True Wealth - Financial and Investing Podcast

Most people don’t realize they’re already on one of four paths to becoming a millionaire—but they’re walking it blind. This week on True Wealth, we expose the four real-world wealth engines Americans are using today—from corporate careers and real estate deals to index investing and side hustles—and the silent mistake that quietly derails most along the way. If you’ve ever wondered whether you’re truly building wealth or just spinning your wheels, this episode will make you stop and think. Because the truth is: the strategy isn’t what sets you back—it’s how you execute it. Ready to find out which path you’re really on?

Welcome to The Unwritten Resume, a refreshingly honest, thought-provoking show that dives into the real résumé you’re building every day — the invisible one. Most of what we chase isn’t what we really want. Strip it all down, and what’s left? That’s where your real wealth begins!

Learn how to build a retirement portfolio designed to withstand market crashes—not avoid them. Smart structure, steady income, and strategies to keep you standing when others fall.

Building wealth is a skill—but staying wealthy is a discipline. It’s not just about managing money; it’s about managing you. Success brings distractions: lifestyle creep, status chasing, and the slow drift from who you were when you started. Without a clear definition of “enough,” it’s easy to chase everything and feel fulfilled by nothing. True wealth isn’t just what you’ve earned—it’s how well your money reflects your values, your purpose, and your identity. The real goal? To grow your net worth without losing yourself in the process. Listen for the full breakdown.

Tariffs are back and so is the battle for economic control. We break down what’s really happening with China, why Vietnam is under pressure, and how this trade war could reshape the markets, manufacturing, and America’s future.

Some people seem to attract wealth effortlessly—while others struggle despite hard work. But is success really about luck, or is there a way to manufacture it? The truth is, the wealthiest individuals don’t just stumble into fortune—they create the conditions for it to happen. From strategic risk-taking to positioning themselves for the right opportunities, they know how to stack the odds in their favor. In our latest podcast, we break down the mindset, habits, and financial strategies that can help you stop waiting for luck—and start engineering it. Listen to discover how you can make fortune work for you.

True wealth isn’t just about accumulation—it’s about alignment. Too often, we chase financial success only to find ourselves exhausted, unfulfilled, and wondering what it was all for. But what if money wasn’t the goal, but the tool? In this conversation, we’re redefining prosperity—shifting from a mindset of endless hustle to one of purposeful growth. How do you use money to build a life that’s whole, not just full? It’s time to give your wealth a mission, your growth a purpose, and your success a deeper meaning.

In today’s episode, we unpack the lesser-known concepts that can quietly shape your investment success. From the upside of working within limitations to the risks of ignoring survivor bias, we’re taking you beyond the headlines. We’ll also reveal why your network and second-level thinking could be just as critical as your portfolio choices. Listen now for a conversation designed to broaden your approach to building wealth.

The Dow just plunged 900 points, recession fears are back, and tariffs are hitting everything from groceries to gas and even your next iPhone. Meanwhile, hedge funds just dumped $4 trillion in stocks—so is this just a shake-up or the start of something bigger? Listen as we break down what’s happening, why it matters, and what smart investors should be doing right now.

With tariffs now in force, investors must decide: adapt or risk falling behind. Will this policy shift be a short-lived negotiation tactic or a long-term economic realignment? Markets, industries, and portfolios will feel the impact—some thriving, others struggling. The key question: Are you prepared for what’s next?

With higher IRS contribution limits in 2025, many investors wonder if maxing out their 401(k) or IRA is the best move. While it offers tax benefits and long-term growth, it can also limit financial flexibility and create unexpected risks. Before committing, here’s what you need to know to make the smartest choice for your future.

Retirement can be both exciting and a little daunting. The more informed you are, the more confidence and peace of mind you’ll have as you transition into this new chapter. Let’s explore some key factors to consider as you prepare to leave the workforce.

With national debt soaring and voters pushing for change, is the new administration steering the government like a corporation? We break down the talk of a sovereign wealth fund, the proposed Gaza takeover, and what it could mean for investors.

Just because we can’t practice law doesn’t mean we don’t care about it. So we brough in guest attorney Derek Simmons to discuss the in’s and out’s of corporate entities. Why might you need one? Which one is right for you? What are common mistakes? All that, plus the usual shenanigans that happen each week. Take a listen.

Deep Seek is shaking up the markets, leaving investors wondering—is this an overreaction or a real threat to American tech? While speculation runs wild, there’s a bigger takeaway: How should we respond when volatility hits? This lesson extends beyond just one news cycle.

Lets break down the ripple effects of President Trump’s latest executive orders and their potential impact on the stock market. From energy deregulation to AI investments and trade tariffs, we’ll explore how these sweeping policy changes could shape key industries, influence investor sentiment, and create opportunities, or risks, for your portfolio.

IRAs are a cornerstone of wealth-building, but how do they really work? From Traditional to Roth and everything in between, we’re breaking down your options and strategies. Don’t miss this essential episode—it’s time to take control of your financial future!

What happens when the top 10 biggest US stocks make up 30% of the index? How do we set goals that make investing make sense? With a new year bringing new innovation, let’s make more informed decisions.

Plausible or complete nonsense? Let’s break down some of the most popular conspiracy theories to assess whether they could have any chance of being true. Why does this matter? What if understanding these theories could help us gain an edge on potential market effects?

Turn holiday cheer into financial success! 🎄 Discover 12 simple yet powerful money tips to start 2025 on the right foot. Don’t miss these actionable strategies to help grow your wealth and secure your financial future!

Finances don’t have to be complicated—in fact, they’re as straightforward as basic math! In this episode, we dive into the fundamentals of managing your money, cutting through the noise and demystifying the process. Learn how sticking to the basics can set you on the path to financial success, without overthinking or overcomplicating things.

Ready to wrap up 2024 with a bang? We’re keeping it light and fun as we dive into year-end financial tips you don’t want to miss. From why setting up a family trust could be the ultimate holiday gift to quirky traditions that could spark your financial goals for 2025, we’re sharing practical advice with a playful twist. Join us as we cover: 🎄 Year-end financial checklists 🎁 Why now might be the perfect time to set up a family trust 🎉 Quirky financial traditions to kick off the new year 💡 Tips for setting achievable money resolutions Like, subscribe, and comment with your own financial traditions or resolutions—we’d love to hear them!

True wealth goes beyond money. Explore how relationships, resource management, and faith build a meaningful and fulfilling life.

How do all of the new changes Trump plans to unveil possibly affect the market? Lets start speculating and see if we can find areas where the market might be headed.

True Wealth explores the balance between health, wealth, and personal growth. Get actionable advice to maintain peak wellness, optimize long-term finances, and align your life with purpose. Perfect for achievers seeking more than money—they want a fulfilling, balanced life.

Explore how a Republican-led presidency, House, and Senate could reshape markets, from manufacturing to tech and energy. Discover key insights into tariffs, immigration policy shifts, market valuations, and fiscal changes under unified GOP control.

AI is transforming the world of investing, bringing new capabilities to individual investors, advisors, and institutions alike. Listen as David & Justin explore the promise & pitfalls of AI powered investing.

Let’s talk about this trending acronym “FIRE” and how you can better understand the principals and work towards making financial freedom a reality. Unlock the key concepts towards building a brighter tomorrow.

Stupid mistakes can be costly. If you don’t want to learn the hard way, tune in and hear about the dumb financial mistakes people make that can harm their future. From poor planning to emotional decisions, this series covers what NOT to do with your money!

Explore how shifts in U.S. oil policies shape investor strategies and the broader economic outlook. Learn about the effects of regulatory changes, global market dynamics, and evolving energy trends on oil prices and profitability. Understand how these factors influence the stability and direction of the U.S. energy sector and the economy at large.

