Pinnacle’s Best #1 Baseshop CFT Sign offs with Eric Olson for Michael Van Buskirk Fri, Feb 18, 2022

what an awesome introduction i appreciate you so much eric i've heard some great things about you i know melinda mentioned that you're a family man you're married to an amazing wife sandra and you guys have four kids did i get that right yeah you did thank you i appreciate that awesome so same thing.

I'm i'm married i have one kid so i'm a little ways behind you but uh i'd love to get to know you a little bit more and then i'd love to share with you who we are what we do and how we help families so before i kind of jump into that just tell me a little bit more how long have you been married to uh to your amazing wife sandra well we we've been together.

Now over 10 years we have four kids we got married in cabo that's one of our favorite places and she's now in business with me and yeah you know she uh she speaks spanish um you know and um she's a great lady for sure and i i'm able to coach my uh my two boys in football.

Uh on sunday so we have a great time doing that i actually used to play college football and um and yeah you know my uh we just had a little princess she's three and we just took her to disney world last week so that was fun for her birthday that's awesome that's awesome so let me ask you um you mentioned football did you play.

Football in college yeah san jose state i was the captain of the team there you know that was fun what position did you play on a football team i played right up right offensive guard um so i was the one pulling so i i ran out and uh and knocked out the defensive end or knocked out the uh the linebacker so that was fun.

Yeah that's awesome that's awesome that's interesting that you say that because i was actually i played sports at fresno state so a competing school so i hope you don't hold it against me but uh i didn't play football i played baseball okay and actually my first year.

I ended up hurting my arm so i actually never played with that team but that's a team that if you know won the national championship a couple years after that i could have been on but didn't work out that way so let me ask you um what are you doing now now that uh your football playing days are behind.

You what do you do for work now um i actually work at the san jose airport so we're at the san jose airport i'm a manager um a manager there and just been doing that and so just yeah basically just uh working at the airport and coaching my boys in football awesome awesome how old are you boys uh.

They are 10 and 12. okay i got a four-year-old i'm looking forward to the time he's finally gonna start playing some sports you know i get him in the backyard and he could throw a baseball you know 30 40 yards already so i can't imagine until you know a couple more years to get them out there so that must be amazing.

Yeah it really is what position did you play in baseball me i was a third baseman and second base so middle infield or third base so okay yeah fresno state was definitely our competing uh competing school uh derek carr i played against him and he went to the nfl and his brother david carr went to the nfl play he's a.

Quarterback for the raiders now so yeah yeah exactly yeah a lot there's some good people that that definitely came out of both schools even san jose state has some good people as well some professionals that came out of there so that's awesome so i appreciate you taking the time sharing a little bit about yourself and your family.

I want to kind of share with you how i got into this business and why i think what we do so important for families um and then i'm going to show you you know who we are and what we do and i'm excited to share that with you today eric so i've been in financial services about 20.

Years and during that time i had multiple roles with with different large corporations a couple notable ones i was a financial advisor at a company called merrill lynch you might have heard of them one of the largest wealth advisory firms in the world and while i was there i realized something very quickly um the people that really need financial help.

And financial guidance aren't really the ones that are receiving it today because at merrill lynch the only people we would sit down with and help are that wealthy one percent of america so basically we're helping the rich get richer and the people that really needed financial education you know we couldn't help them i had a minimum account size.

Of a million bucks so the people i knew and cared about my friends my families you know they couldn't they didn't have that type of money so what i did is i transitioned to a different role with another company called transamerica and during that time i kind of climbed the corporate ladder my last role with them i was the regional vice president.

Of all of their distribution in california and i came across this amazing company because this company was our largest client that helped people with our solutions and our products and what i realized right away that makes this company different this organization is they don't.

Just sit down and help wealthy people they actually sit down and try to help everybody so whether someone is saving their first dollar or they save millions of dollars in their lifetime they're able to put plans in place educate them and put them in a better financial position for them and their family so right away i fell in love with this.

Organization so i made that transition from my role as an executive uh to be in business full-time with me and my and my spouse and that's why i think it's so important so so let me ask you i mean do you kind of feel that there's a gap there between the people that need financial help and the people that get it from these companies yeah i agree.

Yeah that's that's a good point yeah definitely definitely so let me share exactly you know who we are because i want to make sure uh you know you understand the the company that we work with and who we represent so i don't know if you recognize any of these companies but let me share with you our parent company.

