A Wealth-Building Secret: Life Insurance with Brittany Russo
Have you ever wished for guidance and effectively growing your business and managing your finances? Or wonder what it takes to succeed as a female entrepreneur in finance? Then this is the podcast for you. Welcome to Women of Law, where generational wisdom meets ambition. I'm Allie Ramo, your millennial host.
Hawley Woods Gray:And I'm Hawley Woods Gray, your gen x host.
Allie Ramo:Using our combined backgrounds in insurance and financial services, we will share what we've learned to give you the tools you need to grow your business.
Hawley Woods Gray:Join us, and together, we will help you discover practical strategies for financial leverage, business growth, and securing your future.
Hawley Woods Grey:Hey, wealth lawyers. Are you ready to redefine wealth and master your money mindset? Welcome to Women of Wealth. I'm your gen x host, Hawley Woods Grey.
Allie Ramo:And I'm your millennial host, Ali Ramos.
Hawley Woods Grey:Today, we'll be talking to the amazing Britney Russo about leveraging life insurance in your business plan and personal financial plan. I have known Britney for a number of years, and she is absolutely the best.
Allie Ramo:I I met Britney a few years ago at one of our conventions, and every day every time I have heard Britney talk, she was incredibly, helpful. So I can't wait to get to know you more and pick your brain some more. So to start us off, Britney, can you introduce yourself and some insights on your journey in financial services?
Brittany Russo:Absolutely. I'm excited to be here having known both of you for as long as I have. It's just a phenomenal opportunity to reunite, and and really change some thought processes that are out there and get people excited about the things we're excited about. In terms of my journey, though, interestingly enough, nobody wakes up and says, I can't wait to sell life insurance or annuity products. Right?
Brittany Russo:That's not something that in kindergarten, when they say, what do you wanna be when you grow up? You don't draw a picture of that. So my my journey actually just started out of college and, you know, responding to whatever, job advertisements were actually out there. Because I grew up in rural Vermont, there's not ton of job opportunity or certainly wasn't back then. So I was recruited by, New York Life.
Brittany Russo:Actually, I got my my first, opportunity in the industry through selling for New York Life, but I was 22. Right? Nobody really wants to buy life insurance or take financial advice from somebody in their twenties who's just learning how their light bill works. So from there, having an immense amount of training, I was able to actually get a job where I am today, and I was able to grow from being just a consultant inside the company and then grow myself out to be an external wholesaler where I get to work hands on with agents across the country. And it it really gives me a ton of octane in terms of, like, my day to day job because I'm not just helping people in the industry find their financial freedom.
Brittany Russo:I'm helping America find financial freedom. I'm helping America find protection. So I really get juiced up in kinda 2 different avenues of what this industry can do. But I kinda stumbled into it, and my mom always joked that because I have the gift of gab, I was either going to be, like, a lawyer, a politician, or, like, the head of some gang. And here I am, you know, at at an insurance carrier just using that, opportunity to speak to help change those lives.
Hawley Woods Grey:Well, she definitely got that right. You are you do have a gift of God. Just like most of the women that we have on our show, they are passionate about what they do. And so, well, let's just jump right into it. Can you describe a little bit about what life insurance is?
Hawley Woods Grey:I know it's a very basic question. You think most people know that. However, they don't. And we also wanna talk about why it's important to women for them to make sure that they they know what it is and that they plan for life insurance.
Brittany Russo:So one of my favorite things that I think I've learned is that life insurance is actually about 200, maybe even a little over 200 years old. Right? We often think that it's this wild phenomenon that just happened in the last couple of decades, and and only these MLM agents are out there to get your money and steal it and sell life insurance. It's not true. It was actually started way back in the day.
Brittany Russo:Presbyterian churches used to just really go around and collect, funds, and they would use those funds at the time of passing to help a family continue their lifestyle. That's it. That is the history of life insurance, and at its core, that's exactly what it still is today. It's an opportunity for a family to advocate for themselves, not leaning into a church, not leaning into GoFundMe, but really for themselves to have that protection and that peace of mind that something that could happen to them can can really affect in a ripple fashion so many more people. Why not get that protection today and make sure that none of that takes place?
Brittany Russo:So that's the that's the antithesis of it. Right? But as we've grown in our technology, our advancements in society and medical, life insurance has taken on a whole different meaning. So life insurance is a chassis, a financial chassis, where when you put money in, you have the opportunity of really putting money in to get that true protection or putting money in and earning compound interest that can take you even further in your financial journey. So it's kind of got a diff, a couple of different avenues, but the, again, the everyday, thought process is it's a protection opportunity.
