Brian discusses various topics regarding retirement including income, taxes and wealth preservation. This podcast is for anyone who wants to be prepared when they are ready to retire.
We have another in-studio guest with us today! Zach Shaffer joins Brian to share his journey from learning and growing in business to owning multiple successful ventures, including an AAMCO Transmissions franchise. Get Additional Information: https://financialplanningva.com/podcast/
A lot of people have questions about their retirement plan, but we find that they could often be asking much better questions… Get Additional Information: https://financialplanningva.com/podcast/
Today, Brian sits down to chat with Ty Walker of Smoke In Chimneys, an abandoned 1930s trout hatchery reborn in the hills of the Appalachia. Get Additional Information: https://financialplanningva.com/podcast/
An increasing number of Americans are reaching millionaire status. What are some of the most common strategies they're using to achieve this?
In this episode of the Retire with Integrity podcast, Brian Bowen and Brett Sharp discuss the current state of Social Security and its implications for retirement planning. They explore the importance of having a comprehensive financial plan that includes considerations for estate planning, wealth management, and lifestyle changes in retirement. The conversation emphasizes the need for proactive health and fitness strategies to enhance the quality of life during retirement, as well as the significance of charitable giving and family support in financial planning. 00:00 The State of Social Security and Retirement Planning 09:56 Understanding Wealth Management and Estate Planning 20:12 Navigating Retirement Transitions and Lifestyle Changes 29:58 Health and Fitness in Retirement: A New Perspective
In this episode of the Retire with Integrity podcast, Brian Bowen and Brett Sharp discuss the complexities of Social Security taxation, the importance of financial planning, and strategies for navigating business and real estate sales. They emphasize the need for proactive tax planning to avoid unnecessary losses and highlight the hidden fees in investment products that can erode retirement savings. The conversation also touches on the significance of understanding one's financial situation and the potential for tax efficiency through various strategies.
In this episode of the Retire with Integrity podcast, Brian Bowen and Brett Sharp discuss various financial strategies for the new year, focusing on investment approaches, diversification, tax planning, and the importance of holistic financial planning. They explore the challenges of retirement savings across different states, the high cost of living in places like Hawaii, and the necessity of risk management in investment portfolios. The conversation emphasizes the need for asset protection and building wealth outside of traditional retirement accounts, encouraging listeners to think about their financial futures with a comprehensive approach. 00:00 - New Year, New Financial Resolutions 02:54 - Investing Strategies for 2024 05:46 - Diversification Beyond the Stock Market 08:48 - Tax Planning Essentials for 2024 12:08 - Retirement Savings by State 14:53 -The Cost of Living in Paradise 18:14 -Risk Management in Investment Portfolios 20:57 -Holistic Financial Planning Approach 24:08 -The Importance of Asset Protection 26:54 - Building Wealth Outside Retirement Accounts
In this episode of the Retire with Integrity podcast, Brian Bowen and Brett Sharp discuss the pressing concerns of retirees, particularly focusing on inflation, long-term care, and the dynamics of the real estate market amidst fluctuating interest rates. They explore how these factors impact retirement planning and the financial security of older Americans, emphasizing the importance of proactive financial strategies.