First which is that picture in the top left corner that's a company called aegon it's based out of the netherlands it's has a track record or a history of about 200 years they have about a half a billion a half a trillion dollars of assets so if you don't i know you said you're a football guy if you don't watch.

Soccer you've probably never heard of aegon but if you ever watch international soccer every team is sponsored by this company they're a huge brand out in europe and in asia so about 25 years ago they decided hey we want to expand our business we want to make sure that you know we're part of the u.s market so they had a few options.

They can either start from scratch bring their brand aegon and basically start introducing that to people or they can partner with a large established company in the united states so the company they chose is a company called transamerica so let me ask you have you ever seen this building before in san francisco um.

I have yeah actually i drove by it a couple times yeah exactly one of the most recognizable buildings in the world that's the transamerica building in san francisco so you have young kids so i'm sure every time you watch a superhero movie based in san francisco this is the first building they destroy right.

This is a building that that everyone recognizes and that's the company or that is our brand in the united states transamerica and it's also been around about 100 years so after aegon merged or purchased transamerica about 25 years ago they then went on to purchase their number one distribution partner which is an.

Organization called world financial group so that's that picture in the top right up here and the best way i could describe what world financial group does it is a distribution hub for financial services so it's very similar to like what amazon does so if you log into amazon on their website and you're looking for a book you type in the name.

Of the book it's going to pull up 30 or 40 companies that sell that book and it's going to show you who offers it for the best price who can ship it the fastest and who's the closest to you right and basically that's what we do with financial products we actually sit down with clients and we get a better idea of what they want to accomplish.

What their goals are and then with all the companies that we have on our platform we're able to match the client to the best company and not the other way around and that's what we do and at world financial group the largest organization they have is a company called pinnacle elite that's the picture on the bottom right and that's the.

Organization i'm part of within world financial group and our company's been the number one growing team it's been the top team four out of the last five years and counting so we help a ton of families every month just by educating them and putting them in a better financial place than when we got there so let me ask you after hearing this you.

Know i'm not just sitting in my garage a one-man show you know talking to you about your finances you see some of the financial backing in companies that support us right yeah for sure absolutely yeah that's good perfect awesome so let me show you what our financial menu looks like what we do for family so we really.

Love talking about the power of choice because we have the ability to find the company that best suits our clients and a lot of people what they actually do a lot of those other financial professionals is they're an employee of one of these companies so all they can talk about is their company's products but we're able to partner with whichever.

Company makes the most sense for everybody an example of some of the things we do this is our financial menu 401k ira rollovers so most people change careers or change jobs four or five times in their lifetime and every company or every stop along the way they usually have a 401k plan that they've established and then they leave and they.

Kind of just leave it there at that company they really don't do anything with it they're not paying attention to it or it's not getting the growth that it really needs so what we do is we sit down with clients and we talk to them about you know maybe consolidating some of those maybe putting them in investments that offer guarantees making.

Sure they always are going to be growing for them that we eliminate that risk of loss there's a lot of stuff we do for those so just kind of keep that in mind you know anyone that you might know that might have one of these plans sitting around somewhere where no one's watching it so that way we can actually you know put a plan in.

Place that makes sense for them the next thing we do is life insurance and even when i was a financial advisor and i was sitting down with wealthy individuals we always started with life insurance and a financial plan that's really your financial foundation because the one thing i can never replace for a person is their ability to.

Earn a living so if i put the best plan in place but all of a sudden you can no longer work because you have a heart attack or stroke or you're diagnosed with cancer guess what that financial plan is not going to happen because we no longer have the income coming in to support it so what we always talk about is putting together a good foundation by.

Having protection i want to make sure if something disrupts your income i want to make sure that we can replace that with a product or service that's going to allow us to continue our financial goals and needs it's not going to derail it so life insurance is a big one we talk about then of course the next one's a.

Long-term care yesterday i sat down with a nurse practitioner and that was one thing she really focused on because people in the medical field understand long-term care is a need that everyone is going to come across in their lifetime so the stat right now is that 70 of people by the time they get to age 65 they require.

Some form of long-term care and so we want to make sure those plans in place because if you don't have a plan in place that means now you're using your retirement money or you're using your savings for your long-term care and once again it's something that will derail your your goals for you and your family and then the next thing we talk about.

