Podcasts about Roth IRA

Jesse's answering questions from his inbox, including questions about which retirement accounts to contribute to, how to save money in retirement when you don't have an income, and how a young person can save for multiple goals at the same time.     Got a question for Jesse? Send him an email: askjesse@ynab.com   Pre-order Jesse's new book! www.neverworryaboutmoneyagain.com   Follow YNAB on social media: Facebook: @ynabofficial Instagram: @ynab.official Twitter/X: @ynab Tik Tok: @ynabofficial  

Listener Q&A where Andy talks about: Should Roth conversion analysis look at marginal or effective tax rates ( 4:21 )His thoughts on why qualified Roth account distributions might eventually be included in certain measures of Modified Adjusted Gross Income ("MAGI") ( 8:28 )What other MAGIs are potentially impacted and should be watched out for with doing Roth conversions ( 12:38 )The difference between "directionality" and "precision" in retirement planning ( 20:40 )Is it reasonably for an advisor to charge you extra for outsourcing some of their investment management to a separately managed or sub-managed account ( 25:38 )His thoughts of reinvesting a deferred compensation plan to all cash when the plan will soon begin paying out its deferred payments ( 29:34 )His thoughts on using multiple dividend and fixed income funds to create a "high income sleeve" for near-term distribution needs ( 35:25 )Whether it's accurate that you can indirectly file a tax return extension simply by making an online tax payment and select "extension" as the reason for the payment ( 39:05 )Can a minor with less than $400 of self-employment income not file a tax return yet still be eligible to contribute to a Roth IRA ( 44:56 )How he helps clients balance Fear of Missing Out ("FOMO") and Fear of Running Out ("FORU") ( 52:04 )How much of his planning work with clients is computational vs psychological ( 54:42 )His thoughts on the gamification of investing, and the prediction markets ( 58:11 )Why there are so many different funds like buffered ETFs and option trading ETFs, at higher expense ratios, when many can just invest in a few basic low-cost ETFs ( 1:00:36 )To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.comAndy's LinkedIn profile: https://www.linkedin.com/in/andypanko/Links in this episode:Tenon Financial monthly newsletter/blog - Retirement Planning InsightsYouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com

AI can crunch a portfolio, harvest losses, and explain an investment concept in seconds. But can it stop a nervous investor from selling at exactly the wrong moment—or understand the life behind the spreadsheet?Tom and Don test the robot-advisor promise, even asking ChatGPT to weigh in. The verdict is a useful division of labor: let technology handle repeatable mechanics, while human judgment, fiduciary responsibility, and behavior coaching remain hard to automate.Then the questions get wonderfully strange: whether a 0.70% advisory fee earns its keep, how a concentrated tech fund hides risk behind a huge return, whether a $100 million Bitcoin Roth story adds up, and how to invest an inherited account.00:00 Are AI advisors coming for financial planners?03:06 ChatGPT offers its own cautious verdict04:14 Where automation helps—and where humans matter09:36 What investors should ask their advisory firms12:10 Is a 0.70% advisor fee earning its keep?16:50 The concentrated tech fund with a dazzling record21:12 A purported $100 million Bitcoin Roth25:22 Building an inherited-account portfolioQuestions? Comments? Click!

What does the future of Bitcoin mining actually look like? This week, Fred Thiel joins Coin Stories for a candid, wide-ranging conversation. Fred runs MARA (formerly Marathon Digital Holdings), one of the biggest public Bitcoin miners in the world. We get into why so many miners are pivoting to AI, what it means for Bitcoin, and his honest, big-picture read on where Bitcoin fits as an asset — including why he says power, not chips, has become the most valuable resource in tech, and why that puts some miners in a surprisingly strong position. We discuss: Why Bitcoin miners are pivoting to AI — and what it means for the network Why Fred has put Bitcoin "in a different box" The story behind MARA selling 20,000 Bitcoin Where he sees Bitcoin's price versus its long-term value His candid take on whether Bitcoin ever becomes money The quantum computing threat to Bitcoin wallets Follow Fred Thiel on X: https://x.com/fgthiel ---- Order Natalie's new book "Bitcoin is For Everyone," a simple introduction to Bitcoin and what's broken in our current financial system: https://amzn.to/3WzFzfU  ---- Speed is my go-to Bitcoin Lightning wallet! Send, receive, or swap stablecoins and digital gold into Bitcoin in one app. Run a business? Speed powers Bitcoin payments for Steak 'n Shake, and it can do the same for you. Download at https://speed.app/natalie  and use code COINSTORIES10 for 5,000 free sats after your first transaction. ---- Ledn is the global leader in Bitcoin-backed loans, issuing over $10 billion in loans since 2018, and they were the first to offer proof of reserves. With Ledn, you get custody loans, no credit checks, no monthly payments, and more. Get .25% off your first loan, learn more at https://www.Ledn.io/natalie  ---- Abundant Mines is a fully-managed Bitcoin mining in the U.S. You own the miners. You keep 100% of the Bitcoin. Voted #1 mining company by peers. Get 1 month of free hosting: AbundantMines.com/Natalie ---- Natalie's Bitcoin Product Partners: Download Bitkey Today and use my promo code STORIES to get 10% off the new Bitkey. This episode has been sponsored by Bitkey: https://bitkey.world/STORIES Master your Bitcoin self-custody with 1-on-1 help and gain peace of mind with the help of The Bitcoin Way: https://www.thebitcoinway.com/natalie  With BitcoinIRA, you can invest in bitcoin 24/7 inside a tax-advantaged IRA. Choose a Traditional IRA to defer taxes, or a Roth IRA for tax-free withdrawals later. Take control of your future with BitcoinIRA: https://www.bitcoinira.com/natalie  Natalie's Upcoming Events: The best time to plan for Bitcoin 2027 is right now. Early bird tickets are live — grab the lowest pricing available and use code HODL for 10% off: https://tickets.b.tc/event/bitcoin-2027?promoCodeTask=apply&promoCodeInput=HODL  Extra Services to Consider: Protect yourself from SIM Swaps that can hack your accounts and steal your Bitcoin. Join America's most secure mobile service, trusted by CEOs, VIPs and top corporations: https://www.efani.com/natalie   Ditch your fiat health insurance like I did four years ago! Join me at CrowdHealth: www.joincrowdhealth.com/natalie  ---- This podcast is for educational purposes and should not be construed as official investment advice. Ads in this episode are baked-in and may reference promotions or offers that are no longer available at the time of listening. ---- VALUE FOR VALUE — SUPPORT NATALIE'S SHOWS Strike ID https://strike.me/coinstoriesnat/ Cash App $CoinStories #money #Bitcoin #investing

P.M. Edition for July 22. WSJ special writer Theo Francis explains how startup founders, hedge-fund managers and Silicon Valley insiders are using IRAs to supercharge their wealth. Plus, trade uncertainty comes roaring back. WSJ trade and economic policy reporter Gavin Bade explains the Trump administration's new front on tariffs. And Journal reporter Sam Federman explains how the New York Mets turned baseball's highest payroll into its biggest waste of money. Danny Lewis hosts. Sign up for the WSJ's free What's News newsletter. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Trump accounts — technically the 530A — went live July 4th, and Justin Harvey opened three for his own kids just to see how they work. These accounts are child-owned, they behave like a traditional IRA, and they come with rules most physicians haven't heard yet.  Tag along with Jimmy Turner and Justin Harvey as they discuss where they actually belong in your savings hierarchy, and who should pass entirely.Resources: Get 10% off working with Gelt, the tax strategy team that Jimmy Turner personally uses: https://moneymeetsmedicine.com/CPA Every doctor needs own-occupation disability insurance.  Get it from a source you can trust: https://moneymeetsmedicine.com/disability    Want a free copy of The Physician Philosopher's Guide to Personal Finance?  Snag your copy here: https://moneymeetsmedicine.com/freebook What you'll learn: Why the 530A is closer to a traditional IRA than a 529 — and the basis-tracking problem nobody is warning parents about Where Trump accounts rank against 401(k)s, backdoor Roths, and 529s in a physician savings hierarchy Who actually gets the free $1,000, and why older kids are treated differently The Roth conversion play at age 18 — and the risk of handing an 18-year-old a quarter-million-dollar account Why a kid's Roth IRA may teach better money lessons than any government-funded account Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Trump Accounts are one of the newest tax-advantaged investment accounts for children, but where do they fit in your financial plan? In this episode of the BiggerPockets Money podcast, Jeremy Schneider of Personal Finance Club explains how Trump Accounts work, who should open one, how they compare to 529 plans and custodial accounts (UGMA/UTMA), and why they may become an important long-term wealth-building tool for families. You'll learn the rules, contribution limits, Roth IRA rollover opportunities, investment restrictions, financial aid implications, and practical strategies for parents and grandparents looking to build generational wealth. Connect with Jeremy Schneider: Instagram: https://www.instagram.com/personalfinanceclub/ Website: https://personalfinanceclub.com/ Nectarine: https://hellonectarine.com/ To go beyond the podcast: Kick start your financial independence journey with our FREE financial resources - https://biggerpocketsmoney.com/ Subscribe on YouTube for even more content- www.youtube.com/biggerpocketsmoney  Connect with us on social media to join the other BiggerPockets Money listeners - https://www.facebook.com/groups/BPMoney We believe financial independence is attainable for anyone no matter when or where you're starting. Let's get your financial house in order! Learn more about your ad choices. Visit megaphone.fm/adchoices

It's hard to believe we're already halfway through 2026. One thing I've learned over the years is that time is going to keep moving whether we're paying attention or not. That's why I've made it a habit to set annual goals, revisit them regularly, and share my progress publicly. At the end of 2025, I shared my personal and business goals for 2026. Now that we've reached the halfway point of the year, it's time for a check-in. In this episode, I'm giving you a behind-the-scenes look at what's working, what's not, what goals are on track, and where I need to refocus for the second half of the year. We'll talk about everything from health goals and reducing stress to business growth, podcast downloads, content creation, and the realities of running a business in today's economy. My hope is that this episode encourages you to pause and do your own mid-year review. Because sometimes the most powerful thing you can do is stop, reflect, and make intentional adjustments before the year gets away from you.   In this episode, we discuss: Progress toward my personal health and wellness goals What I've learned about slowing down, reducing stress, and prioritizing recovery My progress toward maxing out my Roth IRA in 2026 Why my honeymoon and wedding plans have shifted Efforts to reduce screen time and be more intentional with technology What the first half of 2026 has taught me about managing a full life The current state of City Girl Savings and our business goals Revenue, profitability, and navigating economic uncertainty Podcast growth, content creation, and audience building Why consistency matters even when results take longer than expected The mindset I'm carrying into the second half of the year   This episode is especially helpful if you: Set goals at the beginning of the year and haven't revisited them Feel behind on your personal or financial goals Want motivation to reset and refocus for the second half of the year Are working toward health, money, or business goals Need a reminder that progress isn't always linear Want a realistic look at what goal pursuit actually looks like   Why this matters: Too many people treat goals like a January activity. They set ambitious intentions, get excited for a few weeks, and then never revisit them until December. But real progress happens when you're willing to check in honestly along the way. A mid-year review isn't about judging yourself for what hasn't happened yet. It's about recognizing what's working, acknowledging what needs adjustment, and deciding how you want to move forward. Some goals will be ahead of schedule. Some will be behind. Some may need to change entirely. That's not failure. That's life. The goal isn't perfection. The goal is staying engaged with the life you're trying to build. Often, the willingness to reassess and adjust is what ultimately creates the results you're looking for.   Timestamps: [02:21] Raya breaks down her progress on her first personal goal of 2026 – improving her health for long-term functioning. This goal was harder to measure, but indicators of growth exist. [06:03] Raya's honeymoon and courthouse wedding timeframe has been pushed out. This goal likely will not be achieved in 2026.  [10:57] After 5 months of no breaks in daily workouts, Raya learned she needs to prioritize recovery (which means more frequent traveling)! [14:36] A business goal is to increase newsletter growth by 20%. Currently, this goal is trending about 4%. Raya shares things that can help improve this before the year ends.   Resources Mentioned: Episode #209: My Personal and Business Goals for 2026 Request a free money call with Raya City Girl Savings Personal Finance Portfolio Financial Focus Coaching Program   If you've been feeling behind on your goals, consider this your reminder that there's still plenty of year left. You don't need to wait until January to reset. You don't need a perfect first half of the year to have a strong second half. The truth is, most meaningful progress doesn't happen in a straight line. Some goals move faster than expected. Others take longer. Some priorities shift completely because life shifts. One of the biggest lessons I've learned over the years is that goals aren't just about achieving an outcome. They're about who you become in the process. They're about building consistency, learning from setbacks, making adjustments, and continuing to move forward even when things don't go exactly according to plan. So if you've fallen behind in an area of your life, give yourself permission to be honest about where you are without judging yourself for it. Then decide what the next best step looks like from here. Maybe that means recommitting to a goal. Maybe it means adjusting the goal. Maybe it means celebrating progress you've overlooked because you're too focused on what hasn't happened yet. Whatever your situation, don't let the first half of the year determine the second half. Take time to reflect. Acknowledge how far you've come. Make the adjustments you need to make. Then keep building. Remember: You are not behind…you are building. Consistency compounds. The steady work you're doing now is shaping your next level.  

This week on The Alpha Wealth Hour with Tom Fortino, learn why trying to time a market downturn can hurt long-term returns, how Roth IRA tax strategies may benefit your retirement plan, ways to build reliable retirement income, and the key factors to consider when deciding the right time to retire. Throw everything in a box and […]

This week Don tackles seven excellent listener questions covering everything from credit cards and emerging markets to covered-call ETFs, annuities, retirement buckets, and whether investors should worry about new additions to stock indexes.00:51 Summer surge in listener questions01:15 LitReading success and thanks02:01 Are credit cards really evil?05:09 Emerging markets inside international funds07:44 Paying kids for chores to fund Roth IRAs10:58 Covered-call ETFs (JEPI and others)15:47 Helping a friend avoid an expensive annuity19:40 Should index investors worry about SpaceX?21:38 Bucket strategy and retirement portfoliosQuestions? Comments? Click!

David Hunter says stocks have another 30% of upside left — and then the biggest crash since 1929. This week the veteran contrarian returns with his most specific targets yet. David lays out the melt-up he's been calling for, the global bust he thinks follows it, and the staggering amount of money he believes central banks will have to print to dig us out. He also shares his gold and silver targets, and gives his honest (and bearish) read on Bitcoin. We discuss: His targets: S&P: 10,000, Nasdaq: 36,000, Dow: 70,000, Russell: 4,000 — and why he just raised them  Why he sees an 80% bear market coming, not a normal recession The $20 trillion the Fed may be forced to print Why 25% inflation could hit by the early 2030s Gold to $7,000, silver to $200 — then far higher next cycle His bearish Bitcoin call — and what would change his mind The one signal he watches to know the top is in Whether you agree with David or not, few people lay out a case this clearly. Follow David Hunter on X: https://x.com/DaveHcontrarian  ---- Order my new book "Bitcoin is For Everyone," a simple introduction to Bitcoin and what's broken in our current financial system: https://amzn.to/3WzFzfU  ---- Speed is my go-to Bitcoin Lightning wallet! Send, receive, or swap stablecoins and digital gold into Bitcoin in one app. Run a business? Speed powers Bitcoin payments for Steak 'n Shake, and it can do the same for you. Download at https://speed.app/natalie  and use code COINSTORIES10 for 5,000 free sats after your first transaction. ---- Ledn is the global leader in Bitcoin-backed loans, issuing over $10 billion in loans since 2018, and they were the first to offer proof of reserves. With Ledn, you get custody loans, no credit checks, no monthly payments, and more. Get .25% off your first loan, learn more at https://www.Ledn.io/natalie  ---- Abundant Mines is a fully-managed Bitcoin mining in the U.S. You own the miners. You keep 100% of the Bitcoin. Voted #1 mining company by peers. Get 1 month of free hosting: AbundantMines.com/Natalie ---- Natalie's Bitcoin Product Partners: Download Bitkey Today and use my promo code STORIES to get 10% off the new Bitkey. This episode has been sponsored by Bitkey: https://bitkey.world/STORIES Master your Bitcoin self-custody with 1-on-1 help and gain peace of mind with the help of The Bitcoin Way: https://www.thebitcoinway.com/natalie  With BitcoinIRA, you can invest in bitcoin 24/7 inside a tax-advantaged IRA. Choose a Traditional IRA to defer taxes, or a Roth IRA for tax-free withdrawals later. Take control of your future with BitcoinIRA: https://www.bitcoinira.com/natalie  ---- Natalie's Upcoming Events: The best time to plan for Bitcoin 2027 is right now. Early bird tickets are live — grab the lowest pricing available and use code HODL for 10% off: https://tickets.b.tc/event/bitcoin-2027?promoCodeTask=apply&promoCodeInput=HODL  ---- Extra Services to Consider: Protect yourself from SIM Swaps that can hack your accounts and steal your Bitcoin. Join America's most secure mobile service, trusted by CEOs, VIPs and top corporations: https://www.efani.com/natalie   Ditch your fiat health insurance like I did four years ago! Join me at CrowdHealth: www.joincrowdhealth.com/natalie ---- This podcast is for educational purposes and should not be construed as official investment advice. Ads in this episode are baked-in and may reference promotions or offers that are no longer available at the time of listening. ---- VALUE FOR VALUE — SUPPORT NATALIE'S SHOWS Strike ID https://strike.me/coinstoriesnat/ Cash App $CoinStories   #money #Bitcoin #investing

Book a call with Travis: https://calendly.com/travis-eib/30-minute-callBook a call: https://remnantfinance.com/calendarOut Print the Fed with a 1% target per week: https://remnantfinance.com/optionsEmail us at info@remnantfinance.com or visit https://remnantfinance.com for more informationFOLLOW REMNANT FINANCEYoutube: @RemnantFinance (https://www.youtube.com/@RemnantFinance)Facebook: @remnantfinance (https://www.facebook.com/profile.php?id=61560694316588)Twitter: @remnantfinance (https://x.com/remnantfinance)TikTok: @RemnantFinanceDon't forget to hit LIKE and SUBSCRIBEIn this episode, Hans welcomes back Travis McBride, a former Navy helicopter pilot turned insurance professional, for his third appearance and a conversation about annuities, guaranteed lifetime income, and why the order of your returns matters more than the average. Fresh off the birth of his son, Travis opens up about how fatherhood reframes the way he thinks about mortality and protecting the people who depend on you.From there they get into sequence of return risk, including a live demo where shuffling the exact same 30 years of returns swings the outcome from $2.2 million left over to fully broke in 14 years, and why a guaranteed income floor lets you stay on the compounding curve right when it's most powerful.Chapters:00:00 – Opening segment03:10 – Re-anchoring on why we plan: it's about the next generation05:25 – Why $500K of SGLI won't set a family up10:15 – What an annuity actually is: the inverse of life insurance14:40 – The power of setting an income floor18:30 – A brief history of annuities, from Rome to the modern pension gap20:15 – When to consider an annuity: the 50 to mid-70s window21:15 – No medical underwriting: annuities are priced on age alone25:15 – The 4% rule and where it falls apart26:05 – Sequence of return risk explained with a live shuffle28:45 – Same data, wildly different outcomes30:50 – Why the Series 65 teaches nothing about insurance or annuities35:00 – Trade-offs exist everywhere, even in a Roth IRA and 401(k)39:50 – Mortality credits: the third form of return45:30 – Payouts are tied to the 10-year Treasury at purchase46:40 – The 1035 exchange: upgrading an old, uncompetitive annuity50:00 – Closing segmentKey Takeaways:The order of your returns can matter more than the returns themselves. Take the same 30 years of market data and simply shuffle the sequence, and the outcome swings from leaving $2.2 million behind to running out of money in 14 years.An annuity is the inverse of life insurance, and it's the only chassis that guarantees income for life. Where a $1 million portfolio using the 4% rule cautiously pulls $40,000 a year and still might run dry, that same $1 million can buy a fully guaranteed $77,000 a year that keeps paying as long as you're alive.A guaranteed income floor buys you flexibility everywhere else. Once your baseline needs are covered for life, you no longer have to run conservative with the rest of the portfolio.$500K of group life insurance is not a plan. In a high cost of living area, half a million won't maintain a family's lifestyle, and most people aren't even capped out there.If your parents bought an annuity, get it reviewed. Payouts are locked to the 10-year Treasury yield at the time of purchase, so annuities bought in low-rate years are often badly uncompetitive today.