In this episode, David and Justin discuss the different financial challenges each generation faces. Whether we’re talking about culture, politics, or economics, the reality is that we all face different headwinds. You may be a Baby Boomer trying to reach (and survive) retirement, a Gen X’er with kids still at home, a Millenial trying to get traction in this expensive world, or Gen Z’er wondering if there will be anything left for you. Let’s be real – there are some big hurdles to clear. We talk about what each generation is facing – why it matters – and what to do about it. The interesting twist? The solutions for each generation may have a lot in common.

When it comes to risk, is this the only question to ask yourself? Some people believe in only taking as much risk as they are comfortable with, but is this the solution? The answer might be more complicated than you think.

Let’s explore the unseen systems affecting low-income families, the shrinking middle class, and even the wealthy. From government dependence and inflation as hidden taxation to financial traps and wealth extraction schemes, we’ll explore how economic policies may be engineered to control and divide us. This is more than just an economic conversation—it’s a look into the deeper, hidden forces shaping the financial futures of all Americans.

As the world appears to be escalating in tension and the financial health of major countries like China are in question, what happens after the election is over? We know the world is watching, what could happen next? Lets talk about possible scenarios and what it could mean for the market.

Let’s explore proposed policies from both Kamala Harris and Donald Trump. Are these promises genuine blueprints for their presidency, or are they just campaign rhetoric designed to win votes? We’ll break down healthcare, tax policies, and more, examining the details behind the bold claims and how policy changes could affect the markets. Tune in as we attempt to separate truth from fiction and help you decide: are these plans just for show, or could changes be on the horizon?

Discover the strange and surprising money habits that many people have, which could be quietly draining their wealth. From avoiding employer retirement matches to chasing past performance, learn how to avoid common financial misconceptions and start building wealth more effectively today. Explore these unusual financial behaviors and get tips on optimizing your money management strategies for better results. SUBSCRIBE ON YOUTUBE! Looking for Personal Financial Advice? – Learn More Here   Transcript: (00:07) all right let’s not waste any time getting into today on this the greatest Tuesday you’ve had all week welcome to the true wealth radio show Dave Littlejohn in studio today with me Matt Dickson. Matt yes we say this every time have we got a show for you this one will be fun though I think this one’s funny actually it’s fun and funny and I actually like the idea of it um you know when I was think about radio show prep today I had some ideas in mind and I read through some of the thoughts that I had and I’m (00:38) like gosh you know it sounds like something we’ve done before how about something new something fresh something yeah fresh and the funny thing is none of it’s new but it’s a new take it’s fresh it’s fresh we’ll go with fresh we’ll go with fresh I had uh I spent like a whole bunch of time just I’ve been on the road for like 6 hours in the out of the last 24 right and so lot of podcast time and um those of you that know me I listen to podcasts at like a little past 2x speeds like 2.3 2. so (01:08) it’s like listening to Chipmunks but you get stuff faster that way and uh that doesn’t wear you out like you’re on a road trip instead of just listening to some music and relaxing you’re like two times the speed give me the PO like just cramming your brain full of information uh no keeps me going I like it wow most people would be like at the end of the car drive you know just hopping out of the vehicle my mind is fried you know the gears have been cranking too fast I do have to switch topics so that I don’t (01:37) get fried what do you switch between uh I was so I’m reading one I forget the author but I’m listening right so was listening to a book called uh the 46 immutable Laws of Power so that’s an interesting one um it could be used for nefarious purposes I don’t ADV that how many books do you get through in a year uh I don’t know is it a lot is it more than five yes more than 10 yes wow okay so yeah I go through books I didn’t realize you were such a a big like book person so books and then I do a lot of (02:10) podcasting or I do a lot of topical search do you ever like read the book or is it all audio books I do a lot of so I’m a fairly auditory learner uh but I do a lot of audio I definitely read books too really yeah H yeah it’s a different kind of Engagement um my issue is like when I read I tend to read kind of slower than I want to because I tend to say the words in my head see I’m the opposite I hate audio books can’t stand them but I’m curious have they like started to use AI to do the audio books (02:43) or are they still paying people to like sit there and read them and record it mostly it’s people who actually read them they have actual narrators and so and the narrator does make a difference if there’s I’m just waiting for like the series exist there’s AI out there I mean they’ve been for a long time some better than others but it’s sort of robotic readers uh the Cadence can be a little awkward at times you’re like that wasn’t really what it’s supposed to sound like yeah but but not on I’ve not had like (03:13) books that I’ve purchased and had them narrated in a poor way yeah so or well I should say I’ve had poor narrators but I haven’t had them like a computer narration that I paid for that I can tell anyway usually it says oh read by so and so so yeah anyway I I do I like digesting information I get into like I go down rabbit holes for topics to do deep like what probably fairly deep research for some or others they’re like I don’t know what you’re talking about uh and it can be goofy stuff like I’ve (03:42) learned a lot about ultra light backpacking gear cuz at one point that became a thing for me cuz I like to backpack but I have sleep apnea so I have to carry a cpap with me and so that’s like just dead weight right out of the gate so then you get really clever about how to reduce weight in all kinds of other ways to just make it more tolerable so instead of packing your food you catch your food all sorts of little no we don’t do that usually we pack the food Matt’s a better Hunter I’m more of a gatherer I guess yikes uh could (04:15) probably there’d be some fishing opportu

With a wide range of investment types and varying amounts you can invest, figuring out where you belong in the investment world can be challenging. Let’s dive into the different investment scenarios and tools available, so you better discover how your financial goals fit in the vast investment landscape.   SUBSCRIBE ON YOUTUBE! Looking for Personal Financial Advice? – Learn More Here   Transcript: (00:08) all right welcome to the true wealth radio show I’m your host Dave Littlejohn in studio today with me Matt Dickson and this is of course the greatest Tuesday you’ve had all week are you ready stoked to be here um and so we have a delightfully Loosely scripted show today yeah but I think this may be one of the topics that is of highest interest to our listeners perhaps ever in the history of topics I was going to go as far as to say David do you realize this might be the best show we ever do without a script it’s possible it’s just (00:44) the best show that’s ever happened ever yep have we oversold it yet no we’re we’re under selling it yeah yeah let’s go for it look we got to thinking about what is something that we could talk about that would be really useful for investors right in general and you know we talk about all kinds of stuff the the reality is right now Market’s really difficult to handicap you don’t know which way it’s headed everyone trying to figure it out and if someone knew well they’d be a billionaire right so that’s (01:14) the the the first issue here markets tough to handicap then we talked about the news cycle and yeah it’s just a bunch of everybody should hate everybody else per the usual there so then we got to thinking well how could we provide some value to our listeners yeah okay and uh we we started asking the question so you know there’s a bunch of things that we take for granted as Financial professionals because we assume people know stuff that they don’t actually know maybe yeah it may be that and so we (01:47) thought about it so well what if we were to do a show that was really built to say what is available to investors at various stages of investment from like your brand I knew you’ve never done this I don’t even know how it works all the way up to hey we’ve got a lot going on here where should I be headed with this right and so I think today what we’re going to do is attempt to help investors figure out where am I and what is available to me I want to say what options are available to me but when I (02:22) say options option is an actual type of investment we kind of touch on like what helping people identify what they need so that they know like not only what’s available but what do I kind of need given my circumstance no I mean like why would we be that useful that seem like all right maybe he not asking too much yeah and I you know the TR the tricky part we can’t give personalized investment advice there’s a bunch of liability associated with that but what we can do is talk about the broader circumstance and what I want our (02:52) listeners to be able to do today like just think about where you’re at and and maybe it’s not just for you maybe this is something that you can help uh somebody else right so maybe you’re already an investor maybe you’re a parent or a grandparent but you want to help a kid or a grandkid get started and you’re thinking well how do we do that okay so I’m going to start out with the very most basic here uh let’s talk about what are the most common Investments that people buy and and then because the (03:20) show’s going to kind of orbit around those a little bit okay today we’re not really talking about real estate a whole lot okay I think that that’s certainly a worthy invest but I don’t want to talk about the Exotic you’re talking more like what do people actually go out of their way to invest in that’s not like well I have to own a home because I need someplace to sleep you’re talking like actually going out to invest and I’m also talking about what might you own inside of a retirement plan so there are (03:48) some things that we could talk about and I’m just going to sort of glance over them right we’re not going to talk about investing inside of life insurance policies today nope too weird okay we’re not going to talk about buying art today we’re not going to talk about collectible items like maybe you want to buy classic cars and you know fix them up and flip them okay that these are all real things by the way but that’s not the the flex today if you will right okay so what I want to talk about first (04:17) and foremost is some of the the standard things so stocks and bonds mhm first of all we’re get to take what are they and then we can talk about how does so