Allie Ramo:So you're you were going into, like, how to make interest with life insurance. Can you go into that a little bit more? And, because you're talking about term life insurance and permanent life insurance, what are what is what are some key aspects to look at when you're deciding between
Brittany Russo:the the 2? Yeah. So I love that question. I often when I reflect on term versus permanent, I look at it very similar to, growing your your personal finances. So what I mean by that is when I left my parents' house and graduated college and I was going into the real world, I didn't have money yet for a house.
Brittany Russo:I didn't have a down payment. I didn't have a mortgage payment ready. I couldn't even conceptualize how much money I needed in my savings account. Right? But I knew I needed shelter.
Brittany Russo:I needed something over my head, so I got an apartment that I could afford. And then as time went on for me, I went, okay, Britney. You're taking that, you know, call it $1500 a month, depending on where you live in America, and you're giving it to your landlord to put the roof over your head. And it's doing nothing for you financially, but you're working your tail off for that 1500. What if you could put that 1500 into something you own?
Brittany Russo:And that ownership gives you some value and some equity that you can use in your life in other ways. Right? So instead of giving it to somebody else, give it to yourself. So that, to me, is term versus permanent, and and here's what I mean. The term policy is your apartment.
Brittany Russo:It's your basic protection, your basic shelter at a cost you can afford and financial literacy that you can understand, which is to say, I understand my budget. I understand how far it's gonna take me over the next year or 2. But then when you really get some wherewithal and you start to think, how can I make it work for me? That's when you pivot into that permanent insurance policy because that permanent insurance, just like building equity in your house, is allowing you to take your premium payment, give it to a carrier. The carrier is going to invest it for you and still protect you with that investment, and then you're gonna be able to grow that cash value, which is in the same essence your equity.
Brittany Russo:So, you know, it's really just leveraging what some of the wealthiest people in America have already known, but you're really able to grow it through your own journey and certainly your own financial literacy.
Hawley Woods Grey:I think it's such a great point because, you know, I've met people that are very young that have, you know, lost people. I mean, my dad died when I was 21 years old. He was 48, and they certainly did not have life insurance. However, they could have, and I have a whole and I've talked about this before on the show, I have a whole, you know, theory about how they could have really protected themselves and set themselves up to win even if, you know, they were young and they couldn't really afford, you know, some big payment or something like that. But why do you think that, like, why do you think it's so important for women to really understand this and put this as part of their comprehensive plan?
Brittany Russo:So insurance, just as I mentioned, has evolved over time. And one of the forms of evolution has become using it for more than just protecting your loved ones at the time of death. Now we have these incredible writers that actually help your family if you get sick or injured. And that concept for women, I think, is more important than anything else because, you know, for example, my grandmother had 5 boys. Right?
Brittany Russo:So she was a single parent of 5 boys. And if something happened to her, and she needed some money to help with her sickness or her injury, you know, often, the boys aren't the most nurturing. Right? They're not gonna take out of their job to come sit by the bed and take care of mom. No.
Brittany Russo:No. No. They're off, you know, hanging out with the girls, having a beer, playing soccer. Hey, mom. I'll check-in on you later.
Brittany Russo:Right? Like, that's just kind of I I hate to say it, but that's just kind of traditionally how it's looked at. So women having these policies, I think, allows us that opportunity to have that flexibility and that comfort and that peace of mind that if we get sick or injured, we have a little bit extra in our pocket to really help our family continue through our sickness or help me be sick comfortably. Because, really, studies do show and this is just I think when you hear it, it makes so much sense. But studies show you can heal faster when you're not stressed and when you're comfortable and when you're able to take that time.
Brittany Russo:And as women, what do they say? We always have, like, 7 browser tabs open at the same time. Right? We've got the Amazon, the Target, the bank account, the the social media. So if I'm sick, I don't want my tabs open.
Brittany Russo:I wanna take that time and rest and recuperate and binge watch some Bravo TV show and just enjoy myself and not worry about putting my husband or my children or my parents in any deficit to help me do that. And I so I think that's one element, Holly. I think another element that women should consider is building financial freedom. Right? You know, it it truly hasn't been that long since we were able to have our own credit cards or sign off on our house by ourselves, start our own 401 k.
Brittany Russo:Like, it just it hasn't been that long. And so having something like a life insurance policy that you can use to protect your loved ones if something happens to you or have that that security if you get sick but, hey. What if I wanted to start a business tomorrow? Right? Like, what if I just wanted to get out there and and hawk my really exciting new crochet that I just learned how to do?