College planning right if you have four kids almost if you want to help them you know going to school you want to make sure they can graduate completely debt-free right provide that great financial head start for them on their career path we talk to people about planning for college for their kids and then index universal life is a type of.

Insurance policy it's permanent it has huge tax benefits that we can talk about but we talk about having that money grow for you right and we'll talk about that in a minute and then fixed index annuities are another great place where your money's going to grow it has guarantees so we do a ton of things for families but let me back up out of these.

Things you see listed here you know which ones are you utilizing right now for you and your family um i have a 401k through my job and then i have life insurance at my work i gotcha do you know how much coverage you have through work with your life insurance policy through them it's a one.

Year salary so fifty thousand fifty thousand yeah gotcha okay well i'll tell you eric you're kind of you're ahead of some people i talk to i'll sit down with people and they just haven't planned anything so at least you have something going for you but there's a couple things i want to touch on um.

When you have insurance through work a couple things obviously if you ever leave that job you usually can't take it with you and usually the only time it's going to pay a benefit for your family is while you're working for that company while you're actually on the job so obviously that's stuff that we talk about when we.

Put a financial plan together and is one year of your salary sufficient we need to find that out because think about it are you going to retire next year eric no no exactly so something happened to you today and all that that insurance is providing your family is one year of your income.

Do you think if you had a long healthy life you would work longer than one year probably so right yeah for sure we got to make sure we take that into account when we put a plan together so to the right there's a couple examples of some of the companies we work with uh let me ask you have you reckon do you see any of these i know being a football.

Fan two or three of these had football commercials during the super bowl but tell me which one of these companies are you familiar with um i i know uh nationwide transamerica prudential pacific life yep awesome and most people they've heard of these companies but let me ask you this eric.

Have there have you ever heard from them as someone from pacific life picked up the phone and called you and said hey you know what eric i want to make sure your family's taken care of i want to teach you a few things about the products and services we have have you ever gotten one of those phone calls i haven't no no exactly and that goes back.

To the whole reason why i love doing this our whole crusade i want to make sure the people that are not uh are being somewhat ignored by these companies have the same benefit and service and same education that we teach wealthy people about their money and that's really what we're trying to accomplish today and i'm sure you could.

See why that could be important right absolutely yeah very important for sure perfect so let me show you the two types of families we typically come across when we're helping people so family a is most of america typically their household income is less than a hundred thousand they work for somebody they're an employee right they usually only have.

A 401k plan for retirement they if they have insurance it's usually term insurance they typically don't own a home they have credit card debt right this is the average family we sit down with and then what we want to do we want to teach them what family b does and what family b does typically they have a 250.

000 or above household income they're business owners they utilize permanent life insurance they maximize their tax advantages they have a financial professional they work with so our goal is to get as many people from the family a side into that family b side on this slide right that's the goal and the two.

Biggest differences between the two families is the income and that they don't have a financial professional helping them so what we're able to do is sit down with them provide them with some education so they can better understand money and make better financial decisions so that way they can hopefully get to that family b-side as.

Quickly as possible so let me ask you this eric i understand that you're a big football fan but let me ask you a question let's say and i know it's going to be hard to do this but let's say you didn't know anything about football and you're sitting down on your couch you turn on your tv and there happens to be a.

Football game on and if you didn't understand the rules or what's going on do you think you could enjoy that game or you would understand what what's happening no yeah think about it a penalty flag passing interference holding they kick they kick a field goal is three points you're like why is it three points right it's kind of hard to.

Enjoy something if you don't know the rules right yeah and that's no different than with money so if you don't know the rules of money how can you enjoy it or even win at that game and that's what we teach people all the time these are the three major rules about money so let me show you a couple things the first thing is the rule of 72. so.

This is pretty basic math you take your rate of return you divide by 72 and you're gonna get the number of how many years it takes your money to double right so if you're getting a four percent rate of return that means if you put ten thousand dollars let's say in your 401k plan and.

You made four percent a year your ten thousand dollars would grow to forty thousand dollars when you retire at 65. the reason i'm telling you four percent that is actually the national average that a person receives during their lifetime in their 401k plan is a four percent rate of return so why am i playing that out the.

