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  • Certain assets will now forgive all taxable gains, but what about losses?

    Now this original episode, we spoke about how if you inherit what they call taxable, so non IRA or annuity type assets, so really essentially, if money's in a joint account or an individual account, something like that, as of 2022, that entire gain would be forgiven. (01:06)So you would let's say inherit that $500 and that would be your kind of starting point. You wouldn't have to pay tax on that $450 growth that they experienced, that whole thing would kind of be thrown out and your new starting point would be the $500 value of where it is today. (03:10)So while avoiding gains is possible, so is missing out on losses. And for 2022 there may be losses all around to harvest, you know, that's what they call it, harvesting the losses, both for you and maybe your parents as well. (04:19)

    Quote for the episode: "So taking a look at what this is and if harvesting any losses makes sense for your situation, this would potentially be worth looking into for something to do before the end of the year with your advisor, most likely, if you're not capable of doing that on your own." (04:47)

    Securities offered through TFS Securities, Inc., and Advisory Services through TFS Advisory Services, an SEC Registered Investment Advisor Member FINRA/SIPC. TFS Securities, Inc., is located at 437 Newman Springs Road, Lincroft, NJ 07738 (732) 758-9300.

  • Overall, what the market tends to be influenced by is certainty vs uncertainty.

    Studies have been done on the president, the House, the Senate, combining all three of these in different ways to see which one of those has been the most favorable to the stock market in past history. And what they found after what I'm sure was a lot of work is that there is no strong correlation for any particular combination over the long term. (03:19)One strong positive indicator, however, is the midterm elections themselves. So not who wins the elections, but the elections themselves. (03:56)Going back even further to 1950, if we look at every 12 month period, immediately following the midterm election date, it has been positive. Every single one going back to 1950 with an average of 15.1%. (04:23)

    Quote for the episode: "Overall, what the stock market tends to be influenced by more than anything is certainty versus uncertainty." (05:01)

    Securities offered through TFS Securities, Inc., and Advisory Services through TFS Advisory Services, an SEC Registered Investment Advisor Member FINRA/SIPC. TFS Securities, Inc., is located at 437 Newman Springs Road, Lincroft, NJ 07738 (732) 758-9300.

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  • Open communication with your parents about money may be more important than you think, especially now.

    So how much are our parents affected? Can they still recover their expenses long term, if they're in these heavily bond weighted portfolios? (03:11)They have a different perspective from us, they're a different generation. (05:37)But there are more and more products coming out that approach risk in different ways. You may come across terms such as buffered annuities or buffered ETFs for example. (07:20)

    Quote for the episode: "Just like you should at least be asking your advisor if you have concerns about your own portfolio, your parents really should be doing the same." (07:44)

    Securities offered through TFS Securities, Inc., and Advisory Services through TFS Advisory Services, an SEC Registered Investment Advisor Member FINRA/SIPC. TFS Securities, Inc., is located at 437 Newman Springs Road, Lincroft, NJ 07738 (732) 758-9300.

  • Keep a long term view, this might just be traffic on the road to your destination.

    ...what we can do is still pause and take a look when it comes to finances just like Lauren and I do with that last luggage check. You know, what do we actually need, keeping things in perspective. (02:14)Since it took a year to recover in our example now there's only 19 years left for that same $250,000 to grow during our total 20 year period of time that we set. So instead now we've arriving at $1 million with only 19 years to grow, we arrive at a lower number, obviously, around $940,000. (04:43)Yes, it's upsetting but it's upsetting because money is a tool that we're relying on to accomplish our goals. So let's frame it back into money being a tool back into the question of how will this ultimately impact us achieving our goals. (06:11)

    Quote for the episode: "So if we can still very reasonably expect to be on a substantially similar path for our goals, if we can frame our mindset as such, then we can really look at all of this a little bit more as perhaps traffic on the highway to our destination." (06:26)

    Securities offered through TFS Securities, Inc., and Advisory Services through TFS Advisory Services, an SEC Registered Investment Advisor Member FINRA/SIPC. TFS Securities, Inc., is located at 437 Newman Springs Road, Lincroft, NJ 07738 (732) 758-9300.

  • Reminding ourselves how the stock market tends to work, how it is a leading indicator, can be a helpful emotional refresher course.

    The stock market, if you remember is what they call a leading indicator. Basically, what that means is that it acts in advance of what people think is going to happen. (02:27)Think the 2008 mortgage crisis or 2020 COVID. There was very little clarity at the time on what was going to happen next. And that uncertainty is what drove the volatility. (03:12)So what you can do is really the hardest thing sometimes and that's just not touching it. You are probably reacting off of past information. (05:09)

    Quote for the episode: "So if we accept that things are going to move ahead of time, that leading indicator before we will have a chance to generally react, then we can potentially avoid some of the big mistakes that too many investors make by pulling out when things are already low, and generally not adding money back in until things have significantly rebounded, leaving them with much less than they ought to have had, if they just not touched it throughout the ride." (06:03)

    Securities offered through TFS Securities, Inc., and Advisory Services through TFS Advisory Services, an SEC Registered Investment Advisor Member FINRA/SIPC. TFS Securities, Inc., is located at 437 Newman Springs Road, Lincroft, NJ 07738 (732) 758-9300.