This week Brian discusses the pros and cons of using HELOCs, emphasizing the importance of using the funds wisely and considering the potential risks. He also explains the benefits of seller financing in real estate transactions and highlights the tax advantages it offers. Additionally, Brian discusses the impact of interest rates on different types of investments and provides insights into making sound financial decisions. 00:00 Introduction 00:49 Discussion on Home Equity Lines of Credit (HELOCs) 02:10 Exploring the Benefits of Seller Financing in Real Estate 06:13 Impact of Interest Rates on Investments 09:03 Considering Tax Implications in Financial Strategies
Brian and Brett are back and in this episode they discuss the anticipation and anxiety surrounding a potential interest rate cut by the Federal Reserve in September. Thery explore the impact of interest rate cuts on the economy, investors, and savers. The conversation also touches on topics such as mortgage rates, inflation, and the future of Social Security. Additionally, the hosts discuss the importance of financial education and mindset in achieving financial goals. 00:00 The Anticipation and Anxiety of an Interest Rate Cut 01:57 Buying Opportunities in a Market Downturn 03:23 The Impact of Lower Interest Rates on Borrowers and Savers 04:23 The Current State of Mortgage Rates 09:34 Inflation and its Effect on Middle-Class Americans 15:18 The Importance of Financial Education and Mindset
In this episode of the Retire with Integrity podcast, Brian Bowen and Brett Sharp discuss the role of finance in retirement confidence. They share a story about a prospective client who was confident in his investment portfolio but had not considered tax planning or other strategies. They emphasize the importance of financial planning beyond just investing, including tax planning, estate planning, and building wealth through various avenues. They also discuss the difference between investing and saving, and the need for super savers to be more open to taking risks. The episode concludes with a discussion on different investment scenarios based on the timeline of needing the money. 01:28 The Core of Financial Planning 05:18 Investing vs. Saving 10:01 The Impact of Competition in Finance 14:10 Taking Risks as a Super Saver
In this episode, Brian Bowen and Brett Sharp discuss the importance of being a good financial role model for children, the challenges of retirement planning for business owners, and strategies for protecting and growing business assets. They also cover the topic of emergency savings, the role of Social Security in retirement planning, and the concept of single premium immediate annuities (SPIA) for retirement income. 00:00 The Importance of Being a Financial Role Model for Children 03:15 Challenges of Retirement Planning for Business Owners 06:34 Strategies for Protecting and Growing Business Assets 11:18 Understanding Emergency Savings and Financial Preparedness 13:46 The Role of Social Security in Retirement Planning
In this episode, Brian Bowen and Brett Sharp discuss the possibility of interest rate hikes by the Federal Reserve and the impact on the economy. They emphasize the importance of individuals taking control of their own financial lives and increasing their financial IQ. They also discuss the significance of understanding clients' fears, conflicts, and dying wishes when working as a financial advisor. Additionally, they touch on the topic of Social Security benefits for married couples and the potential tax benefits of not being married. 00:00 Introduction and Speculation on Interest Rate Hikes 03:13 Taking Control of Your Financial Life 06:06 Understanding Clients' Fears and Conflicts 09:28 Social Security Benefits for Married Couples
In this episode, Brian and Brett discuss various topics including an unusual way to dole out a man's inhertiance...with a posthumous scavenger hunt! The guys also discuss gift taxes, the importance of comprehensive financial planning, the rise in gold sales, and the need for a retirement plan. They emphasize the importance of collaborating with different advisors and taking the time to plan for retirement. And also discuss french fries being considered a "luxury". 0:00: French fries are a luxury? 4:03: Understanding Gift Taxes and Their Implications 8:49: The Importance of Comprehensive Financial Planning 13:09: The Need for a Retirement Plan: Even if Early Retirement Isn't the Goal
In this new episdoe Brian and Brett talk about various topics including the Federal Reserve's interest rate cuts, commercial real estate loans, selling rental properties, and long-term healthcare insurance. The hosts discuss the potential impact of interest rate cuts on the real estate market and the challenges faced by commercial real estate investors with balloon payments. They also provide insights on selling rental properties and the tax implications involved. Additionally, they debate the need for long-term healthcare insurance and the importance of analyzing the costs and benefits.