Brittany Russo:But my husband isn't really excited to to give me the capital for that, or my family unit doesn't have the capital to give because we're paying for school and taxes and so on. So now I can leverage that life insurance, that cash value, loan myself money from my own, policy, and create my own capital and create my own future. Mary Kay. I think Mary Kay was one of the companies that did that. McDonald's has done it.
Brittany Russo:Walt Disney has done it. Purdue Chicken Farms has done it. There's so many people who thought, man, if I could just find a little extra capital somewhere, oh, shoot. My cash value life insurance. That has a $1,000, and that 1,000 can make me a 100,000.
Brittany Russo:So I think that that's another place, is women being able to be self sufficient there.
Allie Ramo:Great. So, and you talked about, you know, starting a business with your cash value. What are some other things that people typically use that cash value for?
Brittany Russo:Woah. Great question. You can get so creative with your cash value, and here's why. No one can stop you. As long as you have the money in your account and that account will last your lifetime, then you're you're good to go.
Brittany Russo:You can use it however you want. So do I want to start a business? Do I wanna go back to school for my master's degree? Do I want to put my husband through a certification program? Pay pay for some remodeling in my home because my kitchen doesn't look as good as I wish it did.
Brittany Russo:Right? Take a vacation to France. All of this stuff, nobody can say no to me as long as there's money in the policy. That's that's the kicker that I think a lot of people misunderstand or gets misrepresented is it's looked at as its own savings account or its own bank account. It's not.
Brittany Russo:It's truly a life insurance policy that has to last as long as you are alive. That product has to stay in force up until the day you pass away. So as long as that money is there and plentiful, I can access it as much or as little as I want, and I can use it however I want. And that's the beautiful part of these insurance policies.
Hawley Woods Grey:So when you're talking about taking money out of your cash value life insurance, whether that's, permanent, whole life, or there's an there's many kinds of, universal life that that could fall in as well. However, can you talk a little bit about the tax imp implementation I can't even speak today. The taxes that you would pay on that, if you're withdrawing money and how you can do that as a tax free solution as well.
Brittany Russo:Yeah. So I I should caveat it by saying you should always contact a tax professional anytime you are accessing any of your financial products. It doesn't matter what product it is. You should always be consulting a tax professional just to make sure you're on the up and up with any regulation changes. But to your to your question, and at a basic level, as long as the policy is not a modified endowment contract.
Brittany Russo:Okay? And if you're just an average consumer listening to this call, you're like, man. I have no idea what that is. And you shouldn't. It's something that insurance agents actually, they are the ones who learn it.
Brittany Russo:And what that is is it's a test that the government does on the insurance policy to make sure that you're only putting in as much money as appropriate so that it's not an investment vehicle, but rather it is truly in a well funded life insurance policy. And that gets very complicated. But as long as your professional has helped you understand that your policy is not a MEC, then you can borrow against that policy tax free. And that's the beauty of it. Because if I'm putting in over the next 10 years, $10,000 and I wanna access that $10,000, I wanna be able to use it, like I just said, to start my business.
Brittany Russo:Well, that's when I can go in and borrow from it because my insurance agent, Holly, has made sure that I've structured it so that it's not a modified endowment, meaning it complies with the government regulations. And that's all it is. It's really leaning into a professional, which, by the way, kind of sidebars me a little bit to say that I'm not a fan of, just, like, direct consumer, like, carrier to consumer. I'm not a fan of people buying their life insurance from a website. I really do think you need to work with a professional, eyeball to eyeball, kneecap to kneecap, because there are so many ever changing moments in this industry, and you can't keep track of them as a consumer.
Brittany Russo:You need someone who's specialized. And I often use the analogy that when you go to the doctor and you have something happening with your heart, you don't tell your doctor, hey. I want this medication for my heart. You say, okay, doctor Ali. What should I be taking to make myself healthy?
Brittany Russo:And then doctor Ali gives you recommendations. And then you you follow with your heart what you think that recommendation that's best for you should be. Financial services is no different. You shouldn't be forced into a stock or or, you know, a crypto or, you know, a life insurance policy because TikTok told you to. It should be because you sat with a financial professional.
Brittany Russo:You took an inventory. You took an intake just like your doctor does when you walk in. Blood pressure, height, weight, eyeballs are white, nails aren't yellow. Right? Those intakes are exactly what the financial professional does, then they give you your recommendation.
