Between Two Advisors - A Conversation with Katy Song

In this episode of The Money Script Podcast, host Yohance Harrison welcomes certified financial planner Katy Song to discuss the importance of balancing the four pillars of life: spiritual, physical, mental, and financial health. Katy shares her journey from investment banking to holistic financial planning and how her innovative flat-fee approach makes financial literacy accessible to families and professionals. They dive into the challenges of managing money in today’s fast-paced, tech-driven world and the pitfalls of financial advice from unregulated influencers. Listen in for actionable strategies to create a solid financial foundation and achieve a well-rounded, fulfilling life.

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Chapters

• 3:40 The Four Pillars of Life
• 6:41 The Value of Hiring Experts
• 13:23 Building Domain Money and Scaling Impact
• 17:45 Dangers of Social Media Advice
• 28:36 Using Technology to Simplify Financial Planning

Transcript

Katy Song 0:00

I mean, I think that you would agree with me is that kind of to have a well balanced life, you really need to have four stable table legs, like spiritual, physical, mental and financial health. Like, if you have all those dialed in, you have a really stable table to build your life on. And I think that people tend to neglect one of those at certain points in their life. And a lot of that is due to being ashamed, maybe that they haven't figured it out yet. Like, I know that you work with a lot of people in the medical profession and I have a lot of doctor clients as well. And it is amazing, like once you start really kind of making that kind of money after your fellowship, your residency, that you're not really well equipped to know what to do.

Seth Harrison 0:50

You are tuned in to the Money Script podcast. Today we will share strategies to help you grow your financial literacy and improve your money Script. I'll be back with some important announcements. Until then, enjoy the show.

Yohance Harrison 1:07

Welcome back to the Money Trip podcast. It's your host, Johan Terrison. So happy to be with each and every one of you on this beautiful day. Today I am joined by Katie Song. She is a certified financial planner at Domain Money. They get that right. Domain Money

Yohance Harrison 1:25

coming live from Austin, Texas right now. I know it's right down the road, but we just, we couldn't make it happen. So we're still doing this, you know, this, this, this virtual thing. But it's working because most of you are listening anyways. And I said that, Katie, I said most people are listening. They're not watching. But if you are watching us on YouTube. Hi, thanks for joining us on YouTube. So if this is your first time on the podcast. I am a financial advisor. I've been working with clients, helped to make better financial decisions for over 25 years. Part of the reason why I started this podcast was back in 2020, I wanted a way just to connect with more people to provide more financial literacy. And I said, you know what, I'm gonna go out and start interviewing all of the people that I admire in this industry and outside the industry as well. So today is another version of between two Advisors. So what you're going to get is basically two advisors that happen to see each other at the coffee stand in the office and struck up a conversation. So we might talk about you, but we're also going to talk about just financial literacy and our view of financial literacy and how we are helping people make better financial decisions. So with that, Katie, welcome to the Money Script podcast.

Katy Song 2:31

Thanks so much for having me. I'M really excited indeed.

Yohance Harrison 2:35

Me too. So let's just dive into. Let's start with why are you in Austin? I thought that was a pretty good story you started to tell there. What took you to Austin?

Katy Song 2:43

So it turns out that a lot of content creators live in Austin. And I am also here to do more of a lifestyle podcast tomorrow. So in order to, like, you know, be able to do everything, I flew in last night, late last night, so working out of my hotel room today, and then we'll be on another podcast tomorrow.

Yohance Harrison 3:05

Okay. So lifestyle, meaning the just incorporating finances.

Katy Song 3:08

Into, you know, they don't really even talk about finances that much. I kind of think that, you know, looking at kind of their previous history, unlike yours, which is like, you know, all financial literacy. Not all, but, you know, a lot of financial literacy, all they do a lot of everything from like, you know, personal training to how do you take care of your skin to, you know.

Yohance Harrison 3:29

Ah, so you're the financial component. You're the expert they're bringing in to kind of put a nice bow on everything. Yeah, yeah. Eating healthy can be good for your money too.