Kelley discusses common retirement mistakes, the importance of personalized planning, and strategies to optimize your financial future. Learn how to avoid costly errors and create a tailored retirement plan that works for you. 800-810-8060 California Wealth AdvisorsSee omnystudio.com/listener for privacy information.

What exactly is a model portfolio—and should you trust one with your retirement?Tom and Don explain why professionally designed model portfolios can improve consistency and reduce advisor bias, but also why investors should be wary as firms like Morningstar begin adding private equity, private credit, and other alternative investments to traditional portfolios.00:12 What is a model portfolio?02:11 Why advisors should use investment models03:31 Morningstar's new private market portfolios05:20 Liquidity problems with private investments07:27 The high cost of private equity08:12 “Persistent inflation” claims examined10:49 Why Wall Street wants retirement assets12:23 Listener questions begin14:17 AUM vs flat-fee vs hourly advisors21:22 Do ETF expense ratios add together?23:21 Roth IRA income limits and backdoor strategy27:44 BrokerageLink inside a 401(k)31:00 Costco, avocado oil, and gas pricesQuestions? Comments? Click!

Welcome to Financial Revelations – Sin of Retirement™ with David Szafranski Discover David Szafranski's book, The Sin of Retirement™, and browse official merchandise at www.sinofretirement.com. The book is available in paperback through Amazon and as an audiobook on Audible. The Sin of Retirement™ challenges the traditional view of retirement and encourages readers to live a life of purpose, stewardship, and lasting impact. If you would like David to speak at your church or organization about retirement, money management, or biblical stewardship, please contact Kory@epsf.com for more information. Our next Nativos mission trip to the Amazon is scheduled for April 2, 2027, and the trip is already full! If you would like to support the mission, please visit www.nativosusa.org. If you or your church would like more information about organizing a future mission trip, email MelissaM@epsf.com. In This Week's Financial Update David discusses the latest developments in the Middle East, noting that while military activity involving Iran continues, the oil markets have remained relatively stable. Instead of reacting to geopolitical headlines, the markets have been focused primarily on corporate earnings. David also shares his thoughts on SpaceX following its IPO. Although the stock is currently trading below its IPO price, he remains optimistic about the company's long-term outlook and continues to view it as an attractive opportunity for growth-oriented investors. As always, speak with your financial advisor to determine whether an investment is appropriate for your individual situation. Viewer Questions This Week David answers several questions submitted by listeners, including: Leasing versus buying a vehicle Electric vehicles (EV) versus internal combustion engine (ICE) vehicles Roth IRA versus Traditional IRA The Trump Account for children—and why David believes it's an absolute yes Trump Account versus a 529 college savings plan If you would like David and the team to review your portfolio or answer your financial questions, please contact Kory@epsf.com. Thank you for listening to Financial Revelations – Sin of Retirement™ with David Szafranski!    

Cameron is joined by Alexis Gallati, Founder & Tax Strategist at Cerebral Tax Advisors, to explore the critical role of tax planning for practice owners. They discuss the importance of having a tax strategist versus a traditional CPA, recognizing when to seek expert advice, and various strategies to optimize tax savings. Key topics include understanding ordinary income, the implications of entity structure, maximizing deductions, and retirement account strategies such as backdoor Roth IRAs and 401(k) plans. They emphasize the need for proactive tax planning to preserve wealth and enhance financial outcomes for medical practice owners. Cameron and Alexis talk about various strategies for maximizing retirement contributions, involving children in financial planning, leveraging equipment for tax benefits, and utilizing real estate as a wealth-building strategy. They highlight the importance of proper planning and education in financial matters, as well as the potential for significant tax savings through strategic investments and contributions. Listen In!Thank you for listening to this episode of Medical Millionaire!Takeaways:Tax optimization is crucial for practice owners.Most CPAs focus on historical data, not future planning.Recognizing when to seek a tax strategist is key.Ordinary income is taxed differently than passive income.Entity structure impacts tax liabilities significantly.Maximizing deductions can lead to substantial savings.Understanding basis is essential for tax planning.Retirement accounts offer significant tax-saving opportunities.The backdoor Roth IRA is a strategy for high earners.401(k) plans can provide both pre-tax and post-tax benefits. Maxing out retirement contributions can lead to significant savings.Cash balance plans allow for higher retirement contributions.Involving children in the family business can provide tax benefits.Children can earn money and contribute to their Roth IRAs.Equipment purchases can be written off using Section 179.Bonus depreciation allows for immediate tax deductions on equipment.Real estate can be used to offset ordinary income through depreciation.Proper documentation is crucial for tax strategies.Planning ahead is essential for financial success.Working with a knowledgeable tax strategist can maximize benefits.Medical Millionaire: The Blueprint for Scaling a World-Class Medical Aesthetics PracticeWelcome to Medical Millionaire, the go-to podcast for forward-thinking Medspa owners, Medical Aesthetics leaders, Plastic Surgery & Dermatology practices, Concierge Wellness clinics, and Elective Healthcare entrepreneurs who are ready to scale with intention and operate like a true, high-performing business.If you're building, growing, optimizing, or preparing to exit your aesthetics or wellness practice, this show is your competitive advantage.Hosted by Cameron Hemphill Your Guide to Sustainable, Scalable Growth Your host, Cameron Hemphill, is one of the most trusted growth strategists in Medical Aesthetics and Elective Wellness.With over 10 years in the industry, Cameron has helped scale 1,000+ practices and more than 2,300 providers, working alongside the most recognized KOLs, national brands, EMRs, tech companies, and private equity groups, shaping the future of aesthetics. From marketing to operations, from finance to leadership, Cameron brings a real-world, data-driven perspective on what it takes to turn a practice into a powerful business engine.What This Podcast Is All About: Each episode takes you behind the scenes of the fastest-growing practices in the country, revealing the systems, strategies, and mindset required to win in today's Medical Aesthetics landscape.Expect tactical insights, step-by-step frameworks, and conversations with:Industry thought leadersTop injectors & medical directorsEMR & tech innovatorsOperations expertsMarketing strategistsPrivate equity & M&A advisorsWellness and longevity pioneersThis is where aesthetics, business, technology, and wellness converge. What You'll Learn on Medical Millionaire Every week, you'll access expert guidance to help you scale profitably and predictably, including:Marketing & Brand PositioningCRM + Lead Management SystemsPatient Acquisition & ConversionEMR Optimization & Tech Stack ArchitectureSales Psychology & Consultation MasteryFinance, KPIs, and Practice EconomicsOperational Workflows & AutomationIndustry Trends Backed by Real Benchmark DataPatient Retention & Lifetime Value ExpansionMindset, Leadership & Team DevelopmentWhether you're opening your first location or running a multi-million-dollar enterprise, you'll gain the clarity and direction to grow with confidence. A Show Designed for Every Stage of Practice Growth Medical Millionaire breaks down the journey into four essential stages, showing you exactly how to move from one to the next:Startup – Build the foundation and attract your first wave of patientsGrowth – Scale revenue, expand services, and strengthen operationsOptimize – Increase efficiency, margins, and customer experienceExit – Prepare your practice for maximum valuation and acquisitionIf You're Ready to Grow, This Is Where You Start. Tune in weekly for actionable insights, expert interviews, and the exact playbooks high-performing practices use to dominate their markets. This is the podcast for Medspa owners who want more than a job; they want a scalable, profitable, industry-leading business. Welcome to Medical Millionaire.Let's build your practice into the empire it deserves to be.

¿Sabías que el Departamento del Tesoro de EE. UU. está regalando un impulso financiero para la próxima generación? Sí, leíste bien. Las nuevas Trump Accounts ya están activas y podrían cambiar por completo el futuro financiero de tus hijos.Si eres padre, empresario o simplemente quieres asegurar el mañana de los tuyos, esto te interesa. Aquí te dejo los puntos clave de lo que necesitas saber:- El "regalo" inicial: Si tu hijo nació o nacerá entre el 1 de enero de 2025 y el 31 de diciembre de 2028, el gobierno le otorgará un depósito único de $1,000 USD para arrancar.- La magia del interés compuesto: Si dejas esos $1,000 USD crecer en un índice (como el S&P 500) con un retorno conservador del 7% anual, a sus 60 años se habrán convertido en casi $58,000 USD... ¡sin que hayas aportado un solo centavo extra!

Managing money can be hard enough when you have steady wages coming in, but when it's time to turn off the faucet and survive on your savings, many struggle with the shift in mindset. Donna discusses lifestyle habits you can employ as you approach retirement if you are concerned about your ability to make your money last. Also on MoneyTalk, the practical and psychological benefits of keeping an emergency fund, and Roth IRA income and contribution limits. Host: Donna Sowa Allard, CFP®, AIF®; Air Date: 7/13/2026. Have a question for the hosts? Leave a message on the MoneyTalk Hotline at (401) 587-SOWA and have your voice heard live on the air!See omnystudio.com/listener for privacy information.

Having a child later in life can change far more than your sleep schedule. It can completely rewrite your retirement plan.Don and Tom explore the financial realities of becoming a parent in your late 40s or 50s, from college savings and life insurance to delayed retirement and the temptation to sacrifice your own financial future for your children. Tom brings some very personal experience to the conversation—and a few stories about being mistaken for his daughter's grandfather.Then, a listener asks about a simple three-fund retirement portfolio, international diversification, small-cap value, Roth asset location, and when an aggressive investor should finally consider adding bonds.Plus, why the best retirement portfolio may be the one that keeps you from doing something stupid during the next bear market.00:12 Old guys, act your age—and other financial lessons01:14 Disagree with Don and Tom? Send in your argument01:57 The financial reality of becoming a parent later in life03:17 Tom became a father at 5004:11 The dangers of grocery shopping with your daughter05:21 Are older parents actually better parents?06:10 How a late child can completely change retirement plans07:28 Why retirement should come before college savings08:48 A $36,000-a-year whole life insurance quote09:08 How long does a parent really need term life insurance?10:42 Fertility costs and the financial price of parenthood11:28 Your retirement must remain the financial priority12:50 Having a child at 50 may mean working until 6813:42 What are you actually going to do in retirement?15:19 Tom reflects on raising his youngest daughter16:02 Don and Tom need more listener questions17:17 Listener portfolio review: FZROX, FZILX, and AVUV18:49 Is 50% U.S., 30% international, and 20% small value reasonable?20:01 Should high-growth assets go in a Roth IRA?20:43 When should an aggressive investor start adding bonds?21:25 Bonds may keep you from doing something stupid22:53 Remembering investor panic after 9/1123:21 How to get a free Talking Real Money portfolio analysis25:16 Why Talking Real Money is differentQuestions? Comments? Click!

Who's really buying Bitcoin right now -- and why aren't more people paying attention? This week on Coin Stories, Natalie sits down with Julian Liniger, co-founder and CEO of Relai, Europe's leading Bitcoin-only exchange, live at BTC Prague. After onboarding more than 100,000 Europeans to Bitcoin, Julian has a rare, ground-level view of who's actually buying — and it's not who you'd expect. He shares what his data reveals about everyday people turning to Bitcoin, why European savers feel squeezed, why retail interest has gone quiet, and where he thinks the price goes from here. We discuss: The surprising kind of person quietly buying the most Bitcoin in Europe The one thing that always brings retail buyers rushing back Why Julian thinks the worst is behind us in this bear market— and how high he sees Bitcoin going next The mindset that keeps people "too late" to Bitcoin, over and over Julian's plan to turn a Bitcoin app into a billion-dollar public company ---- Order Natalie's new book "Bitcoin is For Everyone," a simple introduction to Bitcoin and what's broken in our current financial system: https://amzn.to/3WzFzfU  ---- Speed is my go-to Bitcoin Lightning wallet! Send, receive, or swap stablecoins and digital gold into Bitcoin in one app. Run a business? Speed powers Bitcoin payments for Steak 'n Shake, and it can do the same for you. Download at https://speed.app/natalie  and use code COINSTORIES10 for 5,000 free sats after your first transaction. ---- Ledn is the global leader in Bitcoin-backed loans, issuing over $10 billion in loans since 2018, and they were the first to offer proof of reserves. With Ledn, you get custody loans, no credit checks, no monthly payments, and more. Get .25% off your first loan, learn more at https://www.Ledn.io/natalie  ---- Abundant Mines is a fully-managed Bitcoin mining in the U.S. You own the miners. You keep 100% of the Bitcoin. Voted #1 mining company by peers. Get 1 month of free hosting: AbundantMines.com/Natalie ---- Natalie's Bitcoin Product Partners: Download Bitkey Today and use my promo code STORIES to get 10% off the new Bitkey. This episode has been sponsored by Bitkey: https://bitkey.world/STORIES Master your Bitcoin self-custody with 1-on-1 help and gain peace of mind with the help of The Bitcoin Way: https://www.thebitcoinway.com/natalie  With BitcoinIRA, you can invest in bitcoin 24/7 inside a tax-advantaged IRA. Choose a Traditional IRA to defer taxes, or a Roth IRA for tax-free withdrawals later. Take control of your future with BitcoinIRA: https://www.bitcoinira.com/natalie  Natalie's Upcoming Events: The best time to plan for Bitcoin 2027 is right now. Early bird tickets are live — grab the lowest pricing available and use code HODL for 10% off: https://tickets.b.tc/event/bitcoin-2027?promoCodeTask=apply&promoCodeInput=HODL  Extra Services to Consider: Protect yourself from SIM Swaps that can hack your accounts and steal your Bitcoin. Join America's most secure mobile service, trusted by CEOs, VIPs and top corporations: https://www.efani.com/natalie   Ditch your fiat health insurance like I did four years ago! Join me at CrowdHealth: www.joincrowdhealth.com/natalie  ---- This podcast is for educational purposes and should not be construed as official investment advice. Ads in this episode are baked-in and may reference promotions or offers that are no longer available at the time of listening. ---- VALUE FOR VALUE — SUPPORT NATALIE'S SHOWS Strike ID https://strike.me/coinstoriesnat/ Cash App $CoinStories #money #Bitcoin #investing

On July 4, 2026, a groundbreaking opportunity opened for parents and guardians aiming to give their children a head start on their financial journey: Trump Accounts. Created as part of the OBBA Tax Act ("One Big Beautiful Bill" Tax Act) of 2025, these tax-advantaged investment vehicles provide a unique way to grow wealth for minors. In this episode, I break down what Trump Accounts are, who's eligible for generous bonuses, how to get started, and how they compare to other common savings options like 529 plans.   You will want to hear this episode if you are interested in... [00:00] Understanding Trump accounts for children [04:22] What are the baby bonus qualifications? [09:04] Opening a Trump investment account [11:37] Comparing Trump accounts to 529 plans [16:07] Converting IRA for tax-free growth [17:15] Benefits of Trump accounts    Unlocking the Potential of Trump Accounts Trump Accounts are designed for children under 18 who have a valid Social Security number. Funded with after-tax dollars, these accounts work similarly to retirement accounts, with investments inside the account compounding tax-deferred. That means any dividends, interest, or capital gains grow without being taxed until withdrawal—effectively turbocharging your child's investment returns. Once the child turns 18, the account automatically converts to an IRA in their name. Withdrawals are then subject to traditional IRA distribution rules: generally, penalty-free access begins at 59½, although exceptions exist, such as those for first-time homebuyers or qualified education expenses.   Who's Eligible for Bonuses? One of the biggest draws of Trump Accounts is the potential for substantial bonus contributions.   $1,000 Federal Bonus: Children born between January 1, 2025, and December 31, 2028, automatically qualify for a $1,000 government deposit. This eligibility is irrespective of parental or child income, provided the child is a US citizen with a valid Social Security number.   $250 Dell Foundation Grant: For children born before 2025 who are under 10 years old, the Michael and Susan Dell Foundation offers a $250 grant. Eligibility extends to those living in zip codes where the median household income falls below $150,000.  Trump Accounts vs. 529 College Savings Plans Given the array of college savings vehicles available, how do Trump Accounts stack up to the well-established 529 plan? Here's a quick comparison: 529 Plans: Designed specifically for education expenses, 529 plans offer tax-deferred growth and tax-free withdrawals for qualified expenses. They also allow conversion of up to $35,000 to a Roth IRA under certain conditions if the funds are unused for education costs. Trump Accounts: More flexible since, after age 18, the funds move to an IRA in the beneficiary's name. While distributions for education from a Trump Account IRA are taxed as ordinary income (with penalties waived for qualifying expenses), the account's chief power is in supercharging long-term retirement savings for the child. Should You Open a Trump Account? If your child or grandchild qualifies for the $1,000 or $250 bonuses, opening an account is almost a no-brainer. For others, the decision will come down to your savings goals. Trump Accounts offer unmatched momentum for retirement savings, while 529s are still preferred for pure college saving. The earlier you start, the greater the rewards of compounding.    Resources Mentioned   Retirement Readiness Review Subscribe to the Retire with Ryan YouTube Channel Download my entire book for FREE  Michael & Susan Dell Foundation Trump Accounts App   About Form 4547, Trump Account Election(s)   Connect With Morrissey Wealth Management  www.MorrisseyWealthManagement.com/contact Subscribe to Retire With Ryan  

Retirement may be the first time you can truly control your tax bill. Damon Roberts & Matt Deaton explain how tax diversification, Roth accounts, retirement income planning, and annuity strategies can help create more flexibility in retirement. The conversation focuses on keeping more of your money while building dependable retirement income. For more information or to schedule a consultation, call 480-680-6868 or visit www.successinthenewretirement.com! Follow us on social media: Facebook | LinkedInSee omnystudio.com/listener for privacy information.

