The Augmented Wealth Podcast

Education costs have increased at an exponential rate, creating a significant amount of opportunity for well-thought-out financial planning. In this episode, we discuss the causes for the increased costs and provide information on 529 plans as a solution for self-funding these costs, outside of student loans, in a tax-efficient way. 1:12 - Why tuition costs are increasing exponentially 4:35 - What you can do to plan around education expenses 9:02 - What expenses does a 529 cover, and not cover 10:14 - Alternative methods of funding education expenses 12:37 - FAQ 15:09 - Superfunding a 529 [Planning Strategy] Schedule your free 30-minute consultation at OneDayAdvice.com and mention the podcast. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit nickreilly.substack.com

You already know the story of independence and the 4th of July. What you may not know is what independence means within the financial services industry, why it’s important, and how it likely impacts you. In this episode, we cover why the quality of financial advice ranges significantly and what you can do to increase the likelihood that you receive great value. Two big factors contributing to this range in quality comes from WHO the advisor works for and HOW they are compensated. Do you know if your advisor is a fiduciary who is providing advice that's in your best interest? If you're unsure, give this episode a listen today. Being independent means you have cut associations and dependency from a larger institution freeing you to provide advice that is in the client's best interest.  Schedule your free 30-minute consultation at OneDayAdvice.com and mention the podcast. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit nickreilly.substack.com

With the stock market recently entering a bear market, this is a great time to be considering harvesting any losses that you have to help offset capital gains. In this episode, we provide: An overview of capital gains and tax-loss harvesting Tips & tricks to implement this strategy on your own How to avoid costly mistakes The value that tax-loss harvesting can provide Schedule your free 30-minute consultation at OneDayAdvice.com and mention the podcast. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit nickreilly.substack.com

Given the recent Terra collapse and the domino effect that it had on the rest of crypto, this is a timely episode that addresses the associated risks with investing in the asset class. Nick provides an overview of the general risks that are unique to crypto, highlights three important historical events that you can learn from, and then describes how you can protect yourself as an investor in this asset class. Nick finishes the episode with his own outlook on digital assets. Here are the timestamps if you’d like to skip ahead: 2:08 - General Risks Associated with Crypto 11:53 - Important Historical Crypto Events to Learn From 21:58 - How you can protect yourself? 25:42 - Our Outlook on Digital Assets Schedule your free 30-minute consultation at OneDayAdvice.com and mention the podcast. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit nickreilly.substack.com

DeFi (Decentralized Finance) has quickly become one of the largest themes within crypto today, and we believe it will have the greatest disruption to financial services as we know it. Nick explains why you should care about the DeFi revolution and how you may be able to capitalize and/or benefit from it. 0:24 - Why you should care about DeFi 3:45 - Five Key Problems of the Centralized Financial System 13:20 - How DeFi has the potential to solve these problems 17:30 - The current flaws to blockchain technology 19:52 - Introduction to the concept of becoming your own bank Schedule your free 30-minute consultation at OneDayAdvice.com and mention the podcast. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit nickreilly.substack.com

Rohit is the founder and CEO of Kubera.com, a modern spreadsheet-style net worth tracker that allows you to automatically track both traditional and crypto portfolios. Kubera helps our clients get organized and gain more financial clarity. In this episode, Rohit shares the near-death experience that led to him starting Kubera and how people’s financial lives have evolved from simple to more complicated due to the rise of financial technology. We also talk about the rise of crypto and where it may fit in an investment portfolio, the differentiator between Kubera and Personal Capital, as well as their product roadmap. Fun Fact: "Kubera" is the Lord of Wealth in Hindu culture. Want to optimize your financial life for the digital age? Schedule your free 30-minute consultation at OneDayAdvice.com and mention the podcast. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit nickreilly.substack.com

Yes, cryptocurrencies are taxed :( In this episode, Nick provides a primer on how they are taxed and which transactions count as a taxable event. He then touches on how to prepare your taxes and the strategies you can implement today to reduce your tax liability. 3:12 - How is Crypto Taxed 4:27 - Taxable & Non-Taxable Events 7:24 - What Tax Forms Do You Need 10:42 - How to Calculate Your Tax Liability 12:05 - How to Save on Crypto Taxes Want to optimize your financial life for the digital age? Schedule your free 30-minute consultation at OneDayAdvice.com and mention the podcast. Resources Mentioned: Crypto Tax Software: Koinly.io Zenledger.io Helpful site for chains that don’t sync to software: Stake.tax Invest in Crypto inside an IRA (Retirement Account): AltoIRA.com This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit nickreilly.substack.com