The Yen surges, the markets vomit and rumors are swirling. What really happened?   SUBSCRIBE ON YOUTUBE! Looking for Personal Financial Advice? – Learn More Here   TRANSCRIPT (00:07) all right welcome to the true wealth show on this the greatest Tuesday you’ve had all week I’m your host Dave Little John in studio with me today Matt Dixon and as I like to say have we got a show for you cuz you know what there’s a lot of stuff going on yeah no kidding cuz the markets are giving us a show this week like I show a force in the wrong direction yeah definitely today was a little relieved but jeez woo Matt yeah what is going on all right so I’m going to break this down as simply as I can (00:36) and you’re probably going to have to be like what Matt really tried to say is this I doubt it I doubt it all right so basically a bunch of us investors were going to Japan and changing in their dollars for Yen okay and then they were taking that Yen and they were borrowing at 0% because Japan had been basically letting people borrow it 0% and then they were taking that money and buying US Stocks specifically the Magnificent 7 so companies like Google meta Facebook Amazon Tesla like the big Microsoft Microsoft Apple and apple I (01:18) think that’s the set let’s focus on Nvidia a little bit just by this is Matt’s favorite one to kick a little bit right now it is okay and we’ve loved Nvidia in the past but right now Woodshed all right here we go so they borrow this money at 0% and then what they did is they not only turned around and bought these tech stocks but they bought them on margin and on Leverage so a fancy way of saying that talk talk about what does that mean so like if you bought on margin right you could take $10,000 and then use your margin to buy (01:50) $20,000 worth of stock yeah it essentially margin is the credit card right if the and the way margin works is you’re getting a loan with collateral okay so you’re using your in your account as the collateral so or they bought with leverage yeah is the other one well and well that margin is how you get leverage right but the other way that you get leverage and you still need a margin account to do this right a margin account is essentially an account that allows you to borrow money and it also allows you to have the (02:26) Securities in your account loaned or borrowed that’s a good point to be made yeah so it is kind of like a loan right and not just loaned on but like if you have 100 shares of stock that you may that stock may be Borrowed by somebody else MH and then returned to you okay and it’s up to the broker dealer environment to manage that element but but we’re getting a little too complicated right now so basically they margin is leverage so they bought all these kind of higher risk I’m air quoting that stocks that had been doing (02:59) really really well they had been making a lot of money yeah in fact on paper for the last year or two they would look low risk if you were just measuring the downside volatility let’s just for easy numbers say the stock went up 10% right but if you had leveraged it and say with twice the amount of margin for example so if your asset grew and grew by $10,000 but you had used margin times two maybe you’re now making $20,000 instead of just 10,000 yeah right so the it looked really good but you also get (03:38) bit if the stock moves down twice as hard right yes yeah and I’m I’m getting ready to like explain all this it’ll be fun so what happened was you know we saw stock slide maybe 10% on these grow stocks well instead of just a 10% loss that’s a 20% loss and then you extrapolate that out with they now have this Margin Call where they have to pay back money that’s due so what do they have to do in order to get access to money they had to force liquidate the stocks that they were holding and how (04:14) does the stock market work yeah uh the balance of supply and demand right so we just had a a supply glut and a demand decrease right so everyone’s having to well all these big hedge funds and other big investors are having to sell sell sell sell sell in order to cover the debts that they had well they did that and so now we see the stocks fall even further and on top of that now they have to go convert their Yen back into US dollars in order to make those payments well guess what the Yen appreciated 11% (04:45) over the dollar in just that short little window of time so now they get dinged on the way out too yeah so let’s think of it this way um you the same way that if you were buying a house right you actually buy a house with Leverage I need 20% down to buy the whole house right and then I have to make payments on it right I have to pay interest okay the same thing happens in a margin account the difference is the equity in your house is Cash in a traditional mortgage

With rising costs, high interest rates and expensive housing, how do we adapt and become successful given these difficult times? Let’s talk about ways to bolster our financial and physical health. In this episode, you will learn the following:   Benefits of saving more than the traditional 10-15% of your income to achieve greater financial independence and flexibility. Why delaying Social Security benefits could significantly boost your retirement funds. How planning for financial self sufficiency can mitigate fears about the future of Social Security. The distinction between good and bad debt. Practical advice on avoiding common pitfalls like credit card misuse. Effective methods such as negotiating lower interest rates and using Dave Ramsey’s snowball effect to tackle high interest debt. Why it’s important to reduce access to credit once debts are paid off to avoid falling back into the debt trap. Insights into leveraging the financial system to your advantage with disciplined money management. Power of compound interest and how responsibly using debt can benefit small business owners. Concept of “living large on less” by making thoughtful choices and maintaining the things you own to reduce replacement costs. Distinguishing between wants and needs, evaluating high cost items, and finding cost effective ways to enjoy life without overspending. Importance of incorporating generosity into your financial plan. SUBSCRIBE ON YOUTUBE! Looking for Personal Financial Advice? – Learn More Here   TRANSCRIPT   00:00:00 How much time did you spend over those five years oiling and taking care of them to go buy an $80 pair of shoes?   00:00:00 Yeah.   00:00:00 I don’t know. But which in my wife is the exact opposite for shoes. I bought her shoes. I don’t have a problem buying my wife shoes because I bought her shoes that are just 10 year old shoes that look brand new.   00:00:00 Oh, yeah.   00:00:00 I’m horrible on shoes. So I never buy shoes. My wife buys me shoes. But I won’t buy them because either, just a tool, they’re just going on your feet. And then when they wear out, as long as they don’t look horrible.   00:00:00 All right, everybody. Welcome to the True Wealth Radio Show. Today, I am your host, Matt Dickson, and with me in studio.   00:00:51 Justin Bruggeman.   00:00:52 And we’ve got an action packed show for you guys today where we are talking kind of about the flow of money through your life. And we’ve got a lot for you today where we’re going to be kind of talking about, you know, kind of different phases of life, spending, saving and how that all kind of ties together. And we might even throw cool couple statistics at you that you didn’t know. So Justin, do you kind of want to start the show off today kind of talking about maybe, like ways that we can kind of rethink building wealth? Like we have some preconceived notions. How might we kind of be able to branch out away from those preconceived notions and maybe adopt, kind of a different way of looking at things? Because times are changing, right? Like inflation is here and what rules applied to us maybe five years ago or 10 years ago maybe aren’t the same rules that we’re playing by today because things are different and people are going through unique, kind of new situations. Like I know when I was kind of getting ready for the show today, one of the things that I looked at was just home ownership statistics, right? And if you look at like, millennials versus Gen X at the same age, kind of in that 25 to 34 years old, what is the rate of home ownership? Millennials are at 43% where Gen X was at 51%.   00:02:18 Right.   00:02:19 So that’s an 8% reduction in people owning homes, you know, and that’s pretty big when you start to think about it, almost one out of every 10 people that might have had a home now doesn’t. Right. And so that’s a change, right? Like houses have become more expensive, harder to get into a house. So things have really changed. And so I want us to keep that in mind as we start thinking about, kind of that need to reshape the way that we’re spending or that we’re saving. Talk to me a little bit about, kind of what’s on your mind as far as kind of ways that we can rethink this whole thing.   00:02:58 Yeah, a little bit of it is, we kind of have the general like numbers is, you know, save 10 to 15% for retirement.   00:03:04 Right.   00:03:05 But we don’t really ever talk about is why not more, if it makes sense.   00:03:11 Right. Like if you can actually do it, why stop at 10 percent?   00:03:15 Right.   00:03:15 Okay. I like that.   00:03:17 And so, and then it’s not a matter of, you know, if I maintain this path, am I going to make it? But if I accelerate the path, it can change your options.   00:03:26 R

