Financial Planning for You and Your Loved Ones with Disabilities with Michael Ringel

James Berges 00:00 
Imagine planning not just for your own future, but for two lifetimes, yours and your child with disabilities. Today's episode is a bit different.

We tackle financial planning for loved ones with disabilities, mixed with stories about cultural taboos about wealth and the overwhelming daily reality of caregiving. 

Mai Ling Chan 00:19 
Yeah, James, that's exactly the challenge of our guest today who helps families navigate all of us. Michael Ringel is a CPA and a financial advisor who works with families affected by disability, including those from birth like autism and acquired disabilities like a physical deficit that may arise after stroke.

And they face this unique challenge of planning that extends far beyond their own lifetimes. 

Michael Ringel 00:46 
So every time that you hit an obstacle, or you hit a roadblock, or you think you can't do it, or your self-worth isn't where it should be, you need to think you're three feet from the gold. You're almost there.

You just keep going. And most people, successful people that I've met, have overcome a lot of obstacles. 

Mai Ling Chan 01:10 
Welcome to the Exceptional Leaders Podcast. I'm Nailing Chan, and together with James Burgess, we're getting you top tips and resources for building and scaling your disability-focused offerings straight from the forefront of disability advocacy and leadership. 

James Berges 01:29 
What makes this conversation so powerful, Mai Ling, is how personal it gets. I love that Michael helps families confront their deepest money fears and cultural barriers to build financial security. 

Mai Ling Chan 01:40 
It's true. So I want to be totally transparent with our listeners. I've been working with Michael and my family and my finances for months, and I do not have any financial gain from recommending him. So it's really important that you know that.

And this comes from our genuine need to really look at holistically, you know, where are we at and how can we put some funds into some like safe houses, things that we've been thinking about for years, but we haven't because we have been 100% in the bucket of real estate investing. And you know what they say, James, you're supposed to be diversified in your investment. So so far, we haven't gotten burned, but we're at that age where we really need some like safe houses and safe houses. Where am I going offshore? No, we need to safeguard. And times are coming. Yes. Anyway, no, we just, you know, we needed help basically. And so I really hope that this episode is helpful to you guys because I know, like, and trust Michael. And that's one of the most important pieces of doing business. 

James Berges 02:36 
Yeah. And you're speaking our love language here. I mean, my dad is a CPA, an accountant, and he always just drilled it into my head to live below my means and to diversify and also be careful with Bitcoin. So financial planning, personal finance, these are important topics and especially if you're working and living with someone who you're caretaking for.

And in this conversation, we'll talk about that, but we'll also talk about how to identify and overcome your quote unquote money demons from childhood and culture. Why planning for a child with disabilities means planning for two lifetimes, not just one. The difference between financial advisors who sell products versus those who focus on outcomes and how to conduct a financial audit without judgment, treating facts as just facts and why protecting your income may be the most important thing than any investment strategy alone. 

Mai Ling Chan 03:31 
So true. So whether you're personally navigating that family disability or you're an entrepreneur who is trying to build wealth on the side, you know, you might just be putting off this financial planning and this conversation really provides some practical tools and permission to just start where you're at. 

James Berges 03:48 
Yeah, it's wild just how as a side note, money is such a personal topic and sort of taboo to talk about, but it's important to share these practical strategies and I mean, it's so tied up with identity and culture, right? In the United States, I feel like we're very individualistic and making money as one of the top values because, well, maybe we don't have as many social safety nets, but also it's just a sign of status whereas, you know, I travel in South America, no one asks you what you do or even alludes to how much you make because they're just kind of in the same boat and focused on family.

It's very interesting. Side note for listeners, I heard this book recommended over and over, but it's called The Psychology of Money by Morgan Houssell and I think if you're interested in this topic of psychology, money, how you think about it, these are all relevant topics in that book.

But anyways, Mei Ling, what have you been up to besides diversifying your portfolio? 

Mai Ling Chan 04:49 
Well, I've been thinking a lot about passive income and how can you create more streams of income? And for years, I have been watching my colleagues just creating amazing side gigs like TPT, which is the teachers pay teachers, PDF downloads, which are amazing for activities or becoming paid presenters. And I just was on the sidelines because I was creating actual technology products and learning management systems and things like that. And I finally create income and also help people other than having an actual product.

