   Financial advisors and investment professionals,   As we bid goodbye to 2023, let's take a moment to reflect on the state of our portfolios and plan for the new financial year.   

Year End Financial Planning Tips

The Goldstein on Gelt Show is a global investment and financial planning radio show designed to educate and entertain its listeners with financial strategies and investment tips. Douglas Goldstein, CFP® hosts the weekly show, which can also be heard at www.goldsteinongelt.com, and is the director of Profile Investment Services, Ltd., www.profile-financial.com.

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      If you are an American living in another country, it’s important to understand your US pension plan. This guide will help you know how to manage your pension or 401(k) from abroad, whether you are in Israel, Europe, or anywhere else.   Perhaps you worked in the U.S. and saved money in a 403(b), 401(k), or other type of pension plan. Now, you live in a different country and you’re finding it difficult to manage your retirement account. One possible solution is to move your pension plan into an IRA.   Moving your pension plan into an IRA may allow you to control your money better, letting you choose different ways to invest, like in stocks or funds. Moreover, there are practical challenges, too. Sometimes, dealing with pension companies from another country can be hard, and you might not get much help.   Furthermore, it’s tricky when advisors in your new country don’t know much about U.S. pensions. Bad advice can lead to big tax problems and loss of money. You need an expert who knows about U.S. pensions and how to manage them from abroad.    Where should you start?   First, look closely at your pension plan to see if it fits your long-term goals. If not, find a company that deals with handling U.S. IRAs for people living outside the U.S. With the right help, moving your money can go smoothly, and you’ll feel more in control of your investments.   Managing your U.S. pension from abroad needs careful planning and good advice. Stay informed and connected with financial experts who will help you make the best decisions for your money. 

Managing U.S. Pension and IRA Plans from Israel

 Financial planning is always important, but it’s especially crucial when health issues arise. A well-built plan allows you and your family to focus on health and family connections, without worrying about the day-after. How can you make sure you are setting yourself up for a smooth transition of wealth to your family? Tune in and learn about the nuances of managing shared accounts, the pros and cons of transferring control to family members, and the critical role of clear communication in preserving both wealth and relationships.  Some key insights:  Learn how to effectively shift financial authority to a trusted individual within the family, balancing legal necessities with personal dynamics. Learn about the importance of transparent discussions about financial matters with family members, especially in light of health changes. Discover some of the tools available, such as powers of attorney and trusts, that allow your wishes be followed. Professional advice from financial and legal advisors is crucial in creating a seamless and effective estate plan that aligns with your long-term goals.  For more information, visit the show notes at https://goldsteinongelt.com/personal-finance/financial-planning-for-illness-and-death 

Financial Planning for Illness and Death

      Are You Overlooking the Importance of a Financial Plan?   When was the first time you spoke with a financial planner? Let me tell you about a retired couple who I met who had never spoken to a financial planner before. The couple's lack of understanding about the role of a financial planner and the way their investment portfolio was built, highlighted a common misconception among individuals when it comes to managing their finances.   When sitting down with a Certified Financial Planner™ practitioner (CFP®) who is dedicated to understanding your unique financial situation, and guiding you through the complexities of investing, you are setting yourself up for success.    Building a comprehensive financial plan and working with a professional team (financial planner, accountant, and lawyer) can lead you to financial well-being.    A few points to consider:   1. Importance of a Financial Planner: Many individuals often focus solely on their investment portfolios without considering the broader financial picture. A Certified Financial Planner™ practitioner can help guide you through essential aspects of financial planning, including retirement goals, family, expenses, insurance, and health—providing a comprehensive view of your finances.   2. Understanding Your Investments: Having a clear understanding of all your investments and their implications on your overall financial situation is crucial for proper financial well-being.   3. Partnering with Professionals: Partnering with a financial planner (and other professionals) doesn't mean surrendering control. Instead, it equips you with a supportive team who can handle administrative tasks and provide advice, while you remain in charge of making the final decisions.   4. Empowerment and Peace of Mind: When you have a strong financial team in place, it empowers you to focus on the bigger financial picture. It can alleviate concerns about making financial decisions, especially during times of illness or unexpected events, offering you and your family peace of mind.   To learn more about managing your finances and gaining a deeper understanding of the role of a financial planner, tune in to The Goldstein On Gelt Show and explore the valuable insights provided in each episode.   Remember, taking charge of your financial well-being is one of the most important steps you can take for a secure and stress-free future!   If you're not already receiving updates on new episodes, sign up now, and as a special bonus, receive Doug's free ebook The Retirement Planning Book. 

The Stress-Free Investment Method

  Family pressure can be overwhelming when it comes to finances.  Learn how to handle those pressures correctly, allowing you to build a financial portfolio that suits you perfectly. Here are some key points discussed in the show: 1. Understand your investments: If you find yourself investing in products you don’t fully understand, seek advice from a qualified third party, such as a financial planner. 2. Address family pressures: In the face of conflicting advice from family members, it’s crucial to have an unbiased third party on your side.  3. Simplify your investments: Following the KISS principle (Keep It Simple, Stupid), opt for straightforward and understandable investments.  4. Regularly review and consolidate your investments: Consolidating and regularly reviewing your investments can bring clarity and empower you to take charge of your portfolio.       If you're not already receiving updates on new episodes, sign up now, and as a special bonus, receive Doug's free ebook The Retirement Planning Book. 

How to Overcome Family Pressure in Investing

      Are you considering investing in real estate? Or perhaps you already have real estate investments in your portfolio? If so, it's crucial to understand the potential risks and challenges that can arise. The following stories of two individuals who encountered unexpected scenarios with their real estate investments provide valuable insights and lessons for anyone navigating the world of real estate.   The first case revolves around a client who initially appeared to be a successful real estate investor. He exuded confidence in his portfolio, claiming lucrative real estate deals and assured cash flow from his properties. However, as time unfolded, the reality did not match his optimistic projections. Unforeseen circumstances such as the impact of external factors, including the COVID-19 pandemic, led to a drastic reduction in the expected income from his real estate investments.   One of the crucial insights gleaned from this story is the significant impact of underestimating risk and overestimating returns. The client's assumptions about the reliability and sustainability of his real estate income proved to be misplaced, resulting in unanticipated financial strain and the need to reevaluate his entire investment strategy.   The second story featured a younger client who had invested $50,000 in a real estate deal in Wisconsin. He initially contemplated withdrawing additional funds from his brokerage portfolio to invest in another promising real estate opportunity. However, after sharing the challenges faced by the first client, he reconsidered his decision. He understood the risk of putting all his eggs in one basket and preferred to stick with a more secure, diversified portfolio.    While real estate can be a valuable component of a well-structured investment portfolio, allocating a significant proportion of one's assets solely to real estate can expose an individual to heightened risks and vulnerabilities. The allure of real estate, with its promises of passive income and appreciation, should be balanced with a comprehensive understanding of the potential downsides and the need for diversification. It's vital to approach real estate investments with prudence, ensuring that they complement a comprehensive investment strategy rather than overshadowing or dominating it.   By building a diversified investment approach and thoroughly understanding the nuances of each area of your portfolio, you can navigate potential challenges while maximizing the opportunities for financial growth and stability.   Consider conducting a comprehensive review of your investment portfolio. Assess the proportion of your assets allocated to real estate investments and evaluate how they harmonize with your overall investment strategy.    If you're not already receiving updates on new episodes, sign up now, and as a special bonus, receive Doug's free ebook The Retirement Planning Book. 

Year End Financial Planning Tips

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