Gen One Legacy

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 about pulling out your investments to avoid further volatility.I'll break down the key drivers of the current market unease—from geopolitical tensions and political drama to persistent inflation and the complexities of interest rate policies. More crucially, I'll address a significant question that might be on your mind: Is it time to cash out, or should you hold steady?This episode will delve into why it’s essential to look beyond the headlines and focus on a disciplined investment strategy. I’ll share insights on how emotional reactions to market news can derail long-term financial goals and discuss the risks and potential missed opportunities that come with hastily withdrawing from the market.Whether you’re tempted to build a financial safe haven or simply need reassurance to keep your investments on track, this episode aims to be your guide through the current financial turmoil. Learn how to navigate through these challenging times, making informed decisions that align with your long-term financial objectives. Don’t let the panic driven by the daily news cycle shake your financial stability—join me to discover how to remain composed and proactive through the market’s ups and downs.Read this article at https://legacygenone.com Learn more at https://linktr.ee/genonelegacyBe sure to follow us on Twitter & Instagram: @genonelegacy

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 Thaler, which explains why we might treat windfall money differently from our hard-earned cash.Join us as we dissect real-life stories, including the dramatic tale of Jack Whittaker, who won a $315 million lottery jackpot only to face subsequent personal and financial turmoil. Learn how short-term thinking can undermine long-term success and discover strategies to align unexpected gains with your long-term financial goals.As we approach the end of the tax season and anticipate potential bonuses, we'll offer invaluable advice on creating a purposeful plan for your windfalls. Find out how immediate actions and thoughtful planning can transform these financial boosts into powerful waypoints on your journey to financial independence and fulfillment. Don't let your next windfall be a missed opportunity to advance your life goals!Read this article at https://legacygenone.franklinmadisonadvisors.com/windfalls-are-waypoints-not-endpoints/Learn more at https://linktr.ee/genonelegacyBe sure to follow us on Twitter & Instagram: @genonelegacy

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 bills that could have been avoided. But here's the good news: with attention to detail and a mindful approach, many of these errors are preventable. As we edge closer to the April 15 deadline, you’ll receive indispensable advice on ensuring your tax documents are in order, spotting potential pitfalls before they become problems, and ultimately, safeguarding your financial well-being.Read this article at https://legacygenone.franklinmadisonadvisors.com/tax-mistakes-are-costly-precision-is-priceless/ Learn more at https://linktr.ee/genonelegacyBe sure to follow us on Twitter & Instagram: @genonelegacy

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 addressing the essential question: How can you master your cash flows to secure a financially stable and fulfilling life? Read this article at https://legacygenone.franklinmadisonadvisors.com/dont-confuse-budgets-and-cash-flows/ Learn more at https://linktr.ee/genonelegacy Be sure to follow us on Twitter & Instagram: @genonelegacy

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 question: Should you keep holding on for the long haul, or is it smarter to sell sooner rather than later?Read this article at https://legacygenone.franklinmadisonadvisors.com/what-drives-the-value-of-your-employers-stock/ Learn more at https://linktr.ee/genonelegacyBe sure to follow us on Twitter & Instagram: @genonelegacy

"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 of paying your fair share and keeping more of your money?Well, that's where being tax-efficient, especially when it comes to your investments, comes into play.You see, while investing wisely is certainly crucial to building wealth, ensuring that you're not paying Uncle Sam any more than necessary is even more vital to this end.That's because, when it comes to building wealth for the long term, the goal is to put as much money to work today while keeping more of what you earn down the road.In fact, you can think of being tax-efficient with your investments, like planning for a long road trip.In other words, just as you would carefully plan out your route to avoid costly tolls and commuter traffic, you also need to think strategically about taxes when it comes to your investment strategy.It's that simple.Indeed, by focusing on becoming a tax-efficient investor, you could grow your savings faster, keep more of your hard-earned money, and increase your ability to maintain a lifestyle that supports your family for decades to come.Read this article at https://legacygenone.franklinmadisonadvisors.com/boost-your-wealth-become-a-tax-efficient-investor/ Learn more at https://linktr.ee/genonelegacyBe sure to follow us on Twitter & Instagram: @genonelegacy