Katy Song 3:40

And I mean, I think that you would agree with me is that kind of to have a well balanced life, you really need to have four stable table legs, like spiritual, physical, mental, and financial health. Like, if you have all those dialed in, you have a really stable table to build your life on. And I think that people tend to neglect one of those at certain points in their life. And a lot of that is due to being ashamed, maybe that they haven't figured it out yet. Like, I know that you work with a lot of people in the medical profession, and I have a lot of doctor clients as well. And it is amazing, like, once you start really kind of making that kind of money after your fellowship, your residency, that you're not really well equipped to. Well equipped to know what to do. So kind of, you know, being able to help people not only, you know, look their best. Right. That's, you know, through the physical, but also kind of spiritual. Like, what are your values? I know that you and your wife talk about that on your podcast too. Like, what's driving you? And kind of the money side of it. To me, the money side is almost the easy part, which is like, there are numbers and there's measurements and we can be tactical about it, but it's like having that energy and that motivation to make sure that you're spending time on each component of it.

Yohance Harrison 4:56

True. You know, I agree with you. The, the, the money side does Become the easy part. But here's why. It's because the numbers don't lie. Numbers don't make up stories. The numbers just are coming in, money going out. Now the why behind all the things that were happening, that's where you, you get to make up some stories. The stories you tell yourself, the stories you tell your significant other, and the stories that you just don't talk about. So that piece of it, I think is what makes it so difficult for people sometimes to recognize that that table leg is not as strong as it should be. It's just, I call it the veil of ignorance. And you can be a highly educated, very intelligent human being. It's like with doctors literally saving people's lives on a daily basis, but not know the difference between a Roth in a pre tax 401k.

Katy Song 5:53

And I do, I do think that sometimes people come in with some stories, right? Like stories inherited from parents. I have a lot of clients that are first generation professionals, so they weren't raised in families where like your, your parents had 401ks. So like who are you going to learn from? Yeah, like are you going to crowdsource this information? Listen to a million podcasts. So then working with a professional like you or me is really like, it's the time save. So it's like, do I spend 60 hours of my time trying to figure this out on my own or do I find an expert to help me kind of up level my game more quickly?

Yohance Harrison 6:26

Speaking of experts, I've said this before many times on this podcast. My father was a general contractor. I know how to do just about everything. Cabinets, floors. I hate carpet. Don't, don't do carpet. Carpets, the worst

Yohance Harrison 6:41

building decks, Rebuilding how we rebuilt houses from the ground up. That was summer jobs for many, many years. Downstairs, there are two contractors replacing about a six by six piece of plaster of my ceiling from a leak. Could I do it myself? Absolutely. That, that is, that is easy work. Grab jigsaw, cut, cut out hole, get piece to replace it, tack it up there, put some plaster on it to seal it, paint it, walk away.

Katy Song 7:15

Yeah, but to me that's an incredible skill. Like if I could do my whole life over, I would love to be a general contractor and know how all those pieces of a puzzle fit together. Like plumbing, electrical, building the house, framing it. I think that's amazing.

Yohance Harrison 7:29

Which is why I'm okay with just overseeing the job and paying them to do it. Yeah, okay. It's. Yeah, I know what needs to be done, but do I want to do It. Do I want to take that time away from playing basketball with my daughter? Do I want to take that time away from doing a podcast with Katie? Because that. I could be doing that right now. Instead of here with Katie, I could be replacing a piece of sheetrock. No, I'd rather pay an expert that does it every day. Because me doing it, guess what? I haven't done it in a while. The likelihood that I'm going to make mistakes, that it's probably going to take longer. Then I might have to watch a YouTube video or two. Like, okay, wait, how do I make sure I don't saw the. The beams. The port beam? Just. I'm trying to cut this out. Let me just hire an expert to do it. Let me just hire an expert. So, Katie planning. Exactly. So, Katie, tell us how you've wound up in Austin today, but go back about 15 years to tell us the story of how you got here.

