9 Minute Money Tips

The U.S. is one of the only industrialized countries without a national paid leave policy for parents. Although, companies with >50 employees must comply with FMLA by providing up to 12 weeks of unpaid maternity leave. And while few states have a publicly-funded disability program (CA, MA, NJ, RI, or NY), no federal or state law requires companies to pay for parental leave for employees.While larger companies have begun to voluntarily expand paid leave policies, offering competitive parental leave benefits is a challenge for small businesses who may not have the financial or labor resources to do so. This is where business owners may have to get creative.Here are 5 strategies for building a parental leave policy for your business:Utilize Short-Term Disability Offer paid time off Use flex hoursAllow work from homeGive unpaid time offIt goes without saying that these strategies may not work for all businesses, but developing a combination of these 5 to fit your line of business can improve employee wellbeing, satisfaction, retention, and morale, while also enhancing overall company culture.Find the blog version of this podcast at LuminaryWealth.comOr check out the video version of this podcast on our YouTube channelFollow us on Instagram @luminary.wealthLet's connect on LinkedInDisclaimer:This podcast is not intended to provide financial or tax advice. The information, services and other content provided on and through this podcast, including information that may be provided in the show notes (directly or via linking to third-party sites), are provided for informational purposes only. Please consult with your tax, investment or other financial professional regarding your personal financial situation. 

Do you remember the toilet paper craze of 2020? Or the gasoline hysteria of 2021? Perhaps you were one of those people who heard about the potential shortage and immediately went to get yours. If so, this was actually a relatively normal response - and it's called "Panic Buying". A recent study from the Journal of Experimental Psychology looked at the behavior triggers that lead to a buying frenzy. What they found is that uncertainty plays a major role in our purchase decisions; and not just uncertainty, but more specifically, unexpected uncertainty. As chaotic as these situations were, it's normal human behavior. It's how we're wired to respond in unexpected uncertainty. And people often do the very same thing with investing. They see what everyone else is doing, they get scared, and make an impulsive decision out of fear, which doesn't end well 9 times out of 10. However, there is a way we can better manage this, so we're not simply slaves to our impulsesFind the blog version of this podcast at LuminaryWealth.comOr check out the video version of this podcast on our YouTube channelFollow us on Instagram @luminary.wealthLet's connect on LinkedInDisclaimer:This podcast is not intended to provide financial or tax advice. The information, services and other content provided on and through this podcast, including information that may be provided in the show notes (directly or via linking to third-party sites), are provided for informational purposes only. Please consult with your tax, investment or other financial professional regarding your personal financial situation. 

If you've ever enrolled in a 401k plan, you probably realized that choosing a dessert from Cheesecake Factory's extensive menu would have been easier than choosing from your 401k investment options. As your eyes glazed over while scrolling through the list of available funds, you probably encountered something called "Target Date Funds" (or "TDFs"). These funds have an asset allocation (split between stocks and bonds) that changes over time as you approach your target retirement year. The closer you get to that date, the less equity (risk) exposure the fund contains. These funds are designed for people who simply want to get their money invested without having to think about it again. And while these investment options provide an easy solution to those with limited investment knowledge or interest, they often aren't the optimal solution. How to Think About Asset Allocation blog postFind the blog version of this podcast at LuminaryWealth.comOr check out the video version of this podcast on our YouTube channelFollow us on Instagram @luminary.wealthLet's connect on LinkedInDisclaimer:This podcast is not intended to provide financial or tax advice. The information, services and other content provided on and through this podcast, including information that may be provided in the show notes (directly or via linking to third-party sites), are provided for informational purposes only. Please consult with your tax, investment or other financial professional regarding your personal financial situation. 

For serial entrepreneurs or veteran business owners, liquidity can be a common obstacle for funding new ventures. Generally, liquid assets (like cash or securities) are either tied up in the business or in retirement accounts, making them difficult to access (before age 59 1/2 at least).For business owners under the age of 59 1/2 who have accumulated substantial assets in tax-deferred accounts (like an IRA or 401k), there is actually a way to fund a business with retirement account assets without incurring taxes & penalties.It is called a Rollover for Business Startups (ROBS).In this episode we break down what a ROBS is, how it can be used, and some of the risks involved.Find the blog version of this podcast at LuminaryWealth.comOr check out the video version of this podcast on our YouTube channelFollow us on Instagram @luminary.wealthLet's connect on LinkedInDisclaimer:This podcast is not intended to provide financial or tax advice. The information, services and other content provided on and through this podcast, including information that may be provided in the show notes (directly or via linking to third-party sites), are provided for informational purposes only. Please consult with your tax, investment or other financial professional regarding your personal financial situation. 

