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Retirement Planning: Social Security, Medicare, IRA/401k, Long Term Care, Income, Estate Plan, Tax - YouTube
Channel: Cardinal Advisors
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Today's Cardinal Lesson is going to talk
about, whether you want to call them the:
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Seven Things or the Seven Worries in
retirement, the Seven Subjects: Medicare,
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Long-Term Care, IRAs, Retirement Income, Estate
Planning, Income Tax, and Social Security.
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And I had- it's kind of funny- on my YouTube
channel, I had a lady address me as: ‘Mr. Cardinal
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Advisor.” And I thought, well maybe that'll be
my new name. So these are the Seven Subjects or
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the Seven Worries or the Seven Things that Mr.
Cardinal Advisor thinks you need to be concerned
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about if you're in your 50s, 60s, 70s, and beyond
and planning out your retirement. Or another
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way to put it is I've divided all the areas of
Retirement Planning up into these seven subjects
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and today's video, what we're really talking about
is: What We Are, What We Do, and What We're Not.
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And many people, when I they find out
and they meet me socially, and they
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you know I'm a Certified Financial Planner CFP,
and they're thinking, ‘Okay so what this guy does,
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is he takes your money under management.’
-I'll take your money- ‘and then he looks at it
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and then he decides I'm going to buy this
stock, and that stock, and these bonds, and
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kind of mix it all around.’ And then I'm going
to get the said return. I'm going to make,
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make them some money and then that money that I
make, you, or that you earn with my management,
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or your return that's that and your Social
Security are what they're going to live off of.
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And there's a lot of people that just simplify,
they if you really sat them down, and said ‘What
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does that guy do? Or what's he going to do
for you?’ That's what they're going to say and
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what, what I have to say to that, is that is a
small part of what we do. Okay, and we certainly,
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we feel like we're good at it. I don't think that
I'm especially that much better at it than a whole
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bunch of other people that do, that I mean you
can only be so good at picking stocks, and mutual
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funds, and ETFs, and doing all that and earning
a return is you can only be as good as you can
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predict the market. And I just, I think you
know the safety, a lot of things come into play.
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What we really do is we put together a Retirement
Plan for clients, and what we do is we go around
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and we address all Seven of these topics.
And if you'll notice my YouTube channel
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is broken down into those Seven subjects, and
then it has several videos under each topic
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that go over what you need to learn about
that particular topic. Like under Medicare,
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I mean you're going to have stuff on should
you buy an Advantage Plan or do a Supplement.
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Or you know, how does IRMAA work? You know an
IRMAA is: Income Related Monthly Adjustment
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Amount. It's a Medicare Surtax on wealthy
people, and how does that work? How do the
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penalties work? I mean we could go on and on- we
have different videos on each of these subjects.
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You can watch them, you could sit down with me,
and I can bring you up to snuff about Medicare.
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Same thing with Long-Term Care. I mean we have
some of the issues, I mean the biggest thing
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with Long-Term Care that comes into my world- is
if this happens to you- if you need somebody to
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care for you. You need care or you need it at
home, or you need to go to an assisted living;
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Where's the money going to come from? Or is this
thing going to disrupt your whole Retirement Plan?
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What's Custodial Care, are you going to get this
at home? What's Assisted Living? Then, we get
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down to where most Middle Class, Upper- Middle
Class, however you want to do it, mass affluent
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people, where they have most of their money is
already inside what's called a Qualified Plan,
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in an IRA, or it's still in the 401k. And
usually this is what they're talking about
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when they're thinking I'm going to invest
that for them, and I could certainly do that.
