The Money Alchemist Podcast

Talking Money With Family

There was a lot to discuss with family this Thanksgiving.  The election, stocks ripping, the return of crypto mania, and, of course, the evergreen subject of ‘the culture war’.  In many households, Thanksgiving takes its shape as thoughtsgiving as outspoken opinions crowd out any notion of contentment.  
 
Few things can be as goading as that one relative who works in their trading fortunes into any conversation, conflating luck with genius.  You’ll definitely know by the end of the conversation how much they claim to be worth.  You’ll also know who will be the least generous person come gift giving season in a month’s time.  
 
This begs the question, what money topics are appropriate to discuss with friends and family?  When should you be cautious, and when is a good time to disclose?  These are not simple questions and the answers require nuance to address. 
 
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About your Hosts
 
Ben Jones
Managing Director, National Wealth Management Group
www.nwmgadvisors.com 
Author, www.karastick.com 
@thekaratstick
https://www.linkedin.com/in/ben-nwmg/
Follow Ben's Financial Newsletter 'Karat Stick' - https://www.karatstick.com/
 
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Brent Gargano, CFPⓇ
Founder & Advisor, Infinite Wealth Planning 
www.infinitewealthplanning.com
linkedin.com/in/brent-gargano-cfp®-2067b573
Read Brent's latest blog post, 'Election Update: What To Expect For Investments,' and follow his newsletter for more content --> https://infinitewealthplanning.net/election-update-what-to-expect-for-investments/
 
 
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Follow our socials to support the podcast; see extra clips and announcements!
 
Instagram: https://www.instagram.com/moneyalchemistpod/
X: https://twitter.com/moneyalchpod 
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Editor
 
Trevor Gargano
Financial Advisor Marketer
Trevor@nwmgadvisors.com
https://www.linkedin.com/in/trevor-gargano-72727b67/
 
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Disclosure
 
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. 
 
Please consult with a qualified legal professional to find out if any of the strategies discussed are right for you.  Neither Ben or Brent are licensed attorneys and cannot provide legal advice. 
 
Securities offered through LPL Financial, Member FINRA & SIPC..  Advisory services offered through National Wealth Management Group, LLC a registered investment advisor and separate entity from LPL Financial.
 

Preparing for 2025

In this episode, Ben and Brent discuss some of the possible economic implications of the election along with common year-end best tax optimization practices.  As we approach the end of the year and the start of 2025, one thing becomes clear: change is on the horizon.  Like viewing a hurricane from the shoreline, it’s tough to gauge the strength of its winds and the endurance of the force, but we know it is coming.
 
Download Our 2024 Year End Checklist - https://drive.google.com/file/d/1LoVkEDMscu6Lo-u91u-NxVh2cYdeQdKL/view?usp=sharing
 
______
 
About your Hosts
 
Ben Jones
Managing Director, National Wealth Management Group
www.nwmgadvisors.com 
Author, www.karastick.com 
@thekaratstick
https://www.linkedin.com/in/ben-nwmg/
Follow Ben's Financial Newsletter 'Karat Stick' - https://www.karatstick.com/
 
__
 
Brent Gargano, CFPⓇ
Founder & Advisor, Infinite Wealth Planning 
www.infinitewealthplanning.com
linkedin.com/in/brent-gargano-cfp®-2067b573
Read Brent's latest blog post, 'Election Update: What To Expect For Investments,' and follow his newsletter for more content --> https://infinitewealthplanning.net/election-update-what-to-expect-for-investments/
 
 
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Follow our socials to support the podcast; see extra clips and announcements!
 
Instagram: https://www.instagram.com/moneyalchemistpod/
X: https://twitter.com/moneyalchpod 
Facebook: https://www.facebook.com/profile.php?id=61556458987483
 
______
 
Editor
 
Trevor Gargano
Financial Advisor Marketer
Trevor@nwmgadvisors.com
https://www.linkedin.com/in/trevor-gargano-72727b67/
 
______
 
 
Disclosure
 
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. 
 
Please consult with a qualified legal professional to find out if any of the strategies discussed are right for you.  Neither Ben or Brent are licensed attorneys and cannot provide legal advice. 
 
Securities offered through LPL Financial, Member FINRA & SIPC..  Advisory services offered through National Wealth Management Group, LLC a registered investment advisor and separate entity from LPL Financial.
 

Giving & Legacy

As we approach the end of the year and the season of generosity, it is appropriate to address the topic of gifting. Gifting money and assets is not as straightforward as it may seem.  Assuming you will receive a tax deduction for charitable contributions is often incorrect and can result in a reduced charitable contribution than otherwise intended.  
 