Blockchain technology has opened the door for a new era of innovation. In this episode, Nick addresses the three main themes that you can invest in within the cryptocurrency and blockchain environment. Timestamps: 1:07 - DeFi (Decentralized Finance) 9:31 - Web3 (Next Iteration of the Internet) 13:58 - Metaverse Want to optimize your financial life for the digital age? Schedule your free 30-minute consultation at OneDayAdvice.com and mention the podcast. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit nickreilly.substack.com

Spending plays a key factor in your financial health. In this episode, we break down ways to "spend smart" using your credit card and great tools for shopping online.  If you'd like to get a rolling interest-free loan for up to 60 days, want to maximize your rewards, or want to save more while shopping online, this episode is for you. Part 1 - Benefits of Paying with Credit [2:11] Part 2 - Warnings and Cautions Around Credit [3:32] Part 3 - Tips/Hacks Around Credit Cards & Online Shopping [8:54] Fair warning, this is an information-packed episode, so you may want to pause and take notes so that you can follow through with some of the strategies. Schedule your free 30-minute consultation at OneDayAdvice.com and mention the podcast. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit nickreilly.substack.com

Small businesses are a great way to build personal wealth and they are the backbone of business in America. In this episode, Kelsey Knutson talks about her entrepreneurial journey and shares wisdom from her experience in leaving the 9-to-5 and starting a business, and eventually becoming a business consultant. She is a wealth of knowledge for small businesses of all stages so if you’re considering starting a business, or want to run an existing business more efficiently, then she will be a great resource for you. Want to optimize your financial life for the digital age? Schedule your free 30-minute consultation at OneDayAdvice.com and mention the podcast.   Kelsey's Links: - Instagram: https://www.instagram.com/kelseymarieknutson/  - Join the online community: https://www.facebook.com/groups/kelseymarieknutson  - FREE Workshop to take the guesswork out of “what’s next?” https://www.kelseymarieknutson.com/pivot-workshop  Ready for your next big pivot? Maybe it’s launching that new side hustle or growing your existing business, whatever the chapter Kelsey’s here to help you bridge the gap between new idea and achieving your goals! VIP Coaching: https://www.kelseymarieknutson.com/vip-coaching Grow Academy: https://www.kelseymarieknutson.com/grow-academy  Start Smart: https://kelseymarieknutson.mykajabi.com/offers/aoAuAe7M/checkout Kelsey Knutson was raised to believe success came from a college degree & a job with benefits. And though she understood the benefit of stability, the 9-5 life was not for her. After quitting her job, graduating from beauty school, and working in a salon, she finally opened her own business. She built a successful salon where she worked less, made more, and served her dream clients. She loved every minute of it. But she quickly learned most business owners don't experience this firsthand. They are tired, overworked, and losing passion. This is why she started supporting business owners first out of passion and then as a business. She has closed her salon doors to focus solely on helping people start and scale businesses they love. She has helped clients pay off debt, pivot their businesses, raise their prices, increase their online reach, monetize through social media, and so much more. Kelsey is a firm believer that being a successful business owner doesn’t mean you have to neglect other areas of your life. She also knows that everyone’s version of success looks different, and that should be celebrated. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit nickreilly.substack.com

Imagine being confident in being able to make key financial decisions based on data. Fortunately.io is trying to help and relieve stress for millions of people by helping them with key financial decisions that can be largely determined through data. In today's episode, we interview Seth Burstein, CEO and Co-founder of Fortunately.io, who is a Yale Alum and former actuary (aka, a big number cruncher). Financial decisions have both an emotional and mathematical component. Fortunately.io is looking to solve the mathematical component to these decisions so that people can feel confident knowing they are making a decision that can ultimately improve their financial health. Schedule your free 30-minute consultation at OneDayAdvice.com and mention the podcast. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit nickreilly.substack.com

The stock market has moved around a lot lately. No matter the timing of when you listen to this episode, the key lessons can be applied. In this episode, we reference a lot of data in order to provide the proper context needed for weathering any financial storm. Schedule your free 30-minute consultation at OneDayAdvice.com and mention the podcast. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit nickreilly.substack.com