Brian and Brett talk about creative ways to reduce tax burdens, such as giving property deeds to farmhands or getting married on paper. Brian also talks about and helps you to understand more aabout opportunity zones and 1031 exchanges. He also emphasizes the importance of knowing the tax rules and planning for the five D's: death, disability, divorce, disagreement, and distress. The guys also discuss advice for business owners and real estate investors on how to minimize taxes, pass on wealth to the next generation, and create exit plans 00:00 Creative Ways to Reduce Taxes 02:47 Exploring Tax Strategies 05:44 The Limits of Tax Planning 13:02 Planning for the Five D's 21:30 Creating Exit Plans 23:13 Seeking Advice and Considering Estate Planning
In this episode, Brian Bowen interviews Damon Gatier, a successful real estate agent and business owner. Damon shares his journey from various occupations to finally pursuing his dream of becoming a real estate agent. He emphasizes the importance of coaching and mentoring in his success and highlights the value of continuous learning and personal growth. Damon also discusses his strategy of diversifying his business ventures and acquiring other businesses. He shares insights into the challenges and rewards of transitioning businesses and the importance of having a clear vision and desire for success. 02:49 How Damon got to into Real Estate 06:05 The Importance of Coaching and Mentoring 09:04 Diversifying Business Ventures 10:54 Acquiring and Transitioning Businesses 14:13 Family and Future Succession 15:48 Owning Multiple Businesses 21:08 Closing Remarks
In this episode, Brian Bowen and Brett Sharp discuss Qualified Charitable Distributions (QCDs) and their benefits for individuals over retirement age. The guys also explore the impact of mortgage interest rates on real estate and the considerations for downsizing or relocating. They highlight the retirement crisis faced by late Baby Boomers and the importance of thorough financial planning. Overall, the episode emphasizes the need for proactive tax planning and comprehensive financial strategies. 06:03 The Importance of Tax Planning 08:23 Benefits of Charitable Gift Annuities 10:10 Setting Up Nonprofits and Charitable Trusts 12:32 Considerations for Downsizing or Relocating 16:22 Retirement Crisis for Late Baby Boomers 18:13 Impact of the Great Recession 20:07 The Importance of Financial Planning 21:33S tock Market Performance in Election Years 23:46 Importance of Estate Planning and Power of Attorney
In this episode, Brian Bowen and Brett Sharp talki about Jeff Bezos' tax savings after moving to Miami. They then discuss the tax benefits of moving to Florida and other states with no income tax. The conversation shifts to the recent market drop and indicators of a possible recession. They also emphasize the importance of knowing one's retirement savings and share a story about the challenges of managing finances after a spouse's death. There's much more so please listen to har what else the guys are talking about.nt. 01:50 Tax Benefits of Moving to Florida 02:44 Market Drop and Recession Indicators 05:03 Importance of Knowing Retirement Savings 06:23 Challenges of Managing Finances After Spouse's Death 13:13 Increasing Financial IQ for Retirement 19:43 Building a Comprehensive Retirement Blueprint 20:10 Finding Purpose and Activities in Retirement
In this episode, Brian Bowen and Brett Sharp discuss the futility of trying to time the market and the importance of investing in a recession-resistant portfolio. They highlight the concept of the all-weather portfolio, which aims to provide steady returns with lower risk. The conversation then shifts to the Federal Reserve's role in evaluating inflation and the potential for rate cuts. Brian emphasizes the need for individuals to take control of their financial future and not rely solely on market timing. Also, if you're a business owner don't miss Brian's take on the importance of exit planning. 00:30 Is it Possible to Time the Market? 03:24 Investing in a Recession-Resistant Portfolio 06:12 The All-Weather Portfolio 09:35 The Ineffectiveness of Timing the Market 10:30 The Federal Reserve and Inflation 13:41 Taking Control of Your Financial Future 15:38 Understanding Personal and Enterprise Goodwill 19:47 The Importance of Enterprise Goodwill 23:31 Building and Growing Your Business 24:46 Preparing for an Exit
In this episode, Brian Bowen and Brett Sharp discuss the top 10 tax strategies that all wealthy people must know. They cover a range of topics including cost segregation, captive insurance, defined benefit plans, tax loss harvesting, 1031 exchanges, opportunity zones, estate taxes, 706 portability, intermediate installment sales, and qualified small business stock. These strategies can help individuals and business owners reduce their tax liabilities and maximize their wealth. As we heaed into tax season these are things you need to know. 00:55Tax Tip #1: Cost Segregation 03:01Tax Tip #2: Captive Insurance 05:46Tax Tip #3: Defined Benefit Plan 06:44Tax Tip #4: Tax Loss Harvesting 08:04Tax Tip #5: 1031 Exchange 10:28Tax Tip #6: Opportunity Zones 15:08Tax Tip #7: Estate Taxes 19:49Tax Tip #8: 706 Portability 22:08Tax Tip #9: Intermediate Installment Sale 24:30Tax Tip #10: Qualified Small Business Stock
In today's episode, Bian Bowen gives Brett Sharpe a lesson in investing in real estate, specifically turning an old hotel into an apartment building and selling self storage units. They cover topics such as financing options, starting small in real estate, finding deals, asset protection and estate planning. As well as the value of consulting and education, and tax implications when selling self storage units. The conversation emphasizes the importance of financial coaching and seeking professional advice when making significant financial decisions.
