Gen One Legacy

Having all your eggs in one basket might make you rich—until it doesn't. This week, we’ll dive into the risks of concentrated investing. You know, Warren Buffett's strategy of focusing investments on big bets is legendary, yet he also champions diversification for the average investor. Why the mixed advice? Because while concentrated investing can yield big rewards, it also carries significant risks. Learn how to balance your portfolio, manage risk, and understand when to hedge or diversify your investments. Either way, whether dealing with restricted stock or stock options, the big takeaway here is that having a plan is essential. Read this article at https://franklinmadisonadvisors.com Learn more at https://linktr.ee/genonelegacy Be sure to follow me on Twitter & Instagram: @peterdonisanu

When you hear "estate planning," you might think of grand mansions, legal jargon, and hefty inheritances. But estate planning isn't just for the wealthy—it's essential for anyone who wants to protect their assets, ensure their wishes are followed, and care for their loved ones after they're gone. In this episode, we'll break down the basics of creating an effective estate plan. From identifying your assets and selecting heirs to appointing trusted individuals to manage your affairs, we cover it all. I'll also discuss the importance of keeping your estate plan current with life changes and tax laws to ensure it continues to serve its purpose. Estate planning is a smart move for everyone, regardless of the size of your estate. Tune in to learn how to safeguard your financial future and make a lasting impact. Read this article at https://legacygenone.com Learn more at https://linktr.ee/genonelegacy Be sure to follow me on Twitter & Instagram: @genonelegacy

How can you tell that you’re buying the right kind of insurance? It’s one thing to know how much coverage you need, and another to know which policy to buy. But fortunately, you now have the power to choose and manage your insurance coverage with just a few clicks, making it easier than ever to protect your financial future. That’s why in today’s episode, I explore the critical role of insurance in building and preserving financial independence. More importantly, however, I’ll discuss how to evaluate insurance providers and select the best policies to ensure comprehensive coverage for you and your family. Read this article at https://legacygenone.com Learn more at https://linktr.ee/genonelegacy Be sure to follow me on Twitter & Instagram: @genonelegacy

Have you ever felt the urge to splurge after a financial windfall? Maybe it was after landing a six-figure job or when your startup went public. This week, we explore the temptation to showcase your success, drawing parallels with stories like Mike Tyson's. Despite earning over $400 million, Tyson's extravagant spending led to bankruptcy. As a first-gen high earner, it's easy to want to prove you've "made it," but remember that overspending now can derail your long-term goals. We'll discuss the importance of aligning your values with your financial decisions to ensure lasting success. Read this article at https://legacygenone.com Learn more at https://linktr.ee/genonelegacy Be sure to follow me on Twitter & Instagram: @genonelegacy

Having too much of a good thing can leave you worse off than when you started. The same is true for putting all your extra savings in a Roth IRA. This is especially true if you plan to retire early, start a business or invest in rental properties. That’s why this week, I’m discussing the pitfalls of over-optimizing for tax-efficiency at the expense of future liquidity and what you can do to avoid having too much of a good thing. Read this article at https://legacygenone.com Learn more at https://linktr.ee/genonelegacy Be sure to follow me on Twitter & Instagram: @genonelegacy

Cash is king. And missing out on an opportunity because your money's tied up in illiquid savings, or having to sell assets at an inopportune time to cover a large expense can be costly. That's why, in today's episode, I discuss why a cash management strategy is a step beyond an emergency fund. I'll also share the approach I've taken to crafting a solid cash management strategy so that my cash is working while it waits. Read this article at https://legacygenone.com Learn more at https://linktr.ee/genonelegacy Be sure to follow me on Twitter & Instagram: @genonelegacy

I didn't know, what I didn't know. Going to college was the best investment I ever made. But, being the first in my family to go to college left me making a lot of poor choices. That's why, in today's episode, I discuss some of the mistakes that I made when I borrowed to pay for college. I'll also share the approach I'm taking now to save for my kids' education and help them avoid the same burden I had to deal with. Read this article at https://legacygenone.com Learn more at https://linktr.ee/genonelegacy Be sure to follow me on Twitter & Instagram: @genonelegacy

