The Financial Detox Show
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Today’s show kicks off with Jason and Alex introducing guest Rick Labrum, founding adviser to Intelligence Driven Advisers also Jason’s Dad and mentor. Today’s show discusses Smart Goals for 2021. Jason shares a story of how he and his boys applied a S.M.A.R.T. goal to make the game of golf more enjoyable for young players.
Jason and Alex kick off the show sharing stories of family and staying safe around the holidays attempting to hold on to the traditions that we all have, while recognizing the current COVID protocols. With this intro, the show segues into the “Season of Giving” a discussion around charitable giving and the benefits associated to reduce your taxable liabilities.
Jason and Alex talked about our proprietary 401(k) solution called Future Ready 401(k), which is for an any person participating in a 401(k) plan. This 401(k) retirement solution would bring benefits to the participants/employees, human resources department managers, corporate owners, controllers, directors of finance, etc.
Jason and Alex started by talking about how this year has brought their family’s closer together with one another. There have been a lot of ups and downs this year and it has been filled with tremendous hardship for a lot of people, and much prosperity for others. Jason talked about how negativity and people having negative attitudes is at an all time high, and how it is almost trendy to talk about the doom and gloom.
This week’s show starts off with Jason and Alex sharing what they are thankful for and what IDA will be doing as a give back to the community. “Wreaths Across America” a benefit that honors past veterans, by placing holiday wreaths onto their grave sites. The employees of Intelligence Driven Advisers and their families will be placing wreaths on over 400 veteran grave sites at the Fallbrook Masonic Cemetery in Fallbrook Ca. This patriotic gesture leads the conversation into respect for our country and the sacrifices that were made for the better of mankind and the ability to practice freedom of speech.
Jason and Alex began by stating the main purpose of the show is to help individuals steer clear of toxic advice, prevent them from making great behavioral mistakes, and helping individuals create disciplines and philosophies to think about building wealth. Jason talked about how most advisors do not do tax planning, such as tax loss harvesting in a client’s portfolio, until the end of the year, which may be too late. Many of those advisors have already missed opportunities to save their clients thousands and thousands of dollars over the span of their financial lives.
Jason starts the show with stating that, “if you’ve recently sold a business, have a stock position with a lot of long-term capital gains, or thinking about selling a piece of real estate with a lot of appreciation, you need to listen to this show and pay tons of attention”. Alex chimes in stating, that this is one of those opportunities that is relatively new. Only three years old. Alex mentions the beginnings of 401(k)s and 1031 exchanges as examples. If you have a potential liquidity event coming up, you may want to pump the brakes before paying the taxes and investigate Qualified Opportunity Zone Fund (“QOZs”).
Jason started the show by introducing a special guest Estee Gubbay, who is a luxury travel expert with Luxurist Travel. Thomas Ohanesian, a wealth adviser on the Financial Detox team at IDA, also joined Estee and Jason in the studio. He talked about how everyone is fed up with talking about the elections and all the nonsense that is going on around the world, so it is perfect timing to pivot and talk about wealth management and bearing the fruits of hard work by traveling.
Jason starts this week’s show off with an introduction to special guest speaker Brian McArthur from Bridlewood Insurance Services, a Medicare Insurance Agent. Jason asks Brian to set the record straight with the timing of enrollment and the choices available. Brian takes Jason’s lead and explains that Medicare is a deadline driven industry that markets with fear to obtain your business. By age sixty-four, be prepared to receive more marketing material than you could ever imagine. Be proactive and reach out to an agent sooner than later to begin the process of learning what options will be best suited for your health insurance needs.
Jason and Alex started by talking about quantifying how we deliver true value to our clients as Fiduciary advisers. Jason explained how numerous clients have reached out to him because they were very nervous about the market around the election. They explained how some of these behavioral mistakes are not just 1,2,3 percent negative decisions. This could result in much more than 10, 20, 30+ percent negative decisions. Jason talked about not being able to time the market in a reliable manner, and even if you get it right the first time, there are no guarantees that you will get it right the second time.