Episodi

  • How to Overcome your fear of Investments Today

    How to Overcome your fear of Investments Today

    · Goldstein on Gelt

    Fear can paralyze you from making crucial financial decisions. This episode of The Goldstein On Gelt Show offers practical steps to overcome that fear and take control of your investments. Learn how to transform financial anxiety into confidence, set clear financial goals, and take manageable steps towards achieving them.

    Some key takeaways:

    Set Clear Financial Goals: Define specific financial objectives to guide your investment decisions. Knowing what you want to achieve helps to create a focused and purposeful strategy. Start with Small Steps: Overcome financial fear by taking manageable actions. Begin with simple tasks, like setting aside a small emergency fund or writing down your financial goals, to build momentum and confidence. Consult with a Financial Advisor: Work with a professional to gain personalized advice and strategies tailored to your financial situation. Regularly review and adjust your portfolio to stay on track with your evolving goals and market changes. Address Emotional Barriers: Recognize and confront the emotional aspects of money management. Understanding how fear impacts your financial decisions can help you take steps to manage it effectively.
  • How to Invest in U.S. CDs Without an American Bank

    How to Invest in U.S. CDs Without an American Bank

    · Goldstein on Gelt

    Discover how Certificates of Deposit (CDs) can offer stable and predictable investment opportunities, especially valuable for expatriates managing their finances from abroad. In this episode, Douglas Goldstein delves into the advantages of purchasing CDs through U.S. brokerage accounts, focusing on benefits for those living overseas, such as in Israel.

    Learn the ins and outs of CDs within U.S. brokerage accounts, including FDIC insurance, diversification strategies to minimize risk, and the strategic advantage of creating a CD ladder to optimize returns over various terms.

    Key topics include:

    Simplifying management of diversified CDs through a single brokerage account Structuring a CD ladder to capture the best interest rates over time Navigating the secondary market for CDs to meet liquidity needs without incurring significant losses

    If you're not already receiving updates on new episodes, sign up now, and as a special bonus, receive Doug's free ebook The Retirement Planning Book.

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  • Securing Finances for a Long Life

    Securing Finances for a Long Life

    · Goldstein on Gelt

    As we look towards retirement, the prospect of a long, fulfilling life is both a blessing and a challenge. With life expectancies on the rise, the crucial question we face is not just about living longer but ensuring our retirement funds do the same. This concern, widely known as longevity risk, is becoming a central theme in modern retirement strategies. It beckons us to rethink how we manage our finances, aiming for a balance that sustains us through more years than ever before.

    Understanding Longevity Risk

    Longevity risk can be likened to planning a long voyage. Just as you would ensure your ship is well-stocked for an extended journey, your retirement plan must be robust enough to support you well into your later years. This means not only saving enough but also investing in ways that provide steady, reliable income no matter how long your retirement lasts. As such, exploring diverse financial products and income streams becomes not just beneficial but essential.

    Integrating Healthcare and Lifestyle into Your Financial Map

    An often-overlooked aspect of retirement planning is the significant influence of lifestyle and healthcare decisions. Choices about daily activities, healthcare, and social interactions aren't just about enjoying retirement; they're strategic decisions that impact financial needs and outcomes. For example, regular exercise and a healthy diet can decrease the likelihood of severe health issues, which can in turn reduce future medical costs and help your retirement savings stretch further.

    Key Strategies to Chart a Confident Course

    1. Plan for the Long Haul: Recognize the reality that you might outlive your initial retirement savings. Delve into various financial instruments like annuities or dividend-yielding investments that can offer a consistent income stream well into the golden years.
    2. Prepare for Healthcare Needs: Understand your insurance options and the potential long-term costs of healthcare. As traditional health insurance may not cover everything, it's wise to consider supplemental plans or long-term care insurance as part of your retirement strategy.
    3. Maintain a Healthy and Engaged Lifestyle: An active approach to maintaining your health can be one of the most effective ways to influence your quality of life and financial health in retirement. Activities that keep you engaged—socially, mentally, and physically—can also mitigate healthcare costs and boost overall satisfaction.

    In Conclusion

    The journey into retirement is complex and requires a thoughtful approach that goes beyond simple savings. By considering how to effectively manage longevity risk, integrate healthcare planning, and maintain an active lifestyle, you can better ensure that your retirement is as rewarding as it is long.

