In this episode, Brian Skrobonja breaks down Kamala Harris' proposed tax plan and how it aims to tax unrealized capital gains for the ultra-rich.

He sheds light on how the tax plans will affect all Americans regardless of their income level, what to do if Kamala Harris is elected president, and how taxing unrealized gains could contribute to constant market volatility.

• Brian starts the conversation by breaking down the key elements in Kamala Harris' plan to tax unrealized capital gains for ultra-high-net-worth individuals.
• While proponents argue this would ensure the wealthiest Americans pay their fair share, Brian believes the potential implications warrant careful consideration.
• Brian breaks down the key aspects of Kamala’s proposal and how it could impact investors, businesses, and the overall financial landscape.
• According to a 2020 study, 93% of stock market wealth is held by the top 10% of households. If these individuals face a huge tax bill, they will likely find ways to move out of the market and into more tax-friendly investments.
• Brian explains why money flowing out of the stock market is bad news for all types of investors.
• Brian reveals how taxing unrealized capital gains for the ultra-rich not only affects the super rich, but would impact every household in America.
• By taxing unrealized capital gains annually, the proposal aims to generate additional federal revenue for social programs and debt deficit reductions.
• For Brian, one of the most immediate concerns surrounding this proposal is its potential to significantly increase market volatility.
• The stock market is highly sensitive to changes in tax policy. Introducing a new tax on unrealized gains could create a new layer of uncertainty for investors.
• Another significant concern is how this tax could impact long-term investment strategies.
• According to Brian, the prospect of being taxed on paper gains before those gains are realized could discourage investors from holding on to appreciated assets for extended periods of time.
• Brian talks about the potential for capital flight and how wealthy individuals may choose to move their assets to more tax-friendly jurisdictions.
• The other issue with Harris' plan is learning the values of every asset.
• Brian explains how determining the fair market value of a non-publicly traded asset is a complex and potentially contentious process that could lead to frequent disputes between taxpayers and the IRS.
• Brian explains how taxing unrealized capital gains could potentially stifle entrepreneurship, innovation, and funding for small businesses.
• Another potential consequence of this proposal is the risk of a significant market correction.
• As investors reevaluate their portfolios in light of the new tax regime, there's a case to be made about a broad sell-off, particularly in sectors with a high concentration of unrealized gains.
• While the full impact of taxing unrealized gains remains to be seen, it's clear that such a policy shift could have far-reaching implications for investors, businesses, and the economy as a whole, not just for the ultra-wealthy.
• If Harris wins the White House, we could see investors taking their capital gains before the year ends instead of waiting to see what happens next.
• By working with an experienced team of professionals, you can stay informed and by focusing on your long-term financial goals, you can prepare for whatever changes come your way.

 

 

Mentioned in this episode:

BrianSkrobonja.com

SkrobonjaFinancial.com

SkrobonjaWealth.com

BUILDbanking.com

Common Sense Financial Podcast on YouTube 

Common Sense Financial Podcast on Spotify

 

References for this episode:

https://www.asianinvestor.net/article/market-views-top-3-assets-likely-to-gain-if-harris-wins/498292

https://www.nbcnews.com/business/taxes/harris-plans-tax-unrealized-stock-gains-only-people-100-million-rcna168819

https://www.cnn.com/2024/08/21/investing/kamala-harris-wall-street-relationship/index.html

https://www.kiplinger.com/investing/stocks/stocks-to-buy-for-a-harris-presidency

https://www.investordaily.com.au/markets/55535-what-could-a-harris-presidency-mean-for-markets

https://moneyweek.com/economy/us-election/what-impact-could-kamala-harris-have-on-the-markets

https://www.aljazeera.com/economy/2024/9/11/investors-scramble-to-shift-positions-after-trump-harris-debate

https://www.cnbc.com/2024/09/04/harris-biden-capital-gains-tax-hike-trump-election.html

https://www.axios.com/2024/01/10/wealthy-own-record-share-stock-market

 

Securities offered only by duly registered individuals through Madison Avenue Securities, LLC. (MAS), Member FINRA &SIPC. Advisory services offered only by duly registered individuals through Skrobonja Wealth Management (SWM), a registered investment advisor. Tax services offered only through Skrobonja Tax Consulting. MAS does not offer Build Banking or tax advice. Skrobonja Financial Group, LLC, Skrobonja Wealth Management, LLC, Skrobonja Insurance Services, LLC, Skrobonja Tax Consulting, and Build Banking are not affiliated with MAS.

Skrobonja Wealth Management, LLC is a registered investment adviser. Advisory services are only offered to clients or prospective clients where Skrobonja Wealth Management, LLC and its representatives are properly licensed or exempt from licensure.

The firm is a registered investment adviser with the state of Missouri, and may only transact business with residents of those states, or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements. Registration with the United States Securities and Exchange Commission or any state securities authority does not imply a certain level of skill or training.

This material contains forward looking statements. Forward looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict.  Actual future results and trends may differ materially from what is forecast.

Investing involves risk, including the potential loss of principal. It is not possible to invest in an index. Any references to protection, safety or lifetime income, generally refer to fixed insurance products, never securities or investments. Insurance guarantees are backed by the financial strength and claims paying abilities of the issuing carrier.

Insurance guarantees are backed by the financial strength and claims paying abilities of the issuing carrier.  This show is intended for informational purposes only.  It is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual's situation.

This content is intended for informational purposes only. It is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual's situation.

