Skip to main content

Saving with Steve, 24/05/2022

Show Headline
Saving with Steve
Show Sub Headline
Guest, Tom Eddington

Saving with Steve with Steve Sexton

Guest, Tom Eddington

Show Tags

Saving with Steve

Show Host

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.

/article-feed.xml/77568
Weekly Show
BBS Station 1
Tuesday
Starts
6:00 pm CT
Ends
6:55 pm CT
Show Transcript (automatic text 90% accurate)

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 the 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 they welcome to the same thing as she talked about the ins-and-outs of a healthy relationship with money my name is Steve Sexton I want to thank you for joining us here today I appreciate you sharing this with your friends and family we had a wonderful episode last week with Sophia Mendel she's
credit card and travel rewards writer and travel expert with valuepenguin she's received reviews top credit cards travel to make him more digestive were consumers you know what she injected into the point miles world and completely revolutionize the way she traveled and she's sharing those special travel hence with you you know what you could always go to saving with Steve. Us website and you know what's Sophia's on episode 74 you can check that out you know what this week if you run your own business and management we have family coach sports team are just happened to a leader one of the top American companies you want to stick around for Tom Addington Tom's going to talk to us about the transmission power of conscious leadership how looking at work life balance lead multi multi General Tso work works and how to get the best out of your team, something else do you want to want to stick around for that today I'm going to be talking about how to limit taxes in retire
no one of the big things about limiting taxes in retirement is this for many many many many many many years people keep thinking about this lemony taxes retirement about consistently legally looking ways to reduce Eliminator deferred taxes there was only three tax classification or cat strategy strategy in case for three bees and all that a taxable strategy hey what things are taxable dividends from stocks interest from bonds crappy interest from CDs at other things and then you have the tax-free section most popular is the Roth IRA or most well-known let me put it that way cuz most people don't know how to strategically pack looking for an IRA to a Roth Wilson mitigate The Upfront taxes I mean we do that stuff all the time but what are the other things that are tax-free hey we have missiles on if you live in the state where the bond is it's better'n state tax free week
the Roth IRA is the health savings accounts and prodding you spend it on co-pays and coinsurance it's tax-free 529 for money spent on education it's tax-free the cash value is built up in life insurance if you're selling your home the first 250 $500,000 depending on whether you're single or married are tax-free and you know what if you're at a 12% tax bracket your dividends and capital gains are tax-free and that's pretty much it is to ever receive from one of my managers is just as important to diversify your tax allocation as it is your investment allocation most people why is that Steve simply put his this y'all have invested everybody buys and sells these Investments and they see that investment hey I'm a 10% woohoo that's great
but you didn't really make 10% because you got to pay the taxes on what you sell it and once you pay those taxes that's where you realize your net return now being what we work with a couple furlough 15 16 years in the first seven years we converted their Ira to Roth and you know what we kept talking to every year about reducing taxes and I can provide advice but people don't have to take it that's fine and you know what they didn't really want to have anything to do with reducing their taxes any further until they came into the office a little while ago little over a year ago and said hey Steve we got this brand new granddaughter we want to set up a 529 program we want to put for $5,000 in every single year
so what we ended up doing is this and it's important understand if they were in the 22% tax bracket a portion of their income came from Investments that created interest income a portion of their income came from dividends and capital gain and a portion during came came from Social Security what we did is we took that income that came from the Investments that created the interest in can we put it the tax-deferred investment you know what it was Prince one protected it grew tax-deferred put the cool thing about this is if they didn't take out any money and have to pay any taxes we replace that interest income with the income from the Roth IRA which was tax-free which brought their tax bracket from a twenty-two percent tax bracket down to at 12 which then made their dividends and capital gains tax free leaving their social security minus their deductions or standard deductions
the Jacksonville so when their tax bill came at the end of the season next year
they went from paying $4,850 a year in taxes to about 25 they realize three things number one there weren't going to have to chase the street to get Investments return to support that 529 program and the retirement folks if you're looking to limit your taxes in retirement it's important to look at many different avenues for getting tax free income and most importantly diversifying your tax allocation because it's really all about how much you get after you pay the taxes if you can focus on every single year you can be in a position where you stopped the money that was falling through the cracks to the IRS and redirect it to something that's important to you I want to thank you for joining us here on saving with Steve you know what we're going to take a quick break and we're going to be right back if you want to stick around for Tom Eddington more expert advice for having a happier relationship
with money still to come on the saving with Steve show
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 it 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 on 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 into 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
