Business Innovators Radio - Episode #44-DT Sandwich Generation-The 15 Minute Financial Feast Podcast-With Mark Triplett & Troy Westendorf

Episode Date: June 15, 2023

We believe that every dollar has a purpose and a timeline. When and how your retirement assets will be used should be understood before making important financial decisions.The Triplett-Westendorf Purpose and Timeline 5 Step Planning Process (PT5) begins with Discovery.Understanding where you are now, and then defining where you want to go (Your Purpose) and when you want to get there (Your Timeline), programs your financial GPS. Our Purpose and Timeline 5-step process (PT5) programs your financial GPS.Learn more: http://triplett-westendorf.com/ | https://mypt5.com/The 15 Minute Financial Feast Podcasthttps://businessinnovatorsradio.com/the-15-minute-financial-feast-podcast/Source: https://businessinnovatorsradio.com/episode-44-dt-sandwich-generation-the-15-minute-financial-feast-podcast-with-mark-triplett-troy-westendorf

Welcome to the 15-minute financial feast podcast, bringing you 15-minute segments to help you retire with purpose on time. We're serving up food for thought and bread for the head. Are you hungry to learn? Here are your hosts, Mark Triplett and Troy Westendorf. Welcome to another episode of the 15-minute financial feast. Today, you are listening to the audio from a live television interview where one of our favorite local news station anchors asked us questions about a financial feast. topic on the minds of many hardworking folks in our community who are trying to make good decisions and get ahead.

All right, let's step away from election news here for a second as we talk about something that's important to a lot of people because new research shows more than one in ten people are caring for their aging parents while also caring for their own children. So they're known as kind of the sandwich generation. And joining us this morning as financial professional Mark Triplett from Triplett-Westendor Financial Group to talk kind of about those individuals. and how you can plan for getting kind of caught in the middle. Oh, my goodness.

All right. So who is a part of what we're calling the sandwich generation? Good morning. Good morning, Jackie. So the sandwich generation are those folks who may be helping their children, kind of adult or transition into adulthood, but they're also maybe caring for a parent who's in their declining years. And as folks tend to start families later,

maybe in their mid to late 30s, they're going to get trapped in those sandwich generations. I'll probably end up in that situation myself, most likely. We've got a 10-year-old and my parents are a sound mind and body today, but 10 years from now, that may not be the case. Okay, so with you kind of being an example, what can we start doing now to ease financial stress? Because that's a lot to think about when you think about how expensive it is to take care and raise kids, but also the elderly with medical costs and other needs. Yeah, I think the best advice is to make sure that you take care of your own circumstances first

and plan for yourself. You know, every time I travel to Colorado to visit our office out there, I hop on an airplane and the flight attendant always says put on your mask before helping others with their oxygen mask in the event that's needed because if you pass out, you're of no use to anybody else. So we really have to focus on yourself. you can do that by taking control of your resources. If you don't control your money, your money will control you.

And you can either take the initiative and manage that. We believe that every dollar has a purpose. Every dollar has a timeline. So we encourage folks that spending plan, really track money coming into the household, track money going out of the household, and know where every sense going. And choose your hard. Okay. You can either choose the hard work of doing the financial plan that's necessary

to control your resources and know where those are going, or you can choose the heart of being broken retirement, but it's your choice. All right. So we hear that ever famous word budget quite often when we talk with you, and it sounds like it goes into play here as well. So is there a way that we can financially help our parents, but also an education piece as we're raising our kids? Sure.

So for parents, I would say encourage your parents or your aging parents to make sure that they have their affairs in order. If they have a state planing document, know where they're not. documents are. If they need to update beneficiaries, maybe they haven't looked at beneficiaries on savings accounts, life insurance policies, things of that nature for a very long time, make sure that those are up to date. Also help them plan for their own financial life, maybe work with a financial advisor to help them get their life in order. And the last thing I would say with aging parents is give them encouragement to spend their resources for their betterment. I've seen too many times where

aging parents want to make sure that there's a legacy to leave to their kids and grandkids and they'll forego things that maybe they really need in order to maintain a dignified lifestyle. And we need to make sure we're encouraging them that it's okay to use those resources for themselves and whatever's left over is left over. For the children, on the other hand, I would start with your children in a young age, teaching them about money, teaching them the importance of saving for the future. If that means opening up a simple bank account, just a minor savings account, for example, at a local bank, do that. We have some parents that are actually approaching us with their minor children, even grandparents for their grandkids, wanting to open up investment accounts and start investing.

So those are great ways to really teach them. And then also, maybe even teach them to be a giving. We have a lot of excess toys around the house. And I know we're coming up on the holidays and there'll probably be some presents on the Christmas tree. Maybe it's time to start giving some of those used and use toys are an excellent condition to somebody who maybe could benefit from them and teach giving that way. All right. A lot of life lessons today with us, Mark. We appreciate your time and your expertise today.

Lots to think about if people want more details. They want to continue this conversation. What's the best way to do so? Visit our website, triplet-wessendorf.com. We've got great resources out there that no cost to you. You can grab a spending plan, download a spending plan, start it for yourself. We even have a really cool piece. called the transitional birthdays we just added to our website. So transitional birthdays starting at

age 50 and there are a lot of different magic birthdays that come up that are meaningful from a financial perspective. So you can download that as well. All right, Mark Triplett. Thank you so much for your time today. Appreciate you. Thanks for having me, Jackie. You've been listening to the 15-minute Financial Feast podcast. Remember, every dollar has a purpose and every dollar has a timeline. If you have questions about today's topic, schedule a call with a team member. Visit www.mip5.com. Until next time, be sure you're taking steps to retire with purpose on time. Mark Triplett is an investment advisor representative of and advisory services offered through

Royal Fund Management LLC, an SEC registered investment advisor. Nothing contained in this program should be considered an offer to buy or sell securities. Different investments have different risks associated with them, and not all investments are appropriate for all investors.