This is the Haven Financial Group Radio Show. Each week we get together to talk about life, living and planning on living life after retirement. If you're looking for a clearer picture of your retirement plan, the team at Haven Financial Group is here to offer you clear financial guidance and help you realize that planning
for retirement can be simple and easy. Have a question for the team connect now at Haven Financial Group dot com or we have team members waiting to talk with you off the air at six one two four four one two four four one and always it is so nice to be with you. Thank you so much for listening to the Haven Financial Group Radio Show. Good morning everybody. I am Bill Seller along with Haven's founder and CEO, Larry call Big. Good morning, Sir Nay, Good morning Bill. Always a pleasure, my
friend, to have my first Sunday cup of coffee with you. It is, it is, especially with the coffee you guys have, and that's only the best. Bill. Well, you know what, I'm willing to make a slight wager that you won't find better coffee at any kind of financial firm in Minneapoli. I'm just saying, I'm just saying. I know we're friends. And I know I'm biased, but come on now, Oh my goodness, we got a lot to get to today. How old is old?
Well, the line keeps moving on that when I wake up every morning, I believe I've hit that line. I can feel it in I can feel it in my bones. Also, we're going to talk about the top three money habits of the wealthiest people, going to find out if they make sense for all of us. And artificial intelligence, and we have been hearing a lot about that lately with chat, GPT and just everything being affected by it.
But there's something called the hallucination effect as well. The question we're going to talk about today with Larry is is AI a trustworthy source for financial advice? And I'm interested to see what you have to say about that. But you know, as we said here at the top of the show, we
do have folks standing by waiting to talk with you. So if you are looking to figure out how you're set for retirement, to see if you've got what it takes to get through retirement, or if you'd like help putting a plan together to get you through retirement, that's what the complimentary retirement reading this review is all about. That's why we want you to call six one two four four one two four four one. Folks are standing by right now to
set up an appointment for you to go on into haveing financial group. Grab what are these great cups of coffee we're all having, and sit down and talk to Larry and his team and you know, make sure that all that money you've worked so hard to save over your lifetime for your retirement is going to work the best way possible for you. And that's that's really why we
get together every week. It's just to talk about that and the things that you need to look out for in the ways that you can go ahead and hang on more of your money than giving it away in taxes and that kind of thing. So we'll cover a lot of that today, but again the number is six one two four four one two one. Now, before we get started today, do you remember Bob Ross, the painting guy on PBS. Here's Bob. Here's a little bit. One of the questions I get
asked quick frequently. What if I do a tree and decide I don't like it? Just paying your treat right over? The talk that we don't make mistakes, we have happy accidents. That was one of his famous quotes. All the time he would teach people how to paint on PBS and we don't make mistakes, we make happy accidents. Bob passed away recently and in the first show he painted a scene called a Walk in the woods. It's oils on canvas, just sold for nine point eight million dollars at auction. It's
a lot of zeros. It's a lot of zeros for a guy who did a painting show on PBS. Wow, this is but yeah, Bob was one of those guys that if you were ever uptight or tents or whatever, you could sit down for half an hour watch It was very mellow about everything. Well, what you just heard was how he talked all the time, and that was one of his big deals is we don't make mistakes, just happy accidents. And his happy accident turned into nine point eight million dollars I
guess for his estate at auctions. So that's none. Well, as we do roll into the show today, there's an old philosophy out there that new doesn't always equal better, and at least so far, that does seem to be the case with artificial intelligence in the financial world. Our financial correspondent Drew Nelson has been He's kind of been out there testing out AI, specifically chat gpt. Chat gpt does this thing where it gives you information that sounds legit,
but it's false. It's a phenomenon with AI known as hallucinating. I asked chat gpt what was Sting's highest charting song, and the answer came back, if I ever lose my faith in you went to number seventeen on the Hot one hundred. But I already knew better. I've been doing some research on Sting. Don't ask me why. I replied, what about if you love someone set them free? And the response was my apologies for the oversight in the previous message. That song went to number three. And consider this.
