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As the year draws to a close, it's the perfect time to take a step back and review your financial planning. In this episode, Scott discusses important year-end strategies to help you optimize your finances before December 31. He covers key topics like Roth conversions, tax loss harvesting, HSA contributions, and other essential tasks that could make a big impact on your financial situation.
Plus, Scott offers a look ahead to 2025, with insights into changes in tax brackets, contribution limits, and how strategic adjustments today can set you up for a more secure financial future. Tune in for some great insights before the year wraps up!
Here’s some of what we discuss in this episode:
0:00 – Intro
1:40 – When you need to get contributions in
3:54 – Tax loss harvesting
6:20 – Considerations for business owners
8:21 – Contribution limits
10:11 – HSAs
13:51 – Federal tax brackets
15:50 – The power of small adjustments
Resources:
Schedule A Call with Scott: http://callosborn.com/
Scott's Book, A Pilot's Guide To Maximizing Wealth & Cashflow In Retirement: https://amzn.to/3xSn1ii
The Pilot's Planner Website: https://thepilotsplanner.com/
Watch the podcast on YouTube! https://www.youtube.com/@ThePilotsPlanner -
In this episode of The Wealthy Pilots Podcast, Marc and Scott dive into the current state of the airline industry and chat about both the challenges and successes some airlines are facing. From record travel numbers to struggling airlines like JetBlue and Spirit, they discuss how rising fuel costs and labor issues are affecting profitability.
With larger airlines doing well, smaller regional carriers are left to fight for better contracts and compensation. Whether you’re dealing with furloughs or enjoying high earnings, Scott shares valuable insights on how to plan for both the good and the bad times ahead.Here’s some of what we discuss in this episode:
0:00 – Intro
1:00 – Contributing factors
3:01 – The trends of larger carriers vs smaller carriers
5:30 – You need a plan for if/when things go wrong
6:52 – An example of good planning
Resources:
Schedule A Call with Scott: http://callosborn.com/
Scott's Book, A Pilot's Guide To Maximizing Wealth & Cashflow In Retirement: https://amzn.to/3xSn1ii
The Pilot's Planner Website: https://thepilotsplanner.com/
Watch the podcast on YouTube! https://www.youtube.com/@ThePilotsPlanner -
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In Scott’s line of work, it’s common to see pilots who are juggling a side hustle or business. That’s why this week, we’re diving into the Beneficial Ownership Information Report (BOIR), part of the Corporate Transparency Act (CTA). What is it, why does it matter, and how does it impact pilots and their side hustles?
Join us as Scott breaks down the penalties for non-compliance and what you need to do to ensure you’re squared away before the January 1 deadline. If you’re a pilot balancing a career in the cockpit with an LLC on the side, this episode is a must-listen!
Here’s some of what we discuss in this episode:0:00 – Intro
1:05 – Common side hustles among pilots
3:00 – Understanding the BOIR-E
6:46 – Getting your ducks in a row with the right team
Resources for this episode:
FinCEN.Gov
https://fincen.gov/
Jason Watson’s FinCEN Blog Post
https://wcginc.com/blog/fincen-beneficial-ownership-information/
Resources:
Schedule A Call with Scott: http://callosborn.com/
Scott's Book, A Pilot's Guide To Maximizing Wealth & Cashflow In Retirement: https://amzn.to/3xSn1ii
The Pilot's Planner Website: https://thepilotsplanner.com/
Watch the podcast on YouTube! https://www.youtube.com/@ThePilotsPlanner -
Election season has finally come to a close and we’re turning our focus to the potential impacts on the economy and financial planning in the coming years. While many of the proposed changes are still in the early stages and subject to change, today’s episode dives into some of the major topics that could shape 2025 and beyond. From tax policy to corporate strategies, it’s time to start thinking ahead.
Here’s some of what we discuss in this episode:0:00 – Intro
0:38 – A Tax Cuts and Jobs Act extension?