Katy Song 8:32

Yeah, so I'm. I'm a certified financial planner. I have been since 2008. Before that. So I have my MBA from UC Berkeley. I have a bachelor's in global economics. So I've always been kind of interested in finance and running businesses and the number side of things.

Katy Song 8:51

I was an investment banker at Citibank, and I worked with, like, the largest tech companies. Microsoft, Intel, Oracle. I got to travel the world to help them do their businesses around the world. In 2008,

Katy Song 9:03

I realized I needed to pivot. I had just my family. I had my first daughter.

Yohance Harrison 9:07

Heck of a time to pivot. Katie. Come on now. Yeah.

Katy Song 9:09

I know. Well, I think for me, kind of the market was already imploding, so it was like, do I stay around for an investment banking bonus or do I go do something else? So financial planning was the perfect combination of, like, the. The numbers and the analytical component of money and a finance and the relationship. So, you know, I do think that I was kind of put on this earth to, like, serve and to help people stress less about money and, like, live a better life than what they're living now and kind of like, realize, like. Like you say the money script, like, help them figure that out. Like, what is your vision for the life you really want to leave? I mean, rarely do people come to me and they're like, I got it all figured out. So I became a certified financial planner in 2011. I started Katie Song Financial Planning. And I always focused on. On families with young children and couples starting their lives together. And the reason for that niche for me is like, not only was that where I was in my life is that to me the financial services industry was a little bit broken since the focus primarily to get financial advice is on assets under management or investment management. I felt like there was so many people that weren't getting sound financial advice because they didn't have enough money, they didn't have enough money to invest. So I have always been a registered investment advisor, but I don't manage any money. So I provide holistic financial advice for my clients. So the reason focusing on families with young children and couples just starting is they don't really have that investment assets to invest anyway. But they still want to know like how much house can I afford? How do I pay for daycare? Can I take a vacation? Can I renovate a bathroom? Can we buy a family car? Can I afford to have a second or third child? So those are the kind of pain points that I'm trying to solve for my clients. And 2008 was a tough year to start financial planning. But one thing about financial planning is that it's very resistant to changes in the economy. Like when the economy's bad. 2008 was all about triage. People were short selling their houses, they were taking money out of their kids, 529 plans because they got laid off and they couldn't afford, you know, to pay for things. And then in good times it's like, okay, I've got this extra money, what do I do with it? I want to be smart about it. So it's kind of a recession proof, you know, industry to get into.

Yohance Harrison 11:34

Yeah, I share with people all the time when they ask, well, you know, aren't, aren't you worried about a recession and what that does to your business? I was like, man, that's thrive season. That's when all the people that were to do it yourselfers come knocking on my door. Like I don't know what I'm doing.

Katy Song 11:49

Like I know

Katy Song 11:52

a powerful motivator. I mean, I think, you know, the way that I run my business is trying to take the fear out of finance. I think like the big banks and stuff like that, you know, they try to scare you into thinking that you're going to make a poor decision. So you better like know, hire them to do it for you. So kind of my, my modality is to really like teach a woman or man to fish eat for a lifetime. Like I really love, you know, the educational component of it. So like you were saying earlier, like what kind of investments do you have in a Roth? Why do you even want to have A Roth, you know, why should you be saving for your emergency fund? So really getting back to like, what's the purpose of your money? And kind of the tactics. The thing is like, as Katie Song Financial Planning I was one person, so I always had like a two to six month wait list at all times, which is great to have as a business owner, but I got to a point where I really wanted to scale. So in late 2023, I sold my business to Domain Money and I became the chief financial planner. So Domain Money, okay, New York, they kind of shut down what they did and they became me. So they took on kind of my products, my services, my process. And they had a team of CFPs that I got to train to be, you know, to provide financial planning service like I do. So it enables us to help a lot more people and we're continuing to grow and we have, you know, I'm trying to hire some more CFPs right now because we have this huge backlog of, of clients that want to start working and we don't, you know, because of human capacity, we, we need to hire, which is great.

