B (1:56)

is the type of advice people need to call into their amazing show for.

C (1:59)

I agree. We could do more than just money.

A (2:01)

By the way, I got more where that came from.

C (2:02)

We changed lives in so many ways.

A (2:04)

All right, so now some serious stuff.

C (2:06)

How can we help?

B (2:08)

Yes. So I found out through his passing, and I'll say this once. Very grateful, very blessed to be in the situation that through the course of three different kind of life events in the future, I'll be inheriting a total essentially of 3.5 million from him.

A (2:26)

Wow.

B (2:28)

Yes.

C (2:29)

How many grandkids are there?

B (2:32)

There's four of us. And it's interesting that you asked that question because you've worked too hard to

D (2:37)

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B (3:06)

There's four of us. And it's interesting that you asked that question because one of them is through a $10 million generation skipping trust that some of his commercial real estate assets is in totaling about 10 million.

C (3:22)

So generation skipping your parents didn't get.

B (3:26)

Correct. My parents now get all of the income for as long as they're alive from those properties.

C (3:33)

Okay.

B (3:34)

But they're passed along to us ownership wise in the trust once his children have passed along. So that's way down the line.

C (3:43)

Wow. Okay. Oh, my gosh.

B (3:46)

The other element is that he's leaving me $100,000. Now, I will receive at some point within two years of his passing, which will be two Mays from now. So I don't know when that would be coming. It could come today, it could come in a year and four months. And then the other element of it is that when my grandmother passes his wife, I'll be receiving a $1 million municipal bond that pays out a lousy 2%. But I'll be getting that when my grandmother dies that they worked out through their estate that she gets once he passed, and then I'll get that when she passed. She's 90, and I hope she lives 30 more years. But that's. That's the third element of it. So the reason I'm calling you is I didn't anticipate any of this. And since 2020, I've been building up my own brokerage account with stocks and ETFs, and that account now has 155,000 in it. And my plan was to never touch it, ever. Just keep it growing. However, now that I kind of have these other things coming in the future, my question for you is. Is it okay, or is it still stupid to be able to pull out money from that brokerage account to pay for some home improvement projects that straddle the line between want and need? If we have a second kid down the line in a couple years, we could really use another bedroom. And so for me, and we're doing home construction work here coming up soon, so it would be ideal to get it all done in one slew while it's happening, as opposed to having to move out a couple times. So is it, Is it okay for me to pull 40, 50 out of that now, pay another 10k in capital gains taxes next year, given I know what's coming to me? Or is that still no?

C (5:35)

I think that's fine. I would say you could do. You could pull 40 or 50 out of 150 in a brokerage account anyways, regardless of the inheritance. I mean, that's, that's cash for you all to use now or later. Or like you said, never touch it. I mean, yeah, you. You get to make that decision. The whole idea of just never touching that account was something that you. That was a role you put on that money. No one, you know, forced that. So I would say I would. I would be a little bit more flexible with it. And I'm assuming you guys don't have any debt and have an emergency fund in place and everything, correct?

B (6:09)

Yeah, about $40,000. Emergency fund. The only debt is our mortgage for thousand a month. $500,000 left on the loan.

A (6:15)

What kind of retirement savings do you have at this point? I know you're a young man, but I'm just curious what your 15% is looking like in Babysit 4.

B (6:24)

Yeah, it's, it's, it's. It's. I don't know, normal. I'm 36 years old. I worked professionally for the first half of my professional life, not making much money, so there wasn't much there.

A (6:37)

Sure.

B (6:38)

But over the past five years, I've had a pretty good job and have been okay contributing 4% into it for the last five years.

C (6:43)

Okay, that's great. Yeah. So I would. Are you just doing 4%? Is that the match?

B (6:50)

Yes. Okay.

C (6:51)

Yeah. So I would, I would be investing 15%. So I would be upping your retirement. I would totally use some of this money in this account, and then that will be replenished with 100 grand cash that's coming to you in the next year. Now, the, the rest of the, the bond, I'd understand that, but the, the other big chunk, the 2.5. That's in. That is in real estate. Correct. That's not.

B (7:15)

Yeah, so that's, that's the current valuation of what is commercial real estate properties in Los Angeles. Perfect.

C (7:20)

Okay, wonderful. So, yep, that's. That's exactly what I would do, Brian. I know. That's. What a. What a beautiful legacy, man, that your grandfather just love that guy. Built up, passed down generationally and still has grandkids intact. Right. Like, Brian, like, you know, you've stayed out of debt and built up your own emergency fund, your own brokerage. Like you're, you're doing it. And then that's the beautiful thing is that what money magnifies. And when money magnifies, great habits and stewarding money. Well, like, that's a. That's a wonderful thing. This money's not going to ruin you. It's actually going to continue. You're going to pass that down generationally through your kids and so on. So. Wow, that's amazing. Absolutely amazing. So, yeah, I would use part of the 150 to cash flow some home renovations, and it's okay if it's a want. That's totally fine. You guys have the cash for it. You're in a position to do it. And then when that $1 million bond comes, when your grandmother does pass. Yes, I would probably, yeah, cash that out and invest that. And that $1 million sitting in a brokerage account long term is gonna be a beautiful thing, too. That's in the future, which is awesome.

A (8:27)

That's huge. And that's gonna fast forward your retirement savings. And obviously you continue to be as smart as you've been.

C (8:33)

Yeah. Don't slow down your stuff.

A (8:34)

You guys are in great shape. But act like none of it's coming is the idea here. And, and you got a big decision to make. We got to find out where we're going to put that salmon. I think America wants to know, by the way, how big of a fish is it? Did you measure it?

B (8:46)

Yeah, well, the, the weight. Thank you. First of all, thank you for all that. I appreciate it. The weight of big hog is listed on the plaque. I don't know much about salmon. I asked my friend who's a big salmon fisherman. He told me if it's £25, that's a huge salmon. The weight of this salmon says 73 pounds. It's huge.

A (9:07)

Oh, and what's the size? What is it end to end? Do you have any idea?

B (9:12)

Oh, gosh, I have measured it.

A (9:14)

What would you guess?

B (9:15)

Big enough to struggle to get through the door frame, I can tell you that.

A (9:18)

Oh, so. So basically a yardstick. At least a yardstick wide, if you know what a yard.

B (9:22)

Yeah. Okay. Yes.

A (9:24)

Holy smokes.

C (9:26)

Ken's more excited about that fish in the house.

A (9:29)

Well, you know, listen, I've heard people talk about millions all the time. When was the last time you heard anybod talk about a 70 pound plus salmon? That's pretty special.

B (9:36)

Yeah.

C (9:37)

Not like a tuna. A salmon.

A (9:39)

A salmon.

C (9:39)

And. And they're not salt water. Right. Salmon or fresh water. So that's in a river somewhere in Alaska. That can eat me.

A (9:46)

Where did he catch it? Tell us real quick, where did he catch it?

B (9:49)

Yep. Alaska.

A (9:50)

Oh, there it is. Unbelievable. You know, and what's funny is there was a giant bear that had been stalking that thing. Big hog bear came looking for him. He's no longer there. Where is he? Grandpa got him. Create your free every dollar budget today. The simplest way to budget for your life.