4:06 – The corporate tax cut conversation
6:04 – Market reactions post-election
11:48 – Buy and hold with rebalancing
Resources:
Schedule A Call with Scott: http://callosborn.com/
Scott's Book, A Pilot's Guide To Maximizing Wealth & Cashflow In Retirement: https://amzn.to/3xSn1ii
The Pilot's Planner Website: https://thepilotsplanner.com/
Watch the podcast on YouTube! https://www.youtube.com/@ThePilotsPlanner -
Election week 2024 is upon us, so today, we’re taking a close look at what political shifts could mean for taxes and your overall financial strategy. With the national debt skyrocketing to $36 trillion, the results of this election could significantly influence future tax policies. Join us as we explore the differing approaches to taxation from the two major political parties and how these changes might shape the economic landscape in the years ahead.
Here’s some of what we discuss in this episode:
0:00 – Intro
2:16 – The tax implications of this election
6:07 – What both parties agree on
9:03 – Fiscal responsibility
Resources:
Schedule A Call with Scott: http://callosborn.com/
Scott's Book, A Pilot's Guide To Maximizing Wealth & Cashflow In Retirement: https://amzn.to/3xSn1ii
The Pilot's Planner Website: https://thepilotsplanner.com/
Watch the podcast on YouTube! https://www.youtube.com/@ThePilotsPlanner -
Halloween isn't the only thing spooking people this week. With the election just days away, many investors are wondering how this season will impact their portfolios. So in today’s episode, we’re going to spend some time talking about the impact of political shifts on the stock market.
Here’s some of what we discuss in this episode:0:00 – Intro
3:39 – Not letting politics influence your investment decisions
6:53 – External factors that will impact the market
9:16 – Procrastinating investment decisions
12:35 – Building a retirement plan that works in any environment
Resources:
Schedule A Call with Scott: http://callosborn.com/
Scott's Book, A Pilot's Guide To Maximizing Wealth & Cashflow In Retirement: https://amzn.to/3xSn1ii
The Pilot's Planner Website: https://thepilotsplanner.com/
Watch the podcast on YouTube! https://www.youtube.com/@ThePilotsPlanner -
In the world of aviation, pilots are trained to handle unexpected challenges like turbulent weather or technical malfunctions. Yet, one area that often gets overlooked is planning for potential setbacks in their own careers. In today’s episode, we’re discussing strategies to help pilots stay prepared for unexpected career disruptions.
Scott and Marc focus on two major areas of concern for pilots: furloughs and the loss of a Class 1 Medical Certificate. By dedicating just a short amount of time to think through these potential scenarios, you can ensure you’re prepared for any possibility.
Here’s some of what we discuss in this episode:
0:00 – Intro
2:22 – Preparing for furloughs
5:32 – Having a proper emergency fund
9:10 – Losing Class 1 Medical Certification
Resources:
Schedule A Call with Scott: http://callosborn.com/
Scott's Book, A Pilot's Guide To Maximizing Wealth & Cashflow In Retirement: https://amzn.to/3xSn1ii
The Pilot's Planner Website: https://thepilotsplanner.com/
Watch the podcast on YouTube! https://www.youtube.com/@ThePilotsPlanner -
As we continue our discussion on contingency planning, today's focus shifts to disability and long-term care. Disability insurance is a vital component of a pilot's financial strategy. Given the unique nature of their profession, pilots face specific risks that can impact their ability to work. It’s important for them to ensure their income is adequately protected, especially in the event of unforeseen circumstances.
Long-term care is another critical area that many overlook until they are nearing retirement. The costs associated with long-term care can be staggering, and without proper planning, they can quickly deplete one’s life savings. Join Marc and Scott as they explain why planning for both disability and long-term care now is so important.