"If only I had kept going a little more…" Now, have you ever been on the verge of a breakthrough but stepped back because of a setback? It’s like investing—when the markets shake, it’s easier to think about quitting rather than sticking it out. That’s why today’s episode is about sticking to your plan, not panicking, and why a disciplined investment strategy is essential for long-term success. Read this article at https://legacygenone.com Learn more at https://linktr.ee/genonelegacy Be sure to follow me on Twitter & Instagram: @genonelegacy

“Why did I even hire them in the first place...” Have you ever hired someone for help around the house, only to immediately regret it? I know I have. That’s why this week I’m sharing my experience of hiring helpers who didn't quite live up to their promises and left me feeling more frustrated than relieved. You know, many of us have hired help with the hope of buying back our time. But when that help we hire falls short, it can feel like we're paying the price for the same work twice. That's why, in this week's episode, I'll share the lessons I've learned from hiring numerous contractors across different states and how setting clear expectations can make all the difference. Read this article at https://legacygenone.com Learn more at https://linktr.ee/genonelegacy Be sure to follow me on Twitter & Instagram: @genonelegacy

“I should have done something about it sooner.” Have you ever poured your heart and soul into a professional pursuit only to see it unravel before your eyes? You're not alone. If you're betting on stock options, RSUs, or your 401k to build your legacy, then come with me as we explore the highs of potential paydays and the lows of unexpected Black Swan events and Murphy's Law. This week, I'm talking about what it means to make a big bet in your career, the thrill of chasing after a dream, and the harsh realities of holding onto your company stock. So, tune in to learn why it's crucial not to put all your eggs in one company stock basket and what you can do about it instead. Whether you've faced disappointment or are riding the wave of success, this episode is a must-listen for anyone who's ever bet big on their job to lead them to financial independence. Read this article at https://legacygenone.com Learn more at https://linktr.ee/genonelegacy Be sure to follow me on Twitter & Instagram: @genonelegacy

"How do I want to be remembered?" is a question that haunts us all, yet often goes unspoken. That’s why in this week’s episode, I’m treading into the topic of legacy and the stories we leave behind. Join me as I explore how to write your own story, aligning daily actions with your deepest values, and overcoming internal and external distractions that derail legacy-building. I’ll tell you about how Nikola Tesla could have changed his legacy, the influence of workaholism, and the power of prioritizing what truly matters. Listen in to discover how you can take small, intentional steps today to create a lasting legacy that reflects your true aspirations. Remember, if you don't write your story, someone else will. Read this article at https://legacygenone.com Learn more at https://linktr.ee/genonelegacy Be sure to follow me on Twitter & Instagram: @genonelegacy

Are you feeling uneasy with the recent stock market selloff? You're certainly not alone. After a surprisingly robust start to the year, the latest downturn can feel all too familiar, mirroring the intense market swings we've faced over recent years. In this episode, I’ll take you through the emotional journey of investing during these uncertain times. We'll revisit the S&P 500's strongest start post-pandemic and the subsequent drops that might have you thinking about pulling out your investments to avoid further volatility. I'll break down the key drivers of the current market unease—from geopolitical tensions and political drama to persistent inflation and the complexities of interest rate policies. More crucially, I'll address a significant question that might be on your mind: Is it time to cash out, or should you hold steady? This episode will delve into why it’s essential to look beyond the headlines and focus on a disciplined investment strategy. I’ll share insights on how emotional reactions to market news can derail long-term financial goals and discuss the risks and potential missed opportunities that come with hastily withdrawing from the market. Whether you’re tempted to build a financial safe haven or simply need reassurance to keep your investments on track, this episode aims to be your guide through the current financial turmoil. Learn how to navigate through these challenging times, making informed decisions that align with your long-term financial objectives. Don’t let the panic driven by the daily news cycle shake your financial stability—join me to discover how to remain composed and proactive through the market’s ups and downs. Read this article at https://legacygenone.com Learn more at https://linktr.ee/genonelegacy Be sure to follow us on Twitter & Instagram: @genonelegacy

