Gen One Legacy

122 Episodes

Reverse

Concentration Builds Wealth, Diversification Preserves It

2024-07-1114:11

Having all your eggs in one basket might make you rich—until it doesn't. This week, we’ll dive into the risks of concentrated investing. You know, Warren Buffett's strategy of focusing investments on big bets is legendary, yet he also champions diversification for the average investor. Why the mixed advice? Because while concentrated investing can yield big rewards, it also carries significant risks. Learn how to balance your portfolio, manage risk, and understand when to hedge or diversify y...

How to Setup an Estate Plan if You’ve Never Put One Together Before

2024-07-0418:45

When you hear "estate planning," you might think of grand mansions, legal jargon, and hefty inheritances. But estate planning isn't just for the wealthy—it's essential for anyone who wants to protect their assets, ensure their wishes are followed, and care for their loved ones after they're gone. In this episode, we'll break down the basics of creating an effective estate plan. From identifying your assets and selecting heirs to appointing trusted individuals to manage your affairs, we cover ...

Stop Wasting Your Policy Premium: The Smart Way to Buy Insurance Protection

2024-06-2817:05

How can you tell that you’re buying the right kind of insurance? It’s one thing to know how much coverage you need, and another to know which policy to buy. But fortunately, you now have the power to choose and manage your insurance coverage with just a few clicks, making it easier than ever to protect your financial future. That’s why in today’s episode, I explore the critical role of insurance in building and preserving financial independence. More importantly, however, I’ll discuss how to ...

How to Avoid the Temptation to Show the World that You’ve Made It

2024-06-2012:43

Have you ever felt the urge to splurge after a financial windfall? Maybe it was after landing a six-figure job or when your startup went public. This week, we explore the temptation to showcase your success, drawing parallels with stories like Mike Tyson's. Despite earning over $400 million, Tyson's extravagant spending led to bankruptcy. As a first-gen high earner, it's easy to want to prove you've "made it," but remember that overspending now can derail your long-term goals. We'll discuss t...

Roth IRA: How to Avoid Too Much of a Good Thing

2024-06-1317:29

Having too much of a good thing can leave you worse off than when you started. The same is true for putting all your extra savings in a Roth IRA. This is especially true if you plan to retire early, start a business or invest in rental properties. That’s why this week, I’m discussing the pitfalls of over-optimizing for tax-efficiency at the expense of future liquidity and what you can do to avoid having too much of a good thing. Read this article at https://legacygenone.com Learn more a...

Cash Management: It’s Not Just About Emergencies, It’s About Freedom

2024-06-0617:06

Cash is king. And missing out on an opportunity because your money's tied up in illiquid savings, or having to sell assets at an inopportune time to cover a large expense can be costly. That's why, in today's episode, I discuss why a cash management strategy is a step beyond an emergency fund. I'll also share the approach I've taken to crafting a solid cash management strategy so that my cash is working while it waits. Read this article at https://legacygenone.com Learn more at ht...

Saving for College: Be Prepared, So You Kids Can Be Spared

2024-05-2914:52

I didn't know, what I didn't know. Going to college was the best investment I ever made. But, being the first in my family to go to college left me making a lot of poor choices. That's why, in today's episode, I discuss some of the mistakes that I made when I borrowed to pay for college. I'll also share the approach I'm taking now to save for my kids' education and help them avoid the same burden I had to deal with. Read this article at https://legacygenone.com Learn more at https://lin...

There’s No Such Thing as an Investing Magic Pill

2024-05-2317:31

"If only I had kept going a little more…" Now, have you ever been on the verge of a breakthrough but stepped back because of a setback? It’s like investing—when the markets shake, it’s easier to think about quitting rather than sticking it out. That’s why today’s episode is about sticking to your plan, not panicking, and why a disciplined investment strategy is essential for long-term success. Read this article at https://legacygenone.com Learn more at https://linktr.ee/genon...

How to Buy Back Your Time without the Regret

2024-05-1616:17

“Why did I even hire them in the first place...” Have you ever hired someone for help around the house, only to immediately regret it? I know I have. That’s why this week I’m sharing my experience of hiring helpers who didn't quite live up to their promises and left me feeling more frustrated than relieved. You know, many of us have hired help with the hope of buying back our time. But when that help we hire falls short, it can feel like we're paying the price for the same work twice. Th...

Don’t Live with the Regret of Holding Concentrated Company Stock

2024-05-0913:57

“I should have done something about it sooner.” Have you ever poured your heart and soul into a professional pursuit only to see it unravel before your eyes? You're not alone. If you're betting on stock options, RSUs, or your 401k to build your legacy, then come with me as we explore the highs of potential paydays and the lows of unexpected Black Swan events and Murphy's Law. This week, I'm talking about what it means to make a big bet in your career, t...