Also, there’s no hard and fast rule that you must give to 501(c)(3) organizations.  Sometimes effective giving means looking beyond the tax savings so see how you can effect the most good for the people around you.  Join Ben and Brent as they delve into this subject and we hope you glean a thing or two from the conversation. 
 
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About your Hosts
 
Ben Jones
Managing Director, National Wealth Management Group
www.nwmgadvisors.com 
Author, www.karastick.com 
@thekaratstick
https://www.linkedin.com/in/ben-nwmg/
 
__
 
Brent Gargano, CFPⓇ
Founder & Advisor, Infinite Wealth Planning 
www.infinitewealthplanning.com
linkedin.com/in/brent-gargano-cfp®-2067b573
 
______
 
 
Follow our socials to support the podcast; see extra clips and announcements!
 
Instagram: https://www.instagram.com/moneyalchemistpod/
X: https://twitter.com/moneyalchpod 
Facebook: https://www.facebook.com/profile.php?id=61556458987483
 
______
 
Editor
Trevor Gargano
Trevor@nwmgadvisors.com
https://www.linkedin.com/in/trevor-gargano-72727b67/
 
______
 
Disclosure:
 
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. 
 
Securities offered through LPL Financial, Member FINRA & SIPC..  Advisory services offered through National Wealth Management Group, LLC a registered investment advisor and separate entity from LPL Financial.
 
 

How to Increase Your Income

What is your default setting when confronted with the prospect of saving more?  Do you immediately think about how you can cut expenses or do you think about different ways to increase your income?  There is a limit to how much you can reduce your expenses, especially if you have dependents.  Your ability to earn, on the other hand, is open ended.  There are realistic limits, of course, but many never reach their true income potential.  Join Ben and Brent as they discuss some different ways you can do this. 
______
 
About your Hosts
 
Ben Jones
Managing Director, National Wealth Management Group
www.nwmgadvisors.com 
Author, www.karastick.com 
@thekaratstick
https://www.linkedin.com/in/ben-nwmg/
 
__
 
Brent Gargano, CFPⓇ
Founder & Advisor, Infinite Wealth Planning 
www.infinitewealthplanning.com
linkedin.com/in/brent-gargano-cfp®-2067b573
 
______
 
 
Follow our socials to support the podcast; see extra clips and announcements!
 
Instagram: https://www.instagram.com/moneyalchemistpod/
X: https://twitter.com/moneyalchpod 
Facebook: https://www.facebook.com/profile.php?id=61556458987483
 
______
 
Editor
Trevor Gargano
Trevor@nwmgadvisors.com
https://www.linkedin.com/in/trevor-gargano-72727b67/
 
______
 
Disclosure:
 
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. 
 
Securities offered through LPL Financial, Member FINRA & SIPC..  Advisory services offered through National Wealth Management Group, LLC a registered investment advisor and separate entity from LPL Financial.

The Future Of Advice

Low cost investment providers such as Vanguard have commoditized investing, pushing wealth managers to broaden their scope to deliver value.  When “S&P and chill” effectively summarizes a sensible approach to wealth building, what more is there for advisors to do?  Just as Warren Buffett’s advice “be fearful when others are greedy, and greedy when others are fearful” is easy in concept, difficult in application, so is optimal wealth management. 
 
Managing wealth effectively involves much more than selecting investments.  It involves managing emotions, career, tax liabilities, and purpose.  Growing advice practices have embraced all aspects of managing wealth using a holistic life coaching approach.  Effective Advisors understand that there are just some needs the “S&P and chill” approach cannot address and seek to fulfill qualitative human needs.  
 
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About your Hosts
 
Ben Jones
Managing Director, National Wealth Management Group
www.nwmgadvisors.com 
Author, www.karastick.com 
@thekaratstick
https://www.linkedin.com/in/ben-nwmg/
 
__
 
Brent Gargano, CFPⓇ
Founder & Advisor, Infinite Wealth Planning 
www.infinitewealthplanning.com
linkedin.com/in/brent-gargano-cfp®-2067b573
 
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Sources
 
McKinsey & Company Wealth Management 2030 Study:
https://www.mckinsey.com/industries/financial-services/our-insights/on-the-cusp-of-change-north-american-wealth-management-in-2030
 