Yohance Harrison 13:23

So, so how, how big is the firm now?

Katy Song 13:26

Well, so we've got seven on my team and so like my goal would be to get it to like 10 in the next quarter order. But I mean we have a, not like our, our partnerships. One of the things that we really focused on was, was partnering with obviously people that align with our business. But there's so many, I mean, you know, this like having a podcast. There's so many financial influencers out there that have enormous audiences and the financial influencer can't give financial advice because most of them have no financial acumen whatsoever. I mean like, it's not that they're giving bad advice, but they don't have any licenses, they don't have the educational background like we do on being able to legally give financial advice. So we've partnered with, you know, some, some influencers out there whose kind of values align with ours so that we can help the people in their audience that want customized financial planning help and, or double check like if they're a DIYer and they're like, okay, I think I'm doing this right, but I want to hire you because we're a flat fee. So we charge like a one time fee and they never pay that again. And then after that it's pretty much hourly. So it's a very different business model.

Yohance Harrison 14:38

Interesting network. Yeah, different model. Are you open to sharing what your fee is?

Katy Song 14:44

Yes. So we have three different plans. We have the kind of the one page plan, which is the starter plan, that's 2,800. We have a strategic plan which you kind of move up the food chain as your life gets more complicated. So our strategic plan is 4800 and our comprehensive plan is 7800. So I would say like the first plan is really for my more like gen zillennial millennial clients that are like, okay, I think I might want to buy a house, I might want to start a family. What should I be saving? Take a look at my investments. How much house can I afford? So it's really providing a framework for, okay, you. Here's to get you on the right path for the things that you want to do. The strategic comprehensive tend to be for clients that already own a home, already have kids, and so their life is a little bit more expensive and complicated, and they need really detailed advice across the different areas of their financial life. Everything from cash flow to investments to retirement to insurance to estate planning.

Yohance Harrison 15:42

Got it. Okay. And then if they need more advice, they come back. You said on an hourly basis?

Katy Song 15:48

Yeah, so I do like to meet with my clients on an annual basis, but like all my heavy lifting is up front. Getting to know a client's financial picture and building the financial model, keeping it updated is easy. So kind of watching the relationship grow. So like I said, I've been doing this in 2008. So, you know, my daughter is a senior in high school now, so the people that I started with that were having babies at the same time, like all our kids are going to college. So we've been meeting throughout the years and to see the progression and to see them now get to a point where now paying for college is a reality. And like, how do we use the resources that we've been setting aside and which accounts to pull from and which investments to sell? You know, that's the fun part. The fun part is keeping the relationship going.

Yohance Harrison 16:31

Indeed. I want to go back to something you said about influencers. I had the pleasure of being featured in an article written by Rob Burgess and the title article was Dislike and Unsubscribe Advisors Combating Misleading Social Media Advice. So I'll read a few pieces from this because I find it very, very interesting, especially with what you just shared. The research analyzed 2470 tick tock, YouTube and Instagram videos focusing on popular finance related accounts, searching hashtags like stock talk, investing and stock tips. They also analyze 1620 crypto related videos across different coins. Here's the startling information. The analysis found that 83% of the videos lack disclaimers, 70% of the videos encourage stock specific investments without sufficient context addressing risk, 50% of stock content implied guaranteed returns, and 45% of the videos encourage viewers to invest a specific portion of income.

Katy Song 17:45

That's scary.

Yohance Harrison 17:47

That is terrifying. So I was asked to be a part of the article and that's all he gave in the beginning. And then he asked a bunch of questions and I started off with, look, whether you choose to use my comments or not, I want to see the rest of this article. Because, yes, it is. I hear it all the time.

