The Architecture Of Wealth - Well-Balanced Wealth Building

Podcast Show Notes – The Architecture of Wealth Date: 11/23/2022 Name of podcast: The Architecture of Wealth Episode title: What to Do When Someone Dies Whether you’re handling the death of a loved one or you want to make life easier for your loved ones upon your death, these steps can help a family navigate the complexity of death both financially and legally. The list of steps can also help families plan ahead of time. For information about Sona Wealth Advisors: www.SonaWealthAdvisors.com Summary: In the wake of losing a loved one in the Struthers family household, we are sharing a list of what to do when someone dies. Starting with immediate steps and then moving on to steps to take within a couple of weeks of losing a loved one, this list encompasses everything practical a family can do. Step 1: Obtain legal pronouncement of death from staff at hospital or hospice Step 2: Tell family and friends Step 3: Learn about existing funeral plans You should take the first three steps immediately. And within a few days of death, you should make the funeral arrangements. While it may seem strange to think about, but as people get older, they should take a headshot every two-three years for the family to use. Then, within a few days, you should follow this next series of steps: Step 4: Make funeral arrangements Step 5: Secure the property, including cars, jewelry, guns Step 6: Care for pets Step 7: Forward e-mail Step 8: Notify the employer Within two weeks of death, you should then take the following steps… Step 9: Obtain certified copy of death certificate Step 10: Find a will and an executor Step 11: Contact an attorney & contact a CPA Step 12: Start the probate process Step 13: Make an inventory of all assets Step 14: Track down other assets Step 15: Make a list of bills Step 16: Cancel services no longer needed, e.g cell phones Step 17: Hang on to passports Step 18: Notify social security Sept 19: Notify banks, financial institutions, credit agencies, etc. Step 20: Cancel driver’s license Step 21: Close out credit cards Step 22: Terminate insurance policies Step 23: Memorialize social media accounts Step 24: Update voter registration Timestamps: 0:00 Struthers family handling the death of a loved one led to this podcast 2:02 Question to ask, as a parent: are you going to make it easy on your loved one? 2:39 Step 1: Obtain legal pronouncement of death from staff at hospital or hospice 2:48 Step 2: Tell family and friends 3:24 Step 3: Learn about existing funeral plans 3:40 Step 4: Make funeral arrangements 5:20 Step 5: Secure the property, including cars, jewelry, guns 5:49 Step 6: Care for pets 6:02 Step 7: Forward e-mail 6:13 Step 8: Notify the employer 6:20 Step 9: Obtain certified copy of death certificate 6:28 Step 10: Find a will and an executor 6:46 Step 11: Contact an attorney & contact a CPA 7:19 Step 12: Start the probate process 7:45 Step 13: Make an inventory of all assets 8:35 Step 14: Track down other assets 8:40 Step 15: Make a list of bills 9:28 Step 16: Cancel services no longer needed, e.g cell phones 9:49 Step 17: Hang on to passports 10:01 Step 18: Notify social security 10:03 Sept 19: Notify banks, financial institutions, credit agencies, etc. 10:19 Step 20: Cancel driver’s license 10:26 Step 21: Close out credit cards 10:29 Step 22: Terminate insurance policies 10:33 Step 23: Memorialize social media accounts 11:18 Step 24: Update voter registration 11:25 Link to emergency binder Podcast Show Notes written by PalmBeachcomber on Fiverr: https://www.fiverr.com/palmbeachcomber Listen, rate, and subscribe! Mark Struthers www.SonaWealthAdvisors.com Chanhassen, MN 55317 The Architecture of Wealth Podcast is for educational purposes only. Investment Advisory Services are offered through Sona Financial LLC (DBA Sona Wealth and Sona Wealth Management), a registered investment adviser authorized to do business in states where...

