WEBVTT NOTE This file was generated by Descript 00:00:13.840 --> 00:00:16.240 Riccardo Stewart: I wanna welcome you guys back to another episode 00:00:16.240 --> 00:00:18.610 of the A-W-M-N-F-L Podcast. 00:00:18.790 --> 00:00:21.820 My name is Ricardo Stewart, and I'm your host, and I'm joined with 00:00:21.820 --> 00:00:26.950 my friends and my coworkers, Zach Miller, Sam Acho, and Jeff Locke. 00:00:27.310 --> 00:00:31.000 It is currently the day before Thanksgiving. 00:00:31.480 --> 00:00:33.970 And Thanksgiving, as we know in our country, is a time where 00:00:33.970 --> 00:00:36.130 everyone becomes thankful. 00:00:36.250 --> 00:00:40.000 But not only are they thankful, they become given, and from now on 00:00:40.000 --> 00:00:43.780 to the end of the year, there are people who are thinking about giving. 00:00:44.080 --> 00:00:48.490 Um, some of you may know, I, for my old career, I was a pastor and we would look 00:00:48.490 --> 00:00:51.010 at our budget and we would get to this point of the year and we're like, man, 00:00:51.010 --> 00:00:52.540 we're so far away from hitting our budget. 00:00:53.080 --> 00:00:57.940 And every single year we would exceed the budget because people just became 00:00:58.270 --> 00:01:00.940 more inclined to give during this time. 00:01:00.940 --> 00:01:04.960 And so as it relates to NFL athletes, there's charities that are gonna be 00:01:04.960 --> 00:01:08.020 asking, there's churches that are gonna be asking, there are family 00:01:08.020 --> 00:01:11.110 members that are gonna be asking, and I wanna be able today to talk 00:01:11.110 --> 00:01:13.870 about what are the best ways to give. 00:01:14.185 --> 00:01:19.165 And particularly, are there any strategies that the ultra wealthy use when it comes 00:01:19.165 --> 00:01:25.165 to giving that every NFL player or most NFL players should be taking advantage of? 00:01:25.165 --> 00:01:27.865 And I'm not just talking from a tax standpoint, but in the standpoint of 00:01:27.865 --> 00:01:31.735 saying, how do I give, and I'm gonna start first whenever we talk about 00:01:31.735 --> 00:01:36.685 giving, um, we got some generous people here, but I'm gonna start first with Sam. 00:01:36.995 --> 00:01:38.125 You're a cheerful giver. 00:01:38.605 --> 00:01:43.135 Why is it important to you and why is it important to NFL athletes? 00:01:43.180 --> 00:01:43.210 I 00:01:43.825 --> 00:01:47.875 Sam Acho: I think the, the reason it's important is that we oftentimes 00:01:47.875 --> 00:01:50.665 talk with people and we'll ask the question of, man, what do you 00:01:50.665 --> 00:01:52.525 want to do like with your money? 00:01:52.525 --> 00:01:53.965 Or what do you wanna do just in general? 00:01:54.235 --> 00:01:58.285 And you start boiling down and people start to say, I wanna be happy and 00:01:58.285 --> 00:02:00.505 not necessarily be happy, but you start to boil down, okay man, you want 00:02:00.505 --> 00:02:01.735 to have peace, I want to be happy. 00:02:02.125 --> 00:02:04.075 And so you start thinking, okay, what are the things to do? 00:02:04.075 --> 00:02:05.515 Is it getting a bigger contract? 00:02:05.515 --> 00:02:06.475 Is it buying a new house? 00:02:06.475 --> 00:02:07.585 Is it buying a new car? 00:02:08.170 --> 00:02:11.560 Well, studies show, actually, a Harvard study shows that some of 00:02:11.560 --> 00:02:13.270 the happiest people are givers. 00:02:13.270 --> 00:02:18.430 Even more specifically, a recent Harvard study show that you gain and you increase 00:02:18.430 --> 00:02:20.530 in happiness immediately after you give. 00:02:21.340 --> 00:02:24.880 And so to answer the question of, man, I want to be happy, try giving. 00:02:24.880 --> 00:02:27.250 I think that's one of the benefits of giving. 00:02:27.250 --> 00:02:30.520 You might think it's this, uh, it's a, it's a blessing for other people, 00:02:30.700 --> 00:02:35.110 but it's also a benefit for you to help increase your joy and happiness. 