Wealth Actually

In this episode of "Wealth, Actually", we get to dive into the comic-book industry with Gevian Dargan. Gevian is about to launch his comic imprint, Animated Concepts, which is focusing on getting some of the great comic stories from people of color that are out there, but not getting the attention they deserve. The industry itself is going through significant upheaval as the economics of developing IP come under considerable question and distribution systems face significant challenges with digital competitors and a new view of what makes a cool (and monetizable) story. Gevian and I tackle this subject as well as the magic of growing up with the excitement of going to your "local", discovering characters and forming tastes. It's this formative development that we wonder aloud that might be missing and may make it difficult to develop the next Marvel, DC, Harry Potter or other franchise. Here's Gevian on the "Thinking Critical" podcast talking about reaching new black comic readers. (This is a terrific interview BTW) https://www.youtube.com/watch?v=rGQw9Z7qOO0 Here's the outline of our fun conversation (we recorded for over an hour, spoke for two and probably could have gone on all day): Quick introduction- what are you're doing now and dramatic foreshadowing of your Animated Concepts project-Where did the love of comics come from? Talk about the relationship with the Comic Book ShopWhere you used to buy comics and where you buy them now? Challengers Comics + Conversations: www.challengerscomics.com; First Aid Comics: www.firstaidcomics.com; Dark Tower Comics & Collectibles: www.darktowercomics.com;Alternate Reality Comics: www.myalternatereality.comFavorite Characters / and what drew you to them?RobinShazamFavorite Issues/ StoriesFavorite Artists  Who are the artists and writers we should really be looking out for?History, Craft, and Business of Comics (Diamond, New Readers, Promotion, Writing, Drawing, etc.)-How the COMIC BOOK industry has become so tribal politically, whereas before it used to be Marvel vs. DC vs. Indies (just weird now)MCU vs. DCEU What does the future of the comic industry look like?Animated Concepts - Tell us the concept behind it and what are your plans for it?How do we keep in touch with you? INFO@ANIMATEDCONCEPTS.BIZ (Focus Groups are forming in July- reach out to Gevian for more information)FACEBOOK: GEVIAN DARGANTWITTER: @GEVIANDARGAN A quick aside: many of you know of my love of comic books and the myth-making engine of that industry. My pal, Jim Harberson, and I (written under a pseudonym) dipped our toe in the water of the industry with our book, Stay Alive. We wrote our first (the horror/comedy, Stay Alive) and published it through the UK-based, Markosia Enterprises. It was a great experience to work with the multitalented and super-nice Stephen Baskerville. His art is amazing. The industry itself is tough. It's opaque and the chances of publishing, let alone success, are slight. Here's our first foray . . . https://www.amazon.com/Stay-Alive-Jim-Harberson/dp/1913359166/ and here are some of Gevian's favorite covers:

As businesses and business owners struggle the impact of COVID-19 on operations going forward, I thought it would be useful to revisit the issue of asset protection for wealthy families. Liability is around every corner and the best laid plans can be wrecked with a car accident, an employee suit, or the discovery of asbestos in an investment property. Joining me is IKE DEVJI to discuss some of the ways to address this issue. He is a prominent attorney in Scottsdale, Arizona who focusses on asset protection for executives, business owners, athletes, entertainers, and other high visibility people that can be the object of creditors. Ike has personally practiced from Phoenix and Scottsdale, Arizona for over 17  years as an Asset Protection-only lawyer and helps protect a national client base of thousands of clients representing nearly $6 Billion in personal assets. He can be found at PRO ASSET PROTECTION DAVIS MILES MCGUIRE & GARDENERTwitter: @IKE_DEVJILinkedin: IKE DEVJI A) What is there to worry about? Here are some real examples of the “impossible” that actually happened and resulted in large claims: Parents away for the weekend return to find that a teenager died at their home during a party their child had from the drugs he brought with him;Chiropractor adjusts a patient’s hip and the woman dies on table from cardiac arrest-he is sued for wrongful death;Long time, most trusted employee of medical practice molests a minor female patient during treatment;Employees of moving company get drunk and severely beat