Brian Bowen discusses various tax reduction strategies and planning techniques. He explores creative ways individuals have tried to reduce their tax burden, such as unconventional marriages and moving to different states. Brian emphasizes the need for comprehensive exit planning and the consideration of the five Ds (death, disability, divorce, disagreement, and distress) when creating an exit strategy. He also highlight the significance of involving trusted advisors in the planning process. 00:29 Creative Tax Reduction Strategies 05:17 Legal and Ethical Tax Reduction 10:32 The Importance of Planning for the Five Ds 13:09 Depreciation Recapture and Selling a Business 21:36 Exit Planning for Real Estate Owners
In this episode, Brian Bowen discusses the impact of interest rates on the real estate market, the potential changes in home values, the government deficit, and political corruption. They also delve into estate planning and tax strategies, as well as retirement planning for individuals without children. Interest Rates and Real Estate (00:29) Home Values and Market Changes (02:22) Estate Planning and Tax Strategies (09:16) Retirement Planning without Children (11:06)
In this episode, Brian Bowen and Brett Sharp discuss the 1031 exchange and its benefits for real estate investors. They explain the process of a 1031 exchange and the importance of finding a qualified intermediary. Additionally, they explore various tax strategies for selling a business, suggested by the governemnt! That's kinda crazy, right? Some tips like negotiating the sale of a sole proprietorship and selling a partnership interest. They highlight the advantages of opportunity zones and the benefits of employee stock ownership plans (ESOP) for business owners and employees. What is a 1031 Exchange (:29) The process of the 1031 Exchange (3:23) The tax benefits of a 1031 Exchange (7:46) The government is giving out tax tips? (12:23) Opportunity Zones and tax deferrals (16:26)
In this episode Brian dives into the things you should be considering at this time of year when it comes to taxes. Whether you're a business owner or an individual, check out what Brian has to say about dealing with taxes and your retirement money. He talks about folks he has helped and ways that you can pay what you have to but hopefully nothing more. Offsetting taxes from a business sale (1:03) When do start asking for help when selling your business? (3:46) How many tax strateies are a good fit for you? (10:10) Are you getting advice from the right people? (18:45)
In this episode, brian runs down a whole bunch of things including an NFL player who put his paycheck online and offered financial advice to go with it. Also, Brian & Brett talk about the Rule of 72 and how hat works as well as year end tax tips we can all learn something from. Plus, the importance of an HSA and how that could work in your favor for retirement. NFL Money Tips (:34) Rule of 72 (3:46) Year End Tax Tips (8:56) Reasonable Compensation (14:58) HSA Accounts (18:20)
In this episode Brian reacts to the news of a possible upcoming recession as well as chagnes to your Required Monthly Distribution. Also, are interest rates affecting treasury bonds and how does Brian really feel about the high rates of today. Plus a lot more talk of the things that affect your retiremnt money. Here are the topics Brian talks about on today's show: · Recession news (0:24) · Treasury Bonds & interst rates (04:55) · Social Security age question (07:02 ) · RMD requirements changing (10:05 ) · "Death Tax" talk (15:54 )
More American small businesses than ever are filing for bankruptcy and in this episode Brian Bowen talks about why he believes that's happening. Also, Brian and Brett discuss buying gold from Costco and what affect the continuing growth of artificial intelligence may have on the financial world and ultimately your retirement. Here are the topics Brian talks about on today's show: · Small business bankruptcies (0:30) · Buying gold from Costco? (11:24) · Artificial Intelligence & it's affect on your retirement (16:48 )
This episode, Brian Bowen the best ways to deal with getting out of your business when you no longer want to be working. Also, don't get surprised by taxes in retirement! Brian talks about what he and his team do to help you avoid that kind of situation. Homeowners in America have a huge amount of equity in real estate right now, find out how much and what you should be doing with yours. And finally, does your car know more about you than it should? Brian and Brett dive into that as well. Here are the topics Brian talks about on today's show: · Is your car spying on you: (0:00) · Integrity Inbox - Selling Your Business & Taxes (3:00) · Dealing with unexpected taxes in retirement (12:15 ) · The amount of home equity in America is how much? (22:03)
