Wealth-Building Made Simple
1,062 episodes - English - Latest episode: 22 days ago - ★★★★★ - 12 ratingsWith so much information out there on how to build wealth, it’s understandable how some people can get overwhelmed. My team and I created this one stop shop podcast to explain wealth-building topics in a short and simple way so that anyone can understand, no matter if they have $10 dollars or $10 million dollars to invest.
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Episodes
Understanding the Abundance of Wealth
December 11, 2023 16:25 - 15 minutes - 14.9 MBKey Takeaways: Money is not a physical symbol but rather a manifestation of trust and faith. Building trust and character is essential for attracting wealth and opportunities. Manipulation and force may lead to short-term gains, but true wealth comes from being an open current of giving and sharing. The more people trust and have faith in you, the more opportunities and wealth will come your way. Money is abundant, and the form of it may change over time, but it will always flow. Ch...
Tips for Checking Your Paycheck in 2024
December 08, 2023 15:16 - 12 minutes - 11.7 MBKey Takeaways: Review your paycheck at the beginning of the year to ensure accuracy and maximize tax savings. Understand the various codes and deductions on your paycheck to ensure proper withholding. Seek help from HR, your employer, or a CPA if you need assistance understanding your paycheck. Take advantage of pre-tax deductions to reduce your taxable income and maximize benefits. Chapters: Timestamp Summary [0:00:05] Introduction of Philip Washington, Jr. as a registered investm...
The Path to Wealth Building and Market Success
December 06, 2023 14:11 - 22 minutes - 21 MBKey Takeaways: Prioritizing other people's opinions can slow down wealth building progress. Trend following is a successful investment strategy based on the natural cycles and trends observed in various aspects of life. Thinking outside the box and being open-minded allows for intuitive trend following. Navigating the market based on positive thoughts and feelings can lead to better investment decisions. Chapters: Timestamp Summary [0:00:05] Introduction and disclaimer [0:01:11] I...
Mark Cuban’s Sale of the Dallas Mavericks and Investment Insights
December 05, 2023 14:48 - 11 minutes - 10.7 MBKey Takeaways: Mark Cuban's sale of the Dallas Mavericks resulted in an 11% annual rate of return over a 24-year period. Investing $285 million in 2000 was challenging due to limited options, making the 11% return impressive. Enjoying the journey to wealth and investing in things that feel good and make money is important. Cuban's timing is excellent as he can now invest in areas like women's sports, soccer, sports betting, and esports. Chapters: Timestamp Summary [0:00:05] Introducti...
A Strategy for Catching Big Investment Trends
November 29, 2023 18:51 - 22 minutes - 21 MBKey Takeaways: Prioritizing other people's opinions can hinder progress towards financial goals. Trend following is a successful investment strategy that involves being sensitive to the market's mindset changes. Being open-minded and intuitive allows for a deeper understanding of where the world is heading. Chapters: Timestamp Summary [0:00:05] Introduction and disclaimer about investment advice [0:01:11] Importance of not caring about others’ opinions for wealth building [0:03:4...
Bread Fables: Money as a Measure of Success
November 27, 2023 11:52 - 16 minutes - 15.3 MBKey Takeaways: Success is subjective and can be measured in different ways, not just by money. Making money doesn't have to be hard; it depends on our beliefs and mindset. Money is not limited; it is what we believe it to be, and there is plenty for everyone. Chapters: Timestamp Summary [0:00:38] Introduction to the episode and the $500 investment plan [0:01:41] Money is a measure of success [0:03:15] Success can involve making less money temporarily for personal growth [0:04:47]...
Planning for Business Exit: Start Early and Build Value
November 24, 2023 15:07 - 16 minutes - 15 MBKey Takeaways: Start with an exit plan in mind and think about personal goals for retirement or exit. Build a team of professionals, including a CPA, financial advisor, and attorney, to help plan for the future. Focus on creating enterprise value, not just a job for yourself. Evaluate workplace culture and attract employees who are passionate about the business. Continuously reassess and adjust the plan as circumstances change. Chapters: Timestamp Summary [0:00:37] Introduction an...
Bread Fables: Challenging Common Money Beliefs
November 20, 2023 16:37 - 18 minutes - 17.7 MBKey Takeaways: Money is not the key to happiness; true happiness comes from within. The amount of money we have does not determine our level of stress; it depends on our emotional state and perspective. Money cannot buy true love or happiness; these things come from within and cannot be purchased. The love of money, not money itself, is the root of all evil; our perspective towards money is what matters. Chapters: Timestamp Summary [0:00:37] Introduction to the episode and the $500...
