Podcasts about IRAS

In this episode of Money Matters, Scott and Pat break down real-world tax strategies for high net worth investors dealing with multi-million dollar IRAs, brokerage accounts, and rising future tax liabilities. They walk through detailed listener cases—including a couple with over $18 million in assets trying to minimize RMD taxes, IRMAA surcharges, and legacy tax burdens—while sharing actionable tax strategies for high net worth investors. Here's what you'll learn: How to handle upcoming RMDs on multi-million dollar retirement accounts Why Roth conversions may have limited impact at higher income levels How gifting appreciated assets can reduce your taxable estate When to use a donor-advised fund instead of giving cash Why you should stop reinvesting dividends in taxable accounts How tax-loss harvesting technology can improve portfolio efficiency The importance of asset location (and how mistakes can cost you) How to better prepare large portfolios for generational wealth transfer Why AI can assist—but not replace—real financial advice If you're serious about optimizing your wealth, understanding the right tax strategies for high net worth investors can help you reduce taxes, protect your assets, and build a more efficient long-term plan. Join Money Matters:  Get your most pressing financial questions answered by Allworth's co-founders Scott Hanson and Pat McClain. Call 833-99-WORTH. Or ask a question by clicking here.  You can also be on the air by emailing Scott and Pat at questions@moneymatters.com. Download and rate our podcast here.  

Episode SummaryGeopolitical events feel catastrophic in the moment — but history says otherwise. In this episode of the Weekly Wealth Podcast, Certified Financial Planner David Chudyk breaks down exactly what investors should (and shouldn't) do during the ongoing Iran conflict and the market volatility it has created. From reevaluating your risk tolerance to turning off the news, David shares the same actionable strategies he discusses daily in his wealth management practice with business owners, high-net-worth individuals, and mass affluent clients.If you've been watching the markets with anxiety lately, this episode is your antidote.What's Covered in This EpisodeWhat history tells us about markets and geopolitical crisesHow to reevaluate your risk tolerance without panic sellingWhy cash and cash equivalents matter more than you thinkTax loss harvesting explained — how to turn a down market into a tax advantageRoth conversions during a market dip — why NOW could be the perfect timeHow to build a personal "Financial Fortress" that weathers any stormWhy social media and cable news are engineered to cost you moneyWhat you should absolutely NOT do during market volatilityA real client story about staying calm and coming out aheadKey Talking Points & Timestamps

1004. This week, Laura explains how to identify and fix overcontributions to your 401(k), IRA, and HSA. You'll learn the specific deadlines for 2026 to remove excess funds penalty-free and how to handle the tricky tax paperwork that follows. In This Episode: The Cost of Mistakes: Why IRAs and HSAs carry a 6% annual penalty for excess funds, and how 401(k) errors can lead to double taxation. 2026 Contribution Limits: The max limits for workplace plans ($24,500), IRAs ($7,500), and HSAs ($4,400–$8,750), including catch-up rules for those over 50 and 60. Common Pitfalls: How switching jobs, receiving year-end bonuses, or earning too much for a Roth IRA can trigger an accidental overcontribution. The Correction Timeline: Why April 15 is a hard deadline for workplace plans, while IRAs and HSAs offer flexibility until October 15 with an extension. New 2026 Rules: What high earners (making over $150k) need to know about the new mandatory Roth catch-up contributions. Step-by-Step Fixes: How to work with your account custodian to calculate earnings (or losses) and file the correct tax forms (1099-R, 1099-SA).

Chris’s Summary Jim and I discuss the Ed Slott quiz questions from his November advisor training, opening with the widow/widower tax penalty and required beginning dates for IRA required minimum distributions before moving into inherited IRA rules — year of death RMDs with multiple beneficiaries and the deadline for satisfying them, spousal rollover options, and spousal RMD timing. Jim’s “Pithy” Summary Chris and I dig into the Ed Slott quiz from my November advisor training — 20 questions, open book, and I scored 100 this time. We have been doing this for years and it is not just a matter of asking the question, giving the answer and moving on. We get into the rabbit holes, explain the nuances, and use it as a chance for everybody listening to test their own knowledge. We open with the widow/widower tax penalty and required beginning dates for IRA required minimum distributions — and the widow/widower question has nothing to do with IRAs but everything to do with retirement planning. The younger a spouse passes away the more intense the penalty, and the longer both of you live together the less it bites. From there we get deep into inherited IRA rules, which make up the bulk of the episode. How year of death RMDs work when there are multiple beneficiaries, and what the deadline is for satisfying them — there is a question in here that Ed Slott himself argued both sides of for years because the IRS never gave guidance until July 2024. We close on spousal rollover options and RMD timing rules that only apply to surviving spouses. A spouse has choices that no other beneficiary has, and the decision of which way to go can look very different depending on the ages involved. Chris makes the point well — whenever a spouse dies, hit the pause button before you do anything. The post Ed Slott Quiz – Widow(er) Tax Penalty and Inherited IRA Rules: EDU #2611 appeared first on The Retirement and IRA Show.