And so what I am finally doing, James, is I'm putting myself out there on social media and blasting out reels that really reflect my messaging and finding my audience, which is disability advocates and inclusive entrepreneurs. And I feel like this is like an exciting time for me. It's showing my vulnerability and it's hitting my self-confidence because I'm looking for, are people actually watching it? Are they liking it? Are they commenting? But I am just so excited because I wake up every day and I know who I am and I know what my message is. 

James Berges 05:54 
That's a beautiful feeling, to know what you want to do and how to help people and make money at the same time. It's like that ikigai overlap, I don't know if you've seen that, where it's like your passions, what helps people and makes the world better and how to get paid for it.

Beautiful. Well, I've been putting myself out there on social media as well, but not for any monetary. I don't see any outcome from it except for just it's fun, but I love this idea that everyone can be their own niche and their own brand and the world wants more authenticity.

I've just been putting out little comedic videos here and there. I'm not even going to tell people where to find me on that, but they really want to find it. 

Mai Ling Chan 06:35 
Stop, you let them know, they are so good. I actually found myself giggling and I shared it with my husband the other day. They're fantastic. 

James Berges 06:42 
Thank you. Thank you.

Well, I think on these themes of vulnerability and having tough conversations, that's really what this interview is about. So let's dive into this conversation with Michael Ringel about breaking money taboos, confronting scarcity mindsets, and building financial security that serves your values and your personality and your long-term needs. 

Mai Ling Chan 07:08 
All right, so this is a really interesting interview for me today, or conversation today, because it's something that I have personally been putting off for a number of years, and that is working with a financial advisor. And that's just my own family culture, how we think about money, and we are Asian, and so we're very protective. We don't wanna put our stuff in a place that we can't get it back out. I don't know if that's a cultural thing, but I've always felt like my family worked that way.

We just never invested in the stock market and things, because we didn't understand it. So we're more of a real estate family, or something you can touch and feel type of investing. And more recently, I turned 50 a couple years ago, won't say how many, but when you start to get to that age, you're looking at other ways to make income, and we definitely have our safe houses where we have it, but we've always said, shouldn't we be doing something in the market, and passive income? And I've seen other couples who have grown up right next to me, and they've been doing only that, and doing a great job. So just to let you know, as a listener, that my husband and I have been on a personal journey, and we've found an amazing financial advisor group, and this is through our guest today, Michael Ringel. And it's now to the point where I am so excited to share him with you, and his information with you, not because it's gonna benefit me in any way, but because I really believe in the methodologies, and the passion, and the purpose, where he comes from, and also because he has been working with us, with our families, with our communities, and he really understands the struggles that we go through. And so without further ado, I'd like to welcome Michael Ringel. 

Michael Ringel 08:47 
Thank you for having me. I appreciate that. That's a very wonderful, warm introduction. 

Mai Ling Chan 08:52 
Thank you. And it's been years to find you. So I'm very excited.

I just want to thank you and your whole team. And again, for a listener to let you know that this has been like six months of kind of working together, getting to know each other, and really investing time and trust. And again, this is why I have him here because I thought, you know what, I don't want to keep him to myself, you know, I want him to share. And whether it's him or somebody else for you as a listener, I really hope that you find your perfect match, you know, or somebody that you feel comfortable with, because I do see that these are things that we need to be doing, you know, other avenues and vehicles. So let's get to the thick of things. Michael, give us a little bit of background about you and why I have you on my Exceptional Leaders podcast. 

Michael Ringel 09:37 
Well, so my background is I'm a CPA. I've been an entrepreneur my whole life. I started off mowing lawns as a kid, having paper route, babysitting, anything that I could do to build a business. And, you know, I mean, go back into the 1980s, I installed telephones in people's homes when AT&T broke up in 1985, I saw an opportunity. Went to school, became a CPA, loved business. And then realized that in the world of accounting, I was just recording history. I really wasn't making a difference in people's lives. So I went back to school, got my MBA, and decided that whatever I needed to do next, I really needed to make a difference in people's lives, provide value for them.

And so I worked with a lot of entrepreneurs, building support groups, and in 2004, started on the journey of helping families protect, grow, and enjoy their wealth. And what I discovered was our mission, our vision, is to empower families to experience purpose, freedom, and abundance in their lives.

