Saving with Steve, August 22, 2023
Saving With Steve with Steve Sexton
Guest, Sam Gopinathan
Episode 144: Communicating Caregiving
The Save With Steve Show, hosted by Steve Sexton will help you with ins and outs of money. We talk about financial issues that that could be costing you thousands of dollars and keeping you up at night.
We talk about “money”… tax reduction, saving more, how to spending less and get more, 401k’s, risk management, retirement, and everything under the sun that relates to you having a healthier happier relationship with money.
everyone has their own unique views and needs when it comes to financial success if you'd like to leave your financial woes behind and live a life of Financial Freedom you've come to the right place Welcome To Die saving with Steve show hosted by Steve Sexton the show will help you with the ins and outs of money we talked about financial issues that could be costing you thousands of dollars and keeping you up at night we talked about money tax reduction saving more spending less 401K risk management retirement and everything under the sun that relates to you having a healthier happy relationship with money now here is your host of saving with Steve Steve Sexton hello welcome to the same thing with Steve to talk about the ins-and-outs of money pretty much everything under the sun early so you having a healthy relationship with money my name is Steve sex and I want to thank you for joining us today we hit a little bit of a milestone we're over 600,000 listeners just here in the United States and we exceeded over 100,000 of receive<br> we continue to expand and back up next we have an international bestselling author his name is Saint gopinathan he wrote this wonderful book called connecting is caring it's about communicating caregiving what are the big things a lot of people are realizing you might be dealing with this with your family your friends parents Baby Boomers are retiring tons every single day the census data shows 11.8 million people in the US are 18 years or older the numbers expected to grow Two Times by 2050 and looking at the people aged over 65 will triple the big question is what does it take to provide proper care here 2023 moving forward and we have Sam here to answer those questions for us to be able to connect with your audience thank you so much for having me and you spent 22 years you're actually an engineer by training and you spent<br> 22 years working for three different Fortune 500 companies would prompt you to say okay I'm leaving corporate world going to go start my business which is your the founder of new way of Home Care in Pasadena what prompts you to do all that has happened to me you know life happens and back in 2009 then going to the major recession back then I was wise person for a company and I lost my job to the decision what does importing was has a job and I will do something on my own or try something in a different country because here there was no jobs being advertised and trying to find other jobs and I have to be honest I don't think I even sent a single application because there was not a place in the senior position that I had. Come on over to the life situation forced me to take a hard decision on doing something on my own here we are<br> 10 years later we have exceeded 2 million hours of care in and around LA County so I'm really lost video medical senior home care let's make sure our audience is clear about what that actually is a lot of confusion glass fit when people reach a certain age and are not able to do things on their own you need somebody to help them with the basic duties we call it the activities of daily living ATL things like giving you a bad time to shower you know I'm being a cooking meals for them taking them to doctor's appointment taking them for community outreach activities to make sure their life continues in the same manner that they enjoyed all these years and make it more meaningful for them in their golden years that's the basic definition of the advanced stage of care<br> I can imagine if somebody has some form of dementia and is living in the home they cannot leave without somebody being there to help them 24/7 or a different scenario you can think about is that completely bed-bound they cannot do their daily activities with a somebody helping them that are trying to take care of me even have to turn them in their bed every 2 hours know this is Medical in that you because we don't do any injections we don't do any medication management message what you do is provide the non medical care which is a significant part in elderly person's life a lot of people don't realize that medication injections are not part of that and the game the definition of this changes with each state state of California you are not committed to provide any kind of medication even if we have an order in our staff will not permit you to know that you're not licensed to do it<br> print states have defined different so depending upon which state you hear from the amount of surveys that Home Care Agency can provide varies depending upon which they do a lot of benefits does a lot of challenges let's start walking into what are the challenges and what are the benefits of that they want to continue living in the do the transition back 90% of people they want to Asian place family supporting it financially being able to wait maybe 50% of the