Building Wealthy Habits
Join Randy Barkley, Jeremiah Lee and Laura Lee as they sit down weekly to explore the questions and topics that impact your financial future.
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Episode 94 - The Contrarian Mindset
11/18/2025
Episode 94 - The Contrarian Mindset
Most people think wealth comes from buying more investments — but sometimes, the smartest move is to sell, hold cash, and wait. In this episode, Randy Barkley, Jeremiah Lee, and Laura Lee reveal why successful investors often take the opposite approach of the crowd. They dive deep into how a contrarian mindset, smart cash management, and deliberate patience can set you apart from the average investor. You’ll learn: 💰 Why “cash is king” — and how liquidity can be your best opportunity engine 🧠 The mindset shift that helps wealthy people stay calm during market chaos 💵 When selling your best investments might actually make sense 🧾 How paying taxes now could mean paying less later 🏡 Why living below your means fuels long-term wealth 🚀 How to “bet on yourself” as your most valuable investment If you’re serious about growing wealth through discipline, strategy, and patience — this episode will reset how you think about money. #Investing #WealthBuilding #ContrarianMindset #FinancialPlanning #CashIsKing #WealthMindset #MoneyTips #PersonalFinance #SmartInvesting #FinancialFreedom #TaxStrategies #Diversification #Liquidity #InvestInYourself #EntrepreneurMindset Reach out at Connect with Jeremiah: LinkedIn: Email: Connect with Laura: LinkedIn: Email: Connect with Randy: LinkedIn: Email:
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Episode 93 - Advanced Tax Strategies for Business Owners
11/11/2025
Episode 93 - Advanced Tax Strategies for Business Owners
In this episode of Building Wealthy Habits, Jeremiah and Laura Lee break down one of the most overlooked areas of wealth strategy — estate planning for business owners. If you own a business or hold significant private assets, passing wealth to the next generation isn’t as simple as naming a beneficiary. Without proper planning, your heirs could face a 40%+ tax hit, especially when your estate exceeds the current $30M exemption threshold. We discuss: Why lifetime shifts of assets are critical for tax efficiency How to think about transitioning ownership of private companies The difference between estate planning documents and estate planning strategy Preparing your heirs so they understand — and can sustain — the legacy you're building This episode is a must-watch for business owners, entrepreneurs, and families serious about generational wealth. Estate planning isn’t a one-and-done task — it must be revisited as life, law, and wealth evolve. If you're a business owner wanting to understand your options: Schedule a strategic financial assessment: #EstatePlanning #GenerationalWealth #BusinessOwners #WealthStrategy #TaxPlanning #BuildingWealthyHabits --- Reach out at contact@tricordadvisors.com Connect with Jeremiah: LinkedIn: https://www.linkedin.com/in/jeremiahjlee/ Email: Jeremiah@tricordadvisors.com Connect with Laura: LinkedIn: https://www.linkedin.com/in/laura-lee-59a83610/ Email: Laura@tricordadv.com Connect with Randy: LinkedIn: https://www.linkedin.com/in/rkbarkley/ Email: --- Information and ideas discussed are general comments and cannot be relied upon as pertaining to your specific situation, do not constitute legal/financial advice, and do not create an attorney-client or fiduciary relationship. Examples discussed are fictional. You should consult your own advisor/attorney and do your own diligence prior to making any decisions. Investments involve risk and the possibility of loss, including the loss of principal. All situations are different, and results may vary. Randy Barkley is a life insurance agent CA license # 0518567 and Jeremiah Lee is a California licensed attorney and is responsible for this communication. Advisory services offered through TriCord Advisors, Inc., a Registered Investment Advisory firm.
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Episode 92 - The Lonely Side of Wealth: Why Success Can Feel Isolating
11/04/2025
Episode 92 - The Lonely Side of Wealth: Why Success Can Feel Isolating
Wealth often brings freedom — but it can also bring isolation. In this episode of Building Wealthy Habits, hosts Laura and Jeremiah Lee dive into the emotional side of success, exploring why so many accomplished individuals feel alone when it comes to discussing their financial concerns. They share how genuine communication, empathy, and trust can break down those walls — helping clients find clarity, connection, and confidence in their financial journey. Whether you’re a client, advisor, or someone striving for more balance between wealth and well-being, this conversation shines a light on the importance of emotional support and honest relationships in financial planning. 💡 Key Takeaways Success and wealth can sometimes create emotional distance instead of connection. Clients often struggle to find people who understand their challenges without judgment. Honest conversations help relieve emotional strain and improve decision-making. Genuine advisor-client relationships go beyond numbers — they’re built on trust and understanding. Advisors who foster open communication can better support their clients’ overall well-being. 👉 Subscribe to Building Wealthy Habits for weekly insights on financial wellness, decision-making, and creating a meaningful relationship with money. #BuildingWealthyHabits #ClientIsolation #WealthConcerns #HonestCommunication #EmotionalSupport #FinancialAdvice #RelationshipBuilding #EmotionalIntelligence #WealthAndWellbeing #FinancialPlanning Reach out at Connect with Jeremiah: LinkedIn: Email: Connect with Laura: LinkedIn: Email: Connect with Randy: LinkedIn: Email: --- Information and ideas discussed are general comments and cannot be relied upon as pertaining to your specific situation, do not constitute legal/financial advice, and do not create an attorney-client or fiduciary relationship. Examples discussed are fictional. You should consult your own advisor/attorney and do your own diligence prior to making any decisions. Investments involve risk and the possibility of loss, including the loss of principal. All situations are different, and results may vary. Randy Barkley is a life insurance agent CA license # 0518567 and Jeremiah Lee is a California licensed attorney and is responsible for this communication. Advisory services offered through TriCord Advisors, Inc., a Registered Investment Advisory firm.
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Episode 91 - Thinking About Selling Your Business? Watch This First!