    As always, it's important to consult with a professional to tailor these strategies to your personal circumstances. This article is for educational purposes only and is not intended as specific financial, legal, or tax advice.

  • Managing U.S. IRAs and Roth Conversions for Expats

    Managing U.S. IRAs and Roth Conversions for Expats

    · Goldstein on Gelt

    Ever wondered about the best time to switch from a traditional IRA to a Roth IRA? Or what are the advantages of having a Roth IRA during a market dip? Or how an inherited IRA works if you’re living overseas?

    Join host Douglas Goldstein to discover:

    🔍 What’s a Roth Conversion?
    📉 Learn how a market downturn could be the perfect timing for a strategic Roth conversion, turning losses into potential long-term benefits
    ✈ Living Abroad with an IRA? Discover solutions to common issues U.S. expats face with managing their IRAs form abroad
    đŸ€” Inherited an IRA? Learn the do’s and don’ts to avoid common pitfalls that can lead to unnecessary taxes and complications

    Don’t miss this informative and engaging episode tailored specifically for U.S. expats living in Israel or considering how to handle their finances effectively

    🎧 Listen now on The Goldstein on Gelt Show and make sure your financial planning is as strategic and effective as possible.

    If you're not already receiving updates on new episodes, sign up now, and as a special bonus, receive Doug's free ebook The Retirement Planning Book.

    Optimizing IRA Investments and Roth Conversions for Expatriates

    Navigating retirement planning as an expatriate often feels akin to exploring a complex maze. If you’re an expat with a U.S. Individual Retirement Account (IRA), understanding the subtleties and opportunities of managing these investments from abroad is critical. Let’s explore some essential strategies, including the underutilized Roth conversion, which could significantly refine your tax and investment planning.

    Mastering IRA Fundamentals as an Expat

    It’s a common misconception that living outside the U.S. complicates the effective management of your IRA. In reality, while certain mutual funds may be inaccessible due to your overseas residence, alternatives like Exchange Traded Funds (ETFs) or index funds are often available. These options not only generally come with lower expense ratios, allowing more of your investment to actively grow, but they also adapt well to the unique needs of expatriates.

    Roth IRA Conversions

    A Roth IRA conversion, shifting funds from a traditional IRA (where contributions are tax-deferred) to a Roth IRA (where contributions are taxed upfront), is a potentially powerful strategic move. The appeal of a Roth IRA lies in its tax efficiency: the assets within grow tax-free, and distributions at retirement are not taxed in the U.S. This can be immensely beneficial if you expect to be in a higher tax bracket in the future, or if you’re looking for tax predictability amidst fluctuating rates.

    Timing the Conversion

    When considering a conversion, timing is everything. A downturn in the market might seem daunting, but converting your IRA during such periods means you’ll pay taxes on a lower asset value. This sets the stage for tax-free growth once the market rebounds—a classic case of turning a setback into a golden opportunity for future gains.

    Navigating Inherited IRAs

    Inheriting an IRA presents unique challenges, particularly for expats. If the original account holder was U.S.-based and you’re living abroad, managing this can become complex, especially if your financial institution is not well-versed in dealing with expatriates. Partnering with firms that specialize in cross-border financial services can help ensure that the transition of your inherited IRA occurs smoothly and without unnecessary tax penalties.

    It’s crucial to work closely with your financial advisor and tax consultant to determine if a Roth conversion is right for your overall financial picture. Each person’s situation is different, requiring a customized strategy that considers both current circumstances and future goals. Regular check-ins with your financial team will help you stay aligned with the best strategies as your financial landscape changes.

    Seeking Further Guidance?

    If you’re uncertain about managing your IRA from abroad or are contemplating a Roth conversion, reaching out for professional advice is a wise step

    Disclaimer: This article is for educational purposes only and not intended as specific financial, legal, or tax advice. Consult a licensed professional for advice tailored to your situation.

  • Receiving an Unexpected Inheritance in Retirement

    Receiving an Unexpected Inheritance in Retirement

    · Goldstein on Gelt

    We all wish that one day we’ll get a call that a distant family member, who lived a long and happy life, left us a large inheritance. What would you do if you inherited a substantial sum unexpectedly? The financial decisions that follow such an event are crucial.

    Join Goldstein On Gelt host, Douglas Goldstein, CFPÂź and discover some considerations for managing newfound wealth in retirement, including the balance between capital growth of the inheritance and preservation, generating a steady income, and reducing risk. Learn some critical steps retirees must take to secure their financial future.

