The FI Mastery Podcast

The end of the year is upon us, and with it comes one last chance to get your financial ducks in a row before it ends up costing you. You see, while many of us are focused on trimming trees, making last-minute gift purchases, and planning holiday parties, the truth is that all of us likely have that one item on our financial to-do list that we've been meaning to get to all year long. And while it may seem like no big deal right now, failing to take care of just one year-end planning item that you've been putting off all year or simply aren't aware of could end up costing you thousands of dollars over the near- or long-term. That’s why today, we’re going to talk about ten things high earners like you should focus on before the close of 2024. And be sure to head on over to https://fimastery.com to download our full report containing a list of 20 topics to focus at year-end. Read More About this Topic Listen to the FI Mastery Podcast Learn More About Our Financial Planning Services Visit us at https://fimastery.com to learn more about the FI|Mastery Journey. Be sure to follow us on Twitter: @fimastery and Instagram: fimastery

Today, we're going to talk about the practice of gratitude. Now, as many of us gather this week to express our thankfulness for everything that's happened in our lives this year, there's no better time than the present to focus on our practice of gratitude. Now, while thankfulness and gratitude share many commonalities, gratitude is often a deeper and more enduring sentiment. That's because it's not just about recognizing good things that have happened to us but also involves a deeper appreciation that fills our attitude and our approach to life. That's why, in today's episode, I'll share why I'm grateful for the US financial system, why I'm grateful for higher interest rates, and why I'm grateful for what feels like a return to normalcy. Read More About this Topic Listen to the FI Mastery Podcast Learn More About Our Financial Planning Services Visit us at https://fimastery.com to learn more about the FI|Mastery Journey. Be sure to follow us on Twitter: @fimastery and Instagram: fimastery

At what point is an emergency fund no longer necessary for your financial situation? Never, right? Because common sense tells us that everyone needs an emergency saving fund. Indeed, you've likely heard how crucial it is to have money set aside as your first step in building a solid financial plan. But the fact is that for some, an emergency fund in the traditional sense tends to make less sense as a household earns more money and accumulates more assets. Now, make no mistake, for many families, a well-funded savings account can make the difference between staying solvent and falling into a tight financial predicament. But with that said, a time likely will come for high-earning individuals and families when having any more than a few months' worth of living expenses in your bank savings account just doesn't make sense anymore. To be sure, when it comes down to it, a dedicated emergency fund may have served its purpose early on in your career. But now, as your station in life has become more favorable, you'll likely need to take a more tailored approach to mitigating financial risks. Ultimately, as your income and net worth rise, following generic financial advice will likely lead to suboptimal outcomes for your cash savings. That's why having a cash management plan in place and transferring financial risks to suit your unique financial situation is crucial to making the most of your money. Read More About this Topic Listen to the FI Mastery Podcast Learn More About Our Financial Planning Services Visit us at https://fimastery.com to learn more about the FI|Mastery Journey. Be sure to follow us on Twitter: @fimastery and Instagram: fimastery

So, you want to give money, but not sure where to start? Well, I don’t blame you. Giving is hard because, according to some of the data out there, there are well over one million registered non-profits globally. Even so, if you're like me, the holidays serve as a reminder about how crucial it is to focus on giving rather than receiving. So then, with all the choices available to you, who exactly are you supposed to give your money to in the first place? Like, which one is the best pick, right? It's enough to put you into a state of analysis paralysis. Now, make no mistake, this lack of action isn't because of a shortage of red cans, street performers, or local charity adverts asking for money this time of the year. Yet still, for many of us, the big question is, "where do I start with so many options out there?" Now, if you have a genuine desire to give wisely this holiday season, but don't know where to start, then the good news is that you can achieve this end by approaching charitable giving with a clear understanding of your motivations, commitment level, and a well-defined strategy. To be sure, by approaching this giving season with a predefined game plan, you can not only ensure that your contributions make a meaningful and lasting difference, it will also help you achieve peace of mind knowing that your time, talent, and treasures are being used effectively to bring about positive change in the world around you. Read More About this Topic Listen to the FI Mastery Podcast Learn More About Our Financial Planning Services Visit us at https://fimastery.com to learn more about the FI|Mastery Journey. Be sure to follow us on Twitter: @fimastery and Instagram: fimastery