Using a tax deferred retirement account can be a great idea, but have you considered taxes when you go to retire? Could your required minimum distributions actually drive you into a higher tax bracket? This is the show you can’t afford to miss.   SUBSCRIBE ON YOUTUBE! Looking for Personal Financial Advice? – Learn More Here   TRANSCRIPT   (00:07) all right gang it is that time of the week it is the favorite Tuesday You’ had all weekend it is time for the true wealth radio show I am your host Dave Littlejohn in studio today with me Matt Dickson and our special guest nobody but us y yep so glad that we’ve got each other so thanks for hanging out mat I’m ready to go yeah we have got an interesting question to post today yeah right and here’s the question Matt mhm at what point have you put too much money into pre-tax or otherwise known as (00:43) qualified retirement plans I don’t know that there’s a necessary like a actual number that we can slap on there because it can kind of vary right but there surely is a number out there where it’s like maybe you’ve put too much in so I kind of want to unpack that today right I I was waiting for him to say it’s $4 good show let’s that’s a wrap right nope we’re not going to do it we’re going to actually answer the question if you’ve if you’re wondering how could you (01:12) possibly think that you’ve got too much money in a retirement plan so there’s there’s a funny funny element at play here okay so I mean help our listeners for a second what is the what is the concern that we as advisers have about about really big retirement plans maybe I’ll try and oversimplify it right yes say you’re in a 20% tax bracket today because you’re deferring some of your income into a retirement account all right pretty simple what if you defer enough over a long enough period of time (01:50) you grow that retirement account substantially and when you go to retire you have to take out so much money that you have jumped into a higher tax bracket so here’s what there’s there’s this critical piece some people do not know and that is that retirement plans particularly these a qualified pre-tax plan like a traditional IRA traditional IAS 401ks 403bs and so forth the IRS will only let you defer money for so long before they start looking for you to pay taxes right right and that age has been changed but it’s now (02:34) currently 73 73 and then you start to have what’s known as a required minimum distribution right so you have to take some portion of that money out of the retirement account they force you to yeah it’s compulsory in nature and how do they force you to well if you don’t do it they tax you at 50% of what you should have taken out it’s a lot which is so just take the money out it’s yeah and and so that is higher than the highest marginal tax bracket mhm so they’re essentially they’re saying we (03:04) will make you pay the highest tax we have if you refuse to take money out of your retirement plan right so now you have to think to yourself wait a minute what happens if I make more money in our current tax system well we have what’s known as a progressive tax system which means very simply the more you make the higher your tax rate goes right and it tops out around what 30 37% feral and you know that changes from time to time depending on Administration MH right so depending on the makeup of Congress and the White (03:40) House that the those tax rules can change and they have certainly have throughout my few decades working around this I guess more than two decades few makes it sound like more than three I haven’t been doing this for 30 years I’m in the year 25 so it’s been a while and I’ve seen a lot of tax changes mhm so here’s the here’s the rub right if you in retirement have a really big retirement plan then you’re going to have a really big required distribution right which will drive your tax bracket (04:16) higher in because it’s a larger distribution right and here’s another thing to think about you just mentioned it right policies change with different administrations yes what has been a recent change that we’ve seen since Biden took office the secure act right right and that’s a big deal because we’re talking about like these Ira growing to a you know a sizable amount and then you end up in a higher tax bracket but we also got to think about what are the implications to the heirs of those retirement accounts can I just (04:53) for a sec can I just hit pause on this one yeah because what I’d really like to do for for everybody listening let me let me paint this the the scene for a minute here the IRS has kind of a an interesting approach here they typically do not tax something twi

Let’s examine how the stock market has been affected by presidential elections. We’ll analyze past patterns, talk about how the market has responded to various political administrations, and provide helpful investing advice. Discover why it’s critical for investors to prioritize market fundamentals over political preconceptions. In this episode, you will learn the following: How emotional reactions, particularly fear and stress, can cloud judgment and lead to hasty financial decisions. Importance of maintaining emotional detachment in high stress professions like investing, drawing parallels to the medical field’s rule against operating on family members. The benefits of training and preparedness in managing market uncertainties. How political debates and election outcomes can influence stock market perceptions and behaviors. Historical patterns and common misconceptions about the impact of political outcomes on market performance. Interplay between advancing technology, increasing energy demands and the market implications of different energy sources. Environmental impact, cost effectiveness and potential of nuclear and renewable energy sources in the current financial landscape. How money supply, government expenditures and political regimes influence market trends and behavior. Historical spending patterns under different political regimes and their effects on market growth with a focus on large cap stocks linked to AI and sector specific volatility. Psychology behind smart investment choices, emphasizing the need for self awareness and logical decision making over emotional responses. Market dynamics during election years reflecting on historical patterns and understanding sector specific volatility. SUBSCRIBE ON YOUTUBE! Looking for Personal Financial Advice? – Learn More Here   TRANSCRIPT (00:00) you become less rational when you’re when you’re really stressed and fear is a big one and markets tend to produce fear right stock markets can be very scary things are going down it generates a stress response and what do you do you can you you skip the logic Center sacrifice accuracy for Speed because of fear all right it is that time of the weekend welcome back to the true wealth radio show on this the best Tuesday you’ve had all week uh I’m your host Dave Little John back from Beyond yeah (00:40) you were gone there for a minute uh yeah I think at least two shows I was gone three three yeah they never yeah they’re not going to let me that live that down either the best three shows that there there’s ever been and and I wasn’t part of it well yeah for June how about that the best three shows in June yeah fine but July whole new month a lot new content that we’re ready to start pushing out we are it’s time to launch um let’s go straight into the fun Matt did you watch the debate yeah so I have (01:16) only seen Clips I haven’t watched it start to finish on the road no I actually need to watch the whole I can’t claim that I’ve seen the whole thing I I caught about 25% of it and then I had other stuff that was more pressing and so I stepped out but then I caught the highlight on the other 75% and um the highlights seemed to have been enough that the the fumbles were pretty significant big time um here’s why do I bring it up right well we keep getting asked the question you know what does this mean for the stock market right and (01:50) we’ve been getting this question a lot and so I really think it’s worth unpacking you know um what if we get a republican in office what if we get a democrat in office how is that going to change things and I think a lot of people are under the impression that it’s going to have a radical change to the market and so we need to unpack that and I think one of the best ways to do that is to look to history right there’s been a lot of elections in our past what has happened not that it’s going to (02:19) pertain to the future but it’s a decent indicator as to maybe what we can kind of expect right the as the joke goes history doesn’t repeat itself but it Rhymes ah there you go yeah so yeah it’s really not partisan today believe it or not um that’s not to say that we’re not inherently partisan I mean everybody brings their own opinions to this one um this is where in the interest of disclosure like I’m just a total wasp right white anglosaxon Protestant yep got you know three kids at home and a nuclear family and we’re (02:53) still doing that stuff and uh you know for some people that makes me like hey r on and for other people are like oh my gosh you’re an oppressor and to those people I just say I don’t know pants down it’s ridiculous yeah like you know show me where the oppression occurs and well we don’t know your privilege or this that and the other go man we’re going to