Summary: 
420k advisors in the US and Canada80,000 are CFPs
Advisors aging - down to 25% under 44 years old from 33% in 20107,000 advisors expected to retire in the next 5 years
Advisors will need to cater more to Millenials and Gen X as wealth transfers
Planning is shifting to be more goal based, requiring the integration of behavioral coaching/mindset management Only 39% of affluent families have a written financial plan
Fees are shifting to be more subscription focused or ongoing vs one time and commissions
Advisors are becoming more diverse - Women currently represent 33% but likely to be 50% over time, minorities currently 20% go to 40%, and 50% will be 30-40 years old
Advisors will shift from investment managers to focus on insurance, banking, healthcare, protection, estate, and tax. 
Advisors will have more transparent user ratings, as opposed to word-of-mouth business
Successful advisory firms will be able to leverage technology to drive costs down to remain competitive as automated options become more prevalent2 models that can win:Broader servicing larger amounts of clients at scale
Hyper focused planning for HNW clients - currently 60% of the revenue generated by advisors 
 
______
 
 
Follow our socials to support the podcast; see extra clips and announcements!
 
Instagram: https://www.instagram.com/moneyalchemistpod/
X: https://twitter.com/moneyalchpod 
Facebook: https://www.facebook.com/profile.php?id=61556458987483
 
______
 
Editor
Trevor Gargano
Trevor@nwmgadvisors.com
https://www.linkedin.com/in/trevor-gargano-72727b67/
 
______
 
Disclosure:
 
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. 
 
Securities offered through LPL Financial, Member FINRA & SIPC..  Advisory services offered through National Wealth Management Group, LLC a registered investment advisor and separate entity from LPL Financial.

Spending in Retirement

Saving for retirement is a challenge, perhaps one of life’s greatest challenges.  It requires a sacrificial mindset that favors tomorrow over today.  This mindset can eventually calcify, becoming an ingrained personality trait.  Shifting this mindset in retirement can be an even greater challenge, but is necessary to live with an optimal quality of life. 
 
______
 
About your Hosts
 
Ben Jones
Managing Director, National Wealth Management Group
www.nwmgadvisors.com 
Author, www.karastick.com 
@thekaratstick
https://www.linkedin.com/in/ben-nwmg/
 
__
 
Brent Gargano, CFPⓇ
Founder & Advisor, Infinite Wealth Planning 
www.infinitewealthplanning.com
linkedin.com/in/brent-gargano-cfp®-2067b573
 
______
 
Follow our socials to support the podcast; see extra clips and announcements!
 
Instagram: https://www.instagram.com/moneyalchemistpod/
X: https://twitter.com/moneyalchpod 
Facebook: https://www.facebook.com/profile.php?id=61556458987483
 
______
 
Editor
Trevor Gargano
Trevor@nwmgadvisors.com
https://www.linkedin.com/in/trevor-gargano-72727b67/
 
______
 
Disclosure:
 
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. 
 
Securities offered through LPL Financial, Member FINRA & SIPC..  Advisory services offered through National Wealth Management Group, LLC a registered investment advisor and separate entity from LPL Financial.

Running From Bears

What should you do when market volatility spikes to the downside?  We’ve heard to never run from a bear but lie down and play dead.  The same holds true in bear markets, more or less.  Ben and Brent go a few steps further on what to do.  First, they elaborate on what’s behind the August 2024 spike in volatility.  
 
The market may have calmed down for now, but a listen might help you prepare for the next correction.  
 
______
 
Follow our socials to support the podcast; see extra clips and announcements!
 
Instagram: https://www.instagram.com/moneyalchemistpod/
X: https://twitter.com/moneyalchpod 
Facebook: https://www.facebook.com/profile.php?id=61556458987483 
 
______
 
About your Hosts
Ben Jones
Managing Director, National Wealth Management Group
www.nwmgadvisors.com 
Author, www.karastick.com 
@thekaratstick
https://www.linkedin.com/in/ben-nwmg/
__
Brent Gargano, CFPⓇ
Founder & Advisor, Infinite Wealth Planning 
www.infinitewealthplanning.com
linkedin.com/in/brent-gargano-cfp®-2067b573
 
______
 
Resources:
 
Economic Calendar
https://fidelity-fcm.econoday.com/byweek?cust=fidelity
 
Yen Carry Trade
https://www.wsj.com/livecoverage/stock-market-today-dow-sp500-nasdaq-live-08-05-2024/card/why-the-yen-carry-trade-unwind-has-further-to-go-SYsvxWxTvLGLCUsDTDM5
 
First trust history of markets:
https://www.ftportfolios.com/COMMON/CONTENTFILELOADER.ASPX?CONTENTGUID=4ECFA978-D0BB-4924-92C8-628FF9BFE12D
 
______
 
Editor
Trevor Gargano
Trevor@nwmgadvisors.com
 
______
 
Disclosure:
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. 
Securities offered through LPL Financial, Member FINRA & SIPC..  Advisory services offered through National Wealth Management Group, LLC a registered investment advisor and separate entity from LPL Financial.

