EP82 Smart Money Moves: Financial Planning Tips You NEED to Know! with Nadia Vanderhall

You may think that financial planning is for those with million dollar net worths, but it is for everyone! Nadia Vanderhall, a financial planner and founder of The Brands and Bands, shows us how financial planning can empower YOU to take control of your financial future through actionable strategies and a shift in perspective on retirement.

In this episode we cover:

• What is financial planning?
• Why do you need financial planning?
• Financial Plan basics for beginners
• Making financial planning accessible for all
• Shifting perspectives on retirement as a continual process 
• The three essential phases of money: wallet creation, wealth creation, and wealth management 
• Importance of budgeting and understanding spending habits 
• Tips for estate planning and leaving financial legacies 

About the Guest:

Nadia Vanderhall is a financial planner, educator and marketer and founder of Brands and Bands Strategy Group. She guides individuals and families through the three phases of money with Financial Planning and Financial Education.

www.thebrandsandbands.com

Instagram: NVKnows

Chapters

• 1:24 Nadia Vanderhall Introduction
• 5:05 What is Financial Planner?
• 6:35 Making Financial Planning Accessible
• 10:07 Three Phases of Money
• 13:30 Retirement Planning Mindset Shift
• 13:37 Planning for Future Financial Security
• 20:40 The Importance of Money Management in Financial Planning
• 22:57 Invest What You Can
• 27:17 Target Date Funds and Estate Planning

Transcript

Violeta: 0:00

So when you think of financial planning, what do you think of? For most people, including myself, I thought that it's for the wealthy and mostly geared towards, like retirement. So when I was young, I was like I'll think about that later or whenever I actually make some money, but financial planning can actually be for you now. Financial planning can actually be for you now. Hola, I am Violeta, your host of the Money Chisme podcast, where we just talk about personal finance, real estate, investing, entrepreneurship and really just money talks and get the chisme on everything that has to do with money relatable to the Latino and POC community. And today with me is Nadia Vanderhoff from the Brands and Bands Strategy Group, and we are going to talk about financial planning and how we can change our view of retirement. Hi, nadia, thank you so much for joining me.

Nadia: 1:00

Thank you for having me. I know the name of the company can be like a little bit of a tongue twister. It's like hold on a minute, but yeah.

Violeta: 1:07

I'm not gonna lie because, uh like, it speaks Spanish too, and so sometimes my brain gets mixed up. I had to practice that and I was like I know, I'm just gonna mess that up like brands and bands yeah but, I like it. Branson Bands I was like, oh, that's a cool name. But yeah, thank you for being here. And before we dive into financial planning, I want the audience, the listeners, to get to know you a little bit, so feel free to introduce yourself. And what more about your company and all that?

Nadia: 1:42

Like you said, I am Nadia Vanderhall. I'm a financial planner as well as an educator. I understand their wallet while they build their wealth. I started the brands and bands.

Nadia: 1:51

The recession of the 2008 recession depends on who you ask what a recession was when I was working at a financial institution here in Charlotte and they let go of 80% of us to ship it off Well, most of the workload off to India, and I was upset, but I took the time to start. Well, I'm going to start blogging. Won't stop blogging. But the funny thing about that it's not really funny, but not funny was that during that time, I wasn't really good with money and I legit all of my 401k out because I didn't have an emergency fund. Yeah, and I was like I don't know what I'm doing. But it was that time and the time the years after that where I started to say I messed up. I found my money and now how can I actually start understanding and building back and budgeting and things like that? And I started my company as I started working at other financial institutions in marketing and noticing how they were handled people with different pockets, different ways, if you know what I mean. The more money you had the affluent you were, the more attractive and attentive and educational they were given with the marketing and messaging. But with those that are, which people of color are considering that sometimes they weren't really giving that education that people needed to to build, understand their wallet and build their wealth.

Nadia: 3:15

And I started my company as of just posting on Facebook and talking about money and if I see something I talk about it and then next thing I know I was creating content around it. Next thing I know I was creating content around it. Next thing I know I was blogging more about it. And next thing I know I am now talking to you. I made the move from just being a not only just a money creator to a financial planner. I actually start my CLP next month.

Nadia: 3:40

I wanted that because I noticed that those that couldn't afford financial planning was those who needed financial planning and that's why I started my company. My company is part financial planning and part bands and brands, and people are like what the brands part is, Because I work in marketing for a services institution and now I talk, I help companies understand their messaging and things like that okay, yeah, when I went to your website, I was like Brent, because I didn't get like brands and bands and I was like, oh, okay, yeah, now it makes sense that you, you do both and I totally get the.