There's a lawyer who was fined after the judge figured out that he had submitted a brief full of fake case citations. Chat gpt wrote it for him and made a bunch of stuff up. Now, knowing that, would you trust an AI like chat gpt to manage your money? A CNBC poll says thirty seven percent of people would. I'm Drew Nelson. Wow, that's an amazing number to me. It is holy cow. According to that survey,
some people are already using AI for financial advitment. Man, I know, now, look, if you're going to come back with false cases and I can't even get the right answer about a sting song, I'm not going to trust you with my money. Are you seeing more people trying this out, Larry, I have not come across it. It's in the news all the time, but thirty seven percent say they would use AI for a financial advice. That's crazy. I guess I'm too much old school. I always say
be careful, confirm and verify. You know, folks that we sit down with, you know, they're wanting the human element, you know, these baby boomer generation and those that are planning for retirement, in and retirement. I just can't see the folks that we sit down and say, oh yeah, I'm just gonna rely on artificial intelligence to manage all that I've worked for all these years. And you know, human element is important, the personal
interaction. You know, I mentioned that folks we sit down with, most of them liked, you know, eyeballs and handshakes. They want to make sure that you know, we're real, that we're listening. And how do you get that? How do you get that with artificial intelligence, it's artificial. And if they can't even get the sting thing rank, you know you are they going to get the stocks, bonds, mutual funds and everything else as it relates to your money. So I'd be extremely cautious. There's lots
of kinks that needs to be work out. And again I'm old school. Just give it to me the old fashioned way. Let's talk about it, let's work through things together. Well, you know, the funny thing is about artificial intelligence is, at least right now, it's not intelligent. It's just fast. Right, what chat GPT does? You asking a question and it's hyper scrubs the internet for the answer, you know, That's what it's
like. It's kind of like watching the Roadrunner, right, he's there and back or the Flash right, and it goes by that fast and starts writing stuff for you. But I can't imagine trust the AI enough to keep up with say the tax code. I mean, come on, I mean the people who write it don't even really understand it. They just keep writing stuff. And I mean, what is that thing? Like eighteen hundred pages? Larry, Seriously, Yeah, it's a lot of pages, and a lot
of this stuff changes frequently. So are you getting old information, accurate information, new information? I just no way. Yeah, absolutely, man, I couldn't do it like you said. I love shaking hand. I wish we could still do deals by shaking hands. That's that's how old fashioned I am. But I know, as you always say, because of the litigious society we live in, those days are long gone. But shaking hands, looking at people, having you work for me and work with me, that
shuits me a lot better than a machine. A man's word is a man's word, and credibility you only you only get it once. Yeah, absolutely, absolutely. Well, you know we're talking about technology changing our world, and you know retirement changing as well, and what we want out of retirement, how how we want to live during our retirement years. And you know, along with those things are our perception of old age. I asked at
the top of the show, how old is old? Well, there were some interesting takeaways from a recent age wave survey, and I know you and I were kind of talking about this before the show. Would you think about some of these numbers, Larry, Well, it used to be sixty was older, and now they it's out into the eighties, and you know, I read this article, and you know, it's it's nice that we can be younger longer, which in this article I talked about middle lescent rather than
middle age. I kind of thought that was a pretty nice phrase. Is a nice way of putting getting more mature, I guess. So, you know, the idea is, you know, when we talk with people about retirement, you know, we want to plan for the long haul. And when we sit down with folks, you know, the big questions we get is, well, if we are living longer, do I have enough money
to retire? How long will my money last? Making sure we're stress testing the portfolio, you know, projecting out at thirty plus years out into your nineties, do I have anything left over? And you know, those are the things that are important, and you mentioned we're living longer potentially, you know, healthcare. You know, it's interesting that I'm a can spend more on healthcare, yet there's thirty nine countries that have a longer lifespans than we
do. When you've got a plan for healthcare. Healthcare is a major expense in retirement. And maybe you retire earlier, which a lot of people do for a variety of reasons, and how do you bridge that gap for healthcare? And you know we're getting close to open enrollment for Medicare right now. We help lots of people in the Medicare area, so I encourage to shop that out. And you know, as we get older, then there's the
threat of the nursing home or long term care. How have you planned for that when statistics show that seventy percent of us are going to need some sort of long term care in our lifetime. Have you had the conversations about long term care policies or hybrid or asset based, and you know, how do we plan for this longevity? You know, that's the area of retirement that
we help people. And you know, if these things have changed, and they continue to change, and you know, the laws continue to change, so making sure you're working with somebody that is up to date with these changes, making serrier in the right spot. And then that can even lead into life insurance. Have when's the last time you had your life insurance reviewed? A lot of times people it's been ten twenty years, and we find it eats itself up and all of a sudden, what you thought was going to
be a benefit isn't a benefit. So I encourage people to look at all these different things, stay up to speed, develop a relationship that you can rely on somebody's having your best interests in mind. It almost sounds like retirement is a full time job, having to keep up with all this stuff, Kennedy. And that's what Larry and his team do. That is their full
time job. So why not have some folks on your side that can help you with long term healthcare changes to taxes, inflation, all those things affecting your money. Get ready to get your plan together with that complimentary retirement reading this review by calling six one two four four one four one, Get on that calendar as soon as you can, and we're gonna take a quick break and then when we get back, making the most of high interest rates.