Fortunes Into the Future

Ben and Brent sit down to discuss how wealthy families can preserve legacy through generational gifting using strategic planning.  Everyone has an estate plan, the default option usually being the worst one.  It’s important to think about what impact your money will have on people after you die.  It’s an uncomfortable reality to face, but a failure in doing so can cost you what would otherwise be a wonderful legacy. 
 
________
 
About your Hosts
 
Ben Jones
Managing Director, National Wealth Management Group
www.nwmgadvisors.com 
Author, www.karastick.com 
@thekaratstick
https://www.linkedin.com/in/ben-nwmg/
 
__
 
Brent Gargano, CFPⓇ
Founder & Advisor, Infinite Wealth Planning 
www.infinitewealthplanning.com
linkedin.com/in/brent-gargano-cfp®-2067b573
 
________
 
 
Sources:
 
Estate & Gift Tax
https://taxfoundation.org/data/all/state/state-estate-tax-inheritance-tax-2023/
 
________
 
 
Editor:
 
Trevor Gargano
Trevor@nwmgadvisors.com
 
________
 
Disclosure:
 
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. 
 
Securities offered through LPL Financial, Member FINRA & SIPC..  Advisory services offered through National Wealth Management Group, LLC a registered investment advisor and separate entity from LPL Financial.

Market Seasonality: Fact or Fiction

Some investors seek to cool off their portfolios by sitting on the sidelines under the shade.  Is market seasonality still a thing, and what should investors do about it?  Ben and Brent shed some sunlight on the old “sell in May and go away” sentiment and break down the phenomenon and the login therein. 
 
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Today’s Host
 
Ben Jones
Managing Director of National Wealth Management Group, LLC
www.nwmgadvisors.com
Author of karatstick.com 
Follow him on X @thekaratstick 
 
_
 
Brent Gargano, CFPⓇ
Founder & Advisor, Infinite Wealth Planning 
www.infinitewealthplanning.com
linkedin.com/in/brent-gargano-cfp®-2067b573
 
___
 
Follow our socials to support the podcast; see extra clips and announcements!
 
Instagram: https://www.instagram.com/moneyalchemistpod/
X: https://twitter.com/moneyalchpod 
Facebook: https://www.facebook.com/profile.php?id=61556458987483 
 
___
 
Sources:
 
S&P 500 Chart
Logarithmic S&P 500 since 1928
 
Ycharts May Blog 
https://get.ycharts.com/resources/blog/monthly-market-wrap/
 
Investopedia sell in May and go away:
Sell in May and go away statistics
 
Invesco: January Effect 
https://www.invesco.com/us/en/insights/january-effect-stock-performance.html
 
A look at major geopolitical events
https://www.carsonwealth.com/insights/blog/market-commentary-a-closer-look-at-the-stock-markets-reaction-to-major-geopolitical-events/
 
___
 
Editor
Trevor Gargano
Trevor@nwmgadvisors.com
 
___
 
Disclosure:
 
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. 
 
Securities offered through LPL Financial, Member FINRA & SIPC..  Advisory services offered through National Wealth Management Group, LLC a registered investment advisor and separate entity from LPL Financial.
 
 

An Insider’s View of Social Security

In today’s episode, Ben Jones sits with Jim Blair, Vice President/Co-Founder of Premier Social Security Consulting, to discuss all things Social Security.  Jim pulls from more than 35 years of experience working for the Social Security Administration.    
From when to file to the financial health of the program, they cast a wide net.  Whether you’re about to file for your benefit or you’re just curious about how it works, this is worth a listen!
 
Today’s Host
Ben Jones
Managing Director of National Wealth Management Group, LLC
www.nwmgadvisors.com
Author of karatstick.com 
Follow him on X @thekaratstick
 
Special Guest
Jim Blair
VP of Premier Social Security Consulting 
www.premiersocialsecurityconsulting.com
jblair@mypremierplan.com
 
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Questions?
Email us at Trevor@nwmgadvisors.com
 
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To support the podcast, we'd really appreciate it if you follow us!
 
Instagram: https://www.instagram.com/moneyalchemistpod/
X: https://twitter.com/moneyalchpod 
Facebook: https://www.facebook.com/profile.php?id=61556458987483 
 
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Disclosure:
 
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. James Blair and Premier Social Security Consulting are not affiliated with LPL Financial or National Wealth Management Group.
 
Securities offered through LPL Financial, Member FINRA & SIPC..  Advisory services offered through National Wealth Management Group, LLC a registered investment advisor and separate entity from LPL Financial.