    Some key takeaways:

    Assess the needs of your portfolio based on current priorities and risk tolerance. Understand how the new wealth can change your portfolio’s balance. Seek a financial advisor who tailors a plan to your needs and risk tolerance Navigating an Inheritance During Retirement: A Practical Guide

    Picture this: You're comfortably settled into your retirement, your days filled with leisure and newfound hobbies, when out of the blue, you receive an inheritance. It's an unexpected windfall that promises to secure your financial future—if managed wisely. But where do you begin? Let's explore how you can handle this boon with care and confidence.

    Step One: Take Stock of Your Financial Landscape

    Before you let the excitement take over, pause and evaluate your current financial situation. How does this inheritance fit within your existing retirement plan? It’s not just about adding a couple of zeroes to your savings account; it’s about integrating this amount in a way that supports your long-term financial health without overwhelming you. Start by assessing your income needs, your regular expenses, and how long you expect your current funds to last.

    Step Two: Align Your Investments With Your Current Needs

    As a retiree, your financial priorities have likely shifted from growing your wealth to preserving it. It’s crucial to review the inherited assets—whether they’re stocks, bonds, or real estate—and ensure they align with your current lifestyle, which is presumably more focused on stability than risk. For instance, if the inheritance includes high-volatility stocks, consider rebalancing by investing in lower-risk options like bonds or bank deposits that offer steady, predictable returns.

    Step Three: Rebalance Towards Income-Generating Investments

    Transforming part of your investment portfolio into one that generates income can be a strategic move. This might include dividend-paying stocks, real estate investment trusts (REITs), and other assets that provide regular payouts. Such a shift not only offers a steady income stream but also helps preserve the core of your inheritance, allowing you to maintain your lifestyle without depleting the principal amount too hastily. Remember, these are not specific investment recommendations but rather ideas to discuss with a financial professional.

    Step Four: Consult With a Financial Advisor

    Handling an inheritance, especially a significant one, can get complex. It’s wise to seek guidance from a financial advisor who can offer personalized advice suited to your situation. They can help you understand the tax implications of your new assets, suggest appropriate investment strategies, and plan for future needs such as healthcare or family support.

    Step Five: Regularly Review Your Investment Portfolio

    As the market fluctuates and your personal needs change, it's important to keep a close eye on your investments. Regular reviews and adjustments will ensure that your portfolio continues to meet your financial objectives and stays within your comfort zone regarding risk. This proactive approach can help you maximize the benefits of your inheritance.

    Step Six: Honor Emotional Connections

    Inheriting assets from a loved one is not just a financial transaction; it can also be an emotional journey. Acknowledge these feelings and let them guide your decisions about the inheritance. While it might be meaningful to keep certain assets as they are to honor the benefactor, ensure that they align with your financial goals and risk tolerance.

    By carefully considering these steps, you can ensure that your unexpected inheritance supports your retirement dreams in a meaningful and sustainable way. It’s all about making your money work effectively for you, in harmony with both your current financial scenario and your aspirations for the future.

    Note: This article is for educational purposes only and not to be taken as specific financial, legal, or tax advice. Always consult a professional for guidance tailored to your circumstances.

    If you're not already receiving updates on new episodes, sign up now, and as a special bonus, receive Doug's free ebook The Retirement Planning Book.

  • Avoiding Costly Mistakes: Planning for U.S. Estate Tax When Married to Non-Americans

    Avoiding Costly Mistakes: Planning for U.S. Estate Tax When Married to Non-Americans

    · Goldstein on Gelt

    Are you married to a non-US citizen? Make sure to protect your wealth! Estate taxes can cost you millions if you don’t plan carefully.

    What can you do about it?

    Give lots of gifts when you’re alive! Discover how gifting to your spouse and children during your lifetime can help mitigate estate tax burdens Learn about the benefits of setting up a QDOT (Qualified Domestic Trust) and how it can defer estate tax, providing an income stream to your non-American spouse Understand the importance of discussing your estate plan with professionals, and ensuring clarity to avoid potential legal disputes in the future

    The insights shared in this episode could save you millions of dollars in estate tax (of course, that depends how much money you have)!

    Remember, The Goldstein On Gelt Show and its host, Douglas Goldstein, are not tax advisors. Consult with your own tax professionals before making any changes.

