Good evening.

You've got more than money.

You've got Gene Dickison, your host, your personal financial advisor.

Pleasure to be with you this evening.

Always a pleasure to serve you in any way that we are able.

If you are a loyal viewer, then you already know some of the excitement that's going on.

We have a live event coming up.

I'll talk to you about that momentarily.

If you're a loyal viewer, you already know that.

We start out giving you some some basics, some good Intel, some housekeeping items that we've got to cover.

And then we dive right into answering your questions.

If you are just joining us for the very first time, welcome.

I think you'll find two things are very, very evident.

Shortly, as you listen.

Number one, half an hour goes very quickly.

You think I just, get distracted over here for a few moments?

You're going to miss a ton.

You don't want to get distracted.

And number two, if at any point you find yourself being even mildly entertained, you have my most sincere apologies.

He said ironically, bottom line is that we cover a lot of ground.

We answer questions directly back to you, the ones that you have sent to us.

Again, if you're joining us for the first time, that email address is Gene GENE at ask mtm dot com.

You send those to us.

We answer your questions on air and that makes us, without a doubt, the most relevant financial show on air today, bar none.

I'll go up against anybody, not because of my skills and talents, which are immense, to be sure, but because of you.

You set the tone, you set the question, you set the agenda.

And we follow your lead, which makes us hero event.

And that's gosh, it's such a pleasure to be able to do that for you.

And through PBS 39 and PBS systems across the country, we're reaching folks in tons and tons of places we never could have before.

We're having, positive impacts on lives across the country that's exciting for us.

To be blunt, there's only so many folks that a financial advisor can reach, even in a lifetime in this profession.

But through the miracles of modern technology and through PBS, we're able to reach so very many of you.

It's a great joy.

Speaking of a great joy, if you want to have a fun time and we learn an awful lot and see behind the scenes kind of how the sausage is made at more than money on March 6th, you're going to have exactly that opportunity.

But I got to be blunt with you.

You better hurry.

By the time you are, viewing this recording, it is very likely that we're sold out, that we have filled all our seats.

And maybe you'll be waitlisted and we'll do the best we can.

And if there's too many waitlisted, maybe we'll do it in the future.

We'll just have to see.

But this is a live event.

It's very exciting.

Two shows.

Two shows taped back to back in front of a live studio audience.

Your ability to ask questions.

So I've heard rumors of wine and cheese.

That could be great fun.

Our production team.

You'll get to see behind the scenes and how they do their magic of making Gene look good.

Sound good?

They actually sound intelligent on occasion.

That's a challenge.

Bottom line is, in addition to all those wonderful folks are more than money.

Advisor team will be here many of you have had conversations with them through email.

Wouldn't it be a hoot to be able to have that face to face with someone who has helped you through electrons?

And that's a great opportunity as well.

So we want to fill the studio.

We are 75 at this moment.

We're 75% filled.

So seats are going very fast.

Hopefully you will secure a seat for yourself.

And while you're here, you'll get to explore our PBS facility, see the hard work that goes into producing, TV shows for your benefit.

And I would strongly encourage every single one of you who joins us to also become a member, become a member of PBS.

If you're not already become a member, help support this great work and, goodness, help support.

Let's be honest, more than money.

Because if you like what you hear and you want to keep it going, now's a good opportunity.

Speaking of keeping it going, let's get right to it and show you what we do here.

How much is enough when talking taxes?

That's a headline that's got me curious.

John writes on your show.

You were giving advice on the difference between keeping money in an IRA versus a standard standard brokerage account.

I wasn't sure at first that this was a gentleman, that now that I remember and I remember the phraseology, the question, it's a guy.

You stated that the brokerage account, profits would be taxed each year.

Did not mention that they would only be subject to taxation if the securities were sold and not taxed.

If not sold, I think it would be wise to revisit this subject to clarify the situation for your viewers.

So you think it would be wise?

Maybe you should do it on your show.

Kidding.

Just having fun.

Now it's a guy.

If it was a young lady, she'd be much more polite.

Bottom line is, the discussion that we had on a previous show that he references was the difference between having money in an IRA or an IRA account type account and an individual type account is that the IRA is tax deferred always, and the individual account is subject to taxation always.

That doesn't sound exactly like what he wanted me to say.

The reality is that what I've just described is exactly the case.

When you put money into an IRA, whether it's a Roth IRA or a standard, it grows tax deferred always until you pull the money out.

When you have money in a non IRA account, a brokerage account of almost any kind, you might have money in the money market, mutual funds, exchange traded funds, stocks, bonds, money markets.