Here’s some of what we discuss in this episode:
0:00 – Intro
1:12 – Disability planning for pilots
5:29 – Long-term care considerations
9:45 – Getting it done + Final thoughts
Resources:
Schedule A Call with Scott: http://callosborn.com/
Scott's Book, A Pilot's Guide To Maximizing Wealth & Cashflow In Retirement: https://amzn.to/3xSn1ii
The Pilot's Planner Website: https://thepilotsplanner.com/
Watch the podcast on YouTube! https://www.youtube.com/@ThePilotsPlanner -
Having both an “if I die young” and a “when I die” plan is something we all need. In this week’s episode of the Wealthy Pilots Podcast, Scott and Marc discuss an often avoided but essential topic: contingency planning. While it might not be the most enjoyable conversation, it's one that can’t be ignored.
Tune in as we discuss the importance of having a comprehensive strategy in place, particularly for pilots and families with young children. From determining the right life insurance coverage to preparing a “when I die” binder, we’ll share tips to make things easier for your loved ones in case of an unexpected event.
Don’t wait until it’s too late- take proactive steps today to ensure your family is cared for and equipped to handle the future, no matter what it might bring.
Here’s some of what we discuss in this episode:
0:00 – Intro
1:30 – The “If I die young” plan
4:28 – Getting a plan in motion
6:52 – The “When I die” plan
9:58 – When you don’t have a plan
Resources:
Schedule A Call with Scott: http://callosborn.com/
Scott's Book, A Pilot's Guide To Maximizing Wealth & Cashflow In Retirement: https://amzn.to/3xSn1ii
The Pilot's Planner Website: https://thepilotsplanner.com/
Watch the podcast on YouTube! https://www.youtube.com/@ThePilotsPlanner -
In life, not everything goes according to plan. Whether you're flying a plane or managing your finances, unexpected challenges can arise at any moment. That’s why it’s so important to have a plan for when things go wrong.
In today’s episode, we’re talking about contingency planning- what it is and why it’s important for your financial life. We'll explore how being prepared for the unexpected can help you maintain control and confidence in your financial decisions. If things take an unexpected turn, will you be ready?
Here’s some of what we discuss in this episode:
0:00 – Intro
0:47 – What is contingency planning?
2:50 – The importance of contingency planning
7:42 – Your family is counting on you
Resources:
Schedule A Call with Scott: http://callosborn.com/
Scott's Book, A Pilot's Guide To Maximizing Wealth & Cashflow In Retirement: https://amzn.to/3xSn1ii
The Pilot's Planner Website: https://thepilotsplanner.com/
Watch the podcast on YouTube! https://www.youtube.com/@ThePilotsPlanner -
Most of us think about taxes once a year, around April 15th. We gather our documents, either to do it ourselves or hand them over to a CPA. This is tax preparation- looking back at the past year, compiling necessary forms, and filing your taxes.
Tax planning, on the other hand, is a proactive strategy. It involves looking ahead and making decisions that will minimize your tax liability in the future. Join Scott and Marc as they discuss how effective tax planning can create significant financial advantages for high-earning pilots.
Here’s some of what we discuss in this episode:
0:00 – Intro
2:09 – How CPAs relate to tax planning
4:59 – It’s not what you make, it’s what you keep
7:36 – Why a team approach is crucial
Retirement Planning Tax Checklisthttps://drive.google.com/file/d/1eEkjGQibGP0zdiHk-uMSsMWFK-EVmzBT/view?usp=sharing
Resources:
Schedule A Call with Scott: http://callosborn.com/
Scott's Book, A Pilot's Guide To Maximizing Wealth & Cashflow In Retirement: https://amzn.to/3xSn1ii
The Pilot's Planner Website: https://thepilotsplanner.com/
Watch the podcast on YouTube! https://www.youtube.com/@ThePilotsPlanner -
As of yesterday, the Federal Reserve announced a larger-than-expected interest rate cut of 50 basis points, surprising many who anticipated a smaller 25-point reduction. Scott has had several clients reach out to him about this unexpected move. So in today’s episode, we’ll talk about the implications of this decision, especially for those nearing retirement or facing major financial decisions.