people who won the Asian place in Nashville airport to do it on their own courage for things like this could you see it all the time you see the effects financial aid absolutely and if that is a wonderful thank you for asking that the reason I say that is how I get a lot of questions from sometimes potential<br> your clients were this we have excellent insurance so that should take care of everything but come to find out they have medical insurance Medicare which does not cover for the care aspect of the last week. So the definition of data is if you are in the same hospitalized for the length of the state hospital discharge then come home and it's care for the activities of daily living that insurance does not cover so the only insurance that covers it is long-term care insurance now this is important because you said your target audience is average age of between 40 to 60 65 they have to consider buying into a long-term care insurance buy it sooner than later because this is an assurance that he is going to be worth every penny you're going to pay for it<br> cars the more health issues you have it becomes more expensive than you might not even be able to get it and I work with a lot of clients who had purchased long-term care insurance are there enjoying the benefits of that so I can speak it a lot of authenticity how beneficial is the damn doctor care cost $50 and 70% is still a major contribution to that kid that one is going to get us if you want to just static few points here there's a number of different types insurance people actually utilized to fund long-term care now I know your provider here and you eat to have been to that but from the financial standpoint you have traditional long-term care insurance you people are using with called a hybrid policy with life insurance where whether you use the whole amount for long-term care or becomes a day<br> benefits that works out for a lot of people in 4 people can't qualify for either one of those you can get what they call income riders with annuities in those income dryers black sea-devil the payment if somebody needs it for long-term care with the can't handle to the Six-Day living activities so there's multiple ways you could Finance this to create leverage so you can be covered if and when you need that $2 phones up in just like you said it doesn't have to be just a traditional form of long-term care insurance to hybrid ones the end of it is my recommendation is have something to talk to your financial planners that listen to the recommendations sooner than later by a long-term care insurance based on what recommendations you're getting electric sample Eve you have a infection by person if you can get that the best kind of function out there so your financial advisor would be the best person<br> are you on that I would highly encourage everyone to have the conversation with the financial planner decide on what's the best type of long-term care insurance that they should be getting and get it sooner than life angry because if you find out that you could afford it all yourself no big deal that works out well you have an option to either insurance or not but if you're in a situation where he will adversely affect your retirement change your lifestyle significant if you don't have it you have the opportunity to look into it and say hey I should do this cuz this is going to get us where we want to go and it's not going to make my wife or spouse destitute if it's going to happen to me and I go first so damn sick with this we're going to be right back everybody will be right back with some more shaving with Stevens and more expert advice for having a happier relationship with money still to come on the saving with Steve show<br> don't let your financial woes keep you up at night and prevents you from living a life of Financial and personal freedom hi I'm Steve Sexton post of the saving with Steve show where did he talk about the ins-and-outs of money those financial issues that could be costing me thousands of dollars causing stress keeping you up at night we're going to talk about money tax reduction saving more spending your investment risk management retirement and everything is so sweet with you having a healthier happy relationship with money soon as you've ever dreamed of living a life of Financial and personal freedom you owe it to yourself and your family to tune in to the saving with Steve show join me Steve section of the saving with Steve show as we talked about everything under the sun when it comes to money to learn more about the show visit saving with Steve. Us that's saving with Steve. Us saving with Steve. Us will see you soon<br> welcome back to the show that is here to help you achieve your financial goals it's the saving with Steve show now here's your host Steve Sexton a little welcome back to the same thing with Steve shall we talk about the ins-and-outs of money I truly want to thank you for tuning in and I appreciate you letting your friends and family know about our show all the replays are available at saving with Steve. Us if you're enjoying the stories of helpful information and I'm sitting and see their encouraged you to look into a few of our subscriber units which is YouTube Channel UK Health radio BBS radio top rated New York City e360 TV AM FM 247 they're wonderful signification group you want to check them out we're all about helping people and