Soul Based Financial Planning with Dee Dee Baze

Episode 40 of the Wealthy After 40 podcast I host a wonderful guest Dee Dee Baze. From math teacher to financial advisor to enrolled tax agent. Listen to her amazing story and how she supports women in all financial situations. 

• Soul Based Planning
• Saving for retirement “late” to the game
• Taxes in retirement and things we should know

Dee Dee Baze and Alphemita Financial Services

Click HERE for Full Transcript of Episode

Welcome to Wealthy after 40. I am so excited for today's guest DeeDee Baze. From math teacher to insurance agent to financial advisor, she has been helping people manage their finances for over 16 years and is very passionate about empowering others to take control of their money, no matter their age. or their net worth. She brings a softer, more compassionate touch to financial planning and investing. She believes in aligning your inter, your inner self with your money. She believes in contributing to the greater good. All these things she was able to weave into her practice. Practice and now only works with clients who want the same things for themselves. I love DeeDee's mission. I was so glad to connect with her probably about a year ago and just learn more about her, what she's got going on. So DeeDee tell us about, I know you call it soul based planning, but tell us about your mission and your vision and how that all works. Sure. So I do want to clarify that I'm a fee only advisor now. So that means I don't sell financial products to people. I'm paid to give advice that's in your best interest. So even though I have the insurance background, I don't sell any products. So as far as my mission, I believe strongly that financial planning is more than just a math problem. And I feel like a lot of, I mean, when I was younger and trying to seek out advice, I felt like everybody that worked with us or what that we were considering working with, all they wanted to know was how much money we had and how much we made and how much we spent. And that was it. It's like, they really didn't want to know who we are, what we valued in life, if we felt like there was a life mission that we were trying to accomplish. And so, That's what I decided when I decided to go off on my own, I decided that I wanted to get deep into the weeds as far as who are you, what do you want to accomplish in life, not just financially but emotionally and do you want to, do you feel like you have a life mission, or do you feel like you just want to be here and enjoy life, you know, and if you do, what does that look like so I want to know about yourself. The whole, the person as a whole, before we get into financial planning. And then the other component to what I call soul based financial planning is finding out what, what's your relationship with money? Do you have any, you know, voices in your head, either conscious or subconsciously guiding your decision making? Because if you do, I can come up with a nice financial plan, but if you've got self sabotaging tendencies, guess what? That's probably going to happen. So we need to talk about it, bring it to light. And yeah, I just want to know about you totally as a person and then I can help do the financial planning to represent you. And, and guide you into, you know, and it goes as far as, you know, where you put your money in, in investments that you believe in, you know, and maybe working, you know, if you're doing just savings accounts, making sure that you're putting your money in banks that align with who you are. So, yeah, I just feel like it's deeper. It's a deeper financial planning process than just, hey. How much do you make? How much do you have? How much can I invest for you? That kind of thing. I Think it's so important to bring the individual into their money because, you know, it's like personal finances. I tell people it's personal and what one person is doing, another person probably shouldn't. You know, we can learn from one another, but we really gotta reach inward. So I also know that you, you have an average clientele of about age 60. And my, myself, I'm targeting Gen Xers and I always get asked, you know, so what do we do if we're falling behind? If they haven't started saving a lot in their twenties, thirties, forties, like, you know, how do you help them? How do you instill hope? How do you guide them? And really, are they lost? So this goes back to understanding who they are as a person and what their gifts are, what, what their hopes and dreams are. I, I know being in the public schools, teaching in the public schools, we had to go along with a curriculum that matched like the average student and everyone was to fall in line kind of thing. And I think a lot of people think, think like that when it comes to retirement. They're like, oh, they see these articles where you should have this amount in your 401k before you can retire. And then there's these people over here that have, you know, money, they put money into a Roth and they're able to retire early because they overdid this. And there's just so much out there, information wise. bombarding us with all these stories about other people and how they're making it work. And what I like to do is meet people where they are and talk about what's possible for them. There isn't a one way street to retirement. You, you can make a good retirement from other ways than building a ginormous 401k. For instance, just to give you an example, there are people that do You know, when they have extra money they get into a house. Okay, and then they build equity in the house, and then they use that equity to buy a purchase or to purchase the 2nd property. And then maybe they use it, you know, and they keep doing this and they have multiple properties. So, when they