Your Investment Partners With Paul & Garrett

In this episode of Your Investment Partners, hosts Garrett and Paul discuss practical steps to prepare for a market downturn while the economy is thriving. They explore strategies like reviewing emergency funds, optimizing portfolio allocations, and managing debt to maintain financial resilience. The conversation also highlights the importance of aligning investments with personal goals, maintaining a diversified portfolio, and using strong markets as an opportunity to enhance savings and generosity. Whether you're planning for retirement, navigating career changes, or simply looking to safeguard your finances, this episode offers actionable advice to keep you on track.Key Points From This EpisodeUnderstanding the inevitability of market corrections and long-term financial planning.Reviewing and adjusting emergency funds to suit current life circumstances.Avoiding the psychological trap of portfolio “high water marks.”Realigning portfolio allocations, including stocks, bonds, and international investments.Rebalancing and diversifying across asset classes and company sizes.Evaluating and reducing debt levels during favorable market conditions.Using strong markets as an opportunity to increase savings habits.Exploring charitable gifting and intergenerational wealth transfers.Revisiting spending habits to ensure resilience in future downturns.Want to learn more? Contact us hereUseful LinksGarrett on LinkedInPaul on LinkedInAscend Investment Partners

In this episode of "Your Investment Partners," hosts Paul and Garrett examine the concept of a 351 Exchange and how it applies to taxable accounts with highly concentrated positions. They delve into strategies for achieving diversification while deferring taxes, exploring how this specialized section of the tax code allows investors to reallocate portfolios without realizing immediate tax liabilities. The conversation highlights the process, benefits, and limitations of using 351 ETF exchanges to manage large, concentrated positions effectively. Tune in to learn how this approach might help you reduce portfolio risk and maintain tax efficiency.Key Points From This EpisodeIntroduction to the concept of 351 Exchanges.Comparison with 1031 Exchanges used in real estate.Focus on taxable accounts with concentrated positions.Explanation of diversification benefits and tax deferral.Specific rules for eligibility, including limits on individual positions.How 351 ETF exchanges enable portfolio rebalancing without immediate taxes.Advantages of ETFs over mutual funds for tax efficiency.Step-by-step process for executing a 351 Exchange.Benefits of liquidity and flexibility post-ETF exchange.Considerations for choosing partners and professionals for implementation.Want to learn more? Contact us hereUseful LinksGarrett on LinkedInPaul on LinkedInAscend Investment Partners

In this episode of "Your Investment Partners," hosts Paul and Garrett explore the complexities of paying off low-interest debt, focusing on considerations like cash flow, liquidity, inflation, and tax implications. They address when it might make sense to hold onto low-interest debt while earning higher returns elsewhere and the peace of mind that comes with eliminating debt. The conversation highlights balancing financial optimization with life quality, especially as retirement nears. Whether it’s maintaining liquidity or weighing the impact on future goals, Paul and Garrett offer practical strategies and insights to help you make informed decisions about managing low-interest debt.Key Points From This EpisodeThe challenge of managing low-interest debt in today's financial environment.Balancing financial optimization versus peace of mind in debt management.The importance of maintaining liquidity when deciding whether to pay off debt.Using inflation to your advantage by holding onto low-interest debt as wages increase.Strategies for spreading out tax burdens when selling investments to pay off debt.Factors to consider: interest rates, cash flow, and tax implications when paying off debt.The value of opening a separate account to save for debt payoff while maintaining liquidity.How to align debt payoff strategies with future goals like education or retirement.The flexibility and importance of maximizing financial optionality in debt decisions.Want to learn more? Contact us hereUseful LinksGarrett on LinkedInPaul on LinkedInAscend Investment Partners