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 mobile burgers in finance Paquette oil industry and went on to become one of silicon Valley's top business advisor has a fan of Eddington and virus resurface if you want to check them out it did Eddington advisory.com he's an expert in the field of conscious leadership I want to welcome Tom Tom thanks for coming to the show we really appreciate your being here today and I look forward to our conversation earlier I talked a lot of friends about you and the topic because we're all involved in a leadership course I would like to take every couple years and it's just very very interesting and they prompted some questions and you know that I can think of a lot of fun but more importantly if you're in one of the level this is conscious leadership is a way to make it
impact within your organization Pride results become more profitable for you yourself the ones you love and you expect me to a level so with that lesson start out with the first more important question is what is Otis leadership and how can it help leaders of America stock companies or organizations conscious leadership Tom what what does that mean it's it's a little bit challenging as we all have different ways that will you think about leadership and we all have different ways that we think about about Consciousness what is conscious leadership made for me the really simple thing is that conscious leadership is having self-awareness how am I showing up in the world how am I am packing those around the end it doesn't matter if we're talking by family members neighbors Works work colleagues are those reporting to us what impacts are we having on our lives through our actions or inactions power
affecting those around us that's a really simple way is starting with self-awareness and then from the self-awareness piece it's being very intentional about our thoughts or actions that they were interacting with with folks around us and then finally it's taking full responsibility for everything that we we do and that happens to us in her life okay so you let some of the largest International burgers and finance Tac toy on History how did that experience with your present focus on conscious leadership quite a journey for me over the last 20 years in terms of the work I've done. I work with as you've indicated work with some of the biggest companies on the planet I work with one person startups and for most people especially those working admitted large large companies they wake up in the morning and they start consciously and unconsciously saying how much of me what parts of me is it about
it take to work and they go through a process so by the time they actually show up whether there be a pre covid working in a in a facility with colleagues or working online 3340 baby as much as fifty or sixty percent of themselves they decided consciously and unconsciously I can't bring those parts of me to work because it's not safe it's not appropriate and so we end up with organizations where you got half the workforce who aren't present they're showing up in it with very bad behaviors or if they're showing up in ways it's not healthy that's not affected for themselves and the people there working and so when I when I talk about conscious leadership part of it is being very intentional about what parts of myself am I going to leave behind what parts of me am I not going to bring to work and more importantly it's asking why do I believe that why do I think it's not okay to be able to come to work and bring all of me and what's missing and our organization culture What's missing
the organization that I perceive I believe it's not okay for me to bring those parts of me to the to the workplace just brought me in 1980s and early 90s flashback
I mean coming from the environment of the 80's and 90's management I mean I just I totally identify with that and that's actually one of the reasons why I left the corporate world in but it became an entrepreneur and Financial Consultant it's just I just I just didn't want that so I totally get it and I think a lot of people made that decision or people are moving forward with that and they're causing themselves to a serious health issues because they're suppressing things and that's not good right now wow okay know how does conscious leadership focus on helping leaders developed the connection between their IQ emotional intelligence and body until it to could you explain how that works for most people in an organization they are either told explicitly or implicitly that what we care about is either your bra and your physical contributions to the workplace depending on the kind of job you have or your brain and that's all we care about that's how we value and
for most of the last century that was the message that was delivered to people fortunately in the last twenty years or so because of some some groundbreaking work by Daniel Coleman and others organizations have realized that our emotional intelligence is just as important as our intellectual intelligence what we need a what are what are people bilities are in and so we seen a lot of work over the last 20 years around emotional intelligence and Spins for leaders in particular but all all people in the workforce to make that emotional connection with their colleagues with the customers with specific flyers and the next step in that Journey from my perspective is being able to trust her intuition and have our body intelligence also inform how we thinking and the reality is is human beings most of us don't realize that there were hardwired you are bagels nervous system that runs from the brain to our God we got three brain centers in her body in our guts and week what we talked about in my gut instinct will you
have words for it without consciously realizing it that are in our gut intelligence are hard intelligence in our brain in her head are all connected and we need to flip the order of how we process information starting with what is my intuition tell me and then go to our brain with this highly developed Oregon to process what her intuition is telling us and then have those to meet in our heart and then speak from a connect with others who are hard are emotional intelligence and rewiring a complete rewind thing is how we show up in the world what if we can show up in that way the way others experience that's the way we process information the way that we weren't fundamentally shifts and we have better relationships and we have more success in interprofessional and are personalized okay in this leads into a question that we were when I was talking with my my my friends are here why should we change the way we think about balancing life and work and what does it look right what does it look like