Violeta: 4:19

The whole like when they treat you differently, like they are always surprised when they realize that I'm like a real estate investor and I know about money and stuff, and when I would, when I bought my most recent home that I sold, but they didn't realize that I was the one that knew everything and they would go to my husband, who just happened to be white, so smell, and it is like hello, I'm the one with the, the money over here, and the like hello, I'm the one with the money over here and the knowledge, and she's the one with the money and she's the one that knows. And then their demeanor changes every single time. So I definitely get that even still like randomly, when you tell people they always act surprised but,

Nadia: 5:02

yeah, so let's go ahead and get started in with just what a financial planner is, and what is it that they do see, here's the thing when you people think about financial planners, they either get confused by financial advisors or they get confused by either financial coaches and I, interestingly enough, wrote a blog post on it financial advisors are more so.

Nadia: 5:23

They're going to advise and manage your assets. Financial coaches are going to coach you, and financial planners are pretty much understanding the pace of what's going on with your money and helping you guide you with the plan towards those key goals. And how I actually formulated my company was it was like a mashup between a financial coach and a financial planner, because not too many financial planners are going to be like, hey, you might need to do this with your budget. Hey, you overspend on this me. No, I'm going to go. I'm going to tell you this is what you need to do with your cash flow planning. This is what you need and how it's going to level up into other areas. So a financial planner is aligning your goals to what you goes on in your day to day and then how those points are going to formulate and fund the rest of your life. Rather it's retirement, rather it's generate intergenerational wealth, rather it's whatever you envision it to be, because it's like the smart method.

Violeta: 6:19

But yet, when it comes to goal planning but aligning it with your accounts, your accountability and things like that- yeah, that's true, because I thought a financial advisor was similar, it was basically the same thing as financial planner for and then it's like okay, so I guess the financial advisors are the ones that are like you have to make a certain amount or have a certain portfolio.

Nadia: 6:43

I'm surprised that some planners who do operate in that sense like in and out of it, and that is honestly the reason, though, why I wanted to formulate my company to be a vice only flat fee, because I don't want people to think that they have to have assets under management being $500,000 in their accounts and now they can't work with somebody because it's flat fee, meaning, whatever you pay me, it's just you, it's on the website, we agree, or whatever because that allows it to be affordable for people and for them to see how it's going to keep them accountable in growing their accounts, and even how it aligns to their behavioral finance aspect of financial planning.

Violeta: 7:26

Yeah, I love that because you're getting people at the beginning of their financial journeys instead of waiting till they're like already good. Most of the time, by that time they already know a little bit what they're doing. But meanwhile people like me because I was the same, like I was just spending my money. It's just like right, and I would have, um, and I actually thought about, uh, going to financial planning, or was I thinking of financial advisor? I can't remember at that time. But what deterred me was one, I thought I had to have a lot of like more money. And two, I did think about the fees. I was like, oh, but I don't even have that much money. Like, is it going to be worth it to spend that money for the little assets that I have? Like the little hundred bucks that I got in my check? Right, but it's more than that. Right, like you're saying, is helping you plan what you're bringing in, and all that with your goals.

Nadia: 8:29

And I noticed someone said in a Facebook group today, literally they got in a large or a sizable inheritance but they wanted to work with a financial advisor or a planner but they didn't want to have to get hit with those fees.

Nadia: 8:42

Because the AUM and other fees and service fees and stuff like that can go interchangeably and a lot of people don't know the right questions to ask to see if they have a fee, what the fees for, what will kind of trigger the fee to happen? And then how often will they have to pay it? And then what, how would it be paid to that firm or that practice? Because a lot of, because they were like I don't want to have to deal with that, but I just want someone to help me plan these goals or plan this inheritance and grow it and that things that people see now when it comes to asking questions and I think I made my last youtube video about common things that people think that they have to, that they can do small and how it can grow big impact. And that's what I think a couple financial planners are not going to say all um, good is because everyone's not going to be able to say, oh, I have 500 to move here, move this into that. Most people understand the other 500 is having to $500 for emergency.

Violeta: 9:42

So it's like taking that step back is what a lot of financial planners are seeing that we're going to need in the next couple months yeah, yeah, and one of the things that I saw is that you, the way you kind of do and correct me if I misread it on your website but, uh, you guide people through three phases of money with your financial planning. So I want to talk about that.