Lately, it feels like we're staring into an abyss that makes even the most seasoned investors want to get out of the markets. It feels like there's a lot that's going wrong with the world right now, and many things are quickly coming to a head. That's because, among many developments, the Middle East has once again become a flashpoint for geopolitical tensions. Now, conflict in the Middle East is nothing new for the seasoned investor. In fact, these uncertainties have largely become a typical part of the investing narrative for the past few decades. But with that said, something FEELS different. And now this change in sentiment comes as the US is at risk of being pulled into another regional conflict as it rightfully supports its close ally Israel following the tragic terrorist attacks in early October. Now, on any other day, this latest military ramp-up likely would be just another typical day in the region. But things are different now than where they were over two decades ago. That’s because the US is already fighting a proxy war with Russia in Ukraine, while the potential for a conflict with China in the Taiwan Strait increasingly feels less like a matter of "if" and more of "when." And why does this matter? Well, such an outcome could potentially leave our country exposed to three simultaneous theaters of war at a time when trust in the media, trust in our politicians, and, most importantly, trust in our neighbors and our communities is plumbing all-time lows. In many ways, it feels like we're staring into the abyss of calamity that's coming at us from all directions and society appears to be coming undone at the seams. So then, what should an investor do at such a time of instability and uncertainty? Should you move to the sidelines and wait until things settle down before risking more of your hard-earned wealth in this market? Well, the simple answer here is a resounding "no." In fact, while things feel different, they also appear eerily familiar. That’s why one of the greatest investing minds, Benjamin Graham, likely would argue that now is the time to strap yourself in and focus on your disciplined investment strategy. Read More About this Topic Listen to the FI Mastery Podcast Learn More About Our Financial Planning Services Visit us at https://fimastery.com to learn more about the FI|Mastery Journey. Be sure to follow us on Twitter: @fimastery and Instagram: fimastery

What comes to mind when you hear the phrase "leaving a legacy?" Well, when it comes to money, you might think about the ins-and-outs of estate plans, right? Well, the truth is that that's just one side of the big picture. You see, too often, many of us get caught up in thinking about WHAT our money can do after we're gone instead of HOW our the one we care about might actually use our wealth. Indeed, legacy planning centered solely around money is simply a passive strategy built on the hope that your beneficiaries will take your pile of cash and hopefully do something good with it one day. So then, what can you do if you truly want to use your money to make a dent in the universe? Well, you can start by actively using your wealth today to intentionally form and cultivate relationships that last the test of time. In other words, you can begin by "living your legacy" instead of planning to "leave a legacy." And why's that important? Well, that's because cultivating healthy relationships is a key determinant of our emotional well-being. Ultimately, genuine connections, shared experiences, and mutual understanding form the core of enduring legacies. In essence, a legacy built solely on cash can easily vanish, but one grounded in meaningful relationships stands the test of time. You know, every day offers an opportunity to shape your legacy. And so, you can start today by cultivating healthy relationships, giving your money purpose, and laying the foundation for future wealth appreciation. Read More About this Topic Listen to the FI Mastery Podcast Learn More About Our Financial Planning Services Visit us at https://fimastery.com to learn more about the FI|Mastery Journey. Be sure to follow us on Twitter: @fimastery and Instagram: fimastery

Being a prudent speculator is like trying to "act natural", or being "clearly confused", or listening to the "deafening silence". They're all things that typically don't go together. Even so, it is possible to become a prudent speculator if you approach it the right way. And why would you want to be a speculative investor? Certainly, don't we all know that disciplined investing is the surefire way to achieving and maintaining financial independence? Well, let's face it: For many of you out there, taking big bets is what's allowed you to achieve the level of success in your career or business that you're living today. Indeed, you know all too well what it feels like to go all-in on yourself, and to see those efforts rewarded in many multiples of your initial time and financial outlay. Now, while it's true that you've likely experienced some big professional wins in the past, a common mistake that many high achievers make is to extrapolate expertise in one domain by trying their hand at beating the markets. And you know, all too often, this move rarely works. That's because, all it takes is one wrong move in the markets, and you could see your years of hard work wiped out in short order, which is why a disciplined investment strategy works for the long-term. Even so, if you're going to try your hand at speculative investing, there is a way to have your cake and eat it too, so long as you approach this act from a place of self-knowledge, order, and prudence. Read More About this Topic Listen to the FI Mastery Podcast Learn More About Our Financial Planning Services Visit us at https://fimastery.com to learn more about the FI|Mastery Journey. Be sure to follow us on Twitter: @fimastery and Instagram: fimastery