answer their questions to live a life of better financial and spiritual nature down we have Sam Gobi Nathan here he's got this wonderful book is called connecting is caring it's about going beyond the call of senior care in the silver hearts<br> show me area which is where we're at right now I love that turn silver tsunami because that's what's really happening and we've been talking about things like home care benefits forces challenge what In-Home Care is versus facility care some of the things that we're looking at here what a things I did want to ask you is this there's a prevalence for elder abuse and how do we go about avoiding that's a big thing nowadays it is the fastest growing crime in my 13 years of doing this business we have been involved in rescuing several several seniors who had lost anywhere from a hundred fifty thousand to couple of million dollars it is a big problem more because the laws are not really to do everything to make sure that we protect ourselves so in my book I talked about having a trusted advisor advises can include your financial planner you can have the option of having a fit usury when it comes to<br> are you unable to manage your business on your own having a care manager CPA all the professionals that you have interacted with in your Prime you want to keep them as a trusted adviser said she move forward they are able to provide you the additional eyes on the senior this is extremely important because I'm 20 years from now 30 years from now I'm in her have the same tank with you too at the same person that comes my way to make sure you have your planning John the retirement trust everything down who is in charge what level of authority you want to give them what are the checks and balances this is extremely important for you to do it because this is what is going to make the difference between and I love you and I'll talk to you more specifically about the other Financial abuse and Big Sean<br> a family road so we have to be realistic in setting up our parameters who is in charge and what's the extent of a daughter did the Pia giving to each are you putting somebody who has the power to appoint somebody in my family has a trustee the first question is do they know what it takes for them to be the trustee if not if you do should be finding your CPA or financial advice that as your trustee to take care of the right decisions decisions you can appoint a manager and the manager you can get a cab and the parameters you wishes once it is freaking out and completely understood that I can make sure your wishes star supporter and be healthy decisions are taken with my perspective so that a lot of things that you could do the blinding you say push your pocket at work and having more ice on the seniors I totally agree with that in my 20-plus years of doing this business<br> there's been about 3 times where we've had to get involved with bringing you know who Adult Protective Services are 10 things that I've seen in evaluating your son or daughter as a person providing you that oversight for your financial in your help you want to make sure there's no conflicts and I'm not saying everybody is bad or if they've got a nefarious bone in them but in my experience and you have many years experience as well I have seen where the kids that have the issues with handling their finances they are not good trustees were for this year for handling mom's because the decisions are going to be made through a lens that you probably don't want him to make or they're going to look at that hey I need to borrow some of this cuz I'm having a financial issue to the point where I had one who actually went and bought a farm and when I talked to his mom I've come to find out she goes I don't even know<br> I wanted meeting why why why you bought that I don't want that I didn't know that and I had to tell him that go you're going to have to sell that farm because if your mom needs that money for long-term care Adult Protective Services in San Jose why did you spend it on a fart and it said and then you're going to have some issues there and he immediately turned around and sold the farm and stayed out but after that I encouraged her to get a fiduciary I love having what you talk about having a team because if you have a tax person that caregiver a family member is well as the financial advisor you have three people providing input and it's very hard for any type of abuse sometimes you have to be recycled if they might come in a couple times a week to begin with but family members are taken care of in between then and you realize you know what this family members not turning them and they've got that sword or you realize all those things that are very very important for the quality care for the individual cuz I personally have a mom who wants to stay home and we're looking into this and we have we've already found people but I totally understand where you're coming from<br> frankly I love my mom but you know what my mom and dad are 87 there's they're slowing down and they're starting to forget stuff so when you talk about the back lead it's very very important he had once somebody that was very sharp like attack remember everything but they're not doing that anymore and a lot of that it is more expensive to go to the agency like ours however I always highly recommend going through a proper agency only because agency like our second