Goldstein on Gelt

The Goldstein on Gelt Show is a global investment and financial planning radio show designed to educate and entertain its listeners with financial strategies and investment tips. Douglas Goldstein, CFP® hosts the weekly show, which can also be heard at www.goldsteinongelt.com, and is the director of Profile Investment Services, Ltd., www.profile-financial.com.

Financial Planning for Illness and Death 04/18/2024

The Stress-Free Investment Method 04/11/2024

The Stress-Free Investment Method Are You Overlooking the Importance of a Financial Plan? When was the first time you spoke with a financial planner? Let me tell you about a retired couple who I met who had never spoken to a financial planner before. The couple's lack of understanding about the role of a financial planner and the way their investment portfolio was built, highlighted a common misconception among individuals when it comes to managing their finances. When sitting down with a Certified Financial Planner™ practitioner (CFP®) who is dedicated to understanding your unique financial situation, and guiding you through the complexities of investing, you are setting yourself up for success. Building a comprehensive financial plan and working with a professional team (financial planner, accountant, and lawyer) can lead you to financial well-being. A few points to consider: 1. Importance of a Financial Planner: Many individuals often focus solely on their investment portfolios without considering the broader financial picture. A Certified Financial Planner™ practitioner can help guide you through essential aspects of financial planning, including retirement goals, family, expenses, insurance, and health—providing a comprehensive view of your finances. 2. Understanding Your Investments: Having a clear understanding of all your investments and their implications on your overall financial situation is crucial for proper financial well-being. 3. Partnering with Professionals: Partnering with a financial planner (and other professionals) doesn't mean surrendering control. Instead, it equips you with a supportive team who can handle administrative tasks and provide advice, while you remain in charge of making the final decisions. 4. Empowerment and Peace of Mind: When you have a strong financial team in place, it empowers you to focus on the bigger financial picture. It can alleviate concerns about making financial decisions, especially during times of illness or unexpected events, offering you and your family peace of mind. To learn more about managing your finances and gaining a deeper understanding of the role of a financial planner, tune in to The Goldstein On Gelt Show and explore the valuable insights provided in each episode. Remember, taking charge of your financial well-being is one of the most important steps you can take for a secure and stress-free future! If you're not already receiving updates on new episodes, , and as a special bonus, receive Doug's free ebook . /episode/index/show/gogshow/id/30509993

How to Overcome Family Pressure in Investing 04/04/2024

When Real Estate Investments Turn Sour 03/28/2024

When Real Estate Investments Turn Sour Are you considering investing in real estate? Or perhaps you already have real estate investments in your portfolio? If so, it's crucial to understand the potential risks and challenges that can arise. The following stories of two individuals who encountered unexpected scenarios with their real estate investments provide valuable insights and lessons for anyone navigating the world of real estate. The first case revolves around a client who initially appeared to be a successful real estate investor. He exuded confidence in his portfolio, claiming lucrative real estate deals and assured cash flow from his properties. However, as time unfolded, the reality did not match his optimistic projections. Unforeseen circumstances such as the impact of external factors, including the COVID-19 pandemic, led to a drastic reduction in the expected income from his real estate investments. One of the crucial insights gleaned from this story is the significant impact of underestimating risk and overestimating returns. The client's assumptions about the reliability and sustainability of his real estate income proved to be misplaced, resulting in unanticipated financial strain and the need to reevaluate his entire investment strategy. The second story featured a younger client who had invested $50,000 in a real estate deal in Wisconsin. He initially contemplated withdrawing additional funds from his brokerage portfolio to invest in another promising real estate opportunity. However, after sharing the challenges faced by the first client, he reconsidered his decision. He understood the risk of putting all his eggs in one basket and preferred to stick with a more secure, diversified portfolio. While real estate can be a valuable component of a well-structured investment portfolio, allocating a significant proportion of one's assets solely to real estate can expose an individual to heightened risks and vulnerabilities. The allure of real estate, with its promises of passive income and appreciation, should be balanced with a comprehensive understanding of the potential downsides and the need for diversification. It's vital to approach real estate investments with prudence, ensuring that they complement a comprehensive investment strategy rather than overshadowing or dominating it. By building a diversified investment approach and thoroughly understanding the nuances of each area of your portfolio, you can navigate potential challenges while maximizing the opportunities for financial growth and stability. Consider conducting a comprehensive review of your investment portfolio. Assess the proportion of your assets allocated to real estate investments and evaluate how they harmonize with your overall investment strategy. If you're not already receiving updates on new episodes, , and as a special bonus, receive Doug's free ebook . /episode/index/show/gogshow/id/30465363