Mark discusses the four main reasons you may want to use an SMA: Mark will also talk about some cons of SMAs. (Shownotes coming soon) Listen, rate, and subscribe! Mark Struthers www.SonaWealthAdvisors.com Chanhassen, MN 55317 The Architecture of Wealth Podcast is for educational purposes only. Investment Advisory Services are offered through Sona Financial LLC (DBA Sona Wealth and Sona Wealth Management), a registered investment adviser authorized to do business in states where registered or otherwise exempt from registration. Nothing discussed during this show/episode should be viewed as investment advice. If you have questions pertaining to your specific situation, please consult your own financial professional.

Mark speaks with a real-life parent and discusses her son's choice to attend a trade school. No one doubts that college can be a great post-high school choice for many, but all too often, the trades are not considered when that choice is made. Society puts a lot of pressure on all kids to get a four-year degree. This pressure does not consider the return on investment or what is the best choice for the child. (Shownotes coming soon) Listen, rate, and subscribe! Mark Struthers www.SonaWealthAdvisors.com Chanhassen, MN 55317 The Architecture of Wealth Podcast is for educational purposes only. Investment Advisory Services are offered through Sona Financial LLC (DBA Sona Wealth and Sona Wealth Management), a registered investment adviser authorized to do business in states where registered or otherwise exempt from registration. Nothing discussed during this show/episode should be viewed as investment advice. If you have questions pertaining to your specific situation, please consult your own financial professional.

Is Your 529 Plan Packed? Getting Your 529 Plan Ready For College. (Please Forgive The Sound - We Were Outside For The Last Few Days Of Summer) As school starts, many parents are beginning to tap their 529s. Those that packed their 529s in advance decreased the risk in at least a portion of their portfolio at least a year or two out. But for many, the balance they counted on in December 2021 has dropped 15%-20%. Managing college-funding risk can be more challenging than retirement because the runway and spend-down periods are shorter for college, 18 and 4 for college, and for retirement, 40 and 25, respectively. If you have a sophomore or junior in high school, now is the time to develop a risk-reduction plan. Don't PANIC! If your child is starting college now, there is no perfect solution in a down market, but here are some possible solutions and thoughts: If you are in a target-date fund, be aware of the current risk and how it reduces risk over time. Listen, rate, and subscribe! Mark Struthers www.SonaWealthAdvisors.com Chanhassen, MN 55317 The Architecture of Wealth Podcast is for educational purposes only. Investment Advisory Services are offered through Sona Financial LLC (DBA Sona Wealth and Sona Wealth Management), a registered investment adviser authorized to do business in states where registered or otherwise exempt from registration. Nothing discussed during this show/episode should be viewed as investment advice. If you have questions pertaining to your specific situation, please consult your own financial professional.

Shownotes: Takeaways Rest of blog post: https://www.sonawealthadvisors.com/nsos-non-qualified-stock-options-vs-rsus-restricted-stock-units/ Listen, rate, and subscribe! Mark Struthers www.SonaWealthAdvisors.com Chanhassen, MN 55317 The Architecture of Wealth Podcast is for educational purposes only. Investment Advisory Services are offered through Sona Financial LLC (DBA Sona Wealth and Sona Wealth Management), a registered investment adviser authorized to do business in states where registered or otherwise exempt from registration. Nothing discussed during this show/episode should be viewed as investment advice. If you have questions pertaining to your specific situation, please consult your own financial professional.

The Architecture of Wealth Shownotes: Could retiring in the 2020s be as bad as retiring in the late 60s? Now is a scary time for retirees. Mark reviews a Barron's article about sequence-of-return risk and the luck (or bad luck) of retiring before a bad stretch of stock and/or bond market returns. https://www.barrons.com/articles/retirement-recession-bear-market-51657228473?mod=past_editions Mark expands on how the 4% rule relates to some of the article's observations. While equities are critical for the inflation adjustment to work on withdrawals, putting some thought into your emergency fund and the increased use of bonds can help weather a bad-decade storm. Some other solutions Mark touches on: Listen, rate, and subscribe! Mark Struthers www.SonaWealthAdvisors.com Chanhassen, MN 55317 The Architecture of Wealth Podcast is for educational purposes only. Investment Advisory Services are offered through Sona Financial LLC (DBA Sona Wealth and Sona Wealth Management), a registered investment adviser authorized to do business in states where registered or otherwise exempt from registration. Nothing discussed during this show/episode should be viewed as investment advice. If you have questions pertaining to your specific situation, please consult your own financial professional.