Re-releasing a DAT listener favorite! Chris Sands and Brent Saunier are on the podcast to talk about the hottest topics in the dental accounting world. Founding partners of Pro-Fi 20/20, these dental CPAs chat with Kiera about how to reduce overhead and expand the number of patients coming in, expense metrics from the hundreds of offices Pro-Fi works with, a tax rule you NEED to live by, what to stay away from financially with your business, and a ton more. Pro-Fi 20/20 is an accounting business that the Dental A-Team recommend. This episode is a goldmine of information from two fellows who know what they're talking about — especially with regard to the dental industry. Episode resources: Subscribe to The Dental A-Team podcast Schedule a Practice Assessment Leave us a review Transcript: Kiera Dent (00:00) Hello, Dental A Team listeners. This is Kiera. And today we are bringing you something so special. I am so excited because this is one of our most popular episodes from the archives. Whether you're hearing this for the first time or catching it again, I am so excited because it's jam packed with a ton of takeaways that you can start using right now in your practice. We have released thousands, literally thousands of episodes. And I wanted to start bringing a few of these amazing episodes back for you. So I hope you enjoy. And as always, thanks for listening and I'll catch you next time.   on the Dental A Team podcast.   speaker-0 (00:31) today I wanted to bring on two special guests. These are actually CPA in the CPA world. Believe it or not, Dental A Team actually consults this company. So we definitely love them. They went a step above most CPA companies and they really wanted to get to know the ins and outs of the dental world. So I'm super jazzed to bring them on and to just have them dive into some of the hot topics in the accounting world. ⁓ two people that I trust and recommend heavily. ⁓ I   They are one of my top three CPA firms that I refer and recommend constantly. So I'm excited to welcome Chris and Brent from Pro-Fi. How are you gentlemen today?   speaker-1 (01:06) Awesome, Kiera. Thanks so much for having us. We're excited to be with you.   speaker-0 (01:10) Yeah, absolutely. Brent, how are you doing today?   speaker-2 (01:12) I am doing great. I appreciate the invite. I'm looking forward to this 30 minutes with you.   speaker-0 (01:17) Yeah, absolutely. Well, who knows? We'll see how long this ends up going, guys. Brent, can't put a time on us. It could be dangerous zone.   speaker-1 (01:24) You're lucky he said he's doing great because we're in the heat of extended tax season, so he's kind of in the trenches. Lucky he's in a good mood.   speaker-0 (01:32) I know Tiffany has been trying to get back out to you guys to see you and Beth you heard this awesome rock star in the company She keeps saying like tiff. It's like extended tax time or it's this or it's that deadline I'm like, my gosh, you guys just have I think you're secretly adrenaline junkies of CPAs even though you don't come across that way But I think you love it cuz tax season I feel is just like adrenaline rush like trying to get to the deadline. I just can't imagine that stress like   Every quarter every year you just hit it. So props to you guys. That's not my world but super jazz to have you guys on here. ⁓ so Chris let's dive in I know there's some things so we're gonna kind of hit on overhead we're gonna talk about some taxing some Some things to be aware of i'm just so excited because this is a world I don't know and I do purposely bring really really talented and educated cpas and financial advisors onto the podcast because I'm we have a three-fold approach in our company. It's focusing on   Money and finances making sure your business is profitable you as a person and as an individual and then systems and teams top to bottom So I am big I think as a business owner. I wasn't profitable when I first started. I didn't know how to look at my numbers I didn't even know what the heck over influence. I was like googling how to figure it out So i'm just jazzing you guys are here. So Chris kind of take us away I know you had some great topics for today and i'm excited to just   Rift a little bit with you, dive into these things, things that are really tangible for our practices now, especially where you guys work with hundreds of offices across the nation. Lots of good data to be pulling out for our practices listening.   speaker-1 (03:04) Sure, well, ⁓ Kiera, I think that there's a lot of discussion around, does the DSO world seem to do a better job with overhead than the private practice world? I think a lot of private practice doctors are wondering that, they're frustrated or how do I get my overhead down? And a lot of times, I think when you focus on expenses, you tend to attract expenses. And in our world of accounting, I will often tell doctors that, ⁓   Accounting cannot make you money, it cannot generate revenue. The expenses part is the easy part for us that we can work on trying to reduce some things, but you either have a revenue problem or an expense problem. And in most cases it's actually, you creating enough revenue on your fixed expenses? And most of dentistry doesn't understand how simple that is to scale the dental business model when you look at it from a high level.   You scale a business and reduce overhead with doctor production. Okay. And so that means you need enough patients to see the practice that I worked in from my experience was 40 to 60 new patients a month per doctor, per full-time doctor. And it means you need to be reinvesting enough into marketing. And I'll talk about that, that expense or reinvestment of marketing in a minute to get those new patients. And you need to be.   monitoring the phones that get answered properly and there's conversion rate of those inbound calls to appointments scheduled. And then the real job is case acceptance. Okay, and so here I am in an accounting firm coming on your podcast and I bet you didn't think I was gonna like be talking about case acceptance.   speaker-0 (04:46) was like, wonder we didn't talk about all your time. I'm just kidding.   speaker-1 (04:49) So, know, dentistry is really the product that's being delivered. And if you're ethically diagnosing the need and creating the treatment plan, your job is to help the patient understand the urgency and necessity of fixing the problem and paying you to do that work. So your job isn't really the dentistry itself, it's case acceptance.   And your first task is to become great at case acceptance yourself as a practicing clinician. But then the real task as the owner is to be able to teach other doctors to become good at it. So I think, you know, the only the only variable overhead that the dental business model has is paying doctors a percentage of the dental collections that they create. And then you have labs and you have supplies.   associated with the dentistry that's delivered. those expenses are variable. They track with the amount of dentistry that gets done. Everything else is fixed overhead when you really think about it. Marketing is fixed and it only changes based on your choosing. Your team expenses are fixed and they only change when you hire or fire. Your rent and facility costs are fixed. Your equipment costs are fixed and only changed by your choosing. And the various required admin costs, they're all pretty much fixed. They only change by your choosing.   So if you can create more doctor generated collections with the same team and fixed expenses, your profit margin goes up, your percentage overhead, your percentage overhead to collections ratio goes down. Okay. And so I guess we see most private practice or single, should certainly say single location, solo doctor practices. We see them failing at this because they choose not to reinvest enough.   back into the business, into that marketing for new patients. They're not monitoring the phones. They're not training their team. They're not training their doctors on case acceptance. And they're too closely focused on just the clinical delivery of the dentistry. Don't get me wrong, that's required, but that's not what makes you successful or financially successful. So I can give you ⁓ some generic ranges for expenses, but the real thing is that   You know, the real way to scale a business is to generate more revenue on the same overhead. That's kind of the definition.   speaker-0 (07:20) And isn't that basically then probably the DSO model because they have lower fixed costs per se. They've figured out how to have centralized billing, centralized call center, centralized. So many things centralized that they don't need all these different things. So solo practices, if I'm understanding correctly, they've got all the costs associated, but they only have X number of revenue where when you start to add in those multiples of practices,   That's where your fixed costs, it's going, yes, of course your fixed costs will increase a bit, but I mean, I do know our fixed costs did not go up that much more when I added our second practice to it because I already have my base of fixed costs there and then we're just able to add more revenue. Is that kind of what you're saying? Am I understanding?   speaker-1 (08:01) Yeah,   I mean, you know, that, part about centralizing is, know, when you, when you do have multiple locations, I would say three or more, then you can consolidate the amount of team that's working the front desk into one location. Instead of needing three to five team members at the front desk in every office, you may only need three to five team members for all three offices. You're having one of the best things by the way, as kind of an aside, one of the best things that private practices can do as they grow is to get those phones off the front desk. You know, let.   speaker-0 (08:20) Right, right.   I agree.   speaker-1 (08:30) You know, like there needs to be, that needs to be in a totally separate admin space. But, ⁓ you know, I get asked that question a lot. Like my overhead is 65 % and how can I afford to hire another associate doctor and pay them 30 or 35 %? Well, you know, that doctor is going to create new collections. That's the point. It's not to give them your patients. It's to grow the number of patients coming in that, that you as one doctor maybe are stressed.   and you hire the next doctor and you've got to continue to invest in the marketing to keep your job as the owner is keep the chairs full, right? As long as the chairs are full, if that associate doctor is ethically diagnosing like you are, if you guys have a ⁓ clinical standard of care in your practice, if you guys talk about how you treatment plan and your treatment planning the same way, that's all required. But here's the real test. You know, how do they connect with people? How do they, how do they,   establish a relationship, establish trust and get them to move forward with that treatment. So I think dentists hate to use this word in dentistry, but the job is kind of sales. You know, if you believe in your product of dentistry to solve this need and like, again, if you diagnose decay and they don't get rid of it, you failed. I could go on a tangent on that, but the new doctor will bring new collections and you might have to hire at most, you know, an additional   speaker-0 (09:46) Yeah.   speaker-1 (09:55) Assistant or two and that would be a new fixed overhead. You would increase your fixed over it slightly But other than that the doctor covers all their costs with their their percentage pay the labs that are associated with it that the supplies are associated with it and You should net somewhere in the ballpark of 40 to 50 percent on the new collections they create and that that just adds to your profit Because all the other fixed overhead stays the same   speaker-0 (10:19) So I think there's a few things on there of like, I just, think it's a matter of realizing a lot of people bring on associates though, because they're tired, they want more free time. They don't want to be working as much. And I think it's important to clarify that if that's your model, that's totally fine. Everybody knows on the deadline team, I am not somebody who judges. I think everybody has their own personal path.   And so whatever jives with you and resonates with you. So if you're wanting to bring on an associate to have more free time, to not have to produce as much, fantastic, but realize that that overhead might not trickle down because now you're kind of replacing your cost with an associate that you're paying. And some doctors I know don't take as much pay as they would pay an associate per se, which to me, I think is a somewhat failed model. I'm really big on prepping and preparing for that associate, paying yourself as if you were an associate. So you know, these costs before you bring on an associate.   ⁓ but I really think it's important to note that because like you're saying that overhead will go down as long as the doctors are producing. And as long you're able to bring on that other doctor and have them produce, cause they should cover themselves. I definitely agree with that. ⁓ also I'm sure people are saying, yeah, but Chris, like in order to bring on another associate, I'm going to have to build out ops. That's a huge cost and expense. So I am curious, what have you guys found in Brent? You might have some answers to this Chris, you might. ⁓ but if an office is having to say, build out two more ops.   in their practice to be able to bring on an associate, how long does it usually take when you're doing build outs for that cost to be recouped and start being more profitable? Because oftentimes I do think that that gets into the problem with a lot of doctors is they're constantly building more to bring on these other doctors. So they're always adding more and more expenses. Like when do they ever break even? So what have you guys seen with build outs and different things like that of that break even point? How long should they plan for it to not be as profitable?   speaker-1 (12:09) Okay, I'm gonna give you a lot of answers on this. So number one, we use a metric called revenue per chair. So, you know, every, you   speaker-0 (12:17) What   do recommend? What do you guys recommend per chair?   speaker-1 (12:19) So yeah, everyone has a space and you have only a fixed number of spaces or operatories you can have in it. And there's only a fixed amount of time and days and hours and a number of doctors that you have. And revenue per chair capacity, we see a range between 25,000 to 40,000 per chair per month. And it does not matter when you do this. This is just, take collections and divide it by the number of chairs you have. ⁓   This does not matter how many chairs are for hygiene or how many chairs are for dentistry. That's your choice. Actually, you know, there are models where every chair can do everything and the patient never, but the 25 to 40,000 at 35,000 of revenue per chair, you're running fairly efficiently and you're going to need to be planning to expand. You're going to start to run out of space. So that's our metric first and foremost. And so if somebody tells us, well,   speaker-0 (12:53) Sure.   speaker-1 (13:09) I've got four chairs right now, but I have space for seven. I haven't built out the other three. I tell them, you don't need to build out the other three until you're approaching that $35,000 a month of revenue per chair. Question you asked, how much does it cost and when do you recoup that? So in my experience, typically it's around $25,000 per ⁓ operatory to equip it, assuming it's already plumbed. ⁓   after you just take that number and say, so let's say you were equipping a few operatories, so $50,000, you ⁓ essentially, your cost of the doctor plus the lab and supplies should max out at 50%. Okay, now they have to be producing. So until you get them, they've produced over $100,000. All right, let me do it per chair.   They need to do over $50,000 per chair for you to get your costs back. After that, you're in the money.   speaker-0 (14:09) which I think is also smart because I don't know. think dentists kind of err on two different sides. Sometimes they're too slow to actually build out. They are so cost conscious and so concerned about that build up, about the cost of the chair, about all the other things that they're missing, that that one chair is going to generate several thousands of dollars of revenue. I've had a few doctors where I'll say, sure, no problem. We'll do a deal. I will happily pay for that one chair and you pay me all.   the revenue that comes through from that chair for the next three months. That's all I ask is three months. and I know I'm going to come out way ahead of you because it will generate and it will produce, especially in high producing practices. So I think so often people are just so scared to do those build-outs because they see the cost or they do the flip side where they believe like, if we build it, they will come and they're overly aggressive and they don't have necessarily the patient base or the doctors in play to be able to accommodate that. So   I love, I need to agree. It's either cut costs or increase your revenue. Like that's really overhead.   speaker-1 (15:12) One more way to think about it is, you know, if they have patients that are having to wait so many weeks or months to schedule out to come in. if you can calculate your collections divided by the number of patients seen for any given time, for year to date or for a full year, you can get your average revenue per patient. Okay. And if you know your average revenue per patient, you know how many either new patients or how many more patients you need to fill that chair to cover the cost.   Okay. So if your average revenue per patient was, you know, $1,500 per patient, um, and the cost of that chair is 25,000, just take 25,000 divided by 1500. And that'll tell you how many patients have to be seen in that chair before you pay for that chair. Sure. You're to be in the money, you know, it's in terms of the construction. That's another basically upfront, one time fixed costs that you're going to cover. And then all the future revenue that it's going to generate. So.   Maybe if you like, think before we end this topic on overhead, I'll give you kind some of our expense metric. ⁓   speaker-0 (16:18) Sure, yeah, absolutely.   Well, hang on, before you go into expense metrics, I want to bring up one piece that I think often gets missed, because you're saying like we're in the money. But I also want to bring up something that I really love to point out, and that is return on emotion. Some people don't want to bring on an associate. Yes, like as a business model, you can be more financially successful with an associate. Yes, you can, having more chairs, more build out, more practices. ⁓ But I also want to point out there is a return on emotion. There are sometimes   Bigger headaches, they're also sometimes less headaches with bigger organizations. I personally love to consult larger practices. The pettiness, the cattiness, the smaller drama is way less in larger practices or multiple locations. So like that drastically drops down. They figured it out. They're dialed into systems. But at the same time, I think it's important for people to assess that return on emotion. You might have a dreamy life. You might be doing exactly what you want and sure you could produce more.   But if you're off work at say two or three o'clock every day and you work two or three days a week and you're shelling and seven fifty to a million in profit, not a bad lifestyle. So I think it's also important to assess like what you ultimately want and what your return on emotion is before just saying like, I'm going to build because this is the way to do it. I think if you're looking at your practices as a business model, which I personally think a lot of us should look at it that way, ⁓ just to see what you what you ultimately want, what's your end game. And that's also where I love financial advisors of   Like what is your total term? Like where do you want to get? Does it make sense to grow? Does it make sense to stay where I'm at? ⁓ I think oftentimes we, we forget that return on emotion and how that is. We always think of like return on investment, but what does that return on emotion too? So just want to put a plug of like, I think everyone's on their own path, their own journey. Definitely agree. There are lots of ways that you can be insanely profitable and having multiple practices is a great, great, great business play. And you're able to help more practices. I'm all in favor.   You're gonna have multiple locations. Make sure you're doing awesome dentistry because sure, it can be very lucrative. Just be ethical because I think that plays out long-term. So Chris, with that, what are some of the metrics you guys look at? Because I agree, I love to hear people's metrics. I think we're pretty closely aligned with you guys on metrics, which is another reason I really love working with you guys and your clients.   speaker-1 (18:32) So I think if you ⁓ were to survey the Academy of dental CPAs and all of their, what you see them put out statistically, they're gonna tell you the metric of one to 2 % for marketing. When you go and you immerse yourself in the DSO world and their conferences and get to know what they're doing, you're gonna see more of an average of six to 8 % reinvestment into marketing. DSOs have a harder time with retention. They have more patients going out the back door. Private practices.   degraded retention, but they don't often invite enough people to the party. So we don't go by the one to 2 % number. think that's an area where people try to, they're trying to keep costs down. You know, your business is the greatest asset that you own that provides the greatest return and you have the most control over. So you should be reinvesting in it more than you reinvest in the stock market or anything else. So our metric for marketing is three to 8%. Private practices, like to see at least three to five.   I mean, excuse me, in GP practices, in specialty practices, especially like orthodontics, needs to be on the higher end. Team expenses between 20 to 30%. We certainly try to keep that under 30%. Team expense does not include doctors. Okay. So that's all of your, all of your, uh, your, your entire team, including a hygienist as well, but not doctors, uh, dental supplies somewhere five to nine, five to 10 % labs.   speaker-0 (19:36) Yes, absolutely.   speaker-1 (19:58) four to 7%. So again, those dental supplies and labs really should not be greater than roughly 15 % total. Rent and facilities, five to 9%. What does that mean? So if you have a high percentage in your rent and facility costs, if your rent facility is let's say nine, 10, 11%, that means you're probably not maximizing the space and getting the collections that is possible there. Again, using that revenue per chair metric.   When you're on the lower end, if you have 4 to 5 % rent of facility, means you're running very efficiently. You're probably going to be running out of space and need to expand or potentially relocate or get another location. And then there's general administrative costs somewhere in the range of 4 to 10%, depending on the practice type and what additional folks they have.   speaker-0 (20:48) Cool.   speaker-1 (20:50) That's it on everything.   speaker-0 (20:51) No, I love it so much because I think so often people don't look at their P &Ls and they don't even know what they should be targeting for. It's just like, well, do I have money left over or do I not? And then I don't know. like all of that combined should equal about 50 % there. Is that correct? Those are 50 % and then doctor pays 30 % to give a 20 % profit margin. And then you subtract debt services from that. that kind of your guys' model? That's what I've heard. It's what I typically recommend.   speaker-1 (21:18) Roughly. mean, yeah. You know, I, the most ideal is that I think when the average doctor starts to work with us, their profit margin is in the twenties, the 20 % range. our goal is to get them into the forties. Okay. And everyone does chase this like 50 % number, but I will tell you that eventually if you have to scale again, if you have to reinvest, that's the part like you're, drive yourself nuts. Would you rather have, you know, 50 % of 1 million or do you rather have 40 % of 3 million? Right.   You know, and that's that. So it's not always just about that overhead percentage. Uh, it is about if you choose to scale and you're, you're buying, you're reinvesting some of your, your overhead percentage, you're reinvesting some of your money to buy back your time. Like you said earlier, okay. Um, whether that's on multiple doctors or not, you know, being a slave to the chair is difficult and high risk to you as a business owner. It's one of the riskiest business models there is.   speaker-0 (22:12) Right.   I think that that's such a good point.   But guys, you don't know, can, Pro-Fi is fantastic. You can reach out to them, have them help you with your PNLs. Also your current CPAs, you can get a chart of accounts and give them these percentages and say, this is where I want it to be. Help me get there, give me some information because a lot of CPAs are not dental specific and they might not know these industry standards. And I agree with you. I also think it's important to think of growth years and also profit years. Some years you are definitely massively.   reinvesting into the practice and you might not be sitting at as high of an overhead, but you're doing it with the intent. Like when I bring on new team members, when you bring on new doctors, your overhead is going to go down. It should go down because you are investing and you're growing, but you need those people. This year on Dental A Team is a growth year. I am heavily bringing on new team members. My overhead is not as great as it has been in the past years. But if I, like you said, chase that X number of overhead and never invest in that growth,   I can't get to the next level of where I wanna go. So I thought that was really, really helpful. Thank you for that, Chris. And I know now we wanna spin over to Brent. Brent's been hanging out silently over there of some tax things. And I do love that you guys ying and yang on practice metrics because that's what we're all about. And then the tax world that I'm like, here's the thing. Here's my take on taxes. I am so grateful to live in a country where I get to pay taxes to have my own business. Like I truly think that is a massive blessing of the country we live in.   With that said, I also think it's my responsibility as a business owner to be as savvy as I can on taxes and not overpay on taxes because I'm just dumb and I'm not actually looking at strategy using smart people beyond myself to do it. So Brent, I'm so jazzed. Talk to us kind of about some tax things that you've been thinking of that your clients are dealing with.   speaker-2 (24:00) Yeah, absolutely. So I remember a few early evening calls with you and you're calling and saying help.   speaker-0 (24:06) It was in December last year, like literally right before the end of the year. And I was like, Brent, I owe so much dang money in taxes. Any ideas? It's fine, guys. It's fine.   speaker-2 (24:19) One of the foundations of Pro-Fi that we built it on is education. So we are very big believers in educating our clients to understand, first and foremost, how do you even generate taxes? So the number of conversations we have with dentists that just don't have a basic understanding is really astounding to me. So we first take an approach of, you have to understand how do you generate income tax? You generate income tax by the salary or W-2 you take.   and profit. The key thing here is it does not matter if you take a dollar of that profit out of the business, you still owe tax on the profit. So here, when you're looking at your P &L, let's say a doctor has a half a million dollars of profit and they choose not to take it home and leave it in the business, they will still pay tax on half a million dollars. I had a call today, the exact conversation is like, why didn't take any of the money home?   speaker-0 (25:18) It doesn't matter. were profitable brother, sister, like rock on. Happy day for you.   speaker-2 (25:23) You know, as Chris was alluding to, if you choose to reinvest in the practice, do marketing or other items like that that are deductible, that will obviously reduce your burden. The second thing, the second biggest mistake is don't underestimate your effective tax rate. So Chris and I have, we call it, I guess the golden rule or the 40 % tax rule. And that is geared towards over-preparing a business owner when it comes time to send in those quarterly estimates.   And I'll come back to that one in a minute, but the 40 % tax rule, if you have a pen, I would write that down because that is a rule to live by. And also ask your CPA advisor, whoever they are, whether it's us or your other another CPA, ask them before you make the decisions. So I got a call yesterday from a doctor in South Carolina. He's like, hey, I want to buy a machine that's going to cost me $85,000. My equipment rep said I'd get a 40 % tax deduction.   Just about that much.   speaker-0 (26:23) That was a clever salesperson.   speaker-2 (26:26) Yeah, they all do it. We love equipping reps. No badging equipment reps. But understanding, depending upon your entity type, whether or not you will be able to deduct that in the current year is a huge thing that you have to understand. Chris and I have seen so many doctors over the years that have come to us after the fact. And I think we've done a great job of educating, hey, I bought this equipment, it's $100,000.   When we do the tax return, it's like, you're not involved deducted. They're like, why not? The equipment reps that I could. So just make call your advisor before you do it. That's the best thing you can do for yourself.   speaker-0 (27:02) Well, and I, to that point, I just say like, you should have experts on your board as a business owner, people that you genuinely trust for taxes. And like you said, ask them, ask your rep about the best products and what they're seeing of results within the patient's mouth. Cause that's where they're experts. But I'm just going to put a massive plug, like, gosh, the number of dollars I have spent personally, because I didn't ask,   If we can save anybody even a couple of grand, like you're welcome. You're welcome. Just ask, ask before you do it.   speaker-2 (27:36) Right, absolutely. Then I kind of look at what are some things that you can do to make sure you're not blindsided by that tax surprise? ⁓ One thing we do is we always recommend in your business, you have to run multiple bank accounts. And one of those bank accounts is a tax savings account. Your business should fund and pay for your personal tax bill. So think about like ⁓ grandmother's cash envelope system.   create different buckets in the business, move the money out of your OpEx account because, know, like for me, if I have 20 bucks, $20 in cash in my pocket, I'm going to spend it. But if I put it away in the bucket where it's intended, it'll be there when I need it.   speaker-1 (28:18) My bucket, right?   speaker-0 (28:19) Yes, you can just send them my way this year Chris. It's fine Brent. It's fine I'll take him but Brent I want to speak so highly to that because ⁓ It really does help. I will also put a plug of like have really good financial planners and tax planners with you because I am actually really really good at saving money for taxes What I really get frustrated with is when it comes to December and I have been saving and I have been putting that away ⁓   And then they're like, Kiera, you owe an extra X amount. And I'm like, what the heck? I've even saved this. So that's where I also think it's really pro to have really good CPAs that are that actually no tax. So I am curious. You guys tell me the truth, because I don't know how this works. I'm not a CPA, but I swear every year I get a call December 1st and it's like almost a double what I've already saved for the whole year. And I'm a saver. Like I don't spend a dime in my business.   speaker-1 (29:14) call you get all year long, Kiera.   speaker-0 (29:16) It's not well, I have a monthly call with them and we even plan for taxes, but this year my quarterly taxes It's okay guys. I'm interviewing new cpas. It's okay. my cpn doesn't listen to the podcast I don't think if so, it's great. We've had a good run for several years But like that's where I get a surprise. Is it common? Should you be getting a surprise call on december 1st? If you've got good tax people, and you've been planning and preparing and putting money aside all year long is that   speaker-1 (29:41) As you answer this question for her and I would go over safe harbor estimates, but Kiera to set you up for what Brent's going to say. What happens is somebody tells you a number and you kind of start to operate like a zombie and you're like, okay, I put that number away, put it away and you did it. And you're like, okay, I put the number where you told me, but at the same time you're trying to grow your business.   speaker-0 (30:06) To that point though Chris I'm gonna like back on this because I think I'm actually a really smart business owner But every freaking year this happens. I'm trying to fix this and hopefully someone   speaker-1 (30:15) I think it has to do with your growth.   speaker-0 (30:18) I   overestimated what my growth would be this year. So I said I was going to be double what I was last year and we're coming in at about a 70 % growth of what I was last year. So I gave my CPA a 30 % extra window to project on me and we're still coming up a hundred, I'll say a different number, but I'm coming up more than I had saved.   almost three times as much as they had saved for me. cause I get burned every single year. So I'm like a squirrel with nuts and I put away for tax savings in my company because I never know what I'm going to owe. And it scares me. So with that said, I agree with growth. If you can, if you can project where you're going to go and you're having consistent quarterly meetings with your CPA, is it common to still have a massive like uptick in December? I would ask.   speaker-1 (31:04) No, it's not.   So look, to keep it simple, like, you know, I'm kind of talking on the managerial accounting side of things and Brent's talking on the tax side of things. If you're meeting with that accountant and you look at that bottom line profit, okay, you owe 40 % of that profit, whether you took it home or not. And then if you made any estimated tax payments, you can subtract those tax payments from that 40%. Okay. ⁓ And then you can apply some deductions and maybe bring the number down.   speaker-0 (31:24) Agreed.   I'm asking for a friend hashtag myself right now I mean I get better every year around taxes because I hate the surprise and I think most people do but I also wanted to point out I'm like I think I'm pretty savvy with business I talked to a ton of CPAs like this isn't like my first day running a business So and I'm happy to hear and with that 40 % So here's another thing that I've also which maybe I'm just dumb Maybe I'm just coming around the block to this so you guys can tell me ⁓ but it's 40 % of the profit correct like   And that profit also includes my W-2 as a business owner. So I've got to like...   speaker-1 (32:10) That profit is after your W-2. Hopefully your W-2, you have normal withholdings. Sure. you're like zero or one, you can kind of pretty much say, hopefully the federal and state taxes are all withheld from that for you. Right. have to worry about it. Okay. It's the profit that's left over after your W-2 and all the other expenses of the business you have 40 % on. So Brent, tell her about what happens at the beginning of the year.   When we talk, they those first estimates. think everybody starts to like, they get glued to the estimates and they never update them.   speaker-2 (32:41) Yeah, so a couple things. So, Kiera,   speaker-0 (32:45) Call   you in December, Brent. We're going to have this conversation in year two.   speaker-2 (32:49) Maybe we should start in January for next.   speaker-0 (32:51) I like that strategy is much better. I'm like I've even I started my tax meetings in July this year guys Like this is how much I'm paranoid and I'm like they're just shelling a ton on me again And I'm like how does it happen every year? I don't I don't understand so   speaker-2 (33:05) Here's a trend I noticed over the last four years. you know, there was in 2017, there was the Tax Cuts and Jobs Act, which changed the tax code. also changed. There's also been changes to the payroll tax tables. So I would take UW2, look at your federal tax withheld and divide that by your taxable wages in box one. More than likely, it's going to be in the 10 to 12 % range.   If you were in the 40 % tax bracket, you're already 30 % short on your taxes. Let's say you pay yourself $100,000. If you're 30 % short, that's a five digit dollar. So that's where I'd first start. And that is very, very, very common. You will not see any withholding in a W-2 being over 25 % unless you manually requested that from the payroll company.   speaker-0 (33:39) Right.   speaker-2 (34:01) bonuses or automatically taxed at 25%, but your regular payroll is probably in the 10 to 12 % range. So that's one reason it's happened. What Crystal's talking about, so let's say that we prepare your return in April. So let's say your 2020 return and every accountant will do what's called a safe harbor tax estimate, which basically says your estimates will be 110 % of your prior year tax.   speaker-1 (34:30) The IRS wants you to put 10 % more than last year away, like pay them in advance. They like you to do it quarterly because collecting money once a year is a bad business model.   speaker-0 (34:40) And it's a bad business model.   speaker-2 (34:42) So like Chris said, when a client gets those estimates, and let's say they're $25,000 a quarter, they are fixed on $25,000 a quarter. So what we do is with all of our clients in June and early July, we actually run tax projections or mock tax returns the upcoming year. We pull their year to date profit, we get all their deductions and we project out if that original safe harbor estimate has changed.   Then we do it again in November and early December to make sure that you're still on track and also looking for additional ⁓ tax strategies. But to answer your question from earlier, should you be surprised with a big number? No, not if you're doing proper planning.   speaker-0 (35:30) with like a little variance, but I just want to point that out because I think so many business owners get scared of taxes and this year, don't worry guys, it's on my vision board by the age of 36. I will be a tax expert. I look at it every single night. I have no desire to be a CPA, but I really think it's important as business owners to educate yourself on taxes and like you said to plan and to save for it because otherwise it's just this always surprise bill that creates stress. For me as a business owner, I know often I just feel like   I don't dare spend money because I'm gonna get hit with this big unknown. And so I'm like this girl, I literally have four tax savings accounts in my business right now. And they're in like four different business accounts, so my CPA can't see them all. Because I'm like, you come to me every year with this huge surprise and every year it's like double what I thought you were gonna say. And like I'm grateful to be very successful in what we do. However, I don't think business owners should be surprised, especially if you have a good CPA. So I just wanted to like find out like, that normal?   I feel like I'm on the anomaly, but good to know on that.   speaker-1 (36:33) Tax surprises cause cash flow problems.   speaker-2 (36:39) So Kiera, let me quantify that one of   speaker-0 (36:41) Guys,   don't worry. Everyone on the podcast, this is a Cura therapy session. You're welcome to be attending this. So we're glad.   speaker-2 (36:48) So can there be a tax surprise? Yes. The reason the tax price might happen is if you told your CPA, hey, I'm going to be doing these improvements and they're going to be done by December 31st. If in December you tell them, well, it didn't work out and I'm not going to have all these expenses. And yes, you're going to, you're going to get a surprise because you didn't, your plan didn't follow through. The other thing is talking about the separate tax account in the business. It's,   speaker-0 (37:12) That's fair.   speaker-2 (37:18) Absolutely recommended, but the most important part is you cannot spend it on anything but your tax bill. You cannot not rob Peter to pay Paul. That is probably the biggest mistake you could make is saying, well, I'll take it now. I have eight months to put it back in.   speaker-0 (37:34) That's like that makes my heart stop. I feel so stressed for people and also for anyone who wants to know like you I wish you could see the zoom right now with me Brent and Chris You know these guys love what we're talking about because Brent is literally getting like so excited and so animated talking about this So that's just when you know people are good at what they do I get so geek I'll geek out on dentistry and systems and like how we can help you and they're jazzing about some some tax benefits here So I agree. I think that if you aren't doing that, I also like the thought of 40 %   Do you guys recommend, because I know another piece to it, which I realized this year was like charitable contributions. I'm LDS. And so having charitable contributions, 10 % is something that I was like, that was funny. We didn't prepare for that. So that's like another check that I wasn't planning. And then also like SEP and 401ks. Do you guys have anything that you recommend for that of having a tax savings fund, but also building up those other funds and those payments that you'll be making to reduce your tax bill? Yes.   but those are also pretty big expenses, depending upon how your business does every year. How do you guys manage or navigate that? Or should I just be saving more? Because again, I'm like building these funds up to this, I've got four accounts, because I stress out about it.   speaker-2 (38:44) So Chris, I'm gonna let you take that one on the cashflow. It's really cashflow planning.   speaker-1 (38:48) Yeah, a lot of questions in there.   speaker-0 (38:50) Cool, like I said, this is why I podcast guys, because I can ask my own personal questions.   speaker-1 (38:57) In terms of okay, should you be doing okay. what do you want me to start a chair charitable chair?   speaker-0 (39:03) Just   like I think that a lot of people might get quote-unquote surprised at the end of the year because not only do we have a tax bill to pay, we have charitable contributions that we're paying. We also have 7401Ks. Like there are quite a few other funds that need to be paid out again to reduce our tax bills to help us. But those are also cashflow that you need to have on hand as a business owner to be able to front that money. So I've been also thinking that could be why other people feel like it's a surprise at the end of the year, just all lumped into taxes when it is just other pieces to help reduce that tax bill for you.   speaker-1 (39:33) if   something is important to you, then it needs a separate bank account. if charitable giving is important to you, I think you should have a separate bank account so you can visually see that you've got it ready to pay. And in order to make it tax deductible, it does need to be a 501C3. can't just be any random, say, it's... Right? So ⁓ when it comes to all of the retirement accounts, mean, ⁓ 401Ks and IRAs and simple IRAs and all of that,   speaker-0 (39:51) about last year.   speaker-1 (40:02) Roth, that's like the smallest fraction. That's like the, you know, the entry level league of the tax code in terms of savings. And it's, it's really kind of the stuff that the masses can do. I certainly think it's important to save and save for retirement. think when you're a business owner and let me say this, mean, upfront, I'm a contrarian. I think when you're a business owner, you have to be a contrarian and know that not everything applies to you the same way as everyone else. Sure. I, my bias is I have a much.   stronger tendency to say, you know, spend the money in your business or put the, I should say, invest, reinvest the money in your business for growth, because it's going, there's an asset value to that, to that business. need to learn what that is and what you one day can exit it for. And it creates, gives you the most, you know, income. ⁓ If you put money into a 401k or you put money into marketing in your business, you get the same tax deduction. So that's a question. If you're looking for like year end stuff, you know,   You could put the money into the, into the retirement plan, or you could prepay some expenses for next year. ⁓ You lot of people, think don't trust their business, which is weird because it's the thing you have the most control over, but they don't trust their own business. Typically it's cause they're not really great at managing their own cashflow and having discipline. And so they're, they're hesitant to invest the money in the business. And they'd rather go roll the dice and put it in the stock market. And at the time of this podcast recording, let me tell you.   We are in a recession. It has already begun. Everything is very high. Stock market's high. Real estate is high. Your business is one of the safest places to put your money right now. It provides you an inflation hedge, okay? And it creates revenue. ⁓ And it's tax deductions. I'm a big believer in putting the money into your business or getting another business. I think Brent can talk about, know, people ask us like, what are some of the largest   speaker-0 (41:47) Right.   speaker-1 (41:56) deductions you can play in. Like what, are the bigger things you can do outside of a 401k? Tax deductions. Generally speaking, the tax code rewards you for doing things that improve our economy. And that's primarily investing in businesses, you know, adding another location, employing people and commercial real estate, commercial real estate is a big one. Again, commercial real estate's really high right now. It may not be the perfect time to be buying or building. Cause all of the costs are really high.   save that cash, even if you have to pay some taxes, save the cash for liquidity for the tough times. when this recession happens, most practice owners are going to stop investing in their business, they're to stop marketing. And you got to do the opposite. That is the time where you can do all of that at its lowest cost. that's when millionaires are really made is during recession. So I'm going on a tangent now. You got me passionate   speaker-0 (42:50) No,   I like it. I like hearing it because I like thinking of other things. think so often you said it really well of business owners want to contract. They want to not reinvest in themselves. It's like, well, like let's put it in the stock market because that's what I heard that we should do. But I really do love that mindset. And that's why I love podcasting. That's why I love talking to different people. This is why I bring you guys on here because I purposely, intentionally bring different ways of thinking out there. You've got to make your own decisions.   But I'm a big like when people are zigging, I want to zag. So right now real estate's hot. Commercial's hot. The stock market's hot. Like I literally am sitting here just thinking like, here, just sit on some cash. Like, like you said, I might have to pay more taxes on it, but sit on that cash because you know, it's going to drop. And during that time, that's when you do the exact opposite of what everyone else is doing. So I really love that advice. And I think it's wise and it's prudent. I also love what you said, Brent, of having the 40%.   A lot of people say do 30%, but agreed a lot of dentists do tip into that 40 % tax bracket. And I would much rather over prepare than under prepare. Chris, to your point, I really love also having the buckets for like we said, charitable contributions, if you're going to do ⁓ 401ks, but I really, agree with you too. I think reinvest in your business. Look to see, I do end of year spending. I look to see what I could reinvest in, what things are gonna propel us the most. I look at marketing, I look at website rebuilds, I look at.   Different softwares that are going to propel us forward different ways to make our our practice more efficient What things are really going to invest in our company and our team? To make it and then I just do fun things like, know trips places I definitely don't get much ROI on that except for emotional ROI, but I know I know this is a longer podcast guys I really hope and I also hope team members listening realize that this is not just for business owners. I think that this is also   Individual tax prepping make sure you are preparing look for ways that you can reinvest in yourself What things could you prepare for what things can you build out? Do you have separate savings accounts for different things that you're going to maybe you don't have to save for taxes But guess what maybe one day you will be a business owner So teach yourself the discipline to save now to look for reinvestment. I also think is super valuable. So I want   speaker-1 (45:05) team members, for those team members, what side hustle can you create? What side of business can you create? know, and what, what commercial or what even residential property, rental property could you create to give yourself rental income? And there are deductions that come along with that. But if all you do is just do your day to day job, whether you own a business or don't own a business, you're not going to save anything in taxes, nothing significant. got it. You got to create some value in the world out there.   speaker-0 (45:29) Agreed. say deliver the biggest and best value. So you guys teased me. So I want to wrap up our podcast with some things to not be doing. You guys have kind of like a hit list right now of some things, some tips that a lot of us might be doing that are cracking down. I know I have been privy to some of these things as well. So take us away. We'll wrap this up with just some, some of that hit list of what not to do. ⁓ and   you know, as we get in there, thank you guys for sharing all that you have. Thank you for doing a personal session with me already. So I'm excited for the hit list now.   speaker-2 (46:01) So I would say the biggest one that I've seen is the fascination that doctors have with crypto.   speaker-1 (46:01) Go ahead, Brent.   speaker-0 (46:12) Brent, it's because we're bored. We don't know what else to do with ourselves, so we're like, why not throw a little into crypto?   speaker-2 (46:17) Here's the problem. So I have about a half a dozen doctors over last six months. They called me and said, Hey, I put $200,000 into the crypto market, Bitcoin. And I'm like, really? Where did you, where did you write the check from for that investment from the practice? Here's the problem. If that practice is an S corporation and they invest that money in crypto and they hit it big, they could potentially blow up their IRS S corp election.   and the IRS will take it away from you. So if you're gonna do investments, do not write the check from your practice. You can take the money home as a distribution, then put it into crypto, but do not do it through your business.   speaker-0 (47:01) This is a moment where I just had like a, I'm like, good. I'm glad I did that at least right. even knowing. Why is that?   speaker-1 (47:03) Sorry.   So that one, I mean, that one can cause some serious damage. ⁓ But the other ones that I think nobody wants to hear when they're listening to this, and I get in all these battles on social media, Facebook groups and all that. But the two things that come up over and over and over again that everybody's kind of cheating on and they're going to get busted on is number one, paying employees and especially dentists and hygienists, paying them as 1099 contractors.   This is going to get you in trouble not only with the IRS, but with the Department of Labor. And there are some significant penalties. There is a black and white 20 question checklist that the IRS provides. You can Google that. You can find it directly on the IRS website. And it goes through a checklist of yes or no questions to determine if you qualify to be a 1099 independent contractor or if you fit the requirements of a W-2. And to simplify it,   The main thing is the element of control who controls the schedule, who tells you which patients you're seeing and when who's providing all the materials and the tools and equipment. And 99 % of the time, anyone in dentistry falls under the category of an employee. Pretty much have to be a specialist that owns their own separate practice already coming in part time in order for you to 10 99 them. And if you're 10 99ing them, you're 10 and you have to do it to their business. The other thing that doesn't work is when, you know, they're like,   Oh, I'm an individual doctor. I'll just set up an S corp and you can 1099 my escort. The IRS is not stupid. Again, they're they're looking at what are your what is your role within that that place that you're receiving the income from the revenue from. So anyway, everybody hates that. But I'm telling you, I   speaker-0 (48:58) I   don't think it's a, it's not a good place to play with fire. Um, I have a really, really, really awesome unemployment lawyer, um, and employment lawyer. He represents Uber Lyft Red Bull. He's in, um, San Francisco. If you guys need him, he's amazing. Reach out to us. Hello@TheDentalATeam.com. Um, but he told me he said, Kiera Uber and Lyft, which I personally think I'm no lawyer guys. I'm not there. Uber and Lyft to me are the epitome of 10 99 contractors.   but they are, ⁓ they're coming down, they're cracking down on it. And ⁓ I have heard that it is no longer just a small offense. It's a pretty big offense if you misclassify. To me, really, I'm a risky person, but I believe in being smart and also paying people the way they should be paid. As much as it's not fun, we transitioned our whole company and I just think play that one safe because labor laws are not something to ever mess with, in my opinion.   speaker-1 (49:51) Yep. And you know, the government has shelled out a lot of money through this pandemic and they've got to collect it and get it back. And they're going to get that back from small business owners. And, ⁓ you know, our, our dependent care systems of Medicare and social security are very fragile right now. And that's the one thing they do not want you to screw with. And so they collect that money through W2 payroll. They're going to, they're going to force more and more than everybody's W2, especially in the occupation of dentistry. Second thing is the cars. Okay. Everybody wants to run their cars through the business.   You might be allowed to run a car through your business. It depends on what type of business you're in. If you're in real estate and you're showing houses and you're driving your clients around, you can probably write your car off through your business. But in dentistry, you're going to sit across the table from an auditor and they're going to say, what does a car have to do with the business of dentistry? The IRS tax code says that your business expenses must be ordinary and necessary to the business for them to be deductible.   What does the car have to do with the business of dentistry? How is a vehicle ⁓ justified as 100 % business use as a necessary use in order to do dentistry?   speaker-0 (51:00) What if it's a wrapped vehicle that's marketing?   speaker-1 (51:03) That's different. there are very specific guidelines in the IRS tax code about what is marketing for a vehicle. must be fully wrapped. It can't just be magnets. It can't just be stickers. But it has to be significant that's used for marketing. What we find is not a lot of doctors want to wrap their test up.   speaker-0 (51:23) Because they're ticked off with the patient that Ruekinaal didn't go super well and they're cutting people off on their drive home and you don't really want your flashy business to be that car.   speaker-1 (51:31) Right. I mean, and to make it legitimate, mean, the car has to be legally registered in the business name. It has to be covered under business insurance, not your personal insurance. The loan has to be under the business name, not your personal name. And there's a, you know, most people are not doing that. They're doing, they're buying it personally. They're just making the payment out of their, out of their business. And they think that they can deduct the whole thing. And this is not true. There's even greater scrutiny if the business tries to buy, if the dental business tries to buy a vehicle.   and depreciate it, take it as 100 % use. So I know people hate to hear that, but I would just caution everyone listening, stay away from 1099 and cars in your business. But everyone's.   speaker-2 (52:12) doing   it!   speaker-0 (52:13) I heard a really great quote one day and they said Kiera everything's deductible until you get audited and I was like That's really good advice. I appreciate that. So guys, ⁓ Chris and Brent. Thank you guys for coming on the podcast Thank you for being people that I can call Brent. Thank you for being my December, you know midnight hour friend I loved last year. You said care. There's really not much we can do. Maybe we should have done this in January. So ⁓   But truly, I just appreciate you guys helping so many doctors. know you help a lot of our clients. Shout out to those clients that we mutually work together. I love working with CPA companies. I think we're a good peanut butter and jelly together. We help grow the practice, make them more profitable. You guys make sure that their books are in line. Give us the guiding stars of what levers to turn to help the practices. You take care of the taxes. So it's a really good yin and yang and   I hope all of you listening today found a lot of value. Team members, look at this for yourselves. Get the side hustle. I hope this spurred some, some topics, some conversation. Team members, can also help your practices reduce that tax bill. look for ways that you can spend end of year, just different things. So I definitely think team members have a lot of play in this as well. So Chris and Brent, thank you guys so much. It's super fun. If people want to connect with you, ⁓ maybe they're done with their CPA. Maybe they just want to find out if.   There might be another option out there. How can they connect with you? I know you guys specialize in DSOs, larger group practices, but also the solo practices as well. How can people connect if they're interested?   speaker-1 (53:40) Sure, so check us out online at our website, Profi2020.com. That's P-R-O-F-I-2-0-2-0.com. ⁓   speaker-0 (53:47) You did   that because 2020 was such a great year that you guys want to remember. ⁓   speaker-1 (53:53) That marketing plan went out the window. It was 20-20 clarity to give you clarity on your finance.   speaker-0 (53:54) No.   I   just thought I'd throw it out there. So no one will forget Pro-Fi 2020. 2020 was most memorable year guys. Don't forget it. They don't want to forget it ever.   speaker-1 (54:07) We have tons of free videos, a lot of great content on there. Check us out on our YouTube channel, all social media, know, at Profi2020. We're very easy to find. ⁓ But we're managerial accountants. It's way different than financial accountants out there. Make sure you look up that difference and know what you're asking for. ⁓ And we always do free consultations for anyone who would like it.   speaker-0 (54:29) Awesome. Well, Chris and Brent, thank you again so much, guys. Go check them out, Profi2020. Chris and Brent, they are the owners of the organization. So super grateful for you guys coming on here.   Kiera Dent (54:38) I hope you all loved today's episode as much as I did. It is crazy to think that this many episodes have been released since we started the Dental A Team Podcast. And I started looking to say, my goodness, our listeners need to be reminded of some of the things they may have learned a year ago or two years ago or five years ago, because so many things in our practices weren't relevant back then when we heard them, but they are relevant today. And I would be doing you a huge disservice if I didn't re-release some of these episodes for you to remember, to refine.   to optimize and really truly if you ever need a topic or you're like, my gosh, I wonder if the Dental A Team has anything like this, go onto our website, TheDentalATeam.com, click on our podcast tab and you can literally search any topic. So whether it's overhead or hiring or firing or team morale or engagement or case acceptance or hygiene   onboarding or whatever it is, we have so many episodes for you. And so I am going to intentionally be   re-releasing some of the top best episodes for you, pulling back some of the ones that I needed to remember, some of the things that I feel for you to really, really relearn right now and to re-remember, or if it's the first time, welcome. I'm so happy you're listening to it, but I hope you truly enjoyed today's episode. I hope that you share this with somebody. I hope that you go and implement today because we only have one day. We only get today. And so making today the best that it possibly can be. If we can help you in any way, shape or form, reach out Hello@TheDentalATeam.com.   And as always, thanks for listening and we'll catch you next time on the Dental A Team Podcast.

