Advance Your Wealth With Homer Smith

On the latest episode of Advance Your Wealth, we dive into the market’s reaction to the recent election results, exploring whether the response was in line with expectations or presented surprises. We discuss the reduced pre-election volatility, the modest post-election market increases, and what this might signal for future trends.Our conversation delves into the anticipated economic and policy changes under a Trump administration with a Republican-controlled Congress. Key topics include:Extensions to Trump-era tax reforms, including the 199A Qualified Business Income Deduction and corporate tax rates.Potential adjustments to estate tax exemptions and their implications for wealth management.The future of Opportunity Zones and how they might evolve.The administration’s strategy for funding tax cuts, including proposed tariffs and their potential economic impacts.We close by addressing how to navigate these complex changes. Our guest, Homer, shares strategies for cutting through the noise and helping clients make informed decisions during major transitions.Chapters:0:00 - Introduction1:53 - The stock market's response4:11 - Notable tax law changes9:21 - Estate tax exemptions 11:50 - Trump's plan to pay for tax cuts15:21 - Dealing with uncertainty18:00 - How to contact Homer and his team18:54 - Closing remarks

Many families have plans to pass along some of their wealth to children and grandchildren. But what about passing on financial values, a sense of purpose and possibility, and other family legacy concerns? On the latest episode of Advance Your Wealth, we’re taking a look at how legacy planning can potentially help both the people transferring their wealth and the people receiving it.Chapters:0:00 - Introduction and overview on the topic of the day1:06 - Estate planning and wealth planning conversations don't go far enough2:56 - What can we learn from the ultra-wealthy families out there?4:15 - Addressing the tension created in these moments5:52 - Steps to instill values before transferring wealth7:09 - The importance of discussing wealth a lot over time9:11 - Advice on getting these important conversations started11:29 - Steps you can take to begin discussing values and living them14:17 - What if you have a very large family? 17:41 - How to get in touch with Homer's team18:37 - Closing remarks

In this episode of Advance Your Wealth, Homer Smith sits down with financial expert Guy Ridout to discuss "The Costly Threats and Untapped Opportunities of Managing Your Company's 401k." Together, they explore the often-overlooked challenges and risks businesses face when managing 401k plans, including hidden fees, regulatory pitfalls, and fiduciary responsibilities. But it’s not all about the threats—Guy also shares valuable insights into the untapped opportunities that can benefit both employers and employees, from improving plan performance to boosting employee retention.Whether you're a business owner, executive, or plan administrator, this episode provides essential knowledge on how to protect your company's 401k from costly mistakes and maximize its potential for long-term success. Tune in to learn how proactive 401k management can be a powerful tool for your business and your employees' financial futures.Chapters:0:00 - Introduction and overview on the topic of the day2:59 - Identifying Threats in 401K Planning5:48 - Compliance Challenges in 401K Plans8:50 - Employee Perception and Engagement with 401K Plans11:57 - Unlocking Opportunities15:00 - The Role of Financial Advisors in 401K Management17:50 - Real World Applications and Success Stories21:05 - Closing remarksConnect with Homer Smith:FacebookLinkedInWebsite

Today Homer breaks down the differences and benefits of Single Family and MultiFamily Offices. Both have their strengths and depending on your families circumstances, one may behoove you more than the other. No one family is the same. To figure out which category yours may fit in best, join us on today's episode of "Advance Your Wealth."Chapters:0:00 - Introduction and overview on the topic of the day1:55 - The Single Family Office3:10 - The Multi-Family Office7:00 - Key Differences9:00 - Multi-Generational Planning10:10 - Virtual Family Office12:10 - Common Needs of Family Office Clients13:00 - Benefits of Multi-Family Offices 14:00 - How to Connect with Homer Smith14:35 - Closing remarksConnect with Homer Smith:FacebookLinkedInWebsite

Today Homer examines the fundamental aspects that may make up your best financial life. The qualities you can develop in order to best live a life of significance and happiness. Easier said than done, that's clear. However, knowing where these aspects show up in your life will lead to better being able to act in accordance with your best life and the values that make it possible.This and more on today's episode of "Advance Your Wealth."Chapters:0:00 - Introduction and overview on the topic of the day3:22 - Success vs. Significance4:20 - What's Your Number? Why?5:10 - Significance Based on Generation6:40 - The Millennial Generation7:00 - Wealth Thresholds and Value Creep8:50 - Transitioning Values10:30 - Getting Clarity on Success12:00 - Recognize Where You Are14:20 - Discovery and Rediscovery to Significance17:25 - How to Connect with Homer Smith18:25 - Closing remarksConnect with Homer Smith:FacebookLinkedInWebsite