Have you ever experienced the fleeting thrill of spending a windfall only to face regret once the excitement fades? You're not alone. Many of us have felt the sting of impulsive spending after receiving unexpected sums, like a tax refund, bonus, or even a lottery win. This episode delves into the psychological and emotional rollercoaster that often accompanies financial windfalls. We'll explore the concept of 'mental accounting,' a term coined by economist Richard Thaler, which explains why we might treat windfall money differently from our hard-earned cash. Join us as we dissect real-life stories, including the dramatic tale of Jack Whittaker, who won a $315 million lottery jackpot only to face subsequent personal and financial turmoil. Learn how short-term thinking can undermine long-term success and discover strategies to align unexpected gains with your long-term financial goals. As we approach the end of the tax season and anticipate potential bonuses, we'll offer invaluable advice on creating a purposeful plan for your windfalls. Find out how immediate actions and thoughtful planning can transform these financial boosts into powerful waypoints on your journey to financial independence and fulfillment. Don't let your next windfall be a missed opportunity to advance your life goals! Read this article at https://legacygenone.franklinmadisonadvisors.com/windfalls-are-waypoints-not-endpoints/ Learn more at https://linktr.ee/genonelegacy Be sure to follow us on Twitter & Instagram: @genonelegacy

Ever been hit with the shock of realizing you made a costly mistake on your tax return? You wouldn’t be the first. In fact, the IRS flagged nearly 17 million mathematical errors on 2022's tax returns. But the errors weren’t just about owing more; many were about missing out. Imagine being one of the 1.5 million taxpayers who left a collective $1.5 billion unclaimed. In this episode, we're not just talking numbers; we're diving into real stories of missed opportunities and unexpected tax bills that could have been avoided. But here's the good news: with attention to detail and a mindful approach, many of these errors are preventable. As we edge closer to the April 15 deadline, you’ll receive indispensable advice on ensuring your tax documents are in order, spotting potential pitfalls before they become problems, and ultimately, safeguarding your financial well-being. Read this article at https://legacygenone.franklinmadisonadvisors.com/tax-mistakes-are-costly-precision-is-priceless/ Learn more at https://linktr.ee/genonelegacy Be sure to follow us on Twitter & Instagram: @genonelegacy

Ever find yourself stretched thin between paychecks or grappling with the anxiety of unexpected expenses? You're not alone. In this episode, we're unraveling the complexities of cash flow management and its undeniable impact on your financial health. More specifically, we're diving deep into the strategies that can transform your approach to managing your money, shifting from a paycheck-to-paycheck existence towards financial independence. Ultimately, we're addressing the essential question: How can you master your cash flows to secure a financially stable and fulfilling life? Read this article at https://legacygenone.franklinmadisonadvisors.com/dont-confuse-budgets-and-cash-flows/ Learn more at https://linktr.ee/genonelegacy Be sure to follow us on Twitter & Instagram: @genonelegacy

In this episode we’ll cover the nitty-gritty of what your employer’s stock really means for you. Are you sitting on a goldmine, or is it time to cash out? Whether you’re building wealth for the next generation, eyeing that sweet spot of financial freedom, or just trying to make sense of your stock options, we’ve got you covered. We’ll dive into practical ways to assess the value of your company stock qualitatively and quantitatively. Ultimately, we're breaking down the big question: Should you keep holding on for the long haul, or is it smarter to sell sooner rather than later? Read this article at https://legacygenone.franklinmadisonadvisors.com/what-drives-the-value-of-your-employers-stock/ Learn more at https://linktr.ee/genonelegacy Be sure to follow us on Twitter & Instagram: @genonelegacy

"Taxes are the price we pay for a civilized society." This often repeated quote is carved into the entrance of the IRS's national headquarters building in Washington, D.C. And it serves as a reminder that we all need to pay our fair share to maintain one of the highest standards of living in the world. At the same time, however, growing your family's wealth from one generation to the next involves paying less in taxes, right? So then, how do you balance these two seemingly competing ideas of paying your fair share and keeping more of your money? Well, that's where being tax-efficient, especially when it comes to your investments, comes into play. You see, while investing wisely is certainly crucial to building wealth, ensuring that you're not paying Uncle Sam any more than necessary is even more vital to this end. That's because, when it comes to building wealth for the long term, the goal is to put as much money to work today while keeping more of what you earn down the road. In fact, you can think of being tax-efficient with your investments, like planning for a long road trip. In other words, just as you would carefully plan out your route to avoid costly tolls and commuter traffic, you also need to think strategically about taxes when it comes to your investment strategy. It's that simple. Indeed, by focusing on becoming a tax-efficient investor, you could grow your savings faster, keep more of your hard-earned money, and increase your ability to maintain a lifestyle that supports your family for decades to come. Read this article at https://legacygenone.franklinmadisonadvisors.com/boost-your-wealth-become-a-tax-efficient-investor/ Learn more at https://linktr.ee/genonelegacy Be sure to follow us on Twitter & Instagram: @genonelegacy

