Financial Detox® Show Jason Labrum

In this episode of Financial Detox® Jason Labrum joins Co-hosts Alex Klingensmith to discuss common mistakes that investors make. They emphasize the importance of asset allocation and diversification, as well as the need to avoid recency bias. They also highlight the potential risks of moving all investments to money markets and the importance of having clear expectations for different asset classes.

Key Takeaways:
Why Asset allocation and diversification are key to successful investing.How to Avoid recency bias and focus on long-term performance.Why moving all investments to money markets may not be the best strategy.Why having clear expectations and understanding of different asset classes is important.Why seeking out fiduciary advice is the best solution to avoid common investment mistakes. 

Disclosure
The Financial Detox podcast is provided by Intelligence Driven Advisers, LLC (“IDA”), an SEC registered Investment Adviser; however, such registration does not imply a certain level of skill or training. Any references to SEC registration are not an endorsement or indication of approval by the SEC. 
The information presented in this podcast is intended for general informational purposes only and should not be construed as specific tax, legal or investment advice. Participants are strongly encouraged to consult with their personal advisers regarding their specific financial and tax situation. Investing involves risk and there is always the potential for loss. Past performance is not necessarily indicative of future results.
Information provided reflects IDA’s views as of a particular time. Such views along with tax laws and regulations are subject to change at any point and IDA shall not be obligated to provide notice of any change.
IDA makes no representations or warranties, express or implied, regarding the accuracy, completeness, or reliability of the information presented in this podcast. The firm disclaims any liability for errors or omissions in the information or for any actions taken in reliance on the information provided herein.


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In this episode of Financial Detox® Jason Labrum joins Co-hosts Alex Klingensmith to discuss the upcoming presidential election and its potential impact on the markets. They emphasize the importance of focusing on long-term goals and not getting caught up in the noise and volatility of election cycles.

They provide historical data showing that the markets have generally performed well during election years, regardless of the outcome.

They also highlight the need to avoid emotional investing by thinking long-term, and the importance of working with a fiduciary advisor who can help navigate market uncertainties.

Chapters
00:00 Introduction and Purpose of Financial Detox
00:48 The Importance of Making Better Investment Decisions
03:11 The Impact of the Upcoming Election on Financial Planning
06:37 The Importance of Emotional Preventative Maintenance
08:09 The Unprecedented Nature of the 2020 Election
11:23 The Lack of Inspiring Candidates in the Election
13:08 The Influence of Social Media and Cognitive Bias
14:33 The Historical Performance of Markets During Election Years
16:11 The Performance of the S&P 500 During Election Years
20:51 The Importance of Focusing on Personal Financial Goals
22:41 The Role of a Fiduciary Wealth Advisor
24:37 The Importance of Being Intentional with Time and Information Consumption
27:15 The Natural Volatility of Markets and the Need for a Long-Term Perspective
29:03 The Value of Seeking Professional Advice and Planning Ahead
30:46 Conclusion and Wishing Happy Easter


Disclosure

The Financial Detox podcast is provided by Intelligence Driven Advisers, LLC (“IDA”), an SEC registered Investment Adviser; however, such registration does not imply a certain level of skill or training. Any references to SEC registration are not an endorsement or indication of approval by the SEC. 
 
The information presented in this podcast is intended for general informational purposes only and should not be construed as specific tax, legal or investment advice. Participants are strongly encouraged to consult with their personal advisers regarding their specific financial and tax situation. Investing involves risk and there is always the potential for loss. Past performance is not necessarily indicative of future results.
 
Information provided reflects IDA’s views as of a particular time. Such views along with tax laws and regulations are subject to change at any point and IDA shall not be obligated to provide notice of any change.
 
IDA makes no representations or warranties, express or implied, regarding the accuracy, completeness, or reliability of the information presented in this podcast. The firm disclaims any liability for errors or omissions in the information or for any actions taken in reliance on the information provided herein.
For more financial advice connect with us
@ Financial Detox
Website
Buy the Book
Youtube Channel
@ IDA Wealth
Website
Linkedin
Instagram
Facebook
Youtube Channel

In this episode of Financial Detox® Jason Labrum joins Co-hosts Alex Klingensmith, and Darcy Wadsworth  to discuss various financial topics, including retirement savings, rising expenses, the importance of financial planning, and the incorporation of alternative investments. They emphasize the need for a dynamic and comprehensive financial plan that adapts to changing circumstances. Additionally, they highlight the excitement and transformative power of financial planning in helping individuals achieve their goals and live their best lives.