get to retirement, they've got all these. Properties generating income for them. And maybe that's a replacement for a 401k. It just comes down to creating a path for you using what you know and what your strengths are. And maybe, maybe real estate's not it. Maybe you create a business that it's something that's that somebody else would want to purchase in 10 to 15 years, you know, so there's just not one way. To retire, and that's what I love about working with people is I love the problem solving component to it to say, okay, here's where you are. What can you do? What do you enjoy doing? You know, and give them. They can come up with different ideas on how they can build their wealth that's not necessarily the traditional way. Now, there are people that can put 10 or 15 percent toward their employer sponsored retirement plan. And that might be just perfect for them, but it's not perfect for everyone. And I like to acknowledge that with people. So there's always a way to come up with a retirement. You can build a retirement in a different way than everyone else is my message. Yes, I love that. I believe that as well. And, you know, not giving up hope at any stage and, you know, just figuring it out and there's It's all different ways to figure it out, right? We got to know who we are, know what we want. What does that look like? What do we love? So yes, I just recently took on a client who is looking to have a hundred doors by the time she's 50 and she's 43. And so, you know what, we're going to tackle it. We're going to get her on the road, you know, so there's always hope. There's always, you know, a dream you can achieve and I love that. So yeah. So I also know that you've done something new. You are. Applying you. I think you have one more test to be an enrolled agent for taxes. Tell us more. So this dream of mine started back in my forties. So I worked as an assistant to a woman who owned a small. And she was a CPA and a CFP, and she always told me that she got her CPA first, and then she saw people needed good financial advice, and I got to see her in action, thought she was brilliant, loved her, and thought, my gosh, I would love to do something like that one day. So, fast forward I end up going to my husband and I moved out of state to Colorado and I started working at a, a. A credit union had to think about I was going to give you the name, but it won't mean anything to anyone else because it's just in the state. Anyway, I started working at a credit union and started, you know, being a financial advisor and doing the whole more, more, more. I mean, it's very revenue driven. You're not familiar with that, but there are people going, okay, so how much money did you bring in to invest and how much is that going to, you know, generate in revenue and, and here's your goal. Okay. You met that goal. Here's another. And it was just about more and more and more bringing in more and more clients. So anyway, it was like, that didn't feel right to me after being at that. And then so I went off on my own, started my own financial planning company, decided to be fee only, so I don't sell products, and I was, you know, I'm three years into that, and I'm seeing that people, Are not always getting the best tax advice, even if they even if it is the CPA. Well, there's just one. So anyway, it, it became a mission of mine to understand tax law and see what we could do tax wise and it just. You know, and I would say, well, here's what I found out and let's do this kind of tax planning and it finally dawned on me. It's like, well, why don't I just do the taxes for them with them and we can do the tax. That way I have all the tax information for him. I know I'm going to give him ethical advice and then. You know, we can do tax planning from there. And when we do tax planning and financial planning, it's usually, you know, when do you do Roth conversions? If you need to sell off assets, when do you need to sell them? Do you sell them all at once? Do you break it out over years? Because there are some Consequences to getting your income too high if you're in retirement because it could affect your medicare or yeah, your medicare premiums And so there's a lot of tax components to the financial planning anyway And I like said, I just wanted to jump in I enjoy learning about tax law. I know it's kind of weird I retain it. And so I was like, okay this goes this plays to my strengths. So why don't I? Come in and help them with their taxes. And then that that feeds nicely into the financial planning as well and then on top of it, I know they're getting quality advice and You know, I'm giving them advice in their best interest and they're being taken care of from start to finish So so yeah, and I to be an enrolled agent You have to pass three exams, and the first exam is over individual taxation, the second exam is over business taxation, and then the third exam is how to represent a person in front of the IRS. So if they have to go through a tax audit or something like that, or if they're There's a lot of other things too, but so yeah, I'm on my final test. I'll take that this week and I am excited to be able to offer tax preparation for 2024. And so, yeah, that's, that's kind of the journey that I took, but it all goes back to wanting to take care of people in the most ethical way possible to where they know, I know they're getting. The advice that they need and somebody's not overlooking something that they have no idea because they haven't seen the financial plan. I know financial literacy covers taxes as well as insurance and all of those things. So, you know, bringing on guests like yourself to help educate us in all of these areas is so, so important. So, all right, I know my services are virtual, so I can work with