What is the biggest career mistake that many high earning individuals make? They stay in a job far past its expiration date. And why is moving on from a bad job so hard to do? Because leaving means change. And let's face it, few of us like change. Especially when it means giving up on all the time and effort you've poured into a situation or simply anticipating the uncomfortable feeling of the unknown. But you know what? The truth is that walking away to take a job with more attractive benefits is not only good for you, it can also help keep you out of trouble. How so? Well, there's the obvious fact that moving on can open the door to new possibilities and, as we discussed recently, can help you fast-track your way to financial independence. More crucially, however, the truth is that moving on from an unproductive situation can help you avoid missed opportunities at best and disasters at worst. But you know, when it comes down to it, walking away from an unfavorable work environment can help you avoid a potentially stalled or derailed career, a lifetime earnings shortfall, and even a long-term negative impact on your health and relationships. Now, you might think, "this is all easier said than done," right? Well, here's the thing. It's one thing to know when to walk away from a bad situation and another to take that leap into the unknown. That's why taking the time to assess the costs of staying comfortable, understanding what could be holding you back from exploring career opportunities, and knowing which next steps to take can help ease your transition into an unpredictable and yet likely rewarding future. Read More About this Topic Listen to the FI Mastery Podcast Learn More About Our Financial Planning Services Visit us at https://fimastery.com to learn more about the FI|Mastery Journey. Be sure to follow us on Twitter: @fimastery and Instagram: fimastery

It's that time of the year again, and apple picking and pumpkin patches not only usher in traditional fall routines, they also signal that it's time for an annual review of potential tax losses you can harvest from your investment portfolio. And you know, just as farmers come together to bring in the fall harvest before winter kicks in, prudent investors should take the time to review their portfolios for opportunities to harvest tax losses this season. Now, for some of you out there, the idea of "harvesting" losses might seem counterintuitive. That's because when we think of harvests, we tend to think of taking gains, not losses, right? Well, while this point may be relevant in most situations, the truth is that a harvest can also happen when you act to avoid leaving money on the table. Indeed, the key to growing and preserving your wealth isn't just about how much you make, it's also how much you keep. That's why, just as farmers harvest their crops to reap the benefits of their sewing efforts, investors "harvest" losses to minimize tax expenses. And so, by realizing (or "harvesting") losses, you can offset taxable gains elsewhere in your portfolio and avoid paying Uncle Sam any more than his fair share. With that said, this process isn't just about selling all your losses. Indeed, it involves harvesting those losses in the right accounts, being methodical in your approach, and avoiding common and costly pitfalls that could derail your efforts. Listen to all the podcasts at https://fimastery.com and to learn more about the FI|Mastery Journey. Be sure to follow us on Twitter: fimastery; Instagram fimastery; YouTube fimastery

So, you’ve finally made it big in your career, or your startup has finally taken off. What should you do with your money now? Well, whatever you do, it's crucial to be mindful of the advice you take. You see, all you need to do is log in to any social media website, and you're likely to find accounts that claim to have wealth "secrets" available only to the rich and famous. But you know the truth is that when it comes to prudently managing your newfound wealth, there are no shortcuts out there. In fact, Old Money families typically follow a tried-and-true principled approach to managing their money rather than spending their time looking for cheat codes. To be sure, what distinguishes Old Money wealth from the New Money rich is not just how long a family has held on to their money but also what they do to keep that wealth growing from one generation to the next. That's because it's one thing to make a lot of money and double it in short order and quite another to keep it steadily growing, decade after decade. Look, Las Vegas wouldn't exist if tourists didn't have the chance to win big, but in the end, the house always wins. So then, if you've made a lot of money and want to look for potential shortcuts that claim to pay off big, then more power to you. But if you've accumulated substantial sum of money and want to utilize a proven approach that allow your money to grow from one generation to the next, then here are three Old Money principles that you'll likely want to consider. Visit us at https://fimastery.com to learn more about the FI|Mastery Journey. Be sure to follow us on Twitter: @fimastery and Instagram: fimastery