Are you interested in the cryptocurrency market? Would you like diversified and direct exposure to the asset class? In this episode, we discuss crypto investing with Makara's VP of Strategic Initiatives, Matt Heater. Makara is an SEC registered investment advisor based in Seattle, WA that provides investors with access to diversified "baskets" of crypto. Much like an index or mutual fund, you're able to invest in numerous cryptocurrencies and even invest in specific themes within the crypto space. Some of these themes include Decentralized Finance, Web 3.0, and the Metaverse. You can get started today and claim your free $20 worth of a random altcoin by using the referral code mentioned in the episode: https://bit.ly/3DXS220 This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit nickreilly.substack.com

Inflation is the "Stealth Tax". It erodes your cash and reduces your purchasing power over time. You won't find it in your financial statements or your tax filings, but you can feel it through the assets and items you purchase. As famous economist John Maynard Keynes once said, "While [inflation] impoverishes many, it actually enriches some". How can you be on the side that's enriched? In this episode you learn about ways that you can make inflation work for you, not against you. Other than the most common methods, like owning shares of companies (stocks) and real estate, we address alternatives like: Real Assets TIPS Bitcoin As stewards of our wealth, we must understand how to protect our purchasing power from inflation, currency devaluation, and potential crises. This episode will break down how. Schedule your free consultation with a wealth management professional at One Day Advice by visiting our website at OneDayAdvice.com This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit nickreilly.substack.com

Budgeting is no fun for too many reasons to mention. It's restrictive. In this episode, we present a new way to think about and/or manage your spending. A way that will actually be fun and get you better long-term results. We provide you with questions to ask yourself, so that you can build a decision framework around your spending. It requires less time and provides less stress and more fulfillment in your life. Your relationship with money is important, as it reaps benefits in all areas of your life. Gain a better relationship with your spending in this episode. Schedule your free 30-minute consultation at OneDayAdvice.com or by emailing us at hello@onedayadvice.com. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit nickreilly.substack.com

Biden's recent Tax Plan Proposal contains many changes that will impact high-income earners. In this episode, Kyle Lynch from Clover Hill CPA joins Nick to discuss key takeaways from the proposal and timely action items to consider before year-end. Kyle also explains the strategy of the "Backdoor Roth" contribution, a strategy that has the potential of being eliminated from this proposal. Other items discussed: updates to capital gains rates, income tax rates, backdoor Roth and Roth conversions. Schedule your free 30-minute consultation at OneDayAdvice.com or by emailing us at hello@onedayadvice.com. Visit CloverHillCPA.com to learn more about Kyle's tax practice. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit nickreilly.substack.com

Timely episode alert! You only have until 11/1/2021 to have a private LTC policy in place in order to opt-out and gain exemption from this payroll tax. If you're a W-2 employee in the State of Washington, this episode is for you. I give an overview of the payroll tax, what it means to you, and what you can do to potentially save money and get more flexibility from a private policy. Important: I DO NOT sell insurance products, nor do I gain any form of compensation by recommending a private policy. Schedule your free 30-minute consultation at OneDayAdvice.com or by emailing us at hello@onedayadvice.com. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit nickreilly.substack.com

As the first part of our crypto series, we discuss the concept of stablecoins and how to leverage them as a potential cash alternative asset class. As of the recording, we are talking anywhere between 4-8% annual interest rate, accrued daily and paid out monthly! We will discuss how they work and the risks involved. If you're sitting on cash, unsure of where it can be put to work with such low-interest rates offered by traditional banks, this is your episode! Disclaimer: All opinions expressed by Nick Reilly are solely his own opinion and do not reflect the opinion of One Day Advice. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment or financial decisions. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit nickreilly.substack.com

In today's episode, we interview estate planning attorney Harkiran Sekhon of Sekhon Law, PLLC. Harkiran shares some of the common misconceptions around estate planning and what people can do to ensure that their estate is in order. Plainly stated, if you're an adult you should have a plan for your estate! While planning for your eventual passing isn't the most invigorating exercise, there are things that can be done to make the settling of your estate easier for loved ones who will already be mourning your loss. SekhonlawPLLC.com @sekhonlawpllc Schedule your free 30-minute consultation at OneDayAdvice.com or by emailing us at hello@onedayadvice.com. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit nickreilly.substack.com

There are many misleading claims and ads around financial advice, but in this episode we discuss one in particular. The claim that your 401k is a scam where they go on to promote the "infinite banking" strategy through a cash value whole life insurance policy.  We break down why this is misleading and provide alternative options to consider. This episode should serve as a warning, as these financial products lack transparency, are extremely expensive and prey off of misinformed individuals. Schedule a free consultation with us at OneDayAdvice.com or by emailing us at hello@onedayadvice.com. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit nickreilly.substack.com