Hmm, that's nice. So it's more than just the money, the numbers, it's the meaning behind the why. Why do we go to work? Well, we go to work to earn money, and that money fuels our lifestyle. And I just discovered that I like to work with people who have purpose around their money, and then develop a program to coach and train them to pursue their purpose.

And we discovered that if you align how you invest, if you align everything that you do in life and decisions based upon purpose, you live a lifestyle of abundance as opposed to scarcity. And to me, that was really, really important, not just where to invest, how to invest, what products to purchase, but it's really, what is your purpose around money? What does it mean for you? What does it mean for your family? And we'll talk a little bit if you like about how you align that with your investing philosophy. 

Mai Ling Chan 11:44 
Yes, yes. So just purpose around money. I mean, a lot of people, you know, work to live, right? Isn't that what it is?

Like you make the money and then whatever you get in, that's what you have to work with. So what is this idea of what is your purpose around money? 

Michael Ringel 11:57 
Yeah, and it's interesting. It doesn't make a difference how much money you make. I mean, I work with people who live paycheck to paycheck, and they had a lot of, well, they make a lot of money, and people who don't make a lot of money. And there's a relationship between our behavior and how much we earn and how much we spend.

I mean, if we earn more money, most people are going to spend more money. And so part of the planning process is really building structure on how cash flow works in your personal economy, and understanding that when it comes to purpose, I mean, I'll give you an example of myself. I didn't know, right, or at least my wife told me that going to visit my parents in Florida, wasn't a vacation. I thought it was a, you know, they had a pool, they had a beach, you spend a week there, you go to dinner, and I didn't spend a lot of money because I lived in a world of fear, doubt, worry around money. And then I took a couple courses and started learning about my true purpose for money. And it evolves all the time. And my true purpose for money is creating experiences for my family. 

Mai Ling Chan 13:05 
Hmm 

Michael Ringel 13:06 
So I changed my thinking. So my wife said, you know, when you go to Florida to visit your parents, that's not a vacation, it's a visit. We need to spend money on a vacation. And every time I spent money on vacation, I was stressed out.

I had a lot of anxiety around money. The money demons that I grew up with kept coming back. The no talk rule about money kept coming back. You know, you don't talk about money with other people. You don't talk, you don't ask questions about money. The conversation around money is taboo. And therefore, every time we went away, I wouldn't spend money on the great experiences I should have. And once I learned and discovered myself that, you know, creating experiences for me and my families, what money is all about, when I make a financial decision, if that financial decision aligns with my true purpose for money, I don't live in the world of fear, doubt and worry anymore. I live in the world of abundance. 

Mai Ling Chan 14:03 
You know, let me tell you, in all of my exposure and communication with people who are in this disability advocacy and entrepreneurship area, I find there's a lot of guilt about money. So if I make a lot of money, I feel guilty because of the space that I'm in.

Sure. Can you talk a little bit about that? 

Michael Ringel 14:21 
Yeah. And I think, again, that's one of those money demons, right? But you have to think about where did it come from? Is it cultural, like you mentioned before, on your introduction? Is it something that we learned from somebody else? Did our parents instill this in us? Did we not talk about money when we grew up? I mean, there's so many fascinating things about money, especially when you earn money. Like, if you come from a family that didn't make a lot of money, and then all of a sudden you make a lot of money, is there jealousy, right? What makes you better than the other people who you grew up with? Now it attacks your self worth.

Well, I should make so much money because I might not be worth it. So yeah, there's a lot of guilt around money that we try to help coach people get over and deal with so that they could earn money and a lot of money and then spend it based upon their true purpose. 

Mai Ling Chan 15:22 
Yes, and this is the altruistic audience, and so we want to make more money so we can give more money. So then there's the other idea of scarcity, where it's like, I only make this much, and this is what I have to work with, and you're not trying to attract more money into your life.

Can you talk a little bit about that? 

Michael Ringel 15:40 
Yes, scarcity is a big problem. It goes back to self-worth again. And I've had it during my lifetime. My dad was a college professor. My mom was a school nurse. We grew up basic middle class in Long Island. When I look back at my life, I say, we really didn't want for much. But I know that there are certain things my parents couldn't afford that they wanted, but their friends had.