    If you're not already receiving updates on new episodes, sign up now, and as a special bonus, receive Doug's free ebook The Retirement Planning Book.

  • Managing U.S. Pension and IRA Plans from Israel

    Managing U.S. Pension and IRA Plans from Israel

    · Goldstein on Gelt

    Managing U.S. pension plans and IRAs from abroad can be challenging. Difficulties with pension companies and tax consequences can be tough.

    Discover the pros and cons of moving your pension plan into a U.S.-based IRA account, and how to effectively manage your portfolio.

    Here are some key takeaways:

    Evaluate your pension plan and consider the option of moving funds to an IRA with the help of an expert Research and find a suitable IRA account provider that caters to expatriates, offering reasonable fees and access to various investments Initiate the transfer of funds and work with a financial advisor to optimize the tax benefits and diversify the portfolio effectively

    Maximize your retirement savings, by making sure you have a well-built financial plan!

  • Financial Planning for Illness and Death

    Financial Planning for Illness and Death

    · Goldstein on Gelt

    Financial planning is always important, but it’s especially crucial when health issues arise. A well-built plan allows you and your family to focus on health and family connections, without worrying about the day-after. How can you make sure you are setting yourself up for a smooth transition of wealth to your family?

    Tune in and learn about the nuances of managing shared accounts, the pros and cons of transferring control to family members, and the critical role of clear communication in preserving both wealth and relationships.

    Some key insights:

    Learn how to effectively shift financial authority to a trusted individual within the family, balancing legal necessities with personal dynamics. Learn about the importance of transparent discussions about financial matters with family members, especially in light of health changes. Discover some of the tools available, such as powers of attorney and trusts, that allow your wishes be followed. Professional advice from financial and legal advisors is crucial in creating a seamless and effective estate plan that aligns with your long-term goals.

    For more information, visit the show notes at https://goldsteinongelt.com/personal-finance/financial-planning-for-illness-and-death

  • The Stress-Free Investment Method

    The Stress-Free Investment Method

    · Goldstein on Gelt

    Are You Overlooking the Importance of a Financial Plan?

    When was the first time you spoke with a financial planner? Let me tell you about a retired couple who I met who had never spoken to a financial planner before. The couple's lack of understanding about the role of a financial planner and the way their investment portfolio was built, highlighted a common misconception among individuals when it comes to managing their finances.

    When sitting down with a Certified Financial Plannerℱ practitioner (CFP¼) who is dedicated to understanding your unique financial situation, and guiding you through the complexities of investing, you are setting yourself up for success.

    Building a comprehensive financial plan and working with a professional team (financial planner, accountant, and lawyer) can lead you to financial well-being.

    A few points to consider:

    1. Importance of a Financial Planner: Many individuals often focus solely on their investment portfolios without considering the broader financial picture. A Certified Financial Plannerℱ practitioner can help guide you through essential aspects of financial planning, including retirement goals, family, expenses, insurance, and health—providing a comprehensive view of your finances.

    2. Understanding Your Investments: Having a clear understanding of all your investments and their implications on your overall financial situation is crucial for proper financial well-being.

    3. Partnering with Professionals: Partnering with a financial planner (and other professionals) doesn't mean surrendering control. Instead, it equips you with a supportive team who can handle administrative tasks and provide advice, while you remain in charge of making the final decisions.

    4. Empowerment and Peace of Mind: When you have a strong financial team in place, it empowers you to focus on the bigger financial picture. It can alleviate concerns about making financial decisions, especially during times of illness or unexpected events, offering you and your family peace of mind.

    To learn more about managing your finances and gaining a deeper understanding of the role of a financial planner, tune in to The Goldstein On Gelt Show and explore the valuable insights provided in each episode.

    Remember, taking charge of your financial well-being is one of the most important steps you can take for a secure and stress-free future!

    If you're not already receiving updates on new episodes, sign up now, and as a special bonus, receive Doug's free ebook The Retirement Planning Book.

  • How to Overcome Family Pressure in Investing

    How to Overcome Family Pressure in Investing

    · Goldstein on Gelt
    Family pressure can be overwhelming when it comes to finances.
    Learn how to handle those pressures correctly, allowing you to build a financial portfolio that suits you perfectly.
    Here are some key points discussed in the show:
    1. Understand your investments: If you find yourself investing in products you don’t fully understand, seek advice from a qualified third party, such as a financial planner.
    2. Address family pressures: In the face of conflicting advice from family members, it’s crucial to have an unbiased third party on your side.
    3. Simplify your investments: Following the KISS principle (Keep It Simple, Stupid), opt for straightforward and understandable investments.
    4. Regularly review and consolidate your investments: Consolidating and regularly reviewing your investments can bring clarity and empower you to take charge of your portfolio.

