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

 



Helping Your Adult Children Financially: Key Strategies


Navigating financial support for adult children requires balancing generosity with responsibility. It is essential to understand their needs and set clear boundaries to ensure that the aid you provide promotes independence rather than dependency. By being fair and transparent with all your children, you can maintain family harmony and encourage financial responsibility.


Differentiate between help and enablement: Provide structured support with clear expectations and timelines.

Ensure fairness among siblings: Communicate openly about your reasons for various levels of support.

Set boundaries: Encourage fiscal responsibility by having limits and setting goals.

Long-term planning: Prioritize your financial health and consult a professional for personalized advice.


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Discover how risky investment behaviors can jeopardize your financial well-being. Douglas Goldstein shares an eye-opening analogy to highlight the importance of risk assessment and diversification in protecting your portfolio. Learn valuable strategies to avoid common pitfalls and make informed decisions.


Key Takeaways:


Understand the importance of diversifying your investments.

Learn how to properly assess risks vs. returns.

Avoid emotional investing and discover tricks to think logically about your portfolio.

Regularly review and adjust your portfolio based on life changes.


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.

Discussing finances can be one of the most challenging aspects of marriage, yet it's essential for building a strong financial foundation. This episode explores effective strategies for how husbands and wives can talk about money without conflict. Learn how to align your financial goals, understand each other’s values, and make joint financial decisions that strengthen your relationship. The conversation delves into common financial issues couples face and offers practical advice for navigating these discussions with ease and understanding.


Key Takeaways:


Understand the importance of aligning financial goals and values in a marriage.

Learn strategies for open and effective financial communication between spouses.

Discover ways to handle financial disagreements and make joint decisionsharmoniously.
For more insights and detailed strategies, visit our blog post on the website.


Ready to take control of your financial future? Contact us today to schedule a consultation and start building a stronger, more harmonious financial life together.

Understanding U.S. tax obligations is crucial for expats to avoid severe penalties and maintain compliance with the IRS. Allen Pfeister, a U.S. tax expert, explains the complexities of tax filing requirements for Americans living abroad, emphasizing that citizenship status mandates continuous tax reporting, regardless of residence. Allen discusses the importance of understanding the Foreign Earned Income Exclusion and the Foreign Tax Credit, which can help reduce tax burdens. Additionally, Allen addresses common misconceptions and the critical need for proper reporting of foreign accounts to avoid hefty fines.


Key Takeaways:


1. US expats must file tax returns and report income, no matter where they live.


2. The Foreign Earned Income Exclusion and Foreign Tax Credit are essential tools for reducing tax liabilities.


3. Properly reporting foreign accounts is crucial to avoid significant penalties.


Make sure you have you taxes under control!


1. Review your tax filing obligations and ensure updated compliance with U.S. tax laws.


2. Utilize available tax benefits like the Foreign Earned Income Exclusion and Foreign Tax Credit.


3. Accurately report all foreign financial accounts to stay within legal requirements.


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Disclaimer: The information provided in this podcast is for general informational purposes only and should not be considered tax advice. Neither Doug Goldstein, Allen Pfeister, nor any associated parties take responsibility for any actions taken based on the topics discussed. Viewers are encouraged to consult with a qualified tax professional regarding their specific tax situations and to ensure compliance with applicable laws and regulations.


The Goldstein On Gelt Show is a financial podcast. Click on the player below to listen. For show notes and resources mentioned in the show, go to https://goldsteinongelt.com/radio-show

Are you worried about having enough income in retirement? This episode dives into how dividend-paying ETFs can boost your monthly income in retirement. You’ll learn the basics of ETFs, discover how they generate a periodic income stream through dividends, and how to incorporate them into your investment portfolio. 


We also explore alternative options like CDs (Certificates of Deposit - insured bank deposits) for those seeking more stability. Plus, if you have US investments and a foreign pension, we cover crucial cross-border financial planning tips. Tune in to find out how to enhance your retirement income and plan your financial future.


A few key takeaways from the show:


What ETFs are (and how they differ from traditional mutual funds)

How ETFs generate an income stream

How to incorporate ETFs into your investment portfolio 

How to build a cross-border investment portfolio strategically


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.

Fear can paralyze you from making crucial financial decisions. This episode of The Goldstein On Gelt Show offers practical steps to overcome that fear and take control of your investments. Learn how to transform financial anxiety into confidence, set clear financial goals, and take manageable steps towards achieving them.


Some key takeaways:


Set Clear Financial Goals: Define specific financial objectives to guide your investment decisions. Knowing what you want to achieve helps to create a focused and purposeful strategy.

Start