Goldstein on Gelt Douglas Goldstein | CFP® | Profile Investment Services

Financial planning is always important, but it’s especially crucial when health issues arise. A well-built plan allows you and your family to focus on health and family connections, without worrying about the day-after. How can you make sure you are setting yourself up for a smooth transition of wealth to your family?
Tune in and learn about the nuances of managing shared accounts, the pros and cons of transferring control to family members, and the critical role of clear communication in preserving both wealth and relationships. 
Some key insights:
Learn how to effectively shift financial authority to a trusted individual within the family, balancing legal necessities with personal dynamics. Learn about the importance of transparent discussions about financial matters with family members, especially in light of health changes. Discover some of the tools available, such as powers of attorney and trusts, that allow your wishes be followed. Professional advice from financial and legal advisors is crucial in creating a seamless and effective estate plan that aligns with your long-term goals. For more information, visit the show notes at https://goldsteinongelt.com/personal-finance/financial-planning-for-illness-and-death

Are You Overlooking the Importance of a Financial Plan?


When was the first time you spoke with a financial planner? Let me tell you about a retired couple who I met who had never spoken to a financial planner before. The couple's lack of understanding about the role of a financial planner and the way their investment portfolio was built, highlighted a common misconception among individuals when it comes to managing their finances.


When sitting down with a Certified Financial Planner™ practitioner (CFP®) who is dedicated to understanding your unique financial situation, and guiding you through the complexities of investing, you are setting yourself up for success. 


Building a comprehensive financial plan and working with a professional team (financial planner, accountant, and lawyer) can lead you to financial well-being. 


A few points to consider:


1. Importance of a Financial Planner: Many individuals often focus solely on their investment portfolios without considering the broader financial picture. A Certified Financial Planner™ practitioner can help guide you through essential aspects of financial planning, including retirement goals, family, expenses, insurance, and health—providing a comprehensive view of your finances.


2. Understanding Your Investments: Having a clear understanding of all your investments and their implications on your overall financial situation is crucial for proper financial well-being.


3. Partnering with Professionals: Partnering with a financial planner (and other professionals) doesn't mean surrendering control. Instead, it equips you with a supportive team who can handle administrative tasks and provide advice, while you remain in charge of making the final decisions.


4. Empowerment and Peace of Mind: When you have a strong financial team in place, it empowers you to focus on the bigger financial picture. It can alleviate concerns about making financial decisions, especially during times of illness or unexpected events, offering you and your family peace of mind.


To learn more about managing your finances and gaining a deeper understanding of the role of a financial planner, tune in to The Goldstein On Gelt Show and explore the valuable insights provided in each episode.


Remember, taking charge of your financial well-being is one of the most important steps you can take for a secure and stress-free future!


If you're not already receiving updates on new episodes, sign up now, and as a special bonus, receive Doug's free ebook The Retirement Planning Book.

Family pressure can be overwhelming when it comes to finances. 
Learn how to handle those pressures correctly, allowing you to build a financial portfolio that suits you perfectly.
Here are some key points discussed in the show:
1. Understand your investments: If you find yourself investing in products you don’t fully understand, seek advice from a qualified third party, such as a financial planner.
2. Address family pressures: In the face of conflicting advice from family members, it’s crucial to have an unbiased third party on your side. 
3. Simplify your investments: Following the KISS principle (Keep It Simple, Stupid), opt for straightforward and understandable investments. 
4. Regularly review and consolidate your investments: Consolidating and regularly reviewing your investments can bring clarity and empower you to take charge of your portfolio. 





If you're not already receiving updates on new episodes, sign up now, and as a special bonus, receive Doug's free ebook The Retirement Planning Book.

Are you considering investing in real estate? Or perhaps you already have real estate investments in your portfolio? If so, it's crucial to understand the potential risks and challenges that can arise. The following stories of two individuals who encountered unexpected scenarios with their real estate investments provide valuable insights and lessons for anyone navigating the world of real estate.


The first case revolves around a client who initially appeared to be a successful real estate investor. He exuded confidence in his portfolio, claiming lucrative real estate deals and assured cash flow from his properties. However, as time unfolded, the reality did not match his optimistic projections. Unforeseen circumstances such as the impact of external factors, including the COVID-19 pandemic, led to a drastic reduction in the expected income from his real estate investments.


One of the crucial insights gleaned from this story is the significant impact of underestimating risk and overestimating returns. The client's assumptions about the reliability and sustainability of his real estate income proved to be misplaced, resulting in unanticipated financial strain and the need to reevaluate his entire investment strategy.


The second story featured a younger client who had invested $50,000 in a real estate deal in Wisconsin. He initially contemplated withdrawing additional funds from his brokerage portfolio to invest in another promising real estate opportunity. However, after sharing the challenges faced by the first client, he reconsidered his decision. He understood the risk of putting all his eggs in one basket and preferred to stick with a more secure, diversified portfolio. 