    If you're not already receiving updates on new episodes, sign up now, and as a special bonus, receive Doug's free ebook The Retirement Planning Book.

  • When Real Estate Investments Turn Sour

    When Real Estate Investments Turn Sour

    · Goldstein on Gelt

    Are you considering investing in real estate? Or perhaps you already have real estate investments in your portfolio? If so, it's crucial to understand the potential risks and challenges that can arise. The following stories of two individuals who encountered unexpected scenarios with their real estate investments provide valuable insights and lessons for anyone navigating the world of real estate.

    The first case revolves around a client who initially appeared to be a successful real estate investor. He exuded confidence in his portfolio, claiming lucrative real estate deals and assured cash flow from his properties. However, as time unfolded, the reality did not match his optimistic projections. Unforeseen circumstances such as the impact of external factors, including the COVID-19 pandemic, led to a drastic reduction in the expected income from his real estate investments.

    One of the crucial insights gleaned from this story is the significant impact of underestimating risk and overestimating returns. The client's assumptions about the reliability and sustainability of his real estate income proved to be misplaced, resulting in unanticipated financial strain and the need to reevaluate his entire investment strategy.

    The second story featured a younger client who had invested $50,000 in a real estate deal in Wisconsin. He initially contemplated withdrawing additional funds from his brokerage portfolio to invest in another promising real estate opportunity. However, after sharing the challenges faced by the first client, he reconsidered his decision. He understood the risk of putting all his eggs in one basket and preferred to stick with a more secure, diversified portfolio.

    While real estate can be a valuable component of a well-structured investment portfolio, allocating a significant proportion of one's assets solely to real estate can expose an individual to heightened risks and vulnerabilities. The allure of real estate, with its promises of passive income and appreciation, should be balanced with a comprehensive understanding of the potential downsides and the need for diversification. It's vital to approach real estate investments with prudence, ensuring that they complement a comprehensive investment strategy rather than overshadowing or dominating it.

    By building a diversified investment approach and thoroughly understanding the nuances of each area of your portfolio, you can navigate potential challenges while maximizing the opportunities for financial growth and stability.

    Consider conducting a comprehensive review of your investment portfolio. Assess the proportion of your assets allocated to real estate investments and evaluate how they harmonize with your overall investment strategy.

    If you're not already receiving updates on new episodes, sign up now, and as a special bonus, receive Doug's free ebook The Retirement Planning Book.

  • How to Invest for Growth

    How to Invest for Growth

    · Goldstein on Gelt

    Financial planners frequently meet with folks who want to invest for growth. After all, who doesn’t want to see their portfolio grow? But, growth also means capital gains tax. Are there any investments that encourage portfolio growth but have limited tax liability? On today’s show, Doug answers a listener question about investing for growth. “Jeff” asks if there are investments that encourage portfolio growth, but have little tax liability. While an investment advisor, and not a tax advisor, Doug answers several aspects of the question:

    Are there conservative investments that offer reasonable growth? What are the common mistakes people make when investing for growth? What is the best way to minimize tax on your investment?

    One way to invest for growth is through a SMA – a Separately Managed Account. Watch a short clip on What is a SMA - Separately Managed Account. If you’re not already receiving updates on new episodes, sign up now, and as a special bonus, receive Doug’s free ebook The Retirement Planning Book.

  • Getting Ready Financially for Divorce

    Getting Ready Financially for Divorce

    · Goldstein on Gelt

    Tips for Managing Your Finances During Divorce for a Smooth Transition

    Divorce can be a daunting and emotional journey, one that is fraught with legal, emotional, and financial challenges. In this post, we'll explore key takeaways Douglas Goldstein discussed on The Goldstein on Gelt Show and delve deeper into essential financial considerations when navigating divorce.

    Seeking Professional Assistance

    One of the most critical pieces of advice is to seek professional help when dealing with divorce-related financial matters. Consulting with an experienced lawyer is essential to navigate the legal complexities inherent in divorce proceedings. Additionally, engaging the expertise of a financial advisor is invaluable in assessing the impact of divorce on long-term financial planning.