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Point of this video, there's a whole lot more to
it than that. I mean we go and we look at IRAs
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and 401ks- I'm a big disciple of Ed Slot and the
IRAhelp.com. And I have him, or I go and attend
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his stuff to really learn so I can be an expert
on all of these subjects related to IRAs. Now
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we know when we have an IRA and you have a lump
of money, and most of your assets are there when
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you get retired, and we're putting together the
Retirement Plan, we have to create an Income. And
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then what really becomes important is it's easy
to create an Income. I mean you, what do you, you
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know you got $500,000. You know if we want to take
out $50,000 a year, it's going to last 10 years-
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maybe into the 11th, 12th, and 13th
years depending upon how much we earn
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on the remaining balance. Or less than 10
years if we help you lose some money, but
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lifetime incomes under IRAs and under the
retirement are all about the 80s and 90s. So
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when we set up a Retirement Plan, we've got to
set things up where you're making withdrawals
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in such a way that you're not going to run out
of money when you're 84. Or your spouse isn't
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after you pass away, and he or she lives up into
their 90s, we've got to do all this in such a way
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that they're not broke when they're old. You know
Retirement Income, which is related to these two,
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talking about the 90s and beyond- we got to really
look at market losses, what's the potential? A lot
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of retirees in today's day, environment, they're
just very worried and they're worried about the
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fact that of watching their Balances being washed
away in a week or two, or a matter of days.
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If there was some kind of event like happened
March a year and a half ago, when it started,
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people are worried about that, or something more
catastrophic than that. How do you predict that?
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But when we're looking at all your stuff and we've
got a big pot of money, or a medium-sized pot of
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money, that we're going to create an Income
for you we have to look at that because if
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that all of a sudden happens in your third year of
retirement it's going to blow our plan sideways.
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Now you know we sit down with people and we talk
to them about Estate Planning and some people,
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clients, that's the most important thing in
the world. That's the first thing they talk
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to us about is, you know, they're concerned and
they're very desiring to leave a sum of money
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or a substantial sum to their children and
their grandchildren. Other people we talk to
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they're a little more moderate, they're saying
hey they get what's left. This savings and this
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whole plan is for me, don't spend a lot of time
on this,because whatever's left the kids can
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divide it up. And then we have other people that
they don't want to leave anything to their kids,
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I mean they just there's nothing, maybe they've
had trouble with that you know, I mean it's not my
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business to start telling people how to think or
how to be but... So, so with all of these subjects
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we, we need to sit with clients and we need to
find out how important they are or where they fit
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on the level of importance. Many times with this
Estate Planning issue we find husbands and wives
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in different places, so we're going to interview
them and you know we might find one spouse wants
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to leave a certain thing or certain amounts to
the children and grandchildren. The other spouse
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maybe doesn't. They're not in a position
of not wanting to give them something,
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but they're just saying, ‘Hey that's for us- not
a priority now.’ Income Taxes, I find it kind
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of funny, is because my assistant I don't know
if this happened by chance, is she did all the
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all the workings here in brown. You know which
is kind of like the least desirable color and you
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know I'm just looking at that and I just think,
but a lot of people they just hate paying Income
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Taxes, or that it's certainly not one of their
favorite subjects. And you know, I got thinking
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about that, Income Taxes become my favorite
subject when I can reduce them for my clients.
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They're even better for me when I can eliminate
Taxes. Okay, and I'm certainly not promising that
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to everybody because there's the word legal in
there is that we've got to work within the tax
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code to make sure that everything that we suggest
and we do is all proper, but Income Taxes, I'm
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kind of talking about them at the end, because I
don't like to talk about them. First, people that
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put Taxes up at the, or reducing Taxes at their
highest priority a lot of times coming into me,
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I don't necessarily want to take them in
as clients because they're going to end up
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making bad investment decisions, because if all
they're looking at is the Tax benefits many times
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Tax benefits camouflage a poor investment behind
that. And then what was really first up here in
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the corner, that I'm getting to last, is Social
Security. You know, and with Social Security,
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if you've already filed for it, well then the
only thing we're really going to talk about it is
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how you can pay less taxes on your Social
Security check. But for many people coming
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in and doing Retirement Planning, either they or
their spouse or both of them haven't filed yet.
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So they have that decision, and there are
96 different dates between ages 62 and 70
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for you that you can choose for Social Security.
Now we're not going to sit down and evaluate every
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one of them, but I just wanted to make the point
if you haven't filed for Social Security yet,
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that Social Security check is going to be
at the cornerstone of this Retirement Plan.