Nadia: 10:08

My three phases of money and I just did a reel around this. This is funny. The first is wallet creation, which is what's going on with your savings, what's going on with your budget, your money management. And then something to a lot of financial planners and are starting to get into is behavior finance. Why do you operate money the way that you do? Is it something that was rooted when you were a kid, something that you learned, something that was a trauma bond?

Nadia: 10:32

One of the big questions that I ask people is what is your money story? When you understand the origin of your money, you'll be able to figure out why you operate the way you do and how you can maybe counterbalance what you're doing. And the second phase is your wealth creation. That's buying stocks, investing, buying a home, all of those good things. And the third one is your wealth management, which is like the estate planning, the long-term investments and things like that. But the thing that is interesting with me is that I focus on that whole wave of it and then allow you to the pace that you probably had at. Your wallet creation is going to impact what it looks like for wealth management, because wealth management in the whole origins of money or the phases of money are not cookie cutter.

Violeta: 11:17

Just like we say, finance is personal is personalized yeah, yeah, exactly, and yeah, I agree with seeing that shift of understanding the root cause of why you handle money the way you do it could be you just don't know. That was one of my issues was like I'm first gen, so I'm the one that's figuring all this out, and so I had to figure it out the hard way about credit and all debt and all that stuff that creates like anxiety and, like you said, the trauma and all that stuff with that. And so you had a lot of avoidance at some point where I just, like you know what, I'm just not gonna look at my bank account.

Nadia: 12:04

It's just look at this and that and then, oh, that's right, but it's like you don't know what you don't know. Yeah, and I think when people hammer on retirees why you didn't save enough. Because they were trying to put their kids to college, they were trying to figure out, and then a lot of them put their money into pension funds that no longer exist. The funds weren't really managed, so they didn't have a lot of funds and people have to. Really don't know what you don't know.

Violeta: 12:35

That goes across yeah.

Violeta: 12:38

I was, just a matter of fact, funny that you brought up about the pension. And I was sidetracking a little bit, because I just saw this yesterday of I was watching another podcast and they were talking about that, about how a lot of people had these pensions and now some of them went bankrupt. And I was like they put all their eggs in that one basket and I was like what, what do we do, right? And so, yeah, sometimes it's just like well, one you don't know, and two, sometimes it's just bad luck, sometimes because if your pension ran out and you just never know what might happen. But, yeah, so I'm glad that you're including that into your. If I remember, wallet creation was the first one. And then, yeah, and so going into the wealth creation, because it's like one of the things that you want to do as well, that you're working on, is to switch the mindset of how we view retirement. So I want to talk a little bit about that.

Nadia: 13:37

One of the things that I saw recently a lot of people love to talk about the ira millionaires and most people are like, okay, yeah, I have to hit 7 000 on the year in my contributions and most 40 people don't invest those contributions. But yet um mistakes focus. The thing around is that you will see that you, yes, it's 7 000 within a rough ira and that breaks down to 135 on the week. We all know the numbers. But if someone can look into their budget and say I can't handle 500 and within investing in voo, uh, 135 on the week, I can only do so much. And the thing around it is that I want people to see is that if you go look at your bank account, look at your um budget, determine what can you invest, what's the bill for that's how I turned it on threads the other day was that it's a bill that investing is a bill that you're paying people in the future and it's like a non-negotiable and regardless, if you can't do the 135, or regardless, if you can't do that 500, what can you do consistently, like some will still increase your sum. It's like compound interest. We all know about compound interest. But if you figure out, I can do 100 on the month, but I'm going to invest, I'm going to put it into a ira and then I'm going to invest it within this fund and then this is going to be earmarked to be the income to fund this in a retirement.

Nadia: 15:06

People think about, oh, having a big retirement bucket, but, like we have with budgets, what's your intention for that account? What's it going to go towards within a retirement? Is it going to fund my housing? Is my IRA going to fund my housing? Is my ira going to fund my lifestyle? But it like the house stuff, anything like that for me to travel? And also, too, is that people need to start thinking about when it comes to retirement. What are you going to do?