Market's done better than that but the problem is people make poor decisions in those plans right when they don't have a financial professional helping them they don't have the proper education what happens as the monies go as the market's going down people are getting more conservative they're saying oh i don't.

Want to be aggressive the market's going down i'm going to go into more bonds right or more money market stuff and then when the market goes up they're like oh the market's doing great i'm gonna put all my money into you know some of these aggressive mutual funds they're doing everything backwards they're selling when the market's going.

Down they're buying when it's going up that's the reason why their rate of return is so much lower than the overall market itself so the education is so important just to learn that stuff so let me show you a different example so instead of four percent a year we try to get people from this column.

Over to this one double digit returns so if instead of four percent you're making 12 every year your money's doubling every six years and now at 65 instead of 40 000 you have 640 000 in retirement so let me ask eric would you rather have 40 000 of the 640 at 65. yeah definitely 640 sounds way better for sure of course of course exactly.

Right and then there's one other thing that we like to talk to people about there's something called inflation and i'm sure you see it when you go put gas in your car when you go buy groceries for your family the cost of everything increases every year right so right now inflation depends on who you ask it's about six.

Percent so if you're only getting a four percent rate of return in your retirement but inflation is growing at six percent that means you're losing two percent of buying power on your dollar every single year on top of that so you're losing in the money game right so a bare minimum you want to make sure you're returning.

Enough to outpace inflation but if you can go from four percent to 12 i guarantee you're going to be a lot happier during retirement and that's really the idea right does that make sense absolutely yeah for sure so the next rule that we're going to talk about is how money grows and this is important because there's.

Only three ways only three ways money grows it either grows in a fixed way so think about those cds or money market accounts that you have or maybe that cds earning one percent it won't go up it won't go down it'll always give you one percent rate of return every single year but what did i just tell you about inflation if the.

Inflation's at six percent that means you're losing five percent of buying power on your money every single year right you're going the wrong direction so people say hey i like fixed it's safe i know i'm gonna make one percent it's secure yeah you're securely losing your money every single year that's what's really happening right.

And then what most people have in their retirement accounts are something called variable accounts those are your mutual funds those are could be individual stocks right so those variable accounts can do three things in any given day they can either go up they can go down or they can stay the same or go sideways right be the same stay the same that's.

What a variable account does and the definition of variable is unreliable unpredictable right so think about that do you want your retirement in something that's unreliable and unpredictable probably not right well exactly and then the next one is indexed accounts.

Let me ask you eric have you ever heard of an indexed account before no okay and most people say that most people have not i'll tell you when i sat down with um that one percent those wealthy people at merrill lynch they definitely knew what index accounts were and they utilize.

Them and that's what we're trying to do we're trying to educate everybody and teach them what the wealthy people do with their money so index accounts are a hybrid of the other two and let me show you an example so think about that variable account remember it does three things it goes up down or sideways.

And let's say i have the ability to remove one of those three things for you which one would you want to get rid of market staying sideways market going up or the market going down i mean definitely i'd like i'd like to stay with the markets going up and i've got my my money in there for sure exactly so if there's three things the.

Market does right it goes up it stays the same or it goes down and i told you let's get rid of one of those we don't like one which one don't you like oh yeah the one that goes down exactly and that's what index accounts do we get rid of that option so what an index account can do it can only go up or go sideways so when the market goes up you make.

Money and if the market goes down you lock in what you made and then when the market goes back up your account goes back up and if the market goes down you lock in what you make right so let me ask you in your 401k plan do you have indexed options or variable options.

Um i think it's just variable variable it changes every day right right how would you like it if your retirement was set up so you can have index options in is that something that you think you could benefit from that'd be awesome yeah yeah definitely right okay and the last one and i'll tell you if you remember one.

Thing during our conversation this is the thing i want you to pay a lot pay very close attention to how money gets taxed because everyone thinks the biggest risk to their retirement is the market performance and the reality is the biggest risk to retirement is your tax rate list because no one knows how much they need to pay in taxes when they.

Retire because it's a future date right no one can predict the future so let me ask you with what you know today with the amount of stimulus packages we're paying out to people the amount of debt that we currently have in our nation do you think taxes are gonna stay let's say go down or you think they're.

Gonna go up i think probably growing up exactly right just so you know historically we're already on the lower end of the of the tax rate right historically we're on a very low scale on the very low end of the scale so let me ask you this so most people use.

