Protecting Your Legacy and Prosperity – Episode 505 

This transcript was auto-generated and may contain errors.

[00:01] Welcome to the Prosperity Podcast. Prosperity thinkers. Previously, we had talked about wealth protection. And there are so many components to it. And the demand is making it so that we create a second episode that goes into the specifics of the wealth protection, but that’s also family protection, memory protection, etc, etc. So immediately, Kim, where does your mind go? And then I’m going to fill in the gaps on a few other things too. Awesome. And this is going to be one people want to check the show notes because I may not have everything named properly in my head when I verbalize it, but I’ll make sure that we have good show notes for them. So the first thing that popped into my head when the question came from a listener, well, what about

[00:49] ways that we could transfer photos, because it is amazing how many people have precious photos on their phones, that if somebody died in a car accident, and that phone got destroyed, there would be no recovering them. And it’s not the destruction of the physical phone. It’s the online account that is the problem. So there is a gentleman that has a business that we are aware of that I am immensely grateful for. It’s called protectmyplans.com. We’ll put the link in the show notes. And it enables you to transition all of your digital assets. So even your 80 year old grandma, according to the guy that owns this Lee Poskamzer, has about 20 online accounts. So we don’t think about digital assets in this way,

[01:45] you know, people immediately go to Oh, cryptocurrency or something like that. But the Facebook account, the LinkedIn account, the Instagram account, the TikTok account, the, you know, movie account, Netflix, Amazon, etc, etc, etc. All of those need to be transitioned to the next generation. And this is the way to do it. Protectmyplans.com. He tells stories of death occurring. And literally in 30 days, he had every digital account transferred. People that have not used his service, it can be two to three years to get through the court system to get an account like that moved to the next generation. Oh, that is so cool. And I think that more and more as time advances, this is needed because there’s photos, there’s memories, there’s information on there that’s absolutely

[02:38] critical. So you’re talking, we’ll put protect my plans inside of the show notes. And that’s a digital side of things. What other pieces are you thinking when it comes to protection? Well, I love the idea of passing on and protecting values and stories and lessons and failures, all of that softer side, if you will, of the asset of a person. And it is so important that people use a service, you know, if they want help, like the companies that come in and do a video recording or an audio recording or something like that. It’s not necessary to use a service, you can just sit down and push record on your phone and talk away and share lessons that have been learned, ideas that have been helpful failures that occurred. I would make a separate recording for

[03:38] the values that you hold dearly. You know, I think about just some of the stuff that I’ve just put on YouTube as an example about values. I did a whole series because somebody asked me one time I did, I don’t know, 15 or 20 values. And I just did like a little two or three minute video of each one of them. And I know that that will be an incredibly valuable thing for the next generation. And frankly, I should do it again. It’s been five years or so. So right how I’m thinking about them now is completely different than then. So use those smartphones, do an audio recording, do a video recording. I do have a couple things that I’ll put in the show notes that are prompts questions that will be valuable in

[04:24] getting that kind of thing recorded in a way that would be helpful to the next generation. And I just really encourage you to be intentional about it. Yeah, you know, what’s so ironic is that this morning I read a Twitter thread exactly about that. So what it was is the author of that thread interviewed his grandma. And he went through a list of those questions. It’s a public document. So I can include that. We’re talking like three pages of questions. Now, here’s the cool thing he said, he goes, in the two hours that I spent interviewing my grandma, I learned more about her than in my previous 30 years. That’s amazing. It is Yep, yep. That pulls on the heartstrings for sure. And it’s just because when we get together as family, we talk about the weather

[05:18] or the sports or you know, whatever is current events. And we don’t tend to talk about the history we don’t tend to get into the deeper levels of conversation. There’s just too much going on. And oh my gosh, what a gift that person gave to themselves to that grandma for being heard. Yeah, that absolutely pulls at my heartstrings. Absolutely. Okay, so I’ll get weird with it for just a second. The reason and I’m going to give an alternative currency. The reason why this is so important to do now with audio and if video possible is because we live in a time when our artificial intelligence can clone voices. So my company has developed the technology, I can take a couple seconds of a voice. And I can hear in that person’s voice, whatever I type. Another reason why it’s so