But we grew up, our life was great. But then as you get older, you go, oh, well, here's how much money my dad made. And I want to go out and make more than that. And here's what my mom made. I want to go make more of that. And then yes, you could start feeling a little guilty about it. But as you just mentioned, it's what you do with the money that's important, right? Maybe you give back to charity, right? Maybe you support the organizations that are really, really important to you. Maybe you leave a legacy, and that legacy could be to those organizations that supported you or loved ones throughout your lifetime. So if we view money differently than from a scarcity mindset, and we view it from an abundance mindset, what happens is we start attracting other people, other strategies, other things around us to help us make even more. I don't know about you, but I love listening to stories about people who came to this country with nothing. 

Mai Ling Chan 17:09 
Oh, that's my parents. Yes. 

Michael Ringel 17:11 
but ambition. 

Mai Ling Chan 17:12 
Yeah, exactly. And hard work ethic, because it doesn't just fall in your lap. 

Michael Ringel 17:16 
and they become an overnight success and it took 20 to 30 years. Thank you. 

Mai Ling Chan 17:20 
Thank you, because I was kind of like, well, it took a little longer, but yes, yes, commitment, resilience, so many things. So this makes me think about these books like Think and Grow Rich.

And if you're listening and you haven't read that one, I highly recommend reading that one. Are there other ones, Michael, that you would recommend? 

Michael Ringel 17:36 
There are, but I think you hit the nail on the head. That is the classic book about business, self-worth, self-image. In fact, it's ironic you bring that book up. I read it again almost every year and I'm 58 years old.

I've got copies that have highlights and notes in it. On Sunday night, I gave a really nice bound copy to my nephew who's 23 years old. Beautiful, yes. And I said, this is the best business book or one of the best books you'll ever read. You got to go read it. And some of the things they talk about it that stuck out to me, kind of thinking about it, in the 90s, I taught college at a community college in Manhattan when I was getting my masters. And I was the only college professor that had essays on a math test. 

Mai Ling Chan 18:25 
Yeah, that's interesting. 

Michael Ringel 18:27 
because I get, yeah, it is because I gave everybody a copy of Think and Grow Rich by Napoleon Hill. And one of the first things he talks about is what you conceive and believe. Oh, bogged down forgetting it. It's all about the mindset. And we really focused on that. And I go back to it all the time because it's really, really important.

And one of the things he talks about in the book is a concept called Three Feet From the Gold. 

Mai Ling Chan 18:54 
Mm-hmm 

Michael Ringel 18:55 
Where there was a gold prospector who sold everything on the East Coast moved out to Colorado. I think it was Spent a tremendous amount of time, you know digging a panting for gold and after a certain amount of time just left everything there maybe he sold off some of the equipment and he just couldn't take it anymore and Then somebody bought his property.

They dug three more feet and found an ore of gold Wow So every time that you know You hit an obstacle or you get you hit a roadblock where you think you can't do it or your self-worth isn't where you know It should be you need to think you know, you're three feet from you of the gold You're almost there if you just keep going and most people successful people that I've met Have overcome a lot of obstacles. In fact, there's another book called the obstacle is the way and it talks about Successful people Have to go they have to they go through obstacles Yeah and you can either let those obstacles stop you or you can Break through them and have a breakthrough and then you get another obstacle at the the ceiling of complexity I think that's Parkinson's law, right? You get to a certain point and you just you got to keep going

Mai Ling Chan 20:13 
Mm-hmm. So for our listener, I want you to know that I usually do not give my guest a list of the questions because I really love it to be organic, you know, and natural.

And so we did not plan this, uh, that's by Napoleon, right? What's his Napoleon Hale? Exactly. So we didn't plan, uh, to talk about thinking grow rich, but I feel like I should get a gold star for this because I hit something, you know, really, really important. And I wanted you guys to know that I read it for the first time when I was 12. My dad gave me the book. 

Michael Ringel 20:41 
Wow. 

Mai Ling Chan 20:42 
Yeah. Yeah. For a 12-year-old, I was like, what? It's not just, but I can create my future.

I would say that I am a perfect example of somebody who it looks like on the outside. You go from zero to 100, but I have so much meandering in my professional career and in the projects that I do, but it has all brought me to where I am today, and I wouldn't have it any other way. 

Michael Ringel 21:06 
Absolutely. I couldn't agree more.

