A (3:55)

Of your great advice.

B (3:56)

My goal is to one day be one of those people who calls into the show and has you and Mark laughing at the absurd amount of money that they've saved. Well, okay, first of all, once you've paid off a house, it's not just an investment decision. It's about your ability to access the equity in your place. So if I had to do it all over again and rates are at 6%, you know, I might make a different choice. I would say, well, why are you paying that down? You may not just want to invest it, but you might want to have access to it.

A (4:30)

So here's what I would say.

B (4:31)

If you're a 30 year old and a paid off house, would I take out 80% of the equity and invest it? Probably not. If rates are at 6%, would I take 80% of the equity and invest it? If my rate was 3%?

A (4:44)

Yeah, I actually would.

B (4:45)

I would definitely do that. And that's what happened during COVID when everybody was refinancing. They were refinancing to lower rates, taking money out and either paying down debt or Investing it. The thing that I think is hard to imagine when you're 30 years old is how you might need your money in the future. You might need your money to put kids through school. You might need money because you've lost your job and you're not at your retirement date yet. You might need your money because you have a health emergency with a paid off house, you really are stuck. You may be able to get the money with a home equity line of credit, but you don't know where rates are going to be. So if you want to give us a holler Judah and follow up about maybe what you would do, if your current situation is that 6% number, then I'm happy to talk about it. But I'm also very interested to find out everything else going on in your financial life. I hope that helps. Okay, this is a question from Susan who is worried about what she says is the threat to Social Security personnel cuts could threaten the reliability of our payments. Due to the recession, when I suffered significant retirement loss in real estate along with my employer forced early retirement, my retirement savings is practically gone. Oh gosh, I hate this. I'm almost 67. I rely on Social Security and a small retirement pension through my state. I only have a few thousand dollars in emergency reserves. My credit is very good. High score in the high seven hundreds. How do I handle paying monthly expenses and credit card debt if my Social Security payments are late? Well, they're not late yet, Susan. And I'm hopeful that we're not going to see this. I think that if we are worried about the payments system, this to me would be the one place where I doubt that. I mean, and I've been wrong about this, about other things. So I just doubt that it is a Social Security, a Social Security issue. Okay. That they would be messing with. Remember how many people receive Social Security benefits? Remember how many of those people vote? But it's hard.

A (6:56)

It's scary.

B (6:57)

It's really scary. This, this is a question from Nelson. My 84 year old mother has been diagnosed with dementia and Alzheimer's. She's moved out of her home and into mine. We live in California. I am retired. I've taken on full time caregiving duties with assistance from my wife who works full time. I have two younger sisters who work full time. They visit on weekends to assist with caregiving, to give me a respite. We're trying to care for mom and ourselves until such time as she might require a higher level of care in the home or potentially move into an assisted living or memory care facility. Our mother has an estate plan which has her home and accounts in a living trust. The trust has my sisters and me as the successor trustees. 1/3 interest in the trust estate. My mother has had me manage her finances fully for over five years now. I estimate that if she were to require a higher level of in home care or live in an assisted living or memory care facility, she would have enough funds to cover her for at least a few years of care. If those funds were to run low in the coming years, we would have to sell her house to fund additional care as that would be her only remaining asset. Our mother's neurologist has determined she can no longer make meaningful decisions with regard to financial, legal or medical matters and has provided a written statement. She has a durable power of attorney advanced healthcare directive which names my sisters and me as being responsible. Okay. Currently the house is vacant, but my youngest sister has expressed an interest in moving in. She has proposed purchasing the house after selling her current home. This tracks to our mother's expressed desire in the past to keep the family home in the family. It would also provide a source of funds should they be needed for additional future care. However, since our mother doesn't actually need the extra funds at the present time, it doesn't make sense from a tax perspective right now. What other financial options should we consider? We would love for our youngest sister to keep the house in the family. We'd love to have our mother's home not be vacant. But we also don't want to hinder mom's care if she needed more funds than she has down the road. What advice do you have that could allow us to keep both ideals in focus? You have the solution, my friend. Listen, Nelson, I guess I don't know how much the house is worth. It's California. So let's assume you're worried because you're going to have a big, big capital gains to pay, right? Because she can only exclude $250,000 of this house, right? So I don't know, I just feel like just pay it because what's the difference? And the alternative is you wait. You know, it's all done at the last minute. And maybe you could do that as well. You wait till she dies, you get a step up in cost basis. I don't know. It just seems to me that it's probably easy to have her move in. Um, she could move into the vacant house now anyway and maybe be prepared to pay for it and maybe just pay some rent right now and then maybe you can wait and see. Thankfully, she seems like she has the money she needs. So maybe what you should do is your youngest sister sells her house, moves into the current home, occupies the house, pays your mom some rent.