anybody, U. S., Canada, whatever. How about you? Tell us a little bit about how we contact you, who you serve, all of those things. Okay, so I am a virtual firm. I'm based out of Estes Park, Colorado. So I do have a few clients that like to come up here. So they can see me in person because I live in Estes Park and they can see Estes Park. It's right next door to Rocky Mountain National Park. But I primarily work virtually. I can work with anyone in the United States. I can't work with people outside the United States unless they were clients of mine before they moved. And then the tax situation I can do taxes in all 50 states and obviously it'll be the same thing. It'll be mostly virtual, but if I've got some local people that want to, you know, come by and see me in person, I have an office out of my home so they can, they can come in person as well. But it'll be mostly, mostly virtual. And so tell us the name of your business how they can contact you. The name of my business is Alphameda, and I have Alphameda Financial Services, and I have Alphameda Tax Services. And the name Alphameda is a made up name. It's the combination of three words. It's alpha, female, Donita. So you know, alpha female, that's why it's femme, not alpha. It's femme for alpha female. And the ITA is the last three letters of the name Donita, which is my given name. But I was also raised by my maternal grandmother and I was named after her. And when I was 18, I was ended up. I ended up being adopted by her. So, she was somebody that I just, I feel like I was a messed up little kid and she saw the diamond in the rough and always thought that I would do great things one day. I didn't see it, she did. And so, she passed when I was 20 and it's like, I live my life wanting to make sure she's proud, even though she's not here. I do believe she's here in spirit and I want to make her proud because I feel like her love and her guidance. is how I turned out to be normal, you know um, so Alpha Mita Financial, Alpha, Female, and Donita. Target market, I, I target women over 50 who are either married, Divorced. Well, when I say married, usually the, if the women who are married are the ones who like to take charge of the finance family finances. So I'm okay. If you're married, I don't have a problem with men. I just don't like to focus in on men. I want to focus in on women because there's there are different. There are different concerns and different needs that women have that men may or may not so married single Recently divorced or longtime divorced If you receive an inheritance and you don't know what to do with it I actually prefer people who have not grown up in money that Then they get money and they really would like to know the best way to handle it Because to me those people are learning and I I'm being a former teacher. I love to teach and so So yeah, the if they inherited money and then did I cover death of a spouse if you've experienced death of a spouse? You know, I, I would be happy to help you through the process, the financials on that just because I do believe it takes a more, or you should be exposed to a more compassionate person especially after you've lost a spouse. And so, yeah, women over 50 that fit in that category and. The only other thing is I, I only like to work with people who are kind. I don't like, I don't like working with people who are mean. I have a very kind heart and I get along well with other people who have kind hearts as well. Yes, you do. I will agree with that 100%. And did you know 85 percent of households. Money. So the day to day finances are managed by women, but I think it's only 20 or 30 percent of those women actually get a say in the long term investing. So definitely you're filling a gap, reaching out to women. We need to empower women to have that money confidence. And I don't know if you experienced this or you probably have over the years. I know that money is definitely a taboo topic. In many conversations in many households, you know, from parents to children and then within as well as co workers, all the things. So share with us any experiences or any thoughts that you have about how conversations can be more easy. So, first of all, I'm a strong believer in you are on your path and you are where you are supposed to be. You may not like it at the moment, but it's your path and nobody has the right to judge you for where you are. And so whenever I have these conversations with people, I want to make it clear that no matter what they tell me, there is zero judgment from me and what I have found, the judgment often comes from themselves and I have to coach people through, you know, it's okay, you know, we all have to go through learning and making mistakes before we, Become wise about stuff. So we don't, we don't, we are not born just knowing all this stuff about money. And then the other thing is. You know, the teacher in me, I want everyone that I work with to fully understand what options they have. And so when people work with me, I want to work as a team with that person. And I, it's my job to educate you on what your options are that will work. And then it's up to you to decide the final path. But, you know, I'm here to educate, love unconditionally, and help as many people as I can. So the biggest thing I want people to know is there are advisors out there that don't believe in judging people for past decisions that they've made. It's where are you now, and how can we get you to where you want to go? With zero judgment and just total compassion and Support. Oh, yes. I wholly agree. I know. Cause I work with a lot of individuals in getting out from under debt and they're ashamed that they're embarrassed and I'm the same as you. I'm like, I don't care how you got here because that doesn't matter. What