Brittany Russo:So I think it's an important thing to connect with the tax question because I don't think rather, I think we have decided that social media and Internet access has given us so much information that we're all pseudo professionals. But there's that saying that if you're a jack of all trades, you're a master of none. So go to the person who really understands it, and I don't know if you can go wrong.
Allie Ramo:You make a valid point. And, you know, I meet with so many of my clients who are, like, overwhelmed by the information that they're they don't know where to start. They're confused. This person told them not to do this. This person told them to do this.
Allie Ramo:And I just reiterate to them how individualized all of this really is. And so to make it so generalized that everyone should do x, y, or z, is is a disservice to those people. So
Hawley Woods Grey:I I agree.
Brittany Russo:It's the same thing as what's your risk tolerance, or what's your love language, or what's your it's like it is you. It's your personality test of financial services. Right? You know, like, in my household, I'm extremely conservative. I have my cash value life insurance.
Brittany Russo:I have, my 401 k. I'm blessed to have a little bit of a pension situation. I like the basics. My husband loves crypto, loves alternative investing, loves the idea of real estate investing. Like, my husband is.
Brittany Russo:So we laugh because we didn't know this about each other. We were 20 something when we met, and he's a wonderful man. So I got really lucky, but I didn't realize I'd be rocking with someone who just basically wants to put it all on red number 7 and hope he retires while I'm over here. Like, I am going to retire. You know?
Brittany Russo:So it's it's this beautiful blend that we have, but we don't fight about it because we understand that I've got you, you've got me. Like, he might make us a millionaire, but I'll make sure we don't live on the streets. Right? So I think, Ali, to your point, there is no cookie cutter solution. There's many carriers.
Brittany Russo:There's many products. There's many divisions of financial services. What combination best suits your desires and your goals? I think that's the most important part for consumers.
Hawley Woods Grey:I agree. I mean, it's funny because sometimes people will come to me and they're like, well, how do you do your investing? Because Bobby now is a financial adviser, my husband. However, we have another financial adviser as well who does some alternative strategies for tax planning and whatnot, And they're like, so how many advisers do you have? And I'm like, I probably have 6 total that I go to, and then, you know, I mean, I own I'm probably over insured because of my situation.
Hawley Woods Grey:But tell you what, no one in my family is ever gonna have to do a GoFundMe. So I wanna talk about that because I know it's something you're really passionate about, Britney, and I wanna share a quick story. So one of the one of the people who is very important in my life, she's like a second mom, she recently had some health challenges, and I do she does not own one product from me. She does not have her life insurance with me. She doesn't have long term care with me.
Hawley Woods Grey:She doesn't have her cancer policy with me. But what I'm so happy about is that she will also never have to do a GoFundMe page because she has all of those set up. And she does have me in her life, so I do know how to call and ask the right questions and make sure I know the paperwork we need to get and all that kind of stuff. So let's talk about GoFundMe because I know this is something that, like, this could get you really going, and it can also get you really fired up. So, yeah, let's just let's just lay it all out there for everyone that's listening, Britney.
Brittany Russo:There's a crazy stat, and and, Holly or Ali, if you remember it, please fact check me. But there is some crazy stat that, like, less than 10% of GoFundMe's ever get properly funded. Like that. Like, mic drop. You're using that as your plan and less than 10% or some some variation of that that metric are ever fully funded or funded to a place where someone can actually use them.
Brittany Russo:That's scary. Right? And then I think not just about that, but I think about, like, during COVID, for example, I felt like I was getting a GoFundMe link or, like, a, a a a what would you call almost like a a proclamation for help me help me, like, once a week. And it's like, guys, I'm barely making it over here. Like, you think I have a $100 for each person who I know got sick to help them get by while I'm over here trying to get by myself?
Brittany Russo:Like, it it it fires me up because I do think that it's a lack of financial literacy. It's a lack of education because the concept is I can't afford insurance or I won't need it, or what is it really gonna do for me? And that all comes down to education. And while I don't agree with people getting their, education via TikTok or YouTube or any of that, I do think those platforms can introduce you to a professional that probably fits your culture, fits your mindset. That person can can help you get there.
Brittany Russo:But GoFundMe to me is, like, you might as well put that, like, half, like, the water bottle cut in half on the counter of the gas station and hope someone puts a quarter in there. Like, that's basically what you're working with. And so I think for the $25 a month, it could cost you just to have that level of protection And not just on yourself, on your children. Right? Like, I have, 2 friends.
Brittany Russo:They're married. One is a nurse, and and her husband is a CPA. And they just had a baby in September. And I've already had 2 2 different conversations. I had the conversation when they were getting married.