In this episode of 'Retire with Style', Alex Murguia and Wade Pfau dive into tax planning strategies, focusing on Roth conversions, effective marginal tax rates, and withdrawal strategies for retirement. They discuss the implications of current tax rates, the importance of blending techniques in tax planning, and the necessity of tax diversification for a successful retirement. The conversation is driven by listener questions, providing practical insights for navigating complex tax scenarios in retirement. The conversation dives into various aspects of retirement planning, focusing on Roth IRAs, Health Savings Accounts (HSAs), and annuities. They discuss the rules surrounding Roth IRAs, particularly the five-year requirement for qualified distributions. The conversation shifts to HSAs, highlighting their tax benefits and strategies for spending versus saving. Finally, they explore the complexities of managing annuities in relation to Required Minimum Distributions (RMDs), emphasizing the importance of understanding contract values and the implications of delaying income streams from annuities. Listen to now to learn more!    Takeaways  Roth conversions can be beneficial for legacy planning. You need to work through the math of conversions. Tax rates are at a historical low right now. Blending techniques can optimize your tax strategy. You can't just solve it mathematically. It's complicated; we need better software. What's my tax rate today versus in the future? Forty percent might be reasonable for Roth conversions. You want to always be blending your distributions. Tax diversification is crucial for retirement planning. You need to have had a Roth IRA open for at least five years. Inheriting HSAs can lead to tax implications for beneficiaries. HSAs provide tax-free distributions for qualified medical expenses. It's important to keep receipts for HSA distributions. Using HSAs strategically can aid in tax planning during retirement. RMDs must be taken from both IRAs and annuities. Delaying income from annuities may not be the best strategy. Spending down annuity contract value can maximize benefits. Understanding contract value is crucial for annuity holders. RMDs from annuities can be complex and require careful planning. Chapters 00:00 Introduction and World Cup Banter 01:49 Tax Planning Questions Begin 02:29 Roth Conversions and Tax Brackets 07:18 Analyzing Effective Marginal Tax Rates 11:23 Historical Tax Rates and Future Predictions 13:39 Withdrawal Strategies for Retirement 15:08 Blending Techniques in Tax Planning 21:08 The Importance of Tax Diversification 21:54 Understanding Roth IRA Rules 23:20 Navigating Health Savings Accounts (HSAs) 27:14 Tax Benefits of HSAs Explained 29:52 Strategies for Managing Annuities and RMDs   Links

Money Monday has arrived, and Don kicks off a new weekly series based on his book Financial Fysics. The first “law” may surprise you: according to Don, every dollar ever earned comes from just three sources—luck, theft, or work. He and Tom debate where investing belongs, why entrepreneurship remains one of the best paths to wealth, and how much luck really contributes to financial success.Then they answer a listener's retirement planning question about whether to finance a Florida townhouse or withdraw money from a Roth IRA. Along the way they discuss Roth conversion strategy, Florida HOA reserve funds, special assessments, and why building a retirement plan should always come before deciding where the money comes from.00:00 Welcome to Money Monday00:12 A new weekly Financial Fysics series begins01:35 Why anonymous two-star book reviews are so frustrating02:40 Free Financial Fysics book giveaway03:50 Rule #1: There are only three ways to make money04:45 Luck—including investing, lotteries, and inheritance06:35 Theft, fraud, and unethical financial products07:55 Why successful investing combines work and luck10:30 How most great fortunes are actually built12:10 Entrepreneurship, risk, and creating wealth13:35 Understanding just how large a trillion dollars really is15:50 The biggest takeaway from Rule #117:15 Preview of next week's rule: Supply and Demand18:15 Why listener questions slow down during the summer19:15 Listener Question: Should a retiree finance a Florida townhouse or withdraw money from a Roth IRA?21:10 Florida HOA reserves and avoiding expensive surprises24:30 Why retirement planning comes before choosing an account26:00 Why the Roth IRA is probably the last account to tapQuestions? Comments? Click!

If Spencer commissioned today, at 22 years old with everything he learned from 12 years on active duty, what would he actually do with his money? A listener on Instagram asked exactly that, and this episode is the answer: a 13-point playbook for brand new officers and enlisted servicemembers, from your first bank account to the books that will shape your investing philosophy. Plus why "borrow the Career Starter loan and invest it" is less of a no-brainer than the internet claims, and why achieving financial independence might be the worst thing that ever happens to you. Questions Answered If you were starting over as a new military officer, what would you do differently? Should you take the Career Starter loan and invest it? How much should a new servicemember contribute to the Roth TSP? Which lifecycle fund should you pick when you first create your TSP account? How big should your emergency fund be when you're just getting started? How do you change your state of legal residency to a no income tax state? What savings rate is reasonable without sacrificing your 20s? Whose financial advice can you actually trust as a new servicemember? What books should every new officer or enlisted member read? Main Topics Covered The 5-step quick start: military-friendly bank, emergency fund in a HYSA, 5% into Roth TSP, pay off debt, build your savings rate Everybody has an angle: how to filter advice from senior NCOs, Facebook TSP-timing groups, and finance influencers (including Spencer's own credit card affiliate incentive) Why "you gotta buy real estate every PCS" advice may not survive 6-7% interest rates Career Starter loan math: borrowing and investing $36,000 vs. just investing the payments, over 5 years and 40 years Roth TSP setup, the 24-month wait for the 5% match, and the Lifecycle 2075 fund Opening a Roth IRA at Schwab, Fidelity, or Vanguard and starting with VT (Vanguard Total World Stock ETF) LADS investing: low-cost, automated, diversified, simple, and why bonds can wait until your 40s Emergency fund milestones: $1,000, then $5,000, then $10,000 Changing your state of legal residency with DD Form 2058, the 8 no income tax states, and home of record vs. state of legal residency Sustainable savings rates: the ski trip Spencer still regrets skipping as a lieutenant Why financial independence can leave you lost if you sacrifice relationships and experiences to get there Turning your commute into a financial education with podcasts and audiobooks The military financial order of operations, step by step Books Mentioned The Military Money Manual: A Practical Guide to Financial Freedom by Spencer Reese (Amazon or shop.militarymoneymanual.com) I Will Teach You to Be Rich by Ramit Sethi The Psychology of Money by Morgan Housel The Simple Path to Wealth by JL Collins The Little Book of Common Sense Investing by John Bogle A Random Walk Down Wall Street by Burton Malkiel Die With Zero by Bill Perkins Money for Couples by Ramit Sethi Resources Mentioned Free Ultimate Military Investing Course: militarymoneymanual.com Military Financial Order of Operations: militarymoneymanual.com/foo r/MilitaryFinance on Reddit (50,000+ members) and the Military Money 101 prime directive flowchart TSP: tsp.gov myPay for TSP contributions and LES DD Form 2058 (change of state of legal residency) Military-friendly banks: USAA, Navy Federal Credit Union, PenFed Spencer and Jamie offer one-on-one Military Money Mentor sessions. Get your personal military money and personal finance questions answered in a confidential coaching call. militarymoneymanual.com/mentor Over 24,000 military servicemembers and military spouses have graduated from the 100% free, Ultimate Military Credit Cards Course available at militarymoneymanual.com/umc3 In the Ultimate Military Credit Cards Course, you can learn how to apply for the most premium credit cards and get special military protections, such as waived annual fees, on elite cards like the Chase Sapphire Reserve® Card. Learn how active duty military, military spouses, and Guard and Reserves on 30+ day active orders can get your annual fees waived on premium credit cards in the Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3 If you want to maximize your military paycheck, check out Spencer's 5 star rated book The Military Money Manual: A Practical Guide to Financial Freedom on Amazon or at shop.militarymoneymanual.com. If you have a question you would like us to answer on the podcast, please reach out on instagram.com/militarymoneymanual.

In this episode, Emily interviews Richard Coca, a 3rd-year PhD student at Boston University. Richard breaks down his budget, detailing his top five largest expenses: rent, groceries, eating out, hobbies, and social spending. He rents a bedroom and private bathroom in a shared home convenient to public transit in East Cambridge, and the higher rent is offset because he does not own a car. Richard has developed two intensive hobbies since starting grad school: running and stand-up comedy. To participate in those hobbies, he spends on race entry fees, shoes, and drinks and meals at venues. Richard used to overwork and be much more frugal; he now spends more on his hobbies, eating out, and friends, but he's still reaching his goal of maxing out his Roth IRA every year. He feels mentally and physically healthy and is happy with his work-life balance.

This week: Why I don't negotiate with the Grim Reaper. Real Yoga, Buddhist death rituals, clinging, surrender, why Lululemon belongs in your Roth IRA, and the evolution of This Body into Body Language. Also: Rick Rubin wants you to bet on Polymarket, Trader Joes bags are the poor man's Birkin, and saying goodbye to two beloved pets in one week. i said, Goddamn!Substack for the readers CLICK! This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit sofiamella.substack.com/subscribe

Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show.Episode SummaryIt's July — half the year is gone, but you still have half a year to make an impact on your tax result. That makes right now the ideal time to sit back and ask: where do things actually stand?In this episode, Evon walks through four questions every optometrist should be asking as a mid-year tax check-in. This is the same work Evon's team is doing this time of year for practice-owner clients — projecting out the practice's profit and loss and running initial tax projections while there's still time to act. The goal is simple: fewer April surprises, and a clear view of the opportunities still on the table before the year closes.What You'll LearnFour tax planning questions you and your professional team should be asking this time of yearWhere your income is likely to land this year — and why type of income matters as much as amountHow to tell whether you're paying enough as you go (and avoiding under-withholding penalties)The AGI and taxable-income thresholds that phase you in and out of key credits, deductions, and extra taxesWhich tax planning levers you can still pull with half a year left — and their deadlinesKey Takeaways for OptometristsGood tax planning starts early and proactively — not in April when the bill is already due. The four questions to work through with your professional team: Where will my income land this year? Am I paying enough as I go? Am I near a threshold that changes things? And what levers do I still have to pull?The thresholds are where the real opportunities hide. Your AGI drives eligibility for the child tax credit, Roth IRA contributions, the higher state and local tax deduction cap, ACA premium tax credits, and your student loan payments if you're on an income-driven plan. Your taxable income drives your marginal rate and your QBI deduction. When several of these phase out together at higher income levels, a well-timed deduction or deferral can be worth far more than your marginal rate alone would suggest.The two biggest levers for practice owners tend to be retirement plan contributions and depreciation. But don't buy equipment just for the write-off — you're spending a full dollar to save thirty cents. Invest in the practice because there's a return on it, then decide how to handle the depreciation. And remember that some levers have a hard December 31 deadline while others (like 401(k) contributions or a cost segregation study) run to your tax filing deadline.Resources for OptometristsEp 159: How to Stop Scrambling at Tax Time – An Optometrist's Guide to Quarterly Tax PaymentsEp 153: How to Invest Tax-Efficiently and Keep More of Your Returns (After-tax)Ep 148: Profit Sharing Demystified – How Optometry Practice Owners Can Maximize Their 401(k) with Matt RuttenbergEp 51: An Optometrist's Guide to the Qualified Business Income DeductionEp 47: An Optometrist's Guide to How Taxes WorkEp 37: Tax Planning For Charitable GivingWant a more proactive approach to your planning?You can schedule a no-commitment introductory call to discuss what's on your mind financially and learn how we help optometrists navigate those same decisions nationwide.

A new government investment account is making headlines.Some people are calling it one of the biggest opportunities ever offered to parents. Others think it's being oversold.So what's actually true?In this episode, we break down the new Trump Account from top to bottom. Who qualifies, how the $1,000 government contribution works, whether it's really "free money," the tax implications, the downsides almost nobody is talking about, and whether this should be your first choice over a 529 plan or Roth IRA - don't worry I explain what those are.If you have children, grandchildren, or hope to one day, this is an episode you'll want to understand before making any decisions.Listen closely and enjoy.

In what may be our last quiz, ever, Tom turns the tables and puts Don in the hot seat with a Wall Street Journal high-school personal finance quiz—covering the Magnificent Seven, Roth IRAs, TIPS, efficient markets, yield curves, market risk, and dollar-cost averaging. Don does reasonably well, but not without protesting a dubious “debt avalanche” question and getting tangled up in a couple of accounting and risk terms. After the quiz-show nonsense, the guys tackle a listener question from Joseph in Pennsylvania: should your stock/bond allocation be based on a fixed percentage of your portfolio, or should it be driven by how many years of spending you want buffered in safer assets? Tom and Don explain why the answer depends on more than just income needs—it also depends on your emotional tolerance for volatility, your need for growth, and the role fixed income plays in helping you stay invested when markets get ugly.0:22 Tom becomes quizmaster and introduces the Wall Street Journal high-school personal finance quiz2:12 Question 1: Which stock is not part of the Magnificent Seven?3:47 Question 2: Which retirement account does not require withdrawals at a certain age?5:09 Question 3: TIPS, STRIPS, Series I bonds, and inflation-adjusted principal6:58 Question 4: Debt payoff strategies and the disputed “debt avalanche” answer9:13 Question 5: Efficient market hypothesis10:12 Question 6: What an inverted/downward-sloping yield curve says about future rates11:25 Question 7: Return on equity math and a heavily leveraged company12:56 Question 8: What it means when net present value equals zero14:44 Question 9: Why putting your emergency fund in stocks creates market risk16:52 Question 10: Unsystematic risk versus broad market risk18:57 Question 11: Dollar-cost averaging20:06 Tom and Don wrap up the quiz and revisit the “debt avalanche” controversy21:11 Listener question from Joseph in State College, Pennsylvania21:34 Should bond allocation be based on a fixed percentage or on years of spending?22:07 Risk tolerance vs. risk profile: why income needs are only part of the equation23:26 Why a 5-year spending buffer in safer assets can make sense in retirement24:13 The emotional role of bonds and fixed income during market declinesQuestions? Comments? Click!

Nick Foster has been a Front Row Dads member since 2021. He's also the founder of Foster Financial, a husband to his high school sweetheart Carrie, and a dad to three kids. This week, Nick sits down with Jon to talk about what happens after you build the business. Nick spent 10 years building his CPA firm to $2.7 million and 13 employees. Then he stepped back and hit the question a lot of successful dads eventually face: now what? This conversation is about the first mountain (achievement, the grind, proving yourself) and the second mountain (giving, presence, being a good human), and what it actually looks like to make that shift while raising a family. Nick gets honest about a lot in this one. What you'll hear: → The wall with his teenage daughter and how he keeps showing up → Building a $2.7M business and the weight nobody talks about → Losing your identity when the business is no longer the target → The little brother from Big Brothers Big Sisters who changed his life → What actually makes his marriage work after 18 years → The thing his wife does that triggers him (and how he's learning to handle it) → Teaching kids about money, including the Roth IRA move most parents miss → The birthday tradition that makes him cry every time → From atheist to a man of faith If you've been climbing hard and quietly wondering whether it's the right mountain, this one is worth your time.

Has Bitcoin finally hit bottom? This week, one of the most trusted names in macro gives her honest read on where we are — and where we go from here. Lyn Alden returns to cut through the noise: why hard assets like Bitcoin and gold have been left behind, and why she says no rescue is coming — Bitcoin has to prove itself on its own. She also breaks down the volatility around Strategy's digital credit and the protocol fight dividing the Bitcoin community. We discuss: Whether Bitcoin has hit its floor — and the lowest sentiment Lyn's ever seen Why Bitcoin proxies and leveraged products can't replace real, self-custodied Bitcoin What actually happened with Strategy's $STRC — and how worried holders should be Her grounded take on the protocol wars, and why the "existential threat" talk is overblown Why the big money print everyone's waiting for still isn't coming Follow Lyn Alden on X (@LynAldenContact) and at lynalden.com —— Order Natalie's new book "Bitcoin is For Everyone," a simple introduction to Bitcoin and what's broken in our current financial system: https://amzn.to/3WzFzfU  —— Speed is my go-to Bitcoin Lightning wallet! Send, receive, or swap stablecoins and digital gold into Bitcoin in one app. Run a business? Speed powers Bitcoin payments for Steak 'n Shake, and it can do the same for you. Download at https://speed.app/natalie  and use code COINSTORIES10 for 5,000 free sats after your first transaction. —— Ledn is the global leader in Bitcoin-backed loans, issuing over $10 billion in loans since 2018, and they were the first to offer proof of reserves. With Ledn, you get custody loans, no credit checks, no monthly payments, and more. Get .25% off your first loan, learn more at https://www.Ledn.io/natalie  ---- Abundant Mines is a fully-managed Bitcoin mining in the U.S. You own the miners. You keep 100% of the Bitcoin. Voted #1 mining company by peers. Get 1 month of free hosting: AbundantMines.com/Natalie ---- Natalie's Bitcoin Product Partners: Download Bitkey Today and use my promo code STORIES to get 10% off the new Bitkey. This episode has been sponsored by Bitkey: https://bitkey.world/STORIES Master your Bitcoin self-custody with 1-on-1 help and gain peace of mind with the help of The Bitcoin Way: https://www.thebitcoinway.com/natalie  With BitcoinIRA, you can invest in bitcoin 24/7 inside a tax-advantaged IRA. Choose a Traditional IRA to defer taxes, or a Roth IRA for tax-free withdrawals later. Take control of your future with BitcoinIRA: https://www.bitcoinira.com/natalie  Natalie's Upcoming Events: The best time to plan for Bitcoin 2027 is right now. Early bird tickets are live — grab the lowest pricing available and use code HODL for 10% off: https://tickets.b.tc/event/bitcoin-2027?promoCodeTask=apply&promoCodeInput=HODL    Extra Services to Consider: Protect yourself from SIM Swaps that can hack your accounts and steal your Bitcoin. Join America's most secure mobile service, trusted by CEOs, VIPs and top corporations: https://www.efani.com/natalie   Ditch your fiat health insurance like I did four years ago! Join me at CrowdHealth: www.joincrowdhealth.com/natalie  ---- This podcast is for educational purposes and should not be construed as official investment advice. Ads in this episode are baked-in and may reference promotions or offers that are no longer available at the time of listening. ---- VALUE FOR VALUE — SUPPORT NATALIE'S SHOWS Strike ID https://strike.me/coinstoriesnat/ Cash App $CoinStories #money #Bitcoin #investing