Their 401k plan which is tax later money which means you're not paying taxes today you pay taxes at retirement when you take your money out so if we just you just told me you believe that taxes are going to go up why would you want to wait to pay more taxes in the future when there's ways that you can actually get around that.

Right that's really the idea so there's three types away money's taxed tax now are your cds your savings account every year if you make more than 10 bucks of interest you got to file that in your tax return you got to send the irs their portion of it right tax later means these accounts you put money in them that have has never been.

Taxed and as it grows over time you now pay taxes on the entire amount that it's grown during retirement or during your distribution phase right and then tax advantage accounts work a little bit differently and this could be a number of different things it could be a roth ira it could be cash value life insurance right these are ways that your.

Money can grow tax advantage so instead of putting money in that's never been taxed we put in money after it's been taxed and all of the growth we can access tax free later on so i want to give you a couple examples have you ever heard of a roth ira before air i have yeah.

Okay perfect do you have one currently or is that something you just heard about i just heard about it i yeah i don't have one though yeah so a roth ira like i said you put in after tax money it grows you can take out all the growth tax free but there's a lot of rules around a roth ira you got to make sure that you qualify because of your income.

If you make too much money you can't even apply for a roth ira also there's a limitation on how much money you can put in every year and then of course the biggest one you have to wait till you're 59 and a half before you can touch your money because if you touch it any sooner you lose all those tax advantages now you're penalized now you got to pay you.

Know state and federal taxes on that money you're taking out so what we're doing is we're able to utilize something called cash value life insurance which basically is the roth ira without any of the rules wow you can put as much in it as you want to you can qualify regardless how much money you make in income and you can.

Touch the money whenever you want without any penalty as long as there's some money accumulated in there you have access to it right so think about that would you rather pay taxes on the money you put in up front a small amount and never pay taxes again or would you rather wait and procrastinate and delay those taxes to.

Later on when now you've grown your entire retirement and now you're in a higher probably taxable income bracket at that point right what would you rather pay pay taxes later or pay taxes now yeah i guess pay them now yeah make more sense exactly and that way your money grows completely tax-free and you have tax.

Free access to it that's what tax advantage says so can you see eric why these three things are probably important for everyone to know can you probably think of one or two people that could benefit from this conversation as well absolutely yeah absolutely exactly so this is a big deal so let me show you real quick how we put a.

Financial plan together for somebody so the first thing we talk about is increasing their cash flow and i'm not talking about just managing expenses i'm never going to tell somebody hey you have to cancel your 20 netflix subscription because you got to save that money i'm not that's not what i do.

Right i want to make sure i can find people ways that they can increase their income to satisfy the lifestyle that they want right i don't want to take away the things they enjoy so i know you mentioned you know being a a former football player playing you know guard over at san jose state um i've noticed that there's a lot of.

People that have backgrounds as athletes whether it was in college or professional in our organization that just kill it in this business and we have the opportunity where someone can make an extra hundred thousand six figure income part-time so that's what i really want you to think about that's something i think you could.

Really benefit from right because i don't think uh you're not gonna be mad at me if i helped you make an additional seven eight thousand dollars a year are you not no i don't know i hope not so that's something i definitely want to dive into more during our next meeting but i just want to kind of you to kind of think about that if that's something.

That might be interested to you or if you know somebody that might be interested so the other the other part of the plan we put together obviously college planning you have four kids so obviously you might want to help them out when they're actually planning for college so they can go and have to take as few loans or hopefully graduate.

Completely debt-free that's the goal so we do college planning for for obviously families and their children emergency fund everyone should have three to six months of their income set aside an emergency it's not a matter of will it happen but when is it going to happen and we don't want an emergency your car breaking down or you know a.

Couple flat tires prevent you from properly putting your having your retirement plan continue to remain in place does that make sense i don't want it to detail you retirement savings right and then we talk about proper protection right this is the most important thing and i know you mentioned your job gives you one year of your.

Income but i'll be honest that's not enough because what we really want to do is make sure people are fully protected if something happens to you tomorrow and i'm not talking about if you die tomorrow but you have a major health event i want to make sure your family does not miss.

Out on the income you would have earned in your lifetime so i want to make sure that's in place because i don't want that to slow down your retirement goals and your needs right and then of course we want to build wealth for people we want to safely grow their money with guarantees so they can continue to grow and as we talked about rule of 72 try to.