Skrobonja Financial Group, LLC, Skrobonja Insurance Services, LLC, Skrobonja Wealth Management, LLC are not permitted to offer and no statement made during this presentation shall constitute tax or legal advice. Our firms are not affiliated with or endorsed by the U.S. Government or any governmental agency.

The information and opinions contained herein provided by third parties have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by Skrobonja Financial Group, LLC, Skrobonja Insurance Services, LLC, Skrobonja Wealth Management, LLC.

In this episode, Brian Skrobonja shares tips and insights on how to help protect yourself against identity theft.

He sheds light on the best identity theft tools in the market, what to consider when someone steals your identity, and ways to minimize the risk of your data ending up in the dark web.

• Brian starts the conversation by sharing what he learned as a victim of identity theft and how you can be more prepared if you find yourself in a similar situation.
• The reality is that identity theft continues to be a growing problem and millions of people each year find themselves having to deal with these thieves.
• So this shouldn't be viewed as something that happens to other people. It happens to a lot of people and can happen to you too.
• An important step to help protect yourself against identity theft is to assume it will happen to you at some point and try to be prepared to defend yourself when it does happen.
• Brian explains that we are on our own when it comes to protecting our identity--the police and credit companies are usually of little help.
• According to Brian, one super helpful thing you can do right now is visit credit reporting websites such as Experience or TransUnion.
• These companies can perform searches that go deep into the web and find where your information is posted.
• Your identity is you, and your credit is one of the most valuable assets you have--it's worth taking steps to protect yourself.
• Brian reveals why passwords are by far the most important element for identity protection.
• Passwords are like keys. They are to help keep something of value behind a door. They don't prevent a criminal from getting access, but it makes it more difficult.
• Using strong, complex passwords is one of the simplest ways to protect your accounts. Ideally, every account you have should have a unique password that you can change periodically.
• Brian talks about the two factor authentication. Yes, it can be a little irritating at times, but it’s an excellent tool that adds another layer of security that goes just beyond your password.
• Always shred documents with sensitive information to prevent dumpster diving thieves from getting a hold of crucial details.
• Brian explains what phishing scams are and how they work.
• These scams often involve fake emails or messages that appear to be from legitimate companies asking you to click on a link or provide sensitive information.
• For Brian, even with the best precautions, identity theft can still happen. But being aware of these things can help you not be a victim as easily.
• Once you've identified fraudulent activity, report it immediately. Begin by contacting your bank or credit card issuer to let them know about the suspicion's transactions.
• Brian shares when and how to freeze your credit account.
• Identity theft can be a frustrating experience. And although there's no proven way to prevent it entirely, you don't have to make it easy. It is a risk we all face, but let's not be the low-hanging fruit the thieves are all looking for.

 

 

Mentioned in this episode:

BrianSkrobonja.com

SkrobonjaFinancial.com

SkrobonjaWealth.com

BUILDbanking.com

Common Sense Financial Podcast on YouTube 

Common Sense Financial Podcast on Spotify

 

 

This information is being provided as a courtesy and is based solely on the hosts personal experience and is not to be considered professional recommendations or an exhaustive list of steps to prevent identity theft. Nothing can entirely prevent your identity from being stolen or used.

Securities offered only by duly registered individuals through Madison Avenue Securities, LLC. (MAS), Member FINRA & SIPC. Advisory services offered only by duly registered individuals through Skrobonja Wealth Management (SWM), a registered investment advisor. Tax services offered only through Skrobonja Tax Consulting. MAS does not offer Build Banking or tax advice. Skrobonja Financial Group, LLC, Skrobonja Wealth Management, LLC, Skrobonja Insurance Services, LLC, Skrobonja Tax Consulting, and Build Banking are not affiliated with MAS.

Skrobonja Financial Group, LLC, Skrobonja Wealth Management, LLC, Skrobonja Insurance Services, LLC, Skrobonja Tax Consulting, and Build Banking are not affiliated with MAS.

Skrobonja Wealth Management, LLC is a registered investment adviser. Advisory services are only offered to clients or prospective clients where Skrobonja Wealth Management, LLC and its representatives are properly licensed or exempt from licensure.

The firm is a registered investment adviser with the state of Missouri, and may only transact business with residents of those states, or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements. Registration with the United States Securities and Exchange Commission or any state securities authority does not imply a certain level of skill or training.

This material contains forward looking statements. Forward looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict.  Actual future results and trends may differ materially from what is forecast.

Insurance guarantees are backed by the financial strength and claims paying abilities of the issuing carrier.  This show is intended for informational purposes only.  It is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation. 

This content is intended for informational purposes only. It is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation.

Skrobonja Financial Group, LLC, Skrobonja Insurance Services, LLC, Skrobonja Wealth Management, LLC are not permitted to offer and no statement made during this presentation shall constitute tax or legal advice. Our firms are not affiliated with or endorsed by the U.S. Government or any governmental agency.

The information and opinions contained herein provided by third parties have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by Skrobonja Financial Group, LLC, Skrobonja Insurance Services, LLC, Skrobonja Wealth Management, LLC.

Life when you’re gone… an uncomfortable conversation most people prefer to avoid.

Why isn’t that a good idea? How can estate planning help you ensure that things are taken care of once you aren’t around anymore?

Listen to learn about big mistakes people make, the different elements that make up the estate plan puzzle, the three primary areas of cash flow, and the type of plan you should have in place.