I think it's a fallacy this whole notion of work-life balance before that the technology platforms have been developed over the last 20 years when people left work maybe they had a brief case with some documents and things they were going to process and take home for the weekend or over home for the evening but for the most part it was easy to turn work on people didn't have mobile phones people didn't have computers dated mobile devices and so there wasn't this notion of work-life balance it's only in the last 20 years because of the technological advances that we're starting to see that blurring between what I do at work and what I do outside of work, and that prompted this conversation around work-life balance and the reality is only likes and we make choices every single day about what life in my living and what am I engaging with in the time I in my waking hours around the activities that I'm doing and it's it's just and we make choices about what kind of
the CEOs I work with another leaders are there is a conversation and and the realities they made a choice and they created a bargain with their board of directors or with the chairman implicitly or explicitly that I'm giving my life to this organization to this job in extinct strange for some kind of monetary compensation or some kind of career advancement that was a life choice for many people and organizations they're doing the same thing about making decisions around roll responsibility title compensation how many hours are going to work and how much of their life is good they're going to dedicate to to to what they're doing but this notion of work-life balance it's a false Choice it just it's a way of deluding ourselves they get paid
exit sing while right now because I just rerolling you know that I'm going to say the last 30 years of my life gone cuz you know when people getting paid to have heart attacks cuz that's what one of the roller is Tom stick with this we're going to take a break right now we'll be right back folks you don't want to miss this more expert advice for having a happier relationship with money still to come on the saving with Steve show
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 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 into 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 saving with Steve. Us saving with Steve. Us will see you soon
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 Eddington oh my gosh what a wonderful thing that we had there before we could go on I want to truly thank everybody for tuning and I appreciate you letting your friends family and Associates know about the show all the plays are available at shaving with Steve. Us that's shaving with Steve. You asked if you're enjoying the stories of helpful information and insight on saving with you never miss the show check out a few of our affiliate that you can help radio BBS radio talk radio New York City be 360 TV and Las Vegas TV network all these networks are problems uplift your spirit and live a life of financial personal freedom also follow us on Facebook is saving with Steve Sexton and join the Insiders Club where you get replays
guess from gas the whole show with Tom Eddington he was just talking about the fallacy of work-life balance and quite frankly I agree to that because I never understood it I was this that guy you always woke up early and you know what I was excited myself and being able to accomplish things that others why couldn't I couldn't figure out and I would work until you know why I had to be exhausted when I worked overseas it was 5 in the morning till 11 at night and I have to set up the phone because that's the way I was wired but that's what I saw my dad do so you know I totally get that one of the biggest things here is understanding self-awareness so I wanted to ask a question how do you define self awareness and how does it make leaders more effective for physical level so what is her body telling us do I have eggs do I have pains do I have Sensations their their stuff going on in our body all the time I'm in for many people yeah when their stomach is growing
ring tonight it's time for me to eat or when they fall asleep at their desks D I need an app where I need to go to bed but from from many people in our culture in particular we don't have a developed awareness about what's going on in our physical bodies so that's one level of awareness the second is our intuition and it gets easily dismissed but the reality is our body is well aware of what's happening around us long before we're cognitively aware of that and so it's developing a sense of just taking a moment to say what a my noticing right now in this second my noticing at no temperature the climate around me and my noticing physical Sensations in my noticing in my in my breathing and the shallow way am I taking deep breaths just having that kind of connection to her body and her body intuition as we develop an awareness of what's happening in our body physically then we can start paying attention to it all these intuition about what Sensations what what what reaction
going on and then developing awareness around her emotional state so how am I feeling right now not physically but emotionally what's what's going on for me and when we're in a conversation with somebody else and maybe it gets heated baby it is more of a loving sweet conversation but just noticing what's going on for me emotionally where am I getting triggered what what's happening for me to developing that level of awareness and then developing an awareness around where are my thoughts taking bit and usually it's our thoughts that are taking us someplace where those thoughts coming from are they coming from a Reptilian Brain the original part of the human brain are they coming from my brain are they coming for the prefrontal cortex the human rights are originating from if they're coming from a Reptilian Brain are amygdala then we're probably going to be in fight flight or freeze mode and we're probably going to react as opposed to respond