In this week's episode, Brian Bowen talks about retirement age and how you should aproach yours. Also, global oil production and the effect it will have on our continuing battle with inflation. Remember the regional banking crisis earlier this year? Well, more fallout from that could affect your account. And if you're looking at buying or selling a home, there's kind of a stalemate between both sides. Who holds the cards right now in real estate? brian talks about that as well. Plus, Brian and Brett discuss DiGiorno's newes pizza idea. Here are the topics Brian talks about on today's show: · Comparing world wide retirement ages (1:06) · IOil prices and U.S> inflation (8:32) · Bank crisis fallout (11:13 ) · Who holds the upper hand in real estate? (17:28)
Brian Bowen tackles a lot of stuff in this week's episode. Things that affect your retirment and ways for you to deal with them. He answers the question how hard is to plan for retirment, really? Also, did you know that you are a money role model for your kids and grandkids? And what Gen Z thinks about the future of scial security, is better than what others think about it? And Brian talks with Brett about the return of classic Atari games as they stroll down memory lane. Here are the topics Brian talks about on today's show: · Required Long Term Healthcare (1:53) · Is Retirment Planning That Hard?(5:40) · Are You A Good Money Role Model? (12:33 ) · Gen Z's Social Security Outlook (16:15)
Oh there's a lot to get through in this episode. Brian and Brett talk about the guy who was behind the movie The Big Short and his predictions for the economy . Also, the current state of the real estate market and what the means for us in retirement as well as how important is a perfect credit score of 850, really? And, if you're a coffee drinker, a new study out shows the relationship between caffiene and how much you spend. Listen to find out what that's all about. Here are the topics Brian talks about on today's show: · The Big Short (1:40) · Real Estate Stand Off (3:07) · Credit Score of 850 (11:57 ) · The cost of cleaning up greenhouse gasses? (18:45)
In this episode Brian and Brett talk about market fears and if those afraid to stay in the market find gold to be the answer. Also, how big is the credit card debt in our country? Brian talks about how big it really is and how this happened. A long time company goes bankrupt and what that could mean to all of us. Plus, has it really come tho this? Stores having to lock up ice cream, listen to find out why. Here are the topics Brian talks about on today's show: · Yellow Freight Bankruptcy (7:40) · Is gold the answer (12:00) · Credit card debt is huge (12:55) · Are we in for a hard or soft landing? (16:10)
Thios week Brian & Brett discuss everything from the hazards of pickleball to truly understanding what you have financially. Brian discusses how to best plan for retirement now that we as a group are living longer. Also, understanding financial risk and how far are you willing to go with it. Do you truly understand where you are financially? A lot of us don't so Brian talks abotu the best ways to bring your financial picture into focus. Here are the topics Brian talks about on today's show: · Financial Risks (7:40) · Legacy Planning (12:00) · Understanding Your Finances(7:21)
In this episode, Brian and Brett talk about a lot of things concerning your retirement. They discuss a strategy known as the "do nothing portfolio" and whether that's a good idea or not. Also the perils of not having an estate plan in place as well as what are the top 10 worst states to live in? FInd out why in this episode. Here are the questions Brian answers on today's show: · Worst States (:50) · Do Nothing Portfolio (2:05) · Estate Planning (7:21) · The Inbox - How To Sell Your Business (18:50)
In this episode, Brian Bowen talks about the expected increases to Medicare. Are you ready for these kinds of things in retirement? Having a financial plan for your retirement years that anticipates all the obstacles is just what Brian and his team can help with. Also, Brian and Brett talk about Artifical Intelligence (AI) and it's effect on our day to day lives as well as the phenomenon of phubbing. What is phubbing? Listen to fine out. Here are the questions Brian answers on today's show: · Phubbing (1:27) · A.I. (5:36) · Wind Power Or nOt To Wind Power (12:46) · Rising cost of Medicare(19:30)
In this episode, Brian & Brett talk about a new scam to watch out for, this one is aimed at buisiness owners. Also, why is Costco talking recession and why it is so important to actually listen to the fiduciary from whom you're seeking advice. Here are the questions Brian answers on today's show: · Costco talks recession (0:33) · ERC Tax Break Scams (6:31 ) · Listen To Your Gut? (15:10)
When you've made your small business both your livelihood and retirement plan, there's a lot to sort out when you're ready to sell it. Brian answers a question from the mailbag from someone ready to wash his hands of owning and running a storage facility. What can he do to avoid a big tax bill? Here are the questions Brian answers on today's show: Mailbag: Ready to sell a storage unit facility, but how can I limit my taxes? (0:20) Mailbag: What should I know about a charitable lead trust? (12:04) How do I teach the next generation? (19:04) Get Additional Information: https://financialplanningva.com/podcast/