Also, why the holidays are not looking bright for seasonal workers and should we all be thinking about money the way the wealthiest people do. I would love to give it a shot to find out how they do. So we're going to talk about that as well. It's the Haven Financial Group Radio Show on twin Cities New Stock eleven thirty and one oh three point five fl with a let on love and some tenons. We'll wave the bon the water. We'll
rather well the mess weather let on piece and some harmony. We'll ten one agether we'll tell them by the air, investing, the state planning taxes and more. Want your complimentary retirement readiness review, Call now at six one two four four one two four four one. That's six one two four four one two four four one or connect with us at Haven Financial Group dot com.
This is the Haven Financial Group Radio Show Day Day. Welcome back to the Haven Financial Group Radio Show with the Haven Financial Group bounder and CEO Larry called Big I and Bill Seller. And again, thank you so much for being with us this morning. We really do appreciate it. And but when you know, there are only a few people in the world that have been this kind of famous, right Elvis for a while, it was Madonna back in the day, uh share, And now you got Taylor Swift. I mean,
this girl is just on fire. She is uh you know, it's not unusual for newspapers and outlets to have like an entertainment reporter, right, but some places are now hiring an actual Taylor Swift reporter just to follow her around and keep up with the news that she's generating. I don't know if we really need that, but apparently they think they do. But there. I mean, I don't know how you apply for that job or if you'd even want it, but there you go. Taylor Swift so big. Now
the news outlets are assigning a person to her specifically. Oh, I see, she's a big cheese fan now dating Travis Kelsey. Yes, you saw that too, right she was. She was at the game a couple of weeks ago. And yeah, apparently know that rumor'd been floating around for a little bit. I listened to he does a podcast with his brother from me. Oh, really funny podcast, and I was listening to it and his brother was trying to get him to admit it, and he was like,
no, you know, could be maybe not. And then there she is in the booth. There she is in the booth with missus Kelsey. Mom. Right, So that that kind of took care of that rumor. But anyway, anyway, I thought that was interesting. Oh boy. So recently there were three key messages from Jerome Powell and the Federal Reserve following the September
meeting. Were prepared to raise rates further if appropriate, and we intend to hold policy at a restrictive level until we're confident that inflation is moving down sustainably toward our objective. So could be another interest rate hike on the way. Larry rates are expected to remain higher longer than we'd hoped, and the AP is reporting that there's optimism that there could be a soft landing from all of this. What a do you think that can happen and be what would that
mean? I think there's probably going to be one more at least one more hike. Obviously, this is the second meeting of the last three where they left the benchmark interest rate unchanged. You know, it's an attempt to moderate the fight against inflation and the price pressures. I think it's a step in the right direction. I think they feel confident that we're going to get to
the target of two percent here eventually. And you know, I was just thinking back that, you know, June of twenty twenty two, we were at nine point one percent inflation, and right now I think we're at about three point seven percent, So we've made progress. You know, that last little bit to get to two is very very difficult, but I think you could be prepared for, you know, one more and then things to kind
of just kind of settle down here a little bit. And again, I remain optimistic, but anything with all the moving pieces that go on in this world, remember, anything subject to change. But we're head in the right direction. That's good. Yeah, I guess we are. And I guess
they have to keep doing this. If they do raise another one, it'll be before the end of the year, right, correct, Yeah, Okay, Well, well, I know you've been saying you probably thought it was going to go on through this year and then hopefully things will start to get better, so that that does seem to be the track we're on. Yeah, I completely agree, but can remember that nine point one percent that was
just astronomical. Yeah. Now, I did go shopping here recently and things still are very expensive, and I still think people are feeling in the pocketbook, don't get me wrong, But we want to be as optimistic as we possibly can be. Yeah. You know, I forgot where I saw it.
It was on Facebook or Instagram or somewhere, but somebody did a quick video and showed receipts from like three years ago at the grocery store compared to last week, and honest to goodness, everything is up three to four dollars. It was an amazing It was an amazing thing to see. Uh, you know, because that's one of those things where you talk about it and people complain about it, but when you see it in black and white, right when you see the actual receipt side by side, you're like, wow,
no, wonder, I can't afford to do stuff. And well and in all seriousness, no, I mean I feel bad for those that you know, we're just trying to feed some kids and get them to school and get them, you know, just get the necessities and all that, because it's very tough right now. And uh, you know, I wish everybody the best, and hopefully this last one will do it and things will start to calm down a little bit and and we'll get moving in the right direction.