10/30/2025
Episode 91 - Thinking About Selling Your Business? Watch This First!
Selling your business is one of the biggest financial decisions you’ll ever make — and the offer you receive is just the beginning. In this episode, Laura and Jeremiah Lee break down what really happens when a buyer shows interest, from understanding different types of offers to evaluating the real value behind the numbers. Learn how to: Prepare your business and mindset before saying yes Build the right team of advisors to protect your interests Avoid common pitfalls that derail deals Navigate the sale timeline with clarity and confidence Key Takeaways: Business owners often feel unprepared when receiving an offer to sell. It's crucial to understand the difference between strategic and financial offers. Building a strong team of advisors is essential for a successful sale. Evaluating the gross versus net value of an offer is critical. The timeline for closing a deal can vary significantly. Personal financial planning should align with the sale of the business. Investment bankers can help maximize the sale price by generating interest. Understanding tax implications is vital when selling a business. Negotiating terms clearly can prevent future misunderstandings. Emotional readiness is as important as financial readiness when selling a business. This episode is a must-watch for business owners, entrepreneurs, and families serious about generational wealth. Reach out at Connect with Jeremiah: LinkedIn: Email: Connect with Laura: LinkedIn: Email: Connect with Randy: LinkedIn: Email:
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Episode 90 - Is your business funding or draining your retirement?
10/21/2025
Episode 90 - Is your business funding or draining your retirement?
As entrepreneurs, it’s easy to stay laser-focused on growing the business — but what about growing you? In this episode, we dive into how business owners can create personal financial freedom while still fueling their company’s success. From reinvestment decisions to tax strategies and wealth diversification, this conversation is packed with insights for anyone looking to build a business and a lasting legacy. We explore: How to know when to reinvest vs. when to take chips off the table Why diversification matters — and how to do it without slowing your momentum Smart tax moves that can help you keep more of what you earn Using real estate as a stabilizing wealth builder The hidden risks of tying all your net worth to one business Succession and exit planning that sets up your family and team for success What “balance” actually looks like for high-performing entrepreneurs Whether you’re in growth mode, thinking about an exit, or simply trying to align your business and life goals, this episode will help you think differently about where your money — and your time — should really go. Key Takeaways Your personal balance sheet deserves as much attention as your P&L. Reinvestment without strategy can increase uncertainty. Diversify to preserve and grow wealth outside the business. Tax planning is one of the highest-ROI moves you can make. Real estate offers both leverage and long-term stability. Succession planning ensures your business — and family — thrive beyond you. True success means balancing growth, purpose, and personal well-being. Reach out at Connect with Jeremiah: LinkedIn: Email: Connect with Laura: LinkedIn: Email: Connect with Randy: LinkedIn: Email:
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Episode 89 - The Art of Giving: Strategies for Family and Legacy
10/14/2025
Episode 89 - The Art of Giving: Strategies for Family and Legacy
Most people think gifting is simple: write a check, transfer some stock, done. But here’s the truth—gifting can either save you taxes and strengthen family ties, or create conflict and unexpected tax bills. In this video, we dive into the complexities of gifting in tax planning and family dynamics. You’ll learn how to give meaningfully, avoid pitfalls, and ensure your generosity aligns with your long-term financial goals. What You’ll Learn in This Episode: Why gifting decisions depend on personal circumstances (no cookie-cutter solutions) How the annual gift tax exclusion really works When to use intra-family loans and trusts to protect both sides Why gifting equities can save taxes (but comes with cost basis implications) How clear communication prevents family disputes over money Why funding experiences may matter more than cash gifts How to pressure test your financial plan before making big gifts Aligning your gifting strategy with your values and long-term security Done right, gifting is more than money—it’s a legacy. 📌 Subscribe for more insights on tax planning, retirement strategies, and building a financial legacy. 👍 Like this video if you found it helpful, and drop your questions in the comments—I’ll respond personally. #FinancialPlanning #TaxPlanning #GiftingStrategies #WealthManagement #RetirementPlanning Reach out at Connect with Jeremiah: LinkedIn: Email: Connect with Laura: LinkedIn: Email: Connect with Randy: LinkedIn: Email: Information and ideas discussed are general comments and cannot be relied upon as pertaining to your specific situation, do not constitute legal/financial advice, and do not create an attorney-client or fiduciary relationship. Examples discussed are fictional. You should consult your own advisor/attorney and do your own diligence prior to making any decisions. Investments involve risk and the possibility of loss, including the loss of principal. All situations are different, and results may vary. Randy Barkley is a life insurance agent CA license # 0518567 and Jeremiah Lee is a California licensed attorney and is responsible for this communication. Advisory services offered through TriCord Advisors, Inc., a Registered Investment Advisory firm.