Here’s some of what we discuss in this episode:
0:00 – Intro
2:14 – Chatting with David Walker
4:14 – What do interest rates mean to the public?
7:04 – Maintaining a sound economic plan
9:20 – Rate cut impact on the market
12:14 – Final thoughts
Resources:
Schedule A Call with Scott: http://callosborn.com/
Scott's Book, A Pilot's Guide To Maximizing Wealth & Cashflow In Retirement: https://amzn.to/3xSn1ii
The Pilot's Planner Website: https://thepilotsplanner.com/
Watch the podcast on YouTube! https://www.youtube.com/@ThePilotsPlanner -
If you’ve ever flown on a plane, you’ve likely experienced some turbulence along the way. While it’s an uncomfortable feeling, in most cases, it often doesn't significantly impact the overall journey. Similarly, market volatility is a natural part of investing, but it doesn’t have to derail your plan.
Here’s some of what we discuss in this episode:
0:00 – Intro
2:14 – Making adjustments along the way
4:40 – Staying the course despite turbulence
7:22 – Getting better investment performance over time
8:51– It’s vital to have a plan
Resources:
Schedule A Call with Scott: http://callosborn.com/
Scott's Book, A Pilot's Guide To Maximizing Wealth & Cashflow In Retirement: https://amzn.to/3xSn1ii
The Pilot's Planner Website: https://thepilotsplanner.com/
Watch the podcast on YouTube! https://www.youtube.com/@ThePilotsPlanner -
Tax planning might not be the most exciting topic, but it's certainly an important one. In this week’s episode, Scott and Marc chat about the differences between traditional 401ks and the increasingly popular Roth 401k when it comes to taxes. For pilots, the 401k is often the largest wealth-building tool, so it’s very important to understand how to navigate them and how they could affect your taxes now and in the future.
Here’s some of what we discuss in this episode:0:00 – Intro
1:09 – Sub-accounts in a 401k
3:45 – Advantages of Roth 401ks
5:31 – Tax planning checklist
7:22 – Company matches
9:44 – Getting your 401k debt free
Check out the Tax Planning Checklist HEREResources:
Schedule A Call with Scott: http://callosborn.com/
Scott's Book, A Pilot's Guide To Maximizing Wealth & Cashflow In Retirement: https://amzn.to/3xSn1ii
The Pilot's Planner Website: https://thepilotsplanner.com/
Watch the podcast on YouTube! https://www.youtube.com/@ThePilotsPlanner -
This week on the Wealthy Pilot’s Podcast, we’re focusing on interest rates and their impact on the stock and bond market. With recent fluctuations in the market and potential rate changes on the horizon, it's crucial to understand how these factors can affect your financial strategy, especially for those nearing retirement.
Stay tuned as we break down how interest rates impact various sectors and the historical effects of rate cuts on the stock market. We’ll also discuss the importance of having a diversified investment strategy, especially in volatile markets.
Here’s some of what we discuss in this episode:0:00 – Intro
0:53 – Interest rates impact on investments
4:49 – Historical performance of rate cuts on stock market
6:27 – Having a diversified, well-structured investment plan
Resources:
Schedule A Call with Scott: http://callosborn.com/
Scott's Book, A Pilot's Guide To Maximizing Wealth & Cashflow In Retirement: https://amzn.to/3xSn1ii
The Pilot's Planner Website: https://thepilotsplanner.com/
Watch the podcast on YouTube! https://www.youtube.com/@ThePilotsPlanner -
Election years can stir up uncertainty, especially in the financial markets. But how should pilots, with their unique financial situations, navigate this turbulence? Stay tuned as Scott and Marc dive into the effects of election cycles on investing, finance, and retirement planning.