Brittany Russo:Right? Never got insurance then even though I told them how important it was. But I'm talking to a CPA, Holly, which is not easy. Right? Right.
Brittany Russo:And then but I'm talking to a nurse. I'm talking to a nurse who sees sickness and and death and unexpected things come into our hospital all the time. Right? So I'm I'm working with 2 very different people. And then they have their daughter in September, and so I'm talking to them again about life insurance.
Brittany Russo:And I'm I'm trying to get him to understand that it's no longer this concept of being, taken advantage of, being swindled by a carrier. It's truly just doing the right thing for your family. You don't have to get a $1,000,000 policy. Your wife doesn't need to go buy Louis Vuitton and a Porsche. She just needs to have enough money to pay for childcare and to pay for school and to pay for cheer cheerleading if that's what their daughter wants to do.
Brittany Russo:You and and this is the conversation I had with him. You're willing to give your child a lesser lifestyle to save a few bucks right now? And he was like, well, no. Because, of course, he's a new dad. Like, he's newly in love.
Brittany Russo:He's newly infinitiated. He also has had no sleep, so he's just, like, delirious. But but the whole point is, like, this is the reality. And then you you really should be getting on your children because children get sick all the time. And if my child is sick, I don't wanna have to go to work just to pay for the mortgage, just to pay for the hospital bill when I should be sitting next to my kid in their their hospital bed while they're getting the IV put in.
Brittany Russo:It's like, think about it bigger than you. Just for a second, think about it bigger than you. Is that 5 less Starbucks drinks this month? Probably. But they're not good for you anyway.
Brittany Russo:Think about more than you, and then you'll understand the power of ensure. And that's why GoFundMe just gets me so heated because it's like, I'm sorry. When did I decide I was gonna take care of your family holistically? Like, I'll be there for you. I'll be your shoulder.
Brittany Russo:I'll bring you a dinner, but it's just getting out of control.
Hawley Woods Grey:Yeah. I totally agree.
Allie Ramo:And you're bringing up the the points of kind of, what people are covering as far as illnesses go and things like that. Since this is an intergenerational podcast, what kind of things should people think about at different stages of life when they're thinking about how much coverage they have? Like, like, does an 18 year old go out and get a life insurance policy as they're going off to college? Or a 20 Yes. 20 22 year old who just graduated college, and they're now working on paying off their student loans.
Allie Ramo:So, yeah, take me through different times of life. Great
Brittany Russo:question. And and funny enough, I just had this conversation, with my sister. My sister is 29. She started a new job. She's moved to a new area.
Brittany Russo:She's she's single, and she said, you know, do I really need life insurance? Like, what what good would it do me? And I'm like, woah. Sister, you came to the right person. But we started talking about this idea of at her age and having no, you know, ties to to yeah.
Brittany Russo:No responsibilities, really. Right? Is is setting up her financial future because even at that age and and granted, I'm talking about someone who's cusping 30 here, but we could talk about that younger subset in a minute. But the idea is that, hey. When you have the opportunity to retire, do you wanna do it at 65, or do you wanna do it at 55?
Brittany Russo:Do you wanna do it in upstate New York where it's freezing half the year, or do you wanna move to Miami where it's a little warmer? Like, what is the life style you're trying to achieve? And and right there, Ali, I think it helps someone understand these products. When we think about them just as that protection and that death element, we're misunderstanding the overall potential. And that's, I think, where some of these younger generations do get excited.
Brittany Russo:There are a lot of studies done on Gen z right now, and what's the Gen z what's after Gen z? Alpha? Alpha. Alpha. Alpha.
Brittany Russo:So alpha and z are actually some of the biggest savers for retirement right now. Like, they're actively investing or putting money into IRAs, annuities, 401 k's because the 401 k is younger than me. Like, I'm I'm only 36. I'm older than the major the most major retirement account everybody's trying to use to retire. So no wonder there's a deficit.
Brittany Russo:No wonder there's a gap. And since we're talking intergenerationally, we're looking at Holly, and and she had even less time to put into that vehicle. Right? So when we think about the newer generations, they're seeing the older generations fill gaps, be nervous, have to save more, have to give up. And so I think the younger generations are starting to go, I'm not gonna be like that.
Brittany Russo:And so, yes, we're seeing in the headlines, they're not buying houses, and they're not doing certain things in the economy. Well, guess what they are doing? They're saying, I'd rather put half my paycheck or sorry. Let's say a third of my paycheck into retirement, a third of it into savings, and a third of it into an impairment. But you know what?
