Have you ever compared yourself to your neighbor, your colleague, or that bratty kid you went to high school with? Of course, we all have! Comparison is a natural human response and though not normally a good idea, it can be helpful in giving you a framework to think about your own situation. When you see what other people have done and how it worked out for them, it gives you a reference point to know where you are and how things might turn out for you. 

In this episode, J. Barry Watts unpacks a situation he recently encountered with a client, leading you through the situation they were in before doing any planning. He illustrates the steps taken in this process to improve their situation ultimately achieving the zero percent tax bracket when they retire. 

Barry discusses:

• The importance of your advisor consulting you based on your tax return

Resources:

• Hidden Taxes in Retirement 

Connect With Barry Watts:

• Schedule an Introductory Call

Have you ever wondered about the cost of taxes you will pay in your retirement? Will they be more or less than what you are paying today? 

The short answer is — unfortunately, more. For nearly all of us, taxes will be higher in retirement than they are today. Many people will unknowingly pay thousands of dollars in additional taxes that are hidden to the point where you might not even know you paid them! 

In this episode, J. Barry Watts unpacks the surprise taxes that unsuspectingly come upon you in retirement and how they will affect you in the long run. These taxes reduce your wealth, weaken you financially, cause you to run out of money earlier, and diminish the financial legacy you leave to your heirs.

Barry discusses:

• How to avoid these costs with strategic tax planning

Connect With Barry Watts:

• Schedule an Introductory Call

We’ve talked about reducing taxes and a number of strategies to pay less to the IRS, but no one ever talks about your largest tax and how to avoid it. 

Do you know what the largest tax is? Have you ever heard of the Dumb Tax?

In this episode, J Barry Watts talks about the Dumb tax and why we don’t hear about it often enough, leaving us clueless once we get it taken away from us. He discusses in depth what this tax looks like and how we can avoid it, saving you money. 

Barry discusses:

• How people are overpaying income taxes

Connect With Barry Watts:

• Schedule an Introductory Call

There is more to life than taxes, money, investing, and everything we usually talk about on this show. In fact, there’s a lot more: life itself, love, romance, friendship, family, dreams and celebration.

In honor of the upcoming 246th birthday of the United States of America on July 4th, J. Barry Watts invites legendary comedian Yakov Smirnoff onto the show to discuss the path that led him from Russia to America and his unique perspective on all that is wonderful about America! 

Yakov discusses:

• His family’s journey from Russia to America

Connect With Yakov Smirnoff:

• Website: Yakov Smirnoff

Connect With Barry Watts:

• Schedule an Introductory Call

About Our Guest:

Yakov Naumovich Pokhis, better known as Yakov Smirnoff, is a Ukrainian-American comedian, actor and writer. He began his career as a stand-up comedian in Ukraine, then immigrated to the United States in 1977 to pursue an American show business career, not yet knowing any English.

With inflation raging the question is “Have you saved enough to last throughout your retirement?”. 

Increasing inflation requires that you be strategic with your investments, in order to be able to retire confidently. 

In this episode, J Barry Watts teaches you how to take advantage of the stock market when it’s volatile in a way that prevents losses, while providing a pathway to grow your accounts.

Barry discusses:

• How real estate tipping toward a bear is creating a tumultuous time

Connect With Barry Watts:

• Schedule an Introductory Call

Taxes, the hidden burden that comes around once a year to reap the benefits of your hard-earned money.

What we say to this is; put yourself in a position to pay the least amount of taxes possible so that you can save more money for your future.

In this episode, J Barry Watts and Philip Brown highlight three key ways to protect your money from taxes, allowing you to retain more of your income and use it in your life, with family, friends or simply for your future.

Barry and Phil discuss:

• Why you need to beware of “government” tax advisors

Related: 

Saving Taxes by Converting Your LLC or S Corp into a C Corp (Ep. 39)

Connect With Barry Watts:

• Schedule an Introductory Call

Your cash accounts should be secure, liquid, and protected. Even during times of uncertainty. 

This account may sound too good to be true. But, we promise you it’s not. It’s actually only a phone call away.

In this episode, J Barry Watts addresses the uncertainty swarming the market and the account he recommends to combat it, ensuring your money is safe, accessible, and protected to guarantee the future you want. 

Barry discusses:

• The uncertainty in the market, drawing parallels to historic periods

Connect With Barry Watts:

• [email protected]

There is a lot going on in the market right now and knowing how to react and when to react to protect your financial future can be tricky. 

Luckily there are some key concepts that can help you keep your 401k (and your future) from going over the cliff. 

In this episode, Barry Watts discusses the myths surrounding safe 401k investment strategies and walks through key concepts that will help you make better decisions for your future. 

Barry discusses:

• The fear and worry surrounding the current stock market (and world)

Connect With Barry Watts:

• [email protected] 

Starting a business is hard work. If you eventually sell that business, you likely want to maximize your pay day. 

We’ve never met anyone who wants to pay more in tax, but yet, a lot of people do. One of those areas that often gets overlooked is capital gains on the sale of stock in a small business.

In this episode, J Barry Watts discusses section 1202 of the internal revenue code. The section is all about tax exclusions on eligible gains when you sell a small business. For some, this could mean $10 million of gains are excluded from taxes. 

Barry discusses:

• What section 1202 is and how you can use it to your benefit

Connect With Barry Watts:

• [email protected] 

Where does income in retirement come from? What strategies are there to manage your income in retirement to ensure you stay retired?

If these are questions you find yourself wondering, this is the episode for you!

In this episode, J Barry Watts gives an overview of a few strategies you can use to ensure your income in retirement supports your retired life.

Barry discusses:

• What are dividends and how can they work for you

Connect With Barry Watts:

• [email protected]