Explore the implications of the recent Trump assassination attempt on the financial markets. Lets unpack immediate market reactions and analyze potential long-term impacts if Trump secures the presidency. Discover which sectors might thrive and which could face challenges under his leadership. Tune in for expert insights and strategic advice to navigate this complex economic landscape. Episode Highlights: How the stock market reacted with notable increases to the assassination attempt of Donald Trump. Reviewing how the markets initially reacted during the assassination attempts of Ronald Reagan and JFK The assassination of JFK led to more significant market turmoil with the Dow dropping 2.9% Companies in the coal and oil sectors saw stock increases following Vance’s alignment with Trump. Foreign direct investment in the U.S. was reported to slow down by 15% immediately following the assassination attempt. SUBSCRIBE ON YOUTUBE! Looking for Personal Financial Advice? – Learn More Here

There are many layers of a financial plan: the real question is, do you need one? Ignorance is not bliss: learn about ways you can start planning for your future today.   Episode Highlights:   The critical benefits of starting financial planning early in life, particularly in your twenties or thirties, to ensure a stable financial future. Evaluation of the current financial landscape, including income, expenses and future goals, to create a comprehensive plan. How to establish and balance short term and long term financial objectives to maintain motivation and track progress. Examples of practical goals such as building an emergency fund, paying off debt, or saving for significant life events. Assessing your personal risk tolerance to choose appropriate investment options, whether conservative or aggressive. Aligning investment strategies with your risk appetite to optimize financial growth and security. Key considerations for retirement planning, including projecting retirement income needs and planning for healthcare costs and longevity. Being realistic and transparent about your financial situation to avoid underestimating expenses. Benefits of diversifying your investment portfolio across various assets such as stocks, bonds, and real estate to manage risk and enhance returns. Strategic allocation of assets based on time horizons and financial goals. SUBSCRIBE ON YOUTUBE! Looking for Personal Financial Advice? – Learn More Here   TRANSCRIPT 00:00:00 Significant time on getting this thing really crafted. And then they drop a bomb on me at the end of it. And they’re like, I got $200,000 of gold too. And I’m like, that would have been nice to know at the beginning.   00:00:00 That’s great information.   00:00:00 Yeah, because that completely changes the entire picture here. And you were super stressed out this whole time about your financial plan. And you’re willing to actually spend on some of that gold that you have, well that changes everything. And now that lifestyle that you wanted is very doable.   00:00:40 What’s going on, everybody? This is Matt Dickson. And with me in studio today for the True Wealth Radio Show is.   00:00:46 Justin Bruggeman.   00:00:48 Justin. Wow. This is what? Three part series now.   00:00:52 Three weeks in a row.   00:00:53 Yeah. So we are on a roll. We’ve been going over a lot of really good material and we’ve got more of that good material for you today. Justin, talk to me a little bit about what’s on the agenda for today’s show. What can listeners kind of expect?   00:01:08 Yeah, we’re going to talk about what, well, the pros of having a financial plan and what is included in a financial plan?   00:01:19 I think that’s a really important thing for us to talk about because a lot of the times when I’m fielding a phone call from someone who is just inquiring to the firm, you know, they have a lot of questions and they don’t necessarily know how to ask those because they don’t really know what it is they’re looking for, because they don’t really know what goes into a retirement plan. And so you get a lot of comments like, I have some assets in my retirement account and I’ve got some savings, but I’m six years away from where I think I might be able to retire, but I don’t know if I can retire. Can I retire? I need answers to these questions. So I think this is a really good show because people don’t know what they can expect.   00:02:04 Right.   00:02:05 So talk to me a little bit about some of the things that kind of go into a financial plan or kind of that comprehensive wealth management. What does that really look like, Justin?   00:02:15 Right, and so I guess to start off, what is a financial plan? So we’re even gonna go to the actual definition because it can be interpreted a lot of different ways, but the process of assessing the current financial situation and future goals and how to achieve them.   00:02:35 I think that’s a big one, the future goals part, because a lot of the time, you know, people are just looking at, what do I have and is that good enough? But they’re not looking at what, is it that I actually want to achieve, not what, is it that I feel like I just have to achieve.   00:02:50 And the best part about financial planning is, one, it’s subjective, and two, it is different for every person. There’s not a cookie cutter, you know, just save this amount and that’ll, you know, you’ll be fine, which yeah, there’s a dollar amount that probably is fine. But I mean, you have differences in clients. Some clients are spending $15,000 a month in retirement and others are spending three.   00:03:17 Right. So looking at where you at currently versus where do you want to be in the future and trying to run some proj

How can you achieve financial and emotional peace while thriving in today’s challenging economic landscape? Discover strategies for adopting a minimalist lifestyle, prioritizing mental health, smart financial management, and investing in personal growth. Lets talk about balancing your life, accumulating wealth, maintaining a high quality of living, and building long-term happiness.   Episode Highlights: Three crucial stages of financial growth: accumulation, maintenance, and distribution. How simplifying one’s lifestyle can lead to financial success. The pitfalls of lifestyle inflation and the necessity of maintaining a robust emergency fund. Useful tools and apps for tracking spending and managing finances. How individual goals and lifestyles impact retirement strategies. Challenges millennials face in the workforce. (longer hours, relatively lower income, and high turnover rates) Balancing work-life and personal life to avoid burnout and achieve financial goals. SUBSCRIBE ON YOUTUBE! Looking for Personal Financial Advice? – Learn More Here   TRANSCRIPT   00:00:00 Adopting this minimalist lifestyle. You know, of course it starts with creating the budget and not going outside. Because to get to the accumulation phase, you have to have a base. Otherwise, you just never get there. You’re just chasing this accumulation phase. And so, you know, even if you’re doing the right things, you know, saving 10 to 15% requirements, saving 10%, but then you have a bunch of outstanding debt. You’re not really accumulate. You’re almost taking back.   00:00:40 What’s going on, everybody? This is Matt Dickson and with me in studio today…   00:00:45 Justin Bruggeman.   00:00:47 All right, guys, we have got an awesome show for you today. We are going to be talking about some really important stuff. And I think inside of the show, we’ve got something for every single listener, no matter what your age, no matter what, you know, your financial situation. We’ve got something here that you probably want to hear. Justin, thanks for joining us today.   00:01:07 Or we don’t want.   00:01:09 Yeah, or maybe you don’t want to hear it. But kind of the the thing I want to talk about today is. You know, we’re in. I didn’t know this. I’ll be honest, but. Millennials, right? There’s a lot of conversation around millennials. They are making up an extremely large portion of the workforce right now. In fact, millennials are making up. I think by the year 2025, they estimate 75% of the workforce. Yeah, the global workforce is not just in the US. And I didn’t realize that it was that large. In fact, back in 2016, millennials became the largest generation in the labor force. And that’s quite an, I mean, eight years ago? Yeah. And if you would have asked me, I would not have guessed that at all. And so one of the things, you know, when I think about millennials, I’m thinking about how they’re in this accumulation phase, right? Right. Where they’re working hard to try and make their way in life. And how’s that going for them versus maybe some other generations in the past? But then the second part being, you know, once you actually accumulate some wealth, how do you kind of maintain a lifestyle? And so what are some of those kind of challenges inside of that accumulation phase? And more than just that, it’s looking at how do we balance the work life, the home life, the personal life, right? Because we always want to talk about how do we accumulate wealth? Well, you know, I think that it’s something where, you know, we got to look at this and say there’s more to it than just building wealth.   00:03:00 Right?   00:03:02 It’s taking care of yourself along the way because it’s really easy to get burning. Let’s just jump right into this thing and kind of start talking about, you know, we’ve always got this drive for more. And I was watching an old Western just the other night and it introed with, you know, I forget the quote, but it was something to be effective. Every man’s just looking to put more gold in its wagon. Right. And I kind of think about it from the standpoint of, well, you can keep doing that. You can keep piling gold in the wagon, but you pile too much in there and the weight of it might start to break the axis. Right. Like there can be something almost too much. So how do you find a balance where you’re not doing so much outside of, you know, living that you kind of lose sight of where it is that you’re going in and are you enjoying the ride along?   00:04:01 Almost your output. Weighing more than your input.   00:04:05 Yeah.   00:04:05 So are you just putting too much time?   00:04:07 Yeah. Do you got any kind of recommendations for the listeners? Well, you know, hearing this and saying

