In this episode, Dan & Ian bring to light a new investing app, Grifin. Grifin is a passive investing app that allows you to buy stock in companies you shop at. Their tag line, "stock where you shop," refers to their methodology of investing $1 for every purchase. For example, when you make a purchase at Starbucks for $4.95, Grifin will automatically invest $1 into Starbucks stock. If you purchase an item from a company who is not publicly traded, it will still put that $1 into the Grifin app and you decide where it goes. 

Grifin is an acronym that they claim stands for "greatest revolution in finance now." They have taken steps to change the way people invest. Dan & Ian breakdown this methodology and give their long-term look on the true application of this company. 

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In this episode, Dan & Ian bring the audience advice from high-profile CEOs from many different industries. These CEOs offer unique perspective and insight into the interworking of the business world. Their wisdom will help you make tough decisions and continue to run a successful small businesses, regardless of your overall goals. From the likes of Warren Buffet and Naval Ravikant, these pieces of advice will have you thinking and excited about Monday morning. We hope we enjoy this and please like and subscribe if this brought you some value. 

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In this episode, Dan & Ian breakdown the two different types of 401ks. They explain the differences and give their opinions for people based on their circumstances. They explore the psychology of money and stress surrounding financial literacy. Their goal is to bring financial knowledge and accessibility to all those who choose to listen. Thank you for being apart of this community. 

Regular 401k Taxation:
-Lowers the amount of your taxable income by the amount that you contribute
-If you are in a high tax bracket this may be attractive, because it reduces your taxable income
-Pay the tax on the money contributed and the gains when the amounts are withdrawn
-Usually withdrawal will be during retirement so you will be in a lower tax bracket which will decrease the amount you are taxed on the money
Roth and Traditional 401ks have a contribution limit of $19,500 and you can add an extra $6,500 if over the age of 50 for "catch-up" contributions
-Any amounts withdrawn will be fully taxed and subject to 10% penalty (if it doesn't fit the few exceptions)

Roth 401k Taxation: 
-Money goes into account is after tax dollars
-So your income is fully taxable and you are contributing with money that is all yours
-All withdrawals after age 59.5 are completely tax free (basis and gains)
-Also can withdraw your basis in the account at any time, since you already paid tax on it

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In this episode, Dan & Ian breakdown the recent market phenomenon, SPACs. SPAC stands for special purpose acquisition company. These companies are referred to as "blank-check companies," in which they raise capital and attempt to execute a reverse merger. After a SPAC announces a target and signs a definitive agreement (DA) the original ticker symbol of the SPAC begins to trade under a new ticker symbol. For example: IPOB now trades under the symbol OPEN. Shareholders will vote on the DA and give their opinions on where they want the SPAC to go. Please continue to do your own due diligence and review management teams extensively prior to making any investments. 

DISCLAIMER: As always, this is not financial advice and this video is strictly for entertainment purposes only. 

Thank you for following along and if this video/podcast brought you value, please consider subscribing.

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In this episode, Dan & Ian discuss a hot topic right now, NFTs. NFT stands for "non-fungible tokens," which essentially means these tokens are unique and non-transferable. NFT allows for the ownership of digital assets, that is authenticated by a ledger supported by blockchain. This ledger allows you to prove your ownership of a digital asset, thus authenticating your claim to the asset. This space has a long way to go, we give our long term outlook on how we see this playing out. There will be growing pains with NFTs and there will be many short term losers. Thank you for following along and please subscribe if this brought you value. 

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In this episode, Dan & Ian work through how to structure your small business. Entity structure is essential to understand to learn how you need to report your income and expenses. Also, the correct entity structure can protect you from personal liability in the event of a breach of contract or tort liability. There are tax-advantaged elections you can make for your small business in order to retain earnings as much as legally possible. 

Four Basic Entity Structures: 
1. Sole Proprietorship
2. Partnerships (General Partnership, Limited Partnership and Limited Liability Partnership)
3. Limited Liability Company (LLC)
4. C Corporation / S Corporation

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In this episode, Dan & Ian outline key tax tips for your 2020 tax return. It is important to keep note of these deductions to ensure that you aren't missing out on money owed to you. They breakdown how to capture these credits and what your availability is for them. As always, this is not tax advice, please consult your CPA. If you are looking for a CPA, our firm, Trout, James & Associates is accepting new clients. Please give the office a call at 610-489-3200. 

1. $300 charitable contribution deduction (above-the-line, which reduces taxable income)
2. Home office deduction (allows you to deduct portions of home expenses if you work from home)
3. Unreimbused Employee Expenses (expenses not paid for by your employer)
4. Cares Act IRA Withdrawals (allows you to take out $100,000 from IRA if you can prove you were adversely affected by COVID-19)
5. Recovery Rebate Credit (allows you to recoup prior stimulus checks)

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In this new edition of News & Views, Dan, Ian & Connor debate some hot topics. Displaying honesty and true opinions about the current state of the economy and the ever-changing business environment. The trifecta analyze market trends and macro events that will change the landscape of the financial industry and consumer sentiments. Please join us for a candid conversation filled with laughs and conversation.

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In this episode, Dan & Ian discuss a new social networking app. Clubhouse is gaining national media attention as the next social media channel to take over the atmosphere. Dan & Ian give their opinions on the platform and potential pitfalls they see in the platform. They offer a walk-through of the exclusive platform, Trojan Horse style. 

Clubhouse is a social networking app that allows people to gather in audio chat rooms to discuss any topics they desire. The app was unveiled last spring by two tech industry veterans, Paul Davison and Rohan Seth. Clubhouse is an invite-only platform. Meaning you need to know someone who is already on the platform to provide you a link to join it. Invitations are going for between $30 and $20,000 on eBay.  (But be aware that Clubhouse lacks some of the privacy filters of other platforms.)  Or you can wait. The Clubhouse website suggests the app will open up to a wider audience, or everyone, in time.

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In this episode, Dan & Ian compare and contrast the two types of IRAs. Traditional IRAs provide pre-tax deductions, which lower your taxable income. When required minimum distributions begin at age 72, the money in your account will be taxed when distributed. In contrast, Roth IRAs are contributed to with after-tax dollars, meaning you already paid tax on your money. Since there are no RMDs for Roth IRAs, you may begin withdrawing the money in your account completely tax free after turning age 59.5. Dan & Ian begin exploring behavioral finance and the psychology of money, which leads to an interesting discussion about personal financial goals and outlooks. 

Please be aware that the contribution limits for both Traditional and Roth IRAs are $6,000 per taxable year and $7,000 if you are over the age of 50. However, you begin to phase out of Roth IRA contributions when you make over $125,000 (single filer) and $198,000 (MFJ). Also, you completely phase-out of Roth IRA contributions when you make more than $140,000 (single filer) and $208,000 (MFJ).

Tax Free Millionaire: https://youtu.be/wIB06lG3lKw

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