This week Mark goes through what it means when equity compensation options are underwater. Underwater Incentive Stock Options (ISOs) and Non-Qualified Stock Options (NSOs) have no intrinsic value. Because the strike price is more than the current market value, they show no value on your statement. Mark provides an example of an underwater option and what you should do about it. There is often little reason to pay more for a stock than it is worth. There is no tax deduction by exercising an underwater option. Many people mistakenly think that a paper “loss” on the exercise will offset the ordinary income tax on options that have value. The only time exercising an underwater option may be appropriate is when it’s a privately held company. If the stock is not publicly traded, exercising the underwater, out-of-the-money option and paying more than it is worth may be the only way to access the stock, but it is a very BIG risk. Lowering expectations, and being realistic about the value of your equity compensation, will help you make better financial decisions and more effectively build well-balanced wealth. --------- Each equity comp type has its own tax and risk profile. Make sure to consult a financial professional before acting. Listen, rate, and subscribe! Mark Struthers www.SonaWealthAdvisors.com Chanhassen, MN 55317 The Architecture of Wealth Podcast is for educational purposes only. Investment Advisory Services are offered through Sona Financial LLC (DBA Sona Wealth and Sona Wealth Management), a registered investment adviser authorized to do business in states where registered or otherwise exempt from registration. Nothing discussed during this show/episode should be viewed as investment advice. If you have questions pertaining to your specific situation, please consult your own financial professional.

The Architecture of Wealth Episode Title: 6 Equity Comp Tips For Dealing With Market Volatility Embed podcast player Episode Introduction Market downturns and volatility affect equity compensation more than other types of investments. Non-qualified Stock Options (NSOs) and incentive stock options (ISOs) can be particularly hard hit. Mark gives you some tools and tips to deal with these uncertain times. Equity Compensation Mentioned: Main Topics Additional Resources and Thoughts Each equity comp type has its own tax and risk profile. Make sure to consult a financial professional before acting. Listen, rate, and subscribe! Mark Struthers www.SonaWealthAdvisors.com Chanhassen, MN 55317 The Architecture of Wealth Podcast is for educational purposes only. Investment Advisory Services are offered through Sona Financial LLC (DBA Sona Wealth and Sona Wealth Management), a registered investment adviser authorized to do business in states where registered or otherwise exempt from registration. Nothing discussed during this show/episode should be viewed as investment advice. If you have questions pertaining to your specific situation, please consult your own financial professional.

Podcast Show Notes – The Architecture of Wealth Date: 6/5/2022 Name of podcast: The Architecture of Wealth Episode Title: 4 Ways to Make the Most of a Market Downturn By taking inventory of your risk tolerance, you can take advantage of this lower market. Here are four ways to make the most of a market downturn. For information about Sona Wealth Advisors: www.SonaWealthAdvisors.com Summary: In the wake of a bad week for the market, now is a good time to evaluate your risk tolerance. And checking your risk tolerance via your financial plan and investment strategy can help you find ways to leverage a lower market. You should be doing this on an ongoing basis. Then, these things will affect you less and less. Here are four ways to take advantage of this market downturn: Also, small business owners may not know their full income for the year and how much they can afford to frontload. Anything with a Roth has a five-year rule, including each Roth conversion. Each conversion has its own five-year rule. One strategy is to convert higher-risk, higher-growth potential assets from your traditional IRA with the idea that they will grow more inside your Roth. Lower-risk assets will be in your traditional IRA. Timestamps: 0:00 Introduction 2:25 Self-Check with Risk Tolerance 3:26 First: frontloading 6:12 Second: put cashflow to work 7:57 Third: tax loss harvesting 9:07 Fourth: Roth Conversions Mark Struthers www.SonaWealthAdvisors.com Chanhassen, MN 55317 The Architecture of Wealth Podcast is for educational purposes only. Investment Advisory Services are offered through Sona Financial LLC (DBA Sona Wealth and Sona Wealth Management), a registered investment adviser authorized to do business in states where registered or otherwise exempt from registration. Nothing discussed during this show/episode should be viewed as investment advice. If you have questions pertaining to your specific situation, please consult your own financial professional.