Brittany Russo:That's I'd rather put it into retirement than a house if my house is overvalued. Right? So they're thinking actually pretty strategically about their money, which I do appreciate even though the headlines make it sound way more astronomical. So then as you scale up to your point, there are milestone needs. Right?
Brittany Russo:So for the example of my friend and and her husband, they have a daughter now. So at that point, regardless of your age, when there's a child involved, you have to think outside yourself. Right? Like, I only have a dog. I'm not gonna leave money to my dog, but I do have money on my home in case something happens to me.
Brittany Russo:I want my husband to live in the house that we built together. I don't want him to go, well, now I have to move because we're dual income because majority of millennials are dual income now. Right? So we've we've developed these lifestyles that are so intersected that should one of us pass away, the other one is going to live a lesser lifestyle. You know, I think on top of that, as you scale up in the generations, you also wanna have protection from estate taxes.
Brittany Russo:Right? So if Holly and Bobby, if something happens to them and they're leaving their house to Jackson, well, Jackson might be in a a really high tax bracket because he's an executive somewhere. And so now he's taking Holly and Bobby's house, and he has to pay his taxes on that house versus his parents were in their late sixties and seventies, whenever, and and they had a lower tax bracket. So buying that life insurance to cover your home so that when Jackson takes it over, he can use that death benefit on those taxes. I mean, each generation has a purpose, but it's all about thinking ahead and thinking strategically.
Brittany Russo:Because if I'm Holly and Bobby, I don't wanna think about my estate taxes and buy life insurance when I'm in my sixties when it's, like, 10 times the price, when I have Jackson, when I'm 30, that's when I wanna buy it because it's more affordable. It's it's something I can really comprehend and put some budget towards. So I think it's less about what currently is important to the generation, but, really, what the next few decades will look like for the generation. And I think, again, Gen z and alpha kind of have that figured out.
Hawley Woods Grey:Well, let's see. Because alpha so Jackson is an alpha. He was born in 2 1011. 2010 is the 1st year for alphas. So I'm glad that they're already saving at 12 year 11, 12 years old.
Hawley Woods Grey:He does have life insurance. He got he got a policy when he was 17 days old. I mean, I have, 2 policies. I have a term policy and a permanent policy. The permanent policy is the cash value one.
Hawley Woods Grey:You know? Eventually, maybe I'll be able to take income on it. We'll see. You know? However, that's not what it's necessarily for.
Hawley Woods Grey:It's necessarily for protecting me, you know, like, you know, some of the benefits you were talking about. You know, if I got cancer or something like that, I'd have a place to go take money out of. And I also love the fact that, you know, the Gen z's, which is where Adrian is, our oldest son, You know? He's in the navy right now, and I was talking to him about buying a house. And he's like, oh, no.
Hawley Woods Grey:I don't wanna do that. I wanna buy 1 in California. I'm like, oh, no. You don't. You wanna buy 1 in Virginia or one of the other states that you might move to being in the navy.
Hawley Woods Grey:Right? And we've had a policy on him since he was 11. That's when he moved in with us. He was 11 years old. And bless you for saying I was in my thirties when I had Jackson because I was 43, girlfriend.
Allie Ramo:I know.
Hawley Woods Grey:But I did have life insurance already. Yeah. So, anyway, I just think it is important for different generations, and I also think it's important for, you know, you to talk to your kids about it. Like, Jackson knows. I mean, when we this just sounds kinda morbid, but it's just my life that I've had.
Hawley Woods Grey:When we went to go do our funeral planning, he came with us. You know? He was 10 at the time. It wasn't heavy or anything. It's just that we're older parents, so we have to think about that kind of stuff.
Hawley Woods Grey:You know? I mean, like I said, my dad died when he was 48. I'm 54 right now. That means that, yay, I've already outlived him, and, you know, I didn't have the knowledge or the training that Jackson has, and sometimes maybe it's a little bit too much. However, you know, he's a pretty smart kid, so he can handle it.
Hawley Woods Grey:But, I mean, those are the things that I think are important that we talk to our kids about and make sure they understand about life insurance, about investing, about putting away money. I mean, he has more money saved. He's like he always says, like, oh, I could pay for that mom because he gets, you know, money for different holidays or whatnot. I'm like, okay. Good.
Hawley Woods Grey:So I do have him pay for some of that. And he does chores and gets, you know, an allowance or call it a commission in our house. And, Britney, he's probably gonna be an executive at our business, and take over our insurance practice after he gets out of the NFL. So maybe at some point, he'll take care of us.
Brittany Russo:He has he has it figured out. I love this about that.