    Understanding Expenses and Budgeting

    Many individuals are often unaware of the actual amount they spend every month. It's crucial to have a clear understanding of your expenses, including routine spending and potential future financial obligations resulting from a divorce. Keeping meticulous records of financial transactions, and anticipating upcoming expenses are essential steps during a divorce. These records serve as invaluable tools for financial advisors and lawyers when negotiating asset division and settlements.

    Gathering Financial Information

    Organizing all your financial information is paramount when preparing for divorce. This includes gathering statements from bank accounts, credit cards, retirement funds, investment portfolios, mortgages, and tax returns. Having comprehensive documentation at hand facilitates the process of evaluating assets and liabilities, thus enabling fair and informed decision-making.

    Avoiding Major Financial Decisions

    During times of emotional distress like divorce, making major financial decisions may seem enticing as a temporary escape. However, avoiding substantial financial decisions amidst marital discord is imperative. Big-ticket expenses like buying a new house, a car, or making substantial investments can further complicate the financial implications of divorce. Hence, refraining from significant financial commitments is vital for minimizing additional financial strain during a divorce.

    Building a Reserve Fund

    Creating a reserve fund is a prudent measure, especially during the tumultuous period of divorce. Accumulating cash reserves safeguards individuals from potential liquidity challenges that could arise during the divorce process. This fund can be instrumental in covering legal fees, and unexpected expenses, and ensuring financial stability during the subsequent transition.

    Reevaluating Tax Implications

    Divorce often carries significant tax implications, warranting a comprehensive assessment of tax responsibilities related to asset division, alimony, and child support. Consulting with a tax professional ensures a thorough understanding of the tax implications linked with divorce settlements and financial decisions.

    Crafting a Long-Term Financial Plan

    Formulating a robust and realistic long-term financial plan is indispensable post-divorce. This may involve establishing new financial goals, revising investment strategies, and reassessing retirement planning to ensure financial stability under the altered circumstances.

    Securing Professional and Emotional Support

    Navigating divorce involves not only financial complexities but also emotional and psychological challenges. A support network comprising legal professionals, financial advisors, and emotional support resources can provide comprehensive assistance during this tumultuous phase.

    Navigating a divorce is a multifaceted and challenging process, particularly when viewed through a financial lens. Taking proactive steps to mitigate possible financial issues, is pivotal in ensuring a smooth and equitable transition through the complexities of divorce.

  • 6 Strategies for Happier Investment Decisions

    6 Strategies for Happier Investment Decisions

    · Goldstein on Gelt

    Behavioral finance is a critical area that merges psychology with finance to understand why people make irrational financial decisions. It’s important to note that people’s emotions, cognitive errors, and biases often drive these decisions, leading to poor investment choices.

    Being happy while dealing with investments is crucial. Let’s examine some of the psychological aspects of investing and how they can be managed to create a better and less stressful investment experience.

    Psychological Aspects of Investing Analysis Paralysis

    Analysis paralysis is a common issue many investors face. With countless investment options available, individuals can become overwhelmed, and as a result, they may not make any investment decisions at all. This can lead to missed opportunities and unproductive financial stagnation.

    Fear of Missing Out

    The fear of missing out (FOMO) is another psychological challenge that investors often grapple with. This fear, driven by the desire to replicate others’ financial successes, can lead to impulsive and high-risk investment decisions. Recognizing and managing this fear is essential to avoid detrimental financial choices.

    Overemphasis on Short-Term Volatility

    Another psychological challenge in investing is placing excessive emphasis on short-term market fluctuations. Reacting emotionally to daily market movements can lead to poor decision-making and can negatively impact long-term investment strategies.

    Complexity in Cross-Border Investing

    For those dealing with cross-border investments, the complexity of managing investments in multiple countries can be overwhelming. Regulatory hurdles, tax implications, and cultural differences in investment philosophies can create significant stress for expatriates and immigrants.

    Managing Your Stress

    Investing your money is stressful, but it doesn’t have to be overwhelming. Managing stress effectively can lead to better investment outcomes and a more enjoyable investing experience. Here are some strategies to help lower stress and improve investment decision-making:

    1. Simplification and Focus

    Consolidating and simplifying investment accounts can help you gain a clearer understanding of your financial situation. By focusing on a defined investment strategy, you can avoid being overwhelmed by too many choices and better manage your portfolios.

