The Money Advantage Podcast Podcast Por Bruce Wehner & Rachel Marshall arte de portada

The Money Advantage Podcast

The Money Advantage Podcast

De: Bruce Wehner & Rachel Marshall
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Personal Finance for the Entrepreneurially-Minded!The Money Advantage, LLC. All Rights Reserved. Desarrollo Personal Economía Finanzas Personales Gestión y Liderazgo Liderazgo Éxito Personal
Episodios
  • How One Family Mastered Legacy Planning for Families Without Sacrificing Unity or Values

    How One Family Mastered Legacy Planning for Families Without Sacrificing Unity or Values
    Jul 28 2025
    The Power of a Love Letter When Shannon sat down to write her love letters to her children, she didn’t expect just how meaningful the process would be. What began as a simple act of putting words on paper quickly became one of the most profound steps in her family’s legacy journey. The letters reflected a lifetime of love, intention, and values that now had a permanent home. https://www.youtube.com/live/VzJGf5fD2Jk For Shannon and her husband, legacy planning for families wasn’t about cold documents or rigid legal structures. It was about love, clarity, and making sure their kids were taken care of—not just financially but emotionally and relationally. Not because of the words alone—though they were beautiful and heartfelt—but because those words captured something far deeper: a lifetime of intention, care, and values that now had a permanent home. For Shannon and her husband, legacy planning for families wasn’t about cold documents or rigid legal structures. It was about love, clarity, and making sure their kids were taken care of—not just financially but emotionally and relationally. This is the heart of legacy planning for families: making sure the people you love feel your guidance, presence, and blessing long after you’re gone. It’s not just about transferring assets—it’s about transferring identity, vision, and faith. And when done well, legacy planning becomes a source of peace, not pressure. Their journey through the Seven Generations Legacy process turned what they feared would be an overwhelming task into one of the most empowering experiences of their life. And they didn’t do it alone. They did it with guidance, structure, support—and a shared commitment to doing legacy differently. The Power of a Love LetterLegacy Planning for Families is More Than PaperworkStarting the Journey: A Shared Dream, Two Different PrioritiesBringing the Kids Into the ConversationWriting Love Letters: The Emotional Heart of the LegacyCreating a Structure That Feels Like Coming HomeWhy This Matters for Your FamilyLearn More in the Podcast EpisodeBook A Strategy Call Legacy Planning for Families is More Than Paperwork When most people hear "legacy planning for families," their minds jump straight to legal documents, trusts, and spreadsheets. But the truth is, your legacy isn’t built by lawyers alone. It’s not just about asset protection or tax strategy. As we learned from our client Shannon on the Money Advantage Podcast, the real work of legacy planning is deeply human. It’s about putting into words what matters most. It’s about facing the hard questions that too often get avoided. And it’s about making decisions now that reflect not just your net worth, but your heart. In this blog, we’re sharing the real-life story of Shannon and her family. You’ll walk through their experience of legacy planning with the Seven Generations Legacy coaching program, and come away with: A clear definition of what legacy planning for families actually involves A step-by-step account of how to design a plan that aligns money with mission A framework for engaging adult children in meaningful, productive ways Insight into why emotional clarity is just as important as financial clarity And encouragement to start your own journey before it’s too late Because this kind of work doesn’t just benefit your kids when you’re gone. It changes the way your family lives together today. Starting the Journey: A Shared Dream, Two Different Priorities When Shannon and David began this journey, they were on the same team but holding different blueprints. David’s background, having grown up with limited financial resources, made it important for him to build a financial legacy. For him, the goal was protection and provision. He wanted to pass along what he had worked so hard to build. Shannon’s focus was more relational. She wanted to ensure their kids had emotional security and that nothing about th...
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    21 m
  • Questions a Good Financial Advisor Should Ask (But Most Don’t)