Violeta: 15:31

it's a lot of retirement yeah, yeah, like, what are you gonna do? Yeah, my dad's retiring this year, technically and stuff, and so it's like what are you going to do, dad? Like all you done is work like six days a week from like eight to six, like all the time. Well, except Saturdays he leaves a little bit or whatever, but oh my god, I try to get him to slow down so much, but that's what he does. And it's like what else do you like to do, dad? And so, um, I'm thinking of ways of to keep him doing something. So next year, since I'll be there with them, uh, and maybe he'll help me do a lot of farm chores, because that's what I'll be doing I'll be homesteading them, growing my own stuff. So I'm sure there will be a lot of projects that he could help me with and just keep them entertainment, and I'm sure he'll go visit Mexico and everything.

Nadia: 16:30

I'm kind of working that out with him right now, because I know he's gonna be bored, because I know somebody right now that's like a couple decades older than me and someone is a little, but that someone actually helps me on part of my business. I'm talking about my mother had to work. My little friend I'm not your little friend now, her little friend that we talked about and I thought about that too when I noticed that she retired. And I noticed when my dad had to retire involuntarily because he got cancer.

Nadia: 17:07

Um, because a lot of us them think about just putting money where they tell us to put money, but a lot of these companies do not educate their employees on the right funds on well, I would say for the big corporations, but when it comes to funds on well, I would say for the big corporations. But when it comes to um warehouse, my parents both worked at a auto thing, so their educations around the funds to actually grow their funds wasn't the best mom. Yeah, just them understanding what they could have done. And I saw that go on and I was like I gotta start talking about this um, because I don't want my parents to have to go through what they went through and it not impact how I talk about it, because I even go on rant about the whole I've been seeing the finance bro saying but why these people didn't invest and do what they're supposed to do?

Nadia: 17:59

oh my god, yeah, like they pissed me but it was happy just to get off of work, let alone what happened because my mother's company that they worked at with my dad literally right after my dad passed away, the whole plant gone. So what happens if the people weren't able? They were thinking, oh, I could start putting money in this bucket for 10 years, I got 10 more years and then next day you're gone. So it's just like fully.

Nadia: 18:30

What we see about retirement is like income streams that you be afraid now, within the funds that you can do consistently with the goals that you have for what retirement looks like to fund that later. And then maybe you can't invest tens of thousands on a year, but doing some is still going to increase your sum and having the implementation for how you handle it and what does that look like in practicality is what's going to be key. The same way, people put an emergency fund for this. So what's the plan for? You have to use the emergency. That's the same way I want people to start thinking about when it comes to retirement. What's your plan? Yes, you have to pay for the actual plan.

Violeta: 19:09

Yeah, they get on my nerves, cause again, like us first gens, we're usually the retirement plan.

Violeta: 19:15

And a lot of people that like don't understand, they'll guilt trip, and I get it that. But my parents didn't know, like they didn't know. They thought if they just put money in the bank they would be good, and it's like it's nowhere near enough. And they were scared about credit, they were scared of investing, they didn't know about any stock stuff. And when my mom well, my dad, he's a mechanic, so he has his own shop.

Violeta: 19:43

So what? Like where is he putting right? And I didn't know to tell him that he could have just opened up his own account or whatever. And so my dad's thinking you know what? I started this business. I could sell it in the future. Yeah, but you're not gonna get what you think you're gonna get. Dad and my mom like, yeah, she finally got a job where there's a 401k and stuff, but, like you said, they don't tell them what to do with it. It's so, like, so she's like okay. And so now here comes me trying to like fix everything and make sure that they're good for retirement, that I'm good for retirement and then that my daughter is going to be good for retirement.

Nadia: 20:22

So like inspirational aspect? Yeah, I have to be like. What was the thing I posted on LinkedIn the other day about the sandwich generation, which we technically are taking care of one generation as well as another generation as we smash in the middle? Yeah, yeah.

Violeta: 20:40

So it's so frustrating when, like you said, I see the finance pros and then of course they'll be like yeah, if you put like 500 a month or a thousand dollars, you can retire by age like 30 or something like that for the average person. You can't.

Nadia: 20:57

No, you can't do a statement on stuff like that. Yes, you want the aesthetic of what retirement is going to feel like, but if you are hanging on by a thread it's hard to weave it together with saying I have to have $500. I'm like what the heck Can they get $500? If I look at somebody's budget and cash flow and the whole notion of if I just make more money.