Takeaways
Building a comprehensive financial plan is crucial for navigating retirement and ensuring financial security.

Rising expenses and inflation can impact retirement savings and necessitate adjustments to financial plans.

Incorporating alternative investments can help diversify portfolios and potentially improve risk-return profiles.

Financial planning is an exciting and transformative process that can help individuals achieve their goals and live fulfilling lives.

Chapters

00:00 Introduction and Podcast Update
03:00 Do I Have Enough Money Saved in Retirement?
08:00 The Impact of Inflation and Rising Expenses
18:00 The Importance of Building a Financial Plan
25:00 Incorporating Alternative Investments
31:00 The Excitement of Financial Planning
34:00 Closing Remarks
For more financial advice connect with us
@ Financial Detox
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@ IDA Wealth
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 Welcome to Financial Detox®- video addition. Financial Detox® (FD) has been podcasting for years and recently decided to add video content to our show. We hope you enjoy! Our show is geared to education of all important topics related to Wealth Management and how to maximize your wealth for TOTAL PEACE OF MIND! 


This week we reflect on the past year and what made IDA's clients successful. Jason Labrum (CEO of Intelligence Driven Advisers) and Co-Host Alex Klingensmith (President of Intelligence Driven Advisers) discuss the latest and hottest topics surrounding wealth management, tax planning, and financial planning. We hope you enjoy! 
For more financial advice connect with us
@ Financial Detox
Website
Buy the Book
Youtube Channel
@ IDA Wealth
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Youtube Channel

 
Stay Calm and Keep It Quiet: The first and most important step is to stay calm and take some time to process your win. It's tempting to share the news with everyone, but it's wise to keep it quiet initially to protect your privacy and security. Verify Your Ticket: Double and triple-check your ticket to ensure it's genuine and matches the winning numbers. Consult with professionals and the lottery authority to confirm your win. Maintain Anonymity: In many states, lottery winners have the option to remain anonymous. Consider doing this to protect your identity and minimize unwanted attention. Hire a Team of Professionals: Assemble a team of financial advisers, lawyers, and accountants who specialize in working with lottery winners. They will help you navigate the complex financial and legal aspects of your windfall. Develop a Financial Plan: Work with your financial advisers to create a comprehensive financial plan. This should include strategies for investing, budgeting, and minimizing taxes. Prioritize paying off debts and securing your financial future. Consider Lump Sum vs. Annuity: Decide whether you want to receive the winnings as a lump sum or as an annuity paid out over several years. Each has its advantages and disadvantages, so consult with your team to make the best choice for your situation. Protect Your Assets: Implement asset protection strategies to safeguard your wealth from potential lawsuits, creditors, or unforeseen circumstances. Trusts and legal structures can be helpful in this regard. Give Back: Consider making charitable donations or starting a foundation to support causes you care about. Giving back can be a meaningful way to use your newfound wealth for the greater good. Set Personal Goals: Think about your long-term goals and aspirations. Your newfound wealth can provide opportunities to pursue passions, travel, or explore new hobbies. Having a sense of purpose beyond money is essential for happiness. Stay Grounded: While your financial situation has changed dramatically, try to maintain a sense of normalcy in your life. Surround yourself with supportive friends and family who can help you stay grounded. Avoid Impulsive Decisions: Avoid making impulsive purchases or decisions in the immediate aftermath of your win. Take your time to evaluate your options and consider the long-term consequences of your choices. Plan for Generational Wealth: If you wish to leave a legacy for future generations, work with your advisors to create a plan for generational wealth transfer that minimizes taxes and maximizes benefits for your heirs.  



For more financial advice connect with us
@ Financial Detox
Website
Buy the Book
Youtube Channel
@ IDA Wealth
Website
Linkedin
Instagram
Facebook
Youtube Channel

Welcome to Financial Detox®- video addition.  Financial Detox® (FD) has been podcasting for years and recently decided to add video content to our show.  We hope you enjoy!  This week we kick off a Summer Series on FD discussing how the idea of Financial Detox came about and what it really means to investors.  Jason Labrum (CEO of Intelligence Driven Advisers) and Co-Host Alex Klingensmith (President of Intelligence Driven Advisers) discuss the latest and hottest topics surrounding wealth management, tax planning, and financial planning.
For more financial advice connect with us
@ Financial Detox
Website
Buy the Book
Youtube Channel
@ IDA Wealth
Website
Linkedin
Instagram
Facebook
Youtube Channel