• When it comes to end of life financial planning, many people tend to put it off because it’s an uncomfortable conversation to have.
• Even though the process for end of life planning is relatively simple in nature, Brian recommends getting professional help to deal with the details, which can be complex.
• Despite every situation being different, there are several core aspects of estate planning that everyone should consider.
• The first has to do with title and legal work. Brian has noticed that many people have a complete misunderstanding of the role legal work plays within their planning.
• Then, there’s life insurance. Many households rely on two incomes – or people – contributing to the family’s ecosystem.
• Their contribution to the family must be replaced when they’re gone, and that’s where life insurance comes into play.
• Another important, but often overlooked, aspect to an estate plan is budgets and cash flow. Brian doesn’t recommend planning in terms of weeks or months for it… rather, to plan in terms of years.
• “Your cash flow can be broken down into three primary areas,” says Brian. “Reoccurring obligations, irregular obligations, and savings.”
• Debts and investments are an additional area that makes up the estate plan puzzle.
• Brian stresses the importance of cash flow and shares a couple of examples that illustrate its key role.
• End of life planning is a difficult topic to address. Brian’s suggestion is to take steps to protect your loved ones by creating a custom comprehensive plan with the help of professionals.
• After that, the next step is to communicate the plan with your partner and family members – then, enjoy the peace of mind that comes along with knowing you have done everything in your power to provide for your loved ones.

 

 

Mentioned in this episode:

BrianSkrobonja.com

Estate Planning Checklist

 

 

Securities offered only by duly registered individuals through Madison Avenue Securities, LLC. (MAS), Member FINRA & SIPC. Advisory services offered only by duly registered  individuals through Skrobonja Wealth Management (SWM), a registered investment advisor. Tax services offered only through Skrobonja Tax Consulting. MAS does not offer Build Banking or tax advice. Skrobonja Financial Group, LLC, Skrobonja Wealth Management, LLC, Skrobonja Insurance Services, LLC, Skrobonja Tax Consulting, and Build Banking are not affiliated with MAS.   The firm is a registered investment adviser with the state of Missouri, and may only transact business with residents of those states, or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements. Registration with the United States Securities and Exchange Commission or any state securities authority does not imply a certain level of skill or training. Advisory services are only offered to clients or prospective clients where Skrobonja Wealth Management, LLC and its representatives are properly licensed or exempt from licensure.   This website is solely for informational purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be  rendered by Skrobonja Wealth Management, LLC unless a client service agreement is in  place.   Skrobonja Financial Group, LLC provides links for your convenience to websites produced by other providers of industry related material. Accessing websites through links directs you  away from our website. Users who gain access to third party websites may be subject to the copyright and other restrictions on use imposed by those providers and assume responsibility and risk from use of those websites. Any references to protection, safety or  lifetime income, generally refer to fixed insurance products, never securities or investments. Insurance guarantees are backed by the financial strength and claims paying abilities of the  issuing carrier.   This is intended for informational purposes only. It is not intended to be used as the sole  basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation. Our firm is not permitted to offer, and no  statement made on this site shall constitute tax or legal advice. Our firm is not affiliated with or endorsed by the U.S. Government or any governmental agency. The information and  opinions contained here in provided by third parties have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by our firm. Any media logos and/or trademarks contained herein are the property of their respective owners and no endorsement by those owners of Brian Skrobonja is stated or implied. The awards, accolades and appearances are not representative of any one client’s experience and is not indicative of future performance. Each of these awards have set criteria for their nominations and eligibility requirements. “Best Wealth Managers” and “Future 50 Company” are annual surveys conducted by Small Business Monthly. The winner is chosen by an online vote of the general public and no specific criteria is utilized to determine the winner other than number of votes. Some voters may not be clients of Brian Skrobonja and Skrobonja Financial Group. These awards are not representative of any one client’s experience and is not indicative of future performance.

Did you know that a good part of American households haven’t thought about retirement planning?

When it comes to planning for retirement, there are some key concepts to understand and three traps you should do your best to avoid.

Listen to learn why a money increase doesn’t always equal a lifestyle enhancement, the three things people often look at but that come back to bite them later on, and how you can effectively plan for retirement and protect your money.

• As life expectancy increases, people will be finding themselves needing to save more money for retirement.
• Brian believes that it’s going to be possible to be retired for as many years as one has worked, because people are living longer than ever before.
• According to a 2019 retirement confidence survey by the Employee Benefit Research Institute, more than half of American households are at risk of running out of money in retirement due to the lack of savings and the unpredictability of the stock market.
• If you look back and think about how much money you were making when you first started working and compare it to today, you should see an increase.
• However, more than a lifestyle enhancement, the increase is just an inflation adjustment. And the crazy thing is that only 42% of Americans have tried to calculate how much money they will need for retirement!
• Brian has noticed that many people go into retirement because of eligibility, without having actually calculated how much money they would need – this is a problem, especially because of three things that are outside of their control: inflation, markets, and taxes.
• To offset inflation, you need to earn more on your money than the inflation rate that is eroding your purchasing power.
• Want to protect yourself from market losses? Then, you either need to not be in the market or work to insulate your portfolio through diversification strategies that are challenging for most people to leverage.
• As far as taxes are concerned, the best way to tackle them would be to focus on building tax-free assets and stop the propensity to kick the “tax can” down the road.
• Even though these may sound like obvious moves, Brian has seen people do the opposite – with things like funding their 401k accounts, parking money in the bank, or pouring it into the stock market.
• Brian warns against tapping into the stock market as a means to draw income because it’s the Government and Wall Street that have control over it, not you.
• There’s a key difference that some people tend to forget when it comes to retirement planning: accumulating money is done one way, drawing income for retirement is done another way.
• Brian stresses the importance of not taking retirement planning lightly.
• Remember: underestimating the amount of money needed to maintain a comfortable lifestyle in retirement, or relying on too many things outside of your control can be a significant financial risk.