Katy Song 18:06

Well, one of my planners, Brian, I'm not on TikTok. I think I'm too old for that. Maybe not, I'm just more of an Instagram person. But he went on TikTok and he saw some person saying that if you make a hundred thousand dollars, you can afford a million dollar home. And because we're a small financial planning shop, we like having making videos and posting reels on Instagram to help people, you know, get over this bad advice. You know, he flat out said like, no, you can't. If you make a hundred thousand dollars, you cannot afford a one million dollar home. This is bad advice. And like, as you know, regulated institution, like we have to have disclaimers. So I would be curious to hear or read that article to see, you know, what is the repercussion of giving bad advice to people.

Yohance Harrison 18:58

No, that's part of our complaint. That's what I, one of the individual that was interviewed stated is that the industry or the regulators spend more time going after us than going after the people that are giving bad advice. Like they're more worried about audiences too. Yeah, exactly, exactly. They're more about whether or not we put the disclaimer or we put, you know, we missed a word on our website. Regulators don't come at me, just leave me alone. But the point is, we feel in the industry more time is spent on whether or not we did some minor infraction than the dozens upon dozens of consumers that are getting hurt by this bad advice. I mean, and it's, it's just, it's bad. It's, it's really, really bad. Like you said, the hundred thousand, you can afford a million. I, I've had clients come to me. Well, I haven't. Oh yeah. So you know, I saw that I can qualify for this loan and all I have to do is say this, like, perjure yourself. Yeah, go ahead. Why not?

Katy Song 20:05

Well, there was an Article in the Wall Street Journal just recently about my rich BFF who was like, a huge financial influencer, and she's set to make $7 million this year. I mean, that's a lot of eyeballs.

Yohance Harrison 20:18

I gotta go look this one up. I don't know this. Or if I do, I've probably already scrolled past it so many times.

Katy Song 20:23

Yeah, no, it's not really my demographic. But I mean, that's. That's the thing of, you know, with the people that we partnered. Like, one of the people we partner with is money. With Katie, I think she's phenomenal. She does a lot of her homework.

Yohance Harrison 20:37

I know Katie. I think Katie spoke at fits the same Katie. I think so she believes she spoke at Future Proof, probably.

Katy Song 20:48

She's amazing. So I. I did a financial plan for her. We. We partner with her. Whenever she has a question, she'll just text me and be like, hey, this is what I'm thinking. Can you tell me if this is right or wrong? And then, you know, I will jump on and do her little expert testimony when she needs it. But. So there are some people that are responsible like that because they care, right? They care about giving really good advice and not just, like, having a bunch of eyeballs and making a lot of money.

Yohance Harrison 21:11

My favorite ones are the tax ones. There was one the other day that said if I take a. If I take a business call while sitting on the toilet, my toilet tissue is now tax deductible.

Katy Song 21:28

Tell me one CPA who's going to agree with that.

Yohance Harrison 21:32

Actually, I can tell you a few. So I've viewed my own eyes. This has happened several times, even this year. So this happened actually three times in the last 90 days. New client, I take a look at their tax returns, and I'm going through everything, and I say, oh, wow, you're really philanthropic. I'm like, what do you mean? Well, I see that you gave over $35,000 to charity last year. No, I didn't. That's what your tax return says you did.

Katy Song 22:04

That's scary.

Yohance Harrison 22:05

Scary.

Katy Song 22:07

I mean, I see it more like a business owner is expensing their wardrobe. And I'm like, yeah, so much. Not so much.

Yohance Harrison 22:15

It's like, is that a uniform? Because don't look like ones. It's the same thing. Wear every day. I always wonder, it's like, well, if I did go start wearing the same thing every day, could I call it a uniform? And I've asked my cpa, and he's like, I mean, do you want to have to Fight that. I'm like, no, I'll take another battle. I'll take.

Katy Song 22:35

Yeah, no, thanks. I don't want to be on the IRS's bad side.

Yohance Harrison 22:37

No, I already have been, so I've got a whole article on LinkedIn about that. But I. I've been on the bad side. I've. I've had to sit down with an IRS revenue agent that actually carries a gun. Like, why do you have a gun? Like, because they're supposed to, like, oh, this is real.