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It's going to be the first money that shows up
in the bank every month,and it also is going to
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be coming in when you're in your 90s. And it's
going to have inflation on it so it's real. You
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know if it's not important to you it's important
to me, and when I'm doing this Estate Planning
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I've got to really take these decisions and make
them important to you. Now if you started early
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you're going to diminish your Social Security
check for the rest of your retirement, but there
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are reasons to start it early so I'm not trying
to give blanket advice here. If you delay it
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and you wait till 70 to take it, you're going
to get a much bigger check, but you're going to
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have missed out on all those checks if you would
have taken it at 66. So you know there's pluses
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and minuses to everything here. Taking it at 70,
which is what I plan to do, and the reason I'm
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going to do that is I think my wife is going to
live to be a hundred. We're going to her Aunt's,
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uh, 100th birthday party this month and it's
her Mother's Sister, and I think there's a good
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possibility of that, and if I wait till 70 and
then I die somewhere after that she is going to
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get my check, my inflated check for the rest
of her life. So I'm really setting her up to
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have a really good Social Security check after I'm
gone. We also have such a thing as Life Insurance
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to take care of widows and widowers
added to the Social Security check. So
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the point I wanted to make, and all this stuff
I've just been spitting out a lot of facts
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at you, is any one of these subjects you
can get yourself boned up pretty quick.
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You call me up, you hire me to do some Estate
Planning or Retirement Planning, and you know,
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or maybe you're just interested in Medicare and
we sit down and one of my associates just goes
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over Medicare. We can bring you up to snuff in an
hour or two where you can really consider yourself
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an educated person about the subject of Medicare.
We can do the same thing with Social Security. I
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just started down that road with a little bit of
reading on your part and some tutelage from us,
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you can, you could sit down and say I now feel
educated enough to make decisions about Social
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Security. You start going around the wheel on any
one subject, not that hard to do, but that's not
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really what we get paid to do. I mean that's part
of it what happens, is life happens to all this
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stuff, is is that people who come to us. All this
stuff starts working together, like for instance
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we we put together this Retirement Income plan.
All the money's in an IRA, we decide to take out
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$5,000 a month out of the IRA and start
sending that to you. that's $60,000 a year.
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Well we gotta then look at how much Income
Tax we're going to pay on that $60,000 a year,
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because you're not going to get that- they're
going to send that straight to the government.
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Then what does a $60,000 income- besides Social
Security, is that going to cause you to pay tax
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on your Social Security and how much tax?
I mean I could just go on and on when you
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mess with one subject it starts kicking in other
subjects and then you get into the other subject
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you start making decisions there. It's all like
a big pot of soup where you've just thrown in
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all these different ingredients, turned on the
fire and you start cooking. It's going to have
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a certain taste to it. What, what we do is, we put
together a Retirement Plan that's unique to you.
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People have different assets, different incomes,
different Social Security records, different
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preferences, and how they get their health care,
different wishes for their Estate Planning,
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they're in all different places and
then you get the individual people.
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Different things happen to them at
different points in their life, so
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this all needs to be done very specific to
you. But it's not an exact science either,
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it's bouncing things against each other and
we don't have the luxury of just finishing.
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‘Oh it's a big pot of soup,’ and you know
the best you can do. We really have to
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get all Seven of these Areas, make some
recommendations, and then project to you
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how we think it's going to work out in
all of these areas. So I'm Hans Scheil,
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and you know we have all these topics on this
YouTube channel. We have all these videos,
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I, I give them away to people. There's there's no
cost for it. We're a small, family-owned insurance
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agency. My brother works in here, my sister-in-law
works in here, my son used to work in here.
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A number of the people that are with me
have been here, well more than five, six,
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seven years. I have a lot of young people that
work in here. We're in all 50 States, in DC,
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so we can serve people anywhere in the United
States. These modern technologies like Zoom, that
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kind of thing, have made it very easy for us here
in Durham, North Carolina to sit with somebody in
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California and plan out all this stuff. So we can
do that. Many of you are reluctant to reach out
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to somebody because there's a lot of vultures out
there, you turn your phone number into something,
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and you know it's all chaos. If you want to reach
out to us, if you want to go to our website:
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www.cardinalguide.com and just ask us a few
questions. You don't have to tell us who you are,
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just, I guess you're going to have to
give us your email address to answer them.
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But, um you know we we respect your privacy. I'm
very passionate about this and really want to
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teach people, and I'd like for all the people
watching to make good decisions. Whether you do
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that stuff with me or not. I'm Hans Scheil
and I thank you very much for watching.
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