In this episode, Paul and Garrett discuss the differences between public and private investments, shedding light on the unique challenges and benefits of each. They explore the key factors that distinguish these types of investments, such as liquidity, time horizon, and the complexities of tax reporting. The hosts also explain how these elements play into overall financial strategy and long-term planning. From considering when you'll need access to funds, to navigating the additional paperwork and tax implications of private investments, this episode offers practical insights for investors looking to diversify their portfolios.Key Points From This EpisodeIntroduction to public and private investments and their defining features.Liquidity as a key difference between public and private investments.Time horizon considerations for private investments versus public investments.Challenges with tax reporting in private investments, including the use of K-1 forms.Strategies for balancing public and private investments within a portfolio.The importance of maintaining liquidity for potential emergencies or financial obligations.The role of private investments in long-term wealth building.The benefits and challenges of including real estate in a private investment portfolio.Understanding capital calls and the importance of having cash reserves for private investments.The impact of market conditions and personal life events on investment strategy.Want to learn more? Contact us hereUseful LinksGarrett on LinkedInPaul on LinkedInAscend Investment Partners

In this episode of "Your Investment Partners," hosts Garrett and Paul address a challenging yet crucial topic: what to do if you lose your job. They explore practical steps to manage health insurance, income, and budgeting during this difficult time. The discussion covers essential actions like securing medical coverage through COBRA or the health insurance exchange, finding immediate employment, and prioritizing debt management. They also explore opportunities that may arise, such as Roth conversions or starting your own business. Tune in for valuable insights to help you handle this uncertain period with resilience and proactive planning.Key Points From This EpisodeExploring the common experience of involuntary job loss and its impacts.Managing health insurance options, including COBRA and marketplace coverage.Immediate steps to secure income and avoid financial freefall.Budget adjustments and prioritizing expenses during a job transition.Strategies for managing debt, focusing on high-interest obligations.Cautions around borrowing against retirement accounts during job loss.Identifying potential planning opportunities like Roth conversions in low-income years.Considering starting a small business as an alternative to traditional employment.Evaluating deferred compensation, stock options, and retirement plan rollovers.Maintaining productivity and positive mental health during unemployment.Want to learn more? Contact us hereUseful LinksGarrett on LinkedIn Paul on LinkedIn Ascend Investment Partners

In this episode of "Your Investment Partners," hosts Garrett and Paul explore the critical role of emergency funds in financial planning. They discuss the key factors to consider when establishing and maintaining an emergency fund, including the appropriate size, where to keep it, and common pitfalls to avoid. The conversation highlights the importance of an emergency fund as the foundation of financial security, providing flexibility during uncertain times and preventing the need to take on debt or sell assets under pressure. Tune in to learn practical tips on building and managing your emergency fund to safeguard your financial future.Key Points From This EpisodeIntroduction to the importance of an emergency fund in financial planning.Factors to consider when determining the size of your emergency fund.Common mistakes to avoid, such as relying on home equity lines of credit.The relationship between emergency funds and overall financial flexibility.Strategies for using an emergency fund effectively during emergencies.How emergency funds support better financial habits and risk management.Appropriate uses of emergency funds and differentiating between emergencies and inconveniences.Best practices for storing emergency funds for safety and accessibility.The role of emergency funds in business and personal finance.Exploring alternative methods to supplement emergency funds, such as HSAs and Roth IRAs.Want to learn more? Contact us hereUseful LinksGarrett on LinkedIn Paul on LinkedIn Ascend Investment Partners

In this episode of "Your Investment Partners," hosts Garrett and Paul discuss the critical period known as the retirement danger zone, highlighting key considerations for a successful transition into retirement. They address the importance of preparing for unexpected expenses and market fluctuations, ensuring emotional readiness, and the benefits of easing into retirement. The conversation covers strategies for managing healthcare costs, the significance of knowing your financial numbers, and the need for a robust and flexible financial plan that accounts for inflation and longevity. Tune in to learn how to navigate this pivotal time and secure a comfortable retirement.Key Points From This EpisodeUnderstanding the retirement danger zone: three years before and after retirement.Importance of preparing for unexpected expenses in early retirement.Strategies for handling market fluctuations and maintaining financial stability.Emotional readiness for retirement and easing into the transition.The role of part-time work and hobbies in a successful retirement.Planning for healthcare costs and navigating pre-Medicare options.Significance of longevity planning and extending retirement savings.The impact of inflation on retirement planning and cost of living adjustments.Diversifying investments to maintain purchasing power over time.Importance of flexibility and robustness in financial planning.Want to learn more? Contact us hereUseful LinksGarrett on LinkedIn Paul on LinkedIn Ascend Investment Partners