Katy Song 22:57

I didn't know they were armed. That's even scarier.

Yohance Harrison 22:59

They are armed. They are armed. It was scary.

Katy Song 23:02

I mean, I try to tell most people, you know, there are kind of three things, and I think you'll agree with me. There are three things that you can really control, right? Like, how much you make, how much you spend in your tax planning. And I know it's not sexy at all, but those are the things that you need to start off with. Like, it doesn't matter if you are just new to financial literacy and starting your journey or your way into it, but, like, once you have those three things dialed in and when I say, know what you make, like, it is amazing to me, the number of people who you ask them, like, what's your. What's your base pay? And they don't know the answer to it.

Yohance Harrison 23:36

Or you ask them what your. What their gross income is, and they say, is that what I bring home? Like, no.

Katy Song 23:41

Yeah, gross. Well, I mean, like, okay, let's not be too judgy. Like, net and gross can be confusing to some people. But I would like them to know, like, I make a hundred. I make.

Yohance Harrison 23:49

Exactly. Now, that's what I'm saying. I would like. I would like you to know how much. Yeah. How much do you make? Not just what you take home. What do you make? What? What? When you said yes to the job, how much did they say they were going to pay you?

Katy Song 24:00

Exactly? And then sometimes even, like, I want them. And I don't do this with most clients, but some clients that are definitely wanting to understand more than the basics, I'll be like, let's look at your pay stub. I want to understand every single line of this. It's just basic homework, right? This is your time. Like, your human capital is your most valuable asset, and if you're not being compensated for your time, that is not going to appreciate at the rate that it needs to. So to me, like, that's huge. And then knowing where your money's going, I mean, I would say easily, easily. 90% of the people that come to work with me have no idea, not really like where their money.

Yohance Harrison 24:40

We're working with the same people. That means it is a. It is, it's. It's real out there in the field. Yeah, it's. Well. And the reason why I find it to be such a problem is because our financial lives to become easier has only made it more complicated to track. So if I think back to my first bank account, I was, I don't know, 14, 15 years old when I was aware of it anyways. And I had a little checkbook that I couldn't write checks. That's what I would use as withdrawal slips. If I go in the bank, I could go and write on that withdrawal slip and, and, and give it and take some money out the bank. And I had

Yohance Harrison 25:22

a debit card. Okay. And that was it. There was no other way for money to get out of my account. There was no online bill pay. There was no. I wasn't using my debit card. It was a, it was debit ATM shooting. Let me rephrase. It was an ATM card. Couldn't use it as a store. Didn't even have 16 digits. It had like eight digits. You can only go to the Credit Unions ATM machine and wait as the matrix showed up on the screen to show me how much money I had and to take my $20 out. Can only take money out in tens. Yep. But that. So it was easy to determine, okay, if I got paid $515 on Friday, I know on Saturday, Sunday and Monday, unless I go to the ATM or I go to the bank, nothing's going to happen to my bank account. But today we have cash app and Venmo and Apple Pay and GPay and Bill Pay and credit cards and debit cards and Zelle. And now that it's we and I share with clients all the time, you're way too intelligent to try to do mental math on balancing your checkbook. You're too smart for that. Okay, well.

Katy Song 25:39

Yeah. You can't use that.

Katy Song 26:33

And technology can be your friend. It's just one of the big things is I think in the financial planning world is helping people not be stressed about those numbers. So like, okay, your money is supposed to flow. Right? Like, I think your wife had like a full mantra thing that I love and everyone loves her.

Yohance Harrison 26:54

She gets more compliments on her podcast. Her one show. Anyway.