    2. Diversification

    Diversifying investments is an essential strategy to spread risk and avoid excessive exposure to any single investment. By diversifying across different asset classes and sectors, investors can lower the risk of significant losses caused by a single investment’s failure, thus leading to a more relaxed investment.

    3. Develop a Plan

    Having a clear financial plan can help you stay focused on your long-term objectives and avoid making impulsive decisions based on short-term market movements. A well-defined plan provides a roadmap for achieving financial goals and reduces anxiety about investment decisions.

    4. Build a Resilient Mindset

    Engaging in stress management techniques, such as meditation, physical exercise, or taking regular breaks from financial decision-making, can promote a resilient mindset. A calm and focused approach to investing can lead to better decision-making and reduced emotional reactivity to market swings.

    5. Educate Yourself

    Continuously learning about investment concepts, market dynamics, and financial planning can empower you to make better-informed decisions. Well-informed investors are better equipped to manage their financial stress and maintain a long-term perspective on their investments.

    6. Choose a Good Advisor

    Selecting the right financial advisor who prioritizes understanding the client’s individual needs and goals is essential. A good advisor should focus on building a personalized financial plan aligned with the client’s objectives rather than pitching investment products.

    Armed with these valuable insights and tips, it’s time to implement them so you can experience a happier and less stressful investment journey.

    Happy investing, and may your financial journey be filled with success and joy!

    Stay updated on personal finance insights, investment strategies, and expert interviews, by subscribing to The Goldstein on Gelt Show.

  • Moving to Israel in Retirement: Financial Planning and Practical Tips for Olim

    Moving to Israel in Retirement: Financial Planning and Practical Tips for Olim

    · Goldstein on Gelt

    Doug delves into the topic of retirement planning and financial considerations for Americans moving to Israel. He shares insights on the practical aspects of living in Israel and the financial implications of the move.

    Retirement is often depicted as a time of relaxation, but as Doug reveals, many retirees find themselves busier than ever, having the time of their lives. For those contemplating a move to Israel, it's essential to have a well-thought-out plan, especially in terms of financial preparedness. To do this, it’s crucial to seek professional guidance to help you navigate the complexities of cross-border financial matters and estate planning.

    What should you do now?

    1. If you have questions about financial planning and moving to Israel, reach out to a financial professional with expertise in cross-border financial matters.

    2. Sign up for both the Goldstein on Gelt and the Profile Investments email lists to receive valuable insights and updates on retirement planning, financial considerations, and cross-border financial matters.

    By taking these two steps, you can better equip yourself with the knowledge and guidance needed to navigate the financial aspects of moving to Israel and ensure a secure and well-planned retirement.

    Correction: In this episode, Doug said that you get a 10 year tax holiday in America after making Aliya, when the tax holiday is in Israel

  • Understanding RMDs: A Simple Explanation

    Understanding RMDs: A Simple Explanation

    · Goldstein on Gelt

    Are you approaching the age of 73 or have inherited an IRA account? If so, understanding Required Minimum Distributions (RMDs) from IRAs is crucial. In a recent episode of The Goldstein On Gelt Show, Douglas Goldstein discussed RMDs in detail and answered a listener letter regarding RMDs for inherited IRAs. Here's a summary of the key points to help you navigate RMDs and avoid potential penalties.

    What Are RMDs?

    RMDs are the IRS's way of ensuring that the funds in your IRA, which have grown tax-deferred over the years, are eventually taxed. Once you reach the age of 73, the IRS mandates that you withdraw a certain amount from your traditional IRA each year. This amount is determined by a formula based on your age and the total value of your IRA at the end of the preceding year.

    Inherited IRAs and RMDs

    If you have inherited an IRA from a someone, you might also be subject to RMDs. In the case of an inherited IRA, the IRS requires beneficiaries to withdraw the entire amount within a specific timeframe, usually within ten years of the original account holder's death.

    Penalties for Failing to Take RMDs

    It's essential to stay on top of your RMDs to avoid potential penalties. For instance, failing to take your RMD can result in a 50% tax penalty on the amount you were supposed to withdraw. However, recent legislation has reduced this penalty to 25% or even 10% under specific conditions.

    Donating RMDs to Charity

    One strategy to potentially reduce the tax impact of RMDs is to donate the withdrawn funds directly to a qualifying charity. This can potentially help reduce your tax burden while supporting a cause you believe in.