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Episode 88 - Donor Advised Funds & Smart Giving Strategies for Tax Planning
10/07/2025
Episode 88 - Donor Advised Funds & Smart Giving Strategies for Tax Planning
In this episode, Laura and Jeremiah Lee discuss strategic charitable giving and its tax benefits. They explore donor-advised funds, appreciated stock donations, and qualified charitable distributions, offering insights into maximizing tax efficiency while supporting meaningful causes. Takeaways Charitable giving can significantly impact your end-of-year tax liability. Donor-advised funds allow for strategic, tax-efficient charitable contributions. Appreciated stock donations offer a tax-efficient alternative to cash donations. Qualified charitable distributions can reduce taxable income from retirement accounts. Combining strategies like Roth conversions with charitable giving can optimize tax benefits. Donor-advised funds provide flexibility in timing and anonymity of donations. Charitable giving strategies can be tailored to individual financial goals and legacy planning. Understanding tax implications of different assets is crucial for effective charitable giving. Strategic giving can enhance personal satisfaction and community impact. Regularly reviewing and updating charitable strategies ensures alignment with personal values. Reach out at Connect with Jeremiah: LinkedIn: Email: Connect with Laura: LinkedIn: Email: Connect with Randy: LinkedIn: Email:
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Episode 87 - 5 Signs to Know When You're Ready to Hire a Financial Advisor
09/30/2025
Episode 87 - 5 Signs to Know When You're Ready to Hire a Financial Advisor
This week, Laura and Jeremiah Lee break down the pivotal life moments when hiring a financial advisor isn’t just smart—it’s essential. From navigating complex financial decisions to building a trusted financial team, they reveal what really sets qualified advisors apart. You’ll learn why personalized guidance matters most during major transitions and how the right advisor can help you cut through confusion, avoid costly mistakes, and move forward with confidence. In This Episode: It's never a one size fits all when hiring a financial advisor. Complexity in financial situations often signals the need for professional help. Having a financial team can help you focus on your strengths. A financial advisor provides guidance but does not make decisions for you. Understanding how a financial advisor gets paid is crucial. Diversification is key as your financial situation grows. The relationship with a financial advisor should be holistic and personal. It's important for spouses to be involved in financial planning. Feeling lonely in financial decisions can be alleviated with professional support. A financial advisor can help navigate significant life changes and transitions. Reach out at Connect with Jeremiah: LinkedIn: Email: Connect with Laura: LinkedIn: Email: Connect with Randy: LinkedIn: Email:
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Episode 86 - Common Missteps for Estate Planning
09/23/2025
Episode 86 - Common Missteps for Estate Planning
In this episode, Laura Lee, Jeremiah Lee and Randy Barkley, break down some of the intricacies of estate planning, highlighting common missteps and offering practical advice to avoid them. They discuss the importance of having a trust over a will, the pitfalls of adding children to property titles, and the complexities of managing illiquid assets. The conversation also touches on the significance of coordinating estate plans with other assets and understanding community property laws. Takeaways Avoid common estate planning missteps to prevent future inconvenience. A trust is more effective than a will in avoiding probate. Adding children to property titles can lead to tax and liability issues. Plan for illiquid assets like property and businesses carefully. Coordinate estate plans with other financial assets for consistency. Understand community property laws and their impact on estate planning. Beneficiary designations can override estate plans if not aligned. Estate planning should include discussions with family members. Tax implications of inheritance can be significant and need planning. Regularly review and update estate plans to reflect current situations. Reach out at contact@tricordadvisors.com Connect with Jeremiah: LinkedIn: https://www.linkedin.com/in/jeremiahjlee/ Email: Jeremiah@tricordadvisors.com Connect with Laura: LinkedIn: https://www.linkedin.com/in/laura-lee-59a83610/ Email: Laura@tricordadv.com Connect with Randy: LinkedIn: https://www.linkedin.com/in/rkbarkley/ Email: Randy@tricordadv.com Information and ideas discussed are general comments and cannot be relied upon as pertaining to your specific situation, do not constitute legal/financial advice, and do not create an attorney-client or fiduciary relationship. Examples discussed are fictional. You should consult your own advisor/attorney and do your own diligence prior to making any decisions. Investments involve risk and the possibility of loss, including the loss of principal. All situations are different, and results may vary. Randy Barkley is a life insurance agent CA license # 0518567 and Jeremiah Lee is a California licensed attorney and is responsible for this communication. Advisory services offered through TriCord Advisors, Inc., a Registered Investment Advisory firm.
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Episode 85 - Spending Habits that Stretch Your Wealth in Retirement
09/16/2025
Episode 85 - Spending Habits that Stretch Your Wealth in Retirement
Randy, Jeremiah & Laura are coming at you this week to discuss strategies for retiring without running out of money. They explore the importance of aligning financial planning with personal values, addressing common fears about retirement, and the significance of legacy and philanthropy. The conversation emphasizes the need for a well-structured plan that accommodates both essential needs and discretionary spending, allowing retirees to enjoy their freedom and make impactful contributions. In this episode: 00:00:01 Introduction to Retirement Planning 00:00:31 Aligning Money with Life's Purpose 00:01:11 Addressing Common Retirement Fears 00:02:16 Strategies for Sustainable Wealth 00:04:23 Legacy and Philanthropy 00:08:16 Balancing Needs and Discretionary Spending 00:13:26 Navigating Taxes and Withdrawal Strategies 00:17:27 Creating a Freedom Bucket #retirementplanning #financialfreedom #legacy #philanthropy #discretionaryspending Reach out at Connect with Jeremiah: LinkedIn: Email: Connect with Laura: LinkedIn: Email: Connect with Randy: LinkedIn: Email:
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Episode 84 - Creating Reliable, Tax Efficient Retirement Income
09/09/2025
Episode 84 - Creating Reliable, Tax Efficient Retirement Income
This week we are talking about the complexities of retirement planning for high net worth individuals. Do NOT miss this episode, as we are covering creating diverse income streams, achieving tax efficiency, and planning for a meaningful legacy. This episode offers insights into personalizing retirement plans to align with your lifestyle goals and values. Key Takeaways: Understanding the importance of diversified income streams in retirement. Exploring tax-efficient strategies and the role of Roth conversions. The significance of legacy planning and charitable giving. Adapting retirement plans to dynamic life changes and family needs. #RetirementPlanning #HighNetWorth #FinancialStrategy #LegacyPlanning Reach out at Connect with Jeremiah: LinkedIn: https://www.linkedin.com/in/jeremiahjlee/ Email: Jeremiah@tricordadvisors.com Connect with Laura: LinkedIn: https://www.linkedin.com/in/laura-lee-59a83610/ Email: Laura@tricordadv.com Connect with Randy: LinkedIn: https://www.linkedin.com/in/rkbarkley/ Email: Randy@tricordadv.com
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Episode 83 - Tax Benefits from The Big Beautiful Bill
09/02/2025
Episode 83 - Tax Benefits from The Big Beautiful Bill
You asked, and we listened! This week we are dissecting the tax implications of the Big Beautiful Bill. Discover how changes in SALT deductions, estate tax exemptions, and bonus depreciation can impact your financial planning. Whether you're a business owner or planning your estate, this episode offers valuable insights to help you navigate these changes. Key Topics: SALT deduction increase to $40,000 Estate tax exemption adjustments 100% bonus depreciation for business owners Charitable giving strategies and donor-advised funds For more insights and personalized advice, reach out to Tricord Advisors. Stay informed and make the most of your financial opportunities! #TaxBenefits #FinancialPlanning #BigBeautifulBill Reach out at contact@tricordadvisors.com Connect with Jeremiah: LinkedIn: https://www.linkedin.com/in/jeremiahjlee/ Email: Jeremiah@tricordadvisors.com Connect with Laura: LinkedIn: https://www.linkedin.com/in/laura-lee-59a83610/ Email: Laura@tricordadv.com Connect with Randy: LinkedIn: https://www.linkedin.com/in/rkbarkley/ Email: Randy@tricordadv.com Information and ideas discussed are general comments and cannot be relied upon as pertaining to your specific situation, do not constitute legal/financial advice, and do not create an attorney-client or fiduciary relationship. Examples discussed are fictional. You should consult your own advisor/attorney and do your own diligence prior to making any decisions. Investments involve risk and the possibility of loss, including the loss of principal. All situations are different, and results may vary. Randy Barkley is a life insurance agent CA license # 0518567 and Jeremiah Lee is a California licensed attorney and is responsible for this communication. Advisory services offered through TriCord Advisors, Inc., a Registered Investment Advisory firm.