we have to do extensive background check like we have to do the FBI. Level Live Scan fingerprint background check anything in the background we cannot hide them unless the state<br> our families something happens to their family they fall sick so when you hire privately you are on your own and let's see if the other person is managing the schedule from their own we get a lot of causing their can you call it a shift this week in for me my regular cake you are sick we often we have such clients and after a while they changed completely done daycare tour agency in the movie handle the rest of the character the reason being that it's so cold that is over side training I could I could talk privately you run the risk and in California and States like California you become the employer and let's say you the cake will want to get injured while working which is significantly high in the healthcare industry you are going to be spending a lot of money I have we come across people who lost their homes the lifetime savings they thought they were saving money but ended up being 10 times more expensive<br> so I would highly encourage people knocking them dead wrong with that I used to be an executive at the automobile club and I remember a few cases where basically they didn't notify that they had an in-home caregiver because they were doing with a private person in that private person fell and got hurt and in one case we paid out the total limit and even on top of that there was more there was coming from them and they had to mortgage their house to get to where they are so totally agree with that up real quick is there any piece of ice that everybody should know if they're looking at a caregiver meet with the people from the agency has been dead and I just he does a lot of the agency's focus on the station as pick up which is important to understand the client for domestic person that is more important because the care is not the same for two different plan<br> you had one to send you climb you hit understandable Saturday you had one to stand for the likes or dislikes are what works for them or doesn't work for them and training that you can see can't wait to have a good conversation with the agency clients just to find out how the expediency is using your agency in speakers only you can look out for you thank you for being here today ww.w New Wave home care or one word newbie homecare.com or they can email Sam at New Wave from care.com or they can call me directly at 888-385-9890 thank you for being on the show everybody if you'd like to get in contact with Sam please go to New Wave homecare.com calls<br> 888-385-9898 also you might want to pick up this book if you're considering this looking at for family members to yourself it's called connecting is caring by it's a makopa Nathan you really want to take a look at it cuz you could make a difference in your life so Sam with that I want to thank you for being on the show I would like to have you possibly back again talking about other subjects in reference to your PS2 thank you for having me on your show this has been an absolute pleasure everybody stick with this will be right back with some more shaving was being more expert advice for having a happier relationship with money still to come on the saving with Steve show<br> don't let your financial woes keep you up at night and prevent you from living a life of Financial and personal freedom hi I'm Steve Sexton post of the saving with Steve show where did he talk about the in an ounce of money does Financial issues that could be costing me thousands of dollars causing stress keeping you up at night we're going to talk about money tax reduction saving more spending your investment risk management retirement and everything is so sweet with you having a healthier happy relationship with money so if you've ever dreamed of living a life of Financial and personal freedom you owe it to yourself and your family to tune in to the saving with Steve show join me Steve section of the saving with Steve show as we talked about everything under the sun when it comes to money to learn more about the show visit saving with Steve. Us that's saving with Steve. Us saving with Steve. Us will see you soon<br> welcome back to the show that is here to help you achieve your financial goals it's the saving with Steve show now here's your host Steve Sexton everybody Steve sex to hear I want to welcome you back to the shaving with Steve show got a little piece I want to share with you called irrational exuberance this is the seasonal adjustment from inflation report that just came out a few weeks ago she only when inflation is like here with the month of June you'll notice that food at home food away is total energy costs are up but you notice energy Commodities gas fuel oil Energy Services utility pipe in and used car and truck sales are down there significantly down where everything else continues to move forward<br> any of those pieces I'm going down<br> it's very important understand that inflation will be a lot higher than what it is today let's talk about this and you're already seen it right now the pump but if you are paying anywhere from 60 $88 on a dollar 20 more at the pump and why is that occurring because a few months ago Russia as well as OPEC reduced oil production by 2.5 million barrels a day and you're going to see anything that has to do with petroleum