certain internal stimulus so when I talk about awareness I'm talking about it the physiological up on talking about it is available to talk about psychological emotional sort of the intuition intuitive level react when somebody is something gets heated and you you have that the heated discussion and somebody's reacting as opposed to thinking it through relaxing and responding so you can have a conversation that doesn't go awry especially in two different points of view that's that's why I see that no okay so I'm already starting to see the picture here but how far out is how can practicing the skills make organization's executive who lead them much healthier yeah so I'm in for it for a leader in particular its is waking up each morning or even before you wake up tonight before setting an attention for how do I want to show up tomorrow and waking up in the morning
instead of unconsciously going through your morning routine say what am I notice it without judgment without any kind of self-criticism her self evaluation in a negative sense just as you're brushing your teeth taking a shower getting dressed having breakfast whatever as you're going through that morning ritual saying how do I want people to experience me today what's going on to me physically physiologically emotionally and how is that affecting how others are going to experience make today and how do I want them to experience the and just by putting that intentionality that that amount of thought and effort into and developing a sense of awareness it can fundamentally change the way others experienced a negative avoid the cohesion of here she's in a bad mood
what do I get that things are going well they
I know this is a question that many people are talk to you over the last couple of days to New Year coming on the show wanted me to ask and is his I understand you get many questions from male and female leader gender issues in a work like how can Congress leadership skills help address these issues in this is a big fat multiple Dimensions to that so it wasn't one of the things I do in the executive cir do with the executive side couch and they talk about appropriate vulnerability and it's a leader if we're willing to be vulnerable at the right level when I call appropriate level for them then it makes it safe for other people to engage with them and one of the responsibilities we have his leaders is to create a safe environment and to create trust we can't have a trust and trusting relationship with another if we don't make it safe for them particularly with that power dynamic between a liter and and their subordinates so creating safety and for people to feel safe
they need to be seen they need to be heard and they need to be appreciated and so if a leader can do those three simple things it creates a sense of safety for those that they work with and then from that then we have trust and where there's a difference in gender is it I find is that that level of appropriate vulnerability is different for women leaders where they draw the line around appropriate vulnerability is different and that's just a function of in our society we have different standards or how we be women how we treat female leaders versus ml Bow Wow and see I get Inc that again I'm I'm getting flashbacks because you know sometimes people just won't say what that person doesn't want to hear and attack one person we're talking with yesterday she says you know what one of the reasons why they indicated she wasn't going to promote it any further is because she wasn't yes person and they actually said that
do you know it was just really interesting so and then this is what I'm trying to understand number to biological systems what can we learn by thinking of them as a living entity chirp so every every large organization or every organization
is it is an organism and people are showing up and then making conscious decisions are relating with others and particularly with large organizations there's a in the Finance and Accounting are there's a kind of personality type there's a there's a an ecosystem that exists there that's different than in the sales and marketing team is different than in the there's I'm depending on the industry the IT department or the human resources Departments of each of those have their own culture their own way of being with each other that sit in the culture of the overall organization and it was exactly like if you go out of nature in the interaction between the trees and the bushes in the leaves in the birds and the foxes and squirrels those are all in many respects just like what we see in in organizations about the kind of culture that the organization wants and needs to Mission to fulfil its strategy then it will just kind of
organically developed till we end up seeing friction between departments we see friction between individuals because it hasn't been explicitly explored and stated and designed that's that's wonderful you know what I think anybody listening to this that works in a large company that they can immediately see those things now don't we have about 30 seconds left for leaders who want to bring out the best teams have to start with my bring out the best in themselves and without that self-awareness without the intentionality without being conscious about how they're showing up it's almost impossible to bring out the best in those that report to them that's great thank you for joining the show today thank you for sharing your wisdom you know what people can go to Eddington advisory or anyting and visors at Eddington visor cam cam if you'd like to connect with Tom Thumb again thank you so much for joining us we appreciate you being here and stay happy and healthy
be safe all right we'll see how things are doing us all for joining us today you know what against think about how you can go about living and taxes in retirement Tom Eddington was wonderful next week we have Maria shinobu she said Chief marketing officer for Queen aisle one of the largest size for Chris cryptocurrency with over 10 million numbers she's going to fill us in on everything cryptocurrency how does it work why purchase water and a cheese metaverse what to look for when you're buying what's going on with Bitcoin in a whole bunch more so what we're going to look forward to seeing you next week right here on saving with Steve have a great week stay safe stay healthy 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
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