Are you a high-income earner — a pilot, doctor, business owner, real estate investor, or military veteran — maxing out your 401(k) and still feeling like you're losing control of your money? You're not alone. Most high earners are unknowingly trapped in a tax time bomb that explodes right when they need financial freedom the most: retirement.In this episode, we break down why traditional retirement accounts like 401(k)s, IRAs, and qualified plans are costing you more than you think — through forced required minimum distributions (RMDs), surprise tax bills, and zero liquidity when opportunity strikes. We also reveal why the wealthiest families in America have quietly used dividend-paying whole life insurance and the Infinite Banking Concept (IBC) to build tax-free retirement income, protect against market volatility, and pass generational wealth to their kids — completely outside Wall Street.Whether you're searching for 401(k) alternatives, tax-free retirement strategies, how to become your own bank, or simply how to stop losing money to taxes and market crashes — this episode is your starting point.

Welcome to another episode of The AZREIA Show! In this episode, host Mike Del Prete sits down with Nate Hare from Directed IRA to explain how self-directed IRAs allow investors to use retirement funds to invest in assets beyond traditional stocks and mutual funds, like real estate and private lending. Nate breaks down how self-directed IRAs work, including how properties are titled within the IRA, how rental income and profits flow back into the account, and why many investors use them for tax-advantaged growth, diversification, and greater control over their investments. The conversation also covers creative strategies such as using leverage, seller financing, subject-to deals, and passive investing through promissory notes. Nate clears up common misconceptions about legality, depreciation, and taxable distributions, and explains how transfers or rollovers can move retirement funds into a self-directed account. 0:48 What Is a Self-Directed IRA 02:23 Nate's Real Estate Background 03:59 Tax Advantages Explained 06:19 Using Leverage in an IRA 07:46 How an IRA Buys Property 10:07 Rental Income Flow Rules 11:47 Passive Investing as the Bank 14:33 Wholesaling and Deal Strategies 16:04 Small-Dollar Lending and Learning 17:26 Common Misconceptions Debunked 18:35 Depreciation and Advisor Confusion 20:11 Transfers Without Tax Events 20:38 IRA Transfers Explained 21:23 401k Rollover Basics 22:17 Tax Strategy vs CPA 25:21 Investor Friendly Advisors 25:44 Fidelity Advisor Story 27:27 IRA and Non IRA Deals 29:20 Roth Real Estate Case Study 31:24 Paying Expenses From IRA 31:57 Checkbook Control IRA LLC 33:09 Webinars and Events 35:25 Why Alternatives Win 37:33 Education and Relationships -- Contact Alden of Silver Crest Opportunity Fund at http://silvercrestopportunityfund.com "AZREIA does not endorse specific investments. Please do your own due diligence." Want to grow your real estate business?

Two listener questions spark a conversation about the emotional and practical sides of retirement planning. David talks about strategies for easing back into the market after sitting on the sidelines and how retirees can think about taxes when withdrawing from IRAs, brokerage accounts, and Roth accounts. These are the kinds of questions many investors face as they transition into retirement, and without the right guidance, the wrong answers may negatively affect your plan. Here's some of what we discuss in this episode:

Join the Conversation at 303-477-5600 or text to 307-200-8222 Monday - Friday from 3 pm - 6 pm MT. https://RushToReason.com 3-11-26 HOUR 1 Hour 1 of Rush to Reason dives into Health and Wellness Wednesday, blending practical planning with conversations about brain health, sleep, and aging. John Rush begins with estate planning attorney Michael Bailey, discussing how changing tax laws and retirement rules—such as those affecting inherited IRAs—can impact what families pass to the next generation. Are Americans planning wisely, or unknowingly leaving more to the IRS? The conversation then shifts to brain health, dementia prevention, and daily habits that influence long-term wellness. Drawing from research by a Harvard neurologist, John explores how sleep, stress management, social interaction, exercise, and lifelong learning may help protect cognitive function. Could small daily routines be the key to staying mentally sharp? Later, Dr. Jacob Teitelbaum joins the program to discuss sleep science, daylight saving time, fatigue, and cognitive health. Why do some people struggle for days after the clock change? And could poor sleep be quietly contributing to chronic pain, fatigue, and dementia risk? From estate strategy to brain longevity, the hour asks an important question: are your daily habits helping—or hurting—your future? Timestamps 1:57 — Michael Bailey — https://michaelbaileylawllc.com 27:51 — Dr. Jacob Teitelbaum — https://endfatigue.com & https://vitality101.com/ HOUR 2 Hour 2 opens with a conversation about leadership, accountability, and adversity with author Richard Battle. What separates leaders who rise during challenges from those who collapse under pressure? Through real-world stories, Battle explains how trust, honesty, and a leader's first response to adversity can shape long-term credibility. The discussion then turns to media narratives and public perception, including controversial crime statistics (https://bjs.ojp.gov). John questions whether news coverage highlights some stories while ignoring others that do not fit prevailing narratives. Next, the focus shifts to preparedness as John warns about possible Xcel Energy power shutoffs during extreme wind and wildfire conditions. What should families do if the power goes out for days? The hour concludes with Colorado politics, examining debates over coal plant closures, energy reliability, school choice, and education funding. As Colorado surpasses six million residents, the question becomes: can policy decisions keep pace with the state's growing needs? HOUR 3 Hour 3 begins with Jerzee Joe's rapid-fire “stupid stories of the week,” covering topics ranging from an Oregon proposal that could ban hunting and livestock production to debates over media bias, cultural politics, and race narratives in the headlines. Clips from Senator Eric Schmidt, Senator John Kennedy, Bill Maher, and Congressman Wesley Hunt highlight concerns about political rhetoric and media framing. The conversation then turns to gun control policies and rising background check fees, raising a larger question: are regulations quietly limiting the rights of lower-income Americans? Later, Scott Garliss of Bent Pine Capital joins John to analyze tensions in the Middle East and the importance of the Strait of Hormuz, where nearly 20% of the world's oil supply moves daily. If Iran disrupts that chokepoint, what happens to global energy markets? The hour wraps with a discussion of energy geopolitics, LNG exports, inflation, Fed policy, and market volatility—examining how global conflicts can ripple into fuel prices, the economy, and financial markets at home. Timestamps 1:14 — Jerzee Joe — https://www.jerzeejoe.com 25:45 — Scott Garliss — https://substack.com/@cscottgarliss

Join the Conversation at 303-477-5600 or text to 307-200-8222 Monday - Friday from 3 pm - 6 pm MT. https://RushToReason.com 3-11-26 HOUR 1 Hour 1 of Rush to Reason dives into Health and Wellness Wednesday, blending practical planning with conversations about brain health, sleep, and aging. John Rush begins with estate planning attorney Michael Bailey, discussing how changing tax laws and retirement rules—such as those affecting inherited IRAs—can impact what families pass to the next generation. Are Americans planning wisely, or unknowingly leaving more to the IRS? The conversation then shifts to brain health, dementia prevention, and daily habits that influence long-term wellness. Drawing from research by a Harvard neurologist, John explores how sleep, stress management, social interaction, exercise, and lifelong learning may help protect cognitive function. Could small daily routines be the key to staying mentally sharp? Later, Dr. Jacob Teitelbaum joins the program to discuss sleep science, daylight saving time, fatigue, and cognitive health. Why do some people struggle for days after the clock change? And could poor sleep be quietly contributing to chronic pain, fatigue, and dementia risk? From estate strategy to brain longevity, the hour asks an important question: are your daily habits helping—or hurting—your future? Timestamps 1:57 — Michael Bailey — https://michaelbaileylawllc.com 27:51 — Dr. Jacob Teitelbaum — https://endfatigue.com & https://vitality101.com/ HOUR 2 Hour 2 opens with a conversation about leadership, accountability, and adversity with author Richard Battle. What separates leaders who rise during challenges from those who collapse under pressure? Through real-world stories, Battle explains how trust, honesty, and a leader's first response to adversity can shape long-term credibility. The discussion then turns to media narratives and public perception, including controversial crime statistics (https://bjs.ojp.gov). John questions whether news coverage highlights some stories while ignoring others that do not fit prevailing narratives. Next, the focus shifts to preparedness as John warns about possible Xcel Energy power shutoffs during extreme wind and wildfire conditions. What should families do if the power goes out for days? The hour concludes with Colorado politics, examining debates over coal plant closures, energy reliability, school choice, and education funding. As Colorado surpasses six million residents, the question becomes: can policy decisions keep pace with the state's growing needs? HOUR 3 Hour 3 begins with Jerzee Joe's rapid-fire “stupid stories of the week,” covering topics ranging from an Oregon proposal that could ban hunting and livestock production to debates over media bias, cultural politics, and race narratives in the headlines. Clips from Senator Eric Schmidt, Senator John Kennedy, Bill Maher, and Congressman Wesley Hunt highlight concerns about political rhetoric and media framing. The conversation then turns to gun control policies and rising background check fees, raising a larger question: are regulations quietly limiting the rights of lower-income Americans? Later, Scott Garliss of Bent Pine Capital joins John to analyze tensions in the Middle East and the importance of the Strait of Hormuz, where nearly 20% of the world's oil supply moves daily. If Iran disrupts that chokepoint, what happens to global energy markets? The hour wraps with a discussion of energy geopolitics, LNG exports, inflation, Fed policy, and market volatility—examining how global conflicts can ripple into fuel prices, the economy, and financial markets at home. Timestamps 1:14 — Jerzee Joe — https://www.jerzeejoe.com 25:45 — Scott Garliss — https://substack.com/@cscottgarliss

Join the Conversation at 303-477-5600 or text to 307-200-8222 Monday - Friday from 3 pm - 6 pm MT. https://RushToReason.com 3-11-26 HOUR 1 Hour 1 of Rush to Reason dives into Health and Wellness Wednesday, blending practical planning with conversations about brain health, sleep, and aging. John Rush begins with estate planning attorney Michael Bailey, discussing how changing tax laws and retirement rules—such as those affecting inherited IRAs—can impact what families pass to the next generation. Are Americans planning wisely, or unknowingly leaving more to the IRS? The conversation then shifts to brain health, dementia prevention, and daily habits that influence long-term wellness. Drawing from research by a Harvard neurologist, John explores how sleep, stress management, social interaction, exercise, and lifelong learning may help protect cognitive function. Could small daily routines be the key to staying mentally sharp? Later, Dr. Jacob Teitelbaum joins the program to discuss sleep science, daylight saving time, fatigue, and cognitive health. Why do some people struggle for days after the clock change? And could poor sleep be quietly contributing to chronic pain, fatigue, and dementia risk? From estate strategy to brain longevity, the hour asks an important question: are your daily habits helping—or hurting—your future? Timestamps 1:57 — Michael Bailey — https://michaelbaileylawllc.com 27:51 — Dr. Jacob Teitelbaum — https://endfatigue.com & https://vitality101.com/ HOUR 2 Hour 2 opens with a conversation about leadership, accountability, and adversity with author Richard Battle. What separates leaders who rise during challenges from those who collapse under pressure? Through real-world stories, Battle explains how trust, honesty, and a leader's first response to adversity can shape long-term credibility. The discussion then turns to media narratives and public perception, including controversial crime statistics (https://bjs.ojp.gov). John questions whether news coverage highlights some stories while ignoring others that do not fit prevailing narratives. Next, the focus shifts to preparedness as John warns about possible Xcel Energy power shutoffs during extreme wind and wildfire conditions. What should families do if the power goes out for days? The hour concludes with Colorado politics, examining debates over coal plant closures, energy reliability, school choice, and education funding. As Colorado surpasses six million residents, the question becomes: can policy decisions keep pace with the state's growing needs? HOUR 3 Hour 3 begins with Jerzee Joe's rapid-fire “stupid stories of the week,” covering topics ranging from an Oregon proposal that could ban hunting and livestock production to debates over media bias, cultural politics, and race narratives in the headlines. Clips from Senator Eric Schmidt, Senator John Kennedy, Bill Maher, and Congressman Wesley Hunt highlight concerns about political rhetoric and media framing. The conversation then turns to gun control policies and rising background check fees, raising a larger question: are regulations quietly limiting the rights of lower-income Americans? Later, Scott Garliss of Bent Pine Capital joins John to analyze tensions in the Middle East and the importance of the Strait of Hormuz, where nearly 20% of the world's oil supply moves daily. If Iran disrupts that chokepoint, what happens to global energy markets? The hour wraps with a discussion of energy geopolitics, LNG exports, inflation, Fed policy, and market volatility—examining how global conflicts can ripple into fuel prices, the economy, and financial markets at home. Timestamps 1:14 — Jerzee Joe — https://www.jerzeejoe.com 25:45 — Scott Garliss — https://substack.com/@cscottgarliss

Roger Whitney dives into practical strategies for navigating health care before Medicare, sharing insights from retirees, survey results, and listener questions. Together they explore real-world solutions for coverage gaps, timing withdrawals, and managing medical expenses in early retirement.OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN(00:00) This show is dedicated to helping you not just survive retirement but have confidence in your financial and life decisions.(00:40) Roger introduces the focus: pre-Medicare health care, survey insights, and practical strategies.LISTENER EXPERIENCES AND STRATEGIES(03:00) Roger shares experiences and questions from listeners navigating pre-Medicare coverage. They discuss timing COBRA versus ACA transitions, evaluating company retiree plans, managing risk when uninsured, and creative strategies like catastrophic insurance, health-sharing plans, and part-time work benefits. Listeners also explore using HSAs and inherited IRAs to manage costs and maximize subsidies, providing a broad view of practical approaches for early retirees.ROCKING RETIREMENT IN THE WILD(32:50) Jennifer retires at 59½, discovers watercolor painting, fitness classes, and increased spending patterns in early retirementSURVEY INSIGHTS(37:08) Roger summarizes key takeaways from over 400 survey respondents.SMART SPRINT(48:19) Action step: identify your “homies” for retirement planning. Notice how your closest relationships influence your retirement experience and take one step this week to strengthen those connections.REFERENCESSubmit a Question for RogerSign up for The NoodleThe Retirement Answer Man