Today we are joined by Melissa Smith, CEO and founder of Family Brand Podcast. Melissa works with parent's on how to transform their family cultures, create relationships that last, and intentionally grow their families together. How does the family correlate with business success? This and more on today's episode of "Advance Your Wealth."Chapters:0:00 - Introduction and overview on the topic of the day2:12 - What is a Family Brand?3:30 - Family Doesn't Happen By Default.5:50 - How Melissa Works With Family.8:40 - The Idea of And.13:15 - Family Brand Across Time.15:10 - Melissa's Personal Examples In The Process17:30 - Empty Nester's Experience with Family Branding20:40 - How to Connect with Melissa Smith21:45 - Closing remarksConnect with Homer Smith:FacebookLinkedInWebsite

Today we are joined by Chad Jenkins, CEO and founder of SeedSpark. Seeking exponential growth is difficult for most entrepreneurs. Many times, business owners may get laser focused on the wrong areas which could lead to missing out on great opportunities. Chad and Homer break down ways to remove the film over your eyes and see opportunities clearly.This and more on today's episode of "Advance Your Wealth."Chapters:0:00 - Introduction and overview on the topic of the day2:10 - Collaboration vs. Competition5:40 - Chad's Hero Target and Creating Value9:20 - The Benefit of Outside Perspective12:50 - Levels of Friction17:15 - New Rate Plans Example and Innovation Solutions20:00 - Leveraging The Market25:30 - Common Components Business are Missing34:10 - How to Connect with Chad Jenkins35:15 - How to Connect with Homer Smith35:30 - Closing remarksConnect with Homer Smith:FacebookLinkedInWebsite

Often times, preparation and thorough planning is seen as the safeguard to a successful business. However, there comes a point where the plan can become stale and out-of-date. Many business owners and entrepreneurs may want to update their business plan but don't know what to look for in terms of weak points. That's where Homer comes in with this episode of Advance Your Wealth.Join us today to learn how to stress test your business plan and better prepare for the unknown future.Chapters:0:00 - Introduction and overview on the topic of the day1:40 - Homer Smith on Stress Testing2:50 - What Does a Good Stress Test Look Like4:40 - Who is Qualified for Stress Testing6:30 - Areas to Focus on in Your Planning Check-up10:05 - Selling Your Business and Exit Planning 17:05 - When to Go Through a Stress Testing Process19:10 - Getting the Outcome That You Want19:45 - How to connect with Homer Smith20:00 - Closing remarksConnect with Homer Smith:FacebookLinkedInWebsite

In a world often dominated by limitations and barriers, it's time to shift our focus towards what's possible. Join us in this illuminating episode as we delve into the realm of possibility with our esteemed guest, Chris Smith, Founder of The PSBLTY Co. Chris brings a wealth of experience working with successful entrepreneurs and business owners, helping them navigate through challenges and unlock the full potential of their lives.In this conversation, we'll explore why it's crucial to prioritize possibility over limitations and how this mindset can revolutionize our approach to life and business. From reframing setbacks as opportunities to embracing uncertainty with open arms, Chris shares invaluable insights and strategies to inspire listeners to dream bigger and reach higher.Chapters:0:00 - Introduction and overview on the topic of the day1:23 - Homer working closely with Chris and his team over the years3:18 - Possibility versus limitation6:50 - Over-focusing on what's not working in your life and business10:49 - "I don't matter. I'm not enough. I'm not worthy."15:09 - A story from Chris helping to coach a high school basketball team18:39 - Recognizing the importance of positive reinforcement and speaking possibility into people24:35 - You matter, you're worthy, and you belong!27:24 - How to connect with Chris Smith online27:53 - Closing remarksConnect with Homer Smith:FacebookLinkedInWebsite

If you’re an entrepreneur, do you know what your business is really worth? It turns out, you might be surprised to discover its true value. On the latest episode of Advance Your Wealth, we examine the importance of valuing a business, why it makes sense (even if you’re not planning to sell), and how you might set out to get a proper valuation done.Chapters:0:00 - Introduction and overview on the topic of the day1:30 - Very few business owners are ultimately satisfied following the sale of their business4:40 - Entrepreneurs should be aware of their business' value over the course of time6:06 - Business owners are often surprised by the results of a true valuation process8:36 - Advice for getting this process started11:10 - The key issues that arise when a business valuation process is conducted15:41 - What business owners should be considering today17:39 - Business owners need to take time to work on the business, rather than in the business19:03 - How to get in touch with Homer and his team21:09 - Closing remarksConnect with Homer Smith:FacebookLinkedInWebsite