00:02:35.890 --> 00:02:37.120 Riccardo Stewart: yeah, it is. 00:02:37.120 --> 00:02:40.870 And it's a privilege that when you are able to live below your means. 00:02:41.620 --> 00:02:45.550 And then you have this access to be able to serve or to bless other people. 00:02:45.550 --> 00:02:46.390 It's a privilege. 00:02:46.600 --> 00:02:48.970 But oftentimes with that privilege comes a pressure. 00:02:49.780 --> 00:02:53.320 And what I mean by that is you guys have all experienced it is people know as 00:02:53.320 --> 00:02:54.910 NFL athletes, they know you have money. 00:02:54.910 --> 00:02:57.880 Oftentimes they think you have more than what you, you have, and they have no 00:02:57.880 --> 00:03:01.450 idea what your plan is, and they have no idea that, you know, you're trying to 00:03:01.450 --> 00:03:03.190 invest towards your future and so forth. 00:03:03.190 --> 00:03:06.520 They just go, yo, you got money, help a brother out. 00:03:06.520 --> 00:03:07.420 And so Zach. 00:03:07.960 --> 00:03:12.820 What, what do you do personally and what advice do you give to 00:03:12.820 --> 00:03:16.690 your clients as it relates to the privilege, as well as sometimes the 00:03:16.690 --> 00:03:18.520 pressure that comes along with giving? 00:03:20.125 --> 00:03:23.485 Zach Miller: Yeah, so personally I think it's hugely important, 00:03:23.545 --> 00:03:27.535 especially when you're lucky enough to take care of the people that 00:03:27.535 --> 00:03:31.525 helped you get where you are and, and then there's a right amount there. 00:03:31.525 --> 00:03:36.145 Like, it, it, it helps to have a conversation with 00:03:36.145 --> 00:03:37.705 someone that knows you well. 00:03:38.095 --> 00:03:42.145 Knows your money well so that you can kind of find the right amounts. 00:03:42.145 --> 00:03:45.865 The ones that won't, the amount that won't hurt you too much, but you can, 00:03:45.865 --> 00:03:49.945 you're able to give and give freely and, and not feel like it's an obligation. 00:03:49.975 --> 00:03:54.565 And there, there's a lot of nuance in that, but it is massively important 00:03:54.565 --> 00:03:58.855 for NFL guys that are so generous that they want to help people who helped 'em 00:03:58.855 --> 00:04:02.965 get where they are, you know, in the NFL to help that help their success. 00:04:03.205 --> 00:04:06.535 You know, from a young player all the way to A to A NFL player. 00:04:07.360 --> 00:04:09.580 And what, you know, what I've done recently is guys are like, 00:04:09.580 --> 00:04:10.630 well, how much should I give? 00:04:10.630 --> 00:04:12.310 Or how, you know, I want to give to charity. 00:04:12.520 --> 00:04:13.600 I don't know what yet. 00:04:13.990 --> 00:04:18.130 I mean, I'm, I'm still a spreadsheet guy and these players, like, I'm gonna pull, 00:04:18.130 --> 00:04:21.820 even for myself, I'm gonna pull it up, see that I have money that's gonna be 00:04:21.820 --> 00:04:26.260 generationally transferred, it's gonna go to grandkids, great-grandkids, hopefully. 00:04:26.260 --> 00:04:30.040 And that money, I can say, well, some of that actually, 00:04:30.040 --> 00:04:31.630 you know, I want to benefit or. 00:04:32.815 --> 00:04:37.825 donate to, to a cause I care strongly about now because I care 00:04:38.155 --> 00:04:41.935 enough that I know my capital, my money will make a difference. 00:04:41.935 --> 00:04:48.115 And so using literally, you know, the right, you know, financial plan tells me 00:04:48.115 --> 00:04:52.315 what that right amount is, how much I can give and not feel, you know, bad about it. 00:04:52.375 --> 00:04:54.535 That I didn't give too little or didn't give too much. 00:04:54.955 --> 00:04:57.055 And so there's, there's a way to find that. 00:04:57.445 --> 00:04:58.555 And then, you know. 00:04:58.885 --> 00:05:01.615 This happens with our clients just around this time of year. 00:05:01.615 --> 00:05:05.365 Our athletes, they want to give before the, you know, either Christmas time, 00:05:05.365 --> 00:05:08.845 Thanksgiving, they're given time, usually they want to give money. 