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, the greater the tension that are likely to arise.But here's the rub: most individuals know that achieving life and financial goals often requires planning for the future.This work involves starting with the end in mind, identifying the resources you have today, and then creating a strategy for bridging the gap between where you're at today, and where you want to be in the future.It's simple, right?Well, sure, this approach to planning is simple, but it's not easy.This is especially true when you're trying to get your family’s spending and savings habits on the same page.That's because it's one thing to plan for a singular vision for your life or your life with your partner. And it's another to agree on a plan that your kids or other family members can buy into.So then, what can you do to create a financial framework for your wealth that involves your family and helps you achieve your broader legacy goals while improving your family’s togetherness?Well, you can start by creating a unified family wealth strategy.This approach involves creating a shared family vision for your wealth, identifying easy-to-achieve goals that your family can rally around, and developing principles to foster effective communication to ensure everyone's voice is heard.Read this article at https://legacygenone.franklinmadisonadvisors.com/the-family-that-plans-together-stays-together/ Learn more at https://linktr.ee/genonelegacyBe sure to follow us on Twitter & Instagram: @genonelegacy

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 leaves your hands, you have no control over its use.To be sure, while each of these vehicles has its own merit, ultimately, they have restrictions regarding the amount of control and discretion you have over the gift you make.So then, how can you support your family's future learning while maintaining some control over how the money is used?That's where educational trusts come into play.You see, an educational trust is specifically tailored to ensure that your gift is used exclusively for educational purposes, from private schooling and college tuition to enriching experiences like studying abroad.At the same time, it's more than just a savings vehicle because by establishing an educational trust, you're sending a powerful message about how crucial it is to foster intellectual understanding, opportunities, and growth in your family for generations to come.Learn more at https://linktr.ee/genonelegacyBe sure to follow us on Twitter & Instagram: @genonelegacy

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 ensure that you have enough time to carefully complete your return, you not only avoid racing against the clock and making mistakes along the way, but what you're doing is ensuring that you're filing a more accurate return that can help you avoid running afoul of the auditors.That's why, while it seems like the tax deadline is still weeks away, you can still nevertheless get started preparing you returns by assessing life changes over the past year, gathering your documents in a centralized location, and determining the ideal way to file your returns this year.Taking this approach will not only ensure that your taxes get filed on time, but it will also give you peace of mind, knowing that you've left no stone unturned when it comes to potential tax opportunities in the year ahead.Read More About this Topic at https://legacygenone.franklinmadisonadvisors.com/from-complexity-to-clarity-tax-tips-for-the-tech-savvy-and-wealthy/Listen to the Gen One Legacy Podcast at https://episodes.legacygenone.com/Learn More About Our Financial Planning Services at https://franklinmadisonprivatewealth.comBe sure to follow us on Twitter and Instagram: @genonelegacy

Am I saving enough for retirement?Now, no matter where you are in your savings journey, the answer to this question is crucial to securing your long-term financial independence and legacy-building goals.The trouble is that some individuals often focus on a savings number instead of a lifestyle outcome.In fact, some will tell you that all you need to do is save up six times your salary by the time you turn 50, and you're all set, right?Well, the truth is that some individuals spend so much time focused on how big their nest egg should be that they forget what that figure represents in the first place.That's why, when thinking about how much you're saving for retirement, one approach you may want to consider is setting aside enough money to cover future living expenses and enable you to make gifts or big-ticket purchases and deal with potential unexpected health concerns.Now, make no mistake: rules of thumb and round numbers are helpful in figuring all of this out.But, knowing what those figures represent with a greater degree of precision can give you peace of mind, knowing that you've saved enough now to meet those future lifestyle needs.Read More About this TopicListen to the FI Mastery PodcastLearn More About Our Financial Planning ServicesVisit us at https://fimastery.com to learn more about the FI|Mastery Journey.Be sure to follow us on Twitter: @fimastery and Instagram: fimastery

In this landmark episode of Gen One Legacy, formerly known as The FI Mastery Podcast, host Peter Donisanu unveils a transformative shift in the podcast’s mission and name to more accurately reflect its renewed vision. Today, we're embarking on a journey not just toward financial independence but toward creating enduring legacies that will benefit generations to come.Peter shares his personal vision of leaving a legacy where future generations achieve greater heights, fueled by the belief that impactful change starts with one individual. This episode is a call to first-gen tech professionals, the innovators and forward-thinkers, aiming to use their wealth to forge lasting legacies.Expect deeper dives into essential topics like stock options, equity compensation, cash management, and investing, all tailored for tech professionals passionate about legacy building.This rebranding to Gen One Legacy represents a shift to discussions not only about financial strategies for today but also about laying the groundwork for prosperity that spans generations. Peter invites listeners to share their challenges, successes, and topic preferences, making it clear that this podcast’s evolution is a collaborative effort designed to empower you to live your legacy.Visit legacygenone.com for more insights into building your generational legacy and let us know what topics you want to explore. Together, let's build a future where our families thrive for generations to come.