People can just go on to Amazon and buy the book, or listen to the book, and there are workbooks to go through if you want. I gave it to my daughters last year. They probably didn't read it yet. It's probably on a shelf somewhere. But it's there, right? So one day, they might get curious when they hear me talk about it and pull the book out and start reading it. 

Mai Ling Chan 21:28 
Yes. Well, okay. The other one I'm going to say that I gave this one to my son also was Man's Search for Meaning by Victor Frankel. Absolutely. Victor Frankel. Yeah. So write that one down, get it. And it's heavy. I'm going to tell you right now, it is heavy, but man, I really think that it will help to change your lens on your every day. It's just incredible.

It's an amazing book. If you're like me, you can't get enough of books, podcasts, blogs, and other ways to find out how to create, grow, and scale. That's why I brought together 43 disability focused leaders to give you more of what you're looking for. You will hear their stories in three best-selling books, which focus on general offerings, augmentative and alternative communication, and speech language pathology. I invite you to search for becoming an exceptional leader on Amazon so you can learn intimate startup pearls of wisdom and keep growing your brilliant idea. Now let's get back to our amazing interview. Okay. I do have another question here for you. Sure. Is so financial advising, right? You know, this is such a, I don't know, it feels like so many people are doing it, Michael, and this is why I did not find you until now. Honestly, you're my diamond in the rough because I didn't trust people, you know? And I thought you're just going to throw me into some type of pool and I'm just going to be part of the market and you just, you got to like set it and forget it, you know, all of that stuff. And I'm too much of a control freak. Seriously, I'm an A type personality and you know, you've been working with me, not my spreadsheets, I got my agenda. So how did you get involved in this niche of disability families and support with financial advising? Because it feels like very, very, very specific. 

Michael Ringel 23:06 
It is very specific. About 20 years ago, when I first started, I was a generalist. I worked with anybody in any family that wanted to work with me. And you're right, there are a lot of people who claim to be a financial advisor, a financial coach. You can use any title you want, and you just need to really vet them out and understand what their philosophy is around money, understand their process, and really take a look at, do you do diligence that you want to work with an advisor who comes up with a plan first to get you where you want to go?

One of my partners and I had a conversation a couple of weeks ago, and he said, what business do you think we're in? We had a whole philosophical conversation. And he said, we're in the outcome business. I said, what do you mean by that? He goes, well, we work with clients to understand who they are and what their family is and what they're looking to achieve. We come up with a plan to help them achieve that. And then we go to the market and we find the best financial products to help implement to get the outcome that they desire, as opposed to a lot of financial professionals that just trying to sell products to people. 

Mai Ling Chan 24:20 
Right. Yeah, they just make money when they buy. 

Michael Ringel 24:22 
Right. And don't get me wrong. I mean, we earn money in a lot of different ways. One of it's through planning the process. And one is through the sale of products and the assets under management. I mean, that's how we earn a living doing what we do, and people pay for our expertise.

And understanding that you also want to work with what I discovered the last few years, the advisor that you choose, make sure that the products that they're recommending for you, that they also own personally, and are invested in the same companies. 

Mai Ling Chan 24:54 
Ooh, that's so personal too. Like, you know, do you actually ask your advisor that? Like, do you own this stock? 

Michael Ringel 24:59 
Well, I tell everybody I do. So when I make a recommendation and I say, this is the product that's gonna fulfill upon the strategy that you're looking to get the outcome. Oh, by the way, I own that product and I own multiple products just like that. And if you ask me, I will show it to you for a lot of reasons. Number one, it's integrity. How can I coach and advise somebody to buy something when I don't own it or I don't invest in it? So if you're working with an advisor, you're looking or searching for one and they make a recommendation, ask them if they own that product. And if they do, great.

If they don't, ask them why. You know, there are certain products on the market that I won't sell because I don't believe that they are the best products in the market to help people get the outcome that they're looking to achieve. Other people feel the complete opposite. And so now you have to take a look at what we believe using the math and science around products and investing and make people prove it. Don't just take your advisor's word for it. Ask for the proof, find out about it. So we have families who have children who have disabilities. Most of them are on the autism spectrum somewhere. Either they're low functioning and they're going to need lifetime care or they're high functioning and they'll need minimal care. And I started to understand how these relatives were preparing for and planning for two lifetimes. They were planning for their lifetime and their child, the children's lifetime. 

