesn't. And you know when you're investing for your future it.

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It could be a mix of things in there, but it is fun to watch. I worked for a mutual fund.

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At one point I was.

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A bookkeeper in my other life.

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And it was. It was really an interesting experience.

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Because a mutual fund is just a for those who don't know, I'm sure you know.

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What a mutual fund is, but it's a.

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A basket of different stocks.

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And every day they're valued. And that was my job. And sometimes.

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The stocks would split. So you.

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Get 2 for one. I was always exciting and the dividends and it's just like it's a whole different world. When you start getting into investing in.

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In managing investments that.

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It's really a big role that people don't think it's that big. That's why there's.

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A whole career.

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Dedicated to it. That's how big it is.

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You know, for example, mutual funds. Well, mutual fund.

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I personally move away from mutual funds. I have my own beliefs about them, but you know, for example, mutual funds shouldn't be in brokerage accounts.

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Oh, nobody knows that.

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Oh, why not?

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Because they're they generate tax impact that you have no control over. Oh.

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OK.

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I mean something is.

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Look how little of us, just that knowledge. I say somebody's a capital gain of $1200.

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You know, just something just that once.

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There you go. There's your cost of admission right there. I mean, that's how little it is. So when people think, oh, you're just picking stocks, well, they know I'm like, no, there's actually more to it than what we do in our knowledge and our expertise. And it's not just investments. Like you said, we're looking at.

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The whole picture of one's life.

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We're looking at the tax impact, you know, cause radiant wealth planning works very close with radiant tax services and I intentionally created a tax business to work with radiant wealth planning clients.

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Because that's so.

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Important in a lot of the big firms, you know, and I worked at a big firm, they told us advisors you can't talk about taxes.

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You don't have an expertise in taxes. You don't have the credentials. You cannot talk about taxes.

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Everything is taxes on the investment side. Everything is taxes on the financial planning side. So financial planning is let's plan for these dollars, you get dollars coming in. What are we going to do with them? How are we going to allocate them? How are we going to create?

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Your goals, how are we going to grow them so it's?

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Goes beyond the financial planning. It's like estate planning, college savings, tax planning is part of it. So that's more.

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To do true.

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Yes, but that.

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Specific ones. So not, not all of them. Yeah. Yeah. Why?

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Well, when you're starting to talk about estate planning and things like that and those have huge tax ramifications that people never even think about until you know somebody.

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Dies and somebody who?

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Dies with a decent amount of money.

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And it doesn't even have to be really all that much money when you're starting into investing. You can easily have a couple $100,000 in an investment account. It does not take that long if you start early and.

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And sometimes you run into people that don't think about that and they end up dying, and then they're.

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Their errors.

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If they've been smart enough to leave a will and you know.

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People don't think about what's going to happen after you go. How difficult are you going to make it for the people?

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That you leave behind.

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And how do?

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Are you going to make it so that like?

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You want to transition your money to.

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Because you don't have a will. And let's just do a simple example. You have an investment account. You don't.

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Have a well.

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The investment account doesn't go to your spouse right away because it got to go through probate, the courts, the courts have to decide where the money goes. Well, naturally, it goes to the spouse. OK, well, we know what it could take six months. What if the spouse is dependent on this money to pay for the mortgage? Take care of kids, you know, do it because now the spouse doesn't have the income, you know the.

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Paychecks. So depending on them. But I mean.

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Just think about.

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Something as simple as that and I tell people know what state you're in and work within a state attorney. So that's why I say kinda because I work with the state attorneys. The state attorneys decide, yes, you need a trust or no, you don't need.

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Trust Washington state. You probably want to trust because they have the state tax. California does not have state tax, but our probate process is so expensive.

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But the flip side to that the taxes on a trust are very high. You pay a lot of taxes on a trust. So what's that? You know that trade off? Well, that's why you have your professional people that you work with. That's why you have this state attorney you protect profess. You're not going to be an.

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Expert in all these?

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But be very smart and surrounding yourself with smart people.

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That's how you move forward. Do you think, uhm, all these billionaires, they're doing their own investments? They're doing their own taxes, they're doing their own estate planning? No, they surround themselves with really smart people.