Let’s discuss how retirement plans can provide tax benefits and serve as a retention tool for employees. We’ll also explore the role of financial advisors in helping entrepreneurs optimize benefit packages and the importance of understanding the scope of their services. Discover how Littlejohn Financial’s unique approach sets them apart in the industry, with a focus on providing compassionate guidance and personalized solutions tailored specifically for entrepreneurs. Episode Highlights: Understanding the importance of planning for family businesses Leveraging retirement plans for tax benefits and employee retention Navigating the differences between fiduciary and suitability obligations Evaluating investment performance in context and the impact of managed products SUBSCRIBE ON YOUTUBE! Looking for Personal Financial Advice? – Learn More Here   TRANSCRIPT   00:00:00 They do some common things in their business, but then a lot of things are not common, right? So, everybody’s kind of running their own business within a business. And so you don’t get the consistency of result by going from player to player. Some practitioners are really good and some are less so.   00:00:23 All right, it is that time of the week. It is your favorite Tuesday of How to All Week, and it is time for the True Wealth Radio Show. I’m your host, Dave Littlejohn, in studio with me today.   00:00:34 Matt Dickson.   00:00:35 Okay, Matt.   00:00:35 Yes.   00:00:37 Thank you for doing the prep work for the show today by not letting me see the prep work for the show today.   00:00:43 I know, I only printed one copy, so it’s like. Maybe it’s the interview Dave show.   00:00:48 It’s the, let’s see how well Dave does on his toes day. Should be fun.   00:00:54 I’ll walk you through it. How about that?   00:00:57 I love it. What is the theme that’s developing today?   00:01:04 I think a lot of people kind of have questions around, you know, what maybe does a financial advisor even do, right? We know they deal with money in some fashion or another. But more than just that, it’s talking, I think today, about business owners or people that have a company or an entrepreneur of some sort. Look at this and they’re like, how do I invest outside of my business? Most of the time, you know, people that have a business and are good at running a business, they know that landscape really well. But they might not know maybe some ways that they can save on taxes or you know, invest in ways that allow the business to continue to grow, but also to put some potential money in their own pocket and employees pockets. So I want to talk a little bit today to business owners and people who are even thinking about starting a business in the future.   00:01:57 So, business owners and entrepreneurs. And what I heard sneaking between the lines of everything you just said was some people want to invest a lot of people, the business is their investment. But what if you could reposition some money out of the IRS’s account and back into your own?   00:02:20 Yeah. Especially, yeah. I mean, talking about what are some of the benefits of maybe opening a retirement account. We could kind of start there in really generic language and say, is a retirement plan a good idea? And—   00:02:32 Yes. Okay, next question.   00:02:34 So could you talk to me maybe about some of the choices that are out there for someone who does have their own business and how those work.   00:02:43 Yes, I feel like just for those listening to kind of help out though a little bit, first consider, you know, maybe you’re not a business owner. This probably is still interesting to you in that, if you understand how the business made a decision, it may help you as an employee to kind of figure out like why are they doing this? What’s in it for me?   00:03:06 I think we should talk about the flip side of this. If you’re the employee and you’re being offered this menu to choose from like, hey, I’m allowed to open this type of retirement account. That doesn’t necessarily mean you can’t open another type of retirement account on your own.   00:03:21 So again, backdrop for everybody here, because I don’t assume that everybody knows what we’re talking about yet, right? The challenge of living in the financial world is that we do this all the time. And I know you guys listening, not everybody does this all the time. Right? So if you own a business, one of the things that now the state of Oregon pushes this to, right? They’re saying we want to help people save. Right? And so they’re encouraging businesses to open up or in certain cases, requiring businesses to create retirement plans. Okay. Which is kind of a weird thing. It doesn’t mean that the employer has to contribute

In this episode, we delve into the real stories of celebrities who went from riches to rags and explore the common financial mistakes that led to their downfall. Learn how to avoid lifestyle inflation, poor investment decisions, and inadequate financial planning to protect and grow your wealth. Tune in for essential tips and strategies to help secure your financial future and prevent common pitfalls. Episode Highlights: How lifestyle inflation can erode your financial stability. Insights into practical strategies for maintaining and growing your wealth after the accumulation phase. The importance of not overspending and questioning traditional guidelines for housing expenses. Common financial mistakes that high income earners make, especially in terms of tax traps and how to avoid these pitfalls and seize beneficial opportunities to protect your wealth. Tax traps that can erode your wealth. How to manage taxes effectively and avoid costly mistakes. Risks associated with overleveraging– borrowing too much to fund your lifestyle or investments– and how it can lead to financial instability. Significance of diversifying your investments to avoid being over-concentrated in a single asset class or stock. Tips on how to adjust your financial goals and savings strategies to account for inflation and this includes practical advice like increasing your retirement contributions when you get a raise.   Transcript   00:00:00 I mean, maybe you’re not in the accumulation phase of, you know, retirement is, right? You’re, this is more towards, you know, trying to get money out of my estate. I don’t want to pay more taxes than I have to, especially in Oregon, because Oregon is expensive. Right. So taking those steps, and I can’t remember where I read that like 75% of people don’t even have a will. 00:00:00 What’s going on, everybody? This is Matt Dickson and this is The True Wealth Radio Show. Today, I’ve got a… awesome guest speaker in the house. 00:00:41 If I still consider it a guest? 00:00:42 Yeah, because you’re not here enough, Justin. 00:00:45 This is Justin Bruggeman. 00:00:46 Yep, so one of the other advisors at the firm that just so happened to make it onto the radio show today and probably actually will over the next maybe week or two. 00:00:55 For the next couple of weeks. 00:00:56 Yeah, we’re running this thing and we’re super excited to do it. Justin, I wanna just pick your brain today. I noticed a trend. When we run this radio show, we’re often talking about how do you acquire wealth and what are some of the tactics in order to be able to generate more income or save more money. And so I’m kind of curious to see the opposite of that. So after you’ve already kind of gained your wealth, right? After you’ve already gone through that accumulation phase and you’ve got the money that you’re looking to get, maybe you’ve become wealthy, how do you preserve that wealth and not squander it? And it’s funny because I was talking about this earlier when I was kind of drafting the show up and I was talking to the ladies at the office. And I, they asked, you know, what are you going to do for a show today? And I was talking about, how can, you know, we stay rich instead of squandering our wealth. 00:02:04 Right. 00:02:05 And they’re like, oh, well, that’s simple. You know, just don’t spend a lot of money. And I think that’s everyone’s kind of knee jerk reaction, right? It’s like, well, just don’t blow it all. But– 00:02:15 Just spend less than you make. 00:02:16 Right. But I think there’s a lot more to it than that. Right. Like that’s the easy answer and that is part of it. Right. But I think there’s a lot more than just, don’t blow it because I mean you look at a lot of these pro athletes and all of these people that, you know, start a business and do really well and they grow their net worth oftentimes they fail. 00:02:39 Right. 00:02:39 And so I want to talk a little bit today about what are some ways that you can preserve the wealth and not squander it? Do you kind of want to head this show off and give us maybe a starting point as to some ideas that maybe you have on ways that we can preserve our wealth? 00:03:01 It’s almost not even, it’s maintaining wealth and the stepping stones to growing, to where you really want to be long-term. I mean, even take this, your first home purchase that isn’t necessarily intended to be your home forever. It’s a stepping stone to get to where you want to be or where you’re most comfortable and where you can within your budget. 00:03:29 Okay. 00:03:31 And then what we’ve kind of talked about kind of prepping for this is the inflation and the lifestyle. 00:03:39 I mean, just speaking about what you just mentioned, your first house, you know, we kind of together looked at t

