Goldstein on Gelt

Did you give (or get) a gift recently?

If you give a sizeable financial gift, who pays the tax? The donor or the recipient?

What are gift exclusions and how do they relate to couples?

In today’s Goldstein On Gelt interview, Doug speaks with futurist Martin Ford, New York Times best-selling author of Rise of the Robots: Technology and the Threat of a Jobless Future. Martin questions whether the rise of automation and increase use of robots means we need to fear for job security as well as economic security. He speaks about the limitation of computers, and the best way of investing in the financial markets in an automated world.

Follow Martin Ford on Twitter: @MFordFuture

What are the most common questions that investors ask? Doug created a series of 12 short videos with the answers to the questions he is most frequently asked.. Watch the videos at www.profile-financial.com/faq-video. Today, Doug helps you with your financial paperwork, and lets you know what papers you really need to keep.

In today’s interview Roger Lowenstein, author of America’s Bank: The Epic Struggle to Create the Federal Reserve, explains why the Federal Reserve was created and suggests why the large debt may NOT be a harbinger of doom. With a more optimistic attitude than many experts, Roger explains how the Fed controls and stabilizes currency.

Follow Roger Loewenstein and his work at: www.rogerlowenstein.com

Is the bank really the best place for your money? And what are the best financial habits that you should try to adopt? Doug shares tips to implement financial habits such:

• When is taking money out of the bank an important financial move?
• What's the difference between a mutual fund and an ETF?

Today’s guest, Aviad Goz, representative of Franklin Covey in Israel, specializes in the Seven Habits of Highly Successful People, written by the late Steven Covey. Aviad talks about taking personal responsibility for yourself and your wealth. He explains the best way to become proactive instead of reactive, and how to properly set goals.

Follow Aviad Goz and his work at: www.momentum.org.il

Read Aviad’s book: Self-Navigation: A Compass for Guiding Your Life and Career

The most common retirement planning mistakes are made by pre-retirees. These include:

• Overspending
• Underspending
• Social security mistakes

Doug explains common mishaps people make and offers suggestions on how to avoid them.

Today’s interview with Professor Laurence Kotlikoff of the Economics Department at Boston University, author of Get What's Yours: The Secrets to Maxing Out Your Social Security, discusses the changes in Social Security rules, including changes in claiming spousal benefits. Professor Kotlikoff explains how people’s retirement plans are getting knocked off course by new legislation, and advises when you should first claim your Social Security benefits.

Follow Professor Kotlikoff and his work at: http://www.kotlikoff.net/

For more information about making the most of your Social Security entitlements, visit: http://maximizemysocialsecurity.com/

For useful software, developed by Professor Kotlikoff, to help you plan your finances, visit http://esplanner.com/

In today’s show, Doug answers a commonly asked question: Should people entering a second marriage combine their assets? Doug explains the pros and cons of setting up joint accounts with a new spouse, and lists five important factors to consider when making this decision:

• Prenuptial agreements
• Financial privacy (separate doesn’t mean hidden)
• Compromise
• Account beneficiaries
• Finding a happy medium

For more information on this subject, read the following:

http://finance.yahoo.com/news/5-mistakes-people-make-when-they-remarry-152317027.html

http://www.thefinancegirl.com/how-to-combine-your-finances/

If basic money management skills are so obvious, why are so many people unaware of them? Cary Siegel, author of Why Didn’t They Teach Me This in School?-99 Personal Money Management Principles to Live By, teaches the vital personal finance lessons that we never learn in school.

Find out the top 3 things that everyone should do to be financially responsible:

• Live below your means
• Keep a written budget
• Save half the raise you get

Discover how devoting just one hour per week to personal finance can make you rich. Listen to Cary’s story about how he taught “adult entertainers” how to manage their own money. How many financial advisors get to speak to 100 adult entertainers at once… and tell the story on the radio?

Follow Cary Siegel and his work at:

http://www.whydidnttheyteachmethisinschool.com/

On today’s show, Doug explains an important fact that everyone who has an IRA should know about bequeathing it to the next generation. Find out what a "stretch IRA" is and how it can save taxes for many generations!

For a clear definition of a stretch IRA, see: http://www.investopedia.com/terms/s/stretch-ira.asp

Today, we meet programmer Jeff Kaufman. Jeff and his wife Julia are an amazing example of how regular people can have a huge impact on the world. Jeff explains how he and Julia donate half of their income to charity. How does their generosity affect their lifestyle? Is it possible to save and plan for retirement if you donate a lot of your resources to charity?

Follow Jeff and Julia’s work at Julia’s blog: www.givinggladly.com

True story: someone had an IRA with a big U.S. brokerage firm, but he lived overseas. Recently, the firm told him that they would stop servicing his account and that he had to transfer his assets out. What should he do? What is the easiest way to transfer an IRA from one brokerage firm to the next? In today's episode of The Goldstein On Gelt Show, Doug explains what you should do if this happens to you.

Doug also explains why you should care if your money guy is a "financial advisor" or a "money manager."

In today’s interview, Professor Tomas Lindahl, this year’s Nobel Prize in Chemistry, talks about his research with DNA and the human genome. Dr. Lindahl shares insights about the vulnerability of your DNA… and how it might be possible to fix it. Is a cure for cancer on the horizon? Discover why medical research is one of the most important investments there is.

Today, Doug returns to the theme of the habits of wealthy people. Adopt these habits of financially successful people for yourself:

• Pay your bills as soon as you get them
• Read personal finance books.
• Start by saving – pay yourself first.
• Set limits on purchases

Today’s interview explores how adding the human touch and a little fun to government policy and individual investing produces results. Dr. David Halpern, creator of the British government’s “Nudge Unit” explains how governments can use behavior finance research to dramatically influence the way people act. Can you apply these same tools to make yourself a better investor, saver, and philanthropist?

Follow Dr. Halpern and his work at: http://www.behaviouralinsights.co.uk/

On today’s show, Doug talks about good financial habits. The habits of wealthy and successful people include:

• Automate savings
• Control impulse spending
• Track expenses
• Take advantage of tax-deferred growth and compound interest
• Maintain an emergency fund
• Eliminate and avoid debt

When you set up good habits, use the sequence of the three Ts: Target, Trigger, Treat.

Today’s guest takes the theme of good financial habits a little further. Dr. Ben Tiggelaar, author of Dream, Dare, Do, talks about effective self-management and how to improve the way you manage your finances. Do your emotions affect the way you behave? This interview has great tips on how to develop good financial habits and stick to them.

Follow Dr. Tiggelaar’s work on: www.Tiggelaar.com