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Welcome to Critical Thinking Required, hosted by LBW Wealth Management. Our goal is simple: we want to challenge you to think differently about finance and business. Join us, and start the journey today!
171 Episodes
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This is part I of the episode where we discuss how can a couple/partners talk about finances. A survey showed that 41% of divorced Gen Xers and 29% of Boomers say they ended their marriage due to disagreements about money. Talking about money is important for any couple, whether you are dating, are domestic partners, or are married. “Even at the dating phase?” you ask. Yes! Money means different things to different people. It may be about security, reward, abilit...
There's increasing discussion about Central Bank Digital Currency (CBDC) - don't confuse it with Bitcoin or other cryptocurrencies. CBDC is not a new crypto. It's still US dollars released by the Federal Reserve, just in the digital format. The benefits are clear: more efficient and low-cost; faster access to assets and financial systems; it can also continue to strengthen USD as a global currency. However, the drawbacks and risks may also be potentially astronomical i...
Because the U.S. has been running on a deficit (less tax revenue than the total spending) for the last few decades (with a few exceptions), we have a debt problem. The U.S. national debt hit $31.51 trillion as of Jan. 26. 2023. Our current debt ceiling is $31.4 trillion. What happens then? Nathaniel and Tim discussed how Congress can increase the debt ceiling (once again), how the dollar being a global reserve currency plays an important role in our national debt issue...
Why is it important to talk about finance in the family? Because money is not just about money. It’s particularly hard to discuss finance with your aging parents/loved ones because it makes them feel vulnerable. In addition, you can be 60 years old, but your 88-year-old father still views you as a child. Some important topics you should cover with your parents: estate planning (parents, please don’t leave the terrible burden “should we pull dad’s tube?” to your kids.&n...
How's the first week of your 2023 so far? Dan and Tim discussed the 2023 new year's resolutions for personal finance. First, before you start creating your list, take a step back, and think about two questions: what does money mean to you? What does enough mean to you? Some great financial resolutions are: get your taxes done earlier; plan your medical/specialty visit earlier; adjust account allocations if needed for 401k, 529, stock option/RSUs, etc.; make contributio...
During this quarter of the year, one of the most popular questions is: I heard about tax-loss harvesting from my friends/CPA/family. Should I do it? Tax-loss harvesting is a strategy investors use to offset capital gains by intentionally selling investments in taxable accounts at a loss. While it may be useful for a complex taxable account, it doesn’t necessarily make sense for someone with smaller investable assets. It may even hurt the long-term performance if executed improperly. In ...
When it comes to private investments, guess what topic we get asked the most? Yes, real estate! Today, we will discuss a strategy called the “1031 exchange”. The biggest advantage is the tax deferral function. You can keep rolling from one real estate investment to the next (with some nuances.) And if you do it right, it can potentially eliminate capital gains taxes entirely for your heirs. But as with all financial tools, it’s not for everyone. A 1031 exchange also has some strict rules and ...
This is our “How to pick a financial advisor” mini-series. First, did you know that only roughly 15% of financial advisors are “fiduciaries”, meaning we are legally and ethically bound to act in the best interests of our clients. The rest are operating their business under the “suitability rule”, meaning they don’t need to do what’s best for you, as long as it isn’t grossly inappropriate. Some brokers may say that they “act” as fiduciaries, but that may hold no legal validit...
Today, we’re breaking down the order to invest your money. We hear this question from our clients all the time: my friends are investing in this private deal, should I do something like that as well? Well, hold the horses a bit, because before we go all the way to the “private deal”, there are some other basic (maybe not as sexy as a private deal), but more important glasses we need to fill first. Let me introduce you to our Investment Champagne Tower!
Investing can often feel like walking a tightrope. Balancing risk mitigation and return maximization is essential for any successful investment. Should you take a high risk in the hope of a high return? Or should you aim for safety and expect less? In today’s volatile market, which one should take priority?
Nathaniel talked about how high interest rates impact your investments previously. In this episode, Tim discusses how interest rates impact daily financial planning, from mortgages, car loans, and credit cards, to savings and budgeting. Tim said it so well: the point of planning is positioning. It allows you to put yourself in a good position to take advantage when an opportunity presents itself!
As you may have already heard, the Federal Reserve announced that it plans to hold interest rates steady amid high inflation, and forecasted just one cut in 2024 instead of three to six. In this episode, Nathaniel discussed what that means for your investments. And why did the market keep going up in a high-interest rate environment when in theory should have gone down?
Today we're diving into a topic that's crucial for self-employed individuals: investment account types. Whether you're a freelancer, consultant, or small business owner, understanding these options can be a game-changer for your financial future and retirement. So, let's get started.
This is our 2024 first-quarter commentary. Nathaniel discussed 3 main topics: US stock market performance, and why the S&P 500 doesn’t truly reflect the overall stock market; inflation, and how it impacts your investments; and lastly, the 2024 presidential election and how it may affect your financial planning.
If you are planning to have a child, or you just had one, there are some financial preparations that you may find extremely beneficial in the long run: 1. Cash Flow: Create a realistic budget and increase your emergency fund; 2. Estate Planning: Pick your guardians, create a trust, or at least complete the free estate planning templates your state provides; 3. Life Insurance: Now that you have (or are about to have) another person who depends on you, please review your insurance needs. ...
In this episode, Nathaniel and Tim discussed what the S&P 500 index is, its performance, and does it truly represent the overall stock market. From January 1 to June 20, 2023, the S&P 500 increased 14.3%. That's well above the 10-year and 20-year averages through that same time period of 3.6% and 3%, respectively. "The markets must be doing really well this year then!", you may think. But why are your 401(k)/retirement accounts not doing as well? Did you ...
In this episode, Tim and Nathaniel discussed estate planning for digital assets. This is a relatively new concept for older generations. Most of us are familiar with wills and trusts for cash, real estate, and other investments. But what about digital assets like Bitcoin, online bank accounts, etc.? If you are an influencer or work in the media industry, what about your social media accounts, movie/music rights? Nathaniel and Tim also discussed password managemen...
In this episode, Tim and Nathaniel discussed private investments: what're their qualifications, why they have income/assets restrictions, and how should one view them. A couple of research filters to go through: define your goals, understand the vehicles, consider the risk, know the management/leadership, and pay the right price. Nathaniel made a great point: if you have a small business or part-time side business, the best private investment could actually be your own company.&nb...
Threads is Meta’s latest social media app. It’s a Twitter-like product with short missives you can share with followers. It lets you post text, photos, links, and videos. It reached 100 million subscribers in a record time: within 2 days. In comparison: it took ChatGPT 2 months, TikTok 9 months, Instagram 30 months, cell phones 15 years, and telephones 75 years. Tim and Nathaniel discussed from an investor’s perspective, what Twitter’s and Thread’s (really Twitte...
For this episode, Nathaniel and Tim discussed investments within the music industry. The earning method has changed in the past decade with streaming services. Nathaniel used Taylor Swift as a perfect example of how top artists can change the power dynamic with corporate giants. There are many different types of organizations in the music industry (artists, music production, recording companies, publishing companies, agencies, etc.); which ones will Nathaniel choose to inves...
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