another employee and lock him in company truck in company yard over weekend;LLC for real estate development is pierced and a passive member is held jointly and severally liable for the actions of the other members;Dentist works on elderly patient who goes home and dies of unrelated heart attack hours later, dentist sued for wrongful death. B) What are Ike's three layers to good Asset Protection planning? Clean LivingIdentifying the risks that are part of your daily life (and business)Being a good citizen and acting responsibly where at all possible Avoiding behavior that would cause harm and get you suedPutting in processes and procedures around riskier behaviorInsure against the risks you can reasonably identify (and afford)Put structures around and compartmentalize your wealth C) What are the big tactical missteps people make that Ike sees? 1. FAILING TO ACT (Timing)  (AKA - waiting for the tort to happen)The importance of the term: Fraudulent Conveyance 2. THINKING YOU’RE NOT RICH ENOUGH   Many larger high net worth families can absorb a large hit to their net worth and not suffer a reduction in lifestyleFor those people with net worths in the 500K-5mm range, a $1mm settlement can have catastrophic consequences on lifestyle 3. RELYING ON YOUR TRADITIONAL ESTATE PLANNING 4. TOO MANY EGGS IN ONE BASKET What happens if an accident happens on one investment property but you own 8 others? 5. SQUARE PEG ROUND HOLE – USING THE WRONG TOOL 6. DRAGGING LIABILITY INTO YOUR PLAN Ike brings up a terrific example where having your business own your vehicles may be great tax planning in allowing you to deduct those expenses, but it can be terrible asset protection planning if they are used personally and cause a lawsuit. The assets of the business will have been exposed to the action. 7. RELYING ON GIFTING TO RELATIVES (SEE ALSO FAILING TO ACT) 8. USING UNPROVEN, POORLY STRUCTURED TOOLS OR SCAMS LIKE “FRIENDLY LIENS” 9. RELYING ON INSURANCE ALONE OR FAILING TO ADEQUATELY INSURE. WHY CAN’T WE SIMPLY INSURE OUR WAY TO SAFETY? Premiums are expensive The "Business of Insurance" to collect premiums and try to pay out claims as little as possible)If you look hard enough you can find liability everywhere - there isn't enough any to insure away EVERY risk.Having a good P&C Insurance expert is important to makes sure that you have enough insurance to...

With the tensions brought on by the confinement, new roles and financial pressures of the Coronavirus, I thought it would be good to take a new look at one of the greatest threats to wealth . . . Divorce. High-end family law attorney, EVAN SCHEIN, and I got to sit down and talk about what is happening in the world of divorce. Evan is an expert in the field as Partner and Head of the Litigation Department of New York-based divorce firm, BERKMAN BOTTGER NEWMAN and SCHEIN. He has seen it all in the space. Here is a quick outline of what we covered: Are confined spaces and the quarantine causing an increase in the interest in divorces- what are you seeing in your practice?How has the lockdown impacted the process of divorce?What is the process looking like in the new Zoom Conference world?Is there anything new in the legal landscape of divorce?Planning before the wedding generally- what are best practices? What is the best way to be a good client?Asset titling is this still a useful tool?The use of trusts- has this expanded in this day an age?What is the best way to integrate other advisors? Wealth Advisors, Lawyers, Accountants, Business Advisors, Agents?Pre and/or post nuptial agreements- how should one think about pre-nuptial agreements? How do you have that uncomfortable discussion?If you are feeling like divorce is becoming an option in your relationship, what should you do?How do you advise people in communicating with the children in this difficult circumstance?Any crazy stories that you can share?Personalities in the divorce practice?  EXTRA POINTS: Finally, (since I'm running this!), Evan and I take a quick tour of our favorite sports teams and how they are dealing with the sports disruption. https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT

https://mehlmancastagnetti.com/wp-content/uploads/After-COVID-Mehlman-Q2-2020.pdf The political consulting firm, Mehlman Castagnetti, put together an interesting presentation on what a post-COVID world is going to look like. HAVEN and I synthesized some of the highlights and broke down what we saw as important. The link is above and it's useful to have in front of you as we deliver our comments. Here is a quick outline of what is covered: SECTION 1: WE WERE NOT PREPARED "Recreational government" is neglecting what the true government functions are. Our system is overly focussed on luxuries and there doesn't seem to be any political will until disaster is upon us. SECTION II- M/C's PREDICTIONS #1- New Psychology- what will the population's mindset look like going forward? #2- "Deglobalization"- Will there be a retrenchment? #3- Freedoms Trade-Off: Can you be worried about the virus, the economy and political freedoms at the same time? #4- "Techlash" - will the suspicion of tech companies persist? It may pause but will return in earnest when our situation stabilizes- #5- Asset Bubbles as search for yields and stability becomes paramount. #6- COVID Inequalities Widen Social Divisions #7- Initiatives will move away from the state SECTION III: REASONS FOR HOPE #1- Americans Stepping Up: Fauci, Front- Liners, Community #2- Innovators Stepping Up #3- Government Trying to Step Up- Even If Incompetently OUR BIG ASK- More Cooperation Between Public and Private Spheres as we look for solutions to the virus and revitalize the economy? A reminder that you can subscribe to the podcast on most major platforms. More from Haven on his PUNDIFICATOR blog below. . . https://pundificator.com/ And "Wealth, Actually" can be found here: https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT https://www.amazon.com/Stay-Alive-Jim-Harberson/dp/1913359166/

The COVID-19 phenomenon has created worldwide economic upheaval and problems for many business owners. One area where the coronavirus has created opportunity is in the field of estate planning. I was able to speak with AARON FLINN about the opportunities that exist right now. We will go into some of the tools in his toolkit (including the use of preferred jurisdictions like Tennessee) to help successful, and often complicated, families take advantage of a difficult economic environment. Aaron is a partner of WALLER, a full-service business law firm based out of Nashville, Tennessee with offices across the Southeast and Texas. He specializes in trust and estate work, wealth preservation, business succession and family office structuring. Why is right now is an optimal time to review estate planning affairs and wealth structure? 1)  The shutdown has been a rare quiet time to think about the how families want to set up future affairs and have internal discussions about the investment, use, direction and purpose of the wealth. 2)  Lower valuations: With markets generally lower across the board, the valuations of most family assets has decreased as well. This provides added flexibility when using estate planning tools and government defined exemptions to shift wealth out of an estate into the ownership of the next generation. 3)  Generationally low interest rates: As the government has lowered interest rates to stimulate the economy, many of the standard interest rates used in estate planning have fallen as well. Government defined "Applicable Federal Rates" (AFR's) are the lowest they have ever been. The amplify the effectiveness of even the simplest of planning techniques. As part of that planning, there are lots of instruments, jurisdictional choices and legal devices to effectuate a family's wishes. What makes Tennessee an interesting state for families to consider? The Friendly Trust Environment of Tennessee The theory behind Tennessee's trust law The interaction of the Bar, Trust Industry, and the Regulators Directed Trusts  Specialized control of a trust's investments - why is that important? Involving Trusted Advisors on Distribution Decisions - why is this important? Why does the use of an Independent Trust Company for administrative purposes make sense? Avoiding State Income Tax on Accumulated Income and Capital Gains How does this work with clients from other states? What should we think about with source income Asset Protection Beneficiary Creditors Self Settled Trusts Distribution Flexibility Perpetual Trusts Flexibility for Family wishes Decanting Trustee Removal Silence Specialized Protection for Independent Advisors Special Purpose Entities (SPE) for investment direction advisors Special Purpose Entities (SPE) for Distribution Advisors Tennessee as an Excellent Environment for Private Trust Companies What is a Private Trust Company? In building these out what is the best way to ensure the multi-generational success of this flexible structure? Jurisdictional and Regulatory "Understanding of the Space" Well-suited legal and corporate fiduciary support located locally as required. COMMENTS or QUESTIONS Aaron can be contacted here: AARON FLINN Additionally, I can be contacted here (FRAZER RICE) or here (FRAZER RICE) for further comments and questions. https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT

What if the 2020 election was delayed or cancelled? Haven and I take on this scary, and not-out-of-the-question, possibility . . . The mechanics of a delay or a cancellation are complicated. Here are three good articles for context on the topic from: Anthony Fisher, from Business Insider ("We need a backup plan to ensure all Americans can vote in November's presidential election. Our democracy could depend on it.") and . . . https://www.businessinsider.com/coronavirus-we-need-backup-plan-voting-november-presidential-election-2020-4 Ian Millhiser from Vox ('Can Trump Cancel the Election?") https://www.vox.com/2020/3/21/21188152/trump-cancel-november-election-constitution-coronavirus Haven Pell on the Pundificator (World War Three at a Time) https://pundificator.com/world-war-three-at-a-time/ Here is an outline of the potential chaos. Fighting The Three Political Wars and where an Electoral Dysfunction may fit in . . . Novel Coronavirus / Covid-19~1.8/2.0 MM cases in the world 525k/550k in the US~110,000 deaths in the world 20,000 in the USLimited testingVaccines a long way offContinuing though perhaps diminishing fearGenerally good compliance with lockdown, social distancing etc.Dueling Daily Trump and Cuomo briefings. Discussion politicizedR’s lean toward reopeningD’s lean toward public safetyPeople’s lives vs. the stock marketReopening the Country16 MM filed for unemployment in three weeks. Highest by a multiple of 10Stock Market down 36% peak to trough (2/19-3/23)21% peak to today (2/19-4/9)Same today as June 2019, April 2018, November 2017Significant concerns about small businesses e.g. restaurantsSignificant and disruptive long-term changes possible to highly likely Remote workResiliency of supply chains over costAnti-globalist sentimentBusiness travelTourismWhen country reopens how fast will people/customers come backPolitics / ElectionsD primaries essentially fizzled out when Sanders withdrewBiden 49% Trump 43% RCP AverageDemocrats hate Trump more than almost any other President everRepublicans hammering Biden for gaffes, mental infirmitiesNo traditional campaigning during lockdown Conventions – will they happen? Do they need to?Ds Milwaukee 8/17-20Rs Charlotte 8/24-27Who wants to bring thousands of potentially infected travelers into a swing state? There are 535 House members and Senators plus the presidential and vice-presidential candidates. Only 1/3 of the Senate runs, but assume each seat is contested. Eleven governors are up for electionHouse = 435 x 2 = 870Senate = 33 x 2 = 66President Vice President = 2 x 2 = 4Governors 11 x 2 = 22Total candidates = 962Countless candidates for state legislative seatsSince political candidates tend to be older and since they might not be observing public health guidelines, what are the odds on at least one if not several dying during the campaign? https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT

In this episode we dive into the world of real estate development and the use of LED conversions to save money and drive returns.  Joining us is Judd Stensrud. Judd is the founder and CEO of LUMEN GLOBAL.  The firm uses energy efficiency to help drive real estate returns.  Judd has an undergraduate degree from Duke University in economics and an MBA from the University of Chicago.  However, it wasn’t until he got to Costa Rica in the early 2000's that he began to truly grasp the impact of costs within a vast portfolio of income producing real estate.  Using these tools later in his career, Judd Helped renegotiate a half billion dollar loan with The Bank of China, Was the lead asset manager for The Plaza Hotel in New York, and Led a process where Bill Gates and the Four Seasons Hotels invested over $300 million into a project that was his brainchild. Recognizing the typical reasons that investors miss out on maximizing their profits led him to found Lumen Global. Background- Tell us a little about how your Costa Rica experience and how that impacted your view on managing real estate.How did this and your other experiences lead you to found Lumen Global?Process What does Lumen do to add value? While Lumen Global utilizes a number of energy efficiency measures to help increase your bottom line, we believe there is not a better available tool than converting to LED lighting technology. Why?  