The Goldstein on Gelt Show is a global investment and financial planning radio show designed to educate and entertain its listeners with financial strategies and investment tips. Douglas Goldstein, CFP® hosts the weekly show, which can also be heard at www.goldsteinongelt.com, and is the director of Profile Investment Services, Ltd., www.profile-financial.com.
How to Achieve Financial Success
What does financial success look like? There isn’t a formula for financial success, but there are steps you can take to achieve financial stability. The step are your “financial plan” – and everyone’s financial plan looks different. Doug explains how a financial advisor should guide you towards success through a deep understanding of your financial position.
Dealing with American financial advisors when you live abroad Why would a U.S. financial advisor limit his interactions with a client who lives abroad? A Goldstein on Gelt Show listener, “Bill,” was told by his financial advisor that he can only take unsolicited orders (so much for giving advice!) and that he cannot purchase any mutual funds. What is an unsolicited order? And why can’t his financial advisor purchase mutual funds? Listen to find out more about these issues and possible solutions. Begin your path towards financial success by downloading the resource Three Steps to Financial Success. Download free resource: Three Steps to Financial Success 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.
How Monte Carlo Simulations Help in Financial Planning
Monte Carlo simulations take a huge amount of data and possible variables and let you know the chance of a specific outcome. Financial planners use Monte Carlo simulations to look at all sources of cash flow, income from investments, possible market scenarios and predict whether you’ll “make it” in retirement. Watch a short video about Monte Carlo simulations. While Monte Carlo simulations are a starting point to financial planning, Doug’s interview with Dr. Harry Markowitz titled Can Modern Portfolio Theory Make You a Better Investor? highlights all the options. Can you predict what your financial future will look like?
Creating a financial plan Before you begin your financial plan, make sure to download the free resource What Checklist Do I Need for a Financial Plan? The list outlines all the questions a financial advisor asks. Start thinking critically about your finances. Download What Checklist Do I Need for a Financial Plan? Download free resource: What Checklist Do I Need for a Financial Plan? 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.
How to Invest for Growth
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.
Why FBAR Reports are Important
Are you up to date with your FBAR (Reports of Foreign Bank and Financial Accounts)? If not, a cross-border financial advisor might be able to help you get things straightened out. Eli Noff is a U.S. based cross-border CPA and tax attorney who helps American citizens living abroad be U.S. tax compliant. Specifically, Eli outlines how FBAR reports are a determining factor in tax compliance. He explains who uses the information on the report, and how it is used. Eli highlights the penalties that non-compliance brings. Don’t despair if you haven’t kept up to date with your reporting requirements. Listen to the show to learn more about what you can do.
Read this before you file your U.S. taxes How do you prepare for filing your taxes with the U.S. government? What numbers and forms do you need? Download the checklist Tax and Investment Reminders for Americans Living in Israel for the steps you need to take in order to complete your FBAR reports and other tax filing requirements. Remember to always consult a tax professional before you file. Take advantage of filing your taxes to look at your investments and make sure that they are suited to your investment goals. Download free resource: Tax and Investment Reminders for Americans Living in Israel To learn more about Eli Noff visit his corporate website. 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.
8 Steps to Raising Financially Independent Children
How can you prepare and encourage your children to develop their own financial identity? Parents don’t necessarily have a financial obligation to their grown-up children, but situations can arise where they may want to help their children. There’s a fine line between helping and enabling financially bad behavior. How do you define that line? Listen to the show for the answer, or download the free resource 8 Steps to Raising Financially Independent Children. Download free resource: 8 Steps to Raising Financially Independent Children For other ideas on how to raise financially independent children listen to Doug’s discussion on What’s the Best Way to Give Your Children Financial Assistance? with Jeff Condon about generational giving. 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.
Life Insurance: Whole life and term life
What is the difference between term and whole life insurance?
Term life insurance is pure insurance; you pay the insurance company a premium, and if you die within the predetermined period, then they’ll pay your heirs/estate a lump sum of money.
Whole life insurance has a cash component – part of your premium goes into a savings account which you can access if you ever are short of cash. The rest of your premium goes to buy the life insurance itself. Since the entire premium doesn’t go to the insurance component, whole life policies tend to be more expensive than term policies.
Is buying life insurance just throwing money out of the window?
While it is true that you personally won’t benefit from life insurance, your loved ones will receive money when you die, which should replace your lost income.
Additionally, you can use the savings component of a whole life policy as an additional part of your financial plan – withdrawing funds that grew tax free. (Note, income tax is paid on investment gains from withdrawals. I’m not a tax advisor. For tax advice consult an accountant.)
Which policy should I choose?
Listen to the podcast for more tips on how to decide which type of life insurance is best for you.
My Favorite Podcast
Doug Goldstein has an outstanding way of conveying financial information in an easily understood way.Simplicity is sophisticated and Doug provides you with meaningful and specific ways you can ensure your financial freedom. Give him and listen and find out for yourself.
A True Financial Mensch!
Doug Goldstein has a true knack in making financial planning issues both understandable and enjoyable. He even adds humor and humanity to each and every podcast. I never miss an episode. Kudos to Doug!!!
Doug does a great job, and I can attest to that as both a listener and as one he has interviewed. Engaging, informed, just very good all the way around! A fantastic array of subjects. Highly recommend!