Are you prone to making these major mistakes when it comes to taxes and overpaying? You have to be looking at your income and looking at your deductions and strategize in order to avoid major tax mistakes. Are you doing everything you can do? One of the keys to cutting taxes is timing. What other strategies should you keep in mind? Here's what you'll learn on today's show: What are the most expensive tax mistakes? (0:12) Pay attention to what you're going to pay in taxes. (4:28) Realize that the calendar can be used to your benefit. (5:32) Missing depreciation is a big mistake. (8:17) Don't overlook medical expenses. (15:19) You don't want to forget about car and truck expenses. (19:56) Skipping a plan for your taxes is a huge mistake. (22:34) Get Additional Information: https://financialplanningva.com/podcast/
We all have things that bother us. What kinds of things bother financial advisors like Brian? In this episode, Brian shares his biggest pet peeves in the financial industry, such as hidden fees, and how he advises his clients about them. He also answers a question from the listener mailbag and sheds light on the private wealth division. Here's what we talk about on today's show: Mailbag: What do I do about taxes when selling an apartment building? (0:12) Pet peeve: Hidden fees! (11:34) What qualifies Integrity Financial Planning to work in the private wealth division? (17:19) Get Additional Information: https://financialplanningva.com/podcast/
It's quiz time! How would you grade your financial competency? Join us as we ask some critical questions when it comes to your finances. Stay tuned and test your knowledge by seeing how many of these questions you can answer! At the end of this episode, Brian will also answer a few questions from the mailbag. Here are the quiz questions as well as two questions Brian answers from the mailbag: Do you know how much you have? (0:29) Do you know how much risk you have? (5:37) Do you know what you're paying in fees? (8:25) Mailbag: I'm a beneficiary of my sister's life insurance, but her ex says it should be his. (11:07) Mailbag: Is it true that I need 15-20 times my annual salary saved to retire comfortably? (18:58) Get Additional Information: https://financialplanningva.com/podcast/
What financial commandments should you be following? In this episode, we talk through what “thou shall” and “shall not” do when it comes to your finances and retirement planning. Brian shares some client examples of what this can look like and how to stay on the straight and narrow in order to reach your financial goals. But before we jump in, we'll talk through some market predictions, how your net worth could be impacted by the current environment, and what to keep an eye on in the coming months. Stay tuned for some valuable insights and tips for making more informed financial decisions. Here's what you'll learn on today's show: What should high net-worth individuals watch out for the next several months? (0:12) Will the Fed reverse the rate hike? (9:22) Thou shall not compare your investments to the stock market without the proper context. (11:40) Thou shall not give up before giving your strategy enough time. (15:15) Thou shall not chase big returns too late in life. (18:12) Thou shall not ignore costs and fees. (21:30) Get Additional Information: https://financialplanningva.com/podcast/
One listener recently inherited her father's farm and an IRA and is thinking about cashing it all out in order to retire. Is this a good plan? In this episode, Brian reflects on some of his own experiences with moving and selling farm property and also shares his philosophy as a financial planner. He's what we'll discuss in this episode: Mailbag: After inheriting the family farm, is there anything wrong with selling it and retiring? (0:12) What is Brian's financial planning philosophy? (11:33) What happens when people take the right amount of risk? (15:15) Get Additional Information: https://financialplanningva.com/podcast/
When you meet with a financial advisor are they addressing your entire portfolio? More than simply IRAs and Roth investments, your advisor should see the whole picture. A major part of the picture is understanding tax-efficient investing. From 1031 exchanges to municipal bonds, you want to make sure to leverage your best options. It's also important to understand what your life looks like in retirement and how your investments will support that lifestyle. In this episode, Brian answers two questions from business owners trying to understand their best options moving forward. Here's what we cover on today's show: What are tax-efficient investments? (0:13) A 1031 exchange could be a good option. (2:52) What can you do with real estate when in retirement? (5:56) Mailbag: Will selling my business provide enough income in retirement? (11:37) Mailbag: What should I do about my inherited pizzeria business? (18:26) Get Additional Information: https://financialplanningva.com/podcast/