Planning for Business Risks: Divorce, Disagreement, Disability, Distress, and Death
November 17, 2023 14:01 - 17 minutes - 15.9 MBKey Takeaways: Plan for potential risks in your business, such as divorce, partner disagreement, disability, distress, and death. Work with an attorney to create appropriate legal documents to address these risks. Regularly review and update agreements with partners to ensure alignment and avoid conflicts. Have disability insurance to cover loss of income in case of personal disability. Communicate well and quickly in times of financial distress and seek assistance from a strong team. ...
Stress in Entrepreneurship: Finding Balance and Success in Business
November 15, 2023 14:17 - 30 minutes - 28.1 MBKey Takeaways: Financial uncertainty and cash flow issues are inherent in entrepreneurship, but they can be managed by prioritizing expenses and only taking on necessary costs. Market volatility and competition can be navigated by focusing on the positive aspects of one's business and evolving to meet the needs of the market. Balancing work and personal life as an entrepreneur is possible by prioritizing peace and aligning business decisions with desired lifestyle outcomes. Chapters: ...
Simplifying Business Planning for Success in Wealth Building
November 13, 2023 14:35 - 19 minutes - 17.8 MBKey Takeaways: Identify market biases and question why certain practices are still prevalent. Simplify the business planning process by focusing on what doesn't make sense in the market. Find a business idea that solves a problem and offers a unique solution. Consider low-cost marketing strategies, such as starting a podcast or speaking at schools. Build a business in a way that aligns with your passion and allows for flexibility and enjoyment. Chapters: Timestamp Summary [0:00:05...
Maximizing Business Value: The Importance of Exit Planning
November 10, 2023 15:24 - 13 minutes - 12.4 MBKey Takeaways: Income vs. value creation: Business owners should focus on both generating income and creating long-term value in their businesses. Regular financial reviews: Regularly reviewing financials with a CPA or financial planner helps ensure that you have sufficient income and are setting the stage for a successful exit. Building the right team: Working with professionals who understand your goals and can hold you accountable is crucial for achieving a successful exit. Using anal...
Rewiring Your Financial Attitude: Overcoming Challenges to Wealth Building
November 06, 2023 15:42 - 20 minutes - 18.6 MBKey Takeaways: Align your mind, body, and spirit to create a positive mindset around money. Change your thoughts and beliefs about money to attract opportunities. Focus on the feeling of abundance, security, and freedom to improve your relationship with money. Surround yourself with like-minded individuals who support and encourage your financial goals. Chapters: | **Timestamp** | **Summary** | | ------------- | ----------- | | 0:00:38 | Introduction to the topic of financial inde...
Learn About the Benefits of Donor Advised Funds for Tax Planning
November 03, 2023 14:23 - 12 minutes - 11.3 MBKey Takeaways: Donor-advised funds allow individuals to receive an immediate tax deduction for their donations and have time to decide which organizations to support. By donating a larger sum to a donor-advised fund, individuals can maximize their tax benefits and still distribute the funds over several years. It is important to choose a donor-advised fund sponsor that supports the organizations you want to donate to. Chapters: | **Timestamp** | **Summary** | | ------------- | -----...
Investment Growth: Factors and Nontraditional Opportunities Explained
November 01, 2023 14:27 - 30 minutes - 28.2 MBKey Takeaways: The amount of money invested and the time horizon are significant factors in investment growth. Return on investment includes capital appreciation, dividends, interest, and rental income. Compounding is the magic of investing, allowing for exponential growth over time. Diversification is a risk management tool that helps mitigate potential losses. Market conditions, such as interest rates and inflation, can impact investment returns. Chapters: | **Timestamp** | **Sum...
Key Factors to Consider When Choosing a Mutual Fund
October 30, 2023 14:57 - 23 minutes - 22.1 MBKey Takeaways: Match your investment objective with the fund's objective. Past performance does not guarantee future performance. Consider expenses and fees relative to expected return. Analyze a fund manager's expertise and the fund's holdings. Increase risk tolerance through education, a supportive peer group, meditation, and appreciation of all expressions of money. Chapters: | **Timestamp** | **Summary** | | ------------- | ----------- | | 0:00:05 | Introduction and disclaime...