Medicare brings peace of mind to millions of retirees, but for those with higher incomes, there's an added layer of complexity called IRMAA—the Income Related Monthly Adjustment Amount. If your modified adjusted gross income (MAGI) crosses certain thresholds, you may end up paying substantially more for your Medicare Part B and Part D coverage. In this article, we break down how IRMAA works, outline common scenarios that may unexpectedly raise your premiums, and offer actionable strategies to help you avoid unnecessary costs during your retirement years.   You will want to hear this episode if you are interested in... [02:14] How IRMAA works [04:09] IRMAA income brackets and premium increases  [05:43] General strategies and limitations for avoiding IRMAA [09:49] Managing Capital Gains and Medicare costs [10:41] Understanding the possibility of unexpected large gains pushing income higher  [12:37] Impact of spouse passing on taxes [14:54] Avoiding IRMAA surcharge   What Is IRMAA, and How Does It Work? IRMAA adds a surcharge to your standard Medicare Part B and Part D premiums if your income exceeds specific limits. The calculation uses your Modified Adjusted Gross Income (MAGI) from your federal tax return for the prior two years. For example, your 2026 Medicare premium is determined by your 2024 tax return figures. This "two-year lag" means financial decisions made today could impact your healthcare costs down the line. In 2024, the standard Part B premium is $202.90 per month. However, single filers reporting over $109,000 or married couples filing jointly above $218,000 pay $284 each per month, per person. Surpassing $137,000 (single) or $274,000 (joint) pushes your premium to $405.90—more than double the baseline. Part D premiums are also subject to surcharges, ranging from $14.50 to $91 per month at the highest income levels.   Seven Scenarios That Can Trigger IRMAA—and How to Prepare While some situations are unpreventable, being aware of these common scenarios can help you make informed choices and potentially minimize your IRMAA exposure.   1. Municipal Bond Income: Not as Tax-Free as You Think Many investors favor municipal bonds for their federal tax-exempt status. Unfortunately, while this income is absent from your regular AGI, it is added back into your MAGI when calculating IRMAA. If you're relying heavily on munis in retirement, this could unexpectedly inflate your Medicare premiums. Consider alternative investments or relocating those assets into accounts or vehicles where this income is shielded, like certain annuities, after consulting with a qualified financial advisor.   2. Capital Gains on Your Home Sale When selling your primary residence, you can exclude up to $250,000 of gain if single or $500,000 if married, provided you meet the two-out-of-five-years residency rule. Gains above these thresholds are taxable and count toward your MAGI. Good record-keeping for home improvements can help increase your cost basis and reduce the taxable gain, but there aren't many strategies to avoid this spike if a large gain is unavoidable.   3. Profits from Investment Property Sales Selling an investment property can generate significant capital gains. But unique to investment real estate, the IRS allows you to defer these gains through a 1031 exchange—selling one investment property and reinvesting the proceeds into another. This move postpones the tax hit and the associated IRMAA impact, possibly indefinitely if you use the stepped-up basis at death.   4. Surprise Mutual Fund Capital Gains If you own mutual funds outside retirement accounts, unexpected capital gains distributions from within the fund (for example, after large stock sales like Apple) could spike your MAGI. To mitigate this, consider shifting from mutual funds to individual stocks, bonds, or exchange-traded funds (ETFs), which typically generate fewer surprise capital gains.   5. Roth Conversions are Great for Taxes, But Be Careful While Roth conversions can be powerful tax strategies, converting a sizable sum from a pretax IRA to a Roth IRA counts as income for IRMAA purposes. Carefully plan the size and timing of conversions to avoid pushing yourself into a higher premium bracket without realizing it.   6. The Financial Impact of Losing a Spouse Widowhood or widowerhood can be doubly difficult; not only do you suffer personal loss, but your filing status shifts to single, drastically lowering the income thresholds for IRMAA. If you expect changes in income or status, make proactive plans with your advisor to help smooth your MAGI.   7. Large, One-Time Retirement Account Withdrawals Big withdrawals from IRAs or 401(k)s—perhaps to buy a car or fund a vacation home—could catapult your income into a higher IRMAA tier. Consider spreading large purchases over several years or evaluating alternative financing options to keep retirement account withdrawals more manageable.   Small Decisions Add Up While IRMAA might not be avoidable for everyone, being strategic about income sources, withdrawals, and investment choices can reduce surprises and keep more of your retirement income where it belongs—with you. Always consult with a financial advisor familiar with your unique situation before making significant financial moves. Keep your knowledge current and your planning proactive to support a more cost-effective retirement.   Resources Mentioned   Retirement Readiness Review Subscribe to the Retire with Ryan YouTube Channel Download my entire book for FREE  2026 Medicare Part B Premium Surprises, #282 7 Ways to Lower Your Income and Avoid the IRMAA Medicare Surcharge, #142 Mistakes To Avoid During Medicare Open Enrollment with Danielle Roberts, #229      Connect With Morrissey Wealth Management  www.MorrisseyWealthManagement.com/contact   Subscribe to Retire With Ryan  

Could the way you've saved for retirement create an unexpected tax problem later on? In this episode, Brandon Bowen explains the three primary tax buckets—tax-deferred, taxable, and tax-free accounts—and why having a mix of each can create more flexibility in retirement. He discusses common challenges retirees face when most of their savings are concentrated in one account type, along with strategies to consider when planning withdrawals and managing taxes. Learn how thoughtful tax diversification can play an important role in an overall retirement income plan. Like what you hear? Get a second opinion today: bowenwealth.com Follow us on social media: YouTube | Facebook | LinkedInSee omnystudio.com/listener for privacy information.

This is a free preview of a paid episode (57 min), exclusively available on our subscriber-only premium feed. Become a premium subscriber to tune into the full episode: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://cubicletoceo.co/podcast⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Questions about our premium podcast subscription? Send us a DM ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@cubicletoceo Reinvesting all your profits back into your own business can feel like the safest bet, but Nat Bullen offers a different perspective on why owning shares of other companies via the stock market is actually a more reliable investment. Nat is a coach, investor, and owner of Unapologetic Wealth, where she helps women in business make more money in their business and build wealth outside of it. Continuing our series on Revenue → Returns (How My Business Money Makes Me Money), Nat lays out her simple stock market playbook: a SEP IRA, a Roth IRA, and one brokerage account, funded on a regular basis instead of trying to time the market. Her argument is simple — the business you're pouring everything into can't be the only plan. At some point, your money needs to start working without you. Connect with Nat: Stock Market 101 Masterclass: https://unapologeticwealth.thrivecart.com/stock-market-101-masterclass/ http://www.unapologeticwealth.com Facebook: https://www.facebook.com/Ladylyricist06/ Birthright Podcast: https://unapologeticwealth.thrivecart.com/birthright-private-podcast/ IG: @unapologeticwealth If you enjoyed today's episode, please: Post a screenshot & key takeaway on your IG story and tag us ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@cubicletoceo⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ so we can repost you. ⁠⁠⁠Subscribe to ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠our premium feed⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ for case-study style interviews every Monday.⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

Psalm 92:14 says of the righteous, “They still bear fruit in old age; they are ever full of sap and green.” That's a beautiful picture of faithfulness across every season of life. And it gives us an important reminder: when it comes to retirement, Scripture invites us to think beyond escape. For many people, retirement is pictured as the finish line. Work hard, save diligently, invest wisely, and one day you'll finally arrive at a season of leisure—no alarm clocks, no deadlines, no demands. And after decades of work, rest is a good gift. There's nothing wrong with enjoying a slower pace, spending more time with family, traveling, or having more flexibility in your schedule. But Scripture gives us a deeper vision for our later years. Retirement may change the rhythm of our lives, but it does not end our calling as stewards. When Retirement Feels Disorienting Many people reach retirement and find themselves asking, “Now what?” Without the familiar structure of work, the transition can feel surprisingly difficult. For years, your calendar, responsibilities, relationships, and even your sense of purpose may have been shaped by your vocation. When that changes, it can feel like something has been lost. But in God's kingdom, no season is wasted. Retirement may bring changes in schedule, income, health, energy, and responsibility. But it also brings new opportunities to serve, invest in others, and bear fruit in ways that may not have been possible during busier working years. That's why the question is not simply “What am I retiring from?” The better question is, “What am I now free to do for the glory of God?” Moving From Labor to Legacy We see a helpful picture of this in Numbers 8. The Levites were instructed to begin their service in the tabernacle at age 25 and then transition at age 50. But they didn't stop serving altogether. They stepped back from certain forms of labor, but they continued to assist and minister to their brothers. In other words, they didn't retire from purpose. They moved from labor into legacy. That's a helpful way to think about our later years. As we age, certain types of work may no longer be possible. Energy changes. Capacity changes. Responsibilities change. But our purpose in God's kingdom does not expire. The same hands that once built, typed, managed, served, or led can now mentor, teach, encourage, pray, and support. The same heart that once poured itself into a career can now pour itself into people. Maybe that means volunteering with a ministry that reflects your passions. Maybe it means mentoring young professionals or young parents. Maybe it means serving more faithfully in your church, caring for aging parents, helping with grandchildren, or simply being more available to encourage others. Whatever the expression, the heart of stewardship remains the same: offering your time, wisdom, experience, and resources for the glory of God. Faithful Presence Matters Think of Simeon and Anna in Luke 2. Both were advanced in years, and yet both were living with expectancy and devotion. Simeon was righteous and devout, waiting for the consolation of Israel. Anna worshiped with fasting and prayer, night and day. Their lives remind us that faithful presence is a powerful gift. God does not retire His servants. He repurposes them. That does not mean retirement has to be frantic or overfilled. This is not about proving your value through constant activity. In God's economy, usefulness is not measured by productivity, but by faithfulness. That's a word many of us need to hear. Our culture often measures significance by title, output, income, and visible achievement. But God sees differently. He sees the quiet prayer, the faithful encouragement, the wisdom shared across the table, the hospitality, the generosity, and the steady presence in the life of a child, a neighbor, a church member, or a younger believer. Those things may not always make headlines, but they matter deeply in the kingdom of God. Stewarding the Freedom Retirement Brings If you're approaching retirement, one of the wisest questions you can ask is not merely “What am I done with?” but “What am I now free to do?” And if you're already retired, perhaps today is an opportunity to revisit that question. What experience has God entrusted to you? What wisdom has He formed in you? What time do you have now that you didn't have before? What relationships could be strengthened? What people could be encouraged? What ministry could be supported? Those are not leftovers. They are stewardship opportunities. Retirement may look different from your working years, but it is no less important. In fact, it may become one of the most spiritually rich chapters of your life if you choose to steward it well. So don't simply retire from something. Retire to something. Retire to deeper fellowship with Christ. Retire to greater availability for others. Retire to prayer, encouragement, generosity, service, and wisdom. Retire to a life that continues to bear fruit. Our Ultimate Treasure Our devotional, Our Ultimate Treasure: A 21-Day Journey to Faithful Stewardship, is designed to help you slow down, open God's Word, and consider what it means to treasure Christ above all else in every season of life. You can place your order today at FaithFi.com/Shop. And if you'd like to go through it with your church or small group, we offer bulk discounts. On Today's Program, Rob Answers Listener Questions: I'm retiring from my government job on July 31 and have money in the TSP. Should I leave it there, roll it into a traditional IRA, or consider a Roth IRA? I'd also like to take some cash out for home repairs. What's the wisest way to handle this? A few months ago, the company managing my retirement fund had a data breach, so I signed up for two years of free monitoring through Kroll. Now my bank has notified me of another breach and is offering 12 months of free monitoring through CyEx. Is CyEx reputable, and is it okay to have two different monitoring services at the same time? I lost my job yesterday after nearly 10 years. I'm 70 and already receiving Social Security, while my wife is 64 and not yet eligible for Medicare. I have a 401(k) and stock share accounts from my former employer, along with a rollover IRA I opened years ago. Given our income and health insurance situation, should I roll those accounts into my existing IRA? I own some individual stocks that are essentially worthless. I placed a sell order at about half a cent, but no one is buying. What should I do with these shares, and how can I properly document the loss for tax purposes? Resources Mentioned: Faithful Steward: FaithFi's Quarterly Magazine (Become a FaithFi Partner) Christian Healthcare Ministries (CHM) Healthcare.gov AnnualCreditReport.com | Credit Karma Our Ultimate Treasure: A 21-Day Journey to Faithful Stewardship by Rob West 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 weekday 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.

Someone put an IUL illustration in front of you. Maybe it was pitched as "market upside with no downside." Maybe as a "Roth IRA on steroids." Maybe as a way to "be your own bank." And now you're trying to figure out whether any of that holds up, or whether whole life, term, or a Roth IRA actually makes more sense. There's one question that organizes all of it: who carries the risk? With whole life, the insurance company carries it. With an IUL, the risk shifts to you. Everything else in this comparison follows from that single distinction: cost structure, cash value reliability, policy loans, and retirement income. https://youtu.be/JxJqweiyXwU This article covers IUL vs. whole life, IUL vs. term life, IUL vs. a Roth IRA, and the narrow case where an IUL is actually the right call. The goal isn't to tell you IUL is bad. It's to help you see clearly what you're choosing and what job you're asking it to do. Key TakeawaysWhere Does the Risk Live?What's guaranteed vs. what's projectedIUL vs. Whole Life: The Core ComparisonThe cost-of-insurance problemThe 0% floor misunderstandingCaps, participation rates, and spreadsEndowmentLapse ratesIUL vs. Term Life: Two Very Different JobsIUL vs. Roth IRA: The "Tax-Free Income" Pitch, ExaminedWhy IUL Falls Short for Infinite BankingThe double-dip problemLoans on an unstable baseSimplicity vs. active managementWhen an IUL Actually Makes SenseThe Right Tool for the Job You Actually HaveFrequently Asked QuestionsWhat is the main difference between IUL and whole life insurance?Is IUL better than whole life for Infinite Banking?Is an IUL better than term life insurance?Is an IUL a good alternative to a Roth IRA?Can you lose money in an IUL even with the 0% floor? Key Takeaways Whole life offers three contractual guarantees: guaranteed death benefit, guaranteed cash value, and guaranteed premiums that will never increase. An IUL uses flexible premiums, a variable cost of insurance, and index-linked crediting subject to caps, participation rates, and spreads the insurer can adjust annually. The "zero is your hero" floor only protects against negative index crediting. It doesn't protect against cash value declining due to rising internal costs. IUL is structurally incompatible with Infinite Banking, which requires guarantees. The risk you're trying to move off your shoulders needs to land somewhere solid. IUL can make sense for a narrow, specific purpose, but that purpose is not banking. Where Does the Risk Live? Both products are permanent life insurance. Both build cash value. Both offer tax advantages. That's exactly why people assume they're interchangeable, and exactly why the distinction matters so much. With whole life insurance, the risk of delivering on the policy's promises sits inside the insurance company. You pay your premium. They handle everything else. With an IUL, that risk shifts to you, through index performance, variable costs, and a contract the insurer can adjust every year. Here's a quick test: look at the contract length. A whole life contract is often 50 to 80 percent shorter than a universal life contract. The extra pages are disclosures explaining all the ways the insurer is not responsible, because that responsibility has moved to the index and to you.  On whole life, only you can make changes within the contract's provisions. The insurer can't touch your maximum premium, your guaranteed death benefit, or your guaranteed cash value.  On an IUL, the insurer can change cap rates, participation rates, spreads, and required premiums at each anniversary date. That's not a loophole. It's in the contract. What's guaranteed vs. what's projected Whole LifeIULDeath benefitGuaranteedConditional on continued fundingCash valueGuaranteed minimum dollar amountProjected, not guaranteedPremiumsFixed, will never increaseFlexible; insurer can require moreGrowthGuaranteed rate + non-guaranteed dividendsIndex-linked crediting, subject to caps and adjustable annuallyWho manages itThe insurerYouWho carries the riskThe insurance companyMore risk shifted to the policyholder Nelson Nash, the founder of the Infinite Banking Concept, was direct about this: never use a universal life product to take the banking function into your life. A bank runs on guarantees. The insurance product acting as your bank should too. IUL vs. Whole Life: The Core Comparison Whole life is built on guarantees. An IUL is built on a projection. That's the practical difference between knowing your cash value five years from now and running an illustration that depends on index performance, rising costs, and terms the insurer can revise annually. The cost-of-insurance problem Whole life spreads the mortality cost evenly across the life of the policy. It endows at age 120 or 121, so the math is known, the premium is level, and it's fixed from day one. An IUL uses annual renewable term costs that increase every year. Cheap early, expensive later. As you age, that rising cost eats into cash value faster. If the index underperforms, the insurer can require more premium to keep the policy alive, or it lapses. The 0% floor misunderstanding "Zero is your hero" implies you can't lose money. What it actually means is that index crediting won't go negative. But the policy's internal costs still come out: rising cost of insurance, fees, and charges. In a flat year, your cash value can decline even though the index "didn't lose." A floor on crediting is not a floor on cash value. Caps, participation rates, and spreads When the index performs well, you don't capture all of it. A cap sets a ceiling on credited gains. A participation rate credits only a percentage of the gain. A spread withholds credit on the first portion. Some contracts use one mechanism, some use all three. All of them can change every anniversary date. The upside story in the illustration isn't what you're guaranteed to keep. Endowment Whole life endows at age 120 or 121, meaning cash value and death benefit meet at that point, and a living insured is paid the full value out. The policy has a known end point, so the company can calculate and guarantee your cash value at every step. An IUL doesn't endow. There's no guaranteed future cash value figure at all. That's the number a banking strategy depends on knowing. Lapse rates Research from 2021 by Gottlieb and Smetters, published in the American Economic Review, found that 88% of all universal life policies never pay a death benefit. LIMRA's extrapolated data suggests whole life lapses at roughly 60% (Research published in the American Economic Review). The data involves extrapolation, but the direction is consistent: universal life lapses significantly more often, and rising costs over time are a major reason why. For a real-world example of what can go wrong, see our post on the Kyle Busch IUL lawsuit. IUL vs. Term Life: Two Very Different Jobs Term life is pure death-benefit protection. No cash value, lower cost, and it expires. For many families covering a defined window, a mortgage, kids at home, and years to retirement, that simplicity is a feature. Term does exactly what it says it does. An IUL is permanent insurance with a cash value component. But the cost of insurance inside an IUL behaves like an annual renewable term that increases every year. You're paying rising-cost term coverage embedded inside a more expensive, more complex wrapper. That reframes a common pitch: the IUL sold as "term you can get back." Once you understand the internal cost engine, that framing looks very different. When a term policy lapses, it usually means the coverage window was intentional. That's a plan working as designed. When an IUL lapses, something failed. The thing that promised to be permanent didn't make it, and it usually happens at exactly the wrong time. If the job is affordable protection for a defined period, term does it more honestly and more cheaply. Don't buy an IUL believing it's simply a better version of term. IUL vs. Roth IRA: The "Tax-Free Income" Pitch, Examined IULs are frequently sold as a Roth alternative: "tax-free retirement income with no contribution limits." It's worth looking at that honestly. A Roth IRA offers genuinely tax-free growth and qualified withdrawals. Full market participation, no cost-of-insurance drag, no lapse risk. The tradeoff is annual contribution limits and income phase-outs that exclude higher earners. An IUL offers fewerIRS contribution limits, tax-advantaged access through policy loans, and a death benefit. In exchange, you take on capped and adjustable upside, layered fees, a rising cost of insurance, lapse risk, and ongoing management requirements. The mechanism that matters most: the "tax-free income" from an IUL comes from borrowing against non-guaranteed cash value. If the policy lapses while loans are outstanding, the gain can become taxable at the worst possible moment, in retirement, when income options are most constrained. An IUL might add value for a high earner who wants an additional tax-advantaged bucket and a death benefit, and can fund it aggressively for 15 or more years. Even then, it's a complement, not a replacement. Roth IRAIULContribution limitsYes (IRS limits)NoUpsideFull market participationCapped and annually adjustableFeesLower FeesLayered (COI, admin, charges)AccessQualified withdrawals tax-freePolicy loans against non-guaranteed valueRiskMarket riskMarket-linked + COI + lapse riskComplexityModerateHighDeath benefitNoYes Why IUL Falls Short for Infinite Banking To use a policy for banking, you need to know what your future cash value will be. That's the whole point of the Wealth Creator's Cash Flow System: deploy capital, borrow against a foundation you can plan around, repay, and repeat. That only works if the numbers are certain. Infinite Banking isn't about maximizing return inside