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And that's what you want to do. Start thinking of yourself as not one. I'm one little measly thing. You know I don't deserve to have an estate attorney. I don't have that much stuff.

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What? No. And you don't? It doesn't have to be that expensive.

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You know, there are state attorneys that do our by project, find somebody who does that, that has your main three documents.

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So it's just it doesn't have.

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To be so grandiose like people think so. Then they.

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Don't do anything you know.

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And they get paralyzed.

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Yeah, yeah, yeah.

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Important, though really important.

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Even if you're not investing, even if you just have money in a retirement or in a IRA or 401K, whatever you have, make sure that you have a will for your loved ones. It's like.

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We've just gone through this personally.

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I'm sorry.

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I'm sorry.

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It's totally fine.

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Just it's one of those things. It's like if I can help one other person not have to.

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Spend hours trying to figure out what passwords are. Dividing passwords is my superpower, apparently.

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Oh yeah. You know, there's something like LastPass that you can share your master password or Facebook has something if you pass away, how do people get in your account or even close your account? I mean, I, there's this lady I worked with, she passed away. But I keep getting notifications from her for LinkedIn.

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So and so has this anniversary like.

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Oh my God this is.

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This is just so heartbreaking, but.

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You know just.

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Stuff like that. And I don't. I don't know how we can nudge people to really hear the importance of this because.

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That is so.

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The underestimated topic, you know, people are like they lean back when he said.

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OK.

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If anything happens to you, which we will, everything's going to happen to.

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Us, you know, someday.

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How do we make it easy for you for the next people that are still here? Don't you want to make it easy for them?

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You know, but there could be something getting a.

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Life insurance policy.

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Tax free money, you know.

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Stuff like that, like.

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Let's think about that. Let's talk about that.

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Yeah. And if you have young kids, you definitely need at least term life insurance, you know, during your working years, if you have young kids.

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It it's just.

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It's just irresponsible to not do that.

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Yeah, yeah. And it doesn't have. Like you said, it doesn't have to be a whole life, which is more expensive. That's awesome. If you do, that's wonderful. You could do more with it, but term at least.

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If you have it through work, bump it up. That's awesome. When you leave, you don't get it. You don't take it with you. So now you're getting older, so now it's more expensive. So this is what you know, this is how I work with my clients.

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We have. OK. You know, they tell me.

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This is the end.

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Goal that they.

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Want it could be a goal for a year or five years when they want to make work optional and I just lay down different.

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Paths. We could go this way. We could go this way. We could go this way.

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What way feels right to you?

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That's the question. What way feels right to you?

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And they'll usually be like I like this and I like this and I like little this. And then that's how we create, OK, that's how that's the path we're going to go.

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As opposed to, you know, OK, now you have to get term life insurance you, you know, and you have to do this. And this is the order of events. Somebody's like, I don't need term. I don't have anybody you know depending on me you know it's not there's no checklist. I don't work on a checklist it's like no. Let's create this path for you.

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You have kids. Let's talk about term life insurance. Definitely, you know, so yeah, it's just. It's just a whole different world, you know? It's collaborating. We're collaborating.

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Yeah, and.

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Kids aren't taught this in school.

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Adults weren't taught this, and so I.

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Mean, I mean.

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My parents. I'm Arab American.

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You think we're talking about money and the Arab culture? No way.

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No way my.

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Especially to women.

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Mom was nervous.

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Especially to and my.

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Mom, you know my mom has this.

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When I was growing up, money is scarcity mindset. We don't have enough money even though we did, we don't have enough money.

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Oh my God.

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No money, you know. So imagine children being raised in that.

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How do we rewire that?

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No, it's.

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Not so. It's OK. It's OK. We're OK. Let's undo that.

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Yeah. And it's totally possible and it doesn't take.

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A lot to.

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Get beyond the.

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Money's money is evil. Money is hard to come by because honestly, money is not hard to come.

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By $1,000,000.

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Is surprisingly easy to make. It's 20 steps.

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You just AA dollar.

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See, I mean really.

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See. It's just. Yeah. Like I'm not. I'm not a therapist. I'm not a money.

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Therapist and maybe it would be benefit to go.

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But I think having somebody by your side.

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Saying, OK, this quarter, these are the things we're going to work on. We come back the following quarter. OK. Check. Check. OK. We didn't work on this, so let's just move it to the next quarter. You look back, I keep a track of everything we've done throughout the year and we look back on the year.