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Episode 82 - The First 5 Years of Retirement: Habits That Make or Break!
08/26/2025
Episode 82 - The First 5 Years of Retirement: Habits That Make or Break!
Today we focus on one of the most critical aspects of retirement: the first five years of, emphasizing the importance of planning, financial stability, and understanding the complexities of retirement income. We discuss common pitfalls, such as impulsive purchases and the necessity of a solid cash flow plan. Randy, Laura and Jeremiah also highlight the significance of healthcare costs, tax efficiency, and investment strategies tailored for retirees. Takeaways The first five years of retirement are crucial for establishing habits. Creating a financial plan is essential for clarity and confidence. Emergency funds should cover 12 to 24 months of expenses. Healthcare costs can significantly impact retirement budgets. Roth IRA contributions can be strategic during low-income years. Investment strategies may need to shift as retirement progresses. Social security decisions should be made carefully, considering long-term benefits. Understanding the sequence of returns is vital for withdrawal strategies. Planning for multiple income streams can ease financial stress in retirement. Having a financial advisor can simplify complex retirement planning. Reach out at Connect with Jeremiah: LinkedIn: https://www.linkedin.com/in/jeremiahjlee/ Email: Jeremiah@tricordadvisors.com Connect with Laura: LinkedIn: https://www.linkedin.com/in/laura-lee-59a83610/ Email: Laura@tricordadv.com Connect with Randy: LinkedIn: https://www.linkedin.com/in/rkbarkley/ Email: Randy@tricordadv.com
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Episode 81 - Your Business Isn't a Retirement Plan - Here's What It Is
08/19/2025
Episode 81 - Your Business Isn't a Retirement Plan - Here's What It Is
In this episode, Laura Lee and Randy Barkley dive into the common pitfalls business owners face when they rely solely on their business as their retirement plan. They discuss the importance of diversification, planning for the future, and the complexities of selling a business. With insights from financial planning experts, this episode is a must-listen for entrepreneurs looking to secure their financial future. Key Takeaways: The risks of viewing your business as your sole retirement asset. The importance of diversification in your financial portfolio. Planning for the sale of your business well in advance. Understanding the complexities of taxes and wealth transfer. If these topics resonate with you, consider reaching out to a certified financial planner to discuss a strategy that best serves your financial goals. #BusinessPlanning #FinancialSecurity #Entrepreneurship Reach out at contact@tricordadvisors.com Connect with Jeremiah: LinkedIn: https://www.linkedin.com/in/jeremiahjlee/ Email: Jeremiah@tricordadvisors.com Connect with Laura: LinkedIn: https://www.linkedin.com/in/laura-lee-59a83610/ Email: Laura@tricordadv.com Connect with Randy: LinkedIn: https://www.linkedin.com/in/rkbarkley/ Email: Randy@tricordadv.com Information and ideas discussed are general comments and cannot be relied upon as pertaining to your specific situation, do not constitute legal/financial advice, and do not create an attorney-client or fiduciary relationship. Examples discussed are fictional. You should consult your own advisor/attorney and do your own diligence prior to making any decisions. Investments involve risk and the possibility of loss, including the loss of principal. All situations are different, and results may vary. Randy Barkley is a life insurance agent CA license # 0518567 and Jeremiah Lee is a California licensed attorney and is responsible for this communication. Advisory services offered through TriCord Advisors, Inc., a Registered Investment Advisory firm.