Violeta: 21:25

But if you don't understand your money whenever, you do find that extra 500, if you are able to and to invest it where they tell you, to how you're going to manage the rest of the day today, if you haven't even figured it out at the level you're at, you know yeah, and a lot of times we could just look at um going back to the other one, uh, of just going our budget, because there's some bills, that or subscriptions I I can't tell you how long it was, I'm not even gonna say how long I was paid this one that I didn't even use anymore and I finally got around to canceling it and that was like 57 bucks, which is not much, but over the time that I had it going like and or gym memberships that we didn't use, I have that one too.

Violeta: 22:10

At least the credits don't go away and just things like that, or just, I guess, auditing your budget to see the things that you're actually not using. And that's why, again, is I'm glad that people like you are in this space that are making it more achievable, because it's more relatable and more actionable of thinking of putting maybe $50, like do something, versus the finance bros like, well, if you're not putting $500, then you're trash or whatever.

Nadia: 22:40

Yeah it's literally how they think you feel like you're trash, though I was like when I was just starting to post and talk with my money, I was like what? No, that's not how it is, and I I don't know if I make the a lot of the finals finance bros mad, but it's okay, it's. It's because a lot of people can't do that, so what can they do? And then how can they implement it for it to still grow? That's the thing. That is. Yeah, no, I can't say that. Yeah.

Violeta: 23:11

And I like your mindset shift too, of switching, of thinking that you know what like retirement's going to be like paying everything Like no, let's at least start with what bill in the future can it pay, like my phone bill or whatever and those little things start to add up. So it's little stepping stones and it's kind of hard to see it right now play out right, because we're so used to kind of like quick fixes and things that give it stuff back right away. Yeah, there you go. I was trying to think of the instant gratification whole microwave aspect when it comes to money.

Nadia: 23:49

But sometimes it's the simmering and making sure you put it on the right temperature when you're cooking it. And I'm looking at myself, oh, you're gonna make sure that it comes out the right way. Because if you go and read sometimes the fact that, okay, if you go get something out the store and it tells you to do 350 your stove which, in the reaction when it comes to investing your stove, is like your risk tolerance of, say, your risk appetite if you know that your stove is not going to really able to do 450, but it's still going to get things right, you're going to turn it back into what fits right, and that's the thing that people need to start thinking of. Yes, you hear people tell you to do this in articles and algorithms, but what does your algorithm say? What does your stove says how can you, what can you cook on what temperature? And it's going to still come out the same way. It might take a little longer than a microwave or air fryer, but it's going to come out good.

Violeta: 24:46

I love that. I love that, like thinking of it. Yeah, the oven. You have to adjust it to what you know. Is you what your oven? Because they're probably using some like top-notch oven in the blog. They're telling you three or four-fifty or whatever.

Nadia: 25:05

But yours is like what's that gas, whatever that uh viking, something stove, oh no no, yeah, no, my little rinky dink freaking stove.

Nadia: 25:16

I know I gotta put it a little bit slower or it's gonna temperature, but I'm not gonna burn it because if you put it a little bit slower or it's gonna slow up the temperature, but I'm not gonna burn it, because if you put it in at the temperature someone tells you to do and you know that your stove can't handle that, you can do it anyway. You over burn something to undercook it, you'll be mad yeah, yeah, yeah, that's perfect.

Violeta: 25:36

I love that one. It's wealth management and I love how you mentioned it at the beginning of with wallet creation, of how important it is to set that foundation of your budget, because managing your where your money is going is very important in the later of actually managing it too it is very important, because if you're just putting money, oh, I need to put money here and put money there.

Nadia: 26:04

Let me take a step back, because the product? I used to be a product manager, a product marketing manager, so if you put your product in the wrong like your money, your paper in the wrong product, but you don't know how to manage it and most people wealth management, and it doesn't perform well because you see what the finance bros tell you to do and you do it, and it doesn't tie to it. You get overburdened, and that goes into wealth management, like, if I have it within a 401k and I haven't checked to see if there's any service fees, if I haven't checked to see how it's performing because I'm just going to put it in. Let's just say, we love target day funds. If you notice that, hey, my target date fund hasn't been performing well, but I'm just gonna let it ride anyway, and then where the heck is my money? Because you put in the fund a high fees, high expense ratio, and it's not performing the same way versus you checking it.

Nadia: 26:56

The thing when it comes to wealth management, though, is that, even if you work with a financial planner or you try to diy. I'm all for. The DIY is that you still check to see how things are going. You have to. Yes, a watch pot will slow the bull, but you still have to check in on it every so often to see how things are going, even if you work with somebody or you do it yourself yeah, yeah, and I think one real quick.