Preparing for Year-End Taxes: Tips and Strategies for a Smooth Filing
October 27, 2023 15:26 - 8 minutes - 8.32 MBKey Takeaways: Review your pay stubs and assess tax withholdings to avoid any surprises. Maximize contributions to HSAs and traditional 401(k) plans to reduce taxable income. Keep track of eligible deductions, such as medical expenses and charitable contributions. Consult with a qualified CPA to review your tax return and ensure proper preparation. Chapters: | **Timestamp** | **Summary** | | ------------- | ----------- | | 0:00:07 | Disclaimer about investment advice and risks inv...
Breaking Free from Financial Limitations: Rewiring Your Attitude
October 23, 2023 17:32 - 16 minutes - 15 MBKey Takeaways: Comfortability and habits provide stability, but change is constant and necessary for personal growth. Immediate gratification can be achieved by owning the feeling of appreciation rather than seeking external sources of fulfillment. Embracing the darkness and becoming aware of your limitations is essential for overcoming them and expanding yourself. Positive thinking and mindset shifts can lead to relief and a more fulfilling life, but individuals have the freedom to choo...
Preparing Your Business for Loans and Investors: Key Financial Considerations
October 20, 2023 14:40 - 13 minutes - 12.6 MBKey Takeaways: Business owners should have a strong understanding of their financials, including income statements, balance sheets, and debt schedules. Regularly reviewing financials with a qualified professional is crucial for maintaining a strong financial foundation. Lenders and investors look for a viable and successful business with strong cash flow and a solid customer base. Demonstrating a plan to rectify any financial challenges is essential when seeking funding. Debt financing...
How to Turn Hopeless Goals into Reality
October 18, 2023 13:44 - 29 minutes - 27.1 MBKey Takeaways: Feeling good about a goal attracts positive thoughts and opportunities. Negative feelings trap energy and hinder progress towards a goal. Stay present and enjoy the journey, rather than constantly living in the future. Individuals who can solve problems for business owners can negotiate for executive positions and equity in the company. The changing world offers opportunities to create new wealth. Chapters: | **Timestamp** | **Summary** | | ------------- | ----------- ...
Navigating Change and Overcoming Financial Anxiety
October 16, 2023 10:47 - 16 minutes - 15.2 MBKey Takeaways: Change is inevitable and can create both winners and losers. Embrace change and focus on positive thoughts to navigate through transitions. You don't have to sacrifice present happiness for future financial security. Find a balance that allows you to enjoy the present while planning for the future. Investing can be overwhelming due to the numerous options available. Think outside the box and find investment strategies that align with your goals and values. Chapters: ...
Four Ways to Improve the Value of Your Business
October 13, 2023 12:46 - 17 minutes - 15.8 MBKey Takeaways: Owner reliance can decrease the value of a business, so it's important to have a team in place to help run the business. A strong management team is crucial for a smooth transition when the owner exits the business. Regularly reviewing financials and having a clear understanding of the business's financial health is essential for maximizing value. Implementing standard operating procedures can demonstrate to potential buyers that the business is well-organized and efficien...
Building Wealth Through Positive Attitudes and Global Diversification
October 09, 2023 11:07 - 18 minutes - 17.3 MBKey Takeaways: Attitude plays a crucial role in wealth building and investing, as it shapes our perception of opportunities. Diversifying investments globally allows for exposure to industries and companies driving innovation and wealth creation. Wealth creation follows innovation, which is independent of location and pools of money. The wealthiest individuals are often the innovators, while traders focus on shuffling assets. Focusing on what you have and building from there is key to o...
Protecting Your Business from Cyberattacks: Impact on Value and Reputation
October 06, 2023 12:08 - 10 minutes - 9.63 MBKey Takeaways: Small to medium-sized businesses are more vulnerable to cyberattacks and should invest in cybersecurity measures. Cyberattacks can have a significant impact on the value and reputation of a business. Insurance companies may require businesses to have cybersecurity measures in place before providing coverage. Chapters: | **Timestamp** | **Summary** | | ------------- | ----------- | | 0:00:07 | Introduction and disclaimer about the podcast content. | | 0:00:38 | Discussi...
Bitcoin’s Unique Properties Make it a Strong Store of Value
October 04, 2023 12:45 - 41 minutes - 38.5 MBKey Takeaways: Bitcoin is a digital monetary protocol that allows for secure and low-cost value transfer across the globe. Bitcoin's properties, such as its limited supply and decentralization, make it a potentially superior store of value compared to traditional assets like gold and fiat currencies. Bitcoin's network effect and liquidity make it an attractive medium of exchange, with the potential to disrupt traditional payment systems. Other cryptocurrencies may have limited use cases ...