How to Invest for Growth 03/14/2024

Getting Ready Financially for Divorce 03/07/2024

Getting Ready Financially for Divorce Tips for Managing Your Finances During Divorce for a Smooth Transition Divorce can be a daunting and emotional journey, one that is fraught with legal, emotional, and financial challenges. In this post, we'll explore key takeaways Douglas Goldstein discussed on The Goldstein on Gelt Show and delve deeper into essential financial considerations when navigating divorce. Seeking Professional Assistance One of the most critical pieces of advice is to seek professional help when dealing with divorce-related financial matters. Consulting with an experienced lawyer is essential to navigate the legal complexities inherent in divorce proceedings. Additionally, engaging the expertise of a financial advisor is invaluable in assessing the impact of divorce on long-term financial planning. Understanding Expenses and Budgeting Many individuals are often unaware of the actual amount they spend every month. It's crucial to have a clear understanding of your expenses, including routine spending and potential future financial obligations resulting from a divorce. Keeping meticulous records of financial transactions, and anticipating upcoming expenses are essential steps during a divorce. These records serve as invaluable tools for financial advisors and lawyers when negotiating asset division and settlements. Gathering Financial Information Organizing all your financial information is paramount when preparing for divorce. This includes gathering statements from bank accounts, credit cards, retirement funds, investment portfolios, mortgages, and tax returns. Having comprehensive documentation at hand facilitates the process of evaluating assets and liabilities, thus enabling fair and informed decision-making. Avoiding Major Financial Decisions During times of emotional distress like divorce, making major financial decisions may seem enticing as a temporary escape. However, avoiding substantial financial decisions amidst marital discord is imperative. Big-ticket expenses like buying a new house, a car, or making substantial investments can further complicate the financial implications of divorce. Hence, refraining from significant financial commitments is vital for minimizing additional financial strain during a divorce. Building a Reserve Fund Creating a reserve fund is a prudent measure, especially during the tumultuous period of divorce. Accumulating cash reserves safeguards individuals from potential liquidity challenges that could arise during the divorce process. This fund can be instrumental in covering legal fees, and unexpected expenses, and ensuring financial stability during the subsequent transition. Reevaluating Tax Implications Divorce often carries significant tax implications, warranting a comprehensive assessment of tax responsibilities related to asset division, alimony, and child support. Consulting with a tax professional ensures a thorough understanding of the tax implications linked with divorce settlements and financial decisions. Crafting a Long-Term Financial Plan Formulating a robust and realistic long-term financial plan is indispensable post-divorce. This may involve establishing new financial goals, revising investment strategies, and reassessing retirement planning to ensure financial stability under the altered circumstances. Securing Professional and Emotional Support Navigating divorce involves not only financial complexities but also emotional and psychological challenges. A support network comprising legal professionals, financial advisors, and emotional support resources can provide comprehensive assistance during this tumultuous phase. Navigating a divorce is a multifaceted and challenging process, particularly when viewed through a financial lens. Taking proactive steps to mitigate possible financial issues, is pivotal in ensuring a smooth and equitable transition through the complexities of divorce. /episode/index/show/gogshow/id/30246783