Ready to dive deeper into real estate investing? In part 2 of this series, we’ll cover important aspects you need to know about real estate investing to help you make smarter investment decisions. Episode Highlights: How real estate investment can reshape your financial future and the importance of location in property investment. The impact of shifting urban boundaries post-COVID on real estate values and how the American dream is evolving due to rising homeownership costs. Strategies for negotiating real estate prices on, using Detroit as a case study to understand supply and demand dynamics. Motivations behind property transactions and debunking myths about landlords’ roles in rent hikes. Advanced techniques for scaling your real estate portfolio including refinancing, leveraging depreciation and using the 1031 exchange to defer capital gains taxes. Complexities and benefits of real estate trusts in estate planning and investment and how they can circumvent certain tax issues. Risks and rewards of high leverage real estate strategies, exemplified by Donald Trump’s approach and an outline of three paths to billionaire status in real estate. A comparison of different methods to evaluate property values such as cap rates and how to assess the attractiveness of a real estate investment compared to other financial alternatives. SUBSCRIBE ON YOUTUBE! Looking for Personal Financial Advice? – Learn More Here     TRANSCRIPT   00:00:00 Even with taxes, you could simply gift things away if you didn’t want to pay taxes on it, right? Give it to a charity, end of the discussion, right? So there’s not typically, I just can’t conjure a reason where somebody would willfully lose money unless it’s like they had a stupid bet or something, or if they could figure out how to do it, they got paid for, I don’t know.   00:00:27 Hi, gang. Welcome to the True Wealth Radio Show. On this, the greatest 10 day you’ve had all week. Matt, why do I call it a 10 day?   00:00:35 Well, because it really does feel like a Monday, but somehow it’s not. It’s a Tuesday.   00:00:40 Right, and when you kind of cram two days worth of work into one, because you took Monday off, Tuesday is a ton day.   00:00:47 Yes, it is.   00:00:47 Tuesday and a Monday equals a 10 day. Welcome to the True Wealth Radio Show, guys. We are picking up on something that we started a week or two ago.   00:00:58 Yeah, two weeks.   00:00:59 Two weeks ago, three weeks ago. And then we had some folks ask more questions and said, can we kind of like keep going with that one? And it was a show about real estate. It ended up that the first segment or the first show, we talked a lot about home ownership and how hard that is, how expensive it is, what that looks like. Today, I think we’re gonna talk a little bit more about investment real estate.   00:01:25 Sure.   00:01:26 Right? And I think more specifics, we’ve got some of the things that go on with investment real estate. And keep in mind, we’re not real estate professionals here. We are financial advisors that are talking about what real estate looks like. That being said, I do invest in real estate personally. So, a few of these things, it’s like, hey, I stayed on Holiday Inn Express. We could probably figure it out, right?   00:01:49 Well, and it doesn’t have to be, you know, super detailed strategies either, because real estate for a lot of people, especially as an investment, that’s kind of a foreign landscape. So even if we just touch on kind of those high level points, I think a lot of people might walk away feeling pretty good about that.   00:02:04 Sure, sure. And so we’re going to do that today. We’re going to kind of muddle our way through some of its questions. Some of it is just stuff we’re going to… when I say question, like we’ve had some of our clients ask us stuff and then, you know, we’re gonna guess at some of the questions you guys have out there listening today too. So Matt, first and foremost, when we’re talking about real estate, what do you think is one of the most important things that we need to consider if we’re investing in real estate?   00:02:30 Location.   00:02:31 Ah, okay. There you go.   00:02:33 No, seriously. Like if you’re buying out in the middle of nowhere and there’s no utilities nearby and it’s just scab ground, like that might very well be worth the same amount that you bought it for 20 years from now.   00:02:47 It’s interesting. It’s so true that, and this is what happens, I give like massively vague questions to Matt and be like, let’s just get the show started with it, like an open-ended vague question, and you go straight for location. There’s so much buried in that, you know?   00:03:02 Well, there is. You w

Today’s show provides quick, practical advice to help parents save for their child’s college tuition. Learn tips, strategies, and insights from experts to make college savings simple and effective. Start securing your child’s academic future now!   Episode Highlights: The often overlooked expenses of college education such as room and board and strategies for managing them. Non monetary benefits of a college education, including life lessons and independence. Importance of early financial planning for college and the diverse paths available post high school such as entering the workforce or further education. Strategic major selection and how personal readiness and life goals can influence education and career paths. Critical role of financial literacy in a successful future and how writing skills are important in explaining complex concepts. Insights into 529 plans and Roth IRAs including recent legislative enhancements and their impact on educational savings. SUBSCRIBE ON YOUTUBE! Looking for Personal Financial Advice? – Learn More Here     TRANSCRIPT   00:00:00 Find something that you can be interested in and it will greatly increase your chances. What was I interested in? Marketing. So I ended up in the creative advertising channel, which was a journalism degree, not a business degree. Like the business advertising is all about numbers and media buying, which was like a giant yawn to me. Media buying, how interesting is that? Let’s go figure out where the target demographic lives and how much we have to pay to reach them. Yawn, right? But Super Bowl ads? Those were awesome. Right? Maybe you disagree, but I thought that was awesome. So that’s how my career path found me, or how my education path found me.   00:00:00 All right, that is the cue. We got our music playing, our favorite music said nobody ever. Welcome to the True Wealth Radio Show on this, the greatest Tuesday you’ve had all week. I’m your host, Dave Littlejohn. In studio with me today?   00:00:57 Matt Dickson.   00:00:58 And also a special guest. It’ll all make sense in a minute. Thank you for joining me.   00:01:03 Knut Torvik.   00:01:04 All right. So Knut, first of all, I’ve known you for a long time. You have, it’s, you have the advantage, something I don’t. You know what this is besides your striking good looks? That’s the word, it’s radio, right? You have kids that are in or nearly through the college system.   00:01:26 That is right. I have a daughter who’s just… will graduate from [U of O] now in about four weeks, and I have a daughter who’s gonna start in September.   00:01:36 Okay, so you’ve got one who’s about to finish, one who’s about to start. And I’m gonna be super selfish on the show today because this is my chance to ask, normally we’re like, we give a lot of advice on the show. That’s kind of the deal. But I’m gonna be asking Knut for advice today because here’s a guy that’s paved the road before me and we’re gonna be talking. So for everybody listening today, we’re getting close to graduation season. And so this… today is all about education. We’re gonna be talking about the cost of education, how we pay for education, what is the value of education, not necessarily the same as cost, or maybe we’re measuring it with different terms. And so I hope you’ll stick around and listen today because there’s a lot going on. But first, right out of the gate, Knut, now that you’ve launched one, or you’ve already launched one, you’re about to launch the next one, all right, is there anything that you would say, I learned, I did not expect this in the process? Or is something you learn that you’re, like everybody should watch out for this?   00:02:43 Well the biggest shock is the cost. We always talk about how expensive college is, but one thing I didn’t really consider was the cost of room and board, how expensive that is.   00:02:56 Okay.   00:02:57 And even if, you know, at the University of Oregon, the kids have to stay on call, on campus for the first year. She did that now, she’s moved out. And I had no idea how expensive housing was around there.   00:03:12 Right, just the either on or near campus housing options. Yeah, it’s definitely a premium.   00:03:20 And also how they force you to sign and lease that goes from September to September. Well, of course, she’s going to finish up in June and we still have to pay her lease for another two and a half months.   00:03:33 Oh, that’s delightful.   00:03:35 It is. Nice housing option. But basically it’s looking, glorified campus housing. It’s not that nice.   00:03:46 Now did she live on campus, like on campus housing itself for the freshman year? &#