Stock-based compensation can transform your life when it’s managed wisely.Indeed, if you're a tech professional, then you likely know how receiving stock awards isn't just a perk, it's your gateway to building generational wealth and securing your family's financial future for decades to come.With that said, however, too many well-intentioned individuals choose to give their grants a cursory look when they're hired or following their annual review and then do nothing with them.And so, what happens?Well, from missed opportunities to surprise tax bills and the potential for a complete loss of wealth, many individuals find themselves set up for a complete disappointment down the road.Now, if you’re a recipient of stock-based compensation, then there's no doubt that you're grateful for your awards.With that said, it's crucial, now more than ever, to move beyond just appreciation for what you have, to taking action so you can protect your potential windfall.Indeed, without a proactive approach, you might find yourself unprepared for the tax implications, dealing with uncertainty about managing vesting awards, or exposing yourself to unnecessary risks given your concentrated stock position.Nevertheless, by understanding how to navigate your stock grants, knowing what to watch for when it comes to your taxes, and mitigating risks through prudent financial planning, you can confidently use your wealth to not just support your lifestyle now, but to lay the foundation for a legacy that spans generations to come. Read More About this TopicListen to the FI Mastery PodcastLearn More About Our Financial Planning ServicesVisit us at https://fimastery.com to learn more about the FI|Mastery Journey.  Be sure to follow us on Twitter: @fimastery and Instagram: fimastery

Each New Year brings with it some form of change, especially when it comes to taxes. But let's face it: with so much going on at the start of the year, who has time to keep up with all the tax changes, right? Well, fortunately, I’ve been keeping an eye on some of the tax developments coming down the pike this year, so you don't have to. And what did I find? Well, beyond the usual inflation adjustments to tax brackets, deductions, and contribution limits, there are few material changes to note in 2024. Even so, constant gridlock over a seemingly never-ending budget deal on Capitol Hill, coupled with general elections later on in the year, could likely complicate Federal returns once again. And while we don't anticipate any meaningful tax legislation to pass in the current election cycle, certain portions of tax law are scheduled to sunset in the next couple of years, likely leading to higher taxes for many households. So then, the big takeaway here is that while there are few legislative changes to worry about this year, there are still a few steps to consider today so you can take full advantage of tax changes now and into the future. Read More About this Topic Listen to the FI Mastery Podcast Learn More About Our Financial Planning Services Visit us at https://fimastery.com to learn more about the FI|Mastery Journey.  Be sure to follow us on Twitter: @fimastery and Instagram: fimastery 

So, you've finally decided to launch that new business startup in 2024. Congratulations! There's no better time than the New Year to finally get that great idea that you've been thinking about for so long launched up and off the ground. In fact, starting and growing your own business is one of the fastest ways to achieving financial independence and building generational wealth. Now, while seizing the day may work for some, the truth is that poor planning likely will lead to poor results. That's why, before you build that website, apply for a Taxpayer ID number, or register your firm, you'll likely want to focus on some of the more essential tasks to mark off your to-do list before you run out and quit your W2 job. And why not just jump right in? Well, while we all love an underdog story of the individual who scrapped their way to financial success, the truth is that the failure rate for entrepreneurship is high. In fact, government data show that only around half of business startups survive longer than five years, and that number falls to a third after ten years out. That's why, before you put in your notice this year, focus on the fundamentals of solving the right problems for the right people, setting priorities for how you'll spend your time and how you'll execute, and most importantly, focus on giving yourself enough of a runway to ensure that your ideas have time to come to light. You know, no matter how great your idea might be, the fact is that without the right preparation, even the best ideas likely won't be able to take off without the right execution. That's why focusing on the who, the how, and mitigating the what likely will ensure that you're doing everything possible to create a thriving business and avoid becoming another statistic in the year ahead. Read More About this Topic Listen to the FI Mastery Podcast Learn More About Our Financial Planning Services Visit us at https://fimastery.com to learn more about the FI|Mastery Journey.  Be sure to follow us on Twitter: @fimastery and Instagram: fimastery