Sometimes it's fun to daydream a bit!  In this episode of Financial Clarity for Doctors, Rachelle Vanderzanden and Corey Janoff unpack the potential uses of those unexpected windfalls.  The lottery is a great example, although a long shot – especially if you don't play!  Selling a business or receiving a large inheritance is much more likely for some of you.  Below are some practical (and not so practical) ideas. Practical matters first: There will be tax considerations for any windfall and consulting a tax professional and/or financial planning professional will be very helpful. They can help you consider: Lump sum vs annuity payments Timing of business ownership transfer and payments Taxation on various inherited assets and the timing of withdrawals and sales Then, assess where you are with your goals! Can ensure you are on track for retirement, college savings, debt repayment, and so many other things. Last – the fun stuff! With large windfalls, maybe you get to do that pie in the sky dream splurge? Golf simulator? Vacation house? Large chunks of money can potentially have larger tax implications depending on their source. Consulting a tax planning professional can be very helpful in these circumstances. And with these windfalls, consider what's really important to you, tackle that first, then maybe you'll have extra for a splurge! For more financial planning tips from Corey and Rachelle, find them on social media! LinkedIn: @CoreyJanoff; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities and advisory services offered through LPL Financial, a registered investment advisor, Member FINRA/SIPC.  Finity Group, LLC is a separate entity from LPL Financial.  Finity Group and LPL Financial do not provide legal advice or tax services.  Please consult your legal advisor or tax advisor regarding your specific situation. This material is for general information and educational purposes only and is not intended to provide specific advice or recommendations for any individual. Investing involves risk including the loss of principal. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. Finity Group and LPL Financial do not provide legal advice or tax services. Please consult your legal advisor or tax advisor regarding your specific situation. There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk. ETFs trade like stocks, are subject to investment risk, fluctuate in market value, and may trade at prices above or below the ETF's net asset value (NAV). Upon redemption, the value of fund shares may be worth more or less than their original cost. ETFs carry additional risks such as not being diversified, possible trading halts, and index tracking errors. Fixed and Variable annuities are suitable for long-term investing, such as retirement investing. Gains from tax-deferred investments are taxable as ordinary income upon withdrawal. Guarantees are based on the claims paying ability of the issuing company. Withdrawals made prior to age 59 ½ are subject to a 10% IRS penalty tax and surrender charges may apply. Variable annuities are subject to market risk and may lose value. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. A Roth IRA offers tax deferral on any earnings in the account. Qualified withdrawals of earnings from the account are tax-free. Withdrawals of earnings prior to age 59 ½ or prior to the account being opened for 5 years, whichever is later, may result in a 10% IRS penalty tax. Limitations and restrictions may apply Citations: Loughead, Katherin.  Estate and Inheritance Taxes by State, 2025.  Tax Foundation. October 28, 2025. Bonus Depreciation for Short-Term Rentals: The Complete Guide (2026).  https://taxfoundation.org/data/all/state/estate-inheritance-taxes/ Powerball. FAQS.  https://www.powerball.com/faqs

On this Sunday Summer School with KT & Suze, Suze answers your questions about online scams, annuities, trusts and Roths. Plus, a fun story about how Suze shook up the status quo early in her career and more. Learn more about the Ultimate Scam Protection here: SuzeOrman.com Watch Suze’s YouTube Channel Jumpstart financial wellness for your employees: https://bit.ly/SecureSave Protect your financial future with the Must Have Docs: https://bit.ly/3Vq1V3G Help with the Must Have Docs: Email:support@musthavedocuments.zendesk.com Phone: 888-510-0510 Get your savings going with Alliant Credit Union: https://bit.ly/3rg0Yio Get Suze’s special offers for podcast listeners at suzeorman.com/offer Join Suze’s Women & Money Community for FREE and ASK SUZE your questions which may just end up on the podcast. Download the app by following one of these links: CLICK HERE FOR APPLE: https://apple.co/2KcAHbH CLICK HERE FOR GOOGLE PLAY: https://bit.ly/3curfMISee omnystudio.com/listener for privacy information.

He had 16 years in the corporate world. The career, the salary, the title, the network. And the whole time, the voice got louder. So he walked away, to spend his days teaching high school kids how to invest, network, and interview. The skills school skips and life punishes you for not knowing. The gap between knowing and doing is almost never about information. This episode is about what it actually is. Alex Dripchak is the founder of the Commence Foundation, a 2x published author, and one of the most practical productivity thinkers George has had on this show. In this conversation, they unpack why knowledge without application is a liability, how habits actually form, and the simple systems that turn intention into consistent action. What You'll Learn In This Episode: The three biggest reasons people fail to act, even when they want to change Why 18 days is the minimum, 66 is the average, and 254 is the long haul for real habits How to build a hurricane-proof why that holds when motivation runs out Alex's prioritization system for turning books into applied knowledge The marble jar method: a dead-simple way to make habits visible and stick Why excellent beats exact and when chasing perfect is the real productivity problem How to audit your goals quarterly before they become guilt trips Key Takeaways: ✔️Missing once is an accident. Missing twice is the start of a new habit. Most people track their streaks, almost nobody tracks their misses. ✔️The only real safeguard to success is starting early. Whatever the skill, compound interest applies. ✔️Knowledge that isn't applied isn't an asset, it's a liability. Shelf help doesn't help anyone. ✔️Reps plus emotional charge is what makes anything stick. Emotion is the glue, not the motivation. ✔️Excellent is greater than exact. Chasing perfection is often just a productivity disguise for avoidance. ✔️If you couldn't tell anyone you were doing something for the rest of your life, would you still do it? That's the hurricane-proof why test. ✔️The marble jar: write the goal on the jar, drop a marble in for every completed rep, and spill the marbles out when you miss. Make the win visible and the loss inconvenient. ✔️A prescription is only as effective as the person's willingness to take it on schedule. Timestamps & Highlights: [00:00] — 16 years in corporate, a voice that wouldn't quit, and walking away [01:14] — Welcome: the man who lives with a foot in two worlds [05:21] — What becomes possible when you stop collecting and start installing [07:21] — The three reasons people fail to act — even with the best intentions [09:24] — Alex's investing story: Roth IRA at 15, and the ripple effect that followed [11:16] — Leaving corporate: six years as a side business, then going all in [14:16] — Identity shift, audience drop-off, and what it cost to start over [22:00] — The 18, 66, and 254-day habit framework [30:40] — The $500 book giveaway and what to post to enter [33:14] — The hurricane-proof why: if you couldn't tell anyone, would you still do it? [36:08] — Focus over collection: how to pick five from a list of 100 [40:51] — Three things that didn't make the book — including "excellent beats exact" [44:00] — The quarterly audit: how to stop guilting yourself for goals you've outgrown [51:13] — Alex's curation system: from underlining to memory palace [54:44] — The four stages of competence and why reps need emotional charge [57:01] — The marble jar method explained [1:00:24] — Tattoo wisdom: stop thinking about what to extract and give first [1:03:00] — George's closing invitation: let this be the last time you hear it without doing it Connect with Alex Dripchak: Alex Dripchak is the founder of The Commence Foundation, a 501c3 nonprofit teaching high school and college students networking, investing, interviewing, and other power skills that school skips. He is a 2x published author, AI Sales Platform Advisor, and sales consultant and coach. Book giveaway: Post a photo with Maximize and share five actions you're taking from it to be entered to win $500. Website: www.alexdripchak.com Instagram: @areyouworkforceready | @maximizeyourpurpose | @adripchak LinkedIn: Alex Dripchak Your Challenge This Week: Pick one thing from this episode. One. Write it down, make it visible, and give it 18 days. Then connect with Alex, grab the book, enter the giveaway, or send him a message and tell him what you're implementing. Follow George: @itsgeorgebryant Work with George:The Alliance — Community for entrepreneurs ready to install, not just consume. 1:1 Coaching — Limited spots. Apply at mindofgeorge.com/coaching-consultingLive Retreats — In-person, immersive, built to break the knowing-doing gap for good. Follow for dates.

Don and Tom take apart a clickbait Kiplinger piece touting the “five top buy-and-hold investments to manage market volatility,” arguing that the list is a random grab-bag of recent winners rather than a coherent portfolio. They explain why the suggested mix—VOO, VXUS, a healthcare sector ETF, Apple stock, and gold—does little to reduce volatility and instead layers on concentration risk, sector bets, and performance chasing. From there, they broaden the discussion into a more useful question: where should investors actually go for trustworthy information, how should listeners think about evaluating a financial advisor, and what really matters when judging portfolio design. The back half of the episode features a thoughtful call about investing a spendthrift trust for two sons over a 12-year horizon, plus a warning that advisor performance can't be measured by returns alone without understanding risk, asset allocation, and the planning services being delivered.0:05 Cold open, podcast intros, and Tom's ever-growing aircraft museum1:40 Don tees up a Kiplinger clickbait article on the “five top buy-and-hold investments” for market volatility2:14 Why the article's opening about political uncertainty and inflation could apply to almost any year3:36 The one part they agree with: long-term wealth is built by disciplined exposure to quality assets, not reacting to headlines4:53 The rise of numbered clickbait headlines and whether numbers in titles actually matter5:53 Why “stability” and “stock picks” don't belong in the same sentence6:27 Kiplinger pick #1: VOO — fine as a broad U.S. stock fund, but hardly a volatility solution7:06 Kiplinger pick #2: VXUS — the one recommendation they think mostly holds up8:21 Kiplinger pick #3: XLV healthcare ETF — a sector bet masquerading as a defensive holding9:33 Why a healthcare sector fund lags a total-world approach while adding unnecessary concentration10:28 Kiplinger pick #4: Apple stock — and why adding a single stock you already own inside the S&P 500 makes little sense10:59 The problem with betting on one company instead of owning the economy through broad diversification12:20 Kiplinger pick #5: gold — and why recent gains don't make it a volatility manager12:48 Gold's long-term history, lack of fundamentals, and why its recent performance actually illustrates volatility rather than reducing it14:12 The bigger issue: how do you decide which financial publications or sources are worth trusting?15:26 Why Vanguard and Dimensional research tend to be more reliable than headline-driven finance content16:35 The real reason people click these articles: fear, underperformance anxiety, and the urge to “improve” a portfolio17:23 Why the Kiplinger portfolio is missing the one thing you'd expect in a true volatility-management portfolio: bonds18:51 Don and Tom's plea to listeners: follow evidence-based advice rather than clickbait lists19:30 Listener call from Brian in Bremerton about investing spendthrift trusts for his sons over a 12-year horizon20:55 The challenge: balancing growth with the possibility of distributions for education, cars, weddings, or a house23:08 Don's suggested framework: keep a cash/fixed-income reserve for near-term needs and invest the rest aggressively for growth24:48 Why a target-date fund may not be the best fit for this kind of trust structure25:37 A practical allocation idea: roughly 80/20 with a global equity fund plus a broad bond fund26:51 Brian explains that Roth IRA funding is already part of the family's gifting and estate strategy27:32 A listener from Seoul praises the show and begs them not to turn into a “humblebrag retirement call-in show”29:49 Listener question: how do you measure whether your financial advisor is performing well?30:42 Why advisor performance should not be judged by returns alone32:11 The importance of understanding what services you're actually paying for: planning, rebalancing, tax guidance, income strategy, and more33:11 What to examine in a portfolio besides returns: risk level, asset allocation, and whether key asset classes are missing34:11 Why even benchmark comparisons can be misleading if the portfolio isn't properly diversified35:18 The better question: is your advisor delivering the services and portfolio design you actually need?Questions? Comments? Click!

Retirement planning comes with plenty of questions, and this episode of the Retire Sooner Podcast is built around answering them. Join Wes Moss and Christa DiBiase as they tackle listener questions on retirement income, investing, 401(k)s, Roth IRAs, target-date funds, and career changes. • Compare the bucket strategy with other approaches to generating retirement income. • Learn how withdrawal guardrails may help shape spending decisions in different market environments. • Consider 401(k) and Roth IRA options if you're working to build your retirement savings. • Find out how target-date fund fees and expense ratios really work and how they may fit into a retirement withdrawal strategy. • Explore what a second-act career may look like in education, healthcare, technology, or financial services. • Review what to expect when moving from a financial advisor to a self-directed investment account. • Understand why compounding and asset allocation may matter whether you own one fund or several. Whether you're saving for retirement, approaching retirement, or already there, you'll find thoughtful perspectives on some of today's most common financial questions. Listen and subscribe to the Retire Sooner Podcast for more conversations about retirement planning, investing, and retirement income. Learn more about your ad choices. Visit megaphone.fm/adchoices