 

 

Mentioned in this episode:

BrianSkrobonja.com

BrianSkrobonja.com/FamilyOfficeQuiz

Center for Disease Control

Pew Research Center

Employee Benefit Research Institute

Susan Powter

Chat GPT

 

 

Securities offered only by duly registered individuals through Madison Avenue Securities, LLC. (MAS), Member FINRA &SIPC. Advisory services offered only by duly registered individuals through Skrobonja Wealth Management (SWM), a registered investment advisor. Tax services offered only through Skrobonja Tax Consulting. MAS does not offer Build Banking or tax advice. Skrobonja Financial Group, LLC, Skrobonja Wealth Management, LLC, Skrobonja Insurance Services, LLC, Skrobonja Tax Consulting, and Build Banking are not affiliated with MAS.

Skrobonja Wealth Management, LLC is a registered investment adviser. Advisory services are only offered to clientsor prospective clients where Skrobonja Wealth Management, LLC and its representatives are properly licensed or exempt from licensure.

Investing involves risk, including the potential loss of principal. Any references to protection, safety or lifetime income, generally refer to fixed insurance products, never securities or investments.

Insurance guarantees are backed by the financial strength and claims paying abilities of the issuing carrier. This podcast is intended for informational purposes only. It is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation.

Our firm is not permitted to offer and no statement made during this podcast shall constitute tax or legal advice.

Our firm is not affiliated with or endorsed by the US Government or any governmental agency. The information and opinions contained herein provided by the third parties have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by our firm.

You can live without saving money, and you can live with debt, but you cannot live without cash flow. In fact, if you want your personal finance to flourish, cash flow is a key element you need to focus on – passive income too. Why is that the case?

Find out about critical personal financing missteps you should avoid making, what to focus on to measure financial progress and happiness, and the key traits you can learn from the happiest and most successful people to win more in personal finance.

• Just like many other areas of life, personal finance too is dependent on your own tank both from a mental, physical, and resources standpoint.
• Trying to do too much with their resources is one of the most common personal finance missteps people make.
• There’s a tendency of segregating financial goals into silos and of gravitating towards what looks easiest over what is often best – which typically leads to personal finance goals not being achieved.
• Brian believes that the key to maximizing your capabilities should be on building resources, and then creating cash flow from them to fund everything else.
• Passive income plays a crucial role in that it fills your income gap, allowing you to free up your time.
• Brian sees people often getting caught up in their silos and finding themselves beholden to their system of working to spend.
• It’s possible to live without saving money, and with debt, but it’s impossible to live without cash flow.
• How do you measure financial progress? To identify what makes them happy, people often go beyond financial aspects and look at things such as family, friends, faith, fitness, and free time.
• Once you have this aspect figured out, you can either do everything by yourself – with all the risks that this approach entails – or you can delegate.
• In The 7 Habits of Highly Effective People, Stephen Covey explains that the happiest and most successful people have figured out how to buy more time by relying on professionals with the knowledge and experience to help them manage their relationships, health, time, and money.
• Tom Rath, author of Stengths Finder 2.0, has found that successful people tend to leverage strengths and delegate weaknesses. They spend their time on things they’re good at and want to spend their time on, and they delegate the tasks they can gain more time from by not doing them.

 

 

Mentioned in this episode:

BrianSkrobonja.com

BrianSkrobonja.com/FamilyOfficeQuiz

Chat GPT

The 7 Habits of Highly Effective People by Stephen Covey

Strengths Finder 2.0 by Tom Rath

 

This is a replay of "In Financial Planning, Consider Your ‘Fuel Tank of Capability’"

 

Securities offered only by duly registered individuals through Madison Avenue Securities, LLC. (MAS), Member FINRA & SIPC. Advisory services offered only by duly registered individuals through Skrobonja Wealth Management (SWM), a registered investment advisor. Tax services offered only through Skrobonja Tax Consulting. MAS does not offer Build Banking or tax advice. Skrobonja Financial Group, LLC, Skrobonja Wealth Management, LLC, Skrobonja Insurance Services, LLC, Skrobonja Tax Consulting, and Build Banking are not affiliated with MAS.

The firm is a registered investment adviser with the state of Missouri, and may only transact business with residents of those states, or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements. Registration with the United States Securities and Exchange Commission or any state securities authority does not imply a certain level of skill or training. Advisory services are only offered to clients or prospective clients where Skrobonja Wealth Management, LLC and its representatives are properly licensed or exempt from licensure.

This website is solely for informational purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Skrobonja Wealth Management, LLC unless a client service agreement is in place.

Skrobonja Financial Group, LLC provides links for your convenience to websites produced by other providers of industry related material. Accessing websites through links directs you away from our website. Users who gain access to third party websites may be subject to the copyright and other restrictions on use imposed by those providers and assume responsibility and risk from use of those websites. Any references to protection, safety or lifetime income, generally refer to fixed insurance products, never securities or investments. Insurance guarantees are backed by the financial strength and claims paying abilities of the issuing carrier.