Check the episode transcript hereABOUT KAAREN HALL Kaaren Hall is the founder and CEO of uDirect IRA Services, LLC, a leading provider of self-directed IRA accounts since 2009. With over two decades of experience in real estate, mortgage lending, and property management (and especially Self-Directed IRAs) Kaaren has empowered thousands of people to take control of their retirement funds and invest in alternative assets, such as real estate, private lending, precious metals and more. Her expertise in self-directed retirement accounts has made her a sought-after speaker, and she has been a featured panelist and presenter at industry-leading conferences, including BiggerPockets' BPCON22, 23, 24 and 25. Adding to her accolades, Kaaren is now the author of the newly published Self-Directed IRA Investing: A BiggerPockets Guide, the definitive resource for investors looking to unlock the power of self-directed IRAs to build wealth. Published by BiggerPockets Publishing, this comprehensive guide combines actionable insights, real-world examples, and Kaaren's extensive industry knowledge to help investors confidently navigate the world of self-directed retirement accounts.    THIS TOPIC IN A NUTSHELL:  Kaaren's journey from radio and real estate into self-directed retirement investing What a Self-Directed IRA is and how it differs from traditional retirement accounts The history and evolution of Self-Directed IRAs in alternative investing How investors use retirement funds for real estate, notes, metals, and private deals The role of the custodian and why compliance matters Prohibited transactions and the rules investors need to understand What IRA holders can and cannot do with IRA-owned real estate Using Self-Directed IRAs in syndications and private placements Why general partners typically cannot invest their own IRAs in their own deals Proposed changes that could expand 401(k) access to alternative assets Roth conversions, tax strategy, and long-term tax-free growth planning Teaching kids to invest early through earned income and Roth IRAs Comparing IRAs, 401(k)s, SEP IRAs, SIMPLE IRAs, Solo 401(k)s, and HSAs Using retirement capital to complement broader real estate investing strategies UBIT, UDFI, and lessons from navigating fraud, scrutiny, and business resilience   KEY QUOTE:   “For investors, the biggest mistake is often not knowing what vehicles are available to them. The self-directed IRA lets you invest in alternative assets — it's a vehicle to let you do that.”    ABOUT THE WESTSIDE INVESTORS NETWORK   The Westside Investors Network is your community for investing knowledge for growth. For real estate professionals by real estate professionals. This show is focused on the next step in your career... investing, for those starting with nothing to multifamily syndication.   The Westside Investors Network strives to bring knowledge and education to real estate professionals that is seeking to gain more freedom in their life. The host AJ and Chris Shepard, are committed to sharing the wealth of knowledge that they have gained throughout the years to allow others the opportunity to learn and grow in their investing. They own Uptown Properties, a successful Property Management, and Brokerage Company. If you are interested in Property Management in the Portland Metro or Bend Metro Areas, please visit www.uptownpm.com. If you are interested in investing in multifamily syndication, please visit www.uptownsyndication.com.     We would like to thank our Sponsors: OffsitePros and MyMoneyWorksForMe   #RealEstateInvesting #RealEstateInvestor #PassiveInvesting #AccreditedInvestor #AlternativeInvestments #SelfDirectedIRA #RetirementInvesting #WealthBuilding #CashFlowInvesting #FinancialFreedom #MultifamilyInvesting #PrivatePlacements #SyndicationInvesting #InvestorEducation #RealEstateWealth #IRAInvesting #RothIRA #Solo401k #TaxAdvantagedInvesting #PassiveIncome #CommercialRealEstate #InvestmentStrategy #PortfolioDiversification #LongTermWealth #SmartInvesting #AssetProtection #InvestorMindset #RetirementWealth #FinancialEducation #WealthStrategy    CONNECT WITH KAAREN HALL: LinkedIn: https://www.linkedin.com/in/kaarenhall Facebook: https://www.facebook.com/uDirectIRA X: https://x.com/uDirectIRA YouTube: https://www.youtube.com/channel/UCWAycexbDjYjHh8R8goug0A Website: https://udirectira.com Instagram: https://www.instagram.com/udirectiraservices    CONNECT WITH US   For more information about investing with AJ and Chris:  · Uptown Syndication | https://www.uptownsyndication.com/ · LinkedIn | https://www.linkedin.com/company/71673294/admin/  For information on Portland Property Management:  · Uptown Properties | http://www.uptownpm.com ·  Youtube | @UptownProperties  Westside Investors Network  · Website | https://www.westsideinvestorsnetwork.com/ · Twitter | https://twitter.com/WIN_pdx · Instagram | @westsideinvestorsnetwork · LinkedIn | https://www.linkedin.com/groups/13949165/ · Facebook | @WestsideInvestorsNetwork ·  Tiktok| @WestsideInvestorsNetwork ·  Youtube | @WestsideInvestorsNetwork 

Today's episode of the Power of Zero Show sees David McKnight address one of the most important decisions you'll ever make in retirement: where you should withdraw money from first. It's important to note that the sequence in which you draw down your retirement dollars can dramatically affect how long your money lasts and how much of it you get to keep. Since the Trump tax cuts were permanently extended on July 4th, 2025, retirees have been presented with one of the most significant tax planning windows they may ever see. The national debt continues to grow – with Social Security and Medicare obligations expanding every year, and interest on the national debt taking up a larger and larger share of the federal budget. Analysts at the Congressional Budget Office and several independent economists agree that, although the 2025 extension has delayed the inevitable, it has not solved the underlying math… In or around 2035, the Government will have to raise revenue to keep pace with rising expenditures. Every dollar you withdraw from tax-deferred accounts – like IRAs, 401(k)s, 403bs, 457s – is a dollar tax rate that may be the lowest you're likely to see in your lifetime. "The goal isn't to eliminate RMDs entirely but to shrink your tax-deferred bucket to the point where these distributions are completely absorbed by your standard deduction", says David. "That means tax-free distributions from IRAs and 401(k)s. Many experts have warned people: if the U.S. doesn't right its fiscal ship of state by 2043, no combination of raising taxes or reducing spending will arrest the financial collapse of the country. You're living in a decade where taxes are as low as you've seen in your lifetime… …and even though the tax cuts were extended indefinitely, the long-term fiscal math still points in one clear direction.     Mentioned in this episode: David's new book, available now for pre-order: The Secret Order of Millionaires David's national bestselling book: The Guru Gap: How America's Financial Gurus Are Leading You Astray, and How to Get Back on Track Tax-Free Income for Life: A Step-by-Step Plan for a Secure Retirement by David McKnight DavidMcKnight.com DavidMcKnightBooks.com PowerOfZero.com (free video series) @mcknightandco on Twitter  @davidcmcknight on Instagram David McKnight on YouTube Get David's Tax-free Tool Kit at taxfreetoolkit.com

In this episode, I sit down with Roberto Rios aka Peruvian Bull, and he didn't come to play it safe. Fresh off breaking news the morning of recording, we kick things off with the Jane Street manipulation lawsuit and what it might mean for Bitcoin price action. We cover the terrifying thesis of The Great Taking, why you may not actually own the stocks in your brokerage account, China's secret gold accumulation strategy and what it signals about the dollar's future, the slow-motion collapse of Japan's bond market, and how silver is finally breaking free from decades of paper price suppression. ––– Offers & Discounts –––

In this episode of Money Matters, Scott and Pat unpack why tax diversification is one of the most overlooked strategies in retirement planning. From a 70-year-old investor with $3.6 million mostly in traditional IRAs to a 55-year-old looking to retire early and start Roth conversions, they explore how tax diversification can help reduce lifetime taxes and create flexibility in retirement income. You'll hear discussions about: -When Roth conversions make sense — and which tax bracket to target -How much cash and bond exposure you really need before retiring -The realities of the 4% rule -401(k) vs. brokerage — and where bonds and equities should actually live -How diversification protects your lifestyle, not just your portfolio Join Money Matters:  Get your most pressing financial questions answered by Allworth's co-founders Scott Hanson and Pat McClain. Call 833-99-WORTH. Or ask a question by clicking here.  You can also be on the air by emailing Scott and Pat at questions@moneymatters.com. Download and rate our podcast here.      

Vinney (Smile) Chopra is a real estate investor, entrepreneur, and mentor whose journey began with just $7 in his pocket after arriving in the United States from India. Over the past four decades, Vinney has built an extraordinary career—raising more than $250 million from investors and acquiring a real estate portfolio exceeding $1 billion. Today, he is the founder of multiple companies, a best-selling author, and the host of several podcasts dedicated to helping investors build wealth through commercial real estate.   In this episode, Vinney shares insights from his mastermind discussions about what it really takes to succeed in real estate investing today. The conversation dives deep into the strategies he uses to find deals, raise capital, and structure investments that benefit both sponsors and investors.  

In this episode: Why tax season gets significantly more intense in March, and why accountants push for earlier deadlines to ensure returns are accurate and thoroughly reviewed. How accounting firms stay engaged in their communities even during the busiest time of year, including charitable initiatives and local philanthropy. A lesser-known tax rule affecting investments in physical gold and silver, and why these assets are taxed differently than many other investments. Planning strategies involving IRAs, including how charitable distributions can reduce taxable income while supporting causes you care about. What beneficiaries need to know about Required Minimum Distributions after inheriting an IRA, and the potential tax consequences of missing them. A detail many business owners overlook about tip deductions for self-employed individuals and why proper reporting matters. A recent change to the business interest deduction rules and how it may impact larger businesses starting in 2025. Important filing deadlines for businesses and partnerships during tax season, and why extensions are often part of a smart filing strategy. What really happens if taxes aren't paid on time, including how IRS interest works on both unpaid balances and delayed refunds.

Esta edição apresenta o início da capacitação de profissionais das 27 unidades federativas para a gestão de emergências em saúde pública no SUS, visando respostas mais rápidas e coordenadas a surtos e desastres. O boletim detalha a republicação da Nota Técnica 03/2026 da Anvisa, que atualiza os critérios diagnósticos para Infecções Relacionadas à Assistência à Saúde (IRAS) de notificação nacional obrigatória. Destacamos também o lançamento de uma plataforma da Amazon baseada em IA para automatizar tarefas administrativas, como agendamentos e autorizações, reduzindo a fricção nos fluxos de backoffice hospitalar. Acompanhe as atualizações que fortalecem a resiliência do sistema e a eficiência operacional no seu podcast diário de atualização, com curadoria médica e produzido por IA. Afya News. Informação médica confiável e atualizada no seu tempo.Fontes do episódio aqui:⁠https://portal.afya.com.br/podcasts/afya-news/06-03-2026

AI hype is colliding with financial reality. Don and Tom examine Elon Musk's suggestion that artificial intelligence could create such abundance that retirement savings might become unnecessary. They unpack the economics behind universal basic income, including the staggering cost—even a modest payment would require trillions in new revenue—and explain why most Americans aren't betting their futures on Silicon Valley promises. The episode also answers listener questions about confusing target-date fund holdings, what to do with an overfunded 529 plan, and how to reduce taxable investment distributions by placing assets in the right accounts. Along the way they revisit lessons from past technological revolutions, discuss the importance of work beyond income, and continue their campaign against the scourge of gas-powered leaf blowers. 0:04 AI panic and Elon Musk's claim that AI could make retirement savings unnecessary. 1:52 Musk's vision of AI-driven abundance and universal income replacing traditional retirement planning. 3:36 The practical question: who actually pays for universal income checks? 5:30 Historical tax rates in the 1960s vs. today's marginal tax structure. 6:21 Survey shows 94% of readers still plan to save despite AI predictions. 7:17 Boston College researchers warn Musk's comments send a dangerous retirement message. 8:23 Why universal basic income would require major government policy and taxes. 8:45 Past technology revolutions didn't distribute wealth evenly. 9:27 Why humans need work for purpose, not just income. 10:33 The math problem: even $1,000/month UBI would require about $3.1 trillion annually. 11:54 Historical comparison to the Luddite era and displaced workers. 13:18 Listener question: What “short-term debt and net other assets” mean in a Fidelity target-date fund. 17:38 Listener question: Overfunding a 529 plan and potential Roth rollover strategies. 20:45 Listener question: Using Vanguard Tax-Managed Balanced Fund to reduce taxable distributions. 23:28 Asset location strategy: placing bonds in IRAs and stocks in taxable accounts. 24:49 Where to easily find mutual fund returns using Morningstar. 25:46 Tom's Scottsdale advisory meetings announcement. 26:45 The crusade against gas-powered leaf blowers. Learn more about your ad choices. Visit megaphone.fm/adchoices

Tait Duryea and Ryan Gibson break down one of the most important retirement decisions pilots face: Traditional vs. Roth IRAs. They explain how taxes impact withdrawals, why required minimum distributions matter, and how poor planning could leave your kids with a massive tax bill. The conversation also explores advanced strategies like Roth conversions, self-directed IRAs, and “Roth chunking” during low-income years. If you want to build wealth through real estate while protecting your retirement from unnecessary taxes, this episode offers practical frameworks to help pilots think long-term about their portfolio, income streams, and legacy planning.Show notes:(0:00) Intro(3:01) Traditional vs Roth fundamentals(7:30) Required minimum distributions explained(11:13) Nest egg vs golden goose investing(14:55) Using self-directed IRAs for real estate(21:37) Inherited IRA tax pitfalls(26:08) Roth chunking for new airline hires(30:58) Strategic Roth conversions during low-income years(35:11) Passive income to fund retirement(38:35) Advanced Roth conversion appraisal strategy(45:38) OutroRelated Episode:#110 - The IRA Club Advantage: The Self-Directed IRA Strategy for Pilots with Ramez Fakhoury: https://passiveincomepilots.com/episode/110-the-ira-club-advantage-the-self-directed-ira-strategy-for-pilots-with-ramez-fakhouryIf you're interested in participating, the latest institutional-quality self-storage portfolio is available for investment now at: https://turbinecap.investnext.com/portal/offerings/8449/houston-storage/ — You've found the number one resource for financial education for aviators! Please consider leaving a rating and sharing this podcast with your colleagues in the aviation community, as it can serve as a valuable resource for all those involved in the industry.Remember to subscribe for more insights at PassiveIncomePilots.com! https://passiveincomepilots.com/ Join our growing community on Facebook: https://www.facebook.com/groups/passivepilotsCheck us out on Instagram @PassiveIncomePilots: https://www.instagram.com/passiveincomepilots/Follow us on X @IncomePilots: https://twitter.com/IncomePilotsGet our updates on LinkedIn: https://www.linkedin.com/company/passive-income-pilots/Do you have questions or want to discuss this episode? Contact us at ask@passiveincomepilots.com See you at the next one!*Legal Disclaimer*The content of this podcast is provided solely for educational and informational purposes. The views and opinions expressed are those of the hosts, Tait Duryea and Ryan Gibson, and do not reflect those of any organization they are associated with, including Turbine Capital or Spartan Investment Group. The opinions of our guests are their own and should not be construed as financial advice. This podcast does not offer tax, legal, or investment advice. Listeners are advised to consult with their own legal or financial counsel and to conduct their own due diligence before making any financial decisions.

Free Copy of My Book: Building Wealth In the TSP: Your Road Map To Financial Freedom as A Federal Employee: https://app.hawsfederaladvisors.com/free-tsp-e-book Want to schedule a consultation? Click here: https://app.hawsfederaladvisors.com/whatservicemakessense I am a practicing financial planner, but I'm not your financial planner. Please consult with your own tax, legal and financial advisors for personalized advice.

In this mailbag episode, David answers two practical listener questions about managing unexpected financial opportunities. One listener recently paid off their mortgage and now has an extra $3,000 per month to invest, while another is navigating the tax implications of inheriting an IRA. David walks through several potential options for putting extra cash to work- ranging from CDs and brokerage accounts to fixed annuities- while also clarifying the complex withdrawal rules tied to inherited retirement accounts. Here's some of what we discuss in this episode:

Do you know someone eyeing their retirement accounts to fund their nonprofit dreams? We need to talk! In this episode, I'm joined by Jeff Beck, a wealth advisor at COE Financial Group, to tackle a listener question that had me equal parts fascinated and horrified. Real Listener Question: "My partner has a traditional IRA with about $100,000 in it. Can she invest that money in my 501(c)(3) without penalties? Do we need to set up a for-profit company for her IRA to invest in first? Are there IRS rules against her investing in something I founded and run?" Jeff and I dig into the mechanics of IRAs, self-directed accounts, and what the IRS actually allows when it comes to retirement funds and charitable giving. Spoiler alert: nonprofits DO NOT have shareholders so you can't "invest" in them and get a return! There are some serious red flags here, both on the legal side AND in this interpersonal relationship. What You'll Learn: Why you can't really "invest" in a nonprofit How giving to a nonprofit can benefit an individual's tax position What a self-directed IRA is and what you get to do with it One legitimate way to donate your IRA funds to a nonprofit tax-free Why getting "returns" on your contribution can put a nonprofit's tax-exemption at risk How you can financially hurt yourself when you're starting a new organization Bottom line: Using your (or your significant other's) retirement fund to set up your new business is probably NOT a good idea. Protect yourself, protect your partner, and please, let that IRA grow. Resources from this Episode Learn more about Jeff Beck at Coe Financial Group: https://www.coefinancial.com/ Previous Episode: How Nonprofits Can Find and Hire a Good Lawyer https://birkenlaw.com/charity-therapy-podcast/158-hiring-lawyer/  Episode Transcript: https://birkenlaw.com/wp-content/uploads/2026/03/CT159_Transcript.pdf Connect with Us Jess Birken: https://www.linkedin.com/in/jessbirken/ Jeff Beck – reach out at Jeff@coefinancial.com Listen & Engage Listen on Apple Podcasts | Spotify | YouTube | Amazon Music Rate & Review on Apple Podcasts: Click "Ratings and Reviews" then "Write a Review" Send us your nonprofit questions: https://birkenlaw.com/podcast/#podcast-story   Stay Connected Sign up for the Birken Law Email list: https://birkenlaw.com/signup/   Follow us on Facebook, Instagram, Twitter

Diversifying Investments Beyond the U.S. | International Investing for Gay Gen X RetirementAre you unintentionally overexposed to the U.S. stock market?In this episode of Queer Money (Ep. 631), we unpack why investors are diversifying investments away from the United States and what international investing means for gay men 45+ who have most of their retirement savings tied up in 401(k)s and IRAs.Over the last six months alone, billions have rotated out of U.S. equities. International markets have outperformed. The dollar's dominance is shifting. Central banks are diversifying reserves. And yet most American retirement portfolios remain overwhelmingly U.S.-centric.That's concentration risk.And money hates concentration risk.We walk through:Why global capital is rotating into developed and emerging marketsWhat “de-dollarization” means for your retirement savingsHow international investing can reduce political and currency riskWhy diversification is not anti-American — it's pro-retirement securityThe risks of being overly exposed to AI-heavy U.S. marketsHow we personally are reallocating part of our portfolio internationallyIf you're a Gen Xer or older Millennial with decades of savings sitting in U.S.-only index funds, this episode may challenge your assumptions about buy-and-hold domestic investing.Key Takeaways:Diversifying investments reduces concentration risk tied to one economy and one currency.International investing has outpaced U.S. markets in recent performance cycles.Currency alignment matters — especially if you plan to retire abroad.A globally diversified portfolio reflects today's multipolar economy.Active, adaptive diversification can strengthen long-term retirement resilience.We're not abandoning America. We're protecting our future.Chapters:00:00 - Intro01:12 - Capital is rotating02:49 - International outperformance04:41 - Policy and geopolitics07:21 - Why diversification matters09:02 - U.S. market still matters10:02 - What we did12:48 - OutroMentioned in this episode:Make your retirement fabulous! Not sure if you can retire or when? Worried about how much you can safely spend without running out of money? We help you get clear answers and the systems to retire with confidence and peace of mind. Let's go!Queer Money Retirement VaultYour fabulous retirement in Portugal is calling!Ready to turn your IRA assets into a gateway to living in Europe? With the Optimize Portugal Golden Opportunities fund you can do just that. Join hundreds of other U.S. investors taking control of their retirement and using the assets they have to open doors to freedom. Click below to get your Portugal Golden Visa!Get Your Portugal Golden Visa Here!Get Your Portugal Golden Visa Here!Want the confidence to retire when and how you truly want?If you're considering retirement abroad, or simply want a second & third set of eyes on your retirement plan, we help gay foks retire fabulously — wherever that may be. Our retirement mentorship can help you gain the confidence to say yes to retirement! Queer Money Retirement Mentorship