In this episode of "Your Investment Partners," hosts Garrett and Paul address the complexities of family dynamics in financial planning. They explore the challenges of involving family members in financial decisions, whether it be parents, children, or other relatives. They discuss how to handle these situations, offering insights on maintaining open communication, setting expectations, and planning for different scenarios. The conversation covers the importance of updating trusts, clarifying roles, and managing expectations to avoid future conflicts. They also highlight the role of professionals in estate planning, especially for those without immediate family. Tune in for valuable advice on navigating these sensitive conversations to ensure a smooth financial journey for your family.Key Points From This EpisodeExploring the impact of family dynamics on financial planning.Challenges in involving parents or children in financial matters.Importance of regularly updating trusts and estate plans.Managing expectations to prevent family conflicts over inheritance.Role of professionals in estate planning for individuals without immediate family.Importance of clarifying roles for financial and medical decisions.Discussing the benefits of early financial support for children.Navigating complex family relationships and maintaining open communication.Encouraging intergenerational financial planning and collaboration.Ensuring that important financial documents are accessible. Want to learn more? Contact us hereUseful LinksGarrett on LinkedIn Paul on LinkedIn Ascend Investment Partners

In this episode of "Your Investment Partners," hosts Garrett and Paul explore the concept of tax loss harvesting, detailing what it is, how it works, and the types of accounts it applies to. They discuss the benefits of tax loss harvesting, especially in non-qualified accounts, and provide insights into how it can reduce taxable income by offsetting gains with losses. The conversation includes strategies for managing non-qualified accounts, the flexibility these accounts offer, and the importance of tax diversification for a robust financial plan. They also emphasize the practical steps and timing considerations crucial for effective tax loss harvesting. Tune in to learn how to maximize your tax advantages and maintain a balanced portfolio.Key Points From This EpisodeIntroduction to tax loss harvesting and its benefitsExplanation of non-qualified accounts and their tax treatmentsImportance of having diverse account types for flexibility in retirementHow to use losses to offset gains and reduce taxable incomeStrategies for maintaining investment positions while harvesting tax lossesTiming considerations, especially around mutual fund distributionsImportance of tax diversification in financial planningPractical steps for managing non-qualified accounts to optimize tax outcomes Want to learn more? Contact us hereUseful LinksGarrett on LinkedIn Paul on LinkedIn Ascend Investment Partners

In this episode, Paul and Garrett dive into the intricate topic of taxes, specifically focusing on the upcoming expiration of the Tax Cuts and Jobs Act at the end of 2025. They discuss the potential changes, planning opportunities, and strategies to prepare for this major shift. Key points include the importance of regular tax planning, the impact on retirement accounts, Roth conversions, estate taxes, and considerations for business owners. Listen in for valuable insights on how to handle your financial planning in light of these upcoming tax law changes.Key Points From This Episode:Expiration of the Tax Cuts and Jobs Act in 2025 and its implications.Importance of regular tax planning in response to life and law changes.Potential benefits of Roth conversions before tax rates rise.Strategic planning for required minimum distributions (RMDs).Impact on inherited IRAs and accelerating distributions.Business owners' considerations for bonus depreciation and Qualified Business Income (QBI) deductions.Estate tax changes and the importance of planning for estates over $6 million.Strategies for charitable giving and state tax deductions. Want to learn more? Contact us hereUseful LinksGarrett on LinkedIn Paul on LinkedIn Ascend Investment Partners

