Is Your Financial Plan "Profit First" or "Profit with Purpose"?

Be one of a kind with Mike's Plan.

Welcome back to the One of a Kind Financial Show Daily with your host, Mike Milligan. It is Friday, October 17th.

We are coming up on a weekend, right? And you know, again, we will be recording new episodes of the One of a Kind Financial Show this coming weekend. Go to our website, One Oak Financial. That's the number one Oak Financial, and you can listen online if you are not listening to WMBL.

N-I-S-W-T-A-R.

Or to our radio station out in Midland, Texas. Recently though, on the One of a Kind Financial Show, Gary and I talked about legacy. It's a big topic of conversation on our financial show because our listeners want to know how they can have a true legacy plan that goes beyond a will and a trust. Well, we talked about something called the porch light strategy, and that how that shining light was still on even though you're not here. It's about being present and showing up. So we talked about what does What does legacy mean to our clients? Are there giving strategies involved? Does the plan, the legacy plan, actually reflect the values? And are you actually enabling the next generation? And so I hope you enjoy this segment. Again, as we enter the weekend, if you do not have a financial plan, our team is standing by. Gary in the radio show segment next will tell you how to do that. But we want to build a one-of-a-kind financial plan based off taxes, retirement income, investments, Long-term care legacy that is worthy of the one-of-a-kind life you want to live. Enjoy this segment.

Legacy isn't just about money. It's about the impact you leave behind on your kids, your community, your faith, and your story. Now, too often people think of legacy only as something that happens after they're gone. The Porchlight Principle is about shining that light while you're still here, Being present, showing up, giving generously now and later. Let's explore how great planning can help clients leave behind something without missing the moments in front of them. Our first question: Do your clients know what legacy really means to them, Mike?

Some of our clients want to leave money to their kids. Others care more, care more about the values or their faith. See, legacy isn't a one-size-fits-all for everyone. What we do is we ask the question why probably more than any financial firm out there. At least that's what our clients tell us, because we align the purpose very clearly with our clients on what their money should do with them. So, the values and the faith that somebody has, When they're really indoctrinated in how somebody lives, they become more important than actually the financial side. Other people, they don't have deep convictions. They just say, when I pass away, I'm gone. It's up to them to decide what to do next. And so what we have to do is we have to have the real deep conversations, determine when to bring in the next generation. And it is so important To have financial conversations while you're alive. You know, that's the whole idea of turning the porch light on, because it's shining the light while you're here versus, you know, when you're passed away and your light goes out.

Are you giving or you're holding back out of fear? That's our next question.

Well, many retired retirees are charitably inclined, but hesitant to give because they're scared they are going to run out of money. There are so many strategies out there like donor advised funds or qualified charitable distributions, or even setting up a private family foundation that if done while you're alive, can bring the next generation into, into your thought process while at the same time giving you an income tax benefit versus an estate tax benefit.

Does your plan reflect your values or just your returns, Mike?

A portfolio is more about percentages. See, a lot of times investment companies that are one-size-fits-all or just an okay financial, you know, our competitors, they're more worried about managing portfolios than they are about building relationships and encouraging you to live a one-of-a-kind life. So, we help our clients align their personal beliefs, the causes, and their family goals in their spiritual convictions with their money, because investments that are aligned with how you believe are far more impactful than not. There's 2 ways of thinking, Gary. There could be a profit-first mentality, which is a mentality that many Wall Street firms, big banks, and insurance companies have, or there could be the philosophy that we have, which is profit with purpose. A profit with purpose strategy doesn't— does not always lack in the returns or growth that a profit-first does. It just aligns your investments with your goals. So, we would rather profit with purpose than profit-first, because then you win more at the end of the day when your values are aligned with how you want to invest your money.

And I'm betting investments are the last thing you talk to your new clients about. The first thing, you get to know them and find out what their vision for retirement is, Mike. Am I right?