This is intended for informational purposes only. It is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation. Our firm is not permitted to offer, and no statement made on this site shall constitute tax or legal advice. Our firm is not affiliated with or endorsed by the U.S. Government or any governmental agency. The information and opinions contained here in provided by third parties have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by our firm. Any media logos and/or trademarks contained herein are the property of their respective owners and no endorsement by those owners of Brian Skrobonja is stated or implied. The awards, accolades and appearances are not representative of any one client’s experience and is not indicative of future performance. Each of these awards have set criteria for their nominations and eligibility requirements. “Best Wealth Managers” and “Future 50 Company” are annual surveys conducted by Small Business Monthly. The winner is chosen by an online vote of the general public and no specific criteria is utilized to determine the winner other than number of votes. Some voters may not be clients of Brian Skrobonja and Skrobonja Financial Group. These awards are not representative of any one client’s experience and is not indicative of future performance.

Emergencies and retirement. This is what we're taught to save for. But what if you created a different system, which allowed you to pay for the expenses you will incur between now and retirement age – without losing the ability to build wealth?

Find out why you may need to rethink your financial planning approach and what you should do about the “Missing Middle.”

• According to popular opinion, sound financial planning advice typically consists of two main steps: saving for emergencies and saving for retirement.
• Brian found this to be slightly misleading because of the phenomenon he refers to as “The Missing Middle.”
• Think about how life generally goes: there are car payments, furniture, credit cards, tuition… you also have money going into an account that you can’t touch until you’re 60 and then, before you know it, you have thousands of dollars of debt. And that’s by following general advice.
• However, opting for a less traditional and more customized approach allows you to pay for the expenses you incur between now and retirement – the middle of your life, without entirely losing the ability to build wealth.
• Brian believes that the real benchmark you’re going to use should be based on your personal needs, goals, and financial situation.
• When there are big expenses people don’t account for in their regular cash flow, one of two things happens.
• People either continually deplete savings in order to pay for the things in cash (constantly funneling money back into their bank account to replenish the emergency fund).
• Alternatively, they finance everything with bank loans and credit cards. Neither option leads to wealth being created.
• Brian is convinced that you should model your entire financial life around your actual life, instead of around arbitrary concepts or ideas that don’t fit into the puzzle of what you’re actually trying to create (Brian calls this Your Life Cycle Model).
• In the Life Cycle Model individuals allocate resources over their lifetime with the aim of avoiding sharp changes in their standard of living, while avoiding debt and simultaneously building wealth.
• Brian explains how using the so-called build banking instead of a traditional bank can help you leverage the Life Cycle Model (and why you shouldn’t compare it to the stock market).
• People tend to separate their money into two buckets: saving and spending. Brian explains why that may not be the best of approaches – and what to do instead.

 

 

Mentioned in this episode:

BrianSkrobonja.com

BuildBanking.com

How Long Will My Money Last in Retirement

 

 

Securities offered only by duly registered individuals through Madison Avenue Securities, LLC. (MAS), Member FINRA & SIPC. Advisory services offered only by duly registered  individuals through Skrobonja Wealth Management (SWM), a registered investment advisor. Tax services offered only through Skrobonja Tax Consulting. MAS does not offer Build Banking or tax advice. Skrobonja Financial Group, LLC, Skrobonja Wealth Management, LLC, Skrobonja Insurance Services, LLC, Skrobonja Tax Consulting, and Build Banking are not affiliated with MAS.   The firm is a registered investment adviser with the state of Missouri, and may only transact business with residents of those states, or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements. Registration with the United States Securities and Exchange Commission or any state securities authority does not imply a certain level of skill or training. Advisory services are only offered to clients or prospective clients where Skrobonja Wealth Management, LLC and its representatives are properly licensed or exempt from licensure.   This website is solely for informational purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be  rendered by Skrobonja Wealth Management, LLC unless a client service agreement is in  place.   Skrobonja Financial Group, LLC provides links for your convenience to websites produced by other providers of industry related material. Accessing websites through links directs you  away from our website. Users who gain access to third party websites may be subject to the copyright and other restrictions on use imposed by those providers and assume responsibility and risk from use of those websites. Any references to protection, safety or  lifetime income, generally refer to fixed insurance products, never securities or investments. Insurance guarantees are backed by the financial strength and claims paying abilities of the  issuing carrier.   This is intended for informational purposes only. It is not intended to be used as the sole  basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation. Our firm is not permitted to offer, and no  statement made on this site shall constitute tax or legal advice. Our firm is not affiliated with or endorsed by the U.S. Government or any governmental agency. The information and  opinions contained here in provided by third parties have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by our firm. Any media logos and/or trademarks contained herein are the property of their respective owners and no endorsement by those owners of Brian Skrobonja is stated or implied. The awards, accolades and appearances are not representative of any one client’s experience and is not indicative of future performance. Each of these awards have set criteria for their nominations and eligibility requirements. “Best Wealth Managers” and “Future 50 Company” are annual surveys conducted by Small Business Monthly. The winner is chosen by an online vote of the general public and no specific criteria is utilized to determine the winner other than number of votes. Some voters may not be clients of Brian Skrobonja and Skrobonja Financial Group. These awards are not representative of any one client’s experience and is not indicative of future performance.

In this episode, Brian Skrobonja breaks down the seven key questions you must ask your advisor before choosing to work with them.

He sheds light on why selecting a financial advisor is crucial for your financial well-being, the benefits of working with an experienced financial advisor, and why you should be wary of financial entertainers.