If you're on the hunt for a new home (or a second home), then you understand how bizarre the U.S. real estate market is right now.If you're one of the lucky people to have bought real estate pre-COVID and blissfully unaware of the state of the market right now, let me paint a picture for you:Between April 2020 and April 2021, median house prices rose 19% to $341,600Over half of home-buyers are putting at least 20% down, the highest in historySince January 2020, 1,500 homes in Austin, TX sold for more than $100k over asking (72 of which sold for more than $300k over asking)This is a small glimpse of the insanity of the current real estate market in the U.S. While this is great news for sellers, it's not great news for buyers, especially first-time home-buyers. So what is going on? What caused this madness?Find the blog version of this podcast at LuminaryWealth.comOr check out the video version of this podcast on our YouTube channelFollow us on Instagram @luminary.wealthLet's connect on LinkedInDisclaimer:This podcast is not intended to provide financial or tax advice. The information, services and other content provided on and through this podcast, including information that may be provided in the show notes (directly or via linking to third-party sites), are provided for informational purposes only. Please consult with your tax, investment or other financial professional regarding your personal financial situation. 

In this episode, we dive into what Biden is proposing with the new tax plan, how it may affect business owners, and how you can begin determining what actions make sense for your situation.While nothing has been passed yet, President Biden has proposed the American Families Plan, which would substantially change tax rates for high-income individuals. One aspect of that reform includes increasing the long-term capital gains rates (for those with income over $1 million). Historically, long-term capital-gains (assets held for more than a year) have had preferential tax treatment. Depending on your income, LTCGs are taxed at either 0%, 15%, or 20%. For those lucky enough to have over $500k in income (roughly), Long-Term Capital Gains are taxed at 20%, which is much lower than the Ordinary Income Tax Rates for people at that income level, which could be around 35-37%.So What Is Biden Proposing?The American Families Plan would eliminate the preferential LTCGs rate for those with income over $1 million. Meaning, LTCGs over $1 million would be taxed at their Ordinary Income Tax rate, which could be as high as 39.6% under the new proposal (since Biden is proposing increasing the highest rate from 37% to 39.6%).Find the blog version of this podcast at LuminaryWealth.comOr check out the video version of this podcast on our YouTube channelFollow us on Instagram @luminary.wealthLet's connect on LinkedInDisclaimerThis podcast is not intended to provide financial or tax advice. The information, services and other content provided on and through this podcast, including information that may be provided in the show notes (directly or via linking to third-party sites), are provided for informational purposes only. Please consult with your tax, investment or other financial professional regarding your personal financial situation. 

At some roulette tables, they display "hot" and "cool" numbers to show what people have been winning and losing on throughout the night. Of course, we all know how this ends most of the time. While there are exceptions, in the long run, the house always wins. Using "hot" numbers every time usually doesn't result in consistent winnings for the player.  And unfortunately, people often use this same strategy when it comes to investing. They'll look at stocks that have recently performed really well, like Tesla or Apple, then try to get it on the action. In the end, the most prudent approach is a broadly diversified strategy that not only includes these companies, but also includes thousands of other companies. This would include smaller companies that are in the early growth stages (i.e. Apple before they were "Apple"). That way, when these companies do take off during the 10 years prior to making it in the top 10, you get the reward, as opposed to chasing that return after the fact.Find the blog version of this podcast at LuminaryWealth.comOr check out the video version of this podcast on our YouTube channelFollow us on Instagram @luminary.wealthLet's connect on LinkedInDisclaimerThis podcast is not intended to provide financial or tax advice. The information, services and other content provided on and through this podcast, including information that may be provided in the show notes (directly or via linking to third-party sites), are provided for informational purposes only. Please consult with your tax, investment or other financial professional regarding your personal financial situation. 