    Questions a Good Financial Advisor Should Ask (But Most Don’t)
    Jul 21 2025
    I’ll never forget Bruce’s story about his car—check engine light on, a mechanic insisted it needed a $1,500 catalytic converter. Bruce knew better and fixed it by simply tightening the gas cap. That story isn't just about auto repair; it perfectly illustrates why questions a good financial advisor should ask matter. Without probing, you might be sold something you don't need. Competency—not just good intentions—matters. https://www.youtube.com/live/oyEbgdU1MGI It’s not about distrust—it’s about asking the right questions so you're not blindly following advice. And that principle applies fully when choosing a financial advisor, especially when your spouse might need to take over the reins someday. Why “Questions a Good Financial Advisor Should Ask” Are Essential1. The Big Picture: Comprehensive Financial Planning2. Spouse Financial Preparedness: Including Both of You3. Risk and Protection: Insurance, Deductibles, and Peace of Mind4. Tax Strategy and Social Security Planning5. Legacy Planning: Aligning Values and Wealth Transfer6. Financial Alignment Between SpousesWhy You Need These QuestionsReady to Empower Yourself With Questions a Good Financial Advisor Should Ask?Book A Strategy Call Why “Questions a Good Financial Advisor Should Ask” Are Essential Bruce makes a powerful point: finance isn’t limited to investment products. Just like a mechanic or doctor examines the whole system, a skilled advisor should ask questions that uncover your entire financial ecosystem. Without comprehensive inquiry, blind spots linger—insurance gaps, overlooked risks, or hidden fees can derail your legacy. Are you unknowingly trusting a financial advisor without knowing enough about your overall financial picture? In today’s complex financial world—from taxes and Social Security to estate planning, insurance, and cash flow—a narrow focus on one product is risky.Questions a good financial advisor should ask aren’t optional—they're essential. They give you clarity, align planning with your goals, and ensure your spouse is equipped to manage your shared financial future. 1. The Big Picture: Comprehensive Financial Planning Bruce sums it up: “You cannot make financial decisions in a vacuum.” Advisors who focus only on investments or insurance miss how those decisions affect cash flow, taxes, estate planning, and more. Ask: What are your current net worth and cash flow statements? How do your investments, insurance, and debts interrelate? Why it matters:Like a doctor who reviews your medical history before prescribing treatment, a competent advisor will want to see your full financial picture before making recommendations. 2. Spouse Financial Preparedness: Including Both of You Too often, one spouse is left out of discussions and can feel lost if the other dies.Key questions include: Who are your trusted advisors (financial, legal, tax)? Does your spouse know how to access online accounts, passwords, and digital assets? What’s your “Alternative Income Plan” for the surviving spouse? How comfortable is your spouse with the household financial framework? Bruce and Rachel discuss this as part of the LIFE framework: Liquid assets—money accessible within 15 minutes Income plan—monthly income goals Flexible investments—capital that can be reallocated Estate plan—how wealth transfers to future generations Both spouses should discuss and agree on how these pieces look today and tomorrow. 3. Risk and Protection: Insurance, Deductibles, and Peace of Mind Bruce shared his own experience with PNC: they asked about deductible choices and emotional tolerance for risk during the house fire recovery process.Essential questions a good financial advisor should ask include: What insurance do you have—life, disability, health, auto, home? Are deductibles appropriate to your cash reserves and risk tolerance? Are beneficiary designations updated and aligned with estate go...
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    51 m
  • Spouse Financial Preparedness: Ensure Your Partner Can Flourish—Not Fumble

    Spouse Financial Preparedness: Ensure Your Partner Can Flourish—Not Fumble
    Jul 14 2025
    I’ll never forget the moment my co‑host Bruce Wehner shared a powerful story: Nelson told his wife, Mary, “I need to teach you how to be a widow.” That striking phrase stopped us in our tracks. It wasn’t morbid—it was strategic. Nelson recognized that spouse financial preparedness is the cornerstone of true legacy planning. If your partner isn’t prepared to manage finances when the unthinkable happens, your careful planning unravels—and unintentional burdens form. https://www.youtube.com/live/bVBMnWHGp1Y In today’s fast-paced world, talking about money can be uncomfortable. But taking the time to ensure spouse financial preparedness isn’t just responsible—it’s transformative. As Rachel Marshall and Bruce Wehner, co-hosts of The Money Advantage Podcast, we’re here to walk you through why preparing your spouse is crucial, and how to do it effectively. By reading this article, you’ll discover: What “financial preparedness” truly means The critical pieces every spouse should know Practical tools we use with clients How to handle emotional differences in money habits A step-by-step framework to empower your spouse today Why Spouse Financial Preparedness MattersKey Areas for Spouse PreparednessIncome Plans—Now & ContingencyTaxes, Medicare & Social SecurityInsurance & ProtectionDigital Access & Password SharingEngaging Trusted AdvisorsThe LIFE Financial FrameworkManaging Emotional DifferencesTools & Rituals for PreparednessEquip Your Spouse. Protect Your Legacy.Book A Strategy Call Why Spouse Financial Preparedness Matters Bruce and I often see one partner “in the dark.” The hardworking spouse makes decisions—but the other may trust blindly, unaware of details. That puts them at risk—be it missing advisors’ phone numbers, not understanding insurance coverage, or worse: being blindsided by critical decisions. One case Bruce shared involved a wife who thought their net worth was minor—only to discover $30 million after her spouse had passed. Imagine the emotional shock—and legal busyness. That’s why spouse financial preparedness is a legacy necessity, not an optional extra. Key Areas for Spouse Preparedness To be truly ready, your spouse needs awareness and access across five areas: Income Plans—Now & Contingency Your spouse should understand both your current income strategy and what happens financially if one partner isn’t there. Bruce calls it having a “backup income plan.” Ask: what if I retire early? What if one income stops? Taxes, Medicare & Social Security One spouse passing makes tax filing switch to “single,” which can raise Medicare Part B and D costs by up to $500/month. Understanding IRMA brackets and how Social Security survivor benefits work is vital. A spouse who knows the rules won’t fall prey to unexpected costs. Insurance & Protection Life is unpredictable. Couples need clarity on life, health, disability, home, auto, liability—and how they work together. A clear policy keeps your spouse empowered and protected. Digital Access & Password Sharing In today’s digital age, locked-out accounts are a nightmare. Did you know iPhone allows a “Legacy Contact”? A shared password vault ensures your partner can access bank, utilities, email—and even that mysterious password for your favorite travel site. Engaging Trusted Advisors Make sure your spouse knows and trusts your financial, legal, insurance, and tax advisors. Ideally, they attend meetings together or at least meet face-to-face. That ensures seamless transition—and peace of mind—should something happen. The LIFE Financial Framework Bruce and I use a powerful acronym—L.I.F.E.—to frame preparedness: Liquid: How much cash is needed within minutes for emergencies? Income: Do you want fixed guaranteed income to cover essentials, plus variable funds for lifestyle? Flexible: Which assets can be repositioned for other goals—travel, education, emergencies?
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    1 h y 1 m
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