We continue our discussion of the Roth and Traditional account types. Building wealth means balancing your goals with the characteristics of each. Mark gives some rules of thumb and things that investors and even advisors miss! For information about Sona Wealth Advisors: www.SonaWealthAdvisors.com The Architecture of Wealth Podcast is for educational purposes only. Investment Advisory Services are offered through Sona Financial LLC (DBA Sona Wealth and Sona Wealth Management), a registered investment adviser authorized to do business in states where registered or otherwise exempt from registration. Nothing discussed during this show/episode should be viewed as investment advice. If you have questions pertaining to your specific situation, please consult your own financial professional.

Mark reviews the basics of Roth and Traditional account types, laying the foundation for Part 2, where we compare the two and discuss how you decide which one is right for you. For information about Sona Wealth Advisors: www.SonaWealthAdvisors.com The Architecture of Wealth Podcast is for educational purposes only. Investment Advisory Services are offered through Sona Financial LLC (DBA Sona Wealth and Sona Wealth Management), a registered investment adviser authorized to do business in states where registered or otherwise exempt from registration. Nothing discussed during this show/episode should be viewed as investment advice. If you have questions pertaining to your specific situation, please consult your own financial professional.

Inflation. The stock market. Ukraine. The Timberwolves bounced from the 1st round of the playoffs. These are scary times. But spring is finally here in Minnesota, and Mark hopes to provide a little sunshine in this gloomy stock-market storm. The average market drawdown in any given year is 14%. So for 2022, we are average. So why do things seem so bad? For information about Sona Wealth Advisors: www.SonaWealthAdvisors.com The Architecture of Wealth Podcast is for educational purposes only. Investment Advisory Services are offered through Sona Financial LLC (DBA Sona Wealth and Sona Wealth Management), a registered investment adviser authorized to do business in states where registered or otherwise exempt from registration. Nothing discussed during this show/episode should be viewed as investment advice. If you have questions pertaining to your specific situation, please consult your own financial professional.

I-Bonds. Used to be boring. Now, not so much. As inflation has risen, so has their return. They are not for everyone, and be aware of liquidity issues and penalties, but they could be a great inflation hedge for many. For information about Sona Wealth Advisors: www.SonaWealthAdvisors.com The Architecture of Wealth Podcast is for educational purposes only. Investment Advisory Services are offered through Sona Financial LLC (DBA Sona Wealth and Sona Wealth Management), a registered investment adviser authorized to do business in states where registered or otherwise exempt from registration. Nothing discussed during this show/episode should be viewed as investment advice. If you have questions pertaining to your specific situation, please consult your own financial professional.

Investing during inflationary or stagflationary times is more than a little challenging. Join Mark as he gives some examples of investments that may perform better during inflation. Knowledge makes scary times less scary! Show Notes: Welcome to the first episode of The Architecture of Wealth, a podcast created for educational purposes where we help you give you the tools for all things wealth building. In this episode, we address investing for inflation. During these unpredictable times, preparing your portfolio for rising rates and inflation is critical. Key Takeaways: Quotes: For information about Sona Wealth Advisors: www.SonaWealthAdvisors.com The Architecture of Wealth Podcast is for educational purposes only. Investment Advisory Services are offered through Sona Financial LLC (DBA Sona Wealth and Sona Wealth Management), a registered investment adviser authorized to do business in states where registered or otherwise exempt from registration. Nothing discussed during this show/episode should be viewed as investment advice. If you have questions pertaining to your specific situation, please consult your own financial professional.