So many times, we use the excuse that if we just had more money then we would be better at saving. Or if we just had that new car or a new house, then we could get on track with our spending. The fault in that logic is that, for those with money problems, nothing will ever be enough. Because lack of money is not the root of the issue, a bad relationship with money is the issue. Find the blog version of this podcast at LuminaryWealth.comOr check out the video version of this podcast on our YouTube channelFollow us on Instagram @luminary.wealthLet's connect on LinkedInDisclaimerThis podcast is not intended to provide financial or tax advice. The information, services and other content provided on and through this podcast, including information that may be provided in the show notes (directly or via linking to third-party sites), are provided for informational purposes only. Please consult with your tax, investment or other financial professional regarding your personal financial situation. 

Over the past year, commission-free trading platforms like Robinhood, SoFi, Webull, Public.com, and Uphold have all grown in popularity, as the public's interest in trading stocks and crypto has increased during the year of the pandemic. While these platforms have successfully made it easier for the average person to affordably access markets, it does not come without consequences - one of those consequences potentially being a bigger tax bill. Find the blog version of this podcast at LuminaryWealth.comOr check out the video version of this podcast on our YouTube channelFollow us on Instagram @luminary.wealthLet's connect on LinkedInDisclaimerThis podcast is not intended to provide financial or tax advice. The information, services and other content provided on and through this podcast, including information that may be provided in the show notes (directly or via linking to third-party sites), are provided for informational purposes only. Please consult with your tax, investment or other financial professional regarding your personal financial situation. 

With a steady vaccine rollout (in the U.S. at least), declining COVID deaths, and warmer weather, the world appears much more hopeful than it did last year at this time.  And while we all probably wish we could wipe our memories of the pandemic, there are some valuable money lessons we can take away from the past year. Find the blog version of this podcast at LuminaryWealth.comOr check out the video version of this podcast on our YouTube channelFollow us on Instagram @luminary.wealthLet's connect on LinkedInDisclaimerThis podcast is not intended to provide financial or tax advice. The information, services and other content provided on and through this podcast, including information that may be provided in the show notes (directly or via linking to third-party sites), are provided for informational purposes only. Please consult with your tax, investment or other financial professional regarding your personal financial situation. 

Like any successful business owner, you are bound to make mistakes. But to the extent you can learn from others and minimize those mistakes, the more likely you are to stick with it and see the fruits of your labor. Here are 5 financial mistakes to avoid when starting your business.Find the blog version of this podcast at LuminaryWealth.comOr check out the video version of this podcast on our YouTube channelFollow us on Instagram @luminary.wealthLet's connect on LinkedInDisclaimerThis podcast is not intended to provide financial or tax advice. The information, services and other content provided on and through this podcast, including information that may be provided in the show notes (directly or via linking to third-party sites), are provided for informational purposes only. Please consult with your tax, investment or other financial professional regarding your personal financial situation. 

Providing your employees (and yourself) an opportunity for saving early is a huge financial benefit.  Larger companies have the time and resources to set up a 401(k) plan, but what about small businesses? What if you're a small team (or a team of one) with limited dollars and time? How can you provide an avenue for financial wellness? Find the blog version of this podcast at LuminaryWealth.comOr check out the video version of this podcast on our YouTube channelFollow us on Instagram @luminary.wealthLet's connect on LinkedInDisclaimerThis podcast is not intended to provide financial or tax advice. The information, services and other content provided on and through this podcast, including information that may be provided in the show notes (directly or via linking to third-party sites), are provided for informational purposes only. Please consult with your tax, investment or other financial professional regarding your personal financial situation. 

Have you ever had one of those weeks where the diet or budget just go out the window? You have a few "cheat" meals, or you spend a little more than you had planned, so you just decide to start over again next week? Rinse and repeat. Here I share a few ways to break this cycle. Find the blog version of this podcast at LuminaryWealth.comOr check out the video version of this podcast on our YouTube channelFollow us on Instagram @luminary.wealthLet's connect on LinkedInDisclaimerThis podcast is not intended to provide financial or tax advice. The information, services and other content provided on and through this podcast, including information that may be provided in the show notes (directly or via linking to third-party sites), are provided for informational purposes only. Please consult with your tax, investment or other financial professional regarding your personal financial situation. 