Money feels volatile. The headlines feel dramatic. And for many women, investing still feels intimidating. In this powerful conversation, accredited financial counselor and investor Tess Waresmith returns to cut through the noise. She unpacks the truth about market crashes, why the economy and the stock market are not the same thing, and the simple compound interest math that can turn a small monthly contribution into a million-dollar legacy. This episode offers grounded perspective and practical next steps to help you move from fear to financial clarity. If you have any questions about this episode or want to get some of the resources we mentioned, head over to LesleyLogan.co/podcast https://lesleylogan.co/podcast/. If you have any comments or questions about the Be It pod shoot us a message at beit@lesleylogan.co mailto:beit@lesleylogan.co. And as always, if you're enjoying the show please share it with someone who you think would enjoy it as well. It is your continued support that will help us continue to help others. Thank you so much! Never miss another show by subscribing at LesleyLogan.co/subscribe https://lesleylogan.co/podcast/#follow-subscribe-free.In this episode you will learn about:The importance of financial independence for women.How to prepare your finances for an inevitable market crash.The "bucket strategy" for organizing short-term vs. long-term funds.Comparing the 2000 dot-com bubble to today's AI trends.Why learning to invest takes weeks, not a finance degree.Episode References/Links:Wealth With Tess – https://wealthwithtess.com/savvyFree Financial Independence Mini-Course - https://www.moneyconfidentclub.com/3daysfiTess Waresmith Instagram - https://www.instagram.com/wealthwithtess1929: Inside the Greatest Crash in Wall Street History by Andrew Ross Sorkin - https://a.co/d/0h4yDFDvGuest Bio:Tess is an Accredited Financial Counselor® and the founder of Wealth with Tess, a financial education platform and community, that helps millennial women build wealth using simple investing strategies. Her mission is to help women gain agency over their money so they can retire comfortably and have options to live life on their terms. After losing thousands by working with the wrong financial advisor in her early 20s (a fiduciary by the way), Tess rewrote her financial story. She immersed herself in the world of personal finance and wealth building, and by 35, she went from a net worth of $0 to $1 million, all as a single woman. Today, Tess is a sought-after financial expert, featured by Forbes, CNBC and Business Insider. Her free investing workshops have drawn thousands of attendees, and hundreds of women have transformed their financial futures through her straightforward and supportive learning programs. Her approachable, no-jargon investing tips inspire a growing community on Instagram at @wealthwithtess. Whether you're short on time or new to investing, Tess is proof that you don't need Wall Street-level expertise to build wealth, you just need to decide it matters and get some judgement free education. If you enjoyed this episode, make sure and give us a five star rating and leave us a review on iTunes, Podcast Addict, Podchaser or Castbox. https://lovethepodcast.com/BITYSIDEALS! DEALS! DEALS! DEALS! https://onlinepilatesclasses.com/memberships/perks/#equipmentCheck out all our Preferred Vendors & Special Deals from Clair Sparrow, Sensate, Lyfefuel BeeKeeper's Naturals, Sauna Space, HigherDose, AG1 and ToeSox https://onlinepilatesclasses.com/memberships/perks/#equipmentBe in the know with all the workshops at OPC https://workshops.onlinepilatesclasses.com/lp-workshop-waitlistBe It Till You See It Podcast Survey https://pod.lesleylogan.co/be-it-podcasts-surveyBe a part of Lesley's Pilates Mentorship https://lesleylogan.co/elevate/FREE Ditching Busy Webinar https://ditchingbusy.com/Resources:Watch the Be It Till You See It podcast on YouTube! https://www.youtube.com/channel/UCq08HES7xLMvVa3Fy5DR8-gLesley Logan website https://lesleylogan.co/Be It Till You See It Podcast https://lesleylogan.co/podcast/Online Pilates Classes by Lesley Logan https://onlinepilatesclasses.com/Online Pilates Classes by Lesley Logan on YouTube https://www.youtube.com/channel/UCjogqXLnfyhS5VlU4rdzlnQProfitable Pilates https://profitablepilates.com/about/Follow Us on Social Media:Instagram https://www.instagram.com/lesley.logan/The Be It Till You See It Podcast YouTube channel https://www.youtube.com/channel/UCq08HES7xLMvVa3Fy5DR8-gFacebook https://www.facebook.com/llogan.pilatesLinkedIn https://www.linkedin.com/in/lesley-logan/The OPC YouTube Channel https://www.youtube.com/@OnlinePilatesClasses Episode Transcript:Tess Waresmith 0:00  Money is not good, bad, evil. It is just a tool. Are there billionaires that are assholes, of course, but that doesn't mean that money is a bad thing. We should all be working to acquire it, because if we have more flexibility, independence and freedom, we're going to be better for the people around us. We're going to make a better impact.Lesley Logan 0:17  Welcome to the Be It Till You See It podcast where we talk about taking messy action, knowing that perfect is boring. I'm Lesley Logan, Pilates instructor and fitness business coach. I've trained thousands of people around the world and the number one thing I see stopping people from achieving anything is self-doubt. My friends, action brings clarity and it's the antidote to fear. Each week, my guest will bring bold, executable, intrinsic and targeted steps that you can use to put yourself first and Be It Till You See It. It's a practice, not a perfect. Let's get started. Lesley Logan 0:56  All right, Be It babe, we are gonna talk about the financial times. Don't turn this away. I know you wanna go, la, la, la, la, la, when we talk about money, and I think I said that the last time we had the amazing Tess Waresmith on. But I really want, I want you to know that like after talking with her and hearing her voice and hearing her perspective on all the uncertainty when it comes to money, when it comes to the stock market, when it comes to the economy, she always helps me put it all in the most amazing perspective. And I want that for you as well. And I also want you to have all the things that you want to have. And if you're like, oh Les, I'm good, we also talk about that too. We also talk about what like if you are good, why it's so important for you to have this information and to know what to do with it. So, here's Tess Waresmith. Lesley Logan 1:42  All right, Be It babe, I am thrilled to have this guest back, because, to be honest, I just love hearing her speak. I actually there's very few people online that I am like absolutely 100% have to watch everything they post, because I learned so much. I learned so much from her, and I wanted to have her back so we can learn some more, because the financial investment is always uncertain, but it feels more uncertain now than it ever did before. So Tess Waresmith, welcome back. Will you tell everyone who you are and what you rock at?Tess Waresmith 2:08  Thank you. Thank you for having me back. I am an accredited financial counselor, an investor, and I would say more colloquially, I am an advocate for women and people having more money so that they can do what they want, when they want, with who they want, and eventually retire comfortably and have the flexibility, yeah, to do whatever you want with your life. That is my goal. Lesley Logan 2:28  Yeah. Well, I mean, I think we're on the same path in different ways. Like, I don't know money the way you know money, but I'm like, I want women to have, like, I want them to be a priority in their life, so that they have a body that will take them everywhere they want to go. Because, you know, so I and for a lot that may require is like having financial independence and abilities to do things that can care for themselves, they advocate for themselves. And so money does, people can hate it or love it, but it does make the world go round. It is this energy that we need to understand. So, you know, we've had you on the pod before, so you guys, we'll definitely link in the show notes, and you will learn so much. But you know, as we record this, I'll say what when we're recording this, because I think it's helpful. We just got out of the longest shutdown, the crazy times we're recording November, so it's probably come out in 2026 in the beginning. But like, people are scared. I think people are freaking out. Like I coach businesses all the time, and where my predictions are is that the group fitness aspect of things is being affected, because that's the amount of those are the people whose paychecks are being affected, those people whose the cost of groceries going up, it affects their luxury spending, which I don't think fitness should be luxury, but their luxury spending on fitness is changing. And so I'm seeing these changes. Can we talk like, where do you want to start, Tess? Should we talk with, like, what is like is always uncertain, and it just and we're like, we're making it up that it's more uncertain today?Tess Waresmith 3:50  It's a great question. I mean, I want to, like, double tap on one thing you said, where before we even, like, get into this conversation. If, when Lesley said, if money is, like, good or bad? Like, money is a tool. It's not either. And so if you are somebody that's like, oh, I hear this a lot from women, they're like, oh, I don't need to make that much money or, like, I don't want to have too much because it's bad, or I feel greedy. If you're that person, we probably need you to have more money so that you can make a bigger impact, donate to causes you care about. You're probably a good person, if you're thinking about it that way. So I need you to just park that and rewrite a new story that's money is not good, bad, evil. It is just a tool. Are there billionaires that are assholes, of course, but that doesn't mean that money is a bad thing. We should all be working to acquire it, because if we have more flexibility, independence and freedom, we're going to be better for the people around us. We're going to make a better impact. If you're an asshole, you're going to be with money or without. So I just want to, like, start there, because I think, I think that is such a useful excuse to be like, I'm not going to focus on my money. I like, don't need more and just like, the reality is, like, if you're saying that I probably need you to have more. Yeah, know what I mean, because.Tess Waresmith 5:04  You're gonna do better things with it, like, I couldn't agree more. Like, I was listening to a business guy, a coach doing not a business coach. He's like, an actual, like, life coach type of thing. And he was finding how people are like, oh, I'm good. Like, I don't, I don't want to. I feel like if me wanting more is bad when other people have so little. And he's like, right, but you playing small is never going to give them anything. Right? So, like that to your point, like, if you're the, if you're the woman, listen, is going, like, I'm really good. Like, I don't need more. We need you to have more, because you will give it to the right people. You will spend it at the right businesses. You're not the ass hole. So, we need that. Yeah, I agree.Tess Waresmith 5:41  Yeah, yeah. So I've been thinking about that a lot more and more, especially as we roll into this economy where we have so much information and so much access and visual representations of under resourced people, and we're seeing that all the time. So it's easy to feel like, you know, well, I'm doing better than this person, and this isn't something I should focus on. The other thing that people don't realize is, if you learn more of the basics, you get to impact the people around you, and not all of them are doing well, either, like I have some really close friends that I've grown up with that are in much better financial positions, that came from nothing, that grew up in really bad homes and with no money, parents in jail. They're doing better because I am a money nerd, and I force them to talk about this stuff, and so, like, I think that it's just important to remember that this is like a fundamental unfortunately in this country, are the rights to like, food and housing is not guaranteed. We need money for those things. So if you have more than you need, great, give it to somebody that doesn't. So yeah, I could go on and on about that.Lesley Logan 6:44  Yeah, yeah. I know it's like, I think, like, it's really interesting, right? I just saw someone post because, again, we're recordimg in November. Somebody posted like, should you be doing, like, Black Friday, Cyber Monday sales? And as a Pilates business coach, I tell Pilates studios all the time, don't fucking do it. You have a service-based business. You don't have the margins to do the discounts that stores have, so you can't copy what stores are doing, and the big stores put those margins in. So guess what? When it's 40% off, it's because when it was full price, you're paying more than they needed you to pay. They have, it's built in, right? As a small business owner, do I do it? Yes. Why? Because I have a product that I can do it on, I have digital products I can do it on, and I'm only doing it this one time a year. While y'all want to have a discount, that's what people want. So like, I'm like, here's the game. I can acquire new customers with it. I can reward my loyal customers who've been with me a long time with these things. But I don't have to participate in this game. But we are currently, right now, recording in the States, in the United States, where housing and medical care and all these things are not guaranteed. And so you do need to have an awareness of how to make money and how to invest money so you can have those luxuries. So going to who what you're an expert at, and talking about these things like, I think people who have a lack of understanding of how money works and investment works, this is when they start to freak out. You know, like we all know, that as soon as they start to see that these big people are pulling their shares out of this, or pulling their shares of this, all of a sudden people start to freak out and pull their shares, and we become a very predictive death spiral. So what should we know? What should we be paying attention to if we are investing? Should we should we not invest right now? Like, what's the?Tess Waresmith 8:24  Yeah, yeah, all great questions and very real and honest questions. So I appreciate that. So I want to start with the fact that the economy and the stock market are not the same thing. It's easy to feel like they are, because we hear so much about the stock market, it's a super exciting piece of information and news for the media to to constantly bring up. And so a lot of times we see these things like, are we in an AI bubble? Are we going to have a recession? Is the stock market going to collapse? Or the stock market is collapsing when it goes down one day, or crashing or whatever. And so I think it's important to remember that those are two different things. The economy right now. There's a lot of issues in the economy. There's a there's a lot of data. Like, just to, like, nerd out for a second, and I'll make this like, as non jargony as possible. So stay with us. So, so first of all, there's, there's things called leading and lagging indicators in the economy, and leading indicators are typically things that are going to influence what the stock market might do in the future. And then there's lagging indicators that kind of show what the business cycle is doing in the past. And all of this to say is that there's so many factors that influence the stock market, and right now, we're in a place where we are getting bombarded with information that is favorable for the stock market and not favorable for the stock market all at the same time. So let me give you some examples. AI obviously has massive potential. It's driving incredible returns in 2025 so right now, when we're recording this this year, the returns on AI investment in the stock market have been outstanding. And if you are invest, even if you're investing in just something like a US stock market fund that holds a bunch of stocks in the US or some of you might know what the S&P 500 is, which is the top 500 US, largest stocks that are publicly traded if you're investing in the US stock market, you're investing in AI right now, and you've probably benefited from that, whether you know it or not, if you have a 401K or an IRA, let me tell you this, it should be up. Also, if it's not, shoot me a message, please. So that's one piece of the economy. At the same time, consumer sentiment isn't great. Healthcare costs are going up. Things are more expensive. We have not solved our inflation problem. A ton of layoffs are happening. We're adding jobs in some sectors, removing them from others. So it's important to remember that while all of those economic factors are going to influence the stock market, they are not the stock market. They are two different things. So that's the first thing I want to say. The second thing I want to say is that the stock market, I'll be very interested to see what happens when this podcast episode is released, to be honest. Because right now, we are in a place where the stock market has gone up over the last three years, significantly. 2024 '25 phenomenal years. However, we have a very hard time predicting what's going to happen in the stock market and how long the stock market will continue to go up before it eventually comes down. I'm telling you right now, it will for sure come down at some point to a lower place than we are at now. The stock market never goes up indefinitely. And so for those of you that are really nervous about investing, you're hearing, hearing and seeing all this news that we're like, we're in a bubble. There's going to be a stock market crash, doom and gloom, like maybe zombies or solar flares, like whatever dramatic things they can add to this conversation about investing, it's important to remember that the stock market actually goes in cycles. So it goes up pretty regularly, it hits a peak, it contracts, and then it hits a floor. And that cycle happens over and over and over again. And so we all get really surprised when we start focusing on our money and paying attention to investing, or even just start to get a little bit more nervous about retirement if we're in our 40s, and we're approaching that and we're realizing, oh, we should have paid more attention to this. All of a sudden, when we start to see this news, we go, oh my gosh, like the stock market's going to crash. The stock market has crashed a lot over the last 100 years. We see a correction and a correction is when the stock market comes down by roughly 10% the word correction comes from the prices of stocks actually like coming down being corrected. So we see that like every three to four years, it's very, very common. So one of the things that I can tell you and your listeners is that we should not be worried about a crash. We should expect one. It's part of the price of entry. If you want to build wealth, just like if you become a business owner, you learn a lot about yourself. It's a crash course in personal development. You have, like, ugly cry days, and then your best revenue day, like, three months later. And then everything you build crashes like and over and over. You're in this cycle of building, three steps forward, two steps back. That's business, right? Stock market's going to be the same thing. So what I highly suggest is, whenever you see news, if there's any kind of emotional or sensational twinge to it, that is your one, that should be a signal to you that that's probably clickbait. Yes, first of all, the news wants to write stock market crash, because you're going to click on that, because you're going to be like, Oh God, that sounds scary. So what I love to do, as an accredited financial counselor and an investor, and I will share a lot more about this through Instagram and upcoming YouTube videos, is that we need to understand that the stock market goes in cycles, and this is expected, and the more we can learn and understand the history of that, it's going to make us more confident in how we're investing. And so I'll give you an example for any of our listeners that are lived in 2008 right? The 2008 financial crisis. If you don't know, the stock market dropped like 50% it was abysmal, super bad. People lost a lot. But when people say they lost everything, they didn't lose their money in the stock market, if they didn't sell what they were invested in, if they were invested in 2008 when the stock market crashed and they waited five years, their money would have returned to the same amount it was at, and then over the next 10 years, would have ended up growing significantly and tripling in value like crazy. So the point of all this is there's two things we need to understand. The economy and the stock market are not the same thing. It's going to go in cycles. And if we're investing for the long term, we have 10, 20, 30 years to weather these cycles. It's going to happen. The more we can educate ourselves, the more we can stay calm during these moments.Lesley Logan 15:13  Okay, first of all, you just somehow always know how to, like, calm me down and make me, like, not nervous. Like, I feel like the I'm like, okay, great. So I'll just give I'll just find some more money to put in there. But also, like, I feel, I'm not gonna lie, I feel like I've never heard someone explain that the economy and the stock market are not the same thing. Like, I'm sure you've said it to me and I like, but there I'm hearing it for the first time, and it's like, well, that explains why, when the stock market was great and the economy, people were like, people aren't feeling the economy was great, and so people are confusing the two. And also I want to highlight that I do remember 2008 I actually became a very successful Pilates instructor during the time that people were canceling cable because I was selling something people wanted to invest like they wanted to invest in themselves. They wanted to take some time. They wanted they were thinking how they're putting their dollars. And so it doesn't they don't always had to be bad when they do figure itself out, and you are right, if people are in it for the long haul, then you're going to weather this. And I think it's hard, because the only people who talk about money around us are typically uncles and granddads and like other men, and they make it sound negative all the time, and we aren't always educated in what that looks like. And so then it's like, oh, it's really bad. But we have, there's a lot of cycles in life that we get more confident in, don't we remember? Like, we all remember our first time we got our female cycle. That was really scary, that was a lot. Then there was years of figuring it out, and then you become an adult, and sometimes you're still surprised it comes. Tess Waresmith 16:38  Tha't ssuch a good comparison.Lesley Logan 16:38  Like, it's right, yeah, but we have, like, it's this thing, and like, we have to dread it, and then it comes, and then all of a sudden, we got all the good hormones because it came, and then it's like, this great time. And so it's like, we live in cycles all the time, and if we know when to like you, the one difference is that, unfortunately, the stock market isn't on a 20-day day or 32-day cycle, I mean if it's good, but we don't know when it's going to happen. We know it is going to happen. So I love the way that you addressed that you say that it's like, okay, so then what's the attitude we want to have when it comes? How? What are we what? What is? What are some things that we can, like, plan for when that happens, so that we can not listen to the noise and the clickbait and be in fear and instead make proactive decisions? And so I guess my question is to you, like, when the stock market crashes, what is your process?Tess Waresmith 17:27  Yeah, yeah. So a lot of it is about preparation. And again, the first the acknowledgement, like we talked about, that's going to happen, knowing that we can say, okay, what do we want our finances to look like, to weather this storm, and there's some very specific things we can do to get ahead of this. So the first thing I would say is that if you are investing in the stock market, that should be money that you don't need, I'm going to say, depending on your risk tolerance the next three to five years. So now might be a good time, because there is so much uncertainty, politically, socially, financially, economically, like, yeah, it's a crazy time. I mean, it's always kind of a crazy time. I think now with social media, we probably get bombarded with it more than we used to. But I will say that, like that is an important thing to remember. Is, like, one of the things I love to tell people, people ask me what they should do with their money, and I always flip that around, and I want to say, what do you want your money to do for you? So let's say a crash is coming. What we want is to make sure we have enough money in the interim while the market is being crappy. So that means having maybe a little bit more of a buffer in savings, maybe adding to your high yield savings account. In the same breath, the money that you're investing in a retirement account like an IRA or a 401(K), you have to remember you're probably not going to touch that money for another 10, 20, 30 years, depending how old you are listening to this, those accounts don't even let you withdraw until you're 59 and a half without penalty, with the exception of Roth contributions, which are have already been taxed. We can come back to that if you have questions on that. But essentially, for the most part, just to like, simplify this, your retirement accounts are meant to be for retirement. So if you have money invested in those accounts, and we have a stock market crash in 2026 it doesn't actually affect your day to day life at all, because you're not going to be using that money in the next immediate future. And even if, even if you are retiring next year, that sucks. It's, it's a bummer, right? That sucks if that happens, and I really hope it doesn't happen to any of you. But even that said, in your first year of retirement, are you going to drain your entire 401(K) and IRA to live? Probably not. You're going to take a portion of that. And if you are prepared, you already have your next few years expenses. Right in savings. So one of the big misses, and like very simple financial organization, is thinking about your money in buckets. What do you need in the short term? What do you need in the long term? And then there's like a little bit of a middle gray area, like maybe you want to buy a house in five to 10 years. Should you invest that money in, like a flexible investing account, like a regular brokerage account? Maybe. It depends on your risk tolerance. You know that likelihood of the stock market being up after five years is roughly 90% based on historical data, so pretty good odds. Is it guaranteed? No. So I think that that's the way we've got to think about it is like, what's the intention for our money? And I'll tell you right now. Lesley, like I for sure, have more money in cash right now. I have a couple of rental properties. I need to make sure I can cover those expenses. The other reason I have that is I so I don't do any dumb shit and take my money out of my investing accounts, because I don't need it. Because even as somebody that is very well educated on the economy, on the stock market, an accredited financial counselor. These things are always going to still be emotional and psychological. So that's the first thing is, like, make sure you have some savings. The second piece of this is understand how your money is invested in the first place, and so learning the basics of investing and making sure that you are investing in a bunch of different stocks and different geographies is really, really valuable. It's called diversification, aka putting your eggs in different baskets. And you can learn about this in hours, making sure that your money is not just all invested in Nvidia or Meta if you're picking one stock, putting all your money in it, I think that's a terrible investing strategy. You could become really wealthy, or you could lose a lot. That's actually Lesley, how you lose everything is when you put all your eggs in one basket. So the other important thing to remember is when we diversify appropriately and invest in US stocks and international stocks. The whole point of that is to create a portfolio that can weather these dramatic downturns. So I think it's like two things. It's like making sure we have our money in the right places to weather the storm, and then our money is invested, understanding how that's diversified across different stuff, so that when one sector collapses, or if there is an AI bubble, not all your money is in AI, so you have different stuff. And thankfully, there's easy ways to do that.Lesley Logan 22:30  Yeah, I think, I think that these are all good reminders. And I also love that, like, the vulnerability of like, yes, even you an expert, there's emotions, because with social media, there's these crazy titles on things that are meant to get you riled up and freaking out, and then you do something stupid when, if you were sane and rational, you would go, hold on. Wait a minute. What? So we're recording this in November, and I said to Brad (inaudible) at the gym, I said, oh, that Peter Thiel guy, like dropped all of his stock, and Tesla and a bit, and Nvidia what is that? And he and I, and I was like, do you think he's like, trying to fuck with things, like, right (inaudible) he's not getting enough attention. But at any rate, like, Brad goes, oh, well that. I hope people don't read too much into that, because that could really scare some people to do some stupid stuff. And it's like you start to realize, like, oh, like, when you could just get yourself away from the title and get yourself away from some things, you can go start to see as a bigger picture. You take a deep breath and you can do these things. I do. I do think that a lot of people, even you know, just in the way that I coach people in their Pilates business, I see them doing drastic changes because they're they're reacting, as opposed to giving themselves a runway that allows them to take a deep breath and figure out, like, what's the next best thing to do.Tess Waresmith 23:44  Yeah, such a good example that Brad brought up. I saw that exact article, and actually three people messaged me about that, which is so funny that you bring that up. I have another great example of this. And there was an author, Andrew Sorkin, who wrote a book on the dot-com bubble when the internet started, and there were all these internet companies popping up all over the place. And then, of course, there was a stock market crash right after that, because there are all these companies that weren't set up for success in the long term in the era of the internet. And so he was drawing some similarities, and all these news publications said, author of dot-com bubble book says we're in the same situation that we were in in 2000 and that's not really exactly what he said. He said there were some similarities, but I can tell you about some differences. So first of all, in the dot-com bubble, the Internet was new, there weren't companies that were huge and integrated into this new technology in the way we are now, and so some of the biggest investment in AI is Meta, Google, like Microsoft, these companies that are so big and so profitable and so established, even if AI just like stopped being a thing tomorrow, they're not going anywhere. So it's a totally different economic business landscape than it was in 2000. Sure, there are some similarities. There was internet hype. Now there's AI hype. Yeah, you could draw them, but a lot of the AI investment is in these mega companies that are so well-resourced that it's very unlikely that we'll see, like an entire bubble and all these there will, for sure, be AI companies that don't do well, but it's a totally different situation in a lot of ways. So that's a good example of, like, how things can be skewed to scare people.Lesley Logan 25:36  Yeah, and I think I love you brought that up because I remember one of the one of my old business coaches, he had mentioned something was probably, it was a podcast, probably during the pandemic when we were all kind of worried. But it might have been a little after, to be honest. So I'm not going to get the dates correct on this, but he mentioned, you know, people are worried about a recession right now. And let me, let me, it must have been two years into the pandemic, because I'm now thinking, remember, I was driving to Vegas, but he said, let's just look at what the recession was in 2008 and when we knew we're in a recession, and actually how quickly we actually started to get out of it. And so, like, the, it's about the and you can correct me if I'm wrong, Tess, but it's like, you have two quarters in a row where things are declining, and then it's like, okay, the economy is retracting, and this is going on. By the time we were actually going up, it had been like another quarter was a little bit but like, things started to turn around. Now, it took a long time for people to feel that turning around, of course, he said. But the other thing we have to know is today, people's incomes are a bit more diversified as well. Not everyone is working for the same big companies. A lot of people have their own businesses. We have people who have a bit more ability to, Oh, this isn't making any money over here. I can make money over here. Not to say that we are, we all can't be hurt by this. But something that I remind myself of is like I am at the time of of 2008 I was only teaching people private one on one sessions in-person today where I'm at I have in-person stuff. I've got retreat stuff. I've got this online thing over here. Now can things retract? Absolutely, but one of those things might actually be more in demand, and I can lean more over there. And so I do think that we can take some emotions out of it and start to go we are all in a different place than we were, because we've learned from different things, and maybe we have to just start to keep in mind, like, what the people writing the headlines want us to do, which is react and have emotion because they because they have to sell ads so they can stay alive. Tess Waresmith 27:34  Yeah, totally. It's, that is a fantastic point and really important to remember, especially for business owners. And then the other thing I would say is, like controlling what we can control, like you just gave us a great example of what we can control. We can control our businesses. We can create new streams of revenue. You know, I love this quote that's like, there's never a lack of resources, only a lack of resource for people like the amount of like free information on the internet that you can find to help you create stuff, make money. It's out there. The other thing we can control is making sure that during these times we're not going into debt. So just making sure you're not spending more than you make that is a super simple tip to survive any kind of recession or stock market crash. And then the other thing I'll say is to look at it as, and this is harder, because it's counterintuitive, but as a massive opportunity. There are a lot of people that became very wealthy after 2008 because they saw the stock market crash and they went, Well, shit, this whole thing is on sale. I am going to invest as much as I possibly can, and as the market recovered, they saw phenomenal returns over the next five years or so. So that's another reason why this education and conversations like this are so valuable, is because, yes, it happens, yes it sucks, it doesn't feel good, but it's also a massive opportunity, if we understand that this goes in cycles, so just another, another way to frame it that's hopefully a little helpful.Lesley Logan 29:05  Yeah, I know that's like, I mean, that's the thing that I don't think enough people understand, because no one talks about it, right? No one talks about, like, after the Great Depression, who got really, really rich from that, and how they did it. No one talks about how after the dot-com even then there was, like, there was different people do benefit, and we do swing back up. And I think we tend to, maybe it's because of how our brains are wired. We look at, we look for the negative, and then we we live in fear, and then we do things based off fear, as opposed to, like, getting on top of the mountain and having a bigger perspective and understanding, like, what is going on and what, what, you said it the best, what can we control? And we can't control. I we can't we cannot control the stock market, unfortunately. We don't have that power yet, maybe, but we can control, like, how we prepare ourselves. And I think that's really, I think that's really key. So you talked about the different buckets you talked about, so preparing ourselves. As it would be as just to reiterate it, just make sure I heard them all, you know, not spending more than we have, so easy, making sure we have a bit more cash on hand, not just to weather any storms, but also sounds like so we can, like, take part of the garage sale that's gonna happen and then diversifying what we are invested in, so it's not all in one area and things like that. I guess I would also say, like, what would your wish be for every woman listening about their level of educating themselves on investments and money? Like, is this something they have to do weekly, daily? Can they do a crash course? Like, how much should they be thinking about this? Because I'm sure they're also thinking, okay, guys, on top of this, I have to think, you know, because, there is a lot going on. There's there's the worry that they have about the people down the street who aren't making enough. There's the the political stuff that's going on. There's a lot that they have to educate themselves on. Like, how much should they be thinking about this?Tess Waresmith 30:52  Yeah, it's such a great question. I'm gonna say it's less than you think once you get a basic education. So I would say the level of information that you should have about investing and the stock market and retirement accounts is roughly the same as getting your driver's license and learning the rules of the road and how to stop at stoplights, please, hopefully you're doing that, and how to put gas in your car, right? Like, like basics, right? Like, when you learn to drive, at first it was hard. You had to practice a little bit, but then you have it, and it's not going anywhere. That is the level of understanding that you have to have about finances in the stock market. So some things you should know are all the things we talk about, your personal cash flow, how money comes in and out of your life, what accounts you can use to build wealth. There's accounts that help you save on taxes, like 401(K)s and IRAs and ones that are just flexible regular accounts, both are great for different reasons. And then you should also know the basics of how to choose investments inside those accounts. And the type of investments that I think everyone should understand the basics of are not the kind of things that you have to go in and tweak every single week. In fact, the best type of investing is investing in funds that hold hundreds or thousands of stocks so these are usually index funds or index ETFs, exchange traded funds. This is just jargon for investments that hold a bunch of different stocks at once. And if you can learn that, and you can learn how to select ones that represent the market, the average return of the market over time is roughly 10% so even if you invest in the most simple way, and you just buy a fund that holds all the stocks that are publicly traded, you could, based on historical data, get the average return of the market at 10% that is like the minimum. That's what you have to learn. And that takes, like, weeks, not months, years, not a finance PhD. It takes you deciding that this matters and deciding that you want to retire comfortably, you want to have the flexibility to pivot, start a new business, do whatever you want, travel to Bali, Cambodia, whatever, like, that's why this matters. It's investing doesn't matter because of investing. It matters because of all those other awesome things you get to do with your life. So I would say, if you dedicated, like, and don't tell me you don't have enough time because you do like, like, half an hour on a Saturday morning, if you like, pick something and you watch some YouTube videos on it, it could change your life in like two or three months. So that's like, high level. I think people think it's going to be way harder than it actually is to learn the basics. And then once you've set up your system where you have money coming in from your business or job, some of that money might go to debt. Some of it goes to your savings some of it goes to your investing accounts. Guess what? All of that can be automated. You can just have an automatic transfer to your Roth IRA that goes directly into a simple fund that holds a bunch of stocks. You can automatically pay off your debt. You can automatically add a little bit more to your high yield savings accounts. Once you set up that system, the maintenance is negligible. There are accounts that I have not touched in over a year, and they're doing fine. Is there a point, at some point when you build more wealth that you might want to talk to somebody get some strategy for sure, of course, but if you understand the basics of what I just explained, which, again, takes weeks, not months, hours, not years. Once you learn the basics, then what you can do is find the right kind of help that's not going to screw you over with a bunch of hidden fees. You understand how the system works, so you can get help that's effective and not hemorrhaging money from your investing accounts, which is a very common problem I see all the time. So that's what I would say. I would say it's less hard than you think, reading two books and taking a course, setting aside time to watch some YouTube videos like being diligent in that way can honestly change your life so much faster than you think. The hardest part is deciding that this matters and then making a commitment to learn. That's the hardest part, actually, learning, it's not that hard.Lesley Logan 35:03  Oh, I love that so much. Okay, something that you do that I want to highlight real quick before, I mean, we could talk forever, but you are aunt. I'm an aunt. You do something epic for your niece, correct? Tess Waresmith 35:13  Yes. Lesley Logan 35:14  Can we, like, should we? Can we talk a little about, like, setting things up for, like, the shares? Tess Waresmith 35:19  Sure. Yeah, yeah. So one of the great math I'm going to say the best mathematical equation on the planet is compound interest, right? So that's why we're investing, because we invest a little bit, it grows and then we get that same return on that money, and then it just continues to grow and grow, right? That's the snowball effect of investing. That's why we're doing it. So if you start investing when somebody's young, or investing for a kid when they're young, the amount of money it takes to completely change their life is so much smaller than you think. So my niece was born this year, so she's zero. I'm not a parent. That's how you know I'm not a parent. I just said zero. Lesley Logan 36:04  It's all right, you didn't say it. So that's good. But yes, I know it's true. And then they talk in months for a long time, and I'm like, you know, we got to get to a year, and then I would be great. Tess Waresmith 36:14  Yeah. So let's say I already told you the average return of the stock market is 10% if I invest for my niece, little little Frida, not it. Little Frida like 100 bucks a month until she's 18, she will have roughly $54,000 given the average return of the stock market. Nothing like crazy, just the average return of the stock market. So that's pretty good, right? But what we don't remember is what happens after that, like, if she just leaves that account alone. So let's say I contribute $100 until she's 18 into an account. It could be a tax advantaged account. There are education accounts, but let's just say it's like a regular investing account, and I contribute that amount, and she's got $54,000 by the time she's 18. What I'm going to tell little Frida is girl just like, leave it there, make your own money, do whatever you want and leave it there for 30 years. Because if you do that, she's going to have roughly a million dollars in 30 years. And I contributed roughly, I don't know, whatever 100 like, month for. Lesley Logan 37:21  I would just say about $18,000 but maybe a little more, because it's 12, there's 12 months in a year. Tess Waresmith 37:24  Yeah, yeah, not a lot. The whole point is not a lot. Lesley Logan 37:27  Yeah, yeah.Tess Waresmith 37:28  So that's like, that's insane to imagine, right? $100 for 18, $100 a month for 18 years, and then it just sits that $54,000 just sits for 30 years. Lesley Logan 37:39  No added money. Tess Waresmith 37:40  She's, no added money. She's a guaranteed millionaire. I don't even have to support her in retirement. I already did. So so like that is, that is the power of compound interest. And I will say also, I'm glad she brought that up, because if you need a motivator to learn this, and you're a parent or you have nieces, this has to be your motivator. Because even if you're not in a place where you can invest $100 a month for your kid. No shame in that. What is so much more valuable than doing what I just told you is learning the basics for yourself, learning how to put on your own mask first, before assisting others so that you can teach your own little Frida the basics of what I just taught you, because if they learn how to do it, and they're contributing 50 bucks a month, 100 bucks a month, they're also going to be a millionaire in retirement. Tess Waresmith 38:03  Yeah, yeah. Love you so much. Okay, we're going to take a brief break and then find out how people can work with you, because I'm sure that's where they're at. They're like, I don't need a random YouTube person. I need you. Tess Waresmith 38:18  Sounds good. Lesley Logan 38:18  All right, Tess, where do you hang out? Where can they stalk you in the best way? Because you're gonna teach them all the ways and where and do you have courses? Do you have anything that they can work with you on? Tess Waresmith 38:48  Yes, absolutely. So I hang out on Instagram a lot @wealthwithtess is my Instagram handle, so follow me there. I also think if this conversation was helpful, I highly recommend that you grab my free investing guide. It has a ton of information of what we just talked about today, and it's going to help you, step by step, start thinking through this process of how to organize your money and start investing. And there's some great examples in there. So that is free, and that's at wealthwithtess.com/savvy S-A-V-V-Y wealthwithtess.com/savvy there's a free investing guide there. Honestly, I'd start there. That's a great place to get information. And then I'm always offering free workshops and opportunities to learn, and I share those so once you download that, you'll get on my email list. And I share information weekly and try to help you stay calm during the AI bubble madness that we're in. Lesley Logan 39:39  I feel so calm, you're like a cortisol little like control objection. You you know the drill. We have the bold, executable, intrinsic, targeted steps people can take to Be It Till They See It. What do you have to add to the amazing advice you've already given us?Tess Waresmith 39:53  I might have said this last time, but I'm gonna say it again. No one cares about your money more than you do. They just don't. So if you care about your money. What you're going to do after this is you're going to go into the show notes, download that free guide and spend 20 minutes reading it, and you're then you're going to pick a next step. That's what you got to do. You got to take action. You can't just listen to people talk about money. You got to do something with what you're learning. Lesley Logan 40:13  Yeah, I love that so much, because I do think people like, okay, check, thought about my money, right? And also like, then take an action that goes along with it. You're epic. I love you so much. I can't wait. We'll have to just make this, like, figure out a way to, like, an annual wealth with Tess, tell us how we're doing. Tell us what's up. You guys, what are you going to do with these tips in your life? Wealth with Tess, wants to know. I want to know so and also share this with all your friends. Because I actually do think when the biggest, this is a little tangent side story, but years ago, when I lived in LA those was so many emails were hacked, and what a lot of female actresses learned is they're making very little money compared to their male counterparts. And one of the things that came out of that is, well, women don't talk about how much they make enough. They don't talk about money enough. And I do think that if our friendships could go deeper into those ways. And it's not a flashy thing. It's an actual thing that allows us to educate ourselves of how much we can make in different areas. There would be less of a wealth gap. There would be more information, because we just don't know how much people are making at different places. And so make this be the start of the conversation about money with your friends, so you can have deeper, wealthier relationships. And until next time, Be It Till You See It. Lesley Logan 41:22  That's all I got for this episode of the Be It Till You See It Podcast. One thing that would help both myself and future listeners is for you to rate the show and leave a review and follow or subscribe for free wherever you listen to your podcast. Also, make sure to introduce yourself over at the Be It Pod on Instagram. I would love to know more about you. Share this episode with whoever you think needs to hear it. Help us and others Be It Till You See It. Have an awesome day. Be It Till You See It is a production of The Bloom Podcast Network. If you want to leave us a message or a question that we might read on another episode, you can text us at +1-310-905-5534 or send a DM on Instagram @BeItPod.Brad Crowell 42:05  It's written, filmed, and recorded by your host, Lesley Logan, and me, Brad Crowell.Lesley Logan 42:10  It is transcribed, produced and edited by the epic team at Disenyo.co.Brad Crowell 42:14  Our theme music is by Ali at Apex Production Music and our branding by designer and artist, Gianfranco Cioffi.Lesley Logan 42:21  Special thanks to Melissa Solomon for creating our visuals.Brad Crowell 42:24  Also to Angelina Herico for adding all of our content to our website. And finally to Meridith Root for keeping us all on point and on time.Support this podcast at — https://redcircle.com/be-it-till-you-see-it/donationsAdvertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy

A Super Bowl commercial sparks a conversation that could quietly reshape how families think about long‑term wealth. Mike and Ryan explore the new “Trump accounts,” a government‑seeded savings option for children that blends features of IRAs with long‑term compounding potential. The discussion breaks down who can open these accounts, contribution limits, tax treatment, and how parents and grandparents might use them alongside or instead of 529 plans. Mike and Ryan also compare flexibility, legacy planning considerations, and why starting early changes the math in dramatic ways. It’s a timely look at a new tool entering the family financial planning landscape. Want to begin building your retirement and tax plan? Click Here to Schedule a 15-minute Discovery Call Follow us for more helpful insights:

Investing” Is Not the Same as “Owning” A client said something to Bruce recently that stuck with me: “I despise the idea of a 401(k)… but I also know I'll spend the money if it hits my checking account.” That single sentence captures the tension so many families feel. https://www.youtube.com/live/1d8Ln6EsBxk On one hand, you want control. You want options. You want the ability to pivot when life changes or opportunity shows up. On the other hand, you've been trained to believe the “responsible” path is to lock money away, chase a rate of return, and hope the future works out. That's why Bruce and I recorded this episode—because most people think wealth is built by finding the right investments. But the families who build long-term, sustainable wealth usually share something deeper: They've learned the difference between investing vs owning assets—and they prioritize control of capital. In the first 100 words, let's say it plainly: if you're only “investing,” you may be building a net worth number, but still living with limited access, limited flexibility, and limited decision-making. Owning assets is different. Ownership changes your options—today, not just someday. Investing” Is Not the Same as “Owning”What You'll Learn About Investing vs Owning AssetsInvesting vs Owning Assets: What's the Difference, Really?Taxable vs Tax-Deferred vs Tax-Free Accounts: Don't Confuse the Account With the InvestmentWhy Too Much Money in Qualified Plans Can Limit Your OptionsTraded vs Non-Traded Investments ExplainedPrivate Real Estate Investing vs REIT: What You're Actually ChoosingWhat Is an Accredited Investor Definition—and Why It MattersHow to Buy a Small Business to Build Wealth (Even If You're a W-2 Earner)“Who Not How”: Build Ownership With the Right TeamInvesting vs Owning Assets in Everyday Life: A Simple Self-AssessmentInfinite Banking as a Wealth Strategy: Where Ownership and Control Show UpInvesting vs Owning Assets: Ownership Changes Your OptionsListen to the Full Episode on Investing vs Owning AssetsBook A Strategy CallFAQWhat is the difference between investing vs owning assets?What does traded vs non-traded investments explained mean?Is a REIT the same as owning real estate?Why do qualified plans like 401(k)s reduce control of capital?How do I build wealth outside the stock market? What You'll Learn About Investing vs Owning Assets In this blog (and podcast), Bruce Wehner and I unpack what we called the “unseen wealth gap”—the gap between families who primarily invest and families who intentionally own assets. Here's what you'll gain by reading: Clear definitions: taxable vs tax-deferred vs tax-free accounts (and why most people confuse the account with the investment) The real difference between traded vs non-traded investments Why so many families feel trapped inside qualified plans (401(k)s, IRAs, SEP IRAs, SIMPLE IRAs, 403(b)s, 457s) Practical ways to build wealth outside the stock market—even if you're a W-2 earner How liquidity and access to capital can matter more than a projected rate of return Where Infinite Banking and cash value life insurance can fit into an ownership strategy And just to be clear: this is education and perspective—not individualized financial advice. Our goal is to help you think better, ask better questions, and make decisions with more clarity. Investing vs Owning Assets: What's the Difference, Really? People hear “ownership” and say, “But I own stock. Isn't that ownership?” Technically, yes—you own shares. But for most everyday investors, that “ownership” often comes with very little control. Here's the simplest way we can say it: Investing often means you participate in an asset's performance, but you don't control decisions, timing, access, or outcomes. Owning assets means you have more influence over the decisions, the structure, the cash flow, and the information—especially when you own businesses, real estate, or private assets where you can ask questions and understand what's actually happening. Bruce made a point that's worth repeating: with public companies, you cannot call the CEO, ask hard questions, or influence strategy. With many private ownership structures (like certain partnerships), you can talk to the sponsor, review details, ask “what happens if…,” and understand the philosophy and vision—not just the numbers. That difference—access to information and decision-making—is part of the wealth gap. Taxable vs Tax-Deferred vs Tax-Free Accounts: Don't Confuse the Account With the Investment One of the biggest misunderstandings we see is this: people treat the account type as the investment. They'll say, “I'm investing in a Roth,” or “I'm investing in my 401(k).” But your 401(k) is not the investment. It's a tax bucket. Taxable accounts These are accounts where you typically pay taxes as you earn interest/dividends or realize gains (like selling a stock for a capital gain). Think brokerage accounts, bank interest, and many dividend-producing holdings. Tax-deferred accounts (qualified plans) These include 401(k)s, traditional IRAs, SEP IRAs, SIMPLE IRAs, 403(b)s, 457s, and some annuities. Tax-deferred means you generally postpone taxes now and pay later—plus you follow IRS rules for access and distribution timing. This is where many families have the majority of their money… and also where many families feel stuck. Tax-free strategies (or tax-advantaged) This category can include Roth IRAs, certain municipal bond interest, some forms of home equity, and properly structured life insurance strategies (depending on your situation and compliance). The point isn't that everything is “tax-free.” The point is: many families never even explore this category beyond “Roth or not.” When you only see two options—pay tax now or pay tax later—you miss the strategies that create flexibility. Why Too Much Money in Qualified Plans Can Limit Your Options Bruce said something that we see all the time: Some families have 95%—sometimes close to 100%—of their money inside qualified plans. Then life happens: A business opportunity shows up A real estate purchase requires speed A family emergency requires liquidity A market downturn makes you hesitate to sell assets A capital call comes due And suddenly the real problem isn't “returns.” It's access. If you want to understand how to build wealth outside the stock market, start with this question: Do I have enough capital outside qualified plans to act when opportunity (or adversity) arrives? This is why we talk so much about liquidity strategy and access to capital. Control isn't a philosophy. It's practical. Traded vs Non-Traded Investments Explained This is one of the most important distinctions in the whole conversation. Traded assets Traded assets are priced and exchanged in public markets—stocks, many ETFs, and other exchange-traded products. You get liquidity, but you also get the “whims” of market psychology. Bruce gave a powerful example: an apartment portfolio could be collecting rent just fine, but if investors panic, the traded price can drop anyway because people sell. So the asset can be stable—while the price swings. Non-traded assets Non-traded assets are not priced minute-by-minute on an exchange. That usually means less liquidity, but potentially more stability in valuation and often different risk/return expectations. Bruce used the example of non-traded real estate structures where the sponsor purchases assets, manages operations, and the investors participate based on the structure. This is where the key phrase comes in: liquidity and access to capital. Non-traded can mean you can't exit quickly. That can be a feature or a risk—depending on whether you planned for it. Private Real Estate Investing vs REIT: What You're Actually Choosing Real estate is a perfect example because people can “invest” in real estate in multiple ways. REITs A REIT (Real Estate Investment Trust) can be traded or non-traded. The big difference you experience as an investor is usually liquidity and market pricing behavior. Private real estate ownership This includes owning rental properties directly, participating in partnerships, or investing in private deals like syndications (depending on eligibility and suitability). If you're asking, “Is this investing or owning?” here's a helpful lens: If you're buying a ticker symbol, you're mostly buying market exposure. If you're buying an interest in a specific asset and can ask questions about operations, assumptions, and scenarios, you're closer to ownership behavior—even if you're not the operator. And of course, none of this is “good” or “bad” by default. The question is: what fits your goals and your risk tolerance? What Is an Accredited Investor Definition—and Why It Matters Bruce explained the reality that certain private investments require accredited investor status. At a high level, that status can involve income thresholds or net worth thresholds (with certain exclusions, like primary residence equity). The reason it matters is simple: access. But let's not miss the bigger point: You don't need to be accredited to start shifting from “only investing” to “increasing ownership.” Business ownership, skill-based service businesses, local cash-flowing acquisitions, and many forms of direct real estate ownership do not require that label. So if you're not accredited, don't let that become a mental dead end. There are still practical ownership paths. How to Buy a Small Business to Build Wealth (Even If You're a W-2 Earner) Rachel here—this part matters because people assume business ownership has to mean: Starting a tech company Buying a major franchise Quitting their job overnight Taking huge risks with no plan

"It's not about deprivation. It's about balance. It's about taking care of your today self and your future self."   Join our hosts, Stephanie McCullough of Sofia Financial and Kevin Gaines of American Financial Management Group, as they simplify the world of financial planning, starting with understanding cash flow. They tackle how to monitor the inflow and outflow of your money, without yet worrying about its source or where it's going. Learn the importance of observing more than one month of data, as things can fluctuate from month to month.   Stephanie and Kevin further explore the significance of setting up an emergency fund and how much cash you should ideally have available. Listen as they explain why it's essential to have a cash cushion to cover unexpected expenses. They provide insights on how to calculate the amount you should have in your emergency fund and why it may need to be increased if your future seems uncertain. Also, discover the differences between cash and investments, and why cash is best for emergencies.   They discuss the different retirement savings and investing options available, such as 401(k)s, IRAs, and target date funds. Gain knowledge on the benefits of each, from lower costs to matching options and pre-tax savings. They also touch on setting up a regular investment account with no limits or restrictions. Their ultimate aim is to emphasize the importance of establishing an investment plan that suits you and doesn't cause unnecessary stress. This episode is your guide to making informed and confident decisions about your financial future.   Key Topics: •   Cash and Cash Flow (05:15) •   Looking at the Trends (08:13) •   How Much Cash Should I Have and Where to Put It? (10:58) •   How to Invest More Money (20:24) •   Don't Get Intimidated by the 1099 Form (24:15) •   Savings vs. Investment (25:51) •   Wrap-Up (28:23)     Resources: •   Take Back Retirement Episode 29: How Much Cash Should I Have and Where Should I Be Putting It? •   Take Back Retirement Episode 12: What Women Need to Know About IRA's, with Sarah Brenner •   Take Back Retirement Episode 45: What Women Need to Know about Target Date Funds •   Put One Foot in Front of the Other - Santa Clause is Coming to Town (skit) •   HEE HAW Gloom Despair And Agony On Me | Classic Her Haw TV (skit)   If you like what you've been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com   You can find the transcript and more information about this episode at www.takebackretirement.com.   Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn.  Follow Kevin on Twitter, Facebook, YouTube and LinkedIn.