Mai Ling Chan 26:35 
Yes. 

Michael Ringel 26:36 
And I just saw it as a phenomenal opportunity to provide value to families who know that this work is really important. They just don't make it urgent. Thanks for watching. I'll see you next time. 

Mai Ling Chan 26:47 
Well because they're struggling in the day to day. 

Michael Ringel 26:50 
Absolutely. Absolutely. They're so overwhelmed with diagnosis, meaning doctors, transportation, school, education, after school, other children that they have, they may have neurotypical children as well, balancing life, working. They know that this is really important. They just don't make it urgent.

So then I discovered or learned for myself that if I work with families like this, it's my responsibility to help guide them through a planning process and to help them get things done that they need to get done to get the outcome or the desire that they're looking for. And it is for most people, it's planning for two lifetimes, not having to worry that when the parents are not here anymore, that their child or children maintain the lifestyle that they would be living if the parents were still here. And my partner and I, we speak nationally on this topic. We hold webinars on a monthly basis. And I discovered that it brings me more personal satisfaction in helping families and guiding families with children with disabilities as opposed to other groups of people or in our industry, they say niches or target markets. That's personal. 

Mai Ling Chan 28:08 
Yeah. So let's talk about this. You have a family income pie, like this is all you have. And for many families, we don't expect that we're going to have a disability ourselves. Our spouse is going to have a disability. God forbid, our child's going to have a disability. So we haven't allocated any part of that pie to a special fund or a special area.

And so we're struggling with all of the daily living stuff, the overhead, and then you have additional medical bills that may or may not be covered. So how granular do you get? And especially when the pie is really small, like how can you help someone who is just already struggling? 

Michael Ringel 28:44 
That's a great question. I mean, you actually have a lot of questions in that one question. 

Mai Ling Chan 28:47 
Yeah. 

Michael Ringel 28:49 
So, you know, first and foremost is I believe that people need to protect for themselves the most valuable financial resource they have. That's their ability to produce income for them and their families. Because if income stops coming in, that could be a devastating consequence for the entire family. So that includes protecting that income.

Case in point, we have a family member who was a Wall Street professional, 16 years ago got very sick, didn't see it coming, no family history, and 16 years later, doesn't work at all. And thank goodness that he was prudent enough to protect his income. And his family didn't have to sell the big house, and they didn't have to worry about college for the kids. And they didn't have to think about money until later on in life because it didn't end. But for families that have children with disabilities, we want to talk about how to protect the assets they have and the income that they have, especially for their child, so their child receives government benefits. 

Mai Ling Chan 29:50 
So I'm thinking, I'm going to put a word to it, it's disability insurance. And people see that as a luxury, a nice to have.

So how do you help people to change that mindset from that to this is something you have to budget for? 

Michael Ringel 30:05 
Well, first of all, if you work for a corporation or a large company, even a small company, they might offer group disability income coverage there. So that's the first place I would start. And if they do, it's pennies on the dollar. If they do provide it for you, you wanna make sure you pay for it with after-tax money because if you need the benefit, then the benefit's gonna be tax-free to you.

If you pay with pre-tax money, the benefit's gonna be taxable when you get it. So I would first go to my employer and see if they offer it. And then I would look at the marketplace and see what's possible when it comes to purchasing disability income protection. One in four people in their lifetime is going to get sick or not gonna be able to work for a while. And you just have to look at the numbers and some people decide not to do it or invest in it and take a chance. Because as you mentioned, it is an expense, right? It's insurance, it doesn't create value. It doesn't create equity for you like other insurance types do. It's a sheer expense. And if you're on a limited budget, it may not make sense because you have other things to spend money on. But it's something definitely to explore. 

Mai Ling Chan 31:20 
Yeah. And I also want to talk to our listeners who are self-employed, you know, we are independent consultants or we are owning our own business and we overlook this sometimes.

And I really strongly advise that you at least look into it and see if this is one of those tools that you want to add to your investment profile. 

Michael Ringel 31:39 
Yeah, absolutely. Especially like you said, if you're if you're sole proprietor, you own your own business, right, and you're the sole provider of income for your family, it often gets overlooked that you should be protecting it.