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Episode 80 - Navigating Real Estate Decisions in Retirement
08/15/2025
Episode 80 - Navigating Real Estate Decisions in Retirement
Join Jeremiah Lee, Laura Lee and Randy Barkley as they unleash on the complexities of real estate decisions for those approaching or in retirement. This episode explores the emotional and financial aspects of downsizing, the role of real estate in your investment portfolio, and the tax implications of selling your home. In This Episode: > The emotional connection to your home and its impact on decision-making. > Understanding real estate as an asset versus an expense. > Tax considerations when selling a primary residence in California. > The pros and cons of downsizing or transitioning to a condo community. > Strategies for unlocking the value of your home for retirement income. If you're considering retirement or expanding your real estate portfolio, contact Tri-Court Advisors for personalized advice. #RealEstate #RetirementPlanning #FinancialQuestions --- Reach out at contact@tricordadvisors.com Connect with Jeremiah: LinkedIn: https://www.linkedin.com/in/jeremiahjlee/ Email: Jeremiah@tricordadvisors.com Connect with Laura: LinkedIn: https://www.linkedin.com/in/laura-lee-59a83610/ Email: Laura@tricordadv.com Connect with Randy: LinkedIn: https://www.linkedin.com/in/rkbarkley/ Email: Information and ideas discussed are general comments and cannot be relied upon as pertaining to your specific situation, do not constitute legal/financial advice, and do not create an attorney-client or fiduciary relationship. Examples discussed are fictional. You should consult your own advisor/attorney and do your own diligence prior to making any decisions. Investments involve risk and the possibility of loss, including the loss of principal. All situations are different, and results may vary. Randy Barkley is a life insurance agent CA license # 0518567 and Jeremiah Lee is a California licensed attorney and is responsible for this communication. Advisory services offered through TriCord Advisors, Inc., a Registered Investment Advisory firm.
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Episode 79 - Profit First, Not Last: Paying Yourself as a Business Owner
08/05/2025
Episode 79 - Profit First, Not Last: Paying Yourself as a Business Owner
In this episode, Jeremiah Lee, Laura Lee and Randy Barkley dive into the crucial topic of financial strategy for business owners. They explore the concept of "paying yourself first" and discuss the balance between reinvesting in your business and enjoying personal financial success. Learn from real-life stories and expert advice on how to avoid common pitfalls and make wise financial decisions. In This Episode: The importance of setting aside funds for taxes and retirement. Strategies for balancing personal and business expenses. Insights on building a financial safety net for business owners. The role of financial advisors in managing business finances. If you're a business owner looking for financial guidance, reach out to Trey Court Advisors for expert advice tailored to your needs. #BusinessFinance #Entrepreneurship #FinancialPlanning ======= Reach out at contact@tricordadvisors.com Connect with Jeremiah: LinkedIn: https://www.linkedin.com/in/jeremiahjlee/ Email: Jeremiah@tricordadvisors.com Connect with Laura: LinkedIn: https://www.linkedin.com/in/laura-lee-59a83610/ Email: Laura@tricordadv.com Connect with Randy: LinkedIn: https://www.linkedin.com/in/rkbarkley/ Email: Randy@tricordadv.com Information and ideas discussed are general comments and cannot be relied upon as pertaining to your specific situation, do not constitute legal/financial advice, and do not create an attorney-client or fiduciary relationship. Examples discussed are fictional. You should consult your own advisor/attorney and do your own diligence prior to making any decisions. Investments involve risk and the possibility of loss, including the loss of principal. All situations are different, and results may vary. Randy Barkley is a life insurance agent CA license # 0518567 and Jeremiah Lee is a California licensed attorney and is responsible for this communication. Advisory services offered through TriCord Advisors, Inc., a Registered Investment Advisory firm.
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Episode 78 - IRMAA, RMDs, and ROTHs - Oh my!
07/29/2025
Episode 78 - IRMAA, RMDs, and ROTHs - Oh my!
Join Randy, Laura and Jeremiah as they navigate the complex world of retirement taxes. In this episode, they break down the intricacies of IRMAA (Income Related Monthly Adjustment Amount), RMDs (Required Minimum Distributions), and Roth conversions. Discover how these financial elements impact retirees and learn strategies to manage your tax liabilities effectively. In This Episode: Understanding IRMAA and its impact on Medicare premiums. The importance of planning for RMDs and how they affect your tax bracket. Exploring Roth conversions as a strategic tax planning tool. Insights into charitable contributions and their tax benefits. #RetirementPlanning #TaxStrategy #FinancialAdvice Don't let retirement taxes catch you off guard. Tune in to gain valuable insights and strategies to ensure smooth sailing into your golden years. === Reach out at contact@tricordadvisors.com Connect with Jeremiah: LinkedIn: https://www.linkedin.com/in/jeremiahjlee/ Email: Jeremiah@tricordadvisors.com Connect with Laura: LinkedIn: https://www.linkedin.com/in/laura-lee-59a83610/ Email: Laura@tricordadv.com Connect with Randy: LinkedIn: https://www.linkedin.com/in/rkbarkley/ Email: Randy@tricordadv.com Information and ideas discussed are general comments and cannot be relied upon as pertaining to your specific situation, do not constitute legal/financial advice, and do not create an attorney-client or fiduciary relationship. Examples discussed are fictional. You should consult your own advisor/attorney and do your own diligence prior to making any decisions. Investments involve risk and the possibility of loss, including the loss of principal. All situations are different, and results may vary. Randy Barkley is a life insurance agent CA license # 0518567 and Jeremiah Lee is a California licensed attorney and is responsible for this communication. Advisory services offered through TriCord Advisors, Inc., a Registered Investment Advisory firm.
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Episode 77 - The Big Beautiful Bill
07/22/2025
Episode 77 - The Big Beautiful Bill
This week we are discussing the key highlights of the Big Beautiful Bill, focusing on significant tax changes, implications for estate planning, and the impact on various financial aspects such as deductions and credits. This episode emphasizes the importance of understanding these changes for effective financial planning and the potential benefits for individuals and businesses. Key Takeaways: The Big Beautiful Bill is extensive and complex, covering many financial aspects. Key tax cuts from the previous bill have been made permanent. The estate tax exemption has been extended, benefiting many families. Changes to tax brackets will also be permanent, providing stability. New tax credits and deductions are introduced, including for child tax credits. The bill impacts overtime and tips, allowing some income to be tax-exempt. Businesses will see changes that could encourage growth and hiring. Understanding the bill requires consulting with financial professionals. Resources are available for deeper insights into the bill's implications. The conversation highlights the need for proactive financial planning. === Reach out at contact@tricordadvisors.com Connect with Jeremiah: LinkedIn: https://www.linkedin.com/in/jeremiahjlee/ Email: Jeremiah@tricordadvisors.com Connect with Laura: LinkedIn: https://www.linkedin.com/in/laura-lee-59a83610/ Email: Laura@tricordadv.com Connect with Randy: LinkedIn: https://www.linkedin.com/in/rkbarkley/ Email: Randy@tricordadv.com Information and ideas discussed are general comments and cannot be relied upon as pertaining to your specific situation, do not constitute legal/financial advice, and do not create an attorney-client or fiduciary relationship. Examples discussed are fictional. You should consult your own advisor/attorney and do your own diligence prior to making any decisions. Investments involve risk and the possibility of loss, including the loss of principal. All situations are different, and results may vary. Randy Barkley is a life insurance agent CA license # 0518567 and Jeremiah Lee is a California licensed attorney and is responsible for this communication. Advisory services offered through TriCord Advisors, Inc., a Registered Investment Advisory firm.