What is Your Process? Energy Efficiency measures drop 100% to your bottom line. Most deals have an IRR of 50% to over 100%. Cash outlay, if any, is generally returned within one year. We are a turnkey process… no work for your team. How? We begin with a lighting analysis. We feel the best place to invest your money is through LED light technology. We count all lights on your property. We come back to you with an analysis. We estimate how much you are spending per year buying lights and installing them. We show your total spend on lighting per year and how much you will spend after converting to better looking LED technology. Our analysis will show the turnkey cost to convert to LED. Our professional bonded and insured electricians install the new material. We process all incentive paperwork and use this to decrease the total job cost. Examples Office Buildings Multi-Family Properties Shopping Centers Warehouse Industrials Restaurants Hotels Medical Facilities Parking Lots Interesting Stories McDonald's Warehouse Conversion Others OutroHow do we keep tabs on Lumen Global?For those who want to use you or get involved, how do they contact the firm? LUMEN GLOBAL WEBSITE judd@lumenglobal.com   https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT

Leanna Haakons is a financial marketing expert, entrepreneur and author of bestseller, Young, Fun & Financially Free. In addition, Leanna is the EIC of TheWellthyMindset.com, and says Millennials those in their (20’s-40’s) don’t need to panic now because they should be thinking about their long term financial goals with plenty of time for their investments to bounce back. Leanna hosts a regular segment on Yahoo Finance and is a seasoned TV guest appearing on CNBC, Bloomberg, ABC News and dozens of other publications. https://www.amazon.com/Young-Fun-Financially-Free-Kick-Ass/dp/0998854638 COVID-19 and Disruption How has this impacted your business? Cash flow (potential job loss / reduction of work) What are you telling your clients and listeners on how to gear up for what looks like a rough set of months coming up? Cash positions (reiterating the importance of having 6 months+ of expenses) Evaluate Expenses (now is a good time to sharpen the pencil on things that you need vs the things that you want) Leverage and borrowing- taking a hard look at the various interest rates that you have and strategizing around them. For those that can, is this a good time to refinance your mortgage? (I'd say yes if you can) Market drops and volatility Saving for retirement and other goals based investing- (I'd argue that this is a great time to continue to do this . . . or start) Is now a good time to invest? (I'd argue yes, if you have the cash flow and time horizon to be able to do so) Using the time well Going deeper into your field- extra study, zoom conferences, making new contacts within your field Developing skills just outside of your field that can make you even more dangerous in your job (Examples: media/PR skills, coding, taking courses in important subjects like contracts etc . . .?) Developing contacts outside of your field that might be helpful (industry associations etc . . . ) Developing expertise in your non-career interests (do you have a book in you, podcasts, painting etc. . . .?) Can those be linked together in the future? Spending time with family and friends (even virtually), so that your support community is in place during this time AND after. Rest/exercise where possible Coming out of the Abyss Trying to envision what the future looks like in six months If you have a business, what should you be doing to stabilize it? What are the various programs out there that might be of help? Outro Leanna- how do we keep tabs on you? Where should we find you on social media? Leanna Haakons - Media Reel www.blackhawkfinancial.ca / www.youngfunfree.com Instagram @leanna_hawk / Twitter @leannablackhawk

The country is in the midst of a debate between confinement and distancing in the name public health and the reopening of the country to re-establish the health and stability of the American economy. To that end, Haven Pell (PUNDIFICATOR) and I thought it would be interesting to discuss the ramifications of the choices American businesses are making right now. These are choices related to message, action and communication. Tracking off a study done by Glover Park Group in Washington, we look at some of the trends found in polling of what is important to Americans right now and what will be important in their decision-making around firms and commerce going forward. COVID- 19: An In-Depth Conversation with the American Voter https://assets.documentcloud.org/documents/6821088/GPG-COVID19-Caucus-Insights-0326202.pdf Here are some of the main points that we discuss: Business actions today will shape corporate reputation for years to come. Americans say they will