You may have investments in many multiple different types of of investment platforms, all under the umbrella of one account.

Very common actually, not just very common, probably like 95% plus.

So when this gentleman highlights points out, suggests that my, my, counsel was a little off because it doesn't work if you're not selling it.

The answer is he's incorrect more often than he's not.

So for example, you have an account that has would make it simple.

A money market, a mutual fund and an Apple stock.

Very simple.

His observation that we are not going to tax be taxed on the profit of Apple stock until we sell it, and realize that profit is absolutely correct.

So far he sounds right.

The mutual funds will declare certain gains.

It might be dividends, it might be interest.

It might be capital gains.

Short and long term every single year taxable whether you spend them or not, whether you take it out or not, whether you reinvest it or not.

Taxable.

The money market will produce interest that is taxable every single year.

So in this very simplistic, example, two out of three of the assets within the account produce taxable income.

And the third will be taxable at some point unless the account holder passes to the great reward.

And then the rules change a bit.

But let's not muddy the waters.

So if you have ETFs, if you have mutual funds, if you have money market accounts, if you have CDs, etc., etc., etc., the vast majority of assets inside an individual account will be taxable.

Or it could at the very least produce taxable income and create a taxable event.

And on the occasion that you have individual stocks that you intend to buy and hold for a very, very long time, yes, indeed, you will push those taxes off.

So interesting.

The details matter.

How much is enough when talking taxes, it's never enough.

The last number I heard was that the IRS tax code is 38,000 thousand pages.

I think that's a low number.

For the folks who do taxes.

I'm thinking they're shaking their head now, going.

It's probably way more than that.

So, let's see, each of our shows is about 27, 28 minutes.

So I could talk for the next 17 shows about now.

We're not going to do that.

That was just for fun.

How about next?

What do we got?

Oh, this is so much fun.

Charitable foundations for the common man.

There was a time, and you may have, Gosh, PBS is supported by so very many wonderful, family foundations and charitable foundations, nonprofit foundations.

Every time I watch some of my favorite shows, I love all the stuff out of BBC.

Love that stuff.

Oh my gosh, all the murder mysteries.

Those are fantastic.

I love that stuff.

Grew up on, the BBC, Sherlock Holmes, Henry Louis Gates, finding your roots.

What a great show.

And at the very beginning, they had the Ford Foundation and lots of foundations are supporting, these these, these shows.

Fantastic.

It kind of gives the impression, kind of gives the impression.

You got to have a ton of money to have a foundation.

Gentlemen writes I sit on the finance committee at our church.

A member of our congregation sent us a check, but it was from a foundation that he had set up for charity.

He told us anyone can do it.

I thought foundations were expensive to set up an expensive to run.

Can you help us understand how this works?

Well, if I were sitting on the finance committee of a nonprofit, a church, any nonprofit, and I received a check from someone's foundation, that would catch my attention without a doubt, and I would certainly ask the same question.

Hey, wow, this is impressive.

It doesn't need to be so impressive for another reason, but it doesn't need to be because anyone can do it.

In the, days of the Vanderbilts and, the Carnegies and the Rockefellers.

Yeah, foundations very expensive to set up.

You needed millions and millions and millions of dollars to fund them and running them normally full time staff, lots of accountants, lots of attorneys.

Very expensive.

So yeah, it was only the wealthy in recent years.

I'm going to estimate I'm going to I'm going to guesstimate actually 1520 years a technique, a platform.

I'm known as a donor advised fund.

DAF donor advised fund has been developed, enhanced, implemented by a number of some of the most well-respected financial firms in the country.

I think of a very large investment firm, mutual fund firm, etc.

and they almost certainly offer to their investors, their clients, a donor advised fund option.

How does that work?

You set up an account very much like any other investment account.

You contribute money into this DAF, Donor advised fund.

You receive a tax deduction on your account.

I apologize on your income tax return, because all the money that goes into the donor advised fund is pooled with millions of other dollars from at least thousands of other folks who have set up their own, charitable funds through the very same donor advised fund.

It is an umbrella.

So you receive the benefits the administration, the accounting, the legal, all of those kinds of things.

That would be for you alone, impossible to shoulder.

But that cost is spread out among thousands and thousands of folks.

So the cost to set up and run a donor advised fund is, I was going to say pennies on the dollar.

I don't know, it's even that much.

It may be less than a penny on the dollar.

That's how inexpensive this can be.

And because the rules of the donor advised funds say that once the money is in, it must go to charity.