If You Don’t Write Your Story, Someone Else Will

2024-05-0216:59

"How do I want to be remembered?" is a question that haunts us all, yet often goes unspoken. That’s why in this week’s episode, I’m treading into the topic of legacy and the stories we leave behind. Join me as I explore how to write your own story, aligning daily actions with your deepest values, and overcoming internal and external distractions that derail legacy-building. I’ll tell you about how Nikola Tesla could have changed his legacy, the influence of wor...

Keep Calm and Trust Your Investment Plan

2024-04-2516:48

Are you feeling uneasy with the recent stock market selloff? You're certainly not alone. After a surprisingly robust start to the year, the latest downturn can feel all too familiar, mirroring the intense market swings we've faced over recent years. In this episode, I’ll take you through the emotional journey of investing during these uncertain times. We'll revisit the S&P 500's strongest start post-pandemic and the subsequent drops that might have you thinking...

Think Twice Before Cashing that “Free Money” Check

2024-04-1812:38

Have you ever experienced the fleeting thrill of spending a windfall only to face regret once the excitement fades? You're not alone. Many of us have felt the sting of impulsive spending after receiving unexpected sums, like a tax refund, bonus, or even a lottery win. This episode delves into the psychological and emotional rollercoaster that often accompanies financial windfalls. We'll explore the concept of 'mental accounting,' a term coined by economist Richard ...

Tax Mistakes are Costly, Precision is Priceless

2024-04-1010:15

Ever been hit with the shock of realizing you made a costly mistake on your tax return? You wouldn’t be the first. In fact, the IRS flagged nearly 17 million mathematical errors on 2022's tax returns. But the errors weren’t just about owing more; many were about missing out. Imagine being one of the 1.5 million taxpayers who left a collective $1.5 billion unclaimed. In this episode, we're not just talking numbers; we're diving into real stories of missed opportunities and unexpected tax b...

How to Gain Control of Your Cash Flows Once and For All

2024-04-0418:09

Ever find yourself stretched thin between paychecks or grappling with the anxiety of unexpected expenses? You're not alone. In this episode, we're unraveling the complexities of cash flow management and its undeniable impact on your financial health. More specifically, we're diving deep into the strategies that can transform your approach to managing your money, shifting from a paycheck-to-paycheck existence towards financial independence. Ultimately, we're address...

Is Your Employer’s Stock a Long-Term Bet or Short-Term Sell?

2024-03-2822:32

In this episode we’ll cover the nitty-gritty of what your employer’s stock really means for you. Are you sitting on a goldmine, or is it time to cash out? Whether you’re building wealth for the next generation, eyeing that sweet spot of financial freedom, or just trying to make sense of your stock options, we’ve got you covered. We’ll dive into practical ways to assess the value of your company stock qualitatively and quantitatively. Ultimately, we're breaking down the big...

Boost Your Wealth: Become a Tax-Efficient Investor

2024-03-1413:55

"Taxes are the price we pay for a civilized society." This often repeated quote is carved into the entrance of the IRS's national headquarters building in Washington, D.C. And it serves as a reminder that we all need to pay our fair share to maintain one of the highest standards of living in the world. At the same time, however, growing your family's wealth from one generation to the next involves paying less in taxes, right? So then, how do you balance these two seemingly competing ideas ...

Family Wealth Planning: An Approach to Financial Peace

2024-03-0710:27

Some say that the family that plays together stays together. And the simple reason this saying holds true is because unstructured time well-spent together creates stronger social and emotional ties within the family unit. You're literally bonding together. Now, when it comes to talking about money, some families find the opposite to be true. That's because discussions around money often repel members. And so, the more you try to talk about money, especially how it's supposed to be used,&n...

Creating a Multi-Generational Impact with Educational Trusts

2024-02-2910:12

Is educating your children, grandchildren, or other important individuals in your life a priority? Well, for many of us, the answer might be a resounding "yes." And so, you've likely thought of ways to support the learning efforts of your loved ones, including funding their education expenses. Now, when it comes to setting aside money for education expenses, you might think of traditional savings vehicles like a 529 plan, a Coverdell, or UTMA. But the trouble is that once the money leav...

Tax Season Triumph: Proactive Planning for Prosperous Families

2024-02-2212:50

Tax season is now well underway, and most returns are due by April 15. Are you ready? Well, if you struggle with getting your returns filed, or simply don't know where to start, then we've got you covered this year. That's because the secret to a stress-free tax season involves staying organized before you sit down to prepare your returns and by starting sooner rather than later. Indeed, when you avoid the last-minute scramble to hunt down all of your necessary tax documents, and then ensu...

#box-pro-ellipsis-17419838745009{-webkit-line-clamp:2;}Gen One Legacy