Attain those double-digit returns for people so that way their money triples and quadruples quickly for them and then of course preserve wealth once you grow all that money i want to make sure that we give as much of it as we can to your family and the irs gets the least of it so i hope you're okay with that do you.

Mind skipping the irs when it's time to to transfer that money to the next generation i'm totally cool with that that's for sure i definitely hope so so so let me ask you out of these six things what two or three of them really stand out to you that you want to make sure that we definitely talk about our next.

Appointment um i would say step two and five uh step two and five sound good to me yeah so let me ask you eric so let me put that down the college planning and building wealth okay awesome when i talk about earning an additional you know six figures part time is that.

Something you would want to have another conversation about is that something maybe you might be able to get excited about yeah for sure definitely okay perfect so i'll put the plan together and that's something we'll touch on again i appreciate it okay perfect so a couple more questions for you and then we'll be all set and i'll be able to go.

Back put this plan in place and that way you know i can really show you you know how we're going to get to where you want to go so the way i i describe this the way i gather this information it's a lot like how you use google maps on your iphone right i'm assuming do you have an iphone or an android i have an iphone yeah oh perfect so when.

You pull up google maps the first thing that happens it finds out where you're at right then points where you're at and then you want to tell it where do i want to go and then it shows you the quickest fastest way to get there does that make sense yeah absolutely that's what i'm doing today i want to gather this.

Information i want to find out where you're at today i want to find out where you want to go that's the next couple questions i have for you and then i'm going to put a plan in place that's going to get you there the quickest the fastest and safest does that make sense okay yeah for sure perfect so first question i have for you.

And i'm not a magician so i'm gonna ask this question i don't want you to say you know yesterday or tomorrow or today but when do you want to retire um i would say age 65 at 65 okay and you have an idea as far as the type of income you'd like to see in.

Retirement or the amount of wealth you like to amass when it's time to retire um a million dollars would be nice a million bucks what about income stream what kind of income would you need to live off in retirement um about ten thousand a month ten thousand a month okay.

so just so you know eric right now the industry standard if you were sitting down with someone at one of these wealth companies like merrill lynch or morgan stanley and you told them you wanted ten thousand dollars a month they would recommend you only use four and a half.

Percent of your retirement account a year so you never run out of money so what is four and a half percent of a million bucks it's only 45 grand so you would actually need a lot more than what you're thinking so that's little stuff that we'll talk about and i'll calculate for you right so the next thing i want to ask you in retirement is there.

Anything you want to do um do you want to travel do you want you know to have the comfort to pick up and travel anytime you want you know spend time with your grandkids i mean what does retirement look like to you because i know it's different for everybody yeah definitely traveling uh would be.

Nice for sure uh definitely um you know buying like a condo on the beach somewhere in hawaii or cabo something like that would be nice um yeah playing with the grandchildren coaching coaching the future grandchildren in sports that's awesome yeah so so let me ask you eric so if i'm able.

To put a plan in place that helps you retire at age 65 that generates 10 000 a month in income that allows you the flexibility to you know coach your grandkids and travel when you want to travel right and the ability to stay retired and not have to get a part-time job as a greeter at walmart to sustain your lifestyle right if i'm able to put.

All of that together in your budget um would you be willing to move forward and let me help you do that yeah for sure i mean that sounds good if you can do that why not awesome perfect so i'm going to work on putting that together the next thing i want to do i know we talked a little bit about um.

About proper protection and i know you mentioned you have one year of your income in protection currently so industry standard how you determine how much coverage you should probably have is what we call the dime method so it takes into account a few things so i'm just going to ask you a quick a couple.

Questions real quick so as far as debt is there any debt you have in place right now credit card student loan debt anything like that you or your spouse um we need to take care of yeah i have about 40 000 and in debt okay is that credit card debt or a mixture of a few different things.

Um uh it's credit cards and student loans okay perfect all right so the next thing is income right now you said you have one year of income that you get from work for protection so what is your current.

Annual uh income uh 50 000 a year okay yeah so yeah so you have about 50 you have 50 000 of coverage today right let me look at it yeah yep so industry standard you want to have two things it's either 10 times your income or the amount of years you plan to work until you retire so.