that means rappers cars shelter medicine Terrell anything that used to make those items with oil he's going to increasing cost we just heard recently that the FED is looking at raising interest rates cuz we're seeing inflation go up folks these bubbles they're just economically lining up so if you think about it we go back to Coleman we have a supply chain bubble<br> we have an interest rate increases that we've seen over the last nine months right saw the market go down until the interest rate increases we are starting to see pressures on real estate in fact Janet Yellen has come out and said we got 15 trillion dollars in real estate debt big real estate this is because of the office buildings and people are going back in so they're not full so now it's time for these companies to refinance they were paying two and a half now they're going to have to pay seven or eight same with small businesses 60% of our economy is made up of small businesses that employ people and play 5-2 500 workers and their credit is getting compressed cuz they can't get the same interest rates which means our margin is going down we're seeing manufacturing orders get smaller and smaller in fact receiving issues with China were most a lot of manufacturing is done in the world their economies beginning the slow down is going into<br> Fashion on top of that we're seeing things like 10 year treasury is getting in line with the two year treasury this is anomaly typically when this starts happening this is great for the market but it's not great for the market cuz if the 10-year gets along with the 2-year it's going to put a lot of pressure on Banks and what is the Fed going to do because the only way to handle that problem that bubble that we have with coming with a bonds<br> is reduced interest rate in which will spur inflation so how are they going to deal with that folks it's one bubble after the next recently Michael burry just took out an option 1.6 billion dollars is betting against the stock market US Stock Market going down that means expected to drop on a side note he did the same thing and did very well in 2007 before the 2008 Bubble Burst Warren Buffett just sold eight billion dollars of Berkshire Hathaway Marco galvani he's a strategist at JPMorgan rice the euphoric markets are being fueled mostly by hype around AI Tech and excitement around slowing inflation several on Welcome Reality they're lost in the current upbeat Market narrative at least in the minds of JPMorgan Peppers concert we remain of the view that the blade impact of global interest rate shock real estate Consumer Credit quantitative tightening liquidity<br> steady erosion of Cuban singer Savings in a post pain up the man plus the deeply troubling issues with ra train and Russia will result in Market declines re-emergence of Market volatility we've got Wells Fargo B of A Morgan Stanley and many others that are looking at this thing hey we expect the market to go down anywhere from ten to twenty 1% in the next six months we're living in a bubble we shot 1999 Volvo 2007 and now we have the AI bubble in fact bass up what's going on in the two-year trashing the 10-year treasury we have a bond bubble<br> these are lining up and made your experts are coming out and saying besides Warren Buffett we got the Schiller PE ratio the market is trading it over 31 times its earnings is significant in November of 2021 and set 40 right next to its all-time high let's be honest here at the end of the day there's an opportunity most advisable recommend some type of retirement income planning for you however as we all know the best laid plans of mice and men can and will fail when he comes to someone say we have retirement income plan is that they're advising you to do so by withdrawing from Principal if you've got everything in a growth mode and your hope it grows back<br> let me ask you do you really want to plan based on what you hope will happen or what you know will happen in our for a Wii cheat your clients have a generate income from interest in dividend because when you learn how to live up that income you don't need an income plan because it will never run out of money you think about it you go back to 2022 when the market went down if you had $1000000 it went down 22% it went down to $800,000 top of that if you had to take an R&B or withdraw you're looking at 7:16 for the gist of 4% which wrong and then while the Market's down you're taking out another you know 4% so you're down to 7:20 at the market came back up<br> but the question is are you going to get to even it might be a great question to ask your visor so folks this is a great opportunity to look at how do I create interest in dividend to support maintain my lifestyle as opposed to selling Off principal in hopes it'll return some day I want to thank you all for joining us today I hope I left that for you there and look forward to seeing you next time be safe see healthy this is Steve Sexton signing out with stating whiskey thank you for joining us for the saving with Steve show hosted by Steve Sexton to learn more about the show and how to become a guest or sponsor visit saving with Steve. Us that's saving with Steve. Us join us again next time as we continue to talk about everything under the sun that relates to you having a healthier happier relationship with money this has been the saving with Steve show hosted by Steve Sexton<br>