In this episode, hosts Paul and Garrett explore the fundamentals of investing, offering guidance on managing cash flow, understanding tax considerations, and making informed investment choices. They stress the importance of saving consistently, diversifying investments, and balancing short-term needs with long-term goals. The discussion includes practical tips for increasing savings, mitigating risks, and navigating complex market conditions. Importantly, they underscore the significance of adaptability and continuous planning in financial success, providing reassurance and confidence in your investment journey.Key Points From This EpisodeThe importance of saving and cash flowTax considerations in investingDiversification and investment strategiesTime horizon and flexibility in investments Want to learn more? Contact us hereUseful LinksGarrett on LinkedIn Paul on LinkedIn Ascend Investment Partners

In this episode, hosts Paul and Garrett provide practical insights into financial planning for business owners. They underline the practicality of separating personal finances from business finances and delve into the real-world challenges and strategies of investing outside one's business. The conversation covers various practical considerations, including tax and legal implications, the significance of seeking professional advice, and the practicality of building a diversified investment portfolio.Key Points From This EpisodePersonal vs. business financesThe importance of tax planningChallenges and strategies in business growthSeparating personal and business financesDiversifying investments outside your businessLegal and tax considerations Want to learn more? Contact us hereUseful LinksGarrett on LinkedIn Paul on LinkedIn Ascend Investment Partners

In this episode, hosts Paul and Garrett explore the prudent management of lump sums, such as inheritances, bonuses, or significant investment returns. They discuss the emotional and financial ramifications of sudden wealth and offer strategic advice on handling such funds responsibly. Emphasizing the importance of patience, the hosts suggest parking newfound wealth in a high-yield savings account to buy time for careful planning. This conversation is essential for anyone facing the complex decisions that accompany unexpected financial gains.Key Points From This EpisodeManaging lump sums from various sources, including inheritances, bonuses, or investment returns.Importance of a cautious approach when dealing with unexpected large sums of money.Utilizing a high-yield savings account to safely park lump sums.Emotional considerations and challenges that accompany managing sudden wealth.The dangers of quick spending after receiving a lump sum.The role of professional financial advice in decisions about lump sums.Benefits of delaying major purchases and investments to ensure they align with long-term financial goals. Want to learn more? Contact us hereUseful LinksGarrett on LinkedInPaul on LinkedInAscend Investment Partners

Join hosts Paul and Garrett as they explore the important topic of healthcare expenses in retirement. They discuss the financial challenges and decisions surrounding healthcare as we age, outlining the options available for managing these costs. From government programs like Medicare and Medicaid to the details of long-term care insurance and self-funding, Paul and Garrett provide a clear overview of the pros, cons, and strategies to effectively handle healthcare expenses in retirement. This episode offers essential guidance for anyone planning for their future or advising a loved one.Key Points From This EpisodeThree main strategies for managing healthcare costs in retirement.The basics of Medicare and Medicaid and the role of supplements.Insurance options for long-term healthcare needs.Pros and cons of self-funding healthcare expenses in retirement.The financial implications of different healthcare strategies.The importance of planning for potential long-term care needs. Want to learn more? Contact us hereUseful LinksGarrett on LinkedIn Paul on LinkedIn Ascend Investment Partners

In this episode, Paul and Garrett dismantle common myths surrounding investment risk, providing listeners with a clear understanding and practical strategies for managing it. They cover everything from defining risk in relation to volatility and capital loss to the often-overlooked impact of inflation on purchasing power. The conversation also explores how risk tolerance shifts with age and life circumstances, underlining the importance of a well-structured investment portfolio to mitigate unforeseen challenges.Key Points From This EpisodeOutlining risk and its relation to investment volatility.Clarifying the concept of capital loss and how to prevent it.Unpacking the silent threat of inflation to long-term financial health.Strategies for adjusting investment portfolios to align with changing life stages.Importance of diversification and understanding individual risk tolerance.The role of emergency funds in managing financial unpredictability.Structuring investments to ensure liquidity and stability in retirement. Want to learn more? Contact us hereUseful LinksGarrett on LinkedIn Paul on LinkedIn Ascend Investment Partners