matters is where we are today. And where do you want to go? And just being able to like you solve a problem, solve the puzzle, create options. I believe options are very empowering. So I love that as well. Well, before we close, is there anything that you want to add maybe a tip you can give our listeners as to something they can work on today to move them forward, whether it's financial advising, financial planning, or taxes. I would say well, first of all, I'm going to do a little plug. I do have a book called Soul Based Financial Planning. If you're a little more reserved and you don't really want to talk with someone yet and you want to, you know, kind of get into the middle of, you know, looking at stuff in my book Soul Based Financial Planning, one, I take people through exercises for them to understand their relationship with money. And then my final chapter is actually. Telling you what a financial planner is going to ask you in in meetings and why we need to know that information So you can go totally prepared To speak with a financial planner after reading my book. You don't have to use me You just need I mean, I just believe everyone could use help somewhere as far as tips for people I would say just Whether it's doing it on your own or doing this with somebody, know what you have and, you know, treat it like the whole elephant analogy. Take it one bite at a time. You need to know. You know, if you're an employee, you need to know what's being taken out of your paychecks and what it's paying for. You know, how much you're paying in taxes, how much you're how much is going toward employee benefits. How much of that are you paying versus what your employer's paying? Secondly, know what your benefits are through your employer and then, you know, know about your debt. I know you of all people know this, sticking your head in the sand and feeling guilty because you have debt doesn't solve the problem. You need to know exactly who you owe, how much you owe, what your monthly minimum is, what your interest rate is that they're charging you, and you have a good picture of all of it, all of it that you owe. The other thing is, Know what you pay quarterly, annually, semi annually, and that needs to be put into your budget. So if it's annual, something you pay annually, you need to divide it by 12 and have a monthly amount, you know, that you put away, or maybe you do it, you know, by 26 and get 26 weeks Anyway, I'm getting, I'm getting in the weeds. Know, know your debt. And know what you need to do to get out of debt. I'm not a, I'm not a big believer that everybody has to be debt free. Is it nice to be debt free? Oh, absolutely. But, there's also no judgment if you're quite a bit in debt. Because, you know, we all have to live and we all need to pay some things off and we may not have the resources to pay it off. And then finally, well, no, not finally. Know how much you're putting toward your retirement. How much you're putting toward just, you know, your emergency savings your investments. And then, Know how you're invested and that you may need to work with, you know, a financial professional because Something that is important to me is I want to be in alignment with my money. I want where my money goes I want it to feel good to me and If you are just blindly in investing in index funds, chances are there are some companies that you're invested in that you don't believe in at all. And, you know, that's, that's a little bit about out of alignment. Now it can be by choice that you're doing that and you're like, I don't care, I want the returns. But a lot of people want to use their money to represent what they believe. And then finally know what happens if you. suddenly pass. It's not a very good talk. I mean, it's not a fun topic to talk about, but none of us are going to make it out of this life alive. So planning for the what ifs, if something happens to you, and you need to know if something happened to me today, what's going to happen to my loved ones. You know so yeah, that's kind of know everything. It's kind of what I just said, but just be aware, aware of all of that. And if you need someone to guide you through, there are lots of us that will do free consultations that we can help you get a handle on knowing what you have. Wow. So very, very good. Yes. That is the step I do with all my clients. We get into their weeds and we know exactly what we're dealing with. So very, very important. Something you can do on your own. So thank you. Oh, yes. I have one more thing that people may not realize. So I do comprehensive financial planning. And part of that is insurance analysis. So, I don't sell insurance, but I've been licensed to sell insurance in the past. Both life, health, disability, uh, property and casualty, all of it, I've been licensed before. So, whenever people do a financial plan, I also do an insurance analysis to see if, one, they're overpaying, they're underpaying, they're overinsured, underinsured, so we look at if your insurance or logic, insurance coverages are logical. To, you know, your life. So that's another component. A lot of people don't realize that's a part of the financial planning process. Yes, very important to pay attention to how much you actually need. Yeah. I think some, some insurance salesmen's just blanketed as why wouldn't you want to leave your family this much amount consider it, think about it. So yes, thank you for all of the wonderful information today and listeners. I hope you can take action. You will find all of DeeDee's links in the show notes below. She's on LinkedIn. She's on Facebook. And. Her book is on Amazon. So thank you for being here, Didi. We appreciate it. Thank you so much, Dalene. I always love talking with you. Yes, me as well. Thank you.