• How can people find financial advisors who can help them beyond just picking investments?
• Brian goes over seven key areas you must consider before working with an advisor.
• He explains how selecting a financial advisor is a critical decision that can significantly impact your financial future.
• Brian reveals the difference between having an advisor who can help you invest money and one who can assist you in living the best life.
• For Brian, a good financial advisor helps you achieve results, not just in terms of market performance, but by providing actionable steps to move you closer to your desired outcome.
• An advisor's experience is critical in providing sound financial advice--always consider their level of experience and whether they focus on clients like yourself.
• Brian explains how an advisors' licenses can reveal a lot about what they can do for you--regulations require different licenses for various products and services.
• Brian reveals why many advisors choose not to pursue additional certifications.
• An advisor is not just someone who gives advice. They also connect you with other professionals and services.
• Understanding whether an advisor operates independently or within someone else's firm can provide insight into their level of flexibility and the scope of services they may be able to offer you.
• For Brian, it's important to know that it isn't just one thing that makes an advisor good. It's the combination of many factors that benefit you as the client.
• When choosing a financial advisor, consider their area of focus and how it aligns with your financial needs and goals.
• Brian reveals why you should prioritize working with licensed advisors. A person can set up a company, share opinions on money, and even sell books, but not be licensed to offer advice.
• Be very cautious about receiving information from people who claim to be advisors or worse, financial entertainers who don't follow the same compliance requirements.
• Brian talks about the benefits of visiting an advisor’s website. If they lack disclosures, it might indicate that they are either not licensed to provide the services you would expect from them, or they are not following the regulations.

 

 

Mentioned in this episode:

BrianSkrobonja.com

SkrobonjaFinancial.com

SkrobonjaWealth.com

BUILDbanking.com

Common Sense Financial Podcast on YouTube 

Common Sense Financial Podcast on Spotify

The Financial Fiduciary Standard Explained - article by Brian Skrobonja

 

 

Securities offered only by duly registered individuals through Madison Avenue Securities, LLC. (MAS), Member FINRA & SIPC. Advisory services offered only by duly registered individuals through Skrobonja Wealth Management (SWM), a registered investment advisor. Tax services offered only through Skrobonja Tax Consulting. MAS does not offer Build Banking or tax advice. Skrobonja Financial Group, LLC, Skrobonja Wealth Management, LLC, Skrobonja Insurance Services, LLC, Skrobonja Tax Consulting, and Build Banking are not affiliated with MAS.

Skrobonja Wealth Management, LLC is a registered investment adviser. Advisory services are only offered to clients or prospective clients where Skrobonja Wealth Management, LLC and its representatives are properly licensed or exempt from licensure.

The firm is a registered investment adviser with the state of Missouri, and may only transact business with residents of those states, or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements. Registration with the United States Securities and Exchange Commission or any state securities authority does not imply a certain level of skill or training. The views and opinions expressed here are those of the authors and do not necessarily reflect the official policy or position of Madison Avenue Securities, LLC

This material contains forward looking statements. Forward looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict.  Actual future results and trends may differ materially from what is forecast.

Investing involves risk including the potential loss of principal. Consider your risk tolerance and specific situation before investing.

Investments in securities are subject to investment risk, including possible loss of principal. Prices of securities may fluctuate from time to time and may even become valueless. Carefully read all of the relevant investment product’s offering documents and information before investing. Seriously consider investment suitability by referencing your financial position, investment objectives, and risks profile before making any investment decision.

Annuity guarantees rely on financial strength and claims-paying ability of issuing insurance company. Annuities are insurance products that may be subject to fees, surrender charges and holding periods which vary by carrier.   Annuities are not FDIC insured.

In this episode, Brian Skrobonja goes over the three main retirement mindsets that could negatively impact your retirement plans.

He sheds light on what most retirees get wrong about retirement planning, why being confident doesn’t eliminate investment risks, and what to consider when hiring a financial planner.

• Brian goes over three retirement mindsets that have the potential to derail even the best-laid retirement plans.
• He starts by explaining that there is more to the conversation around retirement than just having a permanent vacation.
• Retirement is not a destination; it’s a transition into a new stage of life.
• The different mindsets you need when saving money and growing a nest egg versus spending and withdrawing money from your retirement accounts.
• Mindset #1 - The Idea That Annuities Are Bad.
  • For Brian, retirement is about having a steady stream of income you can rely on no matter what Wall Street throws your way.
  • Brian reveals that most retirees want consistency and predictability in retirement--they want to know exactly how much money they have coming in each month.
  • Annuities are designed specifically to deliver this predictability and remove guesswork out of producing income for retirement.
  • Remember, stock market risks are real and they don’t disappear just because an investor is optimistic about what could potentially happen.
• Mindset #2 - The idea of the status quo of the stock market in retirement.
  • Some people believe that a well-diversified portfolio will predictably turn out enough profit to sustain them throughout retirement.
  • According to Brian, what is missing from this ideology is that the market doesn't go up in a straight line. If you experience a 50% loss, 50% in earnings will not get you back to even; you need 100%. And if you're making withdrawals, that only compounds the problem.
  • Brian reveals why the stock market is a great tool for wealth creation--but only if you allow the money to grow and aren't making withdrawals for income purposes.
• Mindset #3 - Fee anchoring.
  • What is a fee anchor? It's the amount someone has in their mind for what they should pay for financial related advice.
  • When considering a fee for an advisor, it's important to understand that it’s less about the fee and more about what you're getting in return.
  • A fee is only an issue when there is a vacuum of value.
  • For Brian, if you try to get an advisor to cut their fees, the more experienced and valued advisors will not take you as a client.
  • Brian explains why finding the right advisor can be invaluable, especially when it comes to navigating complex financial products like annuities, private markets, or selling a business.
  • Fees are important and you should understand them, but Brian encourages people to not use them as the primary consideration for making a decision.