That's all we can hope for, right Yeah, and then we'll throw an election in there next year. That'll be fun. Well, yeah, because that doesn't mess up anything. Man. Well, speaking of things being different and kind of off kilter a little bit, this holiday season apparently may not be as good for seasonal workers as it has been. Normally. Stores higher extra help during the fourth quarter, but this year we're talking about possible
being the lowest hiring season in fifteen years. What do you think attributes at Larry? Is it? Is it that people can't spend as much because we've already run up our cards? Is it some of these brick and mortar places have actually shut down, which I think can obviously that contributes to it, But what's your take on all that? Well, I think it's the online shopping thing is just changed changed everything a lot. I mean, the you
know, big box retailers like Targetting Home Depot. You know said customers are basically being given up on everything but the discretionary purchases, you know, the food, just the things that people need like groceries, just like we're talking about and we'll have to see, but I think the online shopping is what's
changed a lot. Now, you know, talking about holidays and higher interest rates on those credit cards, be careful and I understand you know a lot of people have tapped into those, but you know that interest is going to compound so fast and it's gonna it's a hole that people are digging that they're not going to be able to get out of. So you know, as we look at retirement, we buffer these these expenses. If you're one that
shops a lot or splurges over the holidays and spoils those grandkids. You know, we like to build it out in our plans, and you know, we factor it into the expenses throughout the course of the year, so we're accounting for these types of things. So these aren't necessarily surprises. A lot of times people, you know, when we ask you know how much your expenses are, you know, we'll first of all get a number, and then I encourage folks and to think about it, maybe put pen to paper
and come back next time and see how close they were. And almost every time, you know, that's way higher than they initially gave me the number they initially gave me. Now you know, that doesn't mean Americans aren't spending. I think they're just buying different things. And because I hear folks that are doing travel more than ever and dining out, I mean, we go to restaurants and they're pretty full, and you know, other leaser activities.
I think just people are spending on different things. But again, don't let debt creep into your retire We want to minimize the debt prior to retirement or in retirement and these last few years it's been really difficult for a lot of retirees that are looking to retire in the next couple of years. So again that's where we help people with get a better understanding of where they're at, what they're doing, why they're doing it. So give us a call.
I mean, so a lot of times people think, well, this is you know, planning is only for those that actually have a lot of stuff. That couldn't be further from the truth. You know, a failure to plan is a plan to fail, and we don't want anybody to fail. But you got to own up to your own situation and start somewhere to get somewhere, and that's where we're there to help. Well, it kind of gets down to the basic thought that nobody gets through life alone, right,
no matter what it is, having help is a wonderful thing. And what the folks would have in financial group can do for you and your retirement plan. Look, here's the thing. If you think you don't have enough, well, they could help you get enough, right, They can help you grow that and make sure that you understand what you to do to make it enough. You know, I've always said, you know, millionaires aren't millionaires because they go out and spend money exactly. Most of those guys are frugal,
is heck? Right? Look at Warren Buffett the way he lives. But again, I think that having the help that Larry's talking about is so key and so important, and that all starts with your complimentary retirement reading this
review. When you call six one two four four one two four four one six one two four four one twenty forty one, that's the number to get in touch with Haven Financial Group. You call, you go in and the first thing, they're not going to run everything by you on the first day, right, Larry, It's just an initial meeting to get to know you. Oh it is. It's just a discovery meeting where we ask a lot of questions. You can ask questions, We take a lot of notes.
You know, every week I get people to say, Wow, nobody's even asked me that question and all the years I've been doing this, or you know, are you charitable? Are the kids reliant on your financial decisions? What's important to you? And that's the beginning of the discovery meeting. You know, from there we can come up with a strategy based upon individual situations
small, medium or large. You know, there's a lot of institutions that well, if you don't have five hundred towers and we don't want to talk to you. We believe everybody should have the same opportunity and from that strategy session, that can lead to an implementation meeting, and then we're always monitoring
and adjusting. So it's a proprietary process. It's a discipline process. We want to dot the eyes and cross the t's and remember, we do everything as it relates to retirement planning, not just wealth management, which we do, but a state planning, and tax planning, and income planning, and life insurance and medicare and all those retirement puzzle pieces. And you've heard of me say it before. There should be coordination amongst these different retirement topics.