  • With more education, there's less fear.

    A lot of times when it comes to finances is we don't even know what we don't know. (03:19)When stocks sell down, though you have that other area of your portfolio, right? Bonds, fixed income, they are more conservative, they will help us balance out those losses. (05:28)In the 2008 financial crisis and the 2020 pandemic, bonds did hold up considerably better than stocks. However, this time around, the reason for the losses were rising interest rates. (05:49)

    Quote for the episode: Maybe now instead of saying "why is this happening to my portfolio", you can say, "I kind of get why this is now happening to my portfolio. (07:21)

    Securities offered through TFS Securities, Inc., and Advisory Services through TFS Advisory Services, an SEC Registered Investment Advisor Member FINRA/SIPC. TFS Securities, Inc., is located at 437 Newman Springs Road, Lincroft, NJ 07738 (732) 758-9300.

  • Recapping easy traps people tend to fall into when it comes to money and saying good bye to Joe's game show voice!

    Someone who saves $500 a month at 10% for 30 years, winds up with over $1.1 million. Someone who waits 10 years and then starts the same exact program would wind up with less than $400,000. (01:44)For a young family, your future income potential is your greatest asset. If you make $100,000 now, then over the next 30 years at 2% wage growth, you would bring in over $4 million. A huge asset that is exposed by not having disability insurance protection. (03:18)Spending a greater percentage on our budget on cars and houses and other shiny objects can feel great and simultaneously, it can push us farther away from being millionaires. (07:14)

    Quote for the episode: "Wealth is what you have, what you save and grow, not what you make." (08:42)

    Securities offered through TFS Securities, Inc., and Advisory Services through TFS Advisory Services, an SEC Registered Investment Advisor Member FINRA/SIPC. TFS Securities, Inc., is located at 437 Newman Springs Road, Lincroft, NJ 07738 (732) 758-9300.

  • Spending money does not equal wealth.

    Let's say between a little bit of a fancier car, larger house and other great lifestyle items, we can increase our spending by $500 a month. (01:45)And so for example, we can help ourselves miss out on an extra $500 a month savings for say the next 30 years, which if it grew at an assumed 10% would come out to over $1.1 million. (02:08)Furthermore, if the $400,000 earner is saving $60,000, that means they are living on the other $340,000 a year. When they retire will they want to give up all those great lifestyle items they have grown accustomed to over the last 30 years? (03:25)

    Quote for the episode: "And so instead of believing spending money means that you have wealth, you can instead take on the mantra of "it is not about how much you make, it is about how much you save." (02:39)

    Securities offered through TFS Securities, Inc., and Advisory Services through TFS Advisory Services, an SEC Registered Investment Advisor Member FINRA/SIPC. TFS Securities, Inc., is located at 437 Newman Springs Road, Lincroft, NJ 07738 (732) 758-9300.

  • Why do flight attendants say to put your oxygen mask on first, before helping others?

    Instead of utilizing the ample college loan opportunities, we can instead try and pay for college as much as possible out of our own pockets. (01:42)If we spend $250,000 today that we can't afford on their education, then 10 years later, when we go to retire, that would be around $500,000 less that we would have to work with and supporting our own selves financially. (02:14)As you can't borrow for retirement, having your children borrow for what is possible to borrow for in college is in effect putting your mask on first. (02:54)

    Quote for the episode: "But now using the 4% withdrawal rate rule of thumb that $500,000 you kept will now be $20,000 a year every year coming out to you and supporting your own post retirement goals." (03:16)

    Securities offered through TFS Securities, Inc., and Advisory Services through TFS Advisory Services, an SEC Registered Investment Advisor Member FINRA/SIPC. TFS Securities, Inc., is located at 437 Newman Springs Road, Lincroft, NJ 07738 (732) 758-9300.

  • If you had the option to either save 4% or make 7%, which would you choose?

