Jul 25, 2019
In this special 50th Episode of The Transformation Podcast, Rachel interviews Vicki Gunvalson. You may know Vicki as “The OG of the OC” on Bravo’s Real Housewives of Orange County, but she is also the President and founder of Coto Insurance & Financial Services, Inc and Coto Financial, Inc. She takes pride in being a part of her clients' retirement financial roadmap – at all levels of their lifespan and business cycle.
Listen as Vicki and Rachel discuss the importance of understanding the nuts and bolts of your finances, including life insurance, health insurance, options for retirement and so much more.
03:20 - Rachel discusses the importance of understanding the nuts and bolts of your finances and introduces Vicki Gunvalson.
04:38 - Vicki tells the secret that she wishes she could tell to all 30 and 40-year-olds.
05:16 - “If you think that you’re saving too much, chances are you’re not.”
05:46 - Vicki’s recipe for the perfect client
06:43 - The importance of turning on a lifetime income stream.
07:10 - Get a piece of paper out! Vicki discusses the various options for saving.
07:28 - The “Risk” side: stocks, bonds, mutual funds, etc.
07:45 - The “Safe” side: Vicki tells the story of how she rolled Rachel’s IRA into an index annuity.
08:25 - The “Age - 100” Rule
09:00 - Rachel recalls her mindset when she first met Vicki - she didn’t want any risk!
10:39 - Rachel was surprised by how many people weren’t taking advantage of the 401k matching in her previous career.
11:38 - Vicki’s advice: get everything tax-free when you retire!
12:09 - Vicki talks about how she took a life insurance policy out on her ex-husband, Donn, and is still the owner of the policy.
14:48 - Some of Vicki’s clients own a life insurance policy on their parents.
16:22 - Parents can buy life insurance on their children and take the cash value out from it later for college or a down-payment - Vicki discusses this interesting strategy.
16:46 - Talk to an advisor - https://www.cotoinsurance.com/
17:40 - How much life insurance you really need
18:05 - “Assets don’t make people happy, income does.”
18:49 - Vicki warns listeners not to DIY their financial planning
19:30 - First look at health insurance and life insurance, then make a plan for your 401K and IRA.
21:04 - “The people that procrastinate are the ones that are caught off-guard.”
21:45 - “The best time to start saving is as soon as you start making money.”
22:05 - “You could live longer in retirement than you did in your working years.”
22:30 - Rachel shares the story of her first financial planner - not a good fit.
23:45 - Vicki answers the question: “Are people retiring earlier and younger?”
25:22 - “Get your house paid for, make sure you have low to no-debt, live within your means, and save, save, save.”
26:52 - If you’ve left your company and have a 401k sitting there, let Vicki know!