Here’s some of what we discuss in this episode:
0:00 – Intro
0:38 – The stock market’s volatility
5:08 – Staying invested through political changes
7:07 – Being intentional with long-term decisions
Resources:
Schedule A Call with Scott: http://callosborn.com/
Scott's Book, A Pilot's Guide To Maximizing Wealth & Cashflow In Retirement: https://amzn.to/3xSn1ii
The Pilot's Planner Website: https://thepilotsplanner.com/
Watch the podcast on YouTube! https://www.youtube.com/@ThePilotsPlanner -
Many people default to Traditional IRAs or 401(k) plans simply because it's the path of least resistance. But is this always the best strategy for your long-term financial picture? In this week’s episode, Scott will cover the differences between traditional and Roth IRAs.
Stay tuned as he helps you understand the basics and breaks down some of the long-term tax implications to keep in mind.Here’s some of what we discuss in this episode:
0:00 – Intro
1:49 – Traditional Vs. Roth
2:42 – The importance of strategic tax planning
6:40 – Why is the Roth so powerful?
Resources:
Schedule A Call with Scott: http://callosborn.com/
Scott's Book, A Pilot's Guide To Maximizing Wealth & Cashflow In Retirement: https://amzn.to/3xSn1ii
The Pilot's Planner Website: https://thepilotsplanner.com/
Watch the podcast on YouTube! https://www.youtube.com/@ThePilotsPlanner -
This week on The Wealthy Pilots Podcast, we're diving into one of the key components of a solid financial strategy: investing. We'll be discussing the unique challenges and opportunities pilots face when it comes to managing their investments and more with Scott Osborn, the Pilot’s Planner.
Here’s some of what we discuss in this episode:0:00 – Intro
0:40 – DIY planning vs working with an advisor
6:20 – Self-directed brokerage accounts
10:00 – Main tenets of a good investment plan
Resources:
Schedule A Call with Scott: http://callosborn.com/
Scott's Book, A Pilot's Guide To Maximizing Wealth & Cashflow In Retirement: https://amzn.to/3xSn1ii
The Pilot's Planner Website: https://thepilotsplanner.com/
Watch the podcast on YouTube! https://www.youtube.com/@ThePilotsPlanner -
Have you ever heard of the financial red zone? This is the crucial window spanning the last ten years before retirement and the first five years after. Mistakes made during this period can have long-lasting repercussions, potentially derailing your retirement plans. Tune in as Scott explains why this 15-year period is so critical and shares valuable insights on navigating it effectively!
Here’s some of what we discuss in this episode:0:00 – Intro
0:37 – What is the financial red zone?
2:20 – Why is this period so important?
5:16 – Some common mistakes in the red zone
Resources:
Schedule A Call with Scott: http://callosborn.com/
Scott's Book, A Pilot's Guide To Maximizing Wealth & Cashflow In Retirement: https://amzn.to/3xSn1ii
The Pilot's Planner Website: https://thepilotsplanner.com/
Watch the podcast on YouTube! https://www.youtube.com/@ThePilotsPlanner -
Welcome to The Wealthy Pilot’s Podcast with Scott Osborn, a seasoned retirement coach at Patriot Wealth Planners and an esteemed 18-year Army veteran. Working closely with pilots from various backgrounds, Scott understands the unique challenges they face. His mission is to help pilots navigate challenges, avoid common mistakes, and adopt best practices for financial success.
So, what can you expect from the Wealthy Pilot’s Podcast? Tune in to find out more!
Here’s some of what we discuss in this episode:0:00 – Intro
0:44 – Why The Wealthy Pilot’s podcast?
2:27 – Scott’s appreciation for the pilot community
5:29 – Scott’s background and journey to financial planning
9:52 – Scott's hope for this podcast
Resources:
Schedule A Call with Scott: http://callosborn.com/
Scott's Book, A Pilot's Guide To Maximizing Wealth & Cashflow In Retirement: https://amzn.to/3xSn1ii
The Pilot's Planner Website: https://thepilotsplanner.com/
Watch the podcast on YouTube! https://www.youtube.com/@ThePilotsPlanner