In this illuminating episode, we delve into the fascinating realm of human longevity with our esteemed guest, David Karow, President & CIO of Human Longevity, Inc. As our lifespans extend, we are faced with profound questions about how to optimize both our health and our financial well-being.Join us as we explore the latest advancements in longevity science and how they are reshaping our understanding of aging. From cutting-edge genetic research to innovative health interventions, we uncover the keys to living longer, healthier lives.But longevity isn't just about adding years to our lives—it's also about ensuring those years are filled with vitality and quality. We discuss the importance of proactive health management, personalized medicine, and preventive strategies to ward off age-related diseases and maximize wellness in our later years.Chapters:0:00 - Introduction and overview on the topic of the day1:39 - Conversations surrounding human longevity are becoming more popular3:24 - Welcoming David to the show and an overview on longevity planning7:15 - The benefits of taking a more proactive approach to your health10:53 - Leveraging data to make very informed health and wealth decisions 15:38 - Longevity planning goes way beyond pills and treatment procedures18:22 - Areas where we need to improve our current health care system21:23 - How to get in touch with David and his team at Human Longevity, Inc.23:25 - Closing remarksConnect with Homer Smith:FacebookLinkedInWebsite

How confident are you about what will happen to your assets—and your loved ones—after you’re gone? On the latest installment of Advance Your Wealth, we’re looking at a truly important topic: your estate plan and whether it’s set up to get the results you want. In particular, we’ll be focusing on three main components of an estate plan that can potentially position most families for success.Chapters:0:00 - Introduction and overview on the topic of the day1:37 - Why this topic is becoming so important among investors and families3:05 - The delicacy involved in estate planning efforts4:24 - The three key areas of estate planning5:23 - What makes a will a foundational piece of estate planning6:51 - Navigating trusts and how they can impact a family's estate planning9:52 - How to decide if a trust makes the most sense for you and your family12:36 - The fiduciary you choose to work with on your estate plan15:37 - Your estate plan can get out-of-date rather quickly17:20 - How to get in touch with Homer and his team19:20 - Closing remarksConnect with Homer Smith:FacebookLinkedInWebsite

When it comes to building, preserving and transferring wealth, it’s natural to look to the wealthiest among us for insights and actions we might adopt in our own efforts. On the latest installment of Advance Your Wealth, we’re examining five personal finance lessons from the so-called Super Rich, those with a net worth of at least $500 million. The steps they take, and don’t take, may prove illuminating as you journey down the path toward your most important financial goals.Chapters:0:00 - Introduction and overview on the topic of the day1:29 - Homer's big-picture takeaway on how the Super Rich build their wealth2:50 - Working with the best experts you can find4:24 - How to identify top-tier professionals to work with6:05 - Going beyond the numbers7:58 - Recognizing the importance of negotiation9:37 - Trust, but verify 11:17 - The importance of keeping your emotions in check12:28 - Tips for staying logical during emotionally tough circumstances13:54 - How to get in touch with Homer and his team14:48 - Closing remarksConnect with Homer Smith:FacebookLinkedInWebsite

If you’re an entrepreneur, the idea of selling your business may have crossed your mind more than once. If you ultimately decide to sell your business, you’ll likely encounter two main types of buyers: financial and strategic. It’s a good idea to consider which type of buyer is the right one for you and your company. On the latest episode of Advance Your Wealth, we’re exploring how these two categories of buyers could play an important part in how much you get for your companyChapters:0:00 - Introduction and overview on today's topic1:18 - Understanding your options as a business owner2:07 - An overview on financial buyers3:12 - How the seller fits into the financial buyer's vision for the company4:16 - How entrepreneurs typically encounter financial buyers6:02 - The differences between a financial buyer and a strategic buyer7:11 - How strategic buyers approach the buying process9:24 - The different types of strategic buyers10:31 - How to decide which type of buyer makes the most sense for your company13:08 - Why would a strategic buyer make sense for you and your business? 15:21 - How to get in touch with Homer and his team for more information16:40 - Closing remarksConnect with Homer Smith:FacebookLinkedInWebsite

Life is full of transitions. Plain and simple. However, one of the biggest transitions a business owner can make in their lifetime is the transition out of their business. In many instances, they've worked decades to build up this business and there are a variety of personal, financial, and emotional considerations at play. In the latest episode of Advance Your Wealth, Homer explores the key decisions a business owner is faced with during this major milestone in their life. Chapters:0:00 - Introduction and overview on the topic of the day1:01 - The major events in a business owner's life3:55 - Transitioning to sell the business internally or externally5:56 - I've sold my business. Now what? 8:57 - Transitioning family wealth to your heirs in a positive and strategic manner12:17 - How to get in touch with Homer to discuss this topic individually14:30 - Closing remarksConnect with Homer Smith:FacebookLinkedInWebsite