And oftentimes people are doing this over here and this over here and not doing this over here, and there's just no efficiency. We want the most efficient retirement possible and put your dollars to work in the right place. And so again, give us a call, we'll set up a time. There's no cost, there's no commitment, there's no obligation. It's a very laid back approach. On a very very serious topics, but we try to have as much fun with it as we possibly can. Six one two four four one
two four four one. That's the number to call. Hey. After the break, we're going to talk about the biggest yearly expense for the wealthy and it's probably not what you think it is, and tax strategies for legacy planning. Larry's got thoughts on that. It's all on the way with the Haven Financial Group Radio Show on Twin Cities News Talk eleven thirty and one oh three point five FM. Hey you where you got? This is the Haven Financial
Group Radio Show. If you're looking for a clearer picture of your retirement plan, the team at Haven Financial Group is here to offer you clear financial guidance. Have a question for the team, connect now at Haven Financial Group dot com or we have team members waiting to talk with you off the air at six one two four four one two four four one. Bood love, keep boogodo, Begod, keep boogod you mane, that's so clear, Keep boogetting.
He is Larry Klback, founder and CEO of the Haven Findancial Group, and I'm Bill Scheller. We both thank you very much for being with us this morning on the Haven Financial Group radio show. And you know you ever you ever now, Larry, Look, you travel a lot, so I know this has probably happened to you, right, You ever left for a trip and kind of had that feeling that you forgot something. It's it almost
happens every time I go somewhere. Bill. It's either oh I forgot the right wrong colored socks, or I brought the right the shoes, wrong shoes, or I forgot a cuff link and I forgot the stay of my dress shirt. That's my wife. It's like every single time I forgot something, I forgot my wife. I mean whatever. Well, the same thing just happened to a Swiss airliner that was flying from Zurich to Spain. All the passengers were board, but the flight took off without any single suitcases checked in.
Yeah, they forgot all the suitcases. It's one thing for you to forget your suitcase, but nobody's suitcase got on the plane and they took off anyway. And the excuse was that there was a lack of ground staff on hand to load the luggage. But don't you think you just hang on a minute to find somebody. You'd think you would think. It took some people
up to two days to get their belongings back. And even though this happened in Switzerland, US airline executives are warning that we should be seeing a lot more of the same thing here, a lot of disruption. And look, I flew for the first time in a long time a couple of weeks ago.
I don't like it. I'm just not. I mean, the process itself, I'm not I'm not afraid of flying, That's not what I'm saying, but the process, and it was just, you know, things get bumped, things get moved, you get you know, your your flight gets canceled for when with no explanation. I mean, it's just kind of it's kind of a mess right now. Yeah, it is kind of a mess. Now. You know, we have lots of Delta clients. You know, we're a Delta hub here in the Twin Cities, and we've been very
fortunate to help lots of adulta retirees. And you know, I see a common denominator with a lot of them. They've been good savers. They're they're good in having a financial plan and adhering to it. So, yeah, we like all of our ADULTA and all our airline employees that we sit down with. But yeah, it's a different industry. It's really changed. And list I'm not picking on any airline. I'm just saying it's the whole industry
right now. They're all kind of hurting. And I guess I think what's happening in a lot of ways and a lot of different aspects of life, is that we are now seeing the continuing effects. I'll a shutdown when the country is shut down for as long as it did, that's right, you know. I think some of it's just starting to rear its ugly head two years later or three years later, right, And I just think there's more on the way, unfortunately. But anyway, I just thought I would pass
on that little nugget. If you're planning to travel, maybe just do a carry on to make sure your stuff gets with you. I'll make sure to tell my wife and my girls that it doesn't go over very well. Yeah right, oh good lord, think about that. Well. Listen, we
were recently on the show. We were talking about managing risk, and Business Insiders says that that is one of the three top money habits of the wealthy actually comes in at number two, and Larry, I'm gonna let you talk about the list, but I thought this was very interesting about the things that the wealthy do to stay wealthy. Well, we talked about it earlier. They don't spend money, their frugal and the number one is they save money.