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Like we did a lot of stuff.

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Like we so having that you.

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Know and I don't know why and.

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I know this and I don't know why we I kind of do women. We tend to put money in cash a lot. We have a lot of money in cash.

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Because we we're not 100% confident.

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On what to do.

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With it, I don't know, investing 100%, so I'll.

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Just put it here.

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Or I don't know if I trust the market or I don't know if I know how to do it or I, you know, so there's a lot of.

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But I'll put it in.

::

Cash. So there's a lot of sitting in the well, if you're somebody like that, then find somebody you trust that can teach you along the way. I had this client. She had her 401K in cash and I'm like, OK, so if we keep it in cash.

::

This is when you can make work optional.

::

This is when you.

::

Can make work optional at this age?

::

If we start investing it now and she's fairly young, if we start investing it.

::

You can make work optional much younger.

::

Shave off 20 years.

::

Extravagant. It was. The difference was so big because you have the market working with you at on your side. Is it gonna dip? Of course it's gonna dip. It's natural. The market is a living, breathing entity and exhales, inhales, exhales and Hales. That's it. That's OK.

::

Don't be fearful of that.

::

It's down. It's a buying opportunity.

::

Don't. Yeah, don't be fearful of it. Yeah, people are scared. So.

::

But no, just. I don't know.

::

You know.

::

If you have a bunch.

::

Of you know, cash sitting on the side.

::

Work with somebody.

::

That that you.

::

Feel confident with that can really kind of guide you so you can get to that point much sooner.

::

And what would you?

::

Consider a lot of cash sitting on the side.

::

What? What's kind of your minimum?

::

So my minimum is 25,000.

::

OK.

::

Because I want somebody that has put an effort.

::

Into whatever that goal is, and then a lot of times it's a retirement account. You know, IRA account or brokerage account that has put in effort. I save this much, OK.

::

Let's go. Let's keep going.

::

You know, so that's that for me is my minimum. But cash on the side for quote UN quote, what's a lot it really.

::

Depends on the person.

::

Some people 30,000 for them.

::

Cash on the side is a lot.

::

I just talked to a lady. She has $250,000 cash on the side. That's a lot. That's a lot. Just like I'm saving it for my daughters college and her daughters, I think is 11.

::

And I'm.

::

Like you're done, try again.

::

Let's. Well, let's take.

::

A portion of that put it in A5.

::

29 plan.

::

So then you.

::

Don't have to save the entire 250. It can grow. And here's the tax planning when we take it out.

::

For her school.

::

It's tax free on the growth.

::

Oh, something you know, like we think I'm like.

::

Oh, that's so basic.

::

But not for everybody.

::

That's why you have to work with.

::

Not for most people, that's the thing. And most people have no idea of the possibilities unless they can, you know.

::

They might hear it from someone, somewhere along the line. They'll hear like a snippet.

::

And try to.

::

Like, do something with the snippet and.

::

And that's if they're interested, I.

::

Mean and it's.

::

Not like there's.

::

Lack of information. I mean you can Google, this is what I'm saying is not you and it's out there. It's because it's a topic and it has lingo that it's hard to connect dot.

::

So what I do is connect the dots, I make it flow from one topic from one understanding from one knowledge to the next. It's not like you can't get the information out there. It's there you can teach yourself.

::

Things you can teach yourself, but the hard part is getting it all synthesized and how it fits together like we talk about investments. And then there's the tax side of it. That and they, you know, the estate planning side of it, those are three pieces of one.

::

Cohesive part. And there's also, you know, the.

::

The income aspect of it, you know, how are you going to generate?

::

This money to.

::

To put in this mechanism that you're trying to save with or to grow and you.

::

We talk about.

::

Growing it, but you've got to. There's got to be something coming in too.

::

Yeah, yeah, yeah, right. Yeah. You got something coming in to grow. Yeah.

::

Yeah. So, I mean, they're all.

::

They're all.

::

Bits and pieces of this bigger thing that we call many.

::

Yeah. Yeah. And it's. Yeah, it's.

::

Fun it's fun. You want an advisor that has fun with it.

::

You want an advisor that loves money, and I keep saying this I do.