6 Strategies for Happier Investment Decisions 02/29/2024

6 Strategies for Happier Investment Decisions Behavioral finance is a critical area that merges psychology with finance to understand why people make irrational financial decisions. It’s important to note that people’s emotions, cognitive errors, and biases often drive these decisions, leading to poor investment choices. Being happy while dealing with investments is crucial. Let’s examine some of the psychological aspects of investing and how they can be managed to create a better and less stressful investment experience. Psychological Aspects of Investing Analysis Paralysis Analysis paralysis is a common issue many investors face. With countless investment options available, individuals can become overwhelmed, and as a result, they may not make any investment decisions at all. This can lead to missed opportunities and unproductive financial stagnation. Fear of Missing Out The fear of missing out (FOMO) is another psychological challenge that investors often grapple with. This fear, driven by the desire to replicate others’ financial successes, can lead to impulsive and high-risk investment decisions. Recognizing and managing this fear is essential to avoid detrimental financial choices. Overemphasis on Short-Term Volatility Another psychological challenge in investing is placing excessive emphasis on short-term market fluctuations. Reacting emotionally to daily market movements can lead to poor decision-making and can negatively impact long-term investment strategies. Complexity in Cross-Border Investing For those dealing with cross-border investments, the complexity of managing investments in multiple countries can be overwhelming. Regulatory hurdles, tax implications, and cultural differences in investment philosophies can create significant stress for expatriates and immigrants. Managing Your Stress Investing your money is stressful, but it doesn’t have to be overwhelming. Managing stress effectively can lead to better investment outcomes and a more enjoyable investing experience. Here are some strategies to help lower stress and improve investment decision-making: 1. Simplification and Focus Consolidating and simplifying investment accounts can help you gain a clearer understanding of your financial situation. By focusing on a defined investment strategy, you can avoid being overwhelmed by too many choices and better manage your portfolios. 2. Diversification Diversifying investments is an essential strategy to spread risk and avoid excessive exposure to any single investment. By diversifying across different asset classes and sectors, investors can lower the risk of significant losses caused by a single investment’s failure, thus leading to a more relaxed investment. 3. Develop a Plan Having a clear financial plan can help you stay focused on your long-term objectives and avoid making impulsive decisions based on short-term market movements. A well-defined plan provides a roadmap for achieving financial goals and reduces anxiety about investment decisions. 4. Build a Resilient Mindset Engaging in stress management techniques, such as meditation, physical exercise, or taking regular breaks from financial decision-making, can promote a resilient mindset. A calm and focused approach to investing can lead to better decision-making and reduced emotional reactivity to market swings. 5. Educate Yourself Continuously learning about investment concepts, market dynamics, and financial planning can empower you to make better-informed decisions. Well-informed investors are better equipped to manage their financial stress and maintain a long-term perspective on their investments. 6. Choose a Good Advisor Selecting the right financial advisor who prioritizes understanding the client’s individual needs and goals is essential. A good advisor should focus on building a personalized financial plan aligned with the client’s objectives rather than pitching investment products. Armed with these valuable insights and tips, it’s time to implement them so you can experience a happier and less stressful investment journey. Happy investing, and may your financial journey be filled with success and joy! Stay updated on personal finance insights, investment strategies, and expert interviews, by subscribing to The Goldstein on Gelt Show. /episode/index/show/gogshow/id/30086048

Moving to Israel in Retirement: Financial Planning and Practical Tips for Olim 02/22/2024

Understanding RMDs: A Simple Explanation 02/15/2024

Understanding RMDs: A Simple Explanation Are you approaching the age of 73 or have inherited an IRA account? If so, understanding Required Minimum Distributions (RMDs) from IRAs is crucial. In a recent episode of The Goldstein On Gelt Show, Douglas Goldstein discussed RMDs in detail and answered a listener letter regarding RMDs for inherited IRAs. Here's a summary of the key points to help you navigate RMDs and avoid potential penalties. What Are RMDs? RMDs are the IRS's way of ensuring that the funds in your IRA, which have grown tax-deferred over the years, are eventually taxed. Once you reach the age of 73, the IRS mandates that you withdraw a certain amount from your traditional IRA each year. This amount is determined by a formula based on your age and the total value of your IRA at the end of the preceding year. Inherited IRAs and RMDs If you have inherited an IRA from a someone, you might also be subject to RMDs. In the case of an inherited IRA, the IRS requires beneficiaries to withdraw the entire amount within a specific timeframe, usually within ten years of the original account holder's death. Penalties for Failing to Take RMDs It's essential to stay on top of your RMDs to avoid potential penalties. For instance, failing to take your RMD can result in a 50% tax penalty on the amount you were supposed to withdraw. However, recent legislation has reduced this penalty to 25% or even 10% under specific conditions. Donating RMDs to Charity One strategy to potentially reduce the tax impact of RMDs is to donate the withdrawn funds directly to a qualifying charity. This can potentially help reduce your tax burden while supporting a cause you believe in. What should you do? Seek professional advice to ensure your portfolio complies with IRS regulations, and to make sure you are informed about any changes in relevant legislation. If you're living outside the United States and need personalized financial guidance, reach out to Profile Investments Services, Ltd. Profile specializes in assisting individuals outside the United States with U.S. investment accounts. Subscribe to the Profile and for more valuable financial tips and updates. /episode/index/show/gogshow/id/29940278