Many of them save at least twenty five percent of their income each year. So you know, what I'll say to folks is start somewhere to get to some way. You may not be able to save twenty five percent starting out, but it's kind of out of sight, out of mind. Once you do that, it becomes habitual and it's a disciplined you know, these wealthy people there, most of them are disciplined and they save and the power of compounding over time, so it just gets to be an habitual thing,
the saving thing. So that's that's the important part. And then managing risk, you know, that's what we do. We discuss risk with our folks that we sit down with and our clients, because you know, I can tell you by with experience that a high percentage of people have no idea how
much risk they're taking. And we're talking about folks that are getting close to retirement, planning for retirement or in retirement where the element of time is so important, and if you don't know how much risk you're taking, I think you should and you should stress test. We help people stress test their portfolio. And you know a lot of times people go, well, why am I taking so much risk? And it's well, it's your portfolio. Who's
helping with you with it? You know, there's the risk we ward thing. But you know, for most of the folks that we sit now with Larry, we're a little more conservative now. We're maybe you know, close to retirement or earnings years are kind of behind us. And so we really put people in a more balanced situation where they understand it, they're aware of it, we've talked through it. But a lot of people just have way too much exposure. There's the willingness for risk, the need for risk,
and the ability to take risk. Having a good understanding of what you're doing can avoid the pitfalls of a terrible two thousand stock market year in twenty twenty two. Oh my goodness, I can't believe I lost so much money. While that tells me you might not be in the position that you should be, so again, save and manage risk. And the number three thing on their list is that they have a team of experts on their side. And
that's what we talk about here every week. That's what we're talking about with Larry and his team at Haven Financial Group. So if having you know, experts on their side is good enough for the world's wealthiest, it should be good enough for us. The team approach, which you know, our state planning attorney. You know, we have our CPA lands as our tax expert. We do tax planning, our insurance, you know, with medicare or healthcare, long term care, the financial planning side of it. And you
know, why would people do this? You know, why do these affluent or these high net worth people. Why is this a comedy nominator? Because you need somebody to hold you accountable in a couple of different areas, you know, helping you control your emotions. I don't care how wealthy you are. You know, losing your cool can happen to the best of us. You know, most of our successful clients lean on us to help them, you know, really separate those emotions and help them make some financial decisions or
providing a clear roadmap. You know, they value comprehensive financial plans specific to their goals and objectives and situations. And that's not the same for everybody. You know, maximize savings, you know, cash flow and tax strategies, and then keeping up with the times, you know different, the laws change, the rules change, so security changes or tax laws change, and you
need somebody to keep you up on these things. And let's face it, you know over these I'd say it, since you know, basically December of twenty seventeen, we've had the most legislative changes our industry has ever seen. And just to kind of look back, you know, you had the Tax Cutting Jobs Act in twenty seventeen, and we had the Retirement Enhancement Act in twenty nineteen, the Coronavirus Aid Relief and Economic Security Act in March of twenty
twenty. We've had a lot of changes. How do you stay up on these things on your own? A lot of people don't, So you rely on people, a team, and that's what we've put together at Haven Financier Group. We call it the Haven Family, and I'm so proud of that because we can offer an independent perspective in any of these areas. You're not committed or obligated to any or all, but they're all available, all the different pieces to the retirement puzzle. Yeah, and you can you can find
out more about the team online at Haven Financial Group dot com. But just for example, next year, is it's next year, right that a lot of the Trump tax cuts are going away? Right, twenty twenty six? Twenty six? Okay, all right, but even at that, I mean, it's gonna be hard to keep up with all that stuff. I mean, as Joe Public, I don't know that much about that and all of them that went into effect, how they affect you. Are you taking advantage
of them? That's another thing to consider, right, I Mean, all these things that go into planning for your retirement are things that Larry and his
team of experts that even the wealthy people like to use. That's what they're there for, and that's why we always encourage you to set up your complimentary retirement rating this review by calling Haven Financial at six one two four four one two four four one six one two four four one twenty four forty one, making sure that all the pieces to your retirement puzzle are still in the box and they're going to line up when it is that you finally get the retirement.
That's what the Haven family is there for. Six one two four four one two four four one Larry, And again, I mean, if it's good enough for the folks who have the most money in the world, why wouldn't it be good enough for us? That's true. I mean, at the end of the day, our most successful clients in a variety of areas, whether it's health or wealth or whatever. You know, many of them are very consistent, they're committed, and they use us as a team of
expert to accomplish their most desired retirement goals. And you know that's what our job description is. We're gonna take a quick break and just ahead, how giving up some control now could really pay off later. And thinking of selling some of your investment collectibles, well, think first about where to put the proceeds. We've got a lot more to talk about on the show today. That's all coming up next on the Haven Financial Group Radio show here on twin
Cities New Stock eleven thirty and one h three point five FM. Oh Grez is what they think to found me gonna stop because they tell me so invest a little time to be sure your investments are working for you. Reach out to the Haven Financial Group now for your compliment ory no obligation retirement readiness review. Our team is standing by now to take your call at six one two
four four one two four four one. That's six one two four four one two four four one on Twin Cities News Talk eleven thirty and one oh three point five FM T everyview re step you take watching this is the Haven Financial Group Radio show with Larry Colvick, founder and she eld the Haven Financial Group.