::

Love money. But I don't.

::

Put it on a pedestal. You know that it's fun. I love growing money. Oh, my God. I love making money for myself and others. I love making money. You want that? You want that in your advisor because you want to meet with your advisor every quarter, six months. One year.

::

Whenever that is like, Oh my God, what are we going to do? Let me show you. Let me show you what we did last quarter. Let me show you. You don't. Even if it drops. Oh, my God. Let me show.

::

You what? We bought, you know, like you were saying. Even if it drops.

::

Yeah, and it is all connected. But I was doing a tax return for a lady the other day and I told her.

::

Please tell your financial advisor because she has a financial advisor. I was just doing her taxes from radiant tax side. I'm like, please tell your financial advisor.

::

If she sells any investments, she sold a.

::

I think it was over 30,000 to withhold taxes, so now she has a large tax liability per capita.

::

Something so simple. That's why you want to make sure that your advisor also knows about taxes. It's actually really important and I know a lot of my financial advisor friends will get mad at me for this.

::

You want somebody who?

::

Knows both, or at least it. It would be awesome if they do both, but at least knows.

::

And I was telling her, like, you know, let me talk to your advisor. She wants to sell a large chunk of investments, have her reach out to me. What taxable events happen throughout the year because I want to do this. Please don't do that. Or. Yes, do that and do it this way. So even if you do have a financial advisor that.

::

You just love.

::

Make sure they partner with a tax professional and make sure that they have that relationship that they can bounce ideas off before things happen. That's what tax planning is. You're doing it before an event happens.

::

I was talking to an S Corp owners. They're like, So what if we do and they just ran a whole bunch of ideas. What if we do this? How does it impact our taxes, and how do we do it so we can be smart about it? Like, OK, so you want to do that? So tax planning is so big, you know, tax preparation is always looking back on the year.

::

We can do a little.

::

Tweaks you know.

::

Up until the deadline, but not much, but tax planning.

::

Whoa, that's fun.

::

That talk about.

::

And there's money. There's.

::

It's like found money and it's how the rich.

::

Get richer and the everyday Joe out there who's just working his life away and paying.

::

Really 50 or 60% of what they're earning goes back into taxes. People don't really recognize it because it's disguised in a lot of different ways. But if you aren't planning ahead for what your tax situation is going to look like, you're just.

::

Throwing money out there.

::

Yeah, yeah. And you?

::

Know core businesses, whether you're an LLC or sole prop and S Corp, you have a little more leniency of what you could do with tax planning. If you're just a regular W2, you know I just go to my company and do my W.

::

Two, I go home.

::

You know there's way less we could do, right, because there's a set amount of taxes you.

::

Have to do.

::

But maybe we can set up an IRA.

::

Can we do you know, do you get a tax deduction? Maybe not. Maybe not. But it becomes a non non deductible IR a non deductible contribution. We move that over to the rough. Now you have tax free money.

::

So there's so much.

::

More than others, but there's always something. Little Nieto. I tell my tax clients on the radiant tax side, I tell them.

::

I'm going to give you a little tips and tricks for the year, Michael.

::

Tips and tricks?

::

And so I put it in their in their document. You know, when I complete a return. OK, here's tips and tricks.

::

Let me know. Let's walk through this how are we going to implement this? And some people are like, yeah, I don't care about that. OK? We're not doing that.

::

One what about this one? Yeah, that feels good.

::

So it's always what do you want?

::

To do I'll.

::

Share all my knowledge, all my expertise with you so you can be in a better financial position. What feels right to you.

::

At some point.

::

It is really important.

::

So how do people work with you?

::

Ohh, I'm so I am so easy there's no.

::

You know, there's this mentality of I'm the financial advisor and they put themselves on their own pedestal, right? No. I'm so, you know, I'm so down to Earth really easy to find. Just go to radiantwealthplanning.com, set up an intro call, and then let's chat. Let's chat. I want people to ask.

::

All the questions they have let me show you pricing. You know, if you bring in this amount of investments, this is how much your quarterly investment fees are going to be. So how much it's going to be for the year, let's chat. Let's ask, see if we reset.

::

And you know, I want to. I want people to interview their financial advisor.

::

It's very important so you know and if.