Yeah, most people focus on life insurance first. But I mean, life insurance is permanent. Disability may or may not be. 

Mai Ling Chan 32:00 
Ooh, that's interesting. Oh, that's a good one, Michael.

All right. What is, what's the most important thing that you think that parents, spouses, caregivers need to know in terms of, you know, this area financial planning? 

Michael Ringel 32:14 
Take action. There's so much information out there that you can become paralyzed with what to do first, right? People talk about special needs trust, first-party trust, third-party trust, ABLE accounts. They talk about housing and all these things you need to think about that they know the work is important, they just don't make it urgent, and they might not do anything because they're confused and don't know where to start.

The first thing I would do is I would get financially organized. You see, most people's financial world, it's like a junk drawer in the kitchen. 

Mai Ling Chan 32:51 
Yes, yes. 

Michael Ringel 32:52 
Throughout your life, we just acquire products. Either they were given to us, or they were sold to us, or we just purchased them because our friend had it, or somebody told us to do it, and just get an inventory of where you are.

What are your assets? What do you own? What are your liabilities? What do you owe? What's your cash flow? Not a budget, right? Most people can't stick to a budget. Just like most people can't stick to a diet, right? In the beginning of the year, we say we're gonna do it, and by February 1st, we're out. 

Mai Ling Chan 33:26 
Mm-hmm. 

Michael Ringel 33:26 
So, let's focus on the macro. How much money is coming into your financial world? How much is leaving? And what is the free cash flow that you could save and do something prudent with it? 

Mai Ling Chan 33:37 
Oh, so I just went through this, not just, but in the last couple of months working with Michael and his team and I'm going to use this word that I hate to use because of taxes, but I did an audit and I found that I have a 401k that's been following me around since I was like 23, 24 years old, my first job out of college. And there's like a measly, I don't know, $2,500 in there, but it's something, right? And I was like, wow, I saved that much money when I was 22 or 23. That's wild.

But I have this thing and every time I move, they send me like a new address, change, change of address. And it's crazy that I still have this little 401 there, but this is what was so important was for me to go through this process for myself and for my husband, figure out what we have, what we don't have, what can we consolidate, what can we shift into other things. And then the hardest part was, oh, how much are we making? How much is going out? Subscriptions. I think we're spending so much money on Hulu and Netflix and Disney and oh my God, it's like a car payment, but it was ugly. I'm saying this word. It was ugly for us to really come to terms with how much is coming in and how much we're And there's that question, where's all the money going? And we could be so much better, right? And I think that's just one of those things that you got to do once in a while. But part of this process was amazing. 

Michael Ringel 35:04 
Yeah, thank you. I started my career as an auditor with some of the big firms. And again, you're looking at history and you might not like what you see. So first thing you do is you don't get down on yourself that I can't believe I got to this point.

Right. You are where you are. It just is. The question is, what are you going to do moving forward? 

Mai Ling Chan 35:25 
Thank you for that, Grace, Michael, because honestly, that's like, we don't want to look at it, you know, and for someone to say that it's like, and that, that helped us too. I just, you know, we're not, we weren't super disorganized, but honestly, it was working with your team.

I really felt, um, seen, and that's such a weird way to say it, you know, like, I asked you at one point, I'm like, how are we doing compared to other people our age? And you were like, don't do that. You know, like, don't do that. You're doing great compared to where you are at, you know, and we've had, you know, life issues and challenges and all of that. And I just want you to know that that I haven't had the chance to wrap up with you. So we're doing it publicly, but, um, it was, and it was a wonderful process for my husband and I to go through. And we have very open conversations about money, but still working with your team uncovered these little pearls of wisdom and topics that we had not, you know, really felt comfortable to talk about. 

Michael Ringel 36:13 
Yeah, no, I really appreciate that. It means a lot to us.

That's that's why we do what we do and and it does take a team Right. So again when I first started out it was just me and then I worked with and developed a team of people And we all have different expertise and we all see things differently You know I might be a little bit more analytical than some of the other guys and they might see things a little bit differently and You know what you don't know is we have conversation offline before we meet To review everything that you have and our clients have and what are we going to talk about? You know dale and I bounce ideas back and forth Sometimes even on the weekends before you know, we have these conversations which we love And one of the things that I want to bring up which you kind of brought up as well is there's no judgment Right and and people shouldn't judge themselves on How good or bad?