I'm Bill Scheller. They're watching you, Larry. They're out there your insurance company that is apparently this is a little bit disheartening, you can Apparently major insurance companies like all State and Liberty Mutual have been using drones and satellite
technology to gather data on their policy holders. Drones are frequently used to evaluate a home's roof damage, while remote operated technology equipped with infrared cameras can detect water and air leaks, and in some cases, a policy holder can have their coverage dropped just based on pictures obtained from this stuff. Wow, Wow, did nobody watch Terminator? I mean, seriously, did nobody see that movie? When we start putting our lives in the hands of the machines.
Come on. Well, you know, that's why I always wondered about the little thing from some of these insurance companies that you put in your car right under the guise of tracking your safe driving record to get you better rates. Now, I think they want to see if you're not stopping at red lights. I want to and so they can raise your rates. That's what I think exactly. You know, yeah, we're doing it. Wink wink. We're doing it for you, sir. That's just scary, though, isn't
it losing the policy off a drone picture? Holy cow? Oh man? Well, moving right along. Last week we were talking about strategies for creating a strong will. Today we're exploring tax strategies. And while some strategies could help you achieve your goals, Kiplinger says that they may also be difficult emotionally. I saw that headline, Laer, I'm curious, why why would that be an emotional struggle? Because with some of these, you know, estate
tax strategies, you've got to be careful below. Some of them could be irrevocable decisions. You could be giving up control of your money's early that that might be a negative. You know, with the estate tax exemption changes. You know, if people could utilize kind of a spousal lifetime access trust or
different types of trust might be attractive some higher net worth individuals. But you know, work with somebody that has the expertise and clear knowledge of these that has a good understanding, because some of these state tax strategies can be complex, complicated, as I mentioned, er revocable. They can be very very effective, but you could be relinquishing some ownership ahead of time and there might be okay reason for that, or it might be a gradual relinquishing of ownership
over you know, say up to ten years. And again I would stick with the basics. First of all, have an estate plan because once you establish an the state plan and you can maybe put another layer and do a state tax. Now, first of all, the estate tax federally is a very high number, and then of course in the state of Minnesota it's it's three million each. As we're talking about this stuff, then what more should
we be looking out for. First of all, you should have the fundamentals of an estate plan, a will, a trust, powers of attorney, durable powers of attorney, healthcare, medical records, healthcare directives. You know, those are the that's the foundation from there you can take And because we're big into forward thinking tax planning. You know, I have a lady from
Prior Lake. She's done exceptionally well and just recently, you know, she sat down with us, and we sat down with her a couple different times, and carry our state planning attorney said, you know what, this is extremely complicated and we're going to refer her to somebody that can do more in depth tax strategies because a lot of these don't. It doesn't affect everybody. Have the fundamentals, have you your will and trust, see if you need
any of these, and then it comes down to regular taxes. Lances our CPA, have you done tax planning? We mentioned earlier that the tax laws sunset and the end of twenty twenty five. We've been doing things here in recent years with the anticipation that these laws are going to change, the tax numbers are going to go up. Have you been doing these things? Roth conversions, other things? A lot of times people a lot of people have
not, and they've missed an opportunity to take advantage of these things. I was going to ask you about that before. And actually that was a really good thing you just said, because when we talked in the last segment about the Trump tax cuts ending, I was going, I was thinking, so does that mean that you're starting to plan for that now with your clients.
We've been doing that for the last several years, well, basically since the laws changed the Trump tax cuts, because that gave people an opportunity to have lower tax brackets. You know, you're ten, twelve, twenty two, and twenty four and those are going to go up and revert back to what they were back before these tax cuts, which is higher. So that's why Roth conversions have been more popular than ever. And I still have people.