::

That works out. Then. That's awesome.

::

We get a client agreement, we move over the investments to radiant wealth planning. I start managing and then we start talking about financial planning.

::

What do we have going on currently? Where do you want to be?

::

And I ask people not when do you want to retire?

::

I think that is.

::

A question that does clients.

::

The least amount of it's just a horrible question because the natural answer is 65.

::

That's everybody wants to retire at 65, no.

::

So the question really is, when do you want to make work optional?

::

That's powerful. I have a client she can make work optional.

::

At 62. But she's like, you know.

::

But I don't.

::

I love what I do.

::

Like, OK, that's OK. You keep going to work, but now you're going because you want to go.

::

Now you walk in those doors or you log in on zoom, you know, log in online.

::

And you're like, I'm here because I'm choosing to be here. It's optional.

::

If I don't want to be here, I don't have to be here because that's how I set my set myself up. That's powerful.

::

That's powerful.

::

It is powerful.

::

Yeah, it really is.

::

I love that phrase.

::

Yeah, yeah, it gives you back ownership of your life. It gives you back the power. Like, oh, I'm in control.

::

I'm not a little puppet on the string after till 65. Hopefully I have enough money work with a financial advisor to know if you have. If you're going to have enough money and what does that look like? What?

::

Does that look like for you?

::

Awesome. So what's the one thing you?

::

Want to leave?

::

The audience with today, Randa.

::

You know, if I can encourage people.

::

Sometimes people don't want to work.

::

With a financial advisor.

::

Because they're like, oh.

::

I don't know. I feel intimidated or I don't feel secure about my money. Maybe work with a financial coach. That's somebody that would get you prepared for a financial advisor, you know, if you have a.

::

Lot of debt.

::

You know you don't have money like you. Our minimum is 25,000. You're like, I don't have that. I have a lot of debt work with the financial coach. So in 20/24/2024 is a year.

::

Money. It truly is. It's an 8, it's an 8.

::

Number you.

::

It's an 8.

::

Year. It's about prosperity. It's about money. It's about being really intentional with our.

::

Money. This is.

::

Stop messing around, people. Let's, let's get our **** together. Stop messing around. Right. Let's be really set ourselves up beautifully this year with our money. So it could be talking to a financial coach if that means. And I am all for that. I am all for that.

::

That's what I got.

::

Yeah, I love it and I love it. And it's also, you're the wood dragon.

::

Yes, yes, yes.

::

Yes, do your audience know what that is?

::

You can share if you want.

::

No, I don't know.

::

I just know the year of the Dragon and I just love Dragons because.

::

They're so powerful.

::

And mystique, that's.

::

All I know.

::

Yeah, that's what I know. It's fits from the Chinese New Year.

::

It's it has to do with that and I I've had other guests on who are like they know way more about it than.

::

Oh, oh, yeah. No, that's not me.

::

I ever hoped to, but.

::

I like to drive.

::

But I do know that it's a.

::

Powerful year and you can just feel it. Everybody's talking about. It's like it's its own energy that is just like.

::

It really is.

::

So yummy.

::

Let's use it. Let's really harness this and really propel us forward. Let's use it. Like you said, you're an alchemist, so let's alchemize this energy.

::

That's right.

::

Turn it into money.

::

Ohh, ma'am. Yes. Yes, yes.

::

Thanks for joining me, Randa.

::

Thank you, Jill. Thank you. Thank you for having me.

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About the Podcast

The You World Order Showcase Podcast
changing the world with one coach at a time.
Featuring life, health & transformation coaches being the change they want to see in the world! Listen in as they share what they are doing to make the world a better, kinder and more sustainable place for us all as they navigate the journey between coach and entrepreneur. And share their expertise to make your life better in the process.

Jill Hart - The Coach's Alchemist &
Host, You World Order Showcase Podcast
Contact: https://hartlifecoach.com
Join our community: https://facebook.com/groups/theyouworldorder
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Jill Hart

The Coach's Alchemist & host of the You World Order Showcase Podcast is dedicated to empowering life, health and transformational coaches being the change they want to see in the world. Join our private community, where you will find support, networking & collaboration, get featured on our podcast and we also provide coaching to help you find clients with podcasts. It all starts with joining our community! (it's free)
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