The passing of the latest stimulus (a.k.a the  American Rescue Plan Act of 2021) introduces a LOT of changes for 2021. Regardless of your income, age, or profession, this law will most likely impact your taxes in some way.  Here I walk through a very high-level overview of some of those big changes. ResourcesThe American Rescue Plan Act Of 2021: Tax Credits, Stimulus Checks, And MoreFind the blog version of this podcast at LuminaryWealth.comOr check out the video version of this podcast on our YouTube channelFollow us on Instagram @luminary.wealthLet's connect on LinkedInDisclaimerThis podcast is not intended to provide financial or tax advice. The information, services and other content provided on and through this podcast, including information that may be provided in the show notes (directly or via linking to third-party sites), are provided for informational purposes only. Please consult with your tax, investment or other financial professional regarding your personal financial situation. 

President Biden recently signed the American Rescue Plan Act of 2021 into law, making this the third "stimulus" since the pandemic began back in March 2020, nearly one year ago. While this stimulus includes a  wide variety of provisions, here is a quick overview of how it may impact small business owners.ResourcesJournal of Accountancy: PPP New Eligible OrganizationsPPP Local Lender MatchRestaurant Revitalization Fund Eligible ExpensesShuttered Venue Operator Grant (SVOG) ProgramCross Program Eligibility on SBA Coronavirus Relief OptionsFind the blog version of this podcast at LuminaryWealth.comOr check out the video version of this podcast on our YouTube channelFollow us on Instagram @luminary.wealthLet's connect on LinkedInDisclaimerThis podcast is not intended to provide financial or tax advice. The information, services and other content provided on and through this podcast, including information that may be provided in the show notes (directly or via linking to third-party sites), are provided for informational purposes only. Please consult with your tax, investment or other financial professional regarding your personal financial situation. 

It's not uncommon for people to get caught up in the onboarding of a new job and gloss over the details of the 401k.  For that reason, most people just set their contributions at the minimum amount required to get the employer-match.  After that, it rarely gets revisited. It's also a common assumption that the minimum 401k contribution to get the employer-match will be adequate savings for retirement.  But is this actually true? 401k CalculatorsSmartAsset 401(k) CalculatorNerdWallet 401(k) CalculatorBankrate 401(k) CalculatorCalculator.net 401(k) CalculatorFind the blog version of this podcast at LuminaryWealth.comOr check out the video version of this podcast on our YouTube channelFollow us on Instagram @luminary.wealthLet's connect on LinkedInDisclaimerThis podcast is not intended to provide financial or tax advice. The information, services and other content provided on and through this podcast, including information that may be provided in the show notes (directly or via linking to third-party sites), are provided for informational purposes only. Please consult with your tax, investment or other financial professional regarding your personal financial situation. 

There are two things going on right now regarding Federal student loans: 1) Payments on Federal student loans and interest accrual on those loans have been put on pause until September 2021; and 2) There is talk about forgiving $10,000 of Federal Student Loans. So what does this mean for you? Find the blog version of this podcast at LuminaryWealth.comOr check out the video version of this podcast on our YouTube channelFollow us on Instagram @luminary.wealthLet's connect on LinkedInDisclaimerThis podcast is not intended to provide financial or tax advice. The information, services and other content provided on and through this podcast, including information that may be provided in the show notes (directly or via linking to third-party sites), are provided for informational purposes only. Please consult with your tax, investment or other financial professional regarding your personal financial situation. 

Like diets, budgets don't work for the vast majority of the population. But time after time, we're told to follow a budget. We know we should change, we want to change, but we struggle to actually change! Why is this? And is there a better solution? Find the blog version of this podcast at LuminaryWealth.comOr check out the video version of this podcast on our YouTube channelFollow us on Instagram @luminary.wealthLet's connect on LinkedInDisclaimerThis podcast is not intended to provide financial or tax advice. The information, services and other content provided on and through this podcast, including information that may be provided in the show notes (directly or via linking to third-party sites), are provided for informational purposes only. Please consult with your tax, investment or other financial professional regarding your personal financial situation. 