Let’s take a look at what goes into making real estate an investment. How do we evaluate price, timing and developing a healthy portfolio. Episode Highlights: How investing personal labor into property improvements can significantly increase the value of real estate and lead to equity gains. Why real estate is often overlooked by financial advisors and how it can play a critical role in diversifying a financial portfolio, providing stability, and contributing to wealth management. The nuances of property valuation, market conditions, and the importance of understanding real estate investment from a business perspective. Capital gains tax exemptions for primary residences and the strategic financial choices involved in property investment such as the potential capital gains tax exemption when selling a primary residence. Journey towards real estate ownership, the responsibilities that come with being a landlord, and how state-specific laws can impact the landlord-tenant dynamic. Concept of making extra mortgage payments early on to reduce interest over time, leading to financial stability and freeing up funds for further investment opportunities. SUBSCRIBE ON YOUTUBE! Looking for Personal Financial Advice? – Learn More Here     TRANSCRIPT   00:00:00 When you say sweat equity, what do you mean?   00:00:00 I’m talking about you’re willing to do some work to improve the house. You’re sweating it out, right? Like you’re the one swinging the hammer and chopping the wood. But if you have, if you’re at all handy and you can put some work into it, you might gain equity. So if you bought it for $100,000, maybe you put 20,000 into it and then you can turn around and sell it for 150, you have 120 into it and you sell it for 150, that’s a $30,000 gain. There’s your equity.   00:00:00 Alright, it is that time of week, the time where we complain about the music and then we get started with the True Wealth Radio show. I am your host Dave Littlejohn, joining me in studio today.   00:00:45 Matt Dickson.   00:00:46 And today we’re going to talk about all of the things that we don’t really do directly in our office.   00:00:52 Sure, but it’s going to be fun to talk about because why not?   00:00:55 It’s going to be fun to talk about it because why not? Actually, it is fun to talk about. It’s just interesting because so many financial advisors tend to steer away from this as a topic.   00:01:06 Why? Just because it’s outside, kind of their scope of knowledge like they just look.   00:01:11 Well, I disagree.   00:01:12 Really.   00:01:13 I think it’s because they don’t get paid.   00:01:14 There you go.   00:01:17 But I’m like, you know real estate, something you do somewhere else, the financial advisors not getting paid.   00:01:21 Well, the real estate agent, you know, they… that’s kind of their field a little bit. But they might not have, kind of, the intricacies.   00:01:29 Well, it’s something you don’t typically manage unless you’re a property manager, right? You don’t, once you buy the real estate, the management is, well, you got some taxes, but you got physical management of the property. That’s not what advisors do.   00:01:43 No.   00:01:44 Right. And the other thing is–   00:01:45 And if they’re getting you into real estate. It’s probably a proxy for real estate. You’re not really holding the asset directly.   00:01:51 I know. Here’s a soundbite for you. Consider the fact that, most advisors, the way they get paid is usually for assets under management and real estate is not typically under management.   00:02:01 Right.   00:02:01 Right. It’s outside the scope of. And so–   00:02:04 Less money to build on.   00:02:06 Exactly. And so I think that there’s a big financial undertone to this. Now, do I think that we should ignore that as advisors? Or I mean–   00:02:14 Well no, because, yeah, it’s its own thing and historically it’s done well.   00:02:19 Look, if to me, part of having a good stable, total financial picture includes, you know, there’s checking and savings, right. In the form of emergency reserves, you have real estate as part of that component, you have tax deferred investments as part of that, and then there may be specialty things that you’re particularly good at that we’re going to talk about, right? Maybe you’re really good at restoring classic cars or something, so you could find something, fix it up and sell it for a profit, right? So that’s a form of business, so that’s entrepreneurship, and so I think that financial advisors should be talking about the total financial picture, there are plenty of people that niche down and just say, well, we’re retiremen

Discover the nuances of inheriting money and how different types of assets can impact you. Join us as we explore the key aspects of inheritance and gifting that you need to know. Episode Highlights: Tax planning strategies that can save your heirs a bundle in taxes, such as adding a pay on death beneficiary to a bank account to avoid probate. How to manage the complexities of inheriting retirement accounts. After-tax traditional IRA contribution that can lead to a backdoor Roth IRA strategy. The two main categories of Individual Retirement Accounts (IRAs)– Traditional and Roth– and the tax implications for beneficiaries. Strategic tax planning for managing large retirement accounts, including timing withdrawals to reduce tax liability and the concept of “bullying your tax rate” to fall within lower tax brackets. Common misconceptions about inheritance and capital gains taxes, explaining the ‘step up in basis’. Potential tax implications of adding children to property titles. When life insurance may be subject to taxes. SUBSCRIBE ON YOUTUBE! Looking for Personal Financial Advice? – Learn More Here     TRANSCRIPT   00:00:00 So what I hear you saying is, if this is a problem you have, call Dave and Matt offline,   00:00:00 Yep.   00:00:00 Because almost nobody has this problem.   00:00:00 That is correct. And it’s a really interesting tax planning strategy. It’s also the front door into the back door Roth IRA strategy. Okay? So, why are you laughing?   00:00:00 That was funny. The front door to the back door. That was a little bit of a financial advisor kind of almost joke a little bit.   00:00:00 Yeah. Because we’re hilarious as financial advisors. So there you go.   00:00:36 All right, gang, it’s that time of the week. It’s the best Tuesday I’ve had all week. And this is the True Wealth Radio Show. And we’re excited to have you here today. Let me give you the rundown. It’s not just me, your host, Dave Littlejohn in studio today. I’ve also got with me.   00:00:49 Matt Dickson and someone special.   00:00:52 Derek Simmons, your favorite attorney.   00:00:54 He is our favorite attorney joining us today. As you guys know, we have Derek on often. Usually it is to talk about a combination of Kansas and Carolina basketball.   00:01:05 And I think that’s a reasonable topic. We’ve only got an hour today, so I’m gonna try to be brief.   00:01:10 Okay.   00:01:11 Kansas was pre-season number one and then flamed out in the round of 32 this year.   00:01:15 Right.   00:01:15 And that was disappointing. So now they’re pre-season number one again for next year.   00:01:21 Which just makes me question what pre-season number one means.   00:01:24 Nothing. That and $6 will get you coffee at Starbucks.   00:01:28 Very well. Yeah, I was gonna say Carolina went in as a number one seed and flamed out in, I think the round of 16. So nonetheless, they were out, and you know what? The ducks made it farther than I expected. So there you go. The Beavers were not in. So, although the ladies did real well. Right. I think they were, what? Final four. So, are close to it. Lead eight. They did great. So, anyhow, look, today we’re going to talk about all kinds of stuff. Cause that’s what we do. Some of it will be relevant to you, and some of it you wish will be relevant to you, right? Why? Because we wanna talk a little bit about what happens when you inherit stuff.   00:02:07 And the first task there is, pick your parents carefully.   00:02:12 Yes.   00:02:13 That is very helpful.   00:02:14 Yes, this is sort of like Derek and I have done estate planning like seminars together before, one of my favorites. You’re gonna get this from Derek on occasion, will be things like, Hey, if you don’t want to ever have to have a will or a trust document, what’s one of the things you could do?   00:02:32 Remind me.   00:02:32 Just be immortal.   00:02:34 That’s true. Immortality prevents the need for a will or a trust.   00:02:37 The other is if you hate your family. So those are two of my favorites. If you hate your family or you’re immortal, then by all means, you could skip the planning.   00:02:45 It works well.   00:02:47 Or if there are just no assets.   00:02:49 That actually is one of them, but that one was not so funny. The immortal wouldn’t, really caught me. I remember you said that the first time I just went, how am I supposed to follow that? So.   00:03:00 Well, and you know, a lot of people feel immortal for a certain period of their life.   00:03:05 Yeah.   00:03:05 They’re like, yeah, there’s no risk I’m gonna die. No risk. And then they hit about 45 and their back creaks at them. And then they go, all right, there&#8