The IRS has ruled that simply putting the money in your donor advised fund is a charitable event, and it is deductible on your tax return if that fits your profile, pretty impressive.

It also gives you the opportunity very efficiently to research and name various charities.

It could be your church, it could be, Folds of Honor charity.

It could be PBS 39.

It could be any number of nonprofits that you already support it, and yet you can have those supported through your own foundation.

So if your name is Bob Smith, you could set up the Bob Smith Family Foundation, make those contributions.

Maybe at the end of the year, you're saying, hey, I'd like to get this in for 2025, put, $10,000 in and then I'll distribute it in pieces.

Starting in 2026, your deduction will be for 2025.

It'll work out beautifully.

So if you have charitable instincts, if you have charitable goals, this could be a very exciting opportunity for you.

Takes a little work.

Need to do a little research perhaps.

Maybe have a financial advisor guide you.

But bottom line it can be very advantageous.

Help raise taxes and help maybe extend your ability to support organizations that you really care about.

Fantastic.

Well asked.

I'm glad the, Finance Committee is investigating, sir.

What do we have next?

That's fascinating.

Many folks ask us questions that all surround this topic, and this question is as simple as it can be.

We are close to retirement.

We are happy with our investments, but we are looking for help with taxes, Social Security, Medicare, Medicaid, etc..

This, excuse me, challenge is very real.

Financial advisors come in a number of flavors.

And for those of you who have been solicited by financial advisors, there are several major national firms, financial advisors, that send out endless, marketing solicitations.

And they are almost certainly investment advisors, not financial advisors.

Investment advisors have tunnel vision.

They want to talk to you about your investments.

How are we going to, invest your money so it best fits you?

And then when you have a question about Social Security, they remind you we are investment advisors.

They may call themselves financial advisors.

They may use that label or to try to, quite draw you in to trying to attract clientele.

But the reality is that they are very, very specialized.

It would not be, unlike the medical community where if you are working with a podiatrist, you're getting very good results, and then you've got a little something going on.

Going?

I'm not sure what's going on here today.

Beatrice appropriately would say, not really what I do.

I'm going to recommend that you talk to somebody who is a specialist in that area, and as a result, guys, for so very many of you, the frustration of, of many senior citizens is not that they need medical advice, but they have so many doctors that they need a scheduling app on their phone to keep track of.

When do I see the podiatrist?

When do I see the heart guy?

When do I see, when do I see?

And keeping them all straight, can be really mind numbing as opposed to as opposed to, gosh, a thousand years and 1075 years ago, you went to the doctor, it was the doctor.

And in many towns it was the only doctor.

So one doctor did everything.

I'm not suggesting that's appropriate.

But if you had the medical analogy that said, you walk through the front door and you say, I'm here to meet with my cardiac guy, my urology guy, my mom, my call and ask a guy, whatever it is, if they were all under one roof, wouldn't that be convenient?

And the answer is, of course it would.

Now we're back to financial advisors.

Financial advisors have the the background, the time, the training, the talent to provide you with information on many, many different topics.

Just as this question was posed, we have questions about Social Security.

Of course, Medicare, of course, long term care insurance or long term care planning.

Of course, estate planning is really critical at this stage.

Of course.

So while the financial advisor that's heading up, your effort under this umbrella, you might think of it, we just came through a wonderful football season.

Well, depending on where you're seeing our show, we're very near Philadelphia.

We're an hour north here in in Bethlehem.

We're still really happy about the Super Bowl and everything that happened.

You may not be as happy.

I get that.

And my condolences.

Seriously.

My condolences.

I wish you had one.

Bottom line is, if you're looking at an effective, coaching staff, head coach, defensive back, coach, defensive line coach, offensive, you have a complete cadre of specialists under the head coach and a financial advisor is very often the quality advisors.

By the way.

There are so very many of them.

There are lots of, of of of situations that are widely reported of a financial advisor doing something inappropriate, something criminal.

And that's a shame because it paints the profession in a negative light.

But I am here to tell you, because I know hundreds of advisors coast to coast and beyond who are wonderful, fantastic experience financial advisors.

They have under their umbrella, under their head coaching, lineup.

They have estate planning partners.

They have, Social Security partners, Medicaid partners, reverse mortgage partners.

They have insurance.

But the list goes on and on so that when you walk through the door, you're not getting I can invest your money and make you money.

I can't answer anything else.

How will this affect my taxes?

I can't tell you.

I'm not legally permitted to tell you.

And even if I were, I'm not that interested in telling you.

I just want to do what I like to do, and you go off and do something else.

