Goldstein On Gelt

Bobbi Rebell, author of How to be a Financial Grownup: Proven Advice from High Achievers on How to Live Your Dreams and Have Financial Freedom discusses how to be a financial grownup. Bobbi uses her journalist background to offer a how-to guide for responsible money habits. Although the book was originally intended for the millennial generation, Bobbi soon discovered that people of all ages need practical money advice. Bobbi suggests automation as a tool for making sure you have the necessary discipline to maintain financial responsibility. She and Doug talk about David Bach and support financial automation as a tool to reach financial goals. Are you seeing your retirement needs clearly? Doug tackles the question, “can you save too much?” Doug also explores the potential pitfalls of pensions. While financial professionals tend to put an emphasis on saving, there comes a time when it is OK to withdraw principal from retirement accounts. Doug give pointers on when retirees can make the switch from saving to wit

Stig Brodersen, host of The Investors Podcast, joins Doug on this episode to discuss exactly what gives a stock its value. Many times people are shocked are by an expert’s valuation of a home, a car, or other personal item. The reason behind the surprise of a professional evaluation is because folks’ emotional attachment to items tend to inflate their value. Follow Stig and Doug’s discussion to learn why stocks value reflect investor expectations. Stig offers guidance about how to take the emotional component out of stock and investment selection. He also explains why a stock’s value increases/decreases and why people are willing to pay more when a money manager is involved. Are you ready to retire early? Doug discusses early retirement. Even if you want to retire early, should you? And if so, what do you need to do to make sure you have enough money? He answers the last question with two suggestions to change your investing habits in order to maximize chances of financial success. You can follow Stig Broders

The S&P 500 is an index (collection) of 500 broadly traded large-cap stocks. If your portfolio includes it, will you be properly diversified? Doug explains why even though historically the S&P 500 has had positive returns over long periods of time, past performance can’t predict future results. Moreover, he explains why most people are mistaken in their understanding of how diversified – or not – the index actually is. Listen for tips on how to make sure your portfolio is well-diversified. Sometimes the best way to diversify is getting outside help. Watch here to see what type of money managers can help diversify your portfolio. Does today’s market contain new patterns or does it reflect historical trends? Jill Schlesinger, CFP® and business analyst at CBS news, joins Doug to explore whether today’s economic landscape is significantly different than it was in the past. If so, should retirement planning and investment plans reflect the new outlook? Jill believes that the global recession taught investo

Does it seem as if more cash flows out of your wallet than into it? Is cash flow the key to growing wealth? If so, what is the best way to optimize cash flow? Doug and Al Zdenek, author of Master Your Cash Flow: The Key To Grow and Retain Wealth, examine why you should broaden your definition of “cash flow” beyond having just enough money to pay bills, to include participating in a regular savings program. Learn how to manage your cash flow now, in order to better prepare for retirement. Make sure your money is accessible! After working hard to save and grow your money, you want to make sure that it is accessible when you need it. Unfortunately, often after one spouse passes away, it’s common for the surviving spouse to be frozen out of an account. Doug offers some advice to spouses on how to prevent this stressful situation. He offers some smaller steps that can make the difficult financial transition easier for a grieving spouse. Implement these preventative measures that can help the family avoid a frozen

One often overlooked sign of aging is your signature. As people age, often their handwriting and signature change. What does handwriting have to do with investing? Quite simply, if your signatures don’t match it may be harder to move money. Doug talks about the importance of keeping up-to-date records with your financial institutions – including your (aging) signature. Learn about other financial implications that may affect senior citizens and get practical workarounds for some of the financial ramifications that come with age. Do you have someone you can trust with your finances? Cross-border investing is challenging for American expats. How can you find a financial advisor who understands your specific situation? Doug discusses how to choose an appropriate advisor and build a trustworthy financial team. He lists questions investors need to ask their financial and legal consultants before making an investment. Ask these questions to your financial team! Download a free tool kit for non-U.S. residents, who w

If you want to get out of debt, should you pay off your smallest debts first or those with the highest interest rates? Deacon Hayes, debt expert, joins the show to discuss how to build wealth when you are in debt. He share his personal experience and presents the steps he took that enabled him to get out of debt. Deacon’s proven debt reduction approach may surprise you. Budgets do not have to be strict or complex, says Deacon. A simplified process is more likely to lead to financial discipline. Learn about of the cash envelope system and a one-sheet financial picture to reach your main financial goals. Should you wait before buying bonds? In the current low-interest-rate environment, Doug advises when you should consider buying bonds. Doug discusses alternatives to buying a 20-year bond and locking in low rates. Consider implementing bond laddering, an investment strategy that can provide predictable payments on a monthly basis throughout your retirement. Bond laddering may pay a higher long-term rate while s

Brian Preston and Bo Hanson, co-hosts of the Money Guy Show, share the microphone with Doug, our favorite Money Guy, to discuss why and how should you evaluate, and re-evaluate, your investment risk profile as life changes. “How much risk can your situation handle?” is a very different question than “How much risk can you handle?” There’s a significant difference between risk tolerance and risk capacity. Learn what the difference is, and how to adjust your portfolio and emotional expectations for both. Given enough time, the markets may recover, but do you have enough time in your own plan to recover from potential loss? While protecting yourself against risk, keep in mind that “today’s dollars” have a different value than “future dollars.” $100 of today’s dollars might not fill your future shopping cart, so plan accordingly. Are your comfortable with your risk profile? How much risk can you really stand – answer in real numbers, not percentages. Which hurts more: losing 10% of your portfolio or losing $50K?