Under the right conditions, money does grow on trees.You heard that right. And to be clear, money can only grow on trees when it grows from a family tree. How so? Well, when each successive generation in a family tree works together, they can produce a varying measure of wealth that benefits each family member and their broader community. And so, what's the catch? Well, the catch is that wealth produced by your family doesn't just happen on its own because it's cultivated with intention and forethought. Indeed, this work involves deliberate planning that defines your family's purpose, lays out how your family will address conflicts and repair ruptures, and ultimately defines how your family will respond to inevitable life changes. And so, how do you go about creating a plan to grow a family tree that produces fruit for generations to come? Well, you can start by creating a family charter first, then focusing on the money. You see, it's one thing to simply gather financial assets. And it's another to cultivate an environment where your family is willing to cooperate and work together to wisely steward those financial resources and raise up a tree that bears fruit for generations to come. To be sure, whether you have young kids at home, your children are grown and out of the house, or your family involves your community of friends, creating a family charter, or often referred to as a family constitution or family compact, can help ensure that your family tree eventually prints cash to benefit your family and community for future generations. Read More About this Topic Listen to the FI Mastery Podcast Learn More About Our Financial Planning Services Visit us at https://fimastery.com to learn more about the FI|Mastery Journey.  Be sure to follow us on Twitter: @fimastery and Instagram: fimastery

Economic and market forecasts are often wrong, but they're still useful.Indeed, looking back on the past year, most market prognosticators and economists got the year's forecasts wrong. That's because last year was supposed to be the year that the US economy fell into a recession, which led markets to bet that the Federal Reserve would cut interest rates by the end of 2023. And while risk assets eventually rallied on expectations of policy changes, interest rates are still nowhere near where the markets had predicted at the start of last year. And how about that well-telegraphed recession? Well, even the Fed, which employs the most Ph.D. economists globally, got that call wrong. So then, you'd think that they should have at least had the forecast partially correct, right? Well, even so, policymakers ultimately decided to scrap their recession forecasts early last year despite the best predictions of their brain trust. Add in financial doom and gloom from high-profile social media accounts that tipped off a run on some small regional banks, and still, the financial collapse that some market prognosticators anticipated simply did not pan out. So then, if forecasts are so wrong so often, what's the point of paying attention to them in the first place? Well, it all comes down to understanding directionally where the economy and markets are headed. You see, well-known economist John Maynard Keynes was once quoted to have said that, "I'd rather be vaguely right than precisely wrong." And what does this mean? It means that you'll be better equipped to make solid financial decisions with your money and your wealth in the coming year by focusing on the factors that might affect the direction of the markets and economy rather than trying to divine the precise outcomes of one or another. Read More About this Topic Listen to the FI Mastery Podcast Learn More About Our Financial Planning Services Visit us at https://fimastery.com to learn more about the FI|Mastery Journey.  Be sure to follow us on Twitter: @fimastery and Instagram: fimastery

Do you know what you were put on this earth to accomplish?Or are you grinding away in a vocation that seems to be producing little fruit? Certainly, these sorts of profound questions are ones that philosophers have debated for millennia. And so, when considering one's life's work, it's easy to think about it in the context of significant achievements by notable individuals who have fundamentally changed the course of society. Take the philosopher Socrates, for example. This man’s work was so great that he was forced to poison himself well over two thousand years ago as punishment for introducing ideas that threatened the Greek state. But, thanks to his work, societies globally have benefited from Socrates' basis for scientific exploration, from his critical thinking approach, and for laying the foundation for what would later become the basis of Western philosophy. Truly, one man's life's work changed the world. Now, have you considered your life's work? Sure, when standing next to the great Socrates, how might you compare, right? Well, the truth is that in his own time, Socrates didn't leave behind a library filled with his teachings from which future generations could benefit. In fact, it was the little things he did that made a big impact. You see, the people close to Socrates, like Plato, later documented Socrates' power of dialog. And so, it wasn't necessarily what Socrates said, but the power through questions and philosophical inquiry that eventually made its mark on future generations. So, what's the point here? Well, the point here is that your life's work doesn't need to be massive right here and now to make an impact later on down the road. Indeed, by being more intentional with the “why” you bring to the world, doing it in your own unique way, and being patient with the results, you can make an impact not only on the people around you but also influence generations to come. Read More About this Topic Listen to the FI Mastery Podcast Learn More About Our Financial Planning Services Visit us at https://fimastery.com to learn more about the FI|Mastery Journey.  Be sure to follow us on Twitter: @fimastery and Instagram: fimastery