Hawley Woods Grey:It all figured out. All figured out.
Allie Ramo:Gen Alpha. That's that Gen Alpha. They've got it
Brittany Russo:figured out. Yeah.
Hawley Woods Grey:Gen Gen see enough have it all figured out. So we'll see. I mean, you know how big he is. So, I mean, the chances are, you know, they're there if, you know, that's the right thing.
Allie Ramo:So last thing about kind of the, like, utilizing the cash value life insurance and protecting your wealth. How my high net worth women use life insurance to protect their wealth and their legacy? I know you you talked a little bit about the state, but, maybe talk about businesses and things like that that life insurance can protect.
Brittany Russo:Yeah. So, I mean, again, you should work with a a proper strategist when it comes to all of these designs and things. But if you're a business owner, woman, often and, again, this isn't me just saying this off the cuff. There's studies around this. You don't have a lot of comfort in admitting what you don't know.
Brittany Russo:And so, therefore, you don't wanna walk into a financial firm, and you're talking to some guy who's bald and and probably could be your grandfather, and and they're just, like, you know, talking down to you. But, you know, there are some great concepts around protecting your own wealth through life insurance because in most situations, and every state's different, it's kind of a protected element of financial, products. Meaning that, like, in my friend got divorced recently and had to give a path of her 401 k in that divorce. It was just part of the state law that that her husband was entitled to that money. And I think, dang.
Brittany Russo:Like, he didn't go to work. He didn't like, in my job, he didn't fly across the country for a week on end to make ends meet. You know? Like, so I think that these like, life insurance in a lot of ways is a product that really doesn't have to be split, doesn't have to be divided, doesn't, you know in in many states, it's not even part of the FAFSA when your kid goes to college. You know?
Brittany Russo:There's just a lot of protected elements to life insurance because, again, it's not an investment. So it's not treated like an investment. It's this really beautiful product that's meant to protect you but can help you live this incredible life that you're desiring and you wanna be a part of. So it's more of this idea of sheltering. It's more of this idea of of, of spend, investing in yourself through the protection elements and through the opportunity.
Brittany Russo:In terms of, like, direct strategies, I mean, there's so much that someone can do, whether it's a buy, sell, or qualified plan, or or or, you know, even these ideas of split dollars and premium financing. I mean, there's just so many designs. And I think that kind of goes back to our point before where this is not a cookie cutter industry. It is not give me $10, and I'll give you a $20,000 death benefit. That doesn't exist anymore.
Brittany Russo:It's so personalized and situational. And I just implore, anybody listening to this call, if you are a woman a female business owner or you are a female entrepreneur, I can't tell you how many women I know who have Arbonne businesses and doTERRA businesses and what's that, like, that hair tool that everybody uses on social media? And they don't have retirement accounts because they're stay at home moms who are doing this from their guest room on a laptop, and no one's walked into their home and said, have you ever considered a 401 k? Like, I can get you that. Many people think you have to work for a company to get those advantages and those products.
Brittany Russo:So I'm just thinking, like, the full scale of of female business owners or or what have you. I think there's just again, it's it's vulnerability and saying, hey, Ali. I own a business, or I'm starting a business. I don't know what to do to protect myself, and I think that will go a long way. And I don't know that that answers your question, Ally.
Brittany Russo:There's just so many things out there. But, I I think more important to me is encouraging people to speak up, advocate for themselves, and be be willing to be vulnerable about it.
Hawley Woods Grey:Yeah. I mean, you know, at Women of Wealth, that's one of the things we really are doing to educate people on the different, products and services that they might need in their whole plan. I mean, you know, there's a lot of business owners, female business owners that I've ran into that don't understand keyman insurance. They don't understand some of these things because they were never taught it. And I think also having women talk to women is very powerful.
Hawley Woods Grey:I know you know, I was just at a a high end mastermind. That's why I was in Dallas. I was at a high end mastermind. There was 14 business owners in the world in the room, and, you know, there's half of them are multimillion business. Their business is worth multimillions, and they don't have keyman insurance or keywoman insurance.
Hawley Woods Grey:Let's just call it that. Right? And so I had helped a couple of them get those types of policies in place because, you know, if something happens to them and they don't have their exit strategy set up or they are not taking advantage of profit sharing or something like that, they're really missing out on what some of the guys have already been doing for years. You know? Like Britney said, it's not that long ago that the we couldn't have a credit card.
Hawley Woods Grey:1973, guys. 51 years ago. We couldn't have our own credit card, ladies, with our name on it. We couldn't have our name on a loan. We couldn't have our own bank account without our father or husbands cosigning for us.