 

Mentioned in this episode:

BrianSkrobonja.com

SkrobonjaFinancial.com

SkrobonjaWealth.com

BUILDbanking.com

Common Sense Financial Podcast on YouTube 

Common Sense Financial Podcast on Spotify

 

 

Securities offered only by duly registered individuals through Madison Avenue Securities, LLC. (MAS), Member FINRA & SIPC. Advisory services offered only by duly registered individuals through Skrobonja Wealth Management (SWM), a registered investment advisor. Tax services offered only through Skrobonja Tax Consulting. MAS does not offer Build Banking or tax advice. Skrobonja Financial Group, LLC, Skrobonja Wealth Management, LLC, Skrobonja Insurance Services, LLC, Skrobonja Tax Consulting, and Build Banking are not affiliated with MAS.

Skrobonja Wealth Management, LLC is a registered investment adviser. Advisory services are only offered to clients or prospective clients where Skrobonja Wealth Management, LLC and its representatives are properly licensed or exempt from licensure.

The firm is a registered investment adviser with the state of Missouri, and may only transact business with residents of those states, or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements. Registration with the United States Securities and Exchange Commission or any state securities authority does not imply a certain level of skill or training. The views and opinions expressed here are those of the authors and do not necessarily reflect the official policy or position of Madison Avenue Securities, LLC

This material contains forward looking statements. Forward looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict.  Actual future results and trends may differ materially from what is forecast.

Investing involves risk including the potential loss of principal. Consider your risk tolerance and specific situation before investing.

Investments in securities are subject to investment risk, including possible loss of principal. Prices of securities may fluctuate from time to time and may even become valueless. Carefully read all of the relevant investment product’s offering documents and information before investing. Seriously consider investment suitability by referencing your financial position, investment objectives, and risks profile before making any investment decision.

Annuity guarantees rely on financial strength and claims-paying ability of issuing insurance company. Annuities are insurance products that may be subject to fees, surrender charges and holding periods which vary by carrier.   Annuities are not FDIC insured.

In this episode, Brian Skrobonja explains what alternative investments are and why they are the fastest route to growing your assets or retirement savings.

He sheds light on how the most successful investors in the world keep getting wealthier and how to use an endowment like strategy to position your retirement assets.

• Brian explores alternative investments opportunities. 
• He goes over what larger investors are doing to diversify away from the public market in an effort to help clients protect downside risks.
• The shift in investment philosophy amongst the largest investors is something to pay attention to as it could offer valuable insights on how to position your retirement assets.
• Brian explains why it's prudent for investors to adopt an endowment like model.
• The wealthiest and most successful investors in the world keep getting wealthier, not because they are lucky or privileged, but because they are playing a different game than the average investor.
• According to Brian, with medical advancements extending life beyond what we have seen in the past, we are entering a longevity dilemma as people may find themselves living longer than their assets.
• For Brian, the traditional retirement age tied to social security eligibility has longevity implications that are being overlooked.
• The 4% rule suggests you can safely withdraw 4% of your retirement savings annually with the assumption that the balance in your account will sustain you for 30 years.
• Brian shares why he believes the 4% rule is not sustainable in the modern age. 
• There's risk with any type of investment and alternatives are no exception.
• Brian talks about portfolio diversification and why we need to expand the definition of diversification.
• Brian talks about alternative investments and why you should consider having a portion of your savings in private equity, private debt, real estate trusts, and even oil and gas.
• For Brian, the stock market may be a core component of a portfolio, but it cannot be the only holding. 
• Should investors get out of public markets entirely? 
• According to Brian, investors should not get out of the market entirely, but should acknowledge that there are many investment opportunities that are far better than the stock market.  
• We are seeing the world change before our eyes. The way we invest today needs to be forward looking to consider the changes that are underway.

 

Mentioned in this episode:

BrianSkrobonja.com

SkrobonjaFinancial.com

SkrobonjaWealth.com

BUILDbanking.com

Common Sense Financial Podcast on YouTube 

Common Sense Financial Podcast on Spotify

 

References for this episode:

kiplinger.com/article/investing/t047-c032-s014-to-succeed-at-investing-do-what-yale-does.html

brianskrobonja.com/podcasts/posts/ep-52-strategically-separating-your-assets-with-the-five-minute-retirement-plan/

prudential.com/financial-education/4-percent-rule-retirement#:~:text=The%204%25%20rule%20comes%20with,close%20to%20covering%20your%20needs.

wsj.com/finance/investing/pension-funds-stocks-bonds-679b8536

imf.org/external/pubs/ft/wp/2000/wp0018.pdf

weforum.org/agenda/2022/04/longer-healthier-lives-everyone/

nmhc.org/industry-topics/affordable-housing/apartment-supply-shortage/

sealynet.com/news/sealy-company-small-industrial-spaces/

nationalaffairs.com/publications/detail/inflation-and-debt

nasdaq.com/articles/revisiting-the-classic-60-40-portfolio-as-challenges-loom

 

 

Securities offered only by duly registered individuals through Madison Avenue Securities, LLC. (MAS), Member FINRA & SIPC. Advisory services offered only by duly registered individuals through Skrobonja Wealth Management (SWM), a registered investment advisor. Tax services offered only through Skrobonja Tax Consulting. MAS does not offer Build Banking or tax advice. Skrobonja Financial Group, LLC, Skrobonja Wealth Management, LLC, Skrobonja Insurance Services, LLC, Skrobonja Tax Consulting, and Build Banking are not affiliated with MAS.