[06:12] important is because if you ask enough questions, you start to uncover patterns, you can almost create what we’ll call like a chat bot. So in the future, if you imagine that you have a loved one that passed on, and you say, well, how would grandpa have approached this, you can then query it, you know, come back. And again, it’s a chat bot. But it’s almost as though that legacy lives on their, their thinking that framework lives on that’s powerful. It really is. You know, I’ve heard that people die twice. The first time is their physical death. And the second time is the last time their name gets mentioned. And so it’s why people write books, it’s why people write memoirs, it’s why something like this

[07:03] would be so valuable, especially if there is a next generation trying to run a real estate empire or a business or anything where the individual that is gone truly had wisdom about that space. And what a gift to be able to query and at least get a little bit of guidance in the right direction. Absolutely. So this episode, I think what we’ve done is we’ve kind of come full circle. And what may be the title of this is prosperity protection, because we’ve looked at it different. Yes, we can go down the estate planning route. But so much of what you’ve listed inside of perpetual wealth, and the way that you think is that prosperity protection. This is long term. This isn’t just the moment right now.

[07:56] And at some point for you, you saw that, you know, that’s why you gravitated towards protect my plans. And that’s why you’ve gravitated towards these pieces. So what would the 80 year old Kim be saying to the Kim right now? Well, I’m going to use that opportunity to share one more thing that I think is so valuable. And that is to have your final expenses worked out and decided upon. So whether it’s, and I truly believe that this is the answer to your question, the 80 year old would say, make sure that everybody that you can help organize their final affairs, do that, get it prepaid, get it decided on, do not leave that for the next generation. It is a rough, rough time for a family. And so we will put a link to a company that I really appreciate

[08:52] because of the way that they handle cremation. And it is not necessary for everybody to choose that. Of course, a lot of people have opinions about that and I make no judgment. Nevertheless, if you are not prepared for this space in a funeral home, it can be 30, 40, $50,000, just like that. And it doesn’t have to be that. And for some people, that’s very important to spend that kind of money and have that kind of experience. For others, they get caught flat footed and they don’t know what else to do. And so the link that we’ll put in the show notes to its heritage, something is just a less expensive, more direct route to finalizing that. And so an 80 year old’s perspective, if I can just think about

[09:42] the parents that I have, so my parents are in that age right now, are absolutely about today. And that’s really what they’re dealing with is today, today, today, which is wonderful. It’s a beautiful way to live. And I think it is so much easier for them to think about today, enjoy today, benefit from today, if some of these end of life things are handled. And so like I know for my dad, the funeral is paid for, the cremation is decided upon. He also has gone through a process called the five wishes that deal with any type of hospice care. Should that be necessary for his end of life? All that stuff is done and decided on, and it leaves me and my sister with complete freedom and confidence and capability.

[10:32] And him with the same thing, because he just gets to live today. He’s not worried about, well, what if, or what’s going to happen because he’s already made decisions about them, decided on them, paid for them, finalized them. Now he can just really focus on today. Yeah, that’s so good. I’m going to I’m going to switch the word in my mind of today to prosperity, that he can take advantage of every single moment. Meaning, you know, we live in a world now, obviously, there’s like really good things, and there’s some weird things. And meaning like, the weird is, when we grew up as kids, if you wanted to go see a friend, you went and saw a friend and knocked on the door. Nowadays, it’s a faux pas to knock

[11:17] on someone’s door without texting or calling ahead. But for someone that has put everything in order, they can live today. And if someone does come by the house, they can be present with them. If they have a grandchild that they want to spend time with, they can be present, they don’t have to sit there and say, Well, what if, and that’s what we’re doing in this episode, I think it’s different than the other ones we’ve done. This was pretty interesting, Kim. Very fun. Thank you, Spencer. Absolutely. So we’ll put all of the links to those resources inside of the description of this podcast. And if there was anything that we missed, what you can do is send an email to hello at prosperity thinkers.com. Also, some of the things you can do publicly, if you found another

[12:06] link to a website, or you found a thread, or you just want to be able to tell others like, Hey, this is something that works for our family. You can tag us on social media. And that way, you know, you’re multiplying your effect. And then we’re helping others as well. So thank you for tuning into this episode and learning a little bit more about prosperity protection. Thank you for listening to the prosperity podcast to take control of your money and have it work for you. Visit prosperity thinkers.com