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Episode 76 - Planning for the Unexpected
07/16/2025
Episode 76 - Planning for the Unexpected
One of the most common questions we get is around how to plan for the unexpected, and today Laura and Jeremiah are tackling the complexities of navigating unexpected life events from a financial planning perspective. They explore how life pivots—whether it’s an unexpected inheritance, business sale, or personal loss—can reshape retirement plans and long-term goals. The conversation underscores the role of financial advisors as thought partners who help clients maintain financial hygiene, revise their strategies, and communicate openly about goals as life changes unfold. In this episode: You can’t plan for the unexpected, but you can prepare for it. Financial advisors should be thought partners, not just money managers. An unexpected inheritance can significantly shift a retirement plan. Life pivots often require a revision of life goals and financial strategies. Open, ongoing conversations about money are essential. Maintaining financial hygiene—like building an emergency fund—is key. Clear financial visibility empowers better decision-making during transitions. Supporting survivor spouses is crucial in times of loss. Creating a safe space for financial dialogue can strengthen relationships. === Reach out at contact@tricordadvisors.com Connect with Jeremiah: LinkedIn: https://www.linkedin.com/in/jeremiahjlee/ Email: Jeremiah@tricordadvisors.com Connect with Laura: LinkedIn: https://www.linkedin.com/in/laura-lee-59a83610/ Email: Laura@tricordadv.com Connect with Randy: LinkedIn: https://www.linkedin.com/in/rkbarkley/ Email: Randy@tricordadv.com Information and ideas discussed are general comments and cannot be relied upon as pertaining to your specific situation, do not constitute legal/financial advice, and do not create an attorney-client or fiduciary relationship. Examples discussed are fictional. You should consult your own advisor/attorney and do your own diligence prior to making any decisions. Investments involve risk and the possibility of loss, including the loss of principal. All situations are different, and results may vary. Randy Barkley is a life insurance agent CA license # 0518567 and Jeremiah Lee is a California licensed attorney and is responsible for this communication. Advisory services offered through TriCord Advisors, Inc., a Registered Investment Advisory firm.
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Episode 75 - Emotional Responses That Influence Investment Decisions
06/24/2025
Episode 75 - Emotional Responses That Influence Investment Decisions
In episode 75 of Building Wealthy Habits, hosts Laura, Randy and Jeremiah discuss the the complexities of investor sentiment and the emotional responses that influence investment decisions. They explore the importance of understanding market volatility, the risks associated with concentrated investments, and the necessity of diversification. The discussion also highlights the significance of liquidity for entrepreneurs, emotional responses to market fluctuations, and the need for long-term investment strategies. Ultimately, they emphasize the interplay between psychology and mathematics in successful investing. In This Episode: 00:00 Understanding Investor Sentiment 03:03 The Risks of Concentrated Investments 05:59 The Importance of Diversification 09:05 Liquidity and Access to Capital 12:11 Emotional Responses to Market Fluctuations 15:09 Long-Term Investment Strategies 17:51 The Role of Psychology in Investing Reach out at Connect with Jeremiah: LinkedIn: Email: Connect with Laura: LinkedIn: Email: Connect with Randy: LinkedIn: Email:
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Episode 74 - The Mindset Behind Money: Insights from 'The Psychology of Money'
06/17/2025
Episode 74 - The Mindset Behind Money: Insights from 'The Psychology of Money'
In this episode, we explore the deep connection between mindset and money through the lens of Morgan Housel's best-selling book The Psychology of Money. This conversation unpacks the emotional and psychological forces that drive financial behavior and long-term wealth building. We discuss why wealth isn’t always visible, how compounding works best with time and patience, and why understanding your personal definition of “enough” can be the key to lasting financial freedom. Whether you're an investor, financial professional, or someone seeking more intentionality with your money, this episode offers timeless principles and practical mindset shifts. 💡 Key Takeaways: Understanding the psychology behind money is essential for smart investing True wealth is what you don’t see—it’s savings, not spending Compounding requires patience and a long-term view Clarity around what “enough” means is a shortcut to financial independence Your financial mindset is shaped by your background and experiences Scarcity thinking limits potential; an abundance mindset fuels growth Investing should align with your personal values and long-term purpose Contentment and ambition can (and should) coexist in your financial life 📚 Resources Mentioned: The Psychology of Money by Morgan Housel Reach out at Connect with Jeremiah: LinkedIn: Email: Connect with Laura: LinkedIn: Email: Connect with Randy: LinkedIn: Email:
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Episode 73 - 5 Signs to Know When You're Ready to Hire a Financial Advisor
06/10/2025
Episode 73 - 5 Signs to Know When You're Ready to Hire a Financial Advisor
Join us as Laura and Jeremiah Lee discuss the critical moments when individuals should consider hiring a financial advisor. They explore the complexities of financial situations, the importance of having a financial team, and the need for holistic financial planning. The discussion emphasizes the value of having a trusted advisor to navigate major financial decisions and support clients through various life stages, ensuring that their financial plans align with their goals and needs. Key Takeaways: It's essential to recognize when your financial situation becomes complex. Hiring a financial advisor can provide clarity and support during significant life changes. A financial advisor acts as a partner in navigating financial decisions. Understanding the difference between various financial advisors is crucial. Holistic financial planning considers all aspects of a client's life. Diversification is key to managing financial risk effectively. Clients should feel supported and not alone in their financial journey. The relationship with a financial advisor should be ongoing and personal. It's important to prepare your spouse for financial management in case of unforeseen events. Financial advisors can help clients make informed decisions about their investments. ========== Reach out at Connect with Jeremiah: LinkedIn: Email: Connect with Laura: LinkedIn: Email: Connect with Randy: LinkedIn: Email:
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Episode 72 - Financial Mindset: What Steps You Should Take Throughout The Decades
06/03/2025
Episode 72 - Financial Mindset: What Steps You Should Take Throughout The Decades