Skrobonja Wealth Management, LLC is a registered investment adviser. Advisory services are only offered to clients or prospective clients where Skrobonja Wealth Management, LLC and its representatives are properly licensed or exempt from licensure.

The firm is a registered investment adviser with the state of Missouri, and may only transact business with residents of those states, or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements. Registration with the United States Securities and Exchange Commission or any state securities authority does not imply a certain level of skill or training. The views and opinions expressed here are those of the authors and do not necessarily reflect the official policy or position of Madison Avenue Securities, LLC

This material contains forward looking statements. Forward looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict.  Actual future results and trends may differ materially from what is forecast.

Investing involves risk including the potential loss of principal. Consider your risk tolerance and specific situation before investing.

Investments in securities are subject to investment risk, including possible loss of principal. Prices of securities may fluctuate from time to time and may even become valueless. Carefully read all of the relevant investment product’s offering documents and information before investing. Seriously consider investment suitability by referencing your financial position, investment objectives, and risks profile before making any investment decision.

Alternative investments may be subject to less regulation than other types of pooled investment vehicles. Alternative Investments may impose significant fees, including incentive fees that are based upon a percentage of the realized and unrealized gains and an individual’s net returns may differ significantly from actual returns. Such fees may offset all or a significant portion of such Alternative Investment’s trading profits. Incorporating alternative investments into a portfolio presents the opportunity for significant losses including in some cases, losses which exceed the principal amount invested. Also, some alternative investments have experienced periods of extreme volatility and in general, are not suitable for all investors. Asset allocation and diversification strategies do not ensure profit or protect against loss in declining markets. Endowment funds are managed for institutions not individuals. An endowment-like strategy is not an endowment or an endowment fund.

In this episode, Brian Skrobonja answers the top questions he receives from people looking for help with their financial plan.

He sheds light on why a plan is more than just picking stocks, what most people get wrong about passive income, and the benefits of knowing how much tax liability you’ll have in the future.

• Brian answers the top questions he receives from people looking for financial planning assistance. 
• He starts by explaining why a financial plan is more than just picking a few stocks or bonds.
• Unfortunately, there are many situations where products are being sold instead of financial plans being developed. For example, an annuity salesperson sells an annuity to somebody and suggests that the product is the retirement plan. 
• So, what does a good financial plan look like? 
• According to Brian, the first step is defining what success looks like. Growing your money is not a goal. You must understand and clearly know why you are saving money. 
• The other question Brian gets asked a lot is about passive income--what it is and why it’s important. 
• Passive income is income that is generated from an asset; it’s not cash in hand from selling an asset. For Brian, a retirement income plan cannot exist without passive income.
• Next is knowing how much future tax liability you have. The question here is what will you do to mitigate those taxes and what strategy do you have in place right now to reduce what taxes you owe right now?
• The other big question you must address when building a financial plan is the dangers you will face now and in the future.
• Life doesn't run in a positive straight line. We have to consider health challenges, an unforeseen death, market declines, and other scenarios that can disrupt your plans.
• The unique approach that Brian and his firm take is that they are more interested in knowing what clients want in life, than following a process to try to flush out the problems that could potentially disrupt those plans, and find solutions to satisfy those things.
• According to Brian, a plan has little to do with products and everything to do with what you want and how you can make that happen.
• Brian reveals the amount people have to pay to access his services and why he settled on that particular figure. 
• He also breaks down the definition of a professional--they get paid for their knowledge and ability to help you. 
• If someone is working for free, you have to ask what value is being delivered and what is their motivation for offering a free service. 
• Cost is only an issue when there's an absence of value and any fee without value is too high.

 

 

Mentioned in this episode:

BrianSkrobonja.com

SkrobonjaFinancial.com

SkrobonjaWealth.com

BUILDbanking.com

Common Sense Financial Podcast on YouTube 

Common Sense Financial Podcast on Spotify

 

 

Securities offered only by duly registered individuals through Madison Avenue Securities, LLC. (MAS), Member FINRA & SIPC. Advisory services offered only by duly registered individuals through Skrobonja Wealth Management (SWM), a registered investment advisor. Tax services offered only through Skrobonja Tax Consulting. MAS does not offer Build Banking or tax advice. Skrobonja Financial Group, LLC, Skrobonja Wealth Management, LLC, Skrobonja Insurance Services, LLC, Skrobonja Tax Consulting, and Build Banking are not affiliated with MAS.

Skrobonja Wealth Management, LLC is a registered investment adviser. Advisory services are only offered to clients or prospective clients where Skrobonja Wealth Management, LLC and its representatives are properly licensed or exempt from licensure.

The firm is a registered investment adviser with the state of Missouri, and may only transact business with residents of those states, or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements. Registration with the United States Securities and Exchange Commission or any state securities authority does not imply a certain level of skill or training.

Annuity guarantees rely on financial strength and claims-paying ability of issuing insurance company. Annuities are insurance products that may be subject to fees, surrender charges and holding periods which vary by carrier. Annuities are not FDIC insured.

Investments in securities are subject to investment risk, including possible loss of principal. Prices of securities may fluctuate from time to time and may even become valueless. Gas and oil investments are speculative in nature and are sold by Private Placement Memorandum (PPM). Carefully read the PPM before investing. Certain accreditation requirements may apply.

Our firm does not offer tax or legal advice. Consult your tax or legal advisor regarding your situation.