I just had a couple in last week that said, we haven't take advantage of any of these conversions, and they could have for several years because we were told it was only for wealthy people, which could have been further from the truth. That was just terrible advice. That's why you want to work with folks that you can trust, and that's what they have in Financial Group is here for right again, having a team on your side that can help
you understand all these things. And really, when people hear all the tax cuts are in a couple of years. If you're planning on your own, you're probably not thinking about that check. You'll think, well, I'll deal with that when it gets here. Larry and his team have been helping their
clients already getting ready for that. So yeah, again, to me, it's a no brainer to set up your complimentary retirement reading this review, all you've got to do is call Larry and his team at six one two four four one twenty four forty one six one two four four one two four four one get on the calendar today for your complementary retirement readiness review. So we opened the show talking about how much Bob Ross's first painting just sold for,
at least the first one that he did on TV. And now I read a story about another incredible sale. A ten thousand dollars bill dating back to the Great Depression just sold for four hundred and eighty thousand dollars at auction. Larry, Now, you know a lot of us don't have that kind of collectible land around. But but if we do have stuff that we sell and it does turn out to sell for a lot of money, are what are
some smart money moves that we can make if that happens. Well, first of all, let's talk about collectibles, because the IRS is definition of a collectible is very vague. It's it's simply any tangible personal property. Now it seems pretty open ended, i'd say, but they do define it some specific examples of you know, collectibles like works of art, you know, rugs or antiques, precious metals or jams, stamps or coins, could be alcoholic
beverages and you know, actually it happens more often than not. As with we're visiting with folks and getting to know them, how many people of the
age group that we work with have collectibles? I mean I just had somebody in here in the last couple of weeks that had an extensive baseball card collection and I had and then one of his relatives, I have a frand Target in Jersey in my office compliments of an institution I work with, and it's a sign Hall of Fame friend Target hit and he goes, you know how much that thing's worth? And I'm like, I have no idea, it's
just sitting on my wall. And he's I couldn't believe how much collectibles were And then I just had But in the last six months I had a guy that clicked you goes, you go look cars, and I'm like, that's interesting, Yeah, you goes. And I had somebody recently collected volkswagons, and I have several clients that actually clicked collect and work on track old tractors.
And you know what you got to think about is collectibles are considered alternative investments by the IRS, as I just mentioned, and if you sell them, you've got to think of the tax ramifications because if they're subject to long term capital gains tax, if you hold them for more than a year. In a day and the rate on collectibles is higher, the tax rate is twenty eight percent, So again you've got to factor that in. Again, some people would say there's ways to get it around that, and again we
can have more conversation as to how you do that. But you know there's specific tax rules regarding the personal use of collectibles, precious metals and so on and so forth. So the big thing is the tax ramifications. How do you account for that? Again, work with somebody that has the expertise, whether it's your current CYPA and or lance is our CPA. And again it comes down to the tax ramifications. Always does it does. It always comes down to taxes. Oh man, Well listen before we get out of here
real quick too. Just want to remind everybody that coming up here in a couple of days, on the fourth, the government is going to briefly take over your cell phone. Do you hear? You know about this? Right? I did not know about this. FEMA is going to be testing the wireless emergency alert system and says it will be able to use our phones as
soon as the test is over. And there's just a ton of conspiracy theories out there about why this is being done, and you know, everything from they're just they're planting bugs in your phone to your phone is going to emit radiation that harms animals. I mean, but just know that if your phone goes off on the fourth, it's not a real emergency. It's just a test. It's going to happen at two twenty in the afternoon. So what is the real truth behind it? I wonder you will never know? We
will never know, Larry. Let's go back to the old landline bill. Yeah, absolutely, you know that. Or even how about drums. We'll just start banging on drugs again. That'll be fine with me. I'm telling you I miss the old days. So hey, speaking of old days, Congratulations, sir, you're another year older. Did you have a good birthday yesterday? Fantastic? Yeah, good, good family time. Thanks for asking me another year, another year younger. Yeah, it's right. I'd just
like to bring up the fact that you're getting older. Thanks a lot. That's what friends are for. Larry. Hey, listen, folks, thanks so much for listening. We very much appreciate you. We couldn't do this show without you and Larry. It's always a pleasure to get together with you, and we'll talk again next week. Have a great week. Bill. Thank you for listening to the Haven Financial Group Radio show on Twin Cities Newstalk eleven thirty and one oh three point five foul Are he the Jones Ago tonight?
But she is new Whispers some quiet conversation show. She's coming in in twelve thirty. Flight the All Night Ways. We inflect the stars that guide me towards of the show. Have you had your three R check up? Your compliment ory retirement readiness review is just a phone call away. Our team is waiting to talk with you off the air right now. Six one two four four one two four four one. That's six one two four four one
two four four one or online at Haven Financial Group dot com. Investment advisory services offered through Guardian Wealth Strategies LLC. Haven Financial Group and Guardian Wealth Strategies LLC are not affiliated companies. Investments involve risk, and, unless otherwise stated, are not guaranteed. Please consult with a qualified financial advisor and or tax professional before implementing any strategy discussed here in, and comments regarding sabans cure investments
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