00:05:09.055 --> 00:05:14.065 And so finding the right way to do that, um, you know, is in hugely important 00:05:14.065 --> 00:05:17.725 because like myself, when I was younger, like I didn't know I wanted to give, but 00:05:17.725 --> 00:05:19.135 I didn't know what I wanted to give to. 00:05:19.135 --> 00:05:22.855 So there's certain ways to do it, um, where you can kind of give into 00:05:22.855 --> 00:05:27.325 future years and it's just very helpful to have that, uh, as a tool. 00:05:28.345 --> 00:05:33.145 Riccardo Stewart: So let's get right to it, Sam, what is the best way for 00:05:33.145 --> 00:05:39.835 an ultra high net worth individual NFL player to begin to give? 00:05:39.835 --> 00:05:40.770 Like, what's the best way? 00:05:40.825 --> 00:05:41.005 Sam Acho: yeah. 00:05:41.605 --> 00:05:43.825 One of the best and most efficient ways to give. 00:05:43.825 --> 00:05:47.515 And as you're asking me, I'm lighting up 'cause I didn't realize this myself. 00:05:47.755 --> 00:05:50.305 Uh, but one of the best ways is to start a donor advice fund. 00:05:50.305 --> 00:05:51.595 And people say, okay, why? 00:05:51.595 --> 00:05:52.405 And what are you talking about? 00:05:52.405 --> 00:05:54.415 I just love to give, I was a guy who was like, Hey man, like. 00:05:54.805 --> 00:05:58.195 Whether it's like giving a charity or giving my time or giving a church, 00:05:58.195 --> 00:06:01.375 paying tithe, I would love to give and not really let people know how 00:06:01.375 --> 00:06:02.965 much I was giving or how I was giving. 00:06:03.295 --> 00:06:05.455 And then I had a conversation with some of the people on this 00:06:05.455 --> 00:06:08.905 team, and they were like, Sam, we know you want to make an impact. 00:06:09.475 --> 00:06:10.240 We know you love to give. 00:06:11.245 --> 00:06:15.175 If you want to make a bigger impact, there are smarter ways to give. 00:06:15.175 --> 00:06:16.045 I was like, no, I'm good. 00:06:16.045 --> 00:06:16.345 I'm good. 00:06:16.345 --> 00:06:16.645 I'm good. 00:06:16.795 --> 00:06:17.935 It's like, no, just listen to me. 00:06:18.175 --> 00:06:18.325 Right? 00:06:18.325 --> 00:06:22.465 If you start a donor advised fund, or even if you donate appreciated stock, 00:06:22.675 --> 00:06:24.655 you can actually give more money. 00:06:24.715 --> 00:06:25.615 I said, okay, well why? 00:06:25.615 --> 00:06:26.545 What do you mean by that? 00:06:26.815 --> 00:06:30.235 Well, because when you, you know, look at capital gains tax, right? 00:06:30.235 --> 00:06:35.575 It could be like 20 or so percent, and all of a sudden if you donate money or 00:06:35.575 --> 00:06:37.225 donate stock, start a donor revised fund. 00:06:38.110 --> 00:06:39.670 There's two separate things, but just specifically, let's 00:06:39.670 --> 00:06:40.810 say start a donor advice fund. 00:06:40.810 --> 00:06:43.180 You donate, you put that money to a donor advice fund. 00:06:43.570 --> 00:06:47.560 You're able to actually give more than you would give if you just gave cash 00:06:47.560 --> 00:06:49.240 alone or if you just wrote a check. 00:06:50.050 --> 00:06:52.330 I was still trying to say, guys, make it more clear. 00:06:52.330 --> 00:06:53.590 Make it make sense. 00:06:53.710 --> 00:06:56.560 But as I've started to give more, I'm realizing, okay, so I 00:06:56.710 --> 00:06:58.360 not pay that in taxes right now. 00:06:58.360 --> 00:07:02.530 And instead that money that I'd save in taxes I could give to a 00:07:02.530 --> 00:07:03.820 different charity that I would select. 