It's that time! It's FAFSA time. October 1st 2021 is the first day you can fill out FAFSA for need-based aid for the 2022-2023 school year. Be prepared! Don't make one of our top 10 mistakes. The MNice Investor Goes To College Podcast is for educational purposes only. Investment Advisory Services are offered through Sona Financial LLC (DBA Sona Wealth and Sona Wealth Management), a registered investment adviser authorized to do business in states where registered or otherwise exempt from registration. Nothing discussed during this show/episode should be viewed as investment advice. If you have questions pertaining to your specific situation, please consult your own financial professional. www.SonaWealthAdvisors.com

Join Mark and Dan Cepress, the father of many of our dad jokes, to discuss the college financial planning and admissions process. As a real-life father, Dan has been through the process twice now. He will share some tips he and his family have learned along the way to make sure your process goes as smoothly as it can for your family. And of course, he will share some dad jokes with us too! The MNice Investor Goes To College Podcast is for educational purposes only. Investment Advisory Services are offered through Sona Financial LLC (DBA Sona Wealth and Sona Wealth Management), a registered investment adviser authorized to do business in states where registered or otherwise exempt from registration. Nothing discussed during this show/episode should be viewed as investment advice. If you have questions pertaining to your specific situation, please consult your own financial professional. www.SonaWealthAdvisors.com

Inflation is coming! Maybe. I-Bonds have been in the news lately. Their return has jumped! Join Mark as he expands on an interview he did with Kenadi Silcox from Money Magazine. They aren't your grandparent's Savings Bond -- check them out. The Money Magazine article: https://money.com/savings-bonds-invest-inflation/?xid=moneyrss The MNice Investor Goes To College Podcast is for educational purposes only. Investment Advisory Services are offered through Sona Financial LLC (DBA Sona Wealth and Sona Wealth Management), a registered investment adviser authorized to do business in states where registered or otherwise exempt from registration. Nothing discussed during this show/episode should be viewed as investment advice. If you have questions pertaining to your specific situation, please consult your own financial professional. www.SonaWealthAdvisors.com

Join Cozy Wittman from College Inside Track as she provides tips to help make the most of your college tour, including some Minnesota-specific advice. As Cozy points out, approaching the college search the same way today as we did twenty years ago is like going out to your car and "trying to crank to start it." For questions on working with Cozy: https://collegeinsidetrack.com/ The MNice Investor Goes To College Podcast is for educational purposes only. Investment Advisory Services are offered through Sona Financial LLC (DBA Sona Wealth and Sona Wealth Management), a registered investment adviser authorized to do business in states where registered or otherwise exempt from registration. Nothing discussed during this show/episode should be viewed as investment advice. If you have questions pertaining to your specific situation, please consult your own financial professional. www.SonaWealthAdvisors.com

If you didn't know you could negotiate, you are not alone. Negotiating college award letters is not only possible but can save a family thousands. Shannon Vasconcelos from Bright Horizons will tell us how to do it and how to do it right! For questions on working with Shannon: https://getintocollege.com/Our-Experts/Finance-Experts/Shannon-Vasconcelos The MNice Investor Goes To College Podcast is for educational purposes only. Investment Advisory Services are offered through Sona Financial LLC (DBA Sona Wealth and Sona Wealth Management), a registered investment adviser authorized to do business in states where registered or otherwise exempt from registration. Nothing discussed during this show/episode should be viewed as investment advice. If you have questions pertaining to your specific situation, please consult your own financial professional.

Retirement expert Denise Downey joins us to discuss different approaches to retirement. Times have changed over the last 20 years and maybe our approach to retirement should too. And as always, we will discuss how college planning fits into her alternative retirements. For questions on working with Denise: https://www.financialtrex.com/ For Sona's free eBook on saving for retirement and college: https://mailchi.mp/fae9d3d6f91a/5-must-knows The MNice Investor Goes To College Podcast is for educational purposes only. Investment Advisory Services are offered through Sona Financial LLC (DBA Sona Wealth and Sona Wealth Management), a registered investment adviser authorized to do business in states where registered or otherwise exempt from registration. Nothing discussed during this show/episode should be viewed as investment advice. If you have questions pertaining to your specific situation, please consult your own financial professional.