    Certain debts are regarded as good and so getting rid of something good would have to then generally be regarded as a bad thing to do. (01:07)If you had the option to save 4% or make 7%, the best answer for those who do not want to be a millionaire would be to save 4%. Saving 4% is obviously much less than making 7. (01:24)This can apply to things such as lower interest student loans, or even just switching to a 15 year mortgage instead of a 30 year, forcing you to commit to paying back more money more quickly into a perhaps very low or even potentially tax deductible, good debt like a mortgage. (01:57)

    Quote for the episode: "So paying off a 4% mortgage for example, early with extra payments, instead of taking that same exact money and putting it into a well diversified investment that may make 7% for example long term is a great strategy to not be a millionaire." (01:39)

    Securities offered through TFS Securities, Inc., and Advisory Services through TFS Advisory Services, an SEC Registered Investment Advisor Member FINRA/SIPC. TFS Securities, Inc., is located at 437 Newman Springs Road, Lincroft, NJ 07738 (732) 758-9300.

  • Receive a bonus every year? Be intentional with it! It could have a profound effect on your finances in either direction!

    Bonuses can be a great additional way to build wealth. (01:09)If you were to receive a $5,000 bonus every year for 35 years working, that is $175,000. If that were to be invested every year and receive 10% over those same 35 years, it would be worth a whopping 1.3 million. (01:21)As it is not money you depend on for bills, you can pretend it doesn't really exist and give your wealth a boost. Even if you just saved half, it would likely make a very clear and profound difference for you. (02:32)

    Quote for the episode: "...saving your annual bonus is an excellent way to go about it. It could mean an extra 1 million or more like in our example, allowing you to be more comfortable on a monthly basis with your cash flow and reaching your goals much more quickly." (02:14)

    Securities offered through TFS Securities, Inc., and Advisory Services through TFS Advisory Services, an SEC Registered Investment Advisor Member FINRA/SIPC. TFS Securities, Inc., is located at 437 Newman Springs Road, Lincroft, NJ 07738 (732) 758-9300.

  • If you have a family, chances are, you need life insurance!

    To have the best chance of not being a millionaire then that would mean leaving this huge asset exposed by pretending death cannot happen to you. (01:48)Simply don't ask yourself questions like, "How would my family be able to stay in our home?" "How would my spouse be able to pay all the bills?" "How would my children pay for college?" "How would my spouse be able to stay on track for all the goals we laid out together?" (01:58)If you do want to have answers to all those questions, though, if you want protection for your spouse and your kids so that they wouldn't have to perhaps uproot their entire life because of financial deficiencies while simultaneously mourning your loss, then there is life insurance. (02:20)And if you are young and healthy, a fixed rate term policy is incredibly affordable. (02:48)

    Securities offered through TFS Securities, Inc., and Advisory Services through TFS Advisory Services, an SEC Registered Investment Advisor Member FINRA/SIPC. TFS Securities, Inc., is located at 437 Newman Springs Road, Lincroft, NJ 07738 (732) 758-9300.

  • "Paying yourself first" - look it up!

    The best way to avoid saving is to only save what is left at the end of the month. This way, you have a great chance of spending all of your income, leaving absolutely nothing left to save towards yourself. (01:13)If you are really committed to not being a millionaire, then you would take it a step even further and spend even more than you make every month, accumulating credit card debt and severely hampering your overall wealth ability. (01:26)Saving $500 a month for 30 years at 10% comes out to over $1.1 million. Someone who saves just $300 a month because they are spending first and saving last, would come out at over $450,000 less over those same 30 years and 10% rate. (01:50)

    Quote for the episode: "Saving part of your income is one of the main drivers in building wealth." (01:02)

    Securities offered through TFS Securities, Inc., and Advisory Services through TFS Advisory Services, an SEC Registered Investment Advisor Member FINRA/SIPC. TFS Securities, Inc., is located at 437 Newman Springs Road, Lincroft, NJ 07738 (732) 758-9300.

  • Your future income potential is your greatest asset; protect it!

    To have the best chance of not being a millionaire, then that would mean leaving this huge asset exposed to one of the most likely occurrences; disability. (01:31)Getting to that roughly 60% of income protection to age 65 is most times considered a good level of protection. (02:24)...if it does occur, it not only takes out your income, but it also may add on a huge amount of expenses to take care of the disability itself. (01:52)

    Quote for the episode: "Disability is about three times as likely to occur as death while working so this exposure would be one of the most likely to be realized." (01:42)

    Securities offered through TFS Securities, Inc., and Advisory Services through TFS Advisory Services, an SEC Registered Investment Advisor Member FINRA/SIPC. TFS Securities, Inc., is located at 437 Newman Springs Road, Lincroft, NJ 07738 (732) 758-9300.

  • Roth IRAs grow tax-free! A great way to build your wealth!

    Roth retirement accounts, whether that be a Roth IRA, which would be a retirement account that you set up on your own, or a Roth 401(k), which would be a retirement account you set up through work, all grow completely tax free. (01:06)The more you pay in taxes, the more it will hamper your financial situation. Perfect for avoiding the building up of wealth. (01:32)While Roth IRAs always have income limits, if you make too much you are not eligible. (02:34)

    Quote for the episode: "Now if you actually do want to be a millionaire and pay less in taxes on all that investment growth, a Roth account would likely be a great way to do that." (02:14)

    Securities offered through TFS Securities, Inc., and Advisory Services through TFS Advisory Services, an SEC Registered Investment Advisor Member FINRA/SIPC. TFS Securities, Inc., is located at 437 Newman Springs Road, Lincroft, NJ 07738 (732) 758-9300.