You've likely heard that 80% of New Year's resolutions fail by February.And some studies have even shown that less than 10% of individuals will have achieved their New Year's goals by year-end. So then, what's the point, right? Why do so many of us go through the trouble of setting goals if there's a low chance of achieving our desired outcomes in the end? Well, it's likely because we all know that goal setting allows us to create a structure for the things we're trying to accomplish, gives us a sense of control, and orients our mind away from the past and towards the future. To be sure, deep down, many of us want to experience a new and improved version of ourselves in one form or another. And so, milestones, like the changing of a new year, is a perfect time to try to give it a shot. New year, new you, right? It's just like Wayne Gretzky once said, "You miss 100% of the shots you don't take." So then, how can you improve the odds in your favor and make lasting changes in the coming year? Well, you can do so by creating resolutions anchored to your broader life purpose, focusing on actions that reflect your values, and developing resilience to meet setbacks head-on. Sounds simple, right? Simple, yes, but the truth is that by aligning your financial strategy with what truly matters to you, you'll create meaningful financial resolutions and likely be able to see them through to the end of the year.  Read More About this Topic Listen to the FI Mastery Podcast Learn More About Our Financial Planning Services Visit us at https://fimastery.com to learn more about the FI|Mastery Journey.  Be sure to follow us on Twitter: @fimastery and Instagram: fimastery

With Christmas just days away, some of you may be scrambling to find that last perfect gift for your family this year. Well, before you head out the door for one last purchase, might I suggest the gift of knowledge this year? You see, if you're planning to leave behind any measure of wealth to your loved ones after you pass, then giving the gift of knowledge is crucial to this end. And why's that? Well, that's because asset transfers without knowledge transfers can lead to failed wealth transfers. And you know the trouble is that many well-intentioned individuals aim to build generational wealth but are often doomed to failure because they focus solely on the money. And so, what's the big deal? Can't you just put a complex legal structure in place to ensure that assets go where they need to from now and into near-perpetuity? Well, the trouble is that when wealth is handed down without a story, it risks becoming just a mere number. "Shirtsleeves to shirtsleeves in three generations," as the saying goes. And so, why does this outcome seem so inevitable? Well, it's because wealth without wisdom is like a ship without a compass. Indeed, imagine amassing a fortune to be enjoyed by family members not even born, yet the next generations squander it because they can't appreciate what the money's about. It's painful, right? So, what should you focus on to prevent this outcome? Focus on transferring knowledge. Read More About this Topic Listen to the FI Mastery Podcast Learn More About Our Financial Planning Services Visit us at https://fimastery.com to learn more about the FI|Mastery Journey.  Be sure to follow us on Twitter: @fimastery and Instagram: fimastery

A solid investment strategy seems to work until something comes out of left field to knock it off track. You know, as the former heavyweight champ Mike Tyson is known to have said that, "Everyone has a plan until they get punched in the mouth." And in the investing work, we sometimes call these big, unexpected market and economic events "Black Swans." So, why should you care about Black Swans? Well, you should care because how you respond to these significant events can make the difference between reaching your financial goals and seeing them fall short. You see, it's one thing to understand that financial markets are inherently volatile and how diversification can help you reduce some of these risks. Add in a little asset allocation and just spread the risk out across various investments, right? Certainly, yes. However, it's another thing to be able to emotionally stick to your strategy when the markets seem to be wholloping your best-laid plans. Indeed, without truly understanding your own tolerance for risk, those inevitable Black Swans can lead to poor decision-making, lead to heightened emotional stress, and bring about a higher likelihood of not achieving your financial goals. That's why by truly understanding risk tolerance, identifying tools for evaluating your own tolerance for risk, and finding the right balance between risk and reward, you can enable you to become a better investor in the year ahead by helping you make sound investment decisions, and allowing you feel more confident even when the economy or markets are at their worst. Read More About this Topic Listen to the FI Mastery Podcast Learn More About Our Financial Planning Services Visit us at https://fimastery.com to learn more about the FI|Mastery Journey.  Be sure to follow us on Twitter: @fimastery and Instagram: fimastery