Benefits Enrollment is just around the corner. Do you have what you need to make critical choices at this vital time of the year? Now, while benefits elections might seem like a routine administrative task, the decisions you make during this crucial election period could significantly impact your finances for years to come. But for many of you out there, open enrollment might feel like a maze of features and benefits that can leave you feeling so confused and overwhelmed that you resort to box-ticking just to get it over with. And so, what if we could change the narrative this year? What if this year was the year where you finally stepped off the default path, and made your benefits elections with confidence? What if this year, instead of rushing through the enrollment process, you mindfully took your time and opted into coverages that align with your lifestyle needs? And, so, how do you achieve this outcome? Well, this approach begins with a game plan for navigating the maze of health plans, insurance options, and fringe benefits available to you. More specifically, when you know how to approach your benefits book, which common pitfalls to avoid, and how to select your coverage options, you can make wise choices this benefits season without being overwhelmed. Benefits Enrollment, Benifits enrollment, money, financial planning, healthcare Visit us at https://fimastery.com to learn more about the FI|Mastery Journey. Be sure to follow us on Twitter: @fimastery and Instagram: fimastery

What's the one investment that can double, triple, or even ten-x your wealth and keep producing a steady stream of income no matter what life throws your way? It's human capital. Indeed, investing in yourself is the single most valuable component of wealth building. And yet, it often doesn't get the attention it deserves. And, so, what exactly is human capital? Well, you can think of human capital as the unique value that you bring to the world. In a way, it's like an invisible backpack of everything you know and can do that adds value to yourself and the people around you. In fact, you can think of your own human capital like you would a character in a video game, where the more skills and abilities your character gains, the more valuable your character becomes over time. And just like in a video game, the more skills and experience you collect, the stronger and more valuable you become, allowing you to level up and take on greater challenges and responsibilities in the game of life. Now, as critical as human capital sounds, the truth is that many individuals believe that human capital development stops after college. The fact is, however, that if you're looking for a way to supercharge your path to financial independence and preserve the wealth you have today, then understanding who you need to become, executing like a pro, and taking your skills to the right arena can ensure that you're making the most of your most vital wealth-building asset. Visit us at https://fimastery.com to learn more about the FI|Mastery Journey. Be sure to follow us on Twitter: @fimastery and Instagram: fimastery

All it takes is just one stock to go to the moon, and that's it, you're set for life, right? Well, if it were only that simple. You see, concentrated investing, or keeping your eggs in one basket, seems to work until it doesn't. Now, make no mistake, concentrated investing isn't all that bad. In fact, notable investor Warren Buffett is known to have made lots of money decade after decade because he takes big bets. Even so, concentrated investing isn't for everyone. In fact, if you were to personally ask the Oracle of Omaha for investment advice, he'd likely tell you to buy a diversified basket of stocks that tracks the S&P 500 index and simply hold on to your investments for the long haul! And why would a sage investor give such seemingly conflicted advice? Well, that's because Buffett knows that concentrated investing cuts both ways. You see, on the one hand, you could score big under the right circumstances or find yourself desperately holding onto a failing position that wipes away your life savings when fate turns against you. Indeed, whether you've intentionally placed all your eggs in one basket or are simply trying to figure out what to do with your restricted stock or stock options, then having a plan is essential to preventing unfavorable outcomes. And this approach starts with checking for concentrated holdings, assessing your risk tolerance to manage such a position, and then understanding how to rebalance away or hedge risk when necessary. Visit us at https://fimastery.com to learn more about the FI|Mastery Journey. Be sure to follow us on Twitter: @fimastery and Instagram: fimastery