remember who stepped up and made sacrifices for the greater good.Coronavirus has put debates on the social safety net and paid leave front and center. Americans want industries who receive aid to repay that goodwill in how they act and behave. Many worry about their health and the economy but prioritize the needs of those on the frontlines.Americans are grateful for services of essential employees and medical professionals and demand we do more to support them.Be deeply empathetic.It’s not business as usual, so don’t communicate as if it is.Identify what relevant capability or area of expertise you can deploy to play your part.Pass the loyalty test.Remember the lessons of 2008. https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT

We are all trying to make sense of the difficult environment created by the Covid-19 pandemic. Uncertainty, economic difficulty, loss of routine, new roles and uncomfortable environments have us all on out heels. I thought it would be educational to speak with an expert who is on the front lines helping people deal with life's "normal" problems and the new set of issues that our friendly Coronavirus has dropped in our laps. Dr. Maggie Vaughan is an award-winning, NYC-based psychotherapist with over 15 years of experience offering therapy to adults and specializing in the treatment of anxiety, depression, and relationships.  She is also the founder and executive director of Happy Apple, a Manhattan-based psychotherapy center which provides an array of services to children, teens, families, and adults.   In addition to working with her New York clients, Dr. Vaughan works online with clients in California, Delaware, and New Jersey, the other states in which she’s licensed.  She holds degrees in political science, marriage and family therapy, and clinical psychology.   Her work has been featured in numerous media outlets including The New York Times, The Learning Channel, and The Huffington Post.  Currently, she is providing consultation to companies who employ essential workers, to help ensure the ongoing well-being and adjustment of those employees throughout the social distancing phase of COVID-19.  She can be found on Social Media: INSTAGRAM: HERE and HERE FACEBOOK: HERE Here is the outline of our discussion . . . I hope you enjoy it and take away some useful points as you and your family adjust to our "little disruption." Introduction: What are your clients concerned about and are these issues amplifying problems they are currently facing in relationships and other issues? Fear of the Virus:   Health issues for family (older members / pre-existing issues)Business / Job / Income issues - am I going to be financially ok?Safety issues for those who are aloneUncertaintyOCD / germaphobes - how do they get around this?How we take in information- people questioning the very information that they are receiving The Break Up of Routine (Much) Closer proximity to family, zero proximity to friends, colleagues etc . . .Work From Home (This is what you do all day?!?)New functions- home-schooling, houseworkDistortion of timeLoneliness - ability to perform job functionDifferent regions responding differently (NYC vs elsewhere- some more seriously than others- jealousy) For Professionals Working From HomeLoss of community with work environmentChange in the way people will work in the future- am I outmoded?Am I able to keep up my responsibilities for my employees, customers, vendors etc . . .  Stigma Strange phenomenon where inconsistent testing has created a weird set of haves and have nots Will people "want" to get it (like chickenpox) to re-enter society Benefits Great way to re-evaluate prioritiesGood time to deepen relationships, re-establish intimacyCheck in on faded relationships, Hit the reset button on areas where communication had been ignoredInteresting dry run for retirement (living post career)Interesting time to think about business / side gigs / career Using The Time Well Exploring long set-aside interests or new onesGoing deeper into your field- extra study, zoom conferences, making new contacts within your fieldDeveloping skills just outside of your field that can make you even more dangerous in your jobDeveloping contacts outside of your field that might be helpful (industry associations etc . . . )Developing expertise in your non-career interests (do you have a book in you, podcasts, painting etc)Can those be linked together in the future?Spending time with family and friends (even virtually), so that your support community is in place during this time AND after.Rest/exercise where possibleDry run for retirement Coming Out of the Abyss