And the reality is not necessary.

Lots of quality folks out there who are, walking away from the title of investment advisor, embracing the title of financial advisor, and they really mean it.

That's what you're looking for.

A fantastic sir.

Quickly.

Where to next?

Oh, this one, this one.

Goodness gracious, is investing the only way to acquire money.

There is a backstory.

There is a backstory, as you might expect.

By the way, lots of these have back stories and a lot of the back stories I get after the fact.

So there's still a back story.

Yeah, I'll figure that out later.

The question is, are there options to acquire money with without having to invest, without having to invest?

I confess, confessional, when I received this email the first time, I was confused.

I was very confused.

A question to a financial advisor.

Is there a way to acquire money without having to invest?

My knee jerk is duh, of course, but that seems so obvious, that I wasn't at at all certain, kind of where this, this question was coming from.

So, as I often do, shot off an email.

Hey, not sure I understand the question.

Can you clarify, early 60s minimal savings.

Okay.

Job not great.

Social Security, modest expects to work to 70 to maximize.

And investing simply isn't something that this individual felt, that they could do, that they had enough capital that they had anything that they could separate from their savings.

And so is there a way to acquire money without investing?

What would you have said has, as I said?

A couple things came to mind almost instantly.

Duh.

Of course.

Better job.

So if you have a job that's not paying you enough, there's tons of companies out there looking for quality people get a better job.

That one's easy.

Hey, I'm not really trained to get a better job.

Number two, get some training.

One of the huge advantages.

I'm not clear about this across the country.

I wish somebody would feed me back.

Give me feedback, Gene at ask MTM dot com.

Send me the feedback.

In Pennsylvania, we have what we call community colleges.

Are they are they prevalent across the whole country?

Because from my personal experience here locally.

Fantastic.

Like like staggeringly fantastic.

Like unbelievably fantastic.

They offer a tremendous range of of, of topics, a tremendous range of, of training and, and, yes, from the kind of traditional, reading, writing, Richmond Tech College kind of stuff, but on and on.

Cybersecurity training, culinary training, carpentry, masonry.

You're talking about being able to, for a very, very, gosh, incredible value for the dollar cost, going to get trained up and maybe in a very short period of time, you're completely available to do a whole new career and one that will be much higher paying.

So investigating training.

Absolutely, absolutely fantastic.

Number three, look for jobs that offer training.

There are tons of companies that they're really not interested in interviewing or accepting employees that have a certain certificate or a certain training, because that they have to untrain them.

They have a system that they follow, their process procedures.

They want to train them.

So if you are willing to be trained, there are lots of companies that will start you in at a very reasonable starting point and then bump you rapidly as you acquire new skills.

That's pretty impressive as well.

Side hustle number four I think I'm counting correctly.

Side hustles.

Side hustles are in addition to your current job, in addition to hey, I work from from from 830 to 430.

I'm home, I settle in, it's about 6:00 after dinner, and now I turn to my side hustle something maybe on the computer, maybe it's a phone based, remote, employment issue.

It might be a small business that you start.

Might be a small business that you run on the weekends.

Gosh, the folks that I see, how about a flea market?

If you've been to a flea market lately?

One that I saw recently, hundreds of vendors.

And, my suspicion is that particular location, millions of dollars of transactions a year, maybe that's something that you do on your weekends.

It's not only a business and you make some additional money, but maybe there's some social aspect to it, too.

And you get trained up on business.

So there's at least, what, 4 or 5 different ideas, that you might embrace in terms of getting more money without having money to invest.

In the world of business, having little or no money to start with and needing to reinvest your capital, reinvest your profits, build up slowly is called bootstrapping.

Pulling oneself up by their boots sounds almost anti gravitational, but it's been around a long time and with a little bit of creativity you can make tremendous progress.

Folks.

We've covered a lot of ground this evening and hopefully you've picked up some ideas along the way.

Hopefully a couple of those ideas relate directly to you and answer the question that you already have.

If that was not the case, please make sure that you send us your emails.

Gene at ask MTM dot com.

There's absolutely no cost, no obligation.

We answer every question back to you.

Some of those appear on future shows, but every question gets answered back to you.

If you are suspicious.

Hey, I sent an email, didn't get a response?

Check your spam filter.

It's 99% of the time of the culprit.

But indeed, if you picked up a couple ideas, maybe that means if you'd like to become a regular part of our more than money audience or regular attendee to these lessons that we give on a weekly basis, and if so, that means we'll see you next week, right behind this podium when we answer more of your questions on More Than Money.