A Special Industry Update, With Jason Diamond and Mindy Diamond Jason and Mindy Diamond revisit how advisor due diligence is evolving—from AI and enterprise value to firm stability, ownership, and optionality—and why those questions matter more than ever. In Summary Due diligence has always been about finding the right fit. But what advisors are evaluating has expanded considerably. In this replay of an Industry Update, Jason Diamond and Mindy Diamond revisit The Advisor Transition Playbook to explore how advisor priorities continue to evolve. Beyond the traditional reasons advisors consider change, they discuss newer factors shaping decisions today—from artificial intelligence and enterprise value to ownership structure, firm stability, and long-term optionality. The conversation reinforces that while every advisor's motivations are personal, the evaluation process has become far more strategic. Today's advisors aren't simply comparing recruiting deals or platforms. They're considering how today's decisions may influence the value, flexibility, and future of the businesses they're building. The Storyline For years, advisor movement was largely driven by familiar themes: bureaucracy, management changes, technology frustrations, and the desire for greater independence. Those factors remain important. But the conversations Diamond Consultants has with advisors today increasingly include questions that rarely surfaced just a few years ago. How should AI factor into firm selection? What is the long-term value of building enterprise value instead of simply maximizing a recruiting package? How important is a firm's ownership structure? And how should advisors think about stability in a marketplace where acquisitions, recapitalizations, and private equity investment have become commonplace? Jason and Mindy revisit the transition framework introduced in Part 1, focusing less on the mechanics of making a move and more on the evolving criteria advisors are using to evaluate their options. The result is a broader discussion about due diligence—not simply as a transition exercise, but as an ongoing strategic process for advisors seeking to build their best business life. Topics Covered Advisor due diligence Traditional vs. emerging drivers of advisor movement Artificial intelligence in wealth management Enterprise value and advisor ownership Recruiting deals versus long-term economics Reverse due diligence Firm ownership and stability Private equity in wealth management Advisor optionality Building a long-term advisory business Blubrry Player > Download a transcript of this episode… Listen and Learn Highlights for Advisors Why are the traditional drivers of advisor movement still relevant? (4:00) Jason and Mindy revisit the longstanding push-and-pull factors that continue to influence advisor decisions, from bureaucracy and management frustrations to the desire for greater ownership and control. How has AI become part of the due diligence process? (13:50) The discussion explores why advisors increasingly expect firms to demonstrate a clear AI strategy—and why investment, integration, and vision may become meaningful competitive advantages. Why should advisors care about enterprise value, even if they don't technically own their business? (24:30) Jason and Mindy explain why more advisors are evaluating decisions through the lens of long-term business value rather than solely short-term economics. What does reverse due diligence really involve? (37:15) The conversation highlights why advisors should evaluate prospective firms with the same rigor firms use when evaluating advisors. How does firm ownership affect advisor optionality? (38:00) Private equity, acquisitions, and changing ownership structures have made it increasingly important to understand what happens if a firm's strategy changes after an advisor joins. Why has due diligence become more strategic than ever? (45:30) The episode concludes with a broader discussion about defining one's “best business life” and making decisions that align with long-term goals rather than reacting to short-term frustrations. Key Takeaways The reasons advisors evaluate change have expanded well beyond traditional frustrations such as bureaucracy and compensation. AI has become an increasingly important component of firm evaluation, not because it replaces advisors, but because it can enhance productivity and client service. Enterprise value is becoming a consideration even for advisors who currently work within employee models. Reverse due diligence is just as important as a firm's evaluation of an advisor, particularly when assessing ownership structure, capitalization, and long-term stability. The most effective transition decisions balance immediate economics with long-term flexibility, ownership, and optionality. Every advisor's definition of success is different, making clarity around personal goals the foundation of any due diligence process. https://youtu.be/WZbUZJZK1yc Quotable Moments “Every advisor deserves to live their best business life.” “Just because you're frustrated doesn't mean you should move. You need something worth moving toward.” “The question isn't simply what you're paid today. It's what you're building over time.” “Knowledge is power. Understanding what your business is worth should be part of every advisor's decision-making process.” FAQs Why are more advisors expanding their due diligence beyond compensation? While transition economics remain important, advisors are increasingly evaluating technology, AI capabilities, enterprise value, ownership opportunities, and long-term flexibility as part of the decision-making process. How should advisors evaluate a firm's AI strategy? Rather than looking for finished products, advisors should assess whether a firm has a clear vision, meaningful investment, and an integrated approach to using AI to improve advisor productivity and client experience. What is reverse due diligence? Reverse due diligence is the process of evaluating a prospective firm as thoroughly as the firm evaluates the advisor. It includes understanding ownership structure, financial stability, culture, technology, leadership, and long-term strategy. Why does enterprise value matter for employee advisors? Even advisors who do not currently own their businesses may benefit from understanding how different business models create opportunities for ownership, long-term value creation, and future monetization. How has private equity changed advisor due diligence? Private equity has introduced new opportunities for growth and capital, but it has also made it more important for advisors to understand ownership structures, investment horizons, and what future transactions could mean for their business. What does Diamond Consultants mean by an advisor's “best business life”? It refers to aligning an advisor's business model, goals, client experience, compensation, flexibility, and long-term vision in a way that best supports both the advisor and the clients they serve. While transition economics remain important, advisors are increasingly evaluating technology, AI capabilities, enterprise value, ownership opportunities, and long-term flexibility as part of the decision-making process. Rather than looking for finished products, advisors should assess whether a firm has a clear vision, meaningful investment, and an integrated approach to using AI to improve advisor productivity and client experience. Reverse due diligence is the process of evaluating a prospective firm as thoroughly as the firm evaluates the advisor. It includes understanding ownership structure, financial stability, culture, technology, leadership, and long-term strategy. Even advisors who do not currently own their businesses may benefit from understanding how different business models create opportunities for ownership, long-term value creation, and future monetization. Private equity has introduced new opportunities for growth and capital, but it has also made it more important for advisors to understand ownership structures, investment horizons, and what future transactions could mean for their business. It refers to aligning an advisor's business model, goals, client experience, compensation, flexibility, and long-term vision in a way that best supports both the advisor and the clients they serve. NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. Related Resources The Advisor Transition Playbook: The Latest on Due Diligence, the Move, and Everything In Between – Part 1 Annual Advisor Transition Report Top 10 Tips for a Strategic Due Diligence Process Should I Stay or Should I Go? View the transcript of this episode… The Advisor Transition Playbook: The Latest on Due Diligence, the Move, and Everything In Between – Part 2 A Special Industry Update with Jason Diamond and Mindy Diamond. Jason Diamond: Welcome to a replay of one of the most popular episodes from our podcast series for financial advisors, The Advisor Transition Playbook: The Latest on Due Diligence, the Move, and Everything In Between. It's Part 2 of a 2-Part Industry Update with Mindy Diamond. I’m Jason Diamond and this is the Diamond Podcast for Financial Advisors. Mindy Diamond: At Diamond Consultants, we help elite advisors identify the right environment for their businesses to thrive, whether that’s at a wirehouse, boutique, or independent firm. With nearly three decades of experience, we’ve guided thousands of advisors and represented more than a quarter of a trillion dollars in assets transitioned. And each year, one in four advisors managing a billion dollars or more who change firms are our clients. Our process is education driven and based on building relationships, starting as your strategic partner, well before you’re even thinking of a move. To schedule a confidential conversation, call us at 908-879-1002. Wondering why advisors change firms and where they’re headed? Are transition deals going up or down? Those very questions and more inspired us to create our Annual Advisor Transition Report. It’s the award-winning data-driven resource designed for advisors that connects the dots between the motivations around movement and the firm’s appetite for top talent. Arm yourself with the knowledge you need to make smart decisions. Download your copy at diamond-consultants.com/transitionreport. Jason Diamond: There’s been a noticeable shift in how advisors are approaching decisions about their business, not necessarily in whether they’re exploring change, but in what they’re focused on when they do. Mindy is back with me for a continuation of our earlier conversation on the Advisor Transition Playbook. Last time, we spent time on the mechanics, how due diligence works, what a move actually entails, and how to think through the process. What’s become more apparent since then is that the inputs into that process are evolving. The traditional drivers are still there, but layered on top are a set of considerations that didn’t carry the same weight before. AI is one of them, and not just as a tool, but as a differentiator that advisors are starting to diligence more seriously. Enterprise value is another. Showing up in conversations, even for advisors who don’t technically own their business, but are thinking more critically about what they’re building over time. And then there are questions around stability, ownership, and flexibility. What happens to the firm itself and whether advisors retain the ability to adapt again if circumstances change. None of this is theoretical. It’s showing up in real time conversations. What we want to do here is unpack those new triggers of advisor movement and what they suggest about how decisions are being made today. So let’s get to it. Mindy, the legend, thank you for joining me. So glad to have you on. Mindy Diamond: Thank you. I’m so happy to be here. Jason Diamond: Great. Let’s dive right in. I’ll set the stage really quickly one more time. When we spoke about this topic last, we talked about the drivers of movement, what we’ll call in this conversation as the old or the legacy drivers of movement, and we spoke about the mechanics of the move. Before we get into the new drivers of movement, which I want to be the meat of the conversation, remind us, when we talk about the legacy drivers of movement …. And by the way, by saying legacy, I by no means want to suggest that they’re not valid today, because they’re equally valid, if not more so today than they were then. But when you think of the classic drivers of movement in our industry, what are they? Mindy Diamond: Yeah. So I would say, first of all, let’s start by saying that for every advisor, they’ve got a unique set of needs. So the first thing to say is that while you and I can talk about the categories of frustrations or things that might bother an advisor, they show up differently in each advisor’s life. So it’s important to note that everyone is unique. But generally speaking, if I had to package them, I’d say it’s number one that shows up most of the time is too much bureaucracy. A feeling that a firm or a model is just too hypervigilant in terms of compliance and it’s too bureaucratic and too hard to get things done. Number two would be some sort of change in or frustration with management. Something is going on that the person or persons that are responsible for managing the business are just not … They’re not the wind at their back. They’re obstreperous. They’re causing difficulty and frustration. And probably the third one would be less about a pain point and more about the desire to be something that they couldn’t where they were. The notion that they want to be more independent, they want to be a business owner and they just can’t do that. That doesn’t exist within the model where they work. Those probably have been the three ones top of mind, but I bet you’ll have some … You’ll add to that. Jason Diamond: I’ll add a couple. But before I do, I’ve heard you talk about this topic, maybe said another way as pushes and pulls. Can you explain what you mean by that? Mindy Diamond: Yeah. So I think that we think about the pushes, the frustrations, the things pushing somebody out the door, the factors that make it less easy or less fluid to do business. And there’s almost always pushes that exist when somebody comes to us, where they’re frustrated to some degree or another about certain things. But we tell people all the time that just to be frustrated should never be enough, because if all you’re doing is running from one set of problems, you’re very likely to run into maybe a different set, but still problems elsewhere. So a move needs to be driven in equal part, if not more, by pulls. Being pulled toward an opportunity that can be needle moving enough or better enough than where you are now. Pushes and pull. Jason Diamond: I love it. So let me ask you a little bit of a pointed question. Is a recruiting deal a valid pull factor? Mindy Diamond: So look, it’s different for every person. We’ve had advisors come and say, “I just went through a divorce and the most important thing to me is to recapitalize. And so a recruiting deal is really important.” And while I would never be one to say that’s not valid, it can be … And by the way, any advisor should want to and expect to better their financial situation. There should be economic gain. But it shouldn’t be the only or the primary reason for the move. So you want to monetize. The notion of wanting to monetize in the short term should be a factor in what model you pick, but it shouldn’t be the primary driver for a move. Jason Diamond: I agree with that wholeheartedly. I was going to say something I think maybe would’ve surprised you a little, which is like, yeah, I think recruiting deal is a very valid pull factor because what we’re saying is, it shouldn’t be the only pull factor. And sometimes it is and it makes us a little bit sad, I think, when that’s the case. But all of these factors you mentioned, and the ones I would add, I think that maybe technology would be another kind of factor that drives movement, all of these factors are not one specific reason. If you did the exit interview, either actually conducted the exit interview with advisors or thought exercise exit interview, I think they would point to a confluence of all of these factors. Compliance was a headache. I wanted to launch a podcast. I wanted to be able to send a timely communication to my clients. We used to hear that one during COVID a lot, right? By the time compliance approved something to send to clients, it was already stale. So do you agree with that, that it’s generally a confluence or a combination of these? Or in your experience, is it advisors are like, “No, compliance or the tech is so bad, I’m out”? Mindy Diamond: Yeah. So most often there’s a straw that breaks the camel’s back incident or thing where they’re willing to put up with a series of minor paper cuts, if you will. And then almost always there’s something that happens. You and I got a call the other day from a team that said that they had split from their partner and the management of the firm was favoring the ex-partner, making it harder for them to stay or making it less fun or feel good for them to stay. So while they gave me a laundry list of things that were imperfect, I don’t know that any one of the things that were imperfect up until then would’ve been enough to drive them out. But when that one thing, that feeling that they were a second class citizen came up, that was the straw that breaks the camel’s back and went from a minorly frustrated to, “I’m out of here.” Jason Diamond: Yeah. And there’s probably a hundred examples you could walk us through. And I wanted to just highlight too, this concept is not limited to the wirehouse or employee or captive firm world, this is equally relevant for independent advisors. Granted, some of the pushes and pull factors, some of the triggers are not necessarily the same, but the idea that advisors outgrow a broker dealer or an RIA or either need or want or desire in some way, shape or form, greater autonomy, flexibility, freedom, control is certainly not limited to the employee space. I just wanted to make that point. Mindy Diamond: And I think that’s absolutely right. I think the notion of that frustrations or limitations or bureaucracy only existed if you were a W2 employee at a bulge bracket firm. That went out the window. As the industry landscape has expanded and there’s more and more valid ways to be a financial advisor, there’s more and more ways for a firm or a model or an infrastructure to frustrate an advisor. And that’s not being overly negative. It’s just to say there is no perfection anywhere. Jason Diamond: Yeah, 100%. And by the way, to play a little bit of devil’s advocate on that, and then we’ll move on, I would just say there are pain points that might come from a firm being small and subscale as well. My firm doesn’t have efficient technology. They don’t invest enough in the business. They don’t provide a lead mechanism. They don’t have a robust banking and lending or investment solutions platform. So this stuff cuts both ways. An advisor can be frustrated or limited and an advisor can be excited. Pushes and pulls I think touch on, we’ve heard from advisors in every single pocket of the market, this is a relevant concept. Mindy Diamond: The theme of this is that every advisor deserves to live their best business life. That’s what people are in search of when they reach out to us or when they engage with us. What they’re looking for more than anything, and this is irrespective of where they work or how long they’ve worked or how much they manage, every advisor is in search of their best business life. And what defines their best business life is having the best quality of work life, but also the best ability to do what they want to do with their business, to serve their clients without limitations, to grow the way they want, to be paid a fair wage, and ultimately set up to maximize the value of the business they’ve built. Those are the definitions of one’s best business life. Jason Diamond: I used an even simpler definition of best business life and I stole it from you, which is the true north concept, which is if your true north is maximizing enterprise value and chasing the dollar and trying to build something that’s scalable and saleable, then great. If your true north is to build a lifestyle practice, there’s plenty of advisors who are successful and happy and content in that regard as well. And I think that’s what we’re talking about, is finding your true north and then it’s possible. I mean, that’s the beauty of the landscape. We’re talking about this, a lot of this is pain points or things that advisors experience. The exciting part of this is there’s never been a better time to be an advisor because of the breadth of choice they have and the ecosystem that’s been born to support advisors, to your point, across the spectrum. Mindy Diamond: Yeah. And it’s also, I think, worth saying that it starts with really good crystal clear clarity around not only what’s frustrating you, but what you want ideal to look like. Because I can’t tell you, or I can tell you because … I can’t tell our listeners, I can’t stress enough how often we get calls from advisors that tell us where they think they want to be or tell us they want to move. They have clarity about what’s frustrating them or what they want to change, but they don’t really have clarity about what they want it to look like. And the less clarity you have, the less likely you are to be successful in finding the exact right solution. So our work, the thing we probably do best is really work with advisors to help them. It doesn’t take long. In an hour conversation, we can help them to really get crystal clear on what they’re looking to solve for. Jason Diamond: Absolutely. All right. Great appetizer. We set the table. Let’s dive into the main course now. I want to talk now about what I’m calling the 2.0 triggers or the new triggers of movement. And to be clear, it’s not that these are more important or better or more significant drivers of movement. In fact, you could argue they’re probably at present less significant than the ones we just listed. But I think what we’re saying is these are triggers that are starting to come up more and more in conversations and we expect them to only proliferate further. And in that regard, they’re noteworthy and important for advisors because advisors should be reconciling not just what are the things I need to be worrying about today, but also what are the things I need to be potentially worrying about five years from now. So with that in mind, let’s dive in. I think the first one we have to start with is AI. And I always chuckle a tiny bit when we mention AI, we used to have to specify what are we talking about. Are we talking about artificial intelligence or alternative investments? And now it’s very clear. Everybody knows we’re talking about artificial intelligence. So the direction of the industry, no over-dramatization to say is at stake here. It’s that important of a topic. Let me ask you just very simply first, is this coming up in conversations with advisors? Mindy Diamond: Oh, all the time, but it’s almost table stakes. So I think the way it comes up is that people assume, advisors assume, and by the way, have the right to assume that AI is part of the tech stack. The notion that if I’m evaluating a firm and part of what frustrates me or part of what’s really important to me is cutting edge, really robust technology, part of what I am expecting is that a new firm is going to have really robust technology. And part of that is really robust access to AI. And has honed the AI in a way that’s user-friendly, that really answers or delivers on making me a better … Not replacing me as an advisor, but making me a better, more efficient advisor. Jason Diamond: 100%. And I would also add, so as I think about this AI topic, I don’t want this to become a conversation around, is AI going to replace advisors, because I think we both agree that’s not going to be the case. Especially at the top end of the market for quality advisors, I think they’re not going anywhere. But in my view, when we think about the trigger of movement, AI has the potential to be transformative because a couple kind of use cases or trigger cases come to mind, and I’d love to hear your thoughts. One is, do you think advisors will potentially consider a move because they’re worried about this? So in other words, play this logic out with me. I’m 55 years old and I’m like, “Oh man, AI might be coming from my job.” And there’s firms offering 400% of revenue to move my book. Maybe I should take that check and kind of de-risk and monetize while I can. What are your thoughts on that? Mindy Diamond: I absolutely think we’re already working with that fall into that category, but to say that is the only reason for the move would be wrong. I’m grateful that people trust us enough to be transparent with us. So they let us know that underneath the notion that they want to better serve clients, they ultimately want better access to A, B, and C, they want to be able to do D, E and F with less restriction, is really the main reason for the move. But underneath it, the notion that my book, I want to protect myself. My book may well be the biggest it’s ever going to be. It is going to be worth more today than it could be in the future if things don’t go my way. And if I know I’m going to move and one of my goals is to monetize, I might want to do that now. Jason Diamond: I agree. And that’s where the top deal story comes in also. Firms paying a top deal is a part of that story. It’s what you just said, plus advisors know firms are willing to pay incredible multiples. I mean, as we speak, UBS is in market with one of the largest deals in history. So those two narratives side by side, I agree. I think this becomes more of a kind of catalyst or driver movement. It’s come up in my conversations on both sides of the spectrum. It’s the tech savvy, AI savvy advisors who are excited about this, who are like, “I want to be the most AI enabled version of myself I can be. It’s going to make me a rockstar and it’s going to widen the gap with my peers,” but it’s also come up with the people who are, I think, rightly scared and fearful about what this might mean for their job. Mindy Diamond: Let me ask you, what are examples of the way you’ve seen some of the best firms who have embraced AI? What is their narrative? What is it that they’re saying to advisors that if you come here from a tech or AI perspective, you’ll be better because we’re able to do … Fill in the blank. Jason Diamond: Yeah. So a couple that come up. First of all, I want to make the important point. Advisors do not expect that firms, either their current firm or firms that they are diligencing prospectively, have this figured out or solved. Everybody understands this is a fairly new area that firms are still very much kind of developing their strategies in. What advisors want to see is a few things. They want to see though leadership, they want to see investment, and they want to see a strategy, right? Effectively, they want to see a step in the right direction, really. So I’ll give you a couple examples. There are a number of tech savvy RIAs, very tech-enabled, AI-focused RIAs, because I think this is easier to be nimble. I think where you’ll see this quicker probably is in the independent space. That what they’re doing is things like this. An advisor logs on to their workstation in the morning and their system queues them proactively, Mr. and Mrs. Smith may be good candidates for a Roth IRA conversion. And then if the advisor decides to contact the client in some way about it, the system will of course help them draft the communication, but then it’ll take it a step further and actually help them to process and transact that conversion. So soup to nuts, ultimately driving efficiency. That’s the name of the game. That’s why firms, I think, are excited about AI, at least the good firms. Because what I think they realize it will do is, the stuff that’s a waste of time that could be automated that advisors, and probably even more so their associates, client associates are spending time on, that should be a massive time saver for advisors. And I think if you play that story out, what does that mean? It should mean bigger books of business and therefore more productive advisors because they have more time to prospect and focus on their clients. Thoughts? Mindy Diamond: Yeah. So I think you said it perfectly, but it raises the question then. You say that the RIAs can be more nimble. You’re right. I mean, the big story around the biggest firms was like moving a battleship, it takes a long time to turn it. It’s not as nimble. So what and how are the bigger firms competing against the RIAs with respect to AI? And second question, we still always get questions, and rightly so, about Morgan Stanley has more money to invest… Jason Diamond: That was going to be part of my answer. Mindy Diamond: … than fill in the blank RIA. So how does that all work? Jason Diamond: That is absolutely going to be part of my answer, is that I have heard this question posed almost presumptively both ways. “Oh, it’s got to be that the RIAs are going to be the clear winners in this.” And I’ve also heard, “Oh, it’s got to be that the wirehouses are going to be the clear winners in this.” I don’t think it’s going to be channel specific like that. I think it is going to be firm specific. I think there’s going to be firms that are going to do this well and firms that are going to not do this well. But there’s going to be winners in the wirehouse space. There’s going to be winners in the regional firm space, with firms like Raymond James who are clearly trying to be on the cutting edge of this. There’s certainly going to be winners in the broker-dealer space. LPL is investing heavily in this, as are many of their broker-dealer competitors. And then of course the RIA space, where sometimes they may not have the budgets, but they have a couple things. They have private equity backing, sometimes. They have the custodians that they’re built on, right, or the tech vendors that they’re built on. So Schwab and Fidelity or Orion and Addepar. They have other ways to access these innovations. One of the things that comes up with this that your question I think gets at is, a similar question that was raised around technology stacks, which is strength of offering versus integration. And that’s where I think a firm like Morgan Stanley really will shine, is they should … Because they don’t put anything out that’s not well integrated. The big firms have generally done a pretty good job of that. Versus the RIAs. Sometimes we’ve heard feedback where, yes, you have access to you name it, right? You dream it up, you can go and buy it. But the left hand may not speak to the right hand quite as well. Mindy Diamond: Yeah, that’s actually a really good point. And integration is probably one of the biggest … If you ask an advisor when they talk about technology as either being one of their pushes or pulls, probably what they’re referring to more than anything is not only having the capability, but having the integrated capability. So that’s a great point. And I think your point is right, that the final chapter on this has not been written. Nobody thinks that it has. And so whatever answers you and I can talk about today about who’s winning this race, or this tech race or this AI race, will be totally different tomorrow. We all know that. But I think for purposes of this conversation, to say that an advisor having an expectation that their technology be outstanding and that AI be on the table, that a firm is embracing it and heading in the right direction, if you will, has the right thought leadership and the right willingness to invest in it is what advisors are really looking for right now. Jason Diamond: Absolutely. And this is a question too from the firm’s perspective, if you are a firm of any size, you must be able to answer that. This has become question 1A. And again, I don’t mean to suggest that I think AI is the number one most important factor driving advisor movement today. It very well might be at some point down the road. I don’t think we’re there yet. But I do think it’s the topic du jour or the hot topic, where every advisor is asking about this. So that means if you’re a firm, you need to be prepared to tell the story or at least have the vision. And I think what we’re hearing from both advisors and from firms is this, AI is going to … What is right now a gap between the good and the bad, the quality and the non, is going to become an absolute chasm, right? An absolutely mountainous gap between the best firms and the firms who are able to adapt this technology or this AI. And the same thing at the advisor level, between the AI-enabled superpowered advisor versus those who are in the dinosaur ages, for lack of a better term. Mindy Diamond: Yeah. And we’ll move on, but it is worth saying that the day of the standalone independent, the one man or one woman band who hangs out a shingle, and to use your term, running a lifestyle practice, nothing wrong with that, but it would be near impossible to imagine a world where a standalone independent can compete with a private-equity-backed RIA or an RIA that has a big pool of capital behind them or to compete with the major firms. And our point is the ability to compete is probably more important with respect to this topic than just about any other. Jason Diamond: Totally agree. Thank you for tying a bow on that because I think that’s a good place to leave the AI topic, at least for now. I’m certain we’ll have more to say on this one. By the time we release this episode, we’ll probably have more to say on it. So we’ll have to do a follow-up again. But I want to talk now about enterprise value. And this is one where if you’re an RIA or if you’re an advisor at an independent firm, this might sound like a duh, but hear me out on this one. The idea is as follows, if I’m a wirehouse advisor or any sort of captive advisor, I don’t technically own anything. Agree? Mindy Diamond: Agreed. Jason Diamond: Okay. So if that’s true, that I don’t technically own anything, I technically don’t have any sort of enterprise value or ability to monetize. But my premise here and why I would argue that enterprise value has become a driver of movement is even wirehouse advisors know … They see teams like OpenArc, a massive RIA that launched last year. They see their corner office peers breaking away, starting independent firms. They see them selling to asset managers, private-equity-backed RIAs, private equity firms in their own right for these massive multiples. And what I guess I’m getting at, and I’m curious if you agree is, if a wirehouse advisor, let’s say, sees their colleagues sell to a private equity firm for 20X, doesn’t that have to become a little bit of a catalyst for movement in its own right? Mindy Diamond: Without a doubt. Historically … Actually, let me date myself. When I started this business now 32 years ago, there was zero way for an advisor who was a captive employee of a firm, of any firm, to monetize their business. It’s why there was so much movement, because the only way they could monetize was to get paid a big fat transition deal to move from one firm to the other. Jason Diamond: Yep. Mindy Diamond: Obviously, we all know that first it started with the big firms, and then just about every brokerage firm on the street began to offer a retire-in-place program. And that is the big firms or a traditional brokerage firm’s way of allowing advisor to monetize in place from their perspective to stave off attrition. And for an advisor that believes that the status quo serves them well, that finishing their career, that leaving their legacy, that leaving their team at their firm is the best thing to do, then those retire-in-place programs, like Merrill’s CTP or Morgan’s FAP or UBS’s Alpha or a name at every firm has them, is the best gift to advisors there is. But the problem is that the next generation at those firms are buying an asset they don’t own. And so when we talk about enterprise value or the desire to build enterprise value as a real driver of movement, what we’re talking about is not only that advisors want ownership of an asset, because ownership translates into more control and autonomy and agency over building it the way you want to, but it also translates into maximizing the value of the business that you’ve built. So that’s a long-winded way of saying that the OpenArc deal you are referencing, for anybody not familiar, is a Merrill Lynch team, a legacy Merrill Lynch team in Atlanta that was managing more than 120 billion in assets, part retail, ultra high net worth client assets, and part institutional consulting assets. And believe me, I don’t want to make it sound like it was a snap that one day they’re happy and the next day they’re going independent. Over a 10-year period became more and more aware, driven by the pushes and more aware of the pulse. But ultimately, while there was a long list of things they wanted to be able to do that they couldn’t to best serve clients and grow the business, the real driver at the end of the day, or I shouldn’t say the real driver, but a major driver was the notion of building and owning enterprise value. Yes, they could have all gotten very attractive deals and retired with your Merrill CTP, but they wanted to own the business, they wanted cap gains treatment. And so they went through the sweat equity big time of building what they’re calling OpenArc for the ability for probably five, 10, 20 years, because there’s partners with all different ages, so at all different times, to be able to really maximize the value of the business they’ve built. Jason Diamond: Can I push back on that for … It’s a super helpful example, but my one thought is, okay, yeah, of course, 130 billion in assets, they should be concerned with enterprise value at that size. And the delta between caring about enterprise value and not is too great because those guys have, by all accounts, a phenomenal business that is rivaled by very few in the industry. Most of our audience does not fit into that stratosphere. So what about advisors in, let’s call it the million to $10 million space? Should they still care about this concept? Mindy Diamond: Again, it’s an inside job. It’s a personal thing. Some don’t. But the answer is yes. And if I were them, I would. Why? Because whether I am generating a million a year in revenue or $10 million a year in revenue, at the end of the day, I’ve got an asset. I’ve built a valuable asset. And I have the choice at the end of the day or the middle of the day to decide a million things about that asset. How do I want to live my business life? How do I want to serve my clients? Where do I want to work? But one of the biggest factors to determining where and how they want to work is, ultimately, do I want to be able to maximize the value of the business that I’ve built? And while there are few things that are really definitive in this industry, the one thing that is absolutely indisputably definitive is that if you build an independent practice like the ex-Merrill Lynch churned RIA OpenArc team did, you will ultimately build enterprise value exponential multiples greater than any way you could monetize the business as a traditional employee. Jason Diamond: And that math absolutely still holds up even at numbers smaller than we’ve mentioned. I totally agree with that. I’ll give you one other reason why I think you should care. And I’d love your thoughts on this one. I’ll ask it two ways maybe. I’ll tell you my take and then I’ll ask you yours. Morgan Stanley, let’s use as an example. Who are Morgan Stanley’s competitors? In my opinion, the legacy answer to that is, well, of course the wirehouses are Morgan Stanley’s competitors. Merrill, UBS, Wells Fargo, what maybe used to be a longer list, but today those four. I don’t think that’s the answer anymore. I think those are the direct competitors. But because of this enterprise value conversation, I think Morgan Stanley’s competitors are anyone and everyone who recruits financial advisors with books of business. Because if you think about it, an advisor who has a $3 million business at a wirehouse, even if they’re not actually going to do this, they don’t have any entrepreneurial spirit, no desire to go independent, they still know that they could. This is an option and a viable option. And firms are even figuring out ways to cut out the middle step, right? Because this was historically a two-step process. You’re a wirehouse advisor or a W2 advisor. You break away, launch an independent business to establish your enterprise value, begin building it, and then you monetize it. If you could cut out the middle step, or even if you couldn’t, I still think it’s pretty clear that if you’re an advisor, this is important because the firms know … Like when Morgan Stanley’s writing a recruiting deal, they’re kept honest by RIAs and acquirers just the same as their direct peer set. Do you agree with that or do you think I’m reading too far into this? Mindy Diamond: Oh no, I agree a thousand percent. I think that it is naive for anyone recruiting for or on behalf of a traditional firm to think that the only competition is another traditional firm. The days of pomposity for a senior leader at a traditional firm to say, “We’ve got the best technology, the best everything fill in the blank. We have no competitors.” That’s just naive. Because even if it’s true, you’ve got the best platform infrastructure fill in the blank, there is a multitude of advisors that value things different than what you can provide. Beauty is in the eye of beholder is probably a good way to say that. But at the end of the day, what we’re really talking about is when I started the business, because there was no way, no really good way for an advisor to really monetize their life’s work, the only thing they could or were focused on from a personal financial gain perspective was the short-term deal. What are they paying? What’s the transition deal? Now, of course they’re concerned about that. But almost to a person, they’re equally concerned about what I can build and what will this allow me to build in terms of the value of the business I’m building in the long term. So let me ask you, if we’re talking about an advisor that has the ability to monetize in the short term for what could be 4X and in some cases more than that these days, and we’re talking about the ability to maximize enterprise value, and we talk about the concept of moving once and monetizing twice, what kind of numbers are we talking about? Fill in the blanks there. Jason Diamond: It’s such a hard question to answer because I do genuinely believe recruiting deals, when you talk about 300 to 400% revenue deals in the recruiting space, they vary a little bit, but I feel pretty comfortable quoting those types of numbers that most firms are somewhere in the 300 to 400% of T12 realm. There are some outliers, we mentioned UBS. But the multiple or EBITDA based or enterprise value M&A market where we’re doing these legitimate buyout transactions, the valuations do vary quite a bit. But here’s how I think about it. First of all, most firms are not purchased or sold at top line revenue. Most are sold at some sort of adjusted EBITDA number, which factors in local expenses, platform expenses, but also advisor compensation. And then that adjusted number is typically multipled. The multiples are anywhere from 8X for small kind of, let’s say, million dollar revenue businesses up to, we’ve seen deals struck at north of 20X for some of these mega cap RIAs. Typically, just back of the envelope, if I had to quote, I typically estimate around 5X top line at capital gains is a good kind of ballpark valuation. But there is quite a bit of nuance to it, more so than the traditional recruiting space. And I do think, shameless plug, part of the value in working with somebody who’s an expert on the entirety of the industry landscape is just that. It’s the idea that you need to run the horse race across multiple verticals. The good advisors who work with us typically are looking at a wire like a Morgan Stanley or a Merrill. They’re looking at a boutique firm like a Rockefeller, or they’re looking at a regional like an RBC or a Ray J. They’re looking at an independent firm like an LPL or a Sanctuary. They’re looking all across the spectrum. Mindy Diamond: I think that’s exactly right. But the topic of enterprise value, you can see how powerful it is and how wise it is. For an advisor today, when considering their personal economics to consider not just the short term, but to weigh in or add in or factor in, what could I be building and what ultimately will that business be worth at the end of the day? Jason Diamond: Yeah, 100%. Short of going out and selling your business, what can advisors do then? So I’m an advisor, okay, I’m curious about this. Or is it just as simple as, “Yeah, you should know what your business is worth if you’re an advisor”? Mindy Diamond: Definitively yes, because I mean, we always believe that knowledge is power. And just like it’s important for you to understand what your options are within your own firm, how can I ultimately retire out and monetize my business where I am, I think it’s really hard to make a decision in a vacuum without having other perspective. And getting other perspective doesn’t have to be that you have to go out and take 20 meetings. It’s not that hard for you to figure out what your business is worth to make it a data point for whether or not you’re ultimately best to retire in place or go elsewhere. Jason Diamond: Yeah, that I think is the main takeaway. And the education point is so important. I think because these are relatively new concepts for a lot of advisors that haven’t formally shopped a business before, there’s a lot of resources available. And we’ll certainly link some as well on the page for the episode. Let’s shift gears now, our kind of final trigger 2.0, which is stability and ownership structure of the firm. And this has been a little bit of a hot topic. It’s honestly been a hot topic every year because it seems like things pop up every year. And a lot of times advisors don’t reconcile the question of who owns the firm or how stable is the firm until something happens. The firm gets bought, the firm goes bankrupt, like the First Republic scenario. What should a good advisor do proactively about the idea that if you’re a W2 employee or even an employee who’s affiliated with a broker dealer, you saw this with Commonwealth, you just don’t really have control over what the firm decides to do. Give me your thoughts on this. I know it’s a big topic. Mindy Diamond: Yeah. First of all, using Commonwealth an example, it’s a good one. Because for those unfamiliar, Commonwealth is a boutique broker dealer that was privately owned and whose tagline was, “We love our privately owned status and we are never going to sell,” until one day they did. And not only did they sell, but they sold to the biggest independent broker dealer in the country, ala LPL. That’s not good nor bad, it’s just a fact. So if Commonwealth, who had definitively said we’re never up for sale, suddenly sells, any time you’re an employee of a firm, you never know what tomorrow brings in. You’re not in control over whether it’s sold. So that’s one example. But as you’re talking about this, I’m thinking about, I’m probably going back 20 years, so I’m 10 years into my career and I talked to someone who had been a very successful Merrill advisor. So I’m going to say he was probably generating around $5 million in revenue at the time. Going back 20 years, that’s a pretty significant book of business. He was courted for years by what he thought was a top RIA. And in those days, remember 20 years ago, the RIA space wasn’t nearly as mainstream as it is now. But the story the RIA told him was that ultimately, one, he was going to be a partner in the firm, that was very appealing to him. So he was going to have equity in the firm and much more freedom and control. And locally, by the way, the RIA was a really high quality brand. He worked on a lot of the economics, the short term and the long term with them. They did a ton of due diligence on his book of business. But he failed to ask … And I didn’t represent him. I just know this story. He failed to ask or do enough due diligence about the stability of the firm. What we think is really important, we talk about this expanded landscape. If you’re looking at Morgan Stanley, I don’t think you necessarily need to see Morgan Stanley’s balance sheet. If you are talking to a firm that is anything but a bulge bracket or anything but a large firm, it’s really important to do what we call reverse due diligence and to really understand if a firm expects you to open your kimono and show everything about your business to prove your worth, it is equally important that you do the same for them. In this new world order where private equity has come in and there are so many different ways for a firm to be owned and to be capitalized, it’s very important that an advisor understand what’s going on behind the scenes. And one of the questions around stability, if a firm is private equity backed, is it permanent capital? Is it patient capital? Is the private equity firm going to look to sell and monetize in five years? And then who would the likely buyer be and what does that mean for you? So the question is a big question and it’s really important. Jason Diamond: I love everything you just said, except I do think even the wirehouses, wirehouse advisors, honestly, as much as anybody should be asking these questions. And I’ll give you an example right now, UBS. And UBS, it’s not a story of balance sheet stability. I don’t think anybody has concerns that UBS is going to fail. But UBS management has been very publicly, “Oh, we’re cutting costs.” There’s been some rumors, I think for years, probably dating back 30 years to when you started the business about UBS’s commitment to the US wealth management business. I think those questions about stability and ownership structure are still valid. And to me, the implication of it is twofold. One, what you said, reverse due diligence, ask the questions, plan B. But also the concept of the exits or the off-ramps or how many bites of the apple do you get. So if you’re an advisor and you sell your business to somebody and you sign garden leave and non-competes and non-solicits, the question of ownership structure of that firm becomes less relevant because you have no off-ramps and no ability to exit that business anyway. A lot of times that’s how advisors get comfortable with this concept. And that’s what firms will tell them too, frankly, and we’re living through the middle of this, by the way, with Commonwealth and LPL, is vote with your feet, right? To the extent advisors can, the offer … And this is like, you used the example of private-equity-backed firms. This is how Rockefeller addresses the question of their private equity ownership. If we sell to UBS, all of our advisors will leave. They have that built-in put option. So knowing where the off-ramps are or how many bites of the apple an advisor gets, I think is a big concept that ties into that. But we’re absolutely seeing this pop up, probably largely because of those two examples, Commonwealth and UBS this year, more so Commonwealth, to your point. Janney’s another example last year or two years ago now where KKR comes in and buys Janney. So when these examples happen, it seems like it triggers advisors to say, “Is this something that could happen to me and should I be thinking about this?” Mindy Diamond: Yeah. So let me ask you a question. You’re talking, you’ve mentioned UBS offering this outsized deal. So how does the notion of stability and ownership factor in? If an advisor is considering an unprecedented deal from UBS, what are the caveats or concerns with respect to stability and ownership? Jason Diamond: It’s the same list of considerations you should and would ask of any other firm you’re diligencing, except I think amplified even more in the case … If I was counseling an advisor who was looking at UBS, that would be what I would say, is exactly that. You’re seeing all of these departures and defections, and I would want to have conversations with those advisors and understand exactly why and have guarantees or assurances that I’m not going to suffer from those same pain points that force them to leave. Or, and I say this a little bit flippantly, but it’s a little bit true, I understand the devil that I’m getting into bed with, but for 550%, or whatever the deal might be, I can suck it up. And that’s something that some advisors might well say as well. Mindy Diamond: Yeah. Jason Diamond: I don’t want to end on the negative note of overly large transition, not there’s anything wrong with large transition deals, but as you look out, is there anything that’s coming up in your conversation with advisors that you view as the next wave of this? I’ll give you one that maybe you could touch on, and if you have another one, feel free to offer it in conclusion, but do you think age or advisors starting to succeed out of the business will become more of a driver of movement, even though to your point, advisors can access sunset deals? Mindy Diamond: I do actually, because I think the more the average advisor age increases, the more likely that those advisors are going to want to move on to do something else to monetize the business. And so much of the wave of movement we see is driven not so much by the senior advisor, because many seed advisors are happy enough with the ability to monetize their business in place. Even though it may not maximize the value of the business, it’s a close enough approximation and it means I don’t have to disrupt the apple cart. So we support that 100%. But where we get the calls is from the next generation that says, “Yeah, but hold on a minute. It’s a good way for me to take on a book of assets that I not otherwise have access to. And it’s great for my senior partner, my father, my mother, my whatever to monetize the business. But I’m buying an asset again that I don’t own and I ultimately don’t have control over all these things we’re talking about, the AI investment, the ability to create enterprise value, the stability, the cost cutting, all of it.” So I think it’s all of the above. You say, “What else is there?” I think that’s it. It’s all of the above. It’s anything and everything that drives movement. One, it’s personal, it’s highly unique, it’s different for every advisor. There are certainly themes, and we’re talking about them, but there’s a million different things. It’s personal. And while there are an awful lot of pushes, things that can frustrate an advisor, it is the most exciting time in our view to be an advisor, particularly a high quality one, because the options abound, the ecosystem is big, because the ability to monetize both in the short term and the long term is big, mammoth, exponentially bigger than it ever was before. And the true ability to really build an enterprise has never been greater. And I think all of those things, the desire for an advisor to be the best that they can be and live their best business life is probably the biggest driver of all. Jason Diamond: It’s really true these days, if you can dream it, you can probably build it. And we’ve said in the past, if you build it, they will buy it. It’s a great place to end. This was a really fun topic. I think that’s a spot on kind of fourth trigger, by the way, too. This sort of next gen is almost like the force multiplier or the amplifier of like they see all this other stuff and they’re asking these questions even more so. Because if I’m 60 years old, none of this matters all that much. It matters, but I’m out of the business in five to 10 years. Versus the next gen advisors are the ones who often bear the brunt of this. So I think a lot of really smart stuff. Thank you for sharing your wisdom and expertise. In the episode page, we’ll be sure we have our Industry Transition Report. And we’ve also created a tool, the top 10 tips for a strategic due diligence process, which is a great kind of practical hand-in-hand companion for this topic for advisors looking for more pointed tips on the due diligence process. So Mindy, thank you again. This has been a blast. Mindy Diamond: My pleasure. Thank you. Jason Diamond: Thank you for joining us. We'll be back with a new episode next week, so be sure to listen in. Mindy Diamond: As a financial advisor, you hold yourself to the highest standards of integrity, honesty, and credibility. You are successful because you take your professional responsibility seriously and are dedicated to your clients. But are you living your best business life? Are your goals aligned with your firms or could a better option exist? Should I Stay or Should I Go? is a book written with you in mind. It’s a self-guided journey that walks you through the key steps that we take with our advisor clients. This strategic thought process and roadmap to professional self-discovery is designed to help you ask the right questions and think critically and objectively, whether you’re considering change or not. Learn how to get your copy at diamond-consultants.com/thebook. The Advisor Transition Playbook: The Latest on Due Diligence, the Move, and Everything In Between – Part 2 A Special Industry Update with Jason Diamond and Mindy Diamond. Jason Diamond: Welcome to a replay of one of the most popular episodes from our podcast series for financial advisors, The Advisor Transition Playbook: The Latest on Due Diligence, the Move, and Everything In Between. It's Part 2 of a 2-Part Industry Update with Mindy Diamond. I’m Jason Diamond and this is the Diamond Podcast for Financial Advisors. Mindy Diamond: At Diamond Consultants, we help elite advisors identify the right environment for their businesses to thrive, whether that’s at a wirehouse, boutique, or independent firm. With nearly three decades of experience, we’ve guided thousands of advisors and represented more than a quarter of a trillion dollars in assets transitioned. And each year, one in four advisors managing a billion dollars or more who change firms are our clients. Our process is education driven and based on building relationships, starting as your strategic partner, well before you’re even thinking of a move. To schedule a confidential conversation, call us at 908-879-1002. Wondering why advisors change firms and where they’re headed? Are transition deals going up or down? Those very questions and more inspired us to create our Annual Advisor Transition Report. It’s the award-winning data-driven resource designed for advisors that connects the dots between the motivations around movement and the firm’s appetite for top talent. Arm yourself with the knowledge you need to make smart decisions. Download your copy at diamond-consultants.com/transitionreport. Jason Diamond: There’s been a noticeable shift in how advisors are approaching decisions about their business, not necessarily in whether they’re exploring change, but in what they’re focused on when they do. Mindy is back with me for a continuation of our earlier conversation on the Advisor Transition Playbook. Last time, we spent time on the mechanics, how due diligence works, what a move actually entails, and how to think through the process. What’s become more apparent since then is that the inputs into that process are evolving. The traditional drivers are still there, but layered on top are a set of considerations that didn’t carry the same weight before. AI is one of them, and not just as a tool, but as a differentiator that advisors are starting to diligence more seriously. Enterprise value is another. Showing up in conversations, even for advisors who don’t technically own their business, but are thinking more critically about what they’re building over time. And then there are questions around stability, ownership, and flexibility. What happens to the firm itself and whether advisors retain the ability to adapt again if circumstances change. None of this is theoretical. It’s showing up in real time conversations. What we want to do here is unpack those new triggers of advisor movement and what they suggest about how decisions are being made today. So let’s get to it. Mindy, the legend, thank you for joining me. So glad to have you on. Mindy Diamond: Thank you. I’m so happy to be here. Jason Diamond: Great. Let’s dive right in. I’ll set the stage really quickly one more time. When we spoke about this topic last, we talked about the drivers of movement, what we’ll call in this conversation as the old or the legacy drivers of movement, and we spoke about the mechanics of the move. Before we get into the new drivers of movement, which I want to be the meat of the conversation, remind us, when we talk about the legacy drivers of movement …. And by the way, by saying legacy, I by no means want to suggest that they’re not valid today, because they’re equally valid, if not more so today than they were then. But when you think of the classic drivers of movement in our industry, what are they? Mindy Diamond: Yeah. So I would say, first of all, let’s start by saying that for every advisor, they’ve got a unique set of needs. So the first thing to say is that while you and I can talk about the categories of frustrations or things that might bother an advisor, they show up differently in each advisor’s life. So it’s important to note that everyone is unique. But generally speaking, if I had to package them, I’d say it’s number one that shows up most of the time is too much bureaucracy. A feeling that a firm or a model is just too hypervigilant in terms of compliance and it’s too bureaucratic and too hard to get things done.