In today's show, I tackle two hot topics listeners have been asking about: tax planning in retirement and the role of life insurance in your golden years. Drawing from real questions and common scenarios. But that's not all: I also dig into the nuances of life insurance in retirement, explaining when it makes sense to keep or reconsider a policy, and how it can be a powerful tool for risk management, legacy planning, or supplementing income.    You will want to hear this episode if you are interested in... 06:03 Tax planning vs. preparation 11:17 Optimizing Roth conversions in retirement 16:05 Capital gains and tax strategies 18:37 Retirement income planning strategies 24:50 Survivor benefits explained  26:41 Life insurance for younger spouses 28:57 Whole life policy loan insights 32:41 Retirement life insurance benefits 39:35 Annuities, IRAs, and tax considerations Tax Planning in Retirement: Looking Beyond This Year Too often, tax strategies are left for CPAs or accounting firms during busy tax season, which is not the ideal time for personalized planning. Many people believe their taxes will drop in retirement and ignore future implications such as Required Minimum Distributions (RMDs), possible tax rate changes, or status changes like moving from joint to single filing after a spouse's death. I recommend a proactive, multi-year approach, planning not just for today but for years ahead. Mapping out your future retirement income and tax liabilities allows you to make strategic decisions that optimize withdrawals, conversions, and gifting options.   Key strategies include: Roth Conversions: Moving funds from pre-tax accounts (like IRAs or 401(k)s) to Roth IRAs can create future tax-free income. Timing is crucial; for example, the years before Social Security starts can be optimal for conversions without bumping up your taxable income. Roth Contributions: Don't forget about spousal Roth IRAs and annual contribution limits. In 2026, for couples over 50, you can contribute up to $17,200 combined to Roth IRAs (subject to income eligibility). Capital Gains Harvesting: Understanding the rules for primary residence sales and brokerage accounts means you can maximize capital gain exclusions and possibly pay 0% on gains when your income is lower. Charitable Giving: Proper planning can help you meet your philanthropic goals while minimizing taxable income. Gifting: Gifting appreciated assets helps save on future tax dollars, especially when gifting to individuals or charities.   Who Needs Life Insurance and Why? Life insurance typically protects against the financial risk of premature death in your working years, especially if you have dependents, debt, and income that others rely on. But its purpose shifts in retirement. Life insurance is not an investment; it's a tool to transfer risk. As you approach or enter retirement, your financial picture often changes, the mortgage may be paid off, children are independent, and asset balances may be at their peak. At this stage, you should revisit whether life insurance still fits your needs or whether your money could be better utilized elsewhere.   Life insurance can serve several purposes in retirement: For pension holders who opt for the "single life" payout, life insurance can provide financial security to surviving spouses or dependents if their pension stops at death. It also acts as bridge funding, where if an age gap exists between spouses, a policy can bridge the gap until Social Security survivor benefits begin (especially since these benefits only start at age 60 for most spouses). Some retirees use life insurance to ensure a tax-free inheritance for loved ones or to supplement other tax-free assets like homes (due to step-up in basis) and Roth IRAs. Hybrid life insurance policies can include riders for long-term care, providing benefits if care is needed and a tax-free payout at death. However, not all old policies continue to make sense. Whole life policies bought decades ago may have modest death benefits that no longer provide impactful coverage, and their cash values may be underperforming. It's worth reviewing these policies and considering whether surrender, exchange, or repurpose is wiser.  Resources & People Mentioned 3 Steps to Retirement Planning   Connect With Gregg Gonzalez Email at: Gregg.gonzalez@lpl.com Podcast: https://RetireStrongFA.com/Podcast Website: https://RetireStrongFA.com/ Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube   Subscribe to Retirement Made Easy On Apple Podcasts, Spotify, Google Podcasts  

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 3473: Cynthia Meyer explores the hidden risks and complexities of self-directed IRAs, breaking down why the promise of alternative investments like real estate or private equity isn't always as appealing as it sounds. She highlights the higher fees, potential tax traps, liquidity issues, and fraud risks that can catch investors off guard. By walking through who might truly benefit from an SD-IRA, Meyer helps listeners decide whether this strategy fits into a well-diversified, retirement-ready plan. Read along with the original article(s) here: https://www.financialfinesse.com/2016/04/18/are-self-directed-iras-a-good-idea/ Quotes to ponder: "Many alternative investments available in SD-IRAs carry a high risk of losing all or most of your money due to lack of diversification or the inherent risk of the investment itself." "Beware of investing in anything you don't understand and can't explain easily to others." "Remember, if it sounds too good to be true, it probably is." Episode references: Bankrate – Self-Directed IRA: What You Need to Know: https://www.bankrate.com/retirement/self-directed-ira/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 3473: Cynthia Meyer explores the hidden risks and complexities of self-directed IRAs, breaking down why the promise of alternative investments like real estate or private equity isn't always as appealing as it sounds. She highlights the higher fees, potential tax traps, liquidity issues, and fraud risks that can catch investors off guard. By walking through who might truly benefit from an SD-IRA, Meyer helps listeners decide whether this strategy fits into a well-diversified, retirement-ready plan. Read along with the original article(s) here: https://www.financialfinesse.com/2016/04/18/are-self-directed-iras-a-good-idea/ Quotes to ponder: "Many alternative investments available in SD-IRAs carry a high risk of losing all or most of your money due to lack of diversification or the inherent risk of the investment itself." "Beware of investing in anything you don't understand and can't explain easily to others." "Remember, if it sounds too good to be true, it probably is." Episode references: Bankrate – Self-Directed IRA: What You Need to Know: https://www.bankrate.com/retirement/self-directed-ira/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 3473: Cynthia Meyer explores the hidden risks and complexities of self-directed IRAs, breaking down why the promise of alternative investments like real estate or private equity isn't always as appealing as it sounds. She highlights the higher fees, potential tax traps, liquidity issues, and fraud risks that can catch investors off guard. By walking through who might truly benefit from an SD-IRA, Meyer helps listeners decide whether this strategy fits into a well-diversified, retirement-ready plan. Read along with the original article(s) here: https://www.financialfinesse.com/2016/04/18/are-self-directed-iras-a-good-idea/ Quotes to ponder: "Many alternative investments available in SD-IRAs carry a high risk of losing all or most of your money due to lack of diversification or the inherent risk of the investment itself." "Beware of investing in anything you don't understand and can't explain easily to others." "Remember, if it sounds too good to be true, it probably is." Episode references: Bankrate – Self-Directed IRA: What You Need to Know: https://www.bankrate.com/retirement/self-directed-ira/ Learn more about your ad choices. Visit megaphone.fm/adchoices

What if the greatest change you could make in your financial life didn't start with budgeting, investing, or earning more—but with surrender? We don't usually think of surrender as a financial word. Yet Scripture places it at the center of faithful stewardship. The life-changing truth that God owns everything reshapes how we live, give, and manage what we've been entrusted. The First Question Scripture Asks About Money When we talk about finances, we tend to ask familiar questions: How much do I have? How much do I need? Am I doing well? They're natural questions—but they're not the first question Scripture asks. From the beginning, the Bible establishes that God is the owner. Before humanity ever managed a garden or named a creature, God formed, filled, and ruled creation. Psalm 24:1 declares it plainly: “The earth is the Lord's and the fullness thereof.” Simply put, God is the owner—and we are the stewards. For many of us, that's a familiar idea. But familiarity doesn't always lead to surrender. We may affirm God's ownership in theory while living as if everything depends on our effort. We say, “I worked for this,” or “I earned this.” Yet Scripture adds an essential truth: “It is He who gives you power to get wealth” (Deuteronomy 8:18). Even our ability to work is a gift from God. Faithfulness, Not Outcomes Jesus reinforces this perspective in the parable of the talents (Matthew 25:14–30). A master entrusts resources to three servants. Two invest faithfully. One buries what he's been given out of fear. When the master returns, he doesn't praise them for increasing his net worth—he commends their faithfulness. That distinction matters. The world measures success by outcomes. God measures success by trust and faithfulness. If God owns everything, then we are not owners—we are managers. Scripture uses the term oikonomos, meaning household manager: someone who manages resources they didn't create, for purposes they didn't define, under a master they serve. At first, that may sound restrictive. In reality, it's freeing. If I'm not the owner, then I'm not the ultimate provider or protector. The weight shifts from my shoulders to God's. As Ron Blue often says, “If God owns it all, you can't lose anything.” Ownership carries pressure. Stewardship carries trust. Everyday Decisions Become Worship When we truly embrace stewardship, ordinary financial decisions take on spiritual meaning. Budgeting becomes aligning our desires with God's priorities. Giving becomes a response to His generosity. Planning becomes obedience rather than anxiety. Investing becomes multiplying what belongs to the Lord, not securing independence from Him. The Puritan preacher Thomas Watson once wrote, “What we keep we may lose. What we give to God is kept forever.” Paul echoes this in 1 Timothy 6:7: “We brought nothing into the world, and we can take nothing out of it.” That reality isn't meant to discourage us—it's meant to liberate us. When we stop clinging to what we cannot keep, we're free to invest in what we can never lose. What Does God Expect From Us? If God owns everything, what does He ask of us? Jesus answers simply: “One who is faithful in very little is also faithful in much” (Luke 16:10). Faithfulness isn't about the size of what we manage—it's about surrender. And surrender always begins in the heart. When we embrace God's ownership, two gifts follow: Humility—we stop boasting in what we've accomplished. Hope—we realize we're not carrying the burden alone. God equips, guides, and provides. Where Is God Inviting You to Surrender? Where might God be inviting you to shift from being an owner to a steward? In your giving? Your planning? Your savings or lifestyle? Or in the quiet belief that your security depends more on markets than on the God who “owns the cattle on a thousand hills” (Psalm 50:10)? Stewardship isn't about God getting something from you. It's about God doing something in you. It reorders the heart so money takes its proper place—not as a master, but as a tool. If this idea resonates with you—that God owns it all and stewardship begins with surrender—I invite you to explore it further in Our Ultimate Treasure: A 21-Day Journey to Faithful Stewardship. You can learn more or order a copy for yourself, your church, or your small group at FaithFi.com/Shop. On Today's Program, Rob Answers Listener Questions: My wife and I are in our late 30s, have accumulated some debt, and have struggled to stick to a budget. We want to be better stewards, but keep falling off track. Can you offer simple, practical guidance to help us manage money and stay consistent? I'm 24 and living with my parents, hoping to buy a home instead of renting. What steps should I take now to move toward homeownership? I'm nearing 65 and will have about $70,000 from my 401(k), plus a small annuity. What's the wisest way to invest that money at this stage to support my future? I'm 65 and trying to decide when to take Social Security and how to draw from our accounts. We're mostly debt-free and financially stable, but I hear conflicting advice. Should I delay benefits, start my wife's earlier, and in what order should we tap our savings and IRAs? Resources Mentioned: Faithful Steward: FaithFi's Quarterly Magazine (Become a FaithFi Partner) Our Ultimate Treasure: A 21-Day Journey to Faithful Stewardship Wisdom Over Wealth: 12 Lessons from Ecclesiastes on Money Look At The Sparrows: A 21-Day Devotional on Financial Fear and Anxiety Rich Toward God: A Study on the Parable of the Rich Fool Find a Certified Kingdom Advisor (CKA) FaithFi App Remember, you can call in to ask your questions every workday at (800) 525-7000. Faith & Finance is also available on Moody Radio Network and American Family Radio. You can also visit FaithFi.com to connect with our online community and partner with us as we help more people live as faithful stewards of God's resources. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Most people spend significant time planning how to build wealth, but far fewer consider how their family would access that wealth if something unexpected happened. For Americans living in Israel who maintain U.S. brokerage or retirement accounts, that question can be more complex than it appears. The challenge usually involves authority, documentation, and cross-border procedures. From the outside, U.S. accounts often appear unchanged after someone relocates to Israel. Statements arrive, online access continues, and the accounts seem stable. That familiarity can create comfort, but it can also hide administrative challenges that surface during estate transitions. When inheritance meets two legal systems Inheritance is often assumed to be simple. A relative passes away, assets transfer to heirs, and accounts continue under new ownership. Cross-border estates rarely follow that pattern. Consider a common situation. A son lives in Israel while his parent maintains brokerage accounts in the United States. The parent passes away and the will names the son as the heir.  From the son's perspective, the next step seems straightforward. Notify the financial institution, submit documentation, and transfer the accounts. Instead, access to the accounts often stops immediately after the parent's death. Financial institutions typically freeze accounts once they receive notification. This step protects assets and ensures that only properly authorized individuals can act. At that point, the focus shifts from who should inherit the assets to who has legal authority to act on behalf of the estate. That distinction frequently creates confusion. Family expectations often rely on intent. Legal systems rely on documentation and verification. When required paperwork is incomplete or delayed, inheritance can slow significantly. Beneficiary designations and wills Many retirement and brokerage accounts use beneficiary designations on their retirement accounts. When completed correctly and kept current, they normally allow assets to transfer directly to heirs without probate. Financial institutions still require verification before releasing assets. But regular brokerage accounts don't usually have the possibility of a beneficiary designation. "What about transfer-on-death accounts (TOD)?" you might ask. If the account owner and heirs all live in the United States, that might work, but for people who live overseas, the TOD may not work and the brokerage firms may require a probated will. Probate is the court-supervised process that confirms who has legal authority to inherit assets. Depending on jurisdiction and estate complexity, it can take considerable time and delay account access. Power of attorney can create misunderstandings. While it may allow someone to manage accounts during a person's lifetime, that authority generally ends at death. Even if a family member previously helped manage accounts, that control disappears once the account holder passes away. Online account logins do not replace legal authority and continued use after death can create additional complications. Additional documentation cross-border families often face Cross-border inheritance frequently introduces procedural steps that families do not anticipate. Documents may require notarization, apostilles, or translation. Financial institutions may request tax clearance before releasing assets. Communication often involves multiple time zones and unfamiliar regulatory processes. Each requirement exists for protective and regulatory reasons. Financial institutions must verify identity, confirm authority, and comply with legal obligations. For families managing responsibilities from another country, the administrative process can still feel overwhelming. Many individuals assume that having a will resolves these challenges. A will remains an important estate planning document, but it functions within the legal system where it was created. When heirs live abroad, additional validation steps may still be required. Why inheritance paperwork often continues after assets transfer Inheritance rarely ends when accounts transfer. It often unfolds in stages that may include estate administration, account restructuring, and tax considerations across multiple countries. In the United States, estate taxes may apply depending on estate size and applicable thresholds. In Israel, receiving inherited assets may create reporting obligations depending on the circumstances. If inherited investments are later sold, capital gains rules in one or both countries may apply. Retirement accounts such as IRAs can introduce further complexity. Required minimum distributions may create ongoing reporting responsibilities and potential taxable events based on the heir's individual situation. This article is intended for educational purposes only and should not be considered financial, legal, or tax advice. Each situation involves unique factors and should be reviewed with qualified professionals. Planning that may help reduce future delays Cross-border estate planning does not eliminate complexity, but it can reduce uncertainty and help coordinate financial, legal, and administrative processes. Families who experience smoother inheritance transitions often share several habits. They periodically review beneficiary designations to confirm they reflect current intentions. They maintain organized records of accounts, financial institutions, and contact details. They revisit estate planning documents after relocating to Israel to confirm the structure remains effective. When planning evolves alongside life changes, families often encounter fewer unexpected administrative obstacles. Practical steps that may improve preparedness Americans living in Israel who maintain U.S. investment accounts may benefit from several foundational steps. Maintaining a consolidated list of accounts can help family members identify financial institutions and contact details if needed. Reviewing beneficiary designations can help confirm retirement accounts align with estate planning goals. Discussing financial account access with family members may help clarify who should contact financial institutions and which documentation may be required. These steps do not eliminate every challenge, but they may reduce uncertainty and help families navigate complex situations more effectively. Schedule a Conversation If you are living in Israel and managing U.S. brokerage or I.R.A. accounts, and you are unsure whether your investments still make sense for your situation, it may be worth taking a fresh look. You can book a free cross-border evaluation call here: https://profile-financial.com/call. It is a no pressure conversation and a chance to see whether your current setup aligns with how you live today.

#692: Anonymous (02:01) is excited about early retirement and family time but worried about his brother-in-law, who just returned from a vacation in Mexico with a bold plan: sell everything, move there, and buy an Airbnb to live in one unit and rent out the others. He wants to support him without watching him get in over his head. How can he navigate this tricky mix of family loyalty and financial risk? Maryanne (33:41) is retired and living on Social Security. Her IRA has doubled in value in the past year and a half, leaving her unsure whether to sell and live off interest or reinvest in ETFs. How do you manage sudden growth in retirement savings responsibly without taking unnecessary risks? Brandon (48:18) has rolled over two old 401(k)s into IRAs but just learned that 401(k)s are generally better protected from lawsuits than IRAs. Now he's hesitant to roll over his latest 401(k) from his recent job. Is it ever worth keeping a 401(k) separate, or should all retirement accounts eventually be consolidated? *Note: Timestamps will vary on individual listening devices based on dynamic advertising segments. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Send a textWe unpack how to use self-directed IRAs to buy real estate, fund syndications, and even do hard money loans while keeping the same tax advantages as traditional retirement accounts. Henry Yoshida explains the rules, the risks, and how to get started without friction.• Using IRAs to invest in private real estate• How rental income and gains are taxed inside IRAs• Roth IRA benefits for long‑term real estate growth• Who self‑directed IRAs fit best and why timing matters• Hard money lending terms and execution via an IRA• Diversifying into LPs, syndications, and crypto• Why institutions allocate to private markets• Platform steps to open, fund, and deploy capital• Guardrails, paperwork, and keeping expenses inside the IRA• Word of the week: curiosity as an investing edgeSubscribe, leave a five‑star review, keep sharing, help me crack two million downloads. We're this close Support the showThanks again for listening. Don't forget to subscribe, share, and leave a FIVE-STAR review.Head to Dwanderful right now to claim your free real estate investing kit. And follow:http://www.Dwanderful.comhttp://www.facebook.com/Dwanderfulhttp://www.Instagram.com/Dwanderful http://www.youtube.com/DwanderfulRealEstateInvestingChannelMake it a Dwanderful Day!

For more than a decade, the mantra for boosting your career and income was simple: learn to code. Becoming a programmer or engineer was seen as the clearest path to job security and high pay. But with the rapid rise of AI, coding is no longer the protective moat it once was. As I revisited my own FIRE plans after leaving work in 2012, I realized the one financial buffer that has consistently stood the test of time: knowing how to invest well. Forget "learn to code." Learn to invest. Becoming a competent investor may be the most important skill you develop to survive - and thrive - in the coming AI wave. Posts mentioned: Becoming A Competent Investor Is A Vital Skill To Master Gain Financial Security By Creating Financial Buffers For Your Financial Buffers The FIRE Movement Is So Back Due To AI Disruption Free Financial Analysis Offer From Empower Stay on top of your net worth with Empower, the web's #1 free financial app. Track your cash flow, x-ray your investment portfolio for excessive fees and inappropriate risk exposure, and use their retirement calculator to plan for the future. If you have over $100,000 in investable assets—whether in savings, taxable brokerage accounts, 401(k)s, or IRAs—you can sign up for a free financial check-up from a professional at Empower. It's a no-obligation opportunity to have a seasoned advisor—someone who analyzes portfolios for a living—take a fresh look at your finances. A professional review can help you identify hidden fees, inefficient allocations, or missed opportunities to grow and protect your wealth. More importantly, it can give you the clarity and confidence to know whether your current savings and investment strategy aligns with your long-term financial goals. I've taken advantage of three free consultations with Empower over the past decade and each session has helped me build more wealth. There's no rewind button in life. Make the most of everything, especially things that are helpful and free. The statement is provided to you by Financial Samurai ("Promoter") who has entered into a written referral agreement with Empower Advisory Group, LLC ("EAG").  Diversify Your Retirement Investments Stocks and bonds are classic staples for retirement investing. However, I also suggest diversifying into real estate. It is an investment that combines the income stability of bonds with greater upside potential. Consider Fundrise, a platform that allows you to 100% passively invest in residential and industrial real estate. With over $3.5 billion in private real estate assets under management, Fundrise focuses on properties in the Sunbelt region, where valuations are lower, and yields tend to be higher. Residential commercial real estate is attract. Meanwhile, the Fed is set to cut rates further. I've personally invested over $500,000 with Fundrise, and they've been a trusted partner and long-time sponsor of Financial Samurai. With a $10 investment minimum, diversifying your portfolio has never been easier. Subscribe To Financial Samurai To increase your chances of achieving financial independence, join 60,000+ readers and subscribe to my free Financial Samurai newsletter here. Financial Samurai began in 2009 and is the leading independently-owned personal finance site today. 

