Five Fact Friday – September 3, 2021

This week on Five Fact Friday I’ll be taking on a unique look at Disneyland and how it is, in essence, its very own piece of art and ingenuity. Speaking of ingenuity, we also talk about the Apple Watch and it’s potential for a new and exciting free hand feature! In addition, I also share with you some advice on which accounts you should and should not be sharing with your spouse.






Full Transcription Below

Well, aloha, everybody. I am wearing the closest thing that I own to a Hawaiian shirt and I’ve discovered a new hand gesture that I can give while I’m driving without getting in trouble. If you’d like to know what that is, stick with us because I’m Victor Medina and this is Five Fact Friday. Hey everybody, welcome back to Five Fact Friday. I am back from Hawaii and I’m gonna give you an all-Hawaii Five Fact Friday next time we give you this video. But meanwhile, I did want to share with you one thing that I discovered, which is when you’re driving around the island, anytime that you give somebody the right of way, they give you a little one of these. Now, I was kind of worried, thinking maybe that is the Hawaiian way of telling me that they didn’t like my driving, but it turns out it’s just a shaka bro, and they are happy with you. So I adopted it and my wife was just plainly annoyed every time that I went like this, like I was an islander to everyone. Hey, listen, we’ve got five great facts for you, five great links, but before I jump into that, I do have an announcement. And that announcement is that we’re gonna be hosting a seminar coming up towards the end of September, tentatively scheduled for September 29th. And if you’re interested in learning more about legal and financial planning, specifically how we can help you with your retirement planning, you should plan to join us. So all you have to do is reply to this email or send us a note. We’ll put you on the list and we’d love to see you at an upcoming seminar. So let’s go to the links for this week, and the first link is what I am reading. Those of you who have been long-time watchers know that I am a big Disney fan and, in fact, I go to Disney at least once a year because I host a tech conference on Disney property, actually this year, MacTrack Legal being hosted September 24th and 25th and we’re going forward with it even though the pandemic is spreading out. The Mouse is not gonna let me out of the contract. So we’re gonna have 20 to 30 great attorneys coming together to learn about technology. But the link is this. Disney is often held up as a model for both craft and design. In fact, if you belong to the Disney Plus streaming program, you can watch the whole history of the Imagineers, which are certainly the people that have designed so many of the rides and attractions. But is it a good thing or is it just an example of capitalism run wild? If you’d like to learn more about that, check out the link. The next link is what I’m watching, and I came across a hilarious video on Instagram that is sort of encapsulating or capturing the current state of affairs about whether we’re going to be okay, what’s the mask situation like, can we gather in groups anymore, and the title of the video is “Don’t Know, Maybe”. I’m gonna encourage you to give it a watch. Actually, the family that records these videos is really, really funny. There’s another one on there about a woman that’s is explaining the difference about what it was like to go and party when she was in her twenties and when she was in her forties, I encourage you to follow that one as well. What’s new in tech is a new way that you may be interacting with your Apple Watch. Yes, I’m a big Apple fanboy, everybody knows. I’ve got an Apple Watch on here and most of the time I have to interact with it by raising it, tapping it with a hand. It’s actually a two-arm, two hand situation. But they’re speculating that you may be able to interact with your Apple Watch by blowing on it. Now, as long as I’m gonna be wearing a mask, it’s unlikely that I’m gonna be able to blow on it while the pandemic is still raging, but it would be nice to have it a one-hand operation, as opposed to a two-hand operation anytime that I need to interact and I encourage you to check out the link and see what the future might hold. The next link is what’s new in legal and it’s all about when couples should or should not combine their finances. There are both legal, financial, and practical implications of doing so. There are times where couples should absolutely combine them and there are times that they shouldn’t. Let me give you an example where couples shouldn’t combine their finances, and this comes with my lawyer hat on. Bing! So when you have a situation where you have inherited money, if you want to protect that from a future divorce or protect it from having to be spent down, you would want to keep that money in your individual name and not combine it with your finances. In fact, we’re gonna take that a step further than that. When we do planning for people, we make sure that they create a special inheritance trust for their kids. We call it a castle. And what that means is when they leave that money behind, the inheritance is already protected. There’s no need for a couple to decide to join them or not. They can use that money to live off of, but it is segregated out and specially protected so that it’s never gonna be at risk in the future. You should definitely check out this link, but more than that, you should be meeting with an estate planning attorney that helps you put a plan together so that you have complete peace of mind that when you leave an inheritance behind, it’ll go where you want, as opposed to where you don’t want. The next link is, and final link, is what’s new in retirement and it is a survey of where millennials are with their savings. The last year of millennials is turning 40 this year and now we have a survey about how they compare to their parents with respect to their road to retirement. Turns out they’re about 80% of the way there, which means that they’re gonna need to do some catching up in order to put themselves in the same position as their parents when it comes to the safety and security of retirement. When I talk to people about retirement planning and they ask me, what should I tell my kids about how to save for retirement, I tell them the most important thing that you can do is encourage a high savings rate. That means that out of every dollar that comes in, we should be allocating at least 15 cents, at least 15%, on onto our savings and allowing that to compound. When we think about compounding, by the way, that’s sort of when it starts to grow, the highest yield off of that, the sharpest uptick actually comes on the end. So the longer period of time you have, if it turns out that you wait for that last period of time, that’s when compounding takes effect. If you look at the majority of Warren Buffett’s wealth, it all came after age 60, and he’s now pushing up there. But the idea is everyone thought that he was wealthy when he was 60. He actually really became wealthy after age 60 because of the power of compounding. So if you have a millennial that you like, or if you are a millennial, and you want to take a look at your savings rate and realize that we don’t have a lot of time left for you to catch up to retirement and have a nice cushion and nest egg when you separate out. So those are the links for this week. What I’m reading is a link all about Disney. It’s art and design. What I’m watching is a hilarious video called “Don’t Know, Maybe”. What’s new in tech is whether I’m gonna blow into my Apple Watch. What’s new in legal is when couples should combine their finances. And what’s new in retirement is the state of millennials and their savings. Those are the links for this week. Don’t forget to earmark September 29th if you’d like to join us to learn more about how you can safeguard your retirement, both from a legal and financial standpoint. If you’re interested in getting a great plan together for that, contact us and we would love to see you at the next event. So look forward to us in the next Five Fact Friday, where I’ll give you all my tips and tricks about Hawaii. And don’t forget, have a great day!