Building Wealth Without Sacrifice: Changing Your Mindset and Priorities
October 02, 2023 11:47 - 16 minutes - 15.5 MBKey Takeaways: Discipline is only necessary when you are going against how you feel. Focus on what you want and practice the feeling of having a lot of money. Have vices and indulgences, but be intentional about them and prioritize what brings you joy. Cultivate a sense of security and confidence from within, rather than relying on external factors like inheritances or windfalls. Chapters: | **Timestamp** | **Summary** | | ------------- | ----------- | | 0:00:07 | Disclaimer about the ...
2024 Budget Considerations for Business Owners
September 29, 2023 12:22 - 10 minutes - 9.61 MBKey Takeaways: Start tax planning early and review financials to make informed decisions for the upcoming year. Analyze revenue trends and identify areas where you can better serve your customers. Consider investing in capital equipment or expanding your business based on projected growth. Consult with a CPA or financial planner to develop a solid plan and make the most of tax savings opportunities. Chapters: | **Timestamp** | **Summary** | | ------------- | ----------- | | 0:00:07 ...
Financial Planning 101: Rewiring Attitudes for Wealth Building Success
September 25, 2023 10:04 - 17 minutes - 16.1 MBKey Takeaways: Feeling overwhelmed by financial situations can hinder decision-making. Take time to find balance and equilibrium before tackling financial issues. Impulsive spending is often a result of unmet desires. Address the root cause and work on emotional balance to change spending habits. Financial success is not limited to luck or privilege. Positive mindset and expectation play a significant role in attracting luck and opportunities. Fear is an energy of depression and can lead...
401k and Cash Balance Plans
September 22, 2023 12:18 - 11 minutes - 10.7 MBKey Takeaways: The CARES Act allows business owners to receive up to a $5,000 tax credit for the next three years to offset administrative costs of setting up a 401(k) plan. Requiring auto enrollment for employees in a 401(k) plan can result in a $1,500 tax credit for the business owner in the first year. Cash balance plans allow business owners to contribute a significant amount of money towards retirement, potentially several hundred thousand dollars per year. Cash balance plans requir...
Reshaping Thoughts on Money: Overcoming Limiting Beliefs to Build Wealth
September 18, 2023 11:30 - 23 minutes - 21.4 MBKey Takeaways: - Evolving one's mindset is essential for financial growth and success. Sacrificing one's current lifestyle is not always necessary to achieve financial goals. - Past failures should not discourage future attempts; healing and finding new interests can lead to success. - Trust in financial institutions and advisors can be built through personal faith and expectations. - Being good with numbers is not a prerequisite for managing money and building wealth. - Retirement can be r...
Tax Loss Harvesting
September 15, 2023 14:28 - 12 minutes - 11.8 MBKey Takeaways: Tax loss harvesting involves selling stocks at a loss to offset capital gains and minimize tax bills. The immediate tax savings from tax loss harvesting can be significant, but it is essential to consider long-term implications. Tax losses can be carried forward indefinitely, providing potential benefits in future years. Tax loss harvesting should be part of a broader financial strategy and coordinated with other investment and estate planning goals. Chapters: | **Tim...
Mind Over Money: Money Is NOT the Root of All Evil
September 11, 2023 13:24 - 20 minutes - 18.7 MBKey Takeaways: Age is not a barrier to learning about money and personal finance. It's never too early to start thinking about money and building financial literacy. Debt can be viewed as neutral, and it's important to differentiate between debt that generates income and consumer debt. Creating a plan to reduce consumer debt is essential. Overcoming the belief that there is not enough time to learn about personal finance requires a shift in mindset. Prioritizing and making time for learni...
4th Quarter Tax Planning
September 08, 2023 13:51 - 15 minutes - 14.2 MBKey Takeaways: Purge your house and donate non-cash items to charity to maximize tax deductions. Consider donating underperforming stocks to charity to offset gains in the stock market. Maximize contributions to your 401(k) to save for retirement and reduce taxable income. Prepay expenses for the upcoming year, such as marketing expenses or rent, to take advantage of tax deductions. Utilize a donor-advised fund for charitable giving to receive immediate tax savings. Contribute to a Hea...