Evidence suggests that this year's risk asset rally is likely primed for a pullback. So now, why now? Why the glum news after the S&P 500 index posted one of its strongest year-to-date gains in a while? Well, it's essential to remember that most market activity is underpinned by a narrative or a story that influences price swings either higher or lower. And this year's rally isn't any different. To be sure, the consensus view among many investors this year was that the Federal Reserve (the Fed) would finally beat inflation by aggressively raising interest rates. And, while higher rates are typically a market headwind, investors bet that the Fed's aggressive moves would eventually tip the economy into a recession, prompting policymakers to reverse course sooner rather than later. Now, the Fed tends to cut rates to get ahead of rising unemployment, which tends to happen during a recession, and so financial markets interpret falling interest rates as supportive of market prices. And so, while headline inflation has fallen this year, the long forecasted recession has failed to materialize. Now, in any other situation, this would be a win for households, businesses, and policymakers alike. But the fact that the US economy continues to hum along even as it's now more expensive than ever to borrow money suggests that the fight against inflation isn't over yet, and the story many investors have been betting on this year likely won't happen as quickly as once hoped. Visit us at https://fimastery.com to learn more about the FI|Mastery Journey. Be sure to follow us on Twitter: @fimastery and Instagram: fimastery

If you have people who depend on you, then you need life insurance. That’s all you need to know, right? Well, if it were only that simple. That’s because knowing that you need insurance is a first step, then comes the work of figuring out how much you need to cover estate expenses, debts, living expenses, college savings, and future financial goals. To be sure, buying life insurance can be one of the most reassuring and, at the same time, the most stressful decisions you can make. On the one hand, you’re paying to transfer financial risk from yourself to a third party so that, should you pass unexpectedly, your family will be taken care of financially. And on the other hand, purchasing financial protection for your life is stressful because how do you know if you’ve got too much or not enough? I mean, seriously, how do you put a price tag on your life and quantify your worth? Well, the truth is that quantifying the value of your life is more than just looking at a number. It’s about putting a price on your ability to provide for your loved ones. You know, money will never do that for you, but it can help ease the uncertainties along the way. And so, when it comes to figuring out how much life insurance you should buy, there are a few approaches you can take to determine an ideal amount of coverage for your family to not only take care of their immediate need but also meet their needs for the rest of their lives. Visit us at https://fimastery.com to learn more about the FI|Mastery Journey. Be sure to follow us on Twitter: @fimastery and Instagram: fimastery

Let’s face it, no one likes paying Uncle Sam more than his fair share. But what if there was a way to take advantage of financial planning techniques to not only grow your savings, but also help protect your family and transfer wealth tax-free? Sounds too good to be true, right? Well, it’s more possible than you think. And as a highly driven individual, you likely have multiple streams of income to consider, like your salary, bonuses, stock options, and perhaps even revenue from a side hustle or business. And with these multiple income streams and your high earnings, you’re likely setting yourself and your family up for an even higher tax liability in the years ahead unless you do something about it today. That’s where tax planning comes in. Now, tax planning is essential because it provides a structured approach to minimize the taxes you owe. And without adequate tax planning, you could end up paying more to Uncle Sam than necessary, which reduces the amount of wealth available to you and your family. To be sure, the financial decisions you make today can have significant tax implications on your future wealth. That’s why understanding how to harness techniques to gain tax-free income can help you avoid paying thousands to the IRS, leave more to your family, and to ultimately make more informed financial decisions. Visit us at https://fimastery.com to learn more about the FI|Mastery Journey. Be sure to follow us on Twitter: @fimastery and Instagram: fimastery

What comes to your mind when you think of the word, “risk?” Maybe when you hear the word “risk”, you think of the word danger, or the potential for of an undesirable outcome to your health, wealth or time. Or maybe when you hear the word, “risk”, you think of all the possibilities associated with potential outsized financial gains as you put some of your money on the line for a solid investment. Either way, whether you see it as a danger keep away from at all costs or an opportunity to make money, moving through risk carefully can open up a world of opportunities for you when approached thoughtfully. Indeed, risk is like a powerful and unpredictable ocean wave faced head on by a skilled surfer. And, just like that surfer, when you skillfully navigate it, harness its energy and ride it skillfully, you can experience an exhilarating surge that propels your life forward, allowing you to reach new heights that you otherwise wouldn’t have been able to experience. However, if you underestimate its strength or fail to maintain your balance on life’s surfboard, then that same wave can quickly overpower you, pull you underwater and humble you in an instant. Indeed, just like riding the waves of your own life, sometimes you need to know which risks to take and which to avoid, how to prevent unnecessary losses when you do take risks as well as being prepared for when life throws you an unexpected curveball. That’s why when it comes to achieving and maintaining financial independence, being able to master the way you prepare for risks is key to sustaining the wealth you build along the journey. Visit us at https://fimastery.com to learn more about the FI|Mastery Journey. Be sure to follow us on Twitter: @fimastery and Instagram: fimastery