    What should you do?

    Seek professional advice to ensure your portfolio complies with IRS regulations, and to make sure you are informed about any changes in relevant legislation.

    If you're living outside the United States and need personalized financial guidance, reach out to Profile Investments Services, Ltd. Profile specializes in assisting individuals outside the United States with U.S. investment accounts.

    Subscribe to the Profile and Goldstein On Gelt email lists for more valuable financial tips and updates.

  • The Journey to Expatriation

    The Journey to Expatriation

    · Goldstein on Gelt

    In "The Journey to Expatriation," we delve into the complex world of expatriation, featuring the real-life journey of a couple navigating the process of giving up U.S. citizenship.

    Join Doug as he uncovers the emotional, legal, and financial considerations behind this significant decision.

    Discover how this life-altering choice impacts estate planning, tax implications, and even charitable giving from an IRA.

    If you've ever wondered about the intricacies of expatriation, this episode is a must-listen. Tune in to gain valuable insights and hear firsthand experiences on this compelling journey.

    Reach out to Doug Goldstein at Profile Financial for more personalized advice, and make sure to give a 👍 to the “Goldstein on Gelt” show for insightful financial podcasts tailored for life in Israel.

  • Don't be a DIYer: U.S. Cross-Border Investments in Israel

    Don't be a DIYer: U.S. Cross-Border Investments in Israel

    · Goldstein on Gelt

    Taking Control of Your Finances or Partnering Up With Experts?

    A Critical Decision for U.S. Expats Living in Israel!

    Are you a DIY investor?

    Curious about the benefits of working with a financial advisor?

    Join Doug as he discusses the pros and cons of managing your own portfolio versus seeking professional guidance.

    Discover the importance of expertise, personalized strategies, portfolio diversification, and ongoing support from a financial advisor.

    Find out why more DIYers are turning to advisors for financial stability and explore how you can make informed investment decisions.

    If you're considering working with a cross-border financial professional, this episode is a must-watch! Enjoyed learning from this post? Don't forget to share it!

    Reach out to Doug Goldstein at Profile Financial for more personalized advice, and make sure to give a 👍 to the "Goldstein on Gelt" show for insightful financial podcasts tailored for life in Israel.

  • Tax Planning Tips for Americans Living in Israel | Reduce Tax Liabilities and Maximize Savings!

    Tax Planning Tips for Americans Living in Israel | Reduce Tax Liabilities and Maximize Savings!

    · Goldstein on Gelt

    Yosefa Uber, an expert accountant specializing in American taxes for residents of Israel, sits down with Doug to go over:

    Qualified Charitable Distributions (QCDs) allow you to donate money from your IRA directly to charity tax-free instead of taking required minimum distributions To qualify, the money must go directly from your IRA to the 501(c)(3) charity - You can donate up to $100,000 per year per individual this way Benefits: Helps you meet your required minimum distribution without paying tax, allows you to donate to charity tax-free Eligibility: You must be over age 70.5 when making the donation Keep receipts as documentation even though the distribution doesn't show up as taxable income Consider connecting your investment advisor and accountant so they can coordinate advice

    Resources:
    Interview guest Yosef Huber provides US tax services for Americans in Israel (hubertaxcpa.com)

    If you’re not already receiving updates on new episodes, sign up now, and as a special bonus, receive Doug’s free ebook The Retirement Planning Book.

  • Being a Good Steward of Family Wealth

    Being a Good Steward of Family Wealth

    · Goldstein on Gelt

    Doug discusses what it means to be a good steward of family wealth and how to pass on your financial legacy to future generations. He provides advice for teaching children financial responsibility from a young age and bringing adult children into important financial discussions.

    Key points:

    The importance of passing on not just money, but also financial values and responsibility to heirs Pitfalls of relying solely on professional trustees to manage family money long-term Even a perfect trust document can't guarantee your wishes will be fulfilled long-term You must focus on teaching your heirs financial responsibility while you're still around Share information about your finances with grown children and bring them to meetings Getting kids involved with earning, saving, and giving at a young age Helping adult children pursue their goals without fully supporting them Utilizing specialized help like lawyers and financial advisors

    Listen and share now! 🎧

    If you’re not already receiving updates on new episodes, sign up now, and as a special bonus, receive Doug’s free ebook The Retirement Planning Book.

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