In this week’s episode, we take a decade-by-decade journey through the financial decisions that shape your life. Whether you're just starting out or thinking about legacy, this conversation breaks down the mindsets and strategies that build wealth—and keep it. From building habits in your 20s to making an impact in your 70s, we’ll show you how to align your money with your life goals every step of the way. What You'll Learn: Why your 20s are less about getting rich and more about building the right money habits How to avoid lifestyle creep and stay focused in your 30s The make-or-break financial moves of your 40s How to protect your retirement while helping your kids through college What to prioritize in your 50s to set up a strong retirement How to shift from growth to giving in your 60s and 70s --- Reach out at contact@tricordadvisors.com Connect with Jeremiah: LinkedIn: https://www.linkedin.com/in/jeremiahjlee/ Email: Jeremiah@tricordadvisors.com Connect with Laura: LinkedIn: https://www.linkedin.com/in/laura-lee-59a83610/ Email: Laura@tricordadv.com Connect with Randy: LinkedIn: https://www.linkedin.com/in/rkbarkley/ Email: Randy@tricordadv.com Information and ideas discussed are general comments and cannot be relied upon as pertaining to your specific situation, do not constitute legal/financial advice, and do not create an attorney-client or fiduciary relationship. Examples discussed are fictional. You should consult your own advisor/attorney and do your own diligence prior to making any decisions. Investments involve risk and the possibility of loss, including the loss of principal. All situations are different, and results may vary. Randy Barkley is a life insurance agent CA license # 0518567 and Jeremiah Lee is a California licensed attorney and is responsible for this communication. Advisory services offered through TriCord Advisors, Inc., a Registered Investment Advisory firm.
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Episode 71 - Strategies for Entrepreneurs to Build & Preserve Wealth
05/27/2025
Episode 71 - Strategies for Entrepreneurs to Build & Preserve Wealth
In episode 71 of Building Wealthy habits, Randy, Laura and Jeremiah discuss essential strategies for entrepreneurs to build and preserve wealth while navigating the complexities of business ownership. They emphasize the importance of diversification, retirement planning, and cash flow management, as well as the need for clear business structures and exit strategies. The discussion also touches on the challenges faced by family businesses and the significance of adapting to generational changes in business management. In this episode: Entrepreneurs often focus solely on their business, neglecting personal finance. Diversification is crucial for long-term financial stability. Real estate can be a valuable asset for entrepreneurs. Retirement plans can provide tax benefits and financial security. Cash flow management is essential for seizing new opportunities. Structuring a business with clear exit strategies is vital. Family businesses face unique challenges that require open communication. Entrepreneurs should seek advice from experienced peers. Planning for retirement should start early in the entrepreneurial journey. Listening to the next generation's vision is key for family business success. Reach out at Connect with Jeremiah: LinkedIn: Email: Connect with Laura: LinkedIn: Email: Connect with Randy: LinkedIn: Email:
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Episode 70 - Preparing to Sell Your Company
05/20/2025
Episode 70 - Preparing to Sell Your Company
In this episode of Building Wealthy Habits, Randy, Laura and Jeremiah discuss the essential preparations needed for selling a business. They emphasize the importance of planning ahead, structuring the business appropriately, and understanding the personal dynamics involved in the sale. Real-life examples illustrate the consequences of inadequate preparation, while the speakers also touch on the significance of timing and personal financial planning post-sale. The discussion aims to equip business owners with insights to maximize the value of their business and ensure a smooth transition. Key Takeaways: Preparation is crucial when planning to sell a business. Many business owners fail to plan adequately for a sale. Structuring your business correctly can maximize its value. Separating business assets from real estate can provide tax advantages. Reviewing contracts and ensuring long-term agreements can enhance business value. Intellectual property should be secured before selling a business. Understanding personal goals is essential when preparing for a sale. Timing the sale of a business can significantly impact its value. Retirement planning should not be neglected during the sale process. Your business should be viewed as a tool for future opportunities. Reach out at Connect with Jeremiah: LinkedIn: Email: Connect with Laura: LinkedIn: Email: Connect with Randy: LinkedIn: Email:
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Episode 69 - Why an Estate Plan is More Than a Will
05/13/2025
Episode 69 - Why an Estate Plan is More Than a Will
Today, Laura and Jeremiah Lee discuss the critical aspects of estate planning, emphasizing that it goes beyond just having a will. They explore the importance of advanced healthcare directives, the implications of probate, and the essential components of a comprehensive estate plan, including trusts and powers of attorney. Through real-life stories, they illustrate the necessity of planning for the unexpected and the value of clear communication in estate planning. Key Takeaways: Everyone should have an advanced healthcare directive. Probate can be lengthy and expensive, often compared to the DMV. California estate planning laws differ from other states. A trust keeps your estate private, while a will does not. Clear communication is essential in estate planning. It's important to have an estate plan in place when healthy. Trusts can dictate how and when assets are distributed. Durable powers of attorney are crucial for decision-making. Probate is not a fast process and can cause delays. Regularly review and update your estate plan. --- Reach out at contact@tricordadvisors.com Connect with Jeremiah: LinkedIn: https://www.linkedin.com/in/jeremiahjlee/ Email: Jeremiah@tricordadvisors.com Connect with Laura: LinkedIn: https://www.linkedin.com/in/laura-lee-59a83610/ Email: Laura@tricordadv.com Connect with Randy: LinkedIn: https://www.linkedin.com/in/rkbarkley/ Email: Randy@tricordadv.com Information and ideas discussed are general comments and cannot be relied upon as pertaining to your specific situation, do not constitute legal/financial advice, and do not create an attorney-client or fiduciary relationship. Examples discussed are fictional. You should consult your own advisor/attorney and do your own diligence prior to making any decisions. Investments involve risk and the possibility of loss, including the loss of principal. All situations are different, and results may vary. Randy Barkley is a life insurance agent CA license # 0518567 and Jeremiah Lee is a California licensed attorney and is responsible for this communication. Advisory services offered through TriCord Advisors, Inc., a Registered Investment Advisory firm.