Some say that the family that plays together stays together. And the simple reason this saying holds true is because unstructured time well-spent together creates stronger social and emotional ties within the family unit. You're literally bonding together. Now, when it comes to talking about money, some families find the opposite to be true. That's because discussions around money often repel members. And so, the more you try to talk about money, especially how it's supposed to be used, the greater the tension that are likely to arise. But here's the rub: most individuals know that achieving life and financial goals often requires planning for the future. This work involves starting with the end in mind, identifying the resources you have today, and then creating a strategy for bridging the gap between where you're at today, and where you want to be in the future. It's simple, right? Well, sure, this approach to planning is simple, but it's not easy. This is especially true when you're trying to get your family’s spending and savings habits on the same page. That's because it's one thing to plan for a singular vision for your life or your life with your partner. And it's another to agree on a plan that your kids or other family members can buy into. So then, what can you do to create a financial framework for your wealth that involves your family and helps you achieve your broader legacy goals while improving your family’s togetherness? Well, you can start by creating a unified family wealth strategy. This approach involves creating a shared family vision for your wealth, identifying easy-to-achieve goals that your family can rally around, and developing principles to foster effective communication to ensure everyone's voice is heard. Read this article at https://legacygenone.franklinmadisonadvisors.com/the-family-that-plans-together-stays-together/ Learn more at https://linktr.ee/genonelegacy Be sure to follow us on Twitter & Instagram: @genonelegacy

Is educating your children, grandchildren, or other important individuals in your life a priority? Well, for many of us, the answer might be a resounding "yes." And so, you've likely thought of ways to support the learning efforts of your loved ones, including funding their education expenses. Now, when it comes to setting aside money for education expenses, you might think of traditional savings vehicles like a 529 plan, a Coverdell, or UTMA. But the trouble is that once the money leaves your hands, you have no control over its use. To be sure, while each of these vehicles has its own merit, ultimately, they have restrictions regarding the amount of control and discretion you have over the gift you make. So then, how can you support your family's future learning while maintaining some control over how the money is used? That's where educational trusts come into play. You see, an educational trust is specifically tailored to ensure that your gift is used exclusively for educational purposes, from private schooling and college tuition to enriching experiences like studying abroad. At the same time, it's more than just a savings vehicle because by establishing an educational trust, you're sending a powerful message about how crucial it is to foster intellectual understanding, opportunities, and growth in your family for generations to come. Learn more at https://linktr.ee/genonelegacy Be sure to follow us on Twitter & Instagram: @genonelegacy

Tax season is now well underway, and most returns are due by April 15. Are you ready? Well, if you struggle with getting your returns filed, or simply don't know where to start, then we've got you covered this year. That's because the secret to a stress-free tax season involves staying organized before you sit down to prepare your returns and by starting sooner rather than later. Indeed, when you avoid the last-minute scramble to hunt down all of your necessary tax documents, and then ensure that you have enough time to carefully complete your return, you not only avoid racing against the clock and making mistakes along the way, but what you're doing is ensuring that you're filing a more accurate return that can help you avoid running afoul of the auditors. That's why, while it seems like the tax deadline is still weeks away, you can still nevertheless get started preparing you returns by assessing life changes over the past year, gathering your documents in a centralized location, and determining the ideal way to file your returns this year. Taking this approach will not only ensure that your taxes get filed on time, but it will also give you peace of mind, knowing that you've left no stone unturned when it comes to potential tax opportunities in the year ahead. Read More About this Topic at https://legacygenone.franklinmadisonadvisors.com/from-complexity-to-clarity-tax-tips-for-the-tech-savvy-and-wealthy/ Listen to the Gen One Legacy Podcast at https://episodes.legacygenone.com/ Learn More About Our Financial Planning Services at https://franklinmadisonprivatewealth.com Be sure to follow us on Twitter and Instagram: @genonelegacy