In this episode, Paul and Garrett outline a comprehensive approach to achieving financial success through a three-part equation: money habits, financial planning, and strategic implementation. They provide actionable insights into building effective money habits, creating adaptable financial plans, and selecting appropriate strategies for investments, insurance, taxes, and estate planning. The hosts share personal anecdotes and practical advice to help listeners construct a solid foundation for their financial future.Key Points From This EpisodeIntroduction to the financial success equation: habits, plan, and strategies.The foundational role of money habits in securing financial health.Strategies for developing a flexible and effective financial plan.Aligning financial strategies with individual goals and life changes.The significance of insurance and investment in financial planning.Understanding tax strategies and estate planning within your financial blueprint.The importance of flexibility and adaptability in financial planning and investment.Closing thoughts: integrating habits, plans, and strategies for financial success.Want to learn more? Contact us hereUseful LinksGarrett on LinkedInPaul on LinkedInAscend Investment Partners

Join Paul and Garrett in a detailed exploration of annuities, where they address common questions, concerns, and the complexities involved. This episode is dedicated to unraveling the intricacies of annuities, aiming to guide listeners through the decision-making process, understanding costs, benefits, and the strategic role annuities can play in financial planning.Key Points From This EpisodeThe role of annuities in aligning with financial aspirationsUnderstanding sales motivesBalancing annuity benefits against constraintsThe necessity of ongoing annuity assessmentsPrioritizing transparency in annuity expensesReinforcing the value of guidance in complex financial landscapesWant to learn more? Contact us hereUseful LinksGarrett on LinkedInPaul on LinkedInAscend Investment Partners

This episode with Paul and Garrett tackles the pervasive issue of financial stress, offering listeners practical strategies to foster a healthier relationship with money. They discuss the importance of viewing money as a tool, the benefits of a saver's mindset, the critical role of an emergency fund, and how aligning investments with long-term goals can ease financial worries. The discussion also covers the necessity of regular portfolio reviews to adapt to life's changes, aiming to provide listeners with a blueprint for financial peace of mind.Key Points From This EpisodeEmphasizing money's role in achieving goals rather than defining self-worthThe importance of living below one's means and saving diligentlyThe first step in building a financial safety netHow strategic planning can mitigate financial stressContinuous learning as a tool for empowerment Strategies for effective debt reduction and managementThe need for periodic adjustments to reflect changing life circumstancesWant to learn more? Contact us hereUseful LinksGarrett on LinkedInPaul on LinkedInAscend Investment Partners

In this episode with Paul and Garrett, we delve into the important financial dates, milestones, and numbers you must be aware of for 2024. From tax brackets to retirement plan contributions, we cover various topics designed to help you plan, keep, and grow your wealth for a successful future. Whether it's understanding age-related changes or navigating tax season, we've got the insights you need.Key Points From This EpisodeSignificant financial changes tied to specific birthdaysUnderstanding 2024 tax brackets and implicationsThe significance of ages 50, 59.5, 62, and 65 in financial planningRetirement planning with catch-up contributionsNavigating Social Security benefits and reverse mortgagesMedicare eligibility considerations and planning for healthcareThe impact of reaching full retirement age on financesLong-term capital gains and income tax brackets for 2024Maximizing contributions to Health Savings AccountsEstate and gift tax exemptions and implications for 2024Strategies for Roth conversions and minimizing lifetime taxesWant to learn more? Contact us hereUseful LinksGarrett on LinkedInPaul on LinkedInAscend Investment Partners

Join hosts Paul and Garrett as they usher in the new year with a deep dive into the most critical financial considerations for 2024. This episode is an invaluable guide, offering listeners comprehensive strategies and insights to navigate the complexities of personal finance, investment planning, and market dynamics. From personal goal setting to nuanced tax strategies, this episode equips listeners with the knowledge they need to make informed decisions and set a course for financial success in the year ahead.Key Points From This EpisodeStrategies for personal and financial goal-settingAdjusting finances for life changesManaging pay raises and bonusesDetailed retirement planning in different life stagesFunding major life events and expensesRegular insurance and emergency fund reviews in financial healthAdvanced tax planning techniques The ongoing importance of estate planningWant to learn more? Contact us hereUseful LinksGarrett on LinkedInPaul on LinkedInAscend Investment Partners