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Episode 68 - Don't Get Too Political
05/06/2025
Episode 68 - Don't Get Too Political
This week, we are talking about the current state of the markets through a historical lens, examining past administrations and their economic impacts. We explore the lessons learned from the Carter-Reagan transition, the Great Depression under Hoover, and the recovery during FDR's New Deal. If anything, we want to emphasize the cyclical nature of the economy, the importance of diversification in investment, and the need to focus on data rather than political rhetoric to navigate current market uncertainties. In This Episode: 00:00 Market Chaos: A Historical Perspective 01:46 Lessons from the Carter-Reagan Transition 11:00 The Great Depression and Hoover's Era 14:31 FDR's New Deal and Economic Recovery 16:58 Comparing Past and Present Economic Indicators 22:50 Investment Philosophy: Lessons for Today —--- Reach out at Connect with Jeremiah: LinkedIn: Email: Connect with Laura: LinkedIn: Email: Connect with Randy: LinkedIn: Email:
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Episode 67 - Inheriting vs. Gifting
04/29/2025
Episode 67 - Inheriting vs. Gifting
Do you ever find yourself contemplating the complexities of inheritance, property transfer, and estate planning? Well in episode 67 of Building Wealthy Habits, we are tackling common misconceptions surrounding these topics, particularly regarding the implications of putting children on property titles and the tax benefits of inheritance. Randy and Jeremiah emphasize the importance of understanding gifting limits and the necessity of testing financial responsibility in family gifts. Tune in as we also cover the intricacies of estate planning for high-value assets and the significance of comprehensive planning to avoid pitfalls, especially concerning retirement accounts and estate taxes. In This Episode: Many clients misunderstand the implications of putting children on property titles. Inheritance can provide significant tax benefits through a step-up in basis. Gifting has limits, but exceeding them doesn't necessarily incur taxes. Testing financial responsibility in children is crucial before large gifts. Estate planning should be proactive, especially for high-value assets. Retirement accounts have different rules regarding inheritance and taxation. Comprehensive estate planning is essential for effective wealth management. The tax code is complex and requires regular review and planning. Families often overlook the importance of discussing estate planning openly. Wealth management involves integrating estate planning with overall financial strategies. Reach out at Connect with Jeremiah: LinkedIn: Email: Connect with Laura: LinkedIn: Email: Connect with Randy: LinkedIn: Email:
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Episode 66 - Retirement Catastrophes to Avoid
04/22/2025
Episode 66 - Retirement Catastrophes to Avoid
In this Episode, Laura, Jeremiah and Randy discuss the critical catastrophes to avoid as individuals approach retirement. They emphasize the importance of planning for healthcare costs, the timing of Social Security benefits, and the necessity of estate planning. The discussion highlights common mistakes, such as overspending in early retirement and neglecting to stress test financial plans. This episode is full of insights into how to navigate these challenges effectively, ensuring a secure and fulfilling retirement. In This Episode: Fear of outliving money is a common concern. Healthcare and long-term care planning are crucial. Claiming Social Security too early can reduce benefits significantly. Estate planning is essential to avoid complications later. Investing strategies should adapt as one ages. Stress testing financial plans helps identify potential issues. Inflation can erode purchasing power in retirement. Overspending in early retirement can lead to future financial strain. Target date funds may need adjustments for longer retirement horizons. Planning with a trusted advisor can mitigate retirement risks. Reach out at Connect with Jeremiah: LinkedIn: Email: Connect with Laura: LinkedIn: Email: Connect with Randy: LinkedIn: Email:
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Episode 65 - How to Know When It’s NOT Time to Retire
04/15/2025
Episode 65 - How to Know When It’s NOT Time to Retire
In this conversation, Laura, Randy, and Jeremiah discuss the signs that indicate someone may not be ready to retire. They explore various factors such as financial insecurity, the complexity of retirement income streams, the importance of budgeting, family dynamics, the search for purpose post-retirement, and the significant costs associated with healthcare. The discussion emphasizes the need for a comprehensive retirement plan that considers not just finances but also emotional and familial aspects. In This Episode: Financial insecurity is a major concern for those considering retirement. Understanding multiple income streams is crucial for retirement planning. Budgeting is essential to track spending and prepare for retirement. Family dynamics can significantly impact retirement plans and expenses. Healthcare costs can be a major financial burden in retirement. Finding purpose after work is important for a fulfilling retirement. Many people underestimate their future tax liabilities in retirement. Planning for unexpected health events is vital for financial security. Engagement in work can provide fulfillment beyond financial needs. Retirement planning should include a holistic view of household needs. Reach out at Connect with Jeremiah: LinkedIn: Email: Connect with Laura: LinkedIn: Email: Connect with Randy: LinkedIn: Email:
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