Like with anything, starting a  business (or side hustle) costs money. Depending on the type of business, it may cost a lot of money. In many cases, people often forgo savings for a period of time to fund their new venture, with the hope that it will eventually pay for itself.  So what kind of income will your business need to produce to make up for the savings that you forfeited to start that business?Link to spreadsheet --> Side Hustle Break Even AnalysisFind the blog version of this podcast at LuminaryWealth.comOr check out the video version of this podcast on our YouTube channelFollow us on Instagram @luminary.wealthLet's connect on LinkedInDisclaimerThis podcast is not intended to provide financial or tax advice. The information, services and other content provided on and through this podcast, including information that may be provided in the show notes (directly or via linking to third-party sites), are provided for informational purposes only. Please consult with your tax, investment or other financial professional regarding your personal financial situation. 

With the recent events around GameStop, apps like RobinHood have grown in popularity with individual investors hoping to land that one big stock that will provide overnight wealth. Today I look at what happens with these get-rich-quick strategies.  Find the blog version of this podcast at LuminaryWealth.comOr check out the video version of this podcast on our YouTube channelFollow us on Instagram @luminary.wealthLet's connect on LinkedInDisclaimerThis podcast is not intended to provide financial or tax advice. The information, services and other content provided on and through this podcast, including information that may be provided in the show notes (directly or via linking to third-party sites), are provided for informational purposes only. Please consult with your tax, investment or other financial professional regarding your personal financial situation. 

Stories of a Reddit group taking on Wall Street hedge funds have dominated the news over the past couple of days. Here is a quick overview of what is going on.Find the blog version of this podcast at LuminaryWealth.comOr check out the video version of this podcast on our YouTube channelFollow us on Instagram @luminary.wealthLet's connect on LinkedInDisclaimerThis podcast is not intended to provide financial or tax advice. The information, services and other content provided on and through this podcast, including information that may be provided in the show notes (directly or via linking to third-party sites), are provided for informational purposes only. Please consult with your tax, investment or other financial professional regarding your personal financial situation. 

You have probably heard the common phrase "Save early and save often".  Here I show how this piece of advice can mean the difference of millions of dollars, by comparing someone who started saving early against someone who waited 10 years to start saving. Find the blog version of this podcast at LuminaryWealth.comOr check out the video version of this podcast on our YouTube channelFollow us on Instagram @luminary.wealthLet's connect on LinkedInDisclaimerThis podcast is not intended to provide financial or tax advice. The information, services and other content provided on and through this podcast, including information that may be provided in the show notes (directly or via linking to third-party sites), are provided for informational purposes only. Please consult with your tax, investment or other financial professional regarding your personal financial situation. 

Have you ever made a spontaneous, unnecessary purchase on Amazon? Or have you ever felt the need to buy something after a stressful day of work? There is actually a biological reason why impulsive purchases feel good, and why we sometimes lose that battle.Find the blog version of this podcast at LuminaryWealth.comOr check out the video version of this podcast on our YouTube channelFollow us on Instagram @luminary.wealthLet's connect on LinkedInDisclaimerThis podcast is not intended to provide financial or tax advice. The information, services and other content provided on and through this podcast, including information that may be provided in the show notes (directly or via linking to third-party sites), are provided for informational purposes only. Please consult with your tax, investment or other financial professional regarding your personal financial situation. 

Welcome to 9 Minute Money Tips, where we simplify complex money topics in 9 minutes or less. You are busy. So are we.You don't have time to listen to a 40 minute podcast on finances, nor do we want to talk at you for that long. We hope this podcast serves as a quick, simple way to get a high-level understanding of money matters that impact you.  And most of all, we hope that these short episodes equip you with the knowledge to make smart decision with your money and offer you a small sense of financial peace.Thanks for listening! Find the written version of this podcast at LuminaryWealth.comOr check out the video version of this podcast on our YouTube channelFollow us on Instagram @luminary.wealthLet's connect on LinkedInDisclaimerThis podcast is not intended to provide financial or tax advice. The information, services and other content provided on and through this podcast, including information that may be provided in the show notes (directly or via linking to third-party sites), are provided for informational purposes only. Please consult with your tax, investment or other financial professional regarding your personal financial situation.