Many business owners are always looking to motivate their employees, generate better results and save themselves some taxes. On a prior episode, we discussed a retirement plan and succession tool called an employee stock ownership plan, or ESOP.In today's discussion, we're diving deep into the tax considerations for business owners when utilizing an ESOP, and what you should be thinking about before initiating a program like this. Chapters:0:00 - Introduction and overview on the topic of the day1:50 - How an ESOP works and who it works best for3:52 - Why an ESOP would be beneficial for a business from a tax perspective6:47 - How an ESOP can benefit the business owner from a tax perspective8:52 - A story covering a client that leveraged an ESOP for his business12:58 - How to get in touch with Homer and his team16:15 - Closing remarksConnect with Homer Smith:FacebookLinkedInWebsite

Selling a business that you’ve worked to build for years or decades comes with an enormous number of considerations—not the least of which is easing the tax burden that accompanies a big sale. On the latest installment of Advance Your Wealth, we’re looking at five ways business owners who sell their companies might mitigate taxes. Let’s dive in!Chapters:0:00 - Introduction and overview on the topic of the day1:35 - The top-of-mind concerns for entrepreneurs selling their business3:31 - Transferring assets regularly over time5:20 - Section 1202 and the benefits of leveraging this approach7:11 - How trust planning and charitable planning factors into the sale of a business10:35 - Navigating gifting strategies prior to the sale of a business12:56 - A big conversation with business owners after the business has been sold16:54 - How life insurance solutions can add value 21:18 - Homer's one big takeaway!23:31 - How to get in touch with Homer and his team24:32 - Closing remarksConnect with Homer Smith:FacebookLinkedInWebsite

Growing up is hard, especially in today's day and age. But when you add financial challenges, like the transfer of significant wealth from an older generation to their heirs, life can become overwhelming for today's youth. On the latest episode of Advance Your Wealth, we sit down with Barry Garapedian, the visionary Founder & CEO of Mag 7 Consulting, a boutique coaching, mentoring, and advisory firm tailored specifically for high-school and college-aged students. In this conversation, Barry shares the remarkable journey of MAG 7 and how it has become a beacon for young individuals seeking to unlock their full potential.Barry sheds light on the importance of mentorship and coaching during the crucial formative years. Gain insights into the methodologies employed by MAG 7 Consulting to nurture skills, foster resilience, and instill a mindset of success in the next generation.Enjoy!Timecodes:0:06 - Introduction and overview on the topic of the episode1:03 - The importance of long-term wealth planning within families3:05 - Welcoming Barry Garapedian to the show!3:55 - Barry's career pivot from wealth management to Mag 7 Consulting6:41 - The greatest challenges facing today's youth9:22 - Kids growing up in a wealth environment and the importance of instilling financial wisdom12:37 - How Mag 7 actually works with today's youth 16:00 - Teaching clients the power of a handwritten note17:45 - The responses Barry receives from parents of his clients19:52 - The difference between an expectation and an agreement23:50 - The 7 self-development lessons you never learned in school26:48 - How to learn more about the work Barry does for clients through Mag 7 Consulting28:02 - How to connect with Homer and his team28:51 - Closing remarksConnect with Homer Smith:FacebookLinkedInWebsite

On the latest installment of Advance Your Wealth, we're joined once again by Joseph Sykora, Equity Analyst and Portfolio Reviews at Aptus Capital Advisors, for a deep analysis into the market's current affairs. As Joseph and his team monitor the market's performance, there have been two noteworthy categories of discussion to consider: Earnings and Interest Rates. Join us for another enlightening conversation, where we unpack some of the key considerations for your financial portfolio given some of the top trends unfolding in the markets. Timecodes:0:06 - Introduction and overview on the topic of the show1:16 - An overview on the most notable topics from Q36:03 - How rising interest rates are impacting the market and government10:17 - The cycle surrounding the government addressing a deficit11:49 - How to get in touch with Homer and the team for additional discussion12:20 - Closing remarksConnect with Homer Smith:FacebookLinkedInWebsite

Simply having significant wealth doesn’t guarantee a great life. For example, inheritors often face a number of significant challenges at various points in their lives, including the years before they receive their inheritance as well as after wealth is transferred to them. On the latest episode of Advance Your Wealth, we’re looking at some of the issues and hurdles that inheritors of significant wealth may need to overcome—along with strategies aimed at addressing them successfully.Timecodes:0:06 - Introduction and overview on the topic of the day1:23 - What Homer's team is known for2:29 - There are challenges associated with giving and receiving wealth5:13 - Where families can begin to effectively navigate these challenges7:00 - The red flags to be on the lookout for8:58 - Steps your family can be taking to avoid these mistakes overall10:20 - Advice on dealing with the emotional challenges of inheriting wealth13:02 - Smart ways we can be good stewards of our wealth15:21 - The bottomline: Addressing the challenges of giving and receiving wealth17:30 - How you can get in touch with Homer's team and learn more about a VFO18:25 - Closing remarksConnect with Homer Smith:FacebookLinkedInWebsite