How can you know which is the best retirement planning tool in the market? When the stakes are high, there is little room for error. Find out Dr. Wade Pfau’s favorite retirement planning tools and strategies. He’s the Professor of Retirement Income at American College and a CFA©. Wade and Doug debate the wisdom of using reverse mortgages in order to use your home as a way to generate retirement income. They also discuss the benefits of using a “time segmentation strategy” or a “bucket strategy” for retirement planning. It’s okay to use some of your portfolio's principal Are you afraid to touch your investment principal, and only withdraw the interest? In today’s low-interest rate environment, living off of interest alone is nearly impossible. So how do you know how much principal is safe to withdraw? Doug encourages investors to create Monte Carlo simulations to find the right amount of principal to withdraw from your portfolio. He explains what these simulations are and how to schedule withdrawals throughout

Exchange Traded Funds (ETFs) have been gaining popularity among investors for years since they are an easy way to get into the market and their fees tend to be lower than those of mutual funds. But how about leveraged ETFs? Are leveraged ETFs an easy way to increase your portfolio’s return or are they one of the least understood, riskiest investments that people are using today? Tune in to learn what a leveraged ETF is, and whether including them in your investment portfolio can boost your return or lead to ruin. For more information, visit the show notes at https://goldsteinongelt.com/investing-basics-strategies/leveraged-etfs 

Should dual citizens have one will for assets they own in both countries, or will one will cover their global assets? Albert Goodwin, a New York attorney, speaks with Doug about the importance of Americans in Israel having an Israeli will. Albert has experience with helping people in New York, Miami, and Israel with estate plans. Albert advises, if you live in Israel, to definitely have an Israeli will. There is more red tape involved with trying to use a U.S. will in Israel, as foreign documents and official translations can complicate matters in court. There will be two probate proceedings in each country. A trust can eliminate the need to go to two courts. Are you setting up your children for financial success or failure? When the time comes to pass responsibility for finances to your children, choose who to trust with task wisely. Why do females get a bad rap when it comes to assuming financial responsibilities? Are you responsible for inadvertently propagating the stereotype? To learn more about passing

Your labor assets (your salary + future potential salary) might be your most important financial asset. Doug McCormick, the author of Family Inc., joins the show and explains how the CFO of your family should manage financial decisions, from labor decisions to estate planning. Are you the CFO of your family? Do you know how to take a big picture view of your family’s assets? Doug McCormick takes a holistic view that includes all aspects of family finances, including your labor asset – how much you can earn. The key is to think big, identify all your assets, and make sure that they work together. Does your family need a trust? Trusts date back to medieval England and the Crusades when knights entrusted the priests of the church to take care of their property while they were gone. The idea behind the creation of a trust is to depend on someone else to look after your property with your best interest in mind. Listen to learn about the different personalities involved in setting up a trust: the settler and the tr

Looking for exponential growth in your investments? The secret may be to start saving early. Beth Kobliner, The New York Times bestselling author of Get a Financial Life shares insights into millennials and their money. Beth and Doug discuss the financial pitfall of student loans and how having better information can help prevent unnecessary debt. They also talk about how millennials can grow their nest eggs by beginning saving and investing while they are still young. Why it’s important to have a basic understanding of how to manage your own money If you receive an inheritance, chances are in addition to receiving funds, you’ll also get a lot of financial advice from well-meaning family and friends. But some of their advice may not be appropriate for your situation. How can you sift through the advice and figure out what is relevant or not? If you have a clear understanding of basic money management and what realistic investment returns are, you’ll be in a much better position to decide what to do with your

Corona is casting a giant shadow over all aspects of life. Even though the market may have begun to recover from its initial crash, nothing is smooth sailing. If you are too nervous to invest in the stock market now, bonds may look more enticing. While an expanded bond portfolio may lower your exposure to stock market risk, it may be difficult to invest in bonds when rates are low.   Why interest rates are low The U.S. Fed set interest rates to about zero. If the interest rates on bonds is low, the government can borrow more money without paying so much interest. This way Uncle Sam can borrow enough money to pay out the money it promised in the economic stimulus package to its citizens. Far-sighted companies may also borrow money at low rates, looking to fund future projects with what can seem like “free money.”   How can the government get rid of its debt? Print more money – the more money in circulation means inflation, and each dollar is worth less – this causes the potential for inflation Increase tax