A (10:11)

So that's very easy.

B (10:12)

She doesn't have to do anything except pay rent, which would be paying the expenses. And you can make that situation, you can kind of keep that as the status quo for a while and see what happens next. This is from John, who says, my wife and I have spoken to a financial advisor whose compensation would be 1% of the portfolio, which comes to $6,000 right now. He looked at our investments. He says he can do better for us. Not wanting to waste your time listening to all of listing all of our investments. Is 1% customary? 1% is customary up to a couple million dollars. But if that person is not doing anything but managing your money, I wouldn't do it. If that person is a financial planner, then I might consider it. Okay, question from John. We've been getting this over and over again. So the question is, do you think it's possible that President Trump may want to take us into a recession and a lower stock market so others can buy at a lower price? Okay, so I'm 77 years old. I'm single, I have no bills. I've got $1.7 million. I was 1.8 a few weeks ago. Concerned. Look, if you're 77 years old, I'm not going to go into, like, the motives of what's going on at the administrative level. But if you have $1.7 million and you've got enough money in cash and bonds, then you can ride this out. If you have real concern, you can downgrade your risk profile, meaning that you can say, well, you know what, I'm actually not comfortable having so much money in the stock market and buy something different or have some cash. But don't switch back when markets change because they will change. So I would be a little bit less concerned with the motives. I'd be more concerned with how you actually want to manage your financial life. That's most important to me. So if you need more assistance, give us a Holler. Go to jillonmoney.com, click the contact us button. We'd be delighted to help you out. Don't forget, you can subscribe to us on the Odysee app or wherever you find your favorite podcast. Please leave us a rating and review wherever you listen. Don't forget to do something nice for someone else today. Change your work, change your wealth, change your life. Thank you for listening and we'll talk to you tomorrow.

A (12:34)

For decades, real estate has been a cornerstone of the world's largest portfolios. But it's also historically been complex, time consuming and expensive. But imagine if real estate investing was suddenly easyall the benefits of owning real, tangible assets without all the complexity and expense. That's the power of the Fundrise Flagship Real Estate Fund. Now you can invest in a $1.1 billion portfolio of real estate starting with as little as $10 4700 single family rental homes spread across the booming Sunbelt 3.3 million square feet of highly sought after industrial facilities. Thanks to the e commerce wave, the Flagship Fund is one of the largest of its kind, well diversified and managed by a team of professionals. And now it's available to you. Visit fundrise.com jillonmoney to explore the fund's full portfolio, check out historical returns and start investing in just minutes. Carefully consider the investment objectives, risks, charges and expenses of the Fundrise Flagship fund before investing. This and other information can be found in the Fund's prospectus@fundrise.com Flagship this is a paid advertisement. Sometimes I wish I had a personal.

B (13:45)

Sommelier to guide me through the world.

A (13:47)

Of wine, helping me discover bottles I'd.

B (13:50)

Never find on my own.

A (13:52)

And then I found Somsation, which might be even better. Psalmsation's expert team does exactly that. They seek out incredible wines from top independent producers that you won't find stores. These aren't mass produced wines. They're made with care and precision, using pure ingredients and meticulous winemaking. Their sommeliers curate every bottle, ensuring you're not just drinking good wine, you're experiencing great wine. You can shop their online store, join a curated wine club, or take it up a notch with virtual or private tastings. Explore now@psalmsation.com jillonmoney.