Ledn Co-Founder Mauricio Di Bartolomeo joins Natalie Brunell for a first-time announcement: Tether's tokenized gold (XAUt) is coming to Ledn — the first step toward gold-backed loans later this year. He answers the Bitcoin purists on adding gold, breaks down Ledn's first S&P investment-grade bond backed by Bitcoin loans, and gives a firsthand account of Venezuela after Maduro's capture.  Topics we cover: XAUt tokenized gold (real bars in Tether's Swiss vaults) coming to Ledn, with gold-backed loans later this year Inside Ledn's first S&P investment-grade bond backed by Bitcoin loans — and how the ABS market could scale Bitcoin credit toward $1 trillion Mauricio's answer to Bitcoiners who don't like credit products or investing in other assets Natalie's experience taking her first Ledn loan: https://youtu.be/xD3ZoZ2woPk?si=ix0HKnD85hqMTokU Why Ledn caps loans at 50% LTV, and how auto top-off protects borrowers from liquidation His read on "seller exhaustion" and why he expects a summer price come-back Venezuela after Maduro's capture — and the crackdown on its illegal gold mines Follow Mauricio Di Bartolomeo on X https://x.com/cryptonomista and sign up for Ledn at ledn.io/natalie to get .25% off your first loan. ---- Order Natalie's new book "Bitcoin is For Everyone," a simple introduction to Bitcoin and what's broken in our current financial system: https://amzn.to/3WzFzfU  ---- Have you downloaded SPEED WALLET yet? It's my go-to Lightning wallet — send, receive, and swap Bitcoin, stablecoins, and digital gold in one app. Run a business? Speed powers Bitcoin payments for Steak 'n Shake, and it can do the same for you. Download at www.speed.app/natalie and use code COINSTORIES10 for 5,000 free sats after your first transaction. ---- Ledn is the global leader in Bitcoin-backed loans, issuing over $10 billion in loans since 2018, and they were the first to offer proof of reserves. With Ledn, you get custody loans, no credit checks, no monthly payments, and more. Get .25% off your first loan, learn more at https://www.Ledn.io/natalie  ---- Abundant Mines is a fully-managed Bitcoin mining in the U.S. You own the miners. You keep 100% of the Bitcoin. Voted #1 mining company by peers. Get 1 month of free hosting: AbundantMines.com/Natalie ---- Natalie's Bitcoin Product Partners: Block's Bitkey Cold Storage Wallet was named to TIME's prestigious Best Inventions of 2024 in the category of Privacy & Security. Get 10% off using code STORIES at https://bitkey.world/STORIES Master your Bitcoin self-custody with 1-on-1 help and gain peace of mind with the help of The Bitcoin Way: https://www.thebitcoinway.com/natalie  With BitcoinIRA, you can invest in bitcoin 24/7 inside a tax-advantaged IRA. Choose a Traditional IRA to defer taxes, or a Roth IRA for tax-free withdrawals later. Take control of your future with BitcoinIRA: https://www.bitcoinira.com/natalie  ---- Natalie's Upcoming Events: Join us for the biggest Bitcoin conference in Europe at BTC Prague this June 10-13 with a keynote from Michael Saylor, Code HODL for discounted passes: https://btcprague.com/  The best time to plan for Bitcoin 2027 is right now. Early bird tickets are live — grab the lowest pricing available and use code HODL for 10% off: https://tickets.b.tc/event/bitcoin-2027?promoCodeTask=apply&promoCodeInput=HODL  ---- Extra Services to Consider: Protect yourself from SIM Swaps that can hack your accounts and steal your Bitcoin. Join America's most secure mobile service, trusted by CEOs, VIPs and top corporations: https://www.efani.com/natalie   Ditch your fiat health insurance like I did four years ago! Join me at CrowdHealth: www.joincrowdhealth.com/natalie  ---- This podcast is for educational purposes and should not be construed as official investment advice. Ads in this episode are baked-in and may reference promotions or offers that are no longer available at the time of listening. ---- VALUE FOR VALUE — SUPPORT NATALIE'S SHOWS Strike ID https://strike.me/coinstoriesnat/ Cash App $CoinStories #money #Bitcoin #investing