  • What is the best kind of money? Free money, of course!

    A matching component is where they will give you essentially free money, the match, up to a certain percent. (01:15)Some plans might have a vesting feature or having to work there aka for a certain amount of time before you get the match. But nonetheless, a path to free money, a 100% return on what you put in. (01:52)So for example, you are making $100,000 and your work has a 5% match. By putting in 5% of your own money, you get another free 5% from the company. (02:05)

    Quote for the episode: "You are essentially doubling your money, which is not helpful if you again are wanting to avoid accumulating wealth. Now if you are wanting to try to accumulate wealth, this is obviously a great way to go about it." (01:36)

    Securities offered through TFS Securities, Inc., and Advisory Services through TFS Advisory Services, an SEC Registered Investment Advisor Member FINRA/SIPC. TFS Securities, Inc., is located at 437 Newman Springs Road, Lincroft, NJ 07738 (732) 758-9300.

  • Money needs time to grow, so the longer you wait to start saving, the better chance you have of NOT being a millionaire!

    Think of it like planting a fruit tree. Fruit trees can take three to five years before they start producing any fruit at all. And after that the production increases exponentially. (01:05)The longer you wait to plant those seeds, the longer it will take to have them grow into that wonderful fruit producing tree. (01:38)There is no growth on your money, no growth on the seed until you plant it. Not only that, it has a greater chance to now be spent so even better for trying to avoid getting anywhere close to millionaire-hood. (01:45)

    Quote for the episode: "If you wait to plant that tree for 10 years, so now you only get 20 years to save or 20 years of growth, with those same exact rates of 10% and $500 a month, you will now only wind up with less than $400,000." (02:07)

    Securities offered through TFS Securities, Inc., and Advisory Services through TFS Advisory Services, an SEC Registered Investment Advisor Member FINRA/SIPC. TFS Securities, Inc., is located at 437 Newman Springs Road, Lincroft, NJ 07738 (732) 758-9300.

  • Recapping 12 financial concepts through the timeless medium of storytelling!

    You're not going to cover everything in this series tomorrow or maybe ever. But if you take even one step forward, you are better off than before. (01:20)So look at that gain, as opposed to just the gap that's still in front of you. (01:30)So as I run through a recap of our stories, think about which ones would be the most important for you to remember and hold on to those in the front of your mind. Take action on those specific stories. (01:33)

    Quote for the episode: "I want you to have less anxiety, I want you to have less financial worry so you can just focus your energy on what matters most, which is enjoying more living with your family with your friends and doing real things in life." (0:54)

    Securities offered through TFS Securities, Inc., and Advisory Services through TFS Advisory Services, an SEC Registered Investment Advisor Member FINRA/SIPC. TFS Securities, Inc., is located at 437 Newman Springs Road, Lincroft, NJ 07738 (732) 758-9300.

  • Everyone has unique abilities. Is your advisor's unique ability financial planning?

    We are all well suited for very different things, we all have what some might call our unique abilities. (02:17)So when we talk about financial planning, if designing your own financial plan is something that is a unique ability of yours, that's fantastic. (03:07)If it is not, I would encourage you not to try to figure it out yourself or ask your accountant or worse even just ignore it altogether. (03:22)

    Quote for the episode: "Find someone who specializes in financial planning, somebody that does hundreds of them every year, and let them help you get out of or preferably avoid any nets that may be in your way." (03:32)

    Securities offered through TFS Securities, Inc., and Advisory Services through TFS Advisory Services, an SEC Registered Investment Advisor Member FINRA/SIPC. TFS Securities, Inc., is located at 437 Newman Springs Road, Lincroft, NJ 07738 (732) 758-9300.

  • How sturdy is your three-legged stool of life?

    So it's easy to get caught up with all the fun or demanding elements of daily life. (02:19)Our goals for happiness sit on the top of these three legs, they're cashflow, insurance protection and investment strategy. (02:49)If one of them is neglected or not given the full attention as the others, we put ourselves in a position of having some potential problems. (02:57)

    Quote of the episode: "So build yourself a proper stool, or find a mindful carpenter out there in the form of a financial advisor to build one for you." (03:28)

    Securities offered through TFS Securities, Inc., and Advisory Services through TFS Advisory Services, an SEC Registered Investment Advisor Member FINRA/SIPC. TFS Securities, Inc., is located at 437 Newman Springs Road, Lincroft, NJ 07738 (732) 758-9300.