They are they're just putting a label on it. All right, there are facts So when you do your financial inventory, they're just facts You have what you have It just is And you should look at it with no judgment And we're not the type of advisors who are going to look at your spending and say to a client You know if you didn't spend ten dollars a day in starbucks, you would save a billion dollars twenty years from now Because I recognize that you and everybody that we work with works so hard for our money That we deserve to spend what we want to spend As long as it doesn't take away from the overall picture

Mai Ling Chan 37:50 
Well, that's where you guys really helped us with the graphics and everything. It's like, okay, if you want to get here, these are the goals that we need to hit. You know, and it was like, Ooh, how are we going to hit that? And it's like, well, that's on you. You know, like you see the numbers. So, okay, this has been fantastic.

Um, I hope again, for listener that I've given you just a little, uh, picture at very hopefully personal to picture at, you know, what my experience has been to go through this and that it's opened you up to be more curious. And, um, hopefully you'll start looking into different advisors. I highly recommend Michael. There's no question about that. You can get all of this contact information, um, through the site. But I also, we haven't, we haven't explored all of this. I also know that he is an expert in all of the other vehicles that he talked about, like Abel and these other accounts that you can shelter and protect. And you can also get family to help support. I mean, it's just amazing vehicles. And so these, uh, programs are out there for you to use. You just have to find the right people like Michael or somebody else that you trust and that, you know, you are willing to be open with to help your family to get there. Does that make sense? Michael, am I saying it right? 

Michael Ringel 39:01 
That's perfect. Thank you so much. Excellent. 

Mai Ling Chan 39:03 
Okay, how can we stay in touch with you and what you're up to? 

Michael Ringel 39:06 
Yeah, so I'm sure you're gonna give out my contact information. Anybody wants to send me an email, give me a call. I'll send you even a calendar link. We offer free consultations. So if somebody wanted to have a conversation about them, their family, what their financial concerns are, again, with no judgment, they can always reach out to me.

They can reach out to anyone on my team. And we'd be more than happy to learn about them, share some ideas. Even if they choose not to go forward with us, hopefully they'll walk away with some really great ideas for them to be able to implement in their lives. 

Mai Ling Chan 39:45 
Great, can you share your website information? 

Michael Ringel 39:47 
Sure. My personal website is mikeringle.com. It's M-I-K-E-R-I-N-G-E-L dot com.

You could also search my name in LinkedIn. I have a beautiful profile there. I'd be more than happy to give you my email. It's M-R-I-N-G-E-L at wealthdesigngroup.net. And my phone number in New York City, and I've been working with my team. And as I mentioned, we offer free consultations just to help families take the first step. Whether you call me or you call somebody else, we know it's overwhelming. The whole financial planning, like you said, it took you almost 50 years to get to find somebody that you like, you trust, and learn what you don't know, you don't know. 

Mai Ling Chan 40:41 
So true. So true. And I definitely use that part. I know you guys shared that information with me through the program. And I was like, yes, that is so true.

There's so much that you don't know. I also want to add for our listener that I had Michael on our Exceptional Leaders Network Power Chat a few months ago talking about retirement planning. And again, we don't want to think about that. Like, I don't know, it's just somehow it's going to happen. And he did a great job, just giving really a high level, but getting us thinking, you know, what can we be doing within these side gigs and these startup companies that we're building and the nonprofits, you know, how can we carve out and start to shelter money for ourselves so that we can actually retire someday.

So we'd love to have you join us there, the Exceptional Leaders Network and learn more about all the things for growing your small business and go from passion to profit. Thank you so much, Mike, for being a part of this with us. We're just so happy to have you. And I love the work that you're doing. And I'm very happy to share. 

Michael Ringel 41:37 
Thanks, man. Appreciate you inviting me to speak today. 

Mai Ling Chan 41:40 
We hope you enjoyed this episode and invite you to leave us a review on Apple Podcasts and Spotify, and share the show with people you think will find value from it. This helps the show a lot.

Or have a great guest referral, reach out to us at xleaders at gmail.com. 

James Berges 41:56 
And if you want exclusive tips on becoming an exceptional leader, deliver straight to your inbox. Just go to ExceptionalLeaders.com and sign up for our mailing list. Thanks for listening.