In this episode we respond to emails from Nick, Ginna, Ashley, Chris and Sara.  In our Queen Mary segment where we are raising money for Fairfax CASA, we express our gratitude for the outpouring of listener support and tell Noah and Taylor's story of reunification.  We then dive into two big portfolio questions: do managed futures replace gold, and how to fund an eight-year break without derailing long-term plans. We build a conservative drawdown portfolio, weigh taxes in taxable accounts, and explain why good portfolio construction beats market timing.Links:Fairfax CASA Donation Page:  Donate - Fairfax CASAWilka's in NYC:  Wilka's Sports Bar | Women's Sports Bar | New York, NY, USAChris's Portfolio Constructions:  testfol.io/?s=lwnOaJGvzDjSara's Portfolio Analyses:  testfol.io/?s=htNZVoZOZn4Breathless Unedited AI-Bot Summary:Start with purpose: a child's safety, a mother's grit, and a community that shows up. We open with a moving Fairfax CASA story—Noah and Taylor—that reminds us why steady advocacy and second chances matter. Listener donations pour in, and Mary shares how CASA pairs rigorous oversight with real compassion. From there, we pivot to the other kind of safety net: portfolios designed to fund real lives.A longtime listener asks if managed futures make gold redundant. We break down what trend-following actually captures, why gold's long history and different crisis behavior still earn it a seat, and how the two hedges fit together when you care about drawdowns, not bragging rights. Then we tackle Sarah's bold plan: an eight-year pause from work to care for family, spending about $90k per year from taxable savings before returning to the workforce. Rather than a classic risk-parity blend, we map a more conservative drawdown portfolio: roughly 30% equities with a large-cap value tilt and a sleeve of property-and-casualty insurers, 25% cash and short-term Treasuries for three years of runway, 25% intermediate Treasuries for recession insurance, and 20% in alternatives split between gold and managed futures. The goal isn't to win a backtest—it's to keep maximum drawdowns shallow and flexibility high.We also unpack taxes in the 0% capital gains band, why ordinary-income assets aren't the villain during low-income years, and how realizing gains strategically can preserve ACA subsidies. For long-horizon IRAs, we keep it simple: a 100% equity mix across large-cap growth or blend and small-cap value, with an optional tilt to international small-cap value for broader diversification. No crystal balls, no heroic timing—just construction that respects time frames and human needs.If this episode helps you think differently about money, advocacy, or how to buy time for what matters, share it with a friend, subscribe, and leave a quick review so more DIY investors can find it.Support the show

Jeremy Keil explains the 5 RMD (Required Minimum Distribution) mistakes in Retirement and how to avoid them. A retiree recently called for help. It was their first year taking Required Minimum Distributions. They had delayed their first RMD until April of the following year — which meant taking two distributions in one tax year. That part was allowed. In some cases, it can even be strategic. But when they called their IRA custodian and asked, “How much should I withhold for taxes?” they were given the default answer: 10% federal withholding. They assumed that must be right. It wasn't. They ended up short on taxes by more than $10,000 — and owed penalties on top of that. That situation wasn't caused by breaking a rule. It was caused by following the rule without a plan. And that's where most RMD mistakes begin. I recently wrote an article for Kiplinger magazine titled “5 RMD Mistakes That Could Cost You Big-Time: Even Seasoned Retirees Slip Up” and for this week's episode of the “Retire Today” podcast I decided to talk through each of these mistakes in detail. Mistake #1: Waiting Until Age 73 to Create a Plan Turning 73 is not a strategy. If you wait until the government forces your first RMD to think about it, you've already missed years of opportunity. The window between retirement and RMD age is often the most flexible tax-planning period of your life. In those years, you may have: Lower earned income No required withdrawals yet Control over when and how you take distributions That's prime territory for intentional tax planning. Once RMDs begin, you've lost some flexibility. In the KEEP step of the Retirement Master Plan, tax timing matters. RMDs don't happen in isolation. They interact with Social Security, pensions, and brokerage income. Planning ahead—sometimes a decade ahead—can dramatically change the long-term outcome. Mistake #2: Failing to Make Use of Qualified Charitable Distributions (QCDs) This one surprises me every year. RMDs currently begin at age 73 (moving to 75 for those born in 1960 or later). But Qualified Charitable Distributions still start at 70½. That means you can send money directly from your IRA to a charity before RMDs even begin. Why does that matter? Because a QCD: Reduces your IRA balance (lowering future RMDs) Keeps the distribution out of your taxable income May help limit Social Security taxation May help reduce Medicare premium surcharges Many retirees continue writing checks to charities from their checking account, hoping for a deduction. With today's larger standard deduction, many people don't itemize at all. Going directly from IRA to charity is often more tax-efficient—and sometimes dramatically so. If charitable giving is already part of your plan, the tax strategy should be part of it too. Mistake #3: Doing the Wrong Tax Withholding When retirees call their custodian to take their RMD, they're often asked: “How much would you like withheld for taxes?” The default federal withholding is often 10% for IRAs and 20% for 401(k)s. Many people assume, “That must be right.” It often isn't. I recently saw a retiree who delayed their first RMD until April of the following year—which meant taking two distributions in one year. They defaulted to 10% withholding. They ended up underpaying taxes by more than $10,000 and owed penalties. The custodian can't provide tax planning. That's not their role. Before taking an RMD, you need to project: What tax bracket you'll land in Whether additional withholding is necessary How this affects your overall estimated payments Again, this falls under the KEEP step. Don't let the default settings dictate your tax bill. Mistake #4: Not Realizing How Your RMD Income Affects the Rest of Your Tax Return RMDs don't just increase taxable income. They can: Make more of your Social Security taxable Push capital gains from 0% into taxable territory Trigger Medicare IRMAA surcharges Many retirees focus only on their marginal bracket. But the real issue is tax cost, not tax bracket. An extra $20,000 RMD might not just be taxed at 22%. It could cascade into additional taxation elsewhere. That's why projections matter. You don't want to discover these ripple effects after the fact. Mistake #5: Forgetting That the M in RMD means ‘Minimum,' not ‘Maximum' The M in RMD stands for minimum. It does not mean that's the only amount you're allowed to withdraw. You can: Withdraw more than your RMD Complete Roth conversions after satisfying the RMD Send more than your RMD amount to charity (subject to QCD limits) Sometimes taking more than the minimum makes sense—especially if it smooths taxes over multiple years. RMDs are a rule. They are not a retirement strategy. The Bigger Lesson RMDs are not just a government requirement. They are a planning opportunity—or a planning hazard. They affect your income plan (MAKE), your spending plan (SPEND), your tax strategy (KEEP), and even what you ultimately LEAVE behind. The biggest mistake isn't misunderstanding a rule. It's treating RMDs as an isolated event instead of part of a coordinated retirement master plan. Because in retirement, small tax decisions compound just like investment returns may do. And when handled intentionally, RMDs don't have to derail anything at all. Don't forget to leave a rating for the “Retire Today” podcast if you've been enjoying these episodes! Subscribe to Retire Today to get new episodes every Wednesday. Apple Podcasts: https://podcasts.apple.com/us/podcast/retire-today/id1488769337  Spotify Podcasts: https://bit.ly/RetireTodaySpotify About the Author: Jeremy Keil, CFP®, CFA is a retirement financial advisor with Keil Financial Partners, author of Retire Today: Create Your Retirement Income Plan in 5 Simple Steps, and host of the Retirement Today blog and podcast, as well as the Mr. Retirement YouTube channel. Jeremy is a contributor to Kiplinger and is frequently cited in publications like the Wall Street Journal and New York Times. Additional Links: – Buy Jeremy's book – Retire Today: Create Your Retirement Master Plan in 5 Simple Steps – “5 RMD Mistakes That Could Cost You Big-Time: Even Seasoned Retirees Slip Up” by Jeremy Keil, Kiplinger Magazine – https://www.kiplinger.com/retirement/required-minimum-distributions-rmds/rmd-mistakes-that-even-seasoned-retirees-can-make – Create Your Retirement Master Plan in 5 Simple Steps – 5StepRetirementPlan.com  Connect With Jeremy Keil: Keil Financial Partners LinkedIn: Jeremy Keil Facebook: Jeremy Keil LinkedIn: Keil Financial Partners YouTube: Mr. Retirement Book an Intro Call with Jeremy's Team Media Disclosures: Disclosures This media is provided for informational and educational purposes only and does not consider the investment objectives, financial situation, or particular needs of any consumer. Nothing in this program should be construed as investment, legal, or tax advice, nor as a recommendation to buy, sell, or hold any security or to adopt any investment strategy. The views and opinions expressed are those of the host and any guest, current as of the date of recording, and may change without notice as market, political or economic conditions evolve. All investments involve risk, including the possible loss of principal. Past performance is no guarantee of future results. Legal & Tax Disclosure Consumers should consult their own qualified attorney, CPA, or other professional advisor regarding their specific legal and tax situations. Advisor Disclosures Alongside, LLC, doing business as Keil Financial Partners, is an SEC-registered investment adviser. Registration does not imply a certain level of skill or expertise. Advisory services are delivered through the Alongside, LLC platform. Keil Financial Partners is independent, not owned or operated by Alongside, LLC. Additional information about Alongside, LLC – including its services, fees and any material conflicts of interest – can be found at https://adviserinfo.sec.gov/firm/summary/333587 or by requesting Form ADV Part 2A. The content of this media should not be reproduced or redistributed without the firm’s written consent. Any trademarks or service marks mentioned belong to their respective owners and are used for identification purposes only. Additional Important Disclosures

In this episode, Emily interviews Dr. Daren Card, a computational biochemist working in industry. Daren and his wife moved to Arlington, TX for his PhD and then Boston, MA for his postdoc, and she held K-12 teaching positions in both cities. He shares their financial journey, from managing their student loan debt through opening and funding IRAs. Daren and Emily discuss the tax-advantaged retirement account options available, such as 403(b)s, 457s, and 401(k)s, and how to spot red flags in your employer-sponsored plans.

Jeremiah and Nic start with a volatile week in the markets following the Supreme Court's decision to strike down President Trump's tariff authority and the market's surprisingly calm reaction. They explain why uncertainty, not bad news itself, drives volatility and how diversified portfolios, including small caps, value stocks, and international exposure, help investors stay resilient when headlines shift. The conversation then turns to one of the most overlooked areas of financial planning: estate planning and account titling. They walk through the differences between wills and trusts, why wills do not avoid probate, and how simple steps like beneficiary audits, TOD and POD designations, and proper account ownership can prevent costly delays and family conflict. They also discuss whether trusts should be named as beneficiaries on IRAs, how inheritance rules differ for individuals versus trusts, and when simplicity is often the best strategy. Rounding out the show, the duo covers tax-season pitfalls, including corrected 1099s, K-1 delays, Roth conversions, backdoor Roth mistakes, and why rushing to file taxes can create unnecessary problems.   Listen, Watch, Subscribe, Ask! https://www.therealmoneypros.com Hosts: Jeremiah Bates & Nic Daniels ————————————————————— Ataraxis PEO https://ataraxispeo.com Tree City Advisors of Apollon: https://www.treecityadvisors.com Apollon Wealth Management: https://apollonwealthmanagement.com/ —————————————————————

In this episode of the Real Estate Pros podcast, host Michelle Kesil interviews Micheal Miller, a real estate investor and construction company owner. Michael shares his journey into real estate, emphasizing the importance of creative finance and networking. He discusses the challenges he faced, the lessons learned, and his current focus on expanding into sober living facilities. Micheal also provides valuable advice for new investors and explains the workings of real estate funds, highlighting the potential of self-directed IRAs for raising capital.   Professional Real Estate Investors - How we can help you: Investor Fuel Mastermind:  Learn more about the Investor Fuel Mastermind, including 100% deal financing, massive discounts from vendors and sponsors you're already using, our world class community of over 150 members, and SO much more here: http://www.investorfuel.com/apply   Investor Machine Marketing Partnership:  Are you looking for consistent, high quality lead generation? Investor Machine is America's #1 lead generation service professional investors. Investor Machine provides true 'white glove' support to help you build the perfect marketing plan, then we'll execute it for you…talking and working together on an ongoing basis to help you hit YOUR goals! Learn more here: http://www.investormachine.com   Coaching with Mike Hambright:  Interested in 1 on 1 coaching with Mike Hambright? Mike coaches entrepreneurs looking to level up, build coaching or service based businesses (Mike runs multiple 7 and 8 figure a year businesses), building a coaching program and more. Learn more here: https://investorfuel.com/coachingwithmike   Attend a Vacation/Mastermind Retreat with Mike Hambright: Interested in joining a "mini-mastermind" with Mike and his private clients on an upcoming "Retreat", either at locations like Cabo San Lucas, Napa, Park City ski trip, Yellowstone, or even at Mike's East Texas "Big H Ranch"? Learn more here: http://www.investorfuel.com/retreat   Property Insurance: Join the largest and most investor friendly property insurance provider in 2 minutes. Free to join, and insure all your flips and rentals within minutes! There is NO easier insurance provider on the planet (turn insurance on or off in 1 minute without talking to anyone!), and there's no 15-30% agent mark up through this platform!  Register here: https://myinvestorinsurance.com/   New Real Estate Investors - How we can work together: Investor Fuel Club (Coaching and Deal Partner Community): Looking to kickstart your real estate investing career? Join our one of a kind Coaching Community, Investor Fuel Club, where you'll get trained by some of the best real estate investors in America, and partner with them on deals! You don't need $ for deals…we'll partner with you and hold your hand along the way! Learn More here: http://www.investorfuel.com/club   —--------------------

Oro y plata explotaron, el dólar se debilita y el S&P 500 marca máximos. Con Carlos Feliciano (CAF Investments) hablamos claro: ¿conviene entrar ahora a metales? ¿Qué pasó con Microsoft/Meta/Tesla? ¿Cómo aprovechar el nuevo tope de IRAs en Puerto Rico ($7,000) y qué significa “retirarte a los 40” de verdad (dividendos, no fantasías).También bajamos a lo práctico: presupuesto base cero, por qué “ahorrar el café diario” es una falacia, cómo construir patrimonio (no solo ingreso), la diáspora y oportunidades reales en PR, y el mito detrás de Wolf of Wall Street y los penny stocks.Disclaimer: Contenido educativo, no es asesoría financiera. Consulte a un profesional licenciado.Separa tu consulta gratis de 15 min: https://calendly.com/cafinvestments/15min (no olvides poner que escuchaste en Café en Mano)Sponsor: Gracias a FUSE – internet sin preocupaciones.Merch: Tazas y camisas (oversize unisex) en mi tienda: juanvi.bigcartel.com00:00 Intro, sponsor y merch02:05 Oro y plata: por qué suben y riesgo de entrar “en la cima”06:45 Devaluación del dólar/yen y bancos centrales comprando oro10:35 ¿8k la onza? Miedo vs. fundamentos monetarios12:10 IRAs en PR suben a $7,000 (año contributivo 2025 → reporta 2026)14:05 Planes médicos en EE. UU. y efecto político en mercados16:40 Dividendos mensuales: vivir del portafolio (8–9% no garantizado)18:39 “Retiro a los 40”: organización, interés compuesto y ejemplo real23:30 La falacia de “ahorra el café diario” vs. problema de ingreso25:10 Presupuesto base cero y balance “vive hoy vs. ahorra”30:34 Diáspora, sueldos y oportunidades de regreso a PR35:55 Métricas: 68% de los estadounidenses invierten vs. ~15% en PR39:19 Cómo empezar hoy a invertir con poco (brokers, fracciones)41:00 “El retiro no es una edad, es un número”45:20 Patrimonio (net worth) ≠ dinero en la cuenta49:10 Caso 1: alto ingreso, cero inversiones, deudas de tarjeta51:07 Plan Keogh en PR: hasta $60k, rollover, ventajas57:30 Caso 2: renta absurda, cero patrimonio; qué corregir ya01:02:00 Wolf of Wall Street: por qué los penny stocks te pelan01:06:03 Cómo funcionaba el “spread” y el truco de las comisiones01:12:00 Cierre y cómo agendar con CAF

If you're self-employed and want to put more money away for retirement, the Solo 401(k) is one of the most powerful tools available, but the rules and deadlines matter.In this live webinar, Mat Sorensen will walk through the Solo 401(k) basics, including who qualifies, how it's set up, and the special strategies that make it so effective compared to IRAs and SEP IRAs. He'll also cover the key 2025 contribution limits and deadlines you need to understand before the 2026 tax filing season.We'll cover:- What a Solo 401(k) is and how it differs from IRAs, SEP IRAs, and traditional employer 401(k)s- Who qualifies (and who doesn't)- How a Solo 401(k) is set up and what has to be in place to maximize contributions- 2025/2026 contribution limits, including employee vs. employer contributions and how they're calculated- Key deadlines to know before the 2026 tax filing season- Special features unique to Solo 401(k)s- Common mistakes and misconceptions that can create tax or compliance issuesWhy Directed IRA?At Directed IRA, we've helped thousands of investors put over $3 billion into real estate, private funds, notes, and more, all inside tax-advantaged retirement accounts. Our team of experts and streamlined platform make it easy to invest with confidence.Directed IRA Homepage: https://directedira.com/ Directed IRA Explore (Linktree): https://linktr.ee/SelfDirectedIRA Book a Call: https://directedira.com/appointment/ Other:Mat Sorensen: https://matsorensen.com & https://linktr.ee/MatSorensen KKOS: https://kkoslawyers.comMain Street Business https://mainstreetbusiness.com

Which IRA is better—Roth or Traditional? In this episode, Art and Nate go head-to-head to determine which IRA deserves the title of true champion. They also tackle a listener's question about IRAs. Don't miss this fun, live recording of the More Than Money podcast!Resources:8 Money MilestonesAsk a Money Question!

Nate Miles joins Jeremy Keil to discuss how the Allspring retirement research reveals trends of concern among retirees and the options they have to address them. Mike and Susan did what many couples do. They saved diligently. They crossed the $1 million mark before retirement. They felt prepared. But when it came time to make actual retirement decisions—when to claim Social Security, how to withdraw from their accounts, how to manage taxes—they realized something uncomfortable: They had spent decades saving… but very little time learning how to retire. This example speaks directly to what this year's Allspring Retirement Study uncovered. As Nate Miles shared on the “Retire Today” podcast, this wasn't a small or struggling population. Participants were 50+ with at least $200,000 in investable assets. A third of retirees surveyed had $1 million or more. Yet only six out of ten retirees said they feel financially secure. That gap between assets and confidence tells us something important: retirement success isn't just about how much you've accumulated. It's about how well you transition into distribution. The Social Security Mistake One of the most striking findings involved Social Security. Nate explained: “One third of our respondents claimed Social Security at 62 years old… because they believed the value or the benefit of waiting was not worth it. Yet they underestimated the value of waiting by 50%.” Many respondents assumed the benefit grew at 4% per year when delayed. In reality, for most people, it grows closer to 8% annually between full retirement age and 70. That misunderstanding alone can permanently reduce lifetime income. In the MAKE step of the 5 Step Retirement Master Plan, Social Security is foundational. For many retirees, it represents 30–40% of their guaranteed income. Optimizing that decision isn't optional—it's essential. And yet, education around it is surprisingly thin. As Nate pointed out, there are “560-something permutations” of Social Security claiming strategies. It's ubiquitous, but complicated. And too often, people default to the earliest date simply because it feels tangible. The Tax Blind Spot The second major theme of the study? Taxes. Only about 20% of retirees reported using a tax-efficient withdrawal strategy. Think about that. After decades of saving in multiple account types—traditional IRAs, Roth IRAs, brokerage accounts—most retirees are simply withdrawing from wherever feels convenient. Nate put it plainly: “Taxes matter for everyone, not just the high net worth crowd.” In the KEEP step of retirement planning, how you withdraw can meaningfully impact how long your money lasts. Choosing between Roth and traditional dollars. Managing capital gains. Coordinating withdrawals with Social Security timing. These aren't abstract academic exercises. They are practical levers that affect real income. Yet as Nate observed, most people spent 40 years having taxes withheld automatically from paychecks. They paid taxes—but they never actively managed them. Retirement flips that script completely. Now you must choose. The Psychological Shift No One Talks About Nate shared that many retirees are comfortable spending above their retirement number—until their account dips below it. The moment it falls beneath that original balance, panic sets in. Even if the plan accounts for drawdown. Even if it's sustainable. Even if it's expected. That's what I call the “accumulation paradox.” Economists assume you'll build your assets and gradually spend them down toward zero. Real people assume the number should stay intact forever. But retirement isn't about preserving a scoreboard. It's about funding a life. This is where the SPEND step meets the INVEST step. You saved to use the money. And yes, at some point, your balance may begin to decline. That's not failure. That's function. Advice Still Matters One of Nate's most memorable lines was this: “Monte Carlo gets 10,000 cracks at retirement. You and I get one.” We don't get multiple trial runs. We get one real-life retirement. That's why quality advice matters. The study suggests people with pensions are more likely to use annuities. People with advice are more likely to use tax strategies. And people who understand their income sources are more confident. Retirement is no longer just accumulation. It's design. And design requires intention. If you're within five years of retirement—or already there—ask yourself: Have I optimized my Social Security? Am I intentionally managing taxes? Do I have a clear income floor? Am I emotionally prepared to draw down assets? Because as this year's research shows, even million-dollar portfolios can feel uncertain without a plan. Retirement isn't about guessing well. It's about designing well. Don't forget to leave a rating for the “Retire Today” podcast if you've been enjoying these episodes! Subscribe to Retire Today to get new episodes every Wednesday. Apple Podcasts: https://podcasts.apple.com/us/podcast/retire-today/id1488769337  Spotify Podcasts: https://bit.ly/RetireTodaySpotify About the Author: Jeremy Keil, CFP®, CFA is a retirement financial advisor with Keil Financial Partners, author of Retire Today: Create Your Retirement Income Plan in 5 Simple Steps, and host of the Retirement Today blog and podcast, as well as the Mr. Retirement YouTube channel. Jeremy is a contributor to Kiplinger and is frequently cited in publications like the Wall Street Journal and New York Times. Additional Links: Buy Jeremy's book – Retire Today: Create Your Retirement Master Plan in 5 Simple Steps Allspring 2026 Retirement Study: By Default or By Design? Nate Miles, Allspring Global Investments Connect With Jeremy Keil: Keil Financial Partners LinkedIn: Jeremy Keil Facebook: Jeremy Keil LinkedIn: Keil Financial Partners YouTube: Mr. Retirement Book an Intro Call with Jeremy's Team Media Disclosures: Disclosures This media is provided for informational and educational purposes only and does not consider the investment objectives, financial situation, or particular needs of any consumer. Nothing in this program should be construed as investment, legal, or tax advice, nor as a recommendation to buy, sell, or hold any security or to adopt any investment strategy. The views and opinions expressed are those of the host and any guest, current as of the date of recording, and may change without notice as market, political or economic conditions evolve. All investments involve risk, including the possible loss of principal. Past performance is no guarantee of future results. Legal & Tax Disclosure Consumers should consult their own qualified attorney, CPA, or other professional advisor regarding their specific legal and tax situations. Advisor Disclosures Alongside, LLC, doing business as Keil Financial Partners, is an SEC-registered investment adviser. Registration does not imply a certain level of skill or expertise. Advisory services are delivered through the Alongside, LLC platform. Keil Financial Partners is independent, not owned or operated by Alongside, LLC. Additional information about Alongside, LLC – including its services, fees and any material conflicts of interest – can be found at https://adviserinfo.sec.gov/firm/summary/333587 or by requesting Form ADV Part 2A. The content of this media should not be reproduced or redistributed without the firm’s written consent. Any trademarks or service marks mentioned belong to their respective owners and are used for identification purposes only. Additional Important Disclosures

⭐ Get my coaching & community to achieve financial freedom → https://www.coachcarson.com/rpm-pod-475 ⚒️Get my best investor tools for FREE → https://www.coachcarson.com/toolkit-pod-475 ▶️ Next Video → How Much Tax Will You Owe Selling a Rental (Real Numbers Inside) https://www.youtube.com/watch?v=SgNXl8eqa2U -------------------------- EPISODE NOTES:

In this episode of Money Matters, Scott and Pat take calls from high-net-worth listeners who uncover the same wealthy tax mistake, despite very different financial situations. From retirees with most of their money in IRAs to investors weighing Roth conversions and income strategies, the conversations show how easy it is to pay more in taxes than expected. They explain how this wealthy tax mistake often comes from tax-deferred concentration, why paying taxes from retirement accounts can shrink cash flow, and how poor timing can quietly turn into a long-term wealthy tax mistake. If you've built significant assets and want to protect your income and flexibility, this episode offers clear, practical insight. Join Money Matters:  Get your most pressing financial questions answered by Allworth's co-founders Scott Hanson and Pat McClain. Call 833-99-WORTH. Or ask a question by clicking here.  You can also be on the air by emailing Scott and Pat at questions@moneymatters.com. Download and rate our podcast here.    

In this Friday Q&A episode, Don introduces a new AI audio enhancement tool that dramatically improves the sound quality of listener questions, then dives into a series of practical retirement issues. He tackles whether converting a $2 million term life policy to whole life after a disability makes sense (and what must be guaranteed in writing), explains how to properly freeze a deceased parent's credit and handle inherited POD accounts and IRAs under the 10-year rule, pushes back on the increasingly discussed “bond trough” retirement strategy by emphasizing emotional risk over theoretical logic, and closes with reassurance for listeners considering retiring part-time in Mexico, explaining how U.S. retirement accounts, tax treaties, and global banking make the process far simpler than many assume. 0:04 Friday intro and new AI tool that dramatically improves caller audio quality 2:01 Whole life conversion offer after disability — “free” premiums and what to demand in writing 5:57 How to submit spoken questions and call-in info 6:22 After a parent's death: credit freezes, deceased alerts, and final credit reports 7:41 Inheriting POD accounts and an IRA — step-up in basis and the 10-year IRA rule 9:57 AVGE vs. AVGV fake-out and real question: bond “trough” strategy in retirement 11:24 Logical vs. emotional risk tolerance — why most retirees can't handle 50% drawdowns 13:40 Retiring internationally (Mexico example) — IRAs abroad, tax treaties, and practical Learn more about your ad choices. Visit megaphone.fm/adchoices