Katy Song 26:59

So the mantra is about like your money is supposed to flow. It's not supposed to stagnate. Like you need accounts in certain positions to be able to receive it. Like, I do agree that, like, you know, if you open up a brokerage account and you start putting 10 bucks in, like, you're sending a message to the universe that you're planning to fill this account and, you know, and get a goal and be on track for it. So I think that one thing is, like, helping clients realize it's supposed to flow. It's supposed to go up and down. That's okay. But overall, in a month, like, it's. It's November 19th, like, what did you spend in October? Like, I know, because I have an app, and it tells me, like, okay, your outflow is this. So I don't think that it's that hard. It's just getting them over the hump to realize, okay, this is what your target is. Just look once a month to see if you're on target, and if you're not, why not? Did you have to fix your basement roof and it costs, like, 1800 bucks to, like, get it fixed and do the drywall? Or did you buy plane tickets or, you know, whatever it might be? I just want my clients to be able to explain to me, if you weren't on target, why not indeed?

Yohance Harrison 28:04

I agree. I agree. So something I've been asking the other financial planners that I've interviewed is about this AI revolution that we're having. And I just wanted to get your. Your thoughts on how AI is impacting not just you as a financial planner, but what do you see some of the impacts to be on the consumer and particularly what they can do without a financial planner for the DIYers out there.

Katy Song 28:36

So I heard your podcast with Caleb Brown. I think it was.

Yohance Harrison 28:40

Oh, wow. Okay. You. You. Did you speed. Listen to, like, a whole. All five seasons? Okay, there you go.

Katy Song 28:47

All right. But the crazy thing is, is that I met Caleb Brown 15 years ago at my first FPA conference. And he was like. I remember on his. On your show, he was like, yeah, I've been doing this for 15 years. I'm like, that's when I met you. It was amazing. Full circle. So we use AI at my company for two main things. Just, like, from a process standpoint, categorizing expenses. So if we get the CSV files of all your transactions from your credit card in your bank, we have an AI program that categorizes it into the format that we want so we can analyze your cash flow. So that's super useful for a lot of my clients since we don't manage money we don't custody assets. We get statements from everywhere. Vanguard, Fidelity, Merrell, you name it, and we get those kind of statements in PDF. So again, we use AI to sift through those PDFs and put it in the format that we use to do our analysis. So AI has helped shave off, I mean, a good four hours of the planning process for us, which is great. And I do think that from a service perspective, that's going to continue to evolve.

Yohance Harrison 28:54

Wow. Yeah.

Katy Song 29:56

I think kind of an exciting thing also is, like, how do you get more content out there? Like, there are these crazy AI programs now where you can create a clone. You can create the ability to create content by using that clone and using kind of written text, which I think is pretty cool. And I think that, you know, I think we all use chat, GPT or copilot to be like, hey, what is the limit for your HSA for 2025? Like, that kind of stuff. It just makes research a lot easier.

Katy Song 30:27

I agree with your premise in that podcast that you can't replace the human expert. I mean, I put stuff in ChatGPT and, like, maybe 70% of it's, like, pretty good, but, like, some of it's wrong and some of it's old. And if you don't have a human to be like, ah, that's not really the right thing for you, or, you know, yeah, maybe you can spend that much on the house, but that's not affordable given your life. You know, there are these nuances and expertise that, you know, AI is definitely not there yet. And I think all the research really shows that people still want humans involved.

Yohance Harrison 31:07

Agreed. Agreed. Yeah, I. I don't know. I don't remember if it's with Caleb, but I may have mentioned on a podcast if I did. And you heard it already. Great. I did ask AI client asked about HSA contributions, and I said, let me see if ChatGPT can get this one right. And the question was about whether him and his wife can both max out their HSAs at the family level. Intuitively, I was like, nah, you can't do that. That's double dipping. But I said, let me ask AI Chat. CBT said yes. Bad it did. I was like, oh, there's so.

Katy Song 31:49

There's so much misunderstanding around those. They seem like insignificant nuances, like in the, the grand scheme of things. But that, that makes people mistrust. Like, if you gave somebody that financial advice and then the IRS comes after them and they're like, dude, you put an extra $8,000 where you weren't allowed.

Yohance Harrison 32:08

To do it, take it out, pay the penalties, pay the tax and depends on when you catch it, you know, so. Oh yeah, that, that could be a multi thousand dollar mistake.