It is because when a client comes in, if you just bring a set of statements in, any investment shop has access to Morningstar, a proposal tool, a comparative tool that they can show you. Because listen, the past is perfect, Gary. I can go back and show anybody a portfolio in the past that would've outperformed what they currently did.

Right.

And so, as opposed to trying to win a client based off wooing them with being able to read the tea leaves from the past and actually see what outperformed. I would rather get to know you and then use the tools that we have going forward, because the future is the greatest risk we have out there. We don't know when we're going to die. We don't know what's going to happen politically or economically or socially. It is the greatest risk we have. But what we have to do is manage the risk based off your beliefs and your values and your need for your money. That's why we look to, as opposed to leaving everything to chance in the future, like many large firms do, just by keeping the stock around. That's why we try to take care of the things that matter, like guaranteed income you can't outlive, right? And the remaining portfolio is there for growth to help keep pace with inflation if we get the same growth that we have gotten in the past.

Yeah, a couple of minutes left. Mike's going to tell you about the One of a Kind Financial Plan in just a couple of minutes. Let's give you the phone number, get on the calendar. 800-748-1838. 800-748-1838, or text the word ideas to 600-700. Ideas to 600-700. Phone number again, 800-748-1838. The folks at Wonok Financial standing by this weekend, ready for your phone call. All right, I promised you'd tell us about the One of a Kind Financial Plan, Mike, so why don't you do that right now?

Uh, the One of a Kind Financial Plan is a movement, ladies and gentlemen. If you're listening to this right now, it is taking Hampton Roads and Texas and many other states by storm because people are starting to realize that taxes in the United States are a problem and that they have been told, you know, the education on what a required minimum distribution is and that your taxes will be lower in retirement have just been, you know, it's been neglected, it's been omitted. And so we look at taxes first because taxes are the biggest expense you're going to have throughout the rest of your life. And by managing those first, It allows us then to get the thing that will reduce the fear and anxiety under control second. That is retirement income you cannot outlive. Because if you have guaranteed retirement income, that will help you sleep at night. It'll give you peace of mind. And then we start looking at your investment portfolio, because your investment portfolio, once retirement income is guaranteed, should be to help you keep pace with inflation. And then your investments should help with your long-term care strategy. And ultimately the legacy, right? So we build the one-of-a-kind financial plan because we believe everybody's unique. And if you want to live a one-of-a-kind life, you need to call us for this one-of-a-kind financial plan.

There you have it, the one-of-a-kind financial plan, folks. No cost, no obligation. Get a better handle on your financial situation. Starts by picking up the phone, dial this number. The folks at One Oak Financial and Ideas by Mike standing by, 800-748-1838, 800-748-1838, or text the word Text the word ideas to 600-700. Do it right now. You deserve a more confident plan to retire. Want to be stress-free? Peace of mind starts by picking up the phone and dialing that number or texting ideas to 600-700.

One last message from our compliance team. As a reminder, Mike Milligan, Certified Financial Planner, is an investment advisor representative of Advisory Alpha, LLC, an SEC-registered investment advisor. All opinions expressed by me, Mike, or any podcast guest are solely our opinions. And do not reflect the opinions of Advisory Alpha. This recording is for informational purposes only, should not be relied on solely for investment, tax, or legal decisions, and it's in no way intended to communicate or guarantee specific performance or suitability of any security instrument or product as we may have discussed. Investment advisory and financial planning services offered through Advisory Alpha LLC, a registered investment advisor. Insurance products are provided by Ideas by Mike, a licensed agency located in Norfolk, Virginia, and licensed to do business in all 50 states. While tax and legal issues may be discussed in the General course of financial and investment planning. Advisory Alpha does not provide tax or legal services. Please consult with your tax or legal professional prior to making decisions related to these issues. If you want us— an appointment with Ideas by Mike or One Oak Financial, please reach out via our website. This podcast is produced in conjunction with Mike Milligan, LLC.

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