Violeta: 27:20

just want to talk about a little bit about target date funds in case for people that might not know what that is Target date funds is a little bit of a grommet.

Nadia: 27:30

Think OK, let me think about this. Think about ETFs, which are like buckets of stocks, all those things, some bonds or whatever, and it is the same form of the funds that the bonds, mutual funds and things like that. Think target date funds is being like the grown-up version of the etf or index funds like the, like etfs, index funds, uh, target date funds in a sense. And the thing with target date funds is that recently I had to take a step and say it is that a lot of these target date funds that these fund managers formulate to have not been performing well. So, even if you like to set it and forget it and it puts money into your all every so often I had to tell one of my favorite clients, which is my sister, that, hey, this target a fund is not performing well. Well, why isn't it not been built? The right ways that, even if you said you still have to check on it which technically that's my job at first is to check on it. And because it's not been as, as projected, what they would think it to be.

Nadia: 28:37

So now a lot of people have been rethinking not only the target date funds that they have at their company.

Nadia: 28:43

But one of the things I tell people to say is that if you know that you have a, this is the target date fund that you have, looking to see what's under the hood. When you take a, see what's under the hood, go and put it into a Google Google Finance like a watch list. I have a watch list on I'm looking at it now that has understanding of what the funding in your target aid funds is and put it right here so you might not have to log in every so often. But you can look and say I don't know how that's performing. Why is it not? And if you have a 401k that's being operated by a fund manager and with your employer, you pay a service fee for your 401k manager and with your employer, you pay a service fee for your 401k. All those people ask them why hasn't this target date fund been performing towards what was projected in the forecast that I have for the year when it comes to it?

Nadia: 29:32

a lot, a lot of money on the table because, yes, you have 401k yes, you put it instead of forgetting these target date funds but you're not calling the service fee. You pay a service fee. So when you pay a service, like you said, it's like you go, you sign up for the gym membership and you don't go to the gym, like you pay a service fee and you don't call the access. Why is it that's not going on? You don't want to pay a bill and just be nothing on tv. You're like, well, it's okay.

Nadia: 29:59

No, you call the service fee, the service fee. You ask them hey, can you give me more feedback on why this fund is not performing well? What do you think about the allocation mix that I have within my 401k? Is there something I can do to actually match the goals that I have for it? So if you have a 401k, you have within a company or a 403b, you're paying a service fee. Call those people the same way that you negotiate for a bill. Call and ask for information about that target date fund, your 401k, your bonds, your large cap fee, your large cap fund, all of those things that are of your 401k yeah, yeah, we have some.

Violeta: 30:40

We have in the military. We have our version of the 401k is called the thrift savings plan, tsp, and everything, and there's quite a few target date funds there. I'm glad I didn't get them, I just put them in. I think I'm in the c fund or whatever, but don't ask me what fund it was at the beginning, for like my first eight years in the military and I always kick myself but I was like you know what it's done, but I headed the government you learn it like I would be putting this penny stock.

Nadia: 31:13

And then I was like, what the heck am I doing? You learn, that's the thing as you learn.

Violeta: 31:20

You, yeah, that's how I had to learn the hard way, per usual. I just accept it now that I just learned things the hard way, unfortunately, and with the last little bit of your wealth management, is there other things that you help your clients, like help protect their wealth when it comes to transferring it to the next generation? Because I want to know, I want to make sure my daughter's not struggling like I am.

Nadia: 31:53

What did I say recently is that parents are their child's first financial planner. Open the 529. You set up and open the UGMA, utma all the good alphabet soup when it comes to it. But I charge parents to not only make sure that their planning is good, but whenever their kids are growing up, that you actually start involving them.

Nadia: 32:19

Just say hey this is why I have this account right here. Or if I have a custodial account, this is what I'm. I want to get their input on what their financial goals are. So it's good not only say, if you want to open up a 529 because you want your kids to go to school, and then you notice by the sixth grade they're like against it, what's your plan to reallocate if any of those funds, in case they change their mind, just in case they do want to go to school? But it's all about showing them what you're doing with your money, evolving them on what you were doing with their money or y'all your money, your little notion people oh, that's my best friend. No, they're not so. But it's about involving them in the process and then actually say, okay, this is what I have for you, but can I take the 529 and roll over into a roth ira? Now that miss secure 2.0 gives parents their option. What funds actually want to grow funds?

