Building True Wealth with Anthony O'Neal

[Applause] all week we've been making over our wallets today's focus is about Building Wealth and leaving a legacy please welcome personal finance expert and host of YouTube's the table Anthony O'Neill good to have you back Anthony Kelly Ryan thanks for having me back on I got to say Ryan I like your pants man I mean mine's a high too so I just want you to know your your hip Style very this like a man you're manager wow listen I got to manage it well hopefully the future wife you can see that so okay let's where do we start well here's the very first thing is we gotta think about our future so I wanted to take take care of our debts we cannot go into the future with our past holding us back so I wanted to look at all your finances and eliminate all your debt how do you do that how do you pay off your debt sounds easy enough when you say it but people don't know where to begin you know it sounds easy but it's really more so about intentionality right and so when I was getting out of my debt about 35 000 I actually use the debt snowball method this is when you line up all your debt from smallest to largest no matter the interest all right okay so let's say you have a five thousand dollar credit card ten thousand dollar loan and say 25 000 in a car okay you're gonna attack this very first one why are you still making the minimum payments and once you get done with the very first one then you snowball down on to the next it's not about snowball that onto the following so start from the least amount of debt to the highest amount at least amount of debt to the highest amount of debt and you're going to get excited I'm really excited so we snowballed we excited what what do we do with the money I mean once you do that now that we've paid off everything now we have actual you know some funds the next thing is you want to go ahead and set aside at least three months of your expenses then number two start investing into your retirement funds your 401ks your IRAs your hsas and then the number next thing is going to I would say is this get a home one of the greatest tools you can do when it comes to Building Wealth is home ownership what about estate planning how do we look at that oh you know an estate planning is simply this you know now that we've eliminated our debt and now we own our stuff now these are called assets and we got to have a plan for our assets and this is an estate plan and so think about your cars your houses your jury your finances but one of our greatest assets we was talking about this on the uh before the show all right our kids you know do we have a plan for what we're going to do and leave behind for our kids what does an estate plan actually do you know when you think when you think of a state plan think about it's going to let pretty much let people know how you want your assets to be handled when you pass right so where do you want your car to go where do what happened with your kids so the state plans is a legal binding document that states what you want your assets these are people like there are people that are specialists in this right helping you plan out what to do to say avoid unnecessary taxes when you to be clever yeah the best way to um leave things for future Generations without them having to take on an unnecessary burden absolutely I would definitely say from there you know I always advise people to start looking to an attorney looking at someone who specializes in this field so we can sit there and ask you all the hard questions and walk you through the entire process so once you've done the estate plan what's the next step for a legacy to leave a legacy well here's the first thing I really want you to think about this is it's not just for the wealthy people right this is for the average everyday person as well you can be a homeowner a apartment own a 1987 Honda Accord the thing is about simply putting a plan together for your assets what are the some key components when you talk about estate planning okay what what does that consist of such a good question you know the two main things right is you're going to have a will and you're going to also have a trust those are different two things but you got to have both of them you know so those are the two main things I focus on in the state but then also I really want to think about this inside your estate plan is that it also gives permission to say a loved one let's say if you are unfortunate you can't make any decisions your loved one can make those decisions because you get them Authority inside of your estate plan uh and why is a will so important how often should we look at it and check on it and update it yeah yeah a will is very important because it tells you how like pretty much how you want your stuff done it should be updating it every single year as you're evolving as you're getting more stuff I want you to update it every year yeah tell us about the trust so the trust is how you want to distribute and win you know say for an example this you have a million dollars worth of assets you can say you know what I'm going to leave my son a million dollars but he only get a hundred thousand dollars the first part and then maybe twenty five percent later earlier on so it really outlines exactly what you want done and how you want it done at the time of your passing uh we're gonna take a break and come back and find out the importance of getting life insurance we are back with financial expert Anthony O'Neill tell us about life insurance who needs it and when so life insurance is if anyone is depending on you let's say if you are a nine-to-five worker or entrepreneur or let's say you're a stay-at-home mother you don't have income coming in but there still is a presence so life insurance just replaces your presence your presence and replaces your income so if you have that you need life insurance and what about the differences the terms we hear about uh term life versus whole life versus whatever life yeah yeah yeah whatever life I like that um for me I'm all about term life insurance and here's what does that mean term life is Affordable and you can select the terms let's say 10 years 20 years or maybe even 30 years right and throughout that tournament you select your premium stays the exact same so if you were to pass faster in that time then they'll pay out your beneficiaries during that time so it makes more sense to get it early term life insurance at a like a locked in rate that can't it doesn't change right absolutely and so like the older you get the more you're going to need it absolutely term life is term life is definitely a great option um it's the best option in my opinion but some people may argue with me and say whole life insurance is better and what is whole life well whole life insurance people like that because it comes with a level of you can invest while you have whole life insurance and for me I don't want to invest my life insurance I want to have life insurance for my family my loved ones is there an equation to use to set up how much life insurance you should get or have you know there is equation but I'll definitely say having life insurance some form of life insurance is better than zero but the goal is always should be have 10 times your annual income so let's say for example you made 50 000 that means you should have five hundred thousand Dollars policy and then from there let's say if you selected 20 years for an example for your term life policy if you were to pass around time frame your beneficiaries will get that five hundred thousand dollars it's like if you carry an umbrella it won't rain if you have life Insurance chances are you won't don't you think it really like it's right there in the world life just like put that in your book I'm gonna add that in there please take it it's yours I'm not good at carrying an umbrella so I don't know how it's going to work out always carry an umbrella the second you don't have an umbrella a downpour a downpour that's true all right everyone wants their loved ones to be included and involved how do we organize that what do we take into account I mean it's very simple and I'll leave it like this in one sentence that the quality of your family's life after you and the quality of your legacy after you is depending upon the choices that you made today and we got to make the right choice today and get that umbrella so that way our family knows that we love them when it comes to dividing your assets amongst your loved ones do you advocate for dividing equally or do you play favorites yeah play favorites you know here's my thing my thing is all about division so I have a vision for my money that I live by day by day right but then also I have a vision for what happens after my money and that's the greatest way I can say that I love my family my loved ones so your vision once you really identify your vision your vision will tell you how to divide them up it could be between your family it could be between your love ones but even for me charity in my local churches are part of that Vision as well absolutely did you prioritize your kids uh that's an off-camera discussion I see it good excellent information thank you for coming and by the way Anthony is single okay so just he's not going to put that out there a little off camera just messed up feel free to write into our inbox if you feel you are worthy of Anthony's love and you can get the tips on our website and for more information you can get that there it's available and it's best-selling book called debt free degree

Channel: LiveKellyandMark

Views: 7,938

Keywords: Kelly and Ryan, LIVE with Kelly and Ryan, kelly ripa, ryan seacrest, wealth, anthony o'neal

Id: B_gEc-2S-zM

Length: 8min 18sec (498 seconds)

Published: Thu Jan 26 2023