Asset protection, securely transferring wealth, and keeping your family's finances on track no matter what life throws at you. Who doesn't want that, right? Well, these outcomes were top of mind for Craig, a devoted husband, a father of two, and a tech professional. Now, having built a successful career and arriving at a solid place in life financially, Craig grew increasingly concerned about his family's financial stability. That's because Craig had earned a lot in his career and wanted to ensure that his family could manage it all if he passed away unexpectedly. And so, Craig did some digging online and found a way to handle his money even if he wasn't around. In fact, he learned that the estate planning technique of a trust is when someone takes care of your money and gives it to others according to his established rules. What's more, Craig learned that trusts are a valuable way to safeguard his family's finances, maintain their privacy, and make it easier to manage his estate. Now, after conducting further research and consulting with a trusted advisor, Craig decided to create a trust. And this decision marked the beginning of his journey towards financial expertise and reinforced his commitment as a responsible family man. Indeed, a trust can be a powerful expression of love for your family's future and help guide them to make wise choices with the wealth you've accumulated. Visit us at https://fimastery.com to learn more about the FI|Mastery Journey. Be sure to follow us on Twitter: @fimastery and Instagram: fimastery

“Are we there yet, are we there yet?” Now, if you’re a parent with young children, then this refrain coming from the backseat of your car is likely commonplace at this time of the year. Now, as tempting as it is to get frustrated by these questions, especially when you’ve heard them for the umpteenth time, the reality is that the question, “are we there yet?”, as annoying as it may be, is one that we continue to repeat no matter how old we get. Indeed, when it comes to making headway in our path to financial independence, there are times when we get so frustrated by the seemingly lack of progress or overwhelming desire to just get to our goals, that we begin uttering our own grown-up renditions of, “am I there yet…” Now, in our fast-paced, result-driven society, it's easy to get caught up in the allure of immediate outcomes. And that’s we need constant reminders that there are no shortcuts on the journey to financial independence. That’s because while progress is often the ideal, the process for achieving our goals is what prepares us for our destination, and ultimately makes us who we are. That’s why a shift in perspective towards embracing the process rather than fixating solely on progress can lead to profound personal growth and fulfillment. And while understanding how crucial the process is won’t pacify your desire for a quick resolution, when you can learn to fall in love with the process itself, it likely will help give you peace of mind knowing you’re on the right track. Visit us at https://fimastery.com to learn more about the FI|Mastery Journey. Be sure to follow us on Twitter: @fimastery and Instagram: fimastery

When you hear 'estate planning', what pops into your head? Massive mansions, complex legal documents, and colossal inheritances, right? Well, truth be told, estate planning isn't just for the well-heeled. In fact, it's a must-do for anyone and everyone who wants to keep their hard-earned assets safe, distribute their wealth in an organized way, and take care of their loved ones even when they're not around. So then, what does it take to have an effective estate plan? Well, first things first, you’ll need to identify the assets in your estate and choose who will inherit certain portions of your wealth. You’ll also want to assign trusted individuals to take care of your affairs and settle your estate, and, at the same time, identify individuals to step in and make decisions on your behalf if you become incapacitated. And after you’ve created your estate plan, the work doesn’t stop there. That’s because things like life changes and tax laws change can quickly make your plan obsolete. Indeed, keeping your estate plan updated can help ensure it always reflects your wishes and protects your loved ones and assets to the max. To be sure, estate planning is not an exclusive club for the rich and famous. It's a savvy move for everyone who wants to safeguard their financial future and leave their mark, no matter how big or small their estate is. Visit us at https://fimastery.com to learn more about the FI|Mastery Journey. Be sure to follow us on Twitter: @fimastery and Instagram: fimastery