Mind Over Money, There Is No Reward Without Risk
September 04, 2023 13:14 - 17 minutes - 16.7 MBKey Takeaways: Wealth, happiness, and beauty are subjective and based on mindset. Faith is necessary for successful investing and building wealth. Deservingness of wealth is a continuous process of growth and evolution. Being comfortable with one's current financial situation attracts more wealth. The right attitude is crucial for effective saving and investing. Chapters: | **Timestamp** | **Summary** | | ------------- | ----------- | | 0:00:38 | Introduction and announcement of...
DFW Real Estate Market: Strategies for Success in a Changing Landscape
September 01, 2023 12:13 - 34 minutes - 32.2 MBKey Takeaways: Many investors are making the mistake of sticking to outdated real estate strategies instead of adapting to the current market. Airbnb rentals are being banned in certain cities, making them less profitable. Interest rates and property taxes are increasing, making fix and flips and long-term rentals less viable options. First-time homebuyers may need to live in discomfort for a short period of time in order to afford a home in the current market. The DFW area offers oppor...
Ways to Fund Business Growth
August 30, 2023 15:50 - 9 minutes - 9.2 MBKey Takeaways: Funding the business yourself gives you complete control over how you run your business. Taking out a loan requires careful consideration of financial obligations and interest rates. Bringing on equity investors means giving up some control and being accountable to them. Chapters | **Timestamp** | **Summary** | | ------------- | ----------- | | 0:00:01 | Introduction to the podcast episode | | 0:01:28 | Funding the business yourself | | 0:02:40 | Taking out a loan |...
Mind over Money: Flood your Mind with Thoughts of Abundance
August 25, 2023 15:50 - 15 minutes - 14.7 MBKey Takeaways: - Negative thoughts about money stem from a lack mindset and can be reframed by focusing on areas of abundance in your life. - It's important to give yourself grace and not compare your financial situation to others. - Money is not inherently complicated; it's a matter of building confidence and finding the right resources to learn about it. Chapters | **Timestamp** | **Summary** | | ------------- | ----------- | | 0:00:01 | Introduction to the podcast and series on rewi...
Managing Business Cash-Flow with Alison Reiff-Martin CPA
August 23, 2023 12:39 - 10 minutes - 9.52 MBKey Takeaways: - Tracking cash flow is crucial for business owners to ensure they have enough money to cover costs and make informed financial decisions. - Cash flow can be categorized into operational cash, investment cash, and financing cash. - Operational cash should ideally be positive, indicating that the business is generating enough revenue to cover expenses. - A 13-week cash flow projection is a valuable tool for planning and ensuring the availability of operational cash. - It is im...
Mind Over Money: Willpower is overrated
August 18, 2023 18:08 - 16 minutes - 15.8 MBKey Takeaways: - Willpower is not a sustainable energy source; focus on changing the underlying feeling of dissatisfaction with your current financial situation. - Prioritize mental clarity and incorporate meditation into your daily routine to achieve a sense of calm and control. - Let go of past financial mistakes and focus on the present moment to create a better financial future. Chapters | **Timestamp** | **Summary** | | ------------- | ----------- | | 0:00:01 | Introduction to the...
Ideas for catching up on building retirement savings
August 17, 2023 12:10 - 30 minutes - 28.3 MBKey Takeaways: - Calculate the amount needed for retirement by multiplying your desired annual income by 25 to 30. - Find a job or income source that you love to alleviate the pressure of saving a large sum for retirement. - Market volatility can be an opportunity for higher returns if you invest in future generation businesses. - Rising healthcare expenses can strain retirement funds, but investing in innovative healthcare technologies can help mitigate the impact. - Prepare for unexpected...
The Benefits of Having Key Performance Indicators in Business
August 15, 2023 21:03 - 9 minutes - 9.38 MBKey Takeaways: 1. KPIs are essential for tracking business goals and financial health. 2. Focus on a few key KPIs that align with your business objectives. 3. KPIs provide actionable insights to improve business performance. 4. Trends in KPIs can indicate the need for course correction or continuation of successful strategies. Chapters | **Timestamp** | **Summary** | | ------------- | ----------- | | 0:00:01 | Introduction to the podcast and sponsor | | 0:00:30 | Importance of KPIs for bu...