For you i know retirement 65 is the goal that you have in place so let me ask you how many years until you turn 65 eric um 20 25 25. so i'm gonna show you two things i'm going to show you the 10 times income but i also want to show you what 25.

Years of income looks like because that's when you're fully insured for your income replacement does that make sense yeah how do they do that so 25 years times what or how does that work yeah so 25 years times 50 000. so what that would look like is 1.25 million which sounds like a huge number right yeah that sounds like a giant number but.

That's how much money you're going to earn in your lifetime if you never get a raise you never go to another company and make more money and it never increases that's how much money you would make for your family so if something happened to you tomorrow that is 1.25 million dollars of income they'll never see in their lifetime well.

Don't i'll tell you i'm i'm so happy that melinda set up this appointment so i can show you that because i've seen it so many times where people don't have proper protection and the main breadwinner passes away and now that family has to move in with other family sell their house completely change their lifestyle and it's financially.

Devastating to somebody and most people are surprised to be able to get that type of protection it could be as cheap as maybe 100 bucks a month right there's a lot of options you have out there so we'll definitely talk about that and then the other thing do you own your home or do you rent right now eric uh i own i own a.

House gotcha do you owe any money left on your mortgage or is it paid off yeah i owe uh about 400 000 okay perfect and then for your children is you know education planning helping them out for college is that.

I know you mentioned that's a priority for you so what what were we trying or what's our goal to set aside that they have available when they start college well how much do you think i mean i have four kids i want them all to go to college how much do you think it'll cost for each one of them to go to college i'd say the the safe number is to look.

At probably about 50 000 depending on you know their ages and how long it's going to be until they start college to keep it simple i say 50 000 for each one is what we can plan for and then we can make adjustments along the way like if you told me one of your sons already got um you know is going to stanford he already.

You know got his acceptance letter and all of that then we might need to adjust that number a little bit and then same thing if they go to a school like fresno state or san jose state right then that number is going to look a little different so kind of a rule of thumb let's say 50 000 per child and we should be able to kind of cover you know either.

Scenario and um the last thing just kind of adding those all together i mentioned the 1.25 million for income so if we had the 400 000 mortgage we had the 40 000 credit card debt and then we had the 200 000 for education you know we're basically close to or about that two million dollar mark so that's something i'm gonna look at.

For full proper protection for you and your family that's something that i think is extremely important like i said whether it's someone saving their first dollar or a millionaire we want to make sure that our foundation for our financial plan you know is set up correctly so that is the number we're looking for so i'll put that together so.

You can take a look at it but like i said i'm i'm so glad melinda set up this appointment because that's a big gap 50 000 to 2 million i mean there's a big gap there we probably need to spend some time talking about that would you agree with that yeah absolutely exactly all right perfect so the last thing i want to do.

I'm gonna i'm also gonna set up something called your financial independence number you know how we just talked about you want to have 10 000 a month in retirement i'm going to tell you exactly what it's going to take to accomplish that and i'm going to take into account things like inflation because 10 000 today.

Is not going to be the same as 10 000 25 years from now does that make sense yeah so we got to adjust for that we got to make sure that's part of our plan so i'm going to put that together and i'm going to come up with your financial independence number which tells me exactly how much you need to have saved at retirement to accomplish all these.

Goals and needs all right does that sound good yeah for sure perfect there so today's friday uh give me at least a day to spend probably three or four hours putting this together um i'm gonna need to make a few phone calls to some of the companies we work with to see which one's gonna be the best fit for some of these things so if i'm gonna put.

Three or four hours of my work into it can we at least agree on a day within the next 48 hours that we can sit down with and plan so if i'm going to put in the work you can at least sit down and hear what i have to say about it um yeah i think i can do uh sunday or monday yeah all right perfect let's do.

Sunday a morning or afternoon is better for you i go to church in the morning on sunday so we can do sunday afternoon okay perfect four four five or six uh let's do five okay perfect so i have it down i'm gonna send you the link right now so you have it and this will be our confirmation for sunday and then i look forward to.

Speaking with you and showing you what i put together and once again i'm just so glad melinda introduced us today because i think you're gonna get a ton of value out of this and you're gonna have a great plan in place for you and your family got it thanks so much mike appreciate it take care all right all right.

Wow wow let's give mike ben buskirk a big round of applause
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