Should investors increase portfolio risk and always look for the highest yielding products? Every investment has risk – the question is what level of risk is best for you. Smart money decisions are based on your personal tolerance for risk, and having a conservative view on investing is not necessarily a bad thing. Sometimes it may be wise to increase your portfolio risk in order to make more money, but more frequently than not, Doug advises clients against needlessly increasing risk in their portfolios. Doug encourages investors to be sure they are comfortable with their investment decisions. Conservative investors may find that consulting a brokerage firm before purchasing “safe” investments like CDs (certificate of deposits) can help them. An advantage of buying CDs is that they are FDIC insured up to $250,000. But what happens if you want to own more than $250K worth of CDs? Can you still be insured? Listen to the podcast to learn how you can buy more CDs and possibly get better returns. [Learn about how

Most investors think they have “safety of principal” in their portfolios… do you? Did you tell your broker you want to focus on safety in your investments? If so, does your portfolio reflect your ideal risk/safety level? Doug stresses the importance of having clear communication with your broker. An investor must understand their own investments, and make sure they are appropriate. The best tool for a conservative investor may be CDs (certificates of deposits.) Doug lays out the benefits and different types of CDs. If “safety” is a major concern for you in your investments, then Doug has some helpful tips. Keep your loved one’s estate out of probate Ronald Farrington Sharp is an estate planner and the author of Living Trust for Everyone. Ronald explains how to avoid probate when a loved one passes on, and how to steer clear of unnecessary red tape. Doug and Ronald discuss the difference between a “will” and a “trust” and what the ideal situation is for each of these arrangements. To read more about the uses o

Can a conservative investor find predictable investments? An investor who wants to limit risk has two options for predictable investments: CDs (certificates of deposit) and bonds. Doug explains what bonds are and the pros and cons of owning bonds. Although bonds are frequently considered one of the safer types of investments, there is a catch… the institution could call the bond back. Doug clarifies what that means, and asks if that’s a risk you want to take. To learn more about bonds, watch the Bond Ladder mini course available on Doug’s corporate site, Profile-Financial.com. How to avoid the biggest mistake new retirees make Ken Heise, president of the Heise Advisory Group in St. Louis, MO and co-host of the podcast Your Retirement Highway joins the show to discuss retirement. Ken realizes one major mistake that new retirees make...poor budget planning, and shares how to create a realistic budget for retirement. Get your budget and finances ready for your post-working years. Check out Ken’s radio show at yo

Believe it or not, common investing mistakes that can come back to haunt even the most conservative investor. Doug shares the story of a couple who were financially secure in their investments, but still made 3 very common mistakes. Listen to hear these mistakes and how Doug suggests to avoid them. Most importantly, he stresses the need for a licensed financial advisor who works with people who have similar needs to your own. Get out of the paycheck-to-paycheck cycle! The Financial Rock Star and author of 99 Minute Millionaire, Scott Alan Turner, discusses the financial mistakes he made in the beginning of his career. He and Doug explore the topic of why financing with a credit card is a bad idea. They also suggest how to change your spending habits, and why you should consider early retirement. Scott mentions some smart lessons from other financial advisors he put to good use. If you are struggling with living paycheck to paycheck, tune in for some sound advice! To learn more about Scott Alan Turner visit hi

Many Israelis come to Doug’s office and ask, “Am I ‘allowed’ to own a US brokerage or IRA (Individual Retirement Account?)” The answer to the question is yes. Doug discusses how a non-US citizen can own a U.S. financial account and why international investors may want to keep money in dollars. Doug explores the benefits of having a U.S. brokerage account. If you want to learn more about opening a U.S. brokerage account go to Doug’s corporate website profile-financial.com. Morningstar’s rating system is just a guideline Christine Benz, director and senior columnist of Personal Finance for Morningstar, explains their rating system for mutual funds. Morningstar researches mutual funds and rates them with stars to give investors a visual guideline of their performance. Christine advises why an investor shouldn’t only rely on Morningstar’s research, but should also do their own. She also breaks down the difference between index funds and exchange traded funds (ETFs). To learn more about mutual funds, read Christin

In an unexpected twist, corona and the economic turndown may turn out to be a good thing for your pocketbook. Even though you may be required to take distributions from your IRA account, as part of the U.S. economic stimulus package, Uncle Sam is allowing people to skip their 2020 required minimum distributions (RMDs). This means that you may not have to sell your stocks at historic lows in order to raise cash to withdraw and pay taxes. Listen to this podcast for an explanation.

Everybody wants to make more money in investing, but do you really need to? Investing is a personal choice that you should be able to customize to your own needs. Some people invest for growth while others just want to maintain their principal. Financial journalist Miranda Marquit shares her own investment challenges. Miranda describes the life of a freelancer and how saving money can be difficult. She explains her money saving approach as well as why index investing fits her needs. The 3 rules of thumb about investing Doug explains why you need to keep an eye on your investments. He has 3 rules of thumb to remember about investing. Listen to the podcast to find out what they are. You should plan your investments around your life, not the other way around. Follow Miranda Marquit’s financial advice at plantingmoneyseeds.com, and listen to her co-host The Money Tree Investing Podcast with Doug. If you’re not already receiving updates on new episodes, sign up now, and as a special bonus, receive Doug’s free eboo