Hawley Woods Grey:I mean, I was just thinking about that. Like, my brother was born in 1973. My mom probably had to have my dad sign her in at the hospital. Like, you couldn't just go, you know, get your own health care. So, I mean, I think this conversation could go on and on.
Hawley Woods Grey:Britney, I thank you so much for all the information you imparted. Now we're gonna get to the fun part. Right, Ali? The lightning round. Are you ready for that?
Allie Ramo:Yeah. I'll do the lightning round. Alright, Britney. Cash or credit?
Brittany Russo:Cash. Real estate or stocks? Real estate because I'm conservative. No stocks for me.
Allie Ramo:If you want a $1,000,000 today, what would be the first thing you do with the money?
Brittany Russo:I would answer. I would travel the globe. I would do and I would do it luxuriously, and I would enjoy every ounce of culture that exists outside of America.
Allie Ramo:Nice. What is a fun impulse buy you've had recently?
Brittany Russo:So, a Christmas tree. I got my sister, like, a really expensive fake Christmas tree because she moved to a new location, and I wanted her house to be full of joy. And we just randomly, after a couple of glasses of wine, decided we were going Home Depot. So that's that's my big one right now.
Allie Ramo:Oh, what's a money saving tip that you swear by?
Brittany Russo:So, honestly, this is a funny one. My brother-in-law gave this one to me. I, take cash out at the beginning of every week, and that's the the fun spending money I have because our credit cards allow us to disassociate to the money in the account. So, if it's if it's something if I just that's my money. Like, if it's a $100 for that week, that's what I spend on my Starbucks, In N Out, you pick it, jewelry, whatever.
Brittany Russo:But, like, that to me is a is a is
Hawley Woods Grey:a game changer.
Allie Ramo:Love that. What's your biggest financial fear?
Brittany Russo:Well, I live in Southern California, so I would say losing it all. I would say that not making ends meet and knowing that we don't have a lot of services anymore that will help people get over that hump if there is a big crisis. So for me, it is truly not being able to make ends meet.
Allie Ramo:What's your biggest financial goal for the next year?
Brittany Russo:Yeah. So that's a great one. I actually, my biggest financial goal is I want to invest in more stocks. I want to get risky. I want to put my neck on the line and take some opportunity with, and we might see a good run.
Brittany Russo:Right? So why not take a chance at that run while I can? And, you know, here's the thing, though. I'm only gonna put in what I'm willing to lose. Right?
Brittany Russo:It's like gambling in Vegas. I'm if I'm only willing to lose $500, it's all I'm taking in with me. So I have to figure out what that dollar amount is, but that's my big financial goal is to get out of my comfort zone. Because I talk to people all day about getting out of their comfort zone to buy insurance. I need to take my own advice and get out of my comfort zone and take advantage of the opportunity that I think the market will give us.
Allie Ramo:Oh, I like that.
Hawley Woods Grey:Very good. Well, thank you so much, Britney. This was so fun. We'll definitely have to have you on in a on another episode. We can we can dive deeper into life insurance and the conversation.
Hawley Woods Grey:I'm so excited for you to start the new year with some fun stock tips. I can might be able to give you 1 or 2. Please do. I will. I will.
Hawley Woods Grey:We only we only do individual stocks. So, like and we do some something similar. We did crypto. You were talking about my Michael liking crypto. Yeah.
Hawley Woods Grey:So we had a bad experience, but we did the same thing. We only put in what we were willing to lose, so that's okay. And crypto is, like, going crazy right now. So if you have someone that understands it, maybe we'll have an expert on here. I think that's a good idea.
Hawley Woods Grey:We have to have an expert on here for crypto crypto. And my Alright. Anyway, thank you so much.
Brittany Russo:Holly, I have a woman for you for that. So
Hawley Woods Grey:Awesome. Yeah. Send it to me. Very good. Let's do it.
Hawley Woods Grey:Okay.
Allie Ramo:Awesome. Thank you, Britney.
Brittany Russo:Thank you.
Hawley Woods Grey:Have a great day.
Hawley Woods Gray:Thank you for joining us on
Allie Ramo:this week's episode. We love to hear
Hawley Woods Gray:from you, so make sure to follow and tag us on Facebook and Instagram at women of wealth podcast.
Allie Ramo:Your support means the world to us. Until next time, remember, your financial future is in your hands.
Hawley Woods Gray:Stay informed, stay inspired, and embrace your wealth. See you on the next episode.