Navigating Financial Pressure with Ease
August 11, 2023 18:13 - 19 minutes - 18 MBKey Takeaways: - Financial pressure is a natural part of growth and expansion. - The pain from financial pressure is self-imposed and comes from focusing on the conditions instead of how you want to feel about the situation. - Owning the feeling of financial security and appreciating the good aspects of life can help alleviate financial pressure. - Focusing on feeling good and enjoying the journey can lead to positive outcomes and faster growth. Chapters | **Timestamp** | **Summary*...
The Importance of Focus in Business
August 10, 2023 13:29 - 11 minutes - 10.7 MBKey Takeaways: 1. Niching down allows businesses to focus on a specific target audience and provide a specialized product or service. 2. Specializing helps streamline expenses, investments, and marketing efforts, leading to growth and success. 3. The emotional balance sheet is just as important as the financial balance sheet in finding fulfillment and satisfaction in business. Chapters | **Timestamp** | **Summary** | | ------------- | ----------- | | 0:00:01 | Introduction to the po...
The ”Airbnb” Ban in Dallas
August 08, 2023 14:26 - 11 minutes - 11 MBSummary Phillip and Rob discuss the recent Airbnb ban in Dallas. The ban prohibits short-term rentals in residential areas and aims to treat Airbnb properties like hotels. The ban is set to take effect on January 1, 2024, but enforcement may be challenging. The ban affects approximately 95% of Airbnb listings in Dallas. Some property owners may appeal the ban, leading to a potential legal battle. The future of Airbnb in Dallas remains uncertain, and property owners are exploring their optio...
The Story of Wealth
August 04, 2023 20:18 - 16 minutes - 15.8 MBKey Takeaways: - Wealth follows productivity and is influenced by changing preferences and beliefs. - Each generation brings new ideas and perspectives that shape the future of wealth. - Embracing freedom and being open to new technologies and trends is crucial for long-term success. Quotes: - "Wealth follows productivity. You have wealth from leverage and wealth from productivity, two different forms of wealth." - "The people that built the old economy, no matter the level of manipulatio...
Lead Like a Magician: The Elements of Successful Leadership with Braden Daniels
August 02, 2023 20:12 - 43 minutes - 40.4 MBAbout The Guest(s): Brayden Daniels is the founder of Lead Like a Magician and a professional magician. He combines his expertise in magic with leadership principles to help individuals and organizations improve their leadership skills. Braden has a background in business and has been practicing magic for many years. https://www.bradendaniels.com/ Summary: Braden Daniels, founder of Lead Like a Magician, joins Phillip on the Wealth Building Made Simple podcast to discuss the four elem...
Introduction to Wealth Building: Passive Income Streams
July 31, 2023 14:08 - 13 minutes - 12.9 MBKey Takeaways: 1. Passive income can be generated through dividends, rental properties, online businesses, and royalties. 2. Dividends are payments made by companies to shareholders from their profits. 3. Rental income is generated from owning real estate properties that are rented out. 4. Online businesses can provide passive income once the initial setup is done. 5. Royalties are payments received for the use of content created in the past. 6. Diversifying income streams is important...
The Art of Investing: Merging Reason and Imagination
July 28, 2023 19:20 - 21 minutes - 20 MBKey Takeaways: - Balancing reason and imagination is crucial for successful investing. - Overreliance on reason can hinder creativity and lead to overthinking. - An undisciplined imagination can result in a disconnect from physical reality. - Using both reason and imagination allows for a more holistic and informed approach to investing. - Imagining a future wealthy self can help maintain a positive mindset and make decisions aligned with long-term goals. Chapters | Timestamp | Summary...
Business: The Tax Benefits of a Family Limited Partnership
July 27, 2023 11:52 - 9 minutes - 9.27 MBKey Takeaways: - A family limited partnership is a legal entity that allows for the organized transfer of assets within a family structure. - Setting up a family limited partnership can help reduce the overall value of an estate, potentially lowering estate tax implications. - Income and losses can be allocated to different family members, taking advantage of lower tax rates. - It is important to work with an attorney and tax advisor to properly set up and manage a family limited partnershi...
Marriage and Money: Financial Roles and Responsibilities
July 26, 2023 13:22 - 9 minutes - 8.73 MBKey Takeaways: 1. Both partners should have roles and responsibilities in handling finances in a marriage. 2. Involving both partners in the decision-making process brings different perspectives and strengthens the couple's financial journey. 3. Major purchases should be made together, even if one person has a stronger preference. 4. Finances in marriage should be fun and not stressful. 5. Approaching finances as a unique expression of the couple's collective mindset can bring them closer t...