Katy Song 32:18

Yeah. And so, and also it's, you know, the client's not going to trust you anymore and they're not going to trust their own financial decision making anymore. And that's, you know, what we're trying to avoid as a profession.

Yohance Harrison 32:31

Yeah, yeah. I still believe with AI, as with all of the social media stuff, we see the good old phrase trust but verify.

Katy Song 32:42

I like that.

Yohance Harrison 32:43

Okay, let me go verify. And sure enough, I just, I said, what was your source on this? And he gave me a source. It was, it was a government website and it just read it wrong. I went to that site and it definitely did not say that's it. I was like, you got that wrong. So trust but verify. And that's also where the human aspect comes in. So I'm talking to you, listener. I'm talking to you, viewer. I'm Talking to you, DIYer.

Yohance Harrison 33:13

Yes, technology has improved dramatically. You have access to so much information at your fingertips and it's not as difficult as it used to be, you know, when you'd have to go to Google and scroll through all the different links to try to find the answer. Well, now you have something that's trying to pull all that together and just give you the answer. And if you're using it to make an apple pie, I don't know if you need to verify making an apple pie. I think making apple pie has been pretty much the same for about the last 300 years. Well, I wasn't saying go into industrial stoves. I'm gonna say the last 80, 90 years. You know, we're not using firewood stoves anymore. We actually have gas and those sort of things. So anyway, it's been the same for a long time and the worst that can happen if you mess up an apple pie is you don't have dessert. But when it comes to getting financial advice,

Yohance Harrison 34:06

it is good to do some research. It's also good if you get advice from a financial advisor to take that advice and go trust but verify. Go do some of your own research, but check those sources, verify from reputable sources.

Yohance Harrison 34:20

And if you haven't received the financial advice and you're just out there pulling it off the Internet, go to a reputable source. I've had dozens of financial advisors that I would trust my own money with on this podcast. Find someone that relates to you. Now, Katie has a bit of a waiting list.

Katy Song 34:37

So I have other planners, I have other planners that would love to talk to anybody listening to this who wants flat fee, no strings attached, no products being sold, financial advice, there you go.

Yohance Harrison 34:50

So Katie, Katie is an option as well, but get, get some professional advice from a human. So Katie, if individuals would like to get into. Oh wait, almost forgot, almost did it again. I got to ask you, your first memory? Money. What's your first memory of money?

Katy Song 35:06

I have always been an entrepreneur. I think my first memory is like as a young kid, like washing my parents car or cleaning up my mom's makeup and getting paid for it. I always liked doing things where I made money. And yeah, I've always had a job.

Yohance Harrison 35:25

And to this day, still doing it. I see it, love it. All right, Katie, if people want to reach out to you, where can they find you?

Katy Song 35:28

Yeah.

Katy Song 35:32

Domainmoney.com we offer a free 30 minute strategy session for everybody. So it doesn't matter if you have negative net worth or have $16 million. We work with everybody. Usually our clients make around $100,000 or more. So that's kind of like, you know, I would just say to the audience that if you make less than that, our price point might feel a little too cumbersome for you. But we would love to talk to you and see how we can help.

Yohance Harrison 35:57

Beautiful. I love it. Well, Katie, thank you for spending some time with us on the Money script podcast. We will see you next time. Take care.

Katy Song 36:05

Thank you.

Seth Harrison 36:15

I'm back. Wasn't that a great show? I hope you learned something. I know I did. Now before you go trying anything you heard today, remember it is not intended to be specific tax or legal advice. If you need that, go see a CPA or an attorney. If you would like any complimentary consultation with a knowledgeable advisor, visit moneyscript.com and schedule a 15 minute consultation. Want Johans to come speak at your next event? Go to the MoneyScript website for that too. Of course, if you're watching on YouTube, make sure to like, comment. Subscribe and click the bell for notifications. MoneyScript Wealth Management is a registered financial advisory service in multiple states. Want to learn more? Get the full disclosure on our website moneyscript.com.