What if you could reduce one of your biggest expenses? For some, taxes are a major expense, so it's vital that you are strategic about your taxes, both now and in the future. If your tax rate is in the high 20s and 30s, that bill could amount to a high portion of your total costs. In this episode, Brian talks through several strategies people consider when it comes to minimizing taxes and whether you should incorporate them into your financial plan. Here's what you'll learn on today's show: How can you reduce your biggest expense? (0:12) Should you max out retirement accounts? (11:44) What is a back-door Roth? (12:34) Should you contribute to an HSA? (15:36) Is it worth contributing to a 529? (16:30) How should you use charitable gifting strategies? (17:58) There's a new lottery winner in Virginia. (19:45) Get Additional Information: https://financialplanningva.com/podcast/
What does it mean to be an accredited investor? Brian talks about what's required and what it looks like if you qualify. The options are different for an accredited investor, which has come up for some of his clients in need of creative solutions such as a 1031 exchange. Another question is, are reverse 1031 exchanges legal? Later in the show, Brian shares about helping his clients through a 1031 exchange. Here's what you'll learn in today's show: What is the role of an accredited investor? (0:21) Are reverse 1031 exchanges legal? (9:45) Do I need to save more for retirement to maintain my lifestyle? (12:49) What client examples does Brian have about 1031 exchanges? (19:36) Get Additional Information: https://financialplanningva.com/podcast/
Knowing what we know now, past decisions might have been made differently. As the saying goes, hindsight is 20/20. When it comes to investing money, you don't want to make detrimental mistakes that will leave you wishing you'd made different decisions in the past. In today's episode, we'll discuss why you shouldn't take the same financial risks in retirement as you might have in your 30s and 40s. Here's what we'll discuss on today's show: An example of how investors can make emotional decisions. (0:30) Not realizing how much risk you had moving into retirement. (5:33) Wishing you waited to take Social Security options. (6:40) Mailbag: Can I do a 1031 exchange? (10:50) New major business coming to Virginia. (18:13) Get Additional Information: https://financialplanningva.com/podcast/
Are you ready for some spring cleaning? More than just your closet or garage, you might want to assess what's in your financial closet. You might not want to address everything in there, but it would be wise to review it with your advisor. We've all made bad financial decisions, you just have to learn from them. In this episode, Brian shares some tips on how to clean up your financial closet. Here's what you'll learn on today's show: Visiting with a financial advisor is like opening up a financial closet. (1:39) Why Brian enjoys the process of organizing financial messes. (5:50) How can you start to begin organizing your financial life? (8:19) Mailbag: Business owner, ready to retire. What now? (11:50) Mailbag: Do I have to take a distribution every year on an inherited IRA? (18:55) Get Additional Information: https://financialplanningva.com/podcast/
From financial plans to home remodeling, it's common to be tempted to DIY your way there. But should you? When you do it on your own, you may be swayed by emotions or confusion. Financial planning can be complicated. Have you thought about taxes or estate planning or when to withdraw and from where? Having a financial advisor can help navigate those emotions and decisions so you can feel more at ease. From retirement income to tax strategies on an investment property, Brian shares what options you might have. Here's what you'll learn on today's show: Why shouldn't you plan retirement by yourself? (0:12) What having a pension can look like. (4:06) Tax planning plays a key role in financial planning. (7:42) Is there such thing as guaranteed income in retirement? (11:14) Bonds are more predictable but still not guaranteed. (15:47) Mailbag: What do we do about the taxes on selling our lake house? (18:46) Get Additional Information: https://financialplanningva.com/podcast/
If you are a small business owner (or want to be), there are a lot of financial decisions you have to make. From investing in the right industries to knowing how to sell the business when you are ready to retire, a good financial advisor can point you in the right direction. Brian answers three questions from the mailbag that cover selling a business, being strategic about your business taxes, and learning more about real estate investment trusts vs. owning real estate. Here's what you'll hear on today's show: · Mailbag: What should I know about selling a business to retire? (0:12) · Mailbag: Where do we begin with business taxes and depreciation? (11:11) · Mailbag: What is real estate investment trust? (18:07) Get Additional Information: https://financialplanningva.com/podcast/
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