Free money for kids? Not so fast. Trump Accounts could become one of the newest long-term wealth-building tools for families, but you need to understand how they work, who qualifies, and how they fit into a bigger tax and investment strategy.In this episode, Mike breaks down everything you need to know about the Trump Accounts. He covers the contribution rules, tax-deferred growth, employer contribution opportunities, Roth conversion planning, and how Trump Accounts compare to 529 plans, Roth IRAs, custodial accounts, and brokerage accounts. 

Don and Tom tackle the blurry line between free speech and market manipulation after the conviction of prominent short seller Andrew Left. They debate whether financial influencers should be allowed to profit from public stock recommendations, discuss why members of Congress continue trading individual stocks despite widespread public opposition, and explain why ordinary investors should avoid trying to outsmart people with superior information or influence.The conversation then shifts into listener questions covering Roth employer matches, Roth IRA withdrawal rules, Roth conversion strategies for retirees, and whether paying taxes now simply to benefit heirs makes financial sense. Along the way, there's plenty of lighthearted banter about soccer, politics, podcast reviews, and Don's growing passion for his Litreading short story podcast.00:05 – Introduction and Independence Day reflections01:27 – Andrew Left convicted of stock market manipulation03:24 – Is market manipulation protected free speech?06:56 – Why Don opposes congressional stock trading09:18 – Congress made over 13,000 stock trades in 202512:29 – Why public officials should be held to a higher standard14:12 – The lesson for ordinary investors: you can't beat insiders15:27 – Podcast reviews, politics, and avoiding crypto17:12 – Florida's proposed property tax amendment18:22 – Transition to listener questions19:38 – Employer Roth 401(k) matching contributions20:10 – Can you withdraw Roth IRA money before age 59½?21:49 – Should retirees convert large IRAs to Roth accounts?24:52 – Soccer, World Cup talk, and the “laws” of the game26:44 – Don promotes Litreading and Short StoryversesQuestions? Comments? Click!

Advertiser Disclosure: This video may contain links through which we are compensated when you click on or are approved for offers. The information in this video was not provided by any of the companies mentioned, and has not been reviewed, approved, or otherwise endorsed by any of these entities. All opinions, analyses, and recommendations are the author's alone, not those of any bank, credit card issuer, airline, or hotel chain. Military Money Manual may receive compensation from JPMC. Spencer joins the Foxhole to talk about something most veteran benefit conversations skip: what happens when you take those benefits outside the United States. A former Air Force C-17 pilot now living in New Zealand, Spencer shares hard-won lessons on collecting VA compensation abroad, navigating overseas healthcare, stretching the GI Bill, and the realities of immigration and quality of life beyond the U.S. border. Topics Covered Spencer's background: Air Force ROTC, flying the C-17 for 10 of 12 active-duty years, and leaving at the 12-year mark without a 20-year pension How militarymoneymanual.com started and the military's unique investing culture The TSP, Roth IRA, and the "triple tax benefit" of contributing while deployed in a combat zone Collecting VA disability compensation anywhere in the world via direct deposit and foreign bank accounts Using the Wise app for low-cost currency conversion and multi-currency accounts (vs. the old daily-ATM-withdrawal trick) The limits of VA healthcare overseas and the frustrations of scheduling from abroad Using AI tools and VA chatbots to help with disability claims (and a caution about predatory claim firms) GI Bill benefits at overseas universities, including OCONUS BAH and host-country student stipends What healthcare actually costs abroad: New Zealand's public/private systems, plus cash-pay care in Thailand, the Philippines, and Vietnam Residency and immigration pathways: EU citizenship by ancestry, New Zealand's investor visa, marriage, the student-visa route, and Germany for retired U.S. military The case for trying before committing: rent an Airbnb and live somewhere for a month or two first Quality of life abroad vs. the U.S. — social safety nets, lower "hustle culture," and Spencer's observations on trust and anxiety back home Resources Mentioned Military Money Manual community app — launching in beta; coming to the Apple App Store and Google Play Instagram — @militarymoneymanual Wise app — currency conversion and multi-currency banking The Military Guide to Early Retirement and Financial Independence by Doug Nordman The Military Wallet by Ryan Guina The Golden Albatross by Grumpus Maximus — on evaluating defined-benefit pension "cliffs" Bogleheads — the simple, low-cost, automated investing philosophy Spencer follows va.gov and the VA mobile app — for tracking claims and updating your address GI Bill — Chapter 33 vs. Chapter 35 considerations for overseas study TSP, Roth IRA, USAA — referenced throughout ACC (Accident Compensation Corporation) — New Zealand's no-fault accident coverage Spencer and Jamie offer one-on-one Military Money Mentor sessions. Get your personal military money and personal finance questions answered in a confidential coaching call. militarymoneymanual.com/mentor Over 24,000 military servicemembers and military spouses have graduated from the 100% free, Ultimate Military Credit Cards Course available at militarymoneymanual.com/umc3 In the Ultimate Military Credit Cards Course, you can learn how to apply for the most premium credit cards and get special military protections, such as waived annual fees, on elite cards like the Chase Sapphire Reserve® Card. Learn how active duty military, military spouses, and Guard and Reserves on 30+ day active orders can get your annual fees waived on premium credit cards in the Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3 If you want to maximize your military paycheck, check out Spencer's 5 star rated book The Military Money Manual: A Practical Guide to Financial Freedom on Amazon or at shop.militarymoneymanual.com. If you have a question you would like us to answer on the podcast, please reach out on instagram.com/militarymoneymanual. Offers may be expired: Offers, rates, fees, and benefits are subject to change and may have ended since this video was published — please verify the current terms on the issuer's official website before applying. Terms apply, and all cards are subject to credit approval. Any comments below are from individual users and are not provided, reviewed, approved, or endorsed by any issuer.

What if there was a strategy used by ultra-high-net-worth families that could help physicians grow investments more efficiently, reduce taxes, protect assets, and create a lasting legacy?In this episode of Limitless MD, Dr. Vikram Raya sits down with Michael Malloy to discuss one of the most powerful wealth-planning tools you've probably never heard of: Private Placement Life Insurance (PPLI).While many physicians focus on maximizing income, few understand how the ultra-wealthy structure and preserve their wealth. Michael explains how PPLI has been used by affluent families since the 1970s as a sophisticated vehicle for tax planning, asset protection, estate planning, and long-term wealth preservation.Together, Vikram and Michael break down what PPLI actually is, how it differs from traditional life insurance, who qualifies, what types of assets can be held inside a policy, and why some investors refer to it as an "unofficial Roth IRA" for wealthy families.If you're a high-income physician, entrepreneur, or investor looking for advanced strategies to preserve and transfer wealth, this episode offers a fascinating introduction to a financial vehicle that has historically been reserved for the ultra-wealthy.“Would you rather keep a dollar or keep seventy cents? That's really what taxes come down to.”~ Michael MalloyIn This Episode:What Private Placement Life Insurance (PPLI) really isWhy wealthy families have used PPLI for decadesHow PPLI differs from traditional life insuranceThe tax advantages of properly structured PPLI policiesWhy some investors call PPLI an unofficial Roth IRAHow physicians can use PPLI as part of a broader wealth strategyAsset protection and estate planning benefitsPassing wealth to future generations more efficientlyHolding real estate, businesses, collectibles, and cryptocurrency inside PPLIUnderstanding the investment control doctrineWho qualifies for PPLI and typical minimum investment thresholdsCommon misconceptions about advanced wealth planningAbout Michael MalloyMichael Malloy, CLU, TEP, RFC, is the Founder and Chief Advisor of EWP Financial, a global leader in Expanded Worldwide Planning (EWP) and Private Placement Life Insurance (PPLI). With more than 40 years of experience in the insurance and financial services industry, he has built a reputation for helping ultra-high-net-worth families implement innovative wealth preservation, asset protection, and tax planning strategies.A former museum administrator turned pioneering insurance strategist, Michael has dedicated his career to helping successful families navigate complex financial planning challenges across multiple jurisdictions. His expertise spans international tax planning, estate planning, risk management, and advanced asset structuring.Michael is also the author of two respected books, The PPLI Papers and The Wit and Wisdom of Professor PPLI, which help simplify complex wealth preservation concepts for investors and advisors alike.Connect with Vikram:

Can you really afford to become a one-income family? In this episode of Making a Millionaire, Tyler and Mikaela share how they went from nearly $92,000 of debt, an $84-month car loan, lifestyle inflation, and costly home renovations to building a $400,000 net worth in their early 30s. Their journey highlights budgeting, emergency funds, investing, 401(k) strategies, Roth IRA planning, 529 accounts, employee stock purchase plans (ESPPs), RSUs, family financial planning, and the Financial Order of Operations. If you're wondering how to pay off debt, save for retirement, build wealth with one income, or balance financial independence with raising a family, this episode is packed with real-world lessons and actionable insights. Jump start your journey with our FREE financial resources⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠Reach your goals faster with our products⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠Take the relationship to the next level: become a client⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠Subscribe on YouTube for early access and go beyond the podcast⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠Connect with us on social media for more content⁠⁠⁠⁠⁠⁠⁠ Bring confidence to your wealth building with simplified strategies from The Money Guy. Learn how to apply financial tactics that go beyond common sense and help you reach your money goals faster. Make your assets do the heavy lifting so you can quit worrying and start living a more fulfilled life. Learn more about your ad choices. Visit megaphone.fm/adchoices