00:07:04.465 --> 00:07:10.045 Riccardo Stewart: okay, Jeff, make it make even more sense. 00:07:10.165 --> 00:07:14.845 And so what exactly is a daf and specifically why is it important 00:07:14.845 --> 00:07:16.465 for NFL athletes to have one? 00:07:17.680 --> 00:07:20.500 Jeff Locke: So a DAF is just a different kind of investment account, but it's 00:07:20.500 --> 00:07:22.450 got some pretty cool features to it. 00:07:22.540 --> 00:07:26.200 Essentially what happened was back in the day, private foundations, 00:07:26.200 --> 00:07:27.695 which we've probably all heard about. 00:07:27.695 --> 00:07:30.865 were hard to set up and they still are. 00:07:30.865 --> 00:07:32.035 They're very expensive. 00:07:32.035 --> 00:07:35.065 So the IRS allowed this loophole, which is the donor-advised 00:07:35.065 --> 00:07:36.595 fund to come into existence. 00:07:36.691 --> 00:07:40.915 What the donor-advised fund does is essentially in the eyes of the IRS. 00:07:40.945 --> 00:07:44.815 When you put money or stock, like Sam said, into your donor-advised fund, 00:07:45.295 --> 00:07:47.395 it's literally like giving to a charity. 00:07:47.515 --> 00:07:52.315 They treat it the exact same way, which for you, the athlete means you 00:07:52.315 --> 00:07:56.455 get the tax break in the year you put money into the donor advised fund. 00:07:56.965 --> 00:08:00.745 Rather than having to wait to get a tax break when you give to the charity, 00:08:01.645 --> 00:08:05.395 as Zach mentioned, that feature is extremely important, especially for 00:08:05.395 --> 00:08:10.015 our young athlete clients who are currently in the highest tax bracket 00:08:10.015 --> 00:08:11.785 they may ever be in in their life. 00:08:12.325 --> 00:08:14.575 But I don't know where I want to give yet. 00:08:15.235 --> 00:08:15.475 Right. 00:08:15.475 --> 00:08:17.905 I haven't figured out the charities I want to give to. 00:08:17.905 --> 00:08:21.715 I haven't learned enough about all the causes in my city or in my 00:08:21.715 --> 00:08:23.365 country of where I want to give. 00:08:23.740 --> 00:08:28.000 So you're essentially able to put money or stock into the donor-advised fund. 00:08:28.000 --> 00:08:32.830 Now get the big tax deduction you really want when you're in the 00:08:32.830 --> 00:08:37.960 highest tax bracket while waiting to give to the actual charity later. 00:08:38.560 --> 00:08:41.140 And all the time the money's in that donor-advised fund. 00:08:41.170 --> 00:08:44.050 You're able to invest it just like you could have outside of it. 00:08:44.410 --> 00:08:48.280 And there's no tax again on the money invested in the donor rise fund. 00:08:48.820 --> 00:08:52.690 So it's one of those like, seems way too good to be true. 00:08:53.590 --> 00:08:56.230 Kind of things, but it actually is, there's not many of them, 00:08:56.470 --> 00:08:57.160 but this is one of them. 00:08:57.827 --> 00:08:58.637 Riccardo Stewart: That's good. 00:08:58.877 --> 00:09:02.927 We'd like to say here, giving unlocks the grip of greed and 00:09:02.927 --> 00:09:04.487 our athletes are generous. 00:09:05.072 --> 00:09:07.112 You're listening to this as an NFL athlete. 00:09:07.112 --> 00:09:10.442 You know, I've never even heard of a donor-advised fund or a daf. 00:09:10.832 --> 00:09:12.062 I wanna know more about that. 00:09:12.062 --> 00:09:15.182 As you can, as you can hear from Jeff, he's very, very, very, uh, 00:09:15.362 --> 00:09:18.572 wise to this and he helps sets this, sets these things up for our clients. 00:09:18.932 --> 00:09:21.962 We would love to be able to connect you with Jeff and get you the 00:09:21.962 --> 00:09:25.322 resources you need, especially during this time that you're giving 00:09:25.532 --> 00:09:27.272 and continue to be a good giver. 00:09:27.482 --> 00:09:28.862 And so please reach out to us. 00:09:28.862 --> 00:09:32.522 Our number is 6 0 2 9 8 9 5 0 2 2.