While real estate can be a valuable component of a well-structured investment portfolio, allocating a significant proportion of one's assets solely to real estate can expose an individual to heightened risks and vulnerabilities. The allure of real estate, with its promises of passive income and appreciation, should be balanced with a comprehensive understanding of the potential downsides and the need for diversification. It's vital to approach real estate investments with prudence, ensuring that they complement a comprehensive investment strategy rather than overshadowing or dominating it.


By building a diversified investment approach and thoroughly understanding the nuances of each area of your portfolio, you can navigate potential challenges while maximizing the opportunities for financial growth and stability.


Consider conducting a comprehensive review of your investment portfolio. Assess the proportion of your assets allocated to real estate investments and evaluate how they harmonize with your overall investment strategy. 


If you're not already receiving updates on new episodes, sign up now, and as a special bonus, receive Doug's free ebook The Retirement Planning Book.

Financial planners frequently meet with folks who want to invest for growth. After all, who doesn’t want to see their portfolio grow? But, growth also means capital gains tax. Are there any investments that encourage portfolio growth but have limited tax liability? On today’s show, Doug answers a listener question about investing for growth. “Jeff” asks if there are investments that encourage portfolio growth, but have little tax liability. While an investment advisor, and not a tax advisor, Doug answers several aspects of the question:
Are there conservative investments that offer reasonable growth? What are the common mistakes people make when investing for growth? What is the best way to minimize tax on your investment? One way to invest for growth is through a SMA – a Separately Managed Account. Watch a short clip on What is a SMA - Separately Managed Account. If you’re not already receiving updates on new episodes, sign up now, and as a special bonus, receive Doug’s free ebook The Retirement Planning Book.

Tips for Managing Your Finances During Divorce for a Smooth Transition


Divorce can be a daunting and emotional journey, one that is fraught with legal, emotional, and financial challenges. In this post, we'll explore key takeaways Douglas Goldstein discussed on The Goldstein on Gelt Show and delve deeper into essential financial considerations when navigating divorce.


Seeking Professional Assistance

One of the most critical pieces of advice is to seek professional help when dealing with divorce-related financial matters. Consulting with an experienced lawyer is essential to navigate the legal complexities inherent in divorce proceedings. Additionally, engaging the expertise of a financial advisor is invaluable in assessing the impact of divorce on long-term financial planning.


Understanding Expenses and Budgeting

Many individuals are often unaware of the actual amount they spend every month. It's crucial to have a clear understanding of your expenses, including routine spending and potential future financial obligations resulting from a divorce. Keeping meticulous records of financial transactions, and anticipating upcoming expenses are essential steps during a divorce. These records serve as invaluable tools for financial advisors and lawyers when negotiating asset division and settlements.


Gathering Financial Information

Organizing all your financial information is paramount when preparing for divorce. This includes gathering statements from bank accounts, credit cards, retirement funds, investment portfolios, mortgages, and tax returns. Having comprehensive documentation at hand facilitates the process of evaluating assets and liabilities, thus enabling fair and informed decision-making.


Avoiding Major Financial Decisions

During times of emotional distress like divorce, making major financial decisions may seem enticing as a temporary escape. However, avoiding substantial financial decisions amidst marital discord is imperative. Big-ticket expenses like buying a new house, a car, or making substantial investments can further complicate the financial implications of divorce. Hence, refraining from significant financial commitments is vital for minimizing additional financial strain during a divorce.


Building a Reserve Fund

Creating a reserve fund is a prudent measure, especially during the tumultuous period of divorce. Accumulating cash reserves safeguards individuals from potential liquidity challenges that could arise during the divorce process. This fund can be instrumental in covering legal fees, and unexpected expenses, and ensuring financial stability during the subsequent transition.


Reevaluating Tax Implications

Divorce often carries significant tax implications, warranting a comprehensive assessment of tax responsibilities related to asset division, alimony, and child support. Consulting with a tax professional ensures a thorough understanding of the tax implications linked with divorce settlements and financial decisions.


Crafting a Long-Term Financial Plan

Formulating a robust and realistic long-term financial plan is indispensable post-divorce. This may involve establishing new financial goals, revising investment strategies, and reassessing retirement planning to ensure financial stability under the altered circumstances.


Securing Professional and Emotional Support

Navigating divorce involves not only financial complexities but also emotional and psychological challenges. A support network comprising legal professionals, financial advisors, and emotional support resources can provide comprehensive assistance during this tumultuous phase.


Navigating a divorce is a multifaceted and challenging process, particularly when viewed through a financial lens. Taking proactive steps to mitigate possible financial issues, is pivotal in ensuring a smooth and equitable transition through the complexities of divorce.