Nadia: 33:19

And then, when it comes to the estate planning, the reason why I got into being a financial planner taking it to the financial planner level is because my dad passed away everything in tow and he did everything right from what he heard. Because my parents. They learned a lot by hearsay, or hear other people say, and when he passed away, everything went left. Other people say and when he passed away, everything went left. Yeah, that's all I can say, uh, without getting annoyed. But it was a lot of people who learn about estate planning, learn about probates and things like that whenever someone dies, but no one has the conversation around. This is where this is what I have for you. This is what I have for you. This is who's on the beneficiary on this life insurance policy. This is who is on my bank account. They're on a pod. A lot of people have been talking about pods lately because people are learning. I see so many people that have bank accounts with people or their family member didn't have them on a bank account but they knew their bank account information but they couldn't access to access where they weren't listed on the pod and what's a pod the table on death

Nadia: 34:38

it's just like a theory for somebody passed away, like on who it is.

Nadia: 34:41

So it's about learning what type of app, what type of documents within an estate plan it is that you need.

Nadia: 34:50

And also a thing that I've been taking to take the stuff back is that go and get a spreadsheet, go and get a sheet of paper and write down every accountant that you have, write down who's a beneficiary, write it out and then put it in something that I love to call a legacy box, which are some people will call the death box, where everything is at.

Nadia: 35:09

And right there, my dad's legacy death box was his briefcase and I knew exactly where it was because we had this conversation. So when I was like it's right here, oh, the whole rest of the family besides my sister no one knew where it was at because he had that conversation with us, he had the whole will and he had trust and he had everything like that. He didn't have a trust. I wish he did, but he knew I supposed to have a will. Let's have a life insurance policy, but it goes back to saying making a list of what you have, making a list of who it impacts, talking with them and then making sure those accounts and documents are updated every so often yeah, that's definitely on my to-do list next year, but it's just me and my sister like right now and now it's like you can have their house and stuff because it was.

Nadia: 36:00

It's five of us. Yeah, thanks. Whatever y'all will, I'll just just be happy to like. It was my dad. I didn't really want, I didn't.

Nadia: 36:11

I wasn't so prone on the stuff, but more so on the hospital bed and this is something I want to bring out too is that the whole notion between will and a living will that conversation is not talked about enough. Where everyone talks about a power of attorney like something happens to you, this is the person who can answer the question, this is the person to do this. But a living will or trust actually outlines a case of emergency, what they'll give the instruction to, what needs to be said. It's good for people to start learning about these different tools, but when you write down what's going, what currently have, you make a plan for it. Then you can figure out what ways to go about it.

Nadia: 37:07

Maybe it is working with a estate planning attorney. Maybe it is a platform like oh, I love Trust and Will, and Encore Estates is one that I've been talking highly of if people want to do it themselves when it comes to estate planning, but yeah, just having to talk and doing the tactics to make sure that the transfer happens the way you want it to yeah, yeah, that's such an important thing that, uh, we tend to forget about, and I'll.

Violeta: 37:34

I want to make sure that my daughter and my stepson aren't fighting like everything's divvied up and yeah, because it creates tension and everything like that and you don't want.

Nadia: 37:45

You don't want that I've seen some stuff like a lot of times celebrities estates god dang it, oh gosh, quincey jones estate and everybody was how much he, his estates, his estate was I believe it's around, yeah, but every child got 80 million dollars and everyone was like what does that have to do? But it's about understanding. He did an even split per child. But I've heard of Prince's estate or Aretha Franklin's estate where one had a different copy of an estate plan or the other child and they had a contestant. They found something else in the, in the sofa cushion and yeah, it can get really dark really quick while you're already sad you're having to deal with a pro yeah oh, wow wow, thanks.

Violeta: 38:43

Yeah, thank you for coming on here and having this conversation and talking about the importance of financial planning and things that our communities need to get on the ball on and stuff and be a little bit more proactive on it. But for those that want to do financial planning work with you, what kind of services do you provide and where can they find you?

Nadia: 39:08

On my website, thebrandsandbandscom, I list out budget and cash flow planning. I have a financial reset. I have a quarterly, where you want to just look over what's going on with your investments, but I also have the financial planning aspect, which is like looking over your assets, looking to see what suggestions I make and things like that.

Violeta: 39:30

so I have different tiers of it all awesome and I will have all your information listed below so that way they can reach you and get on this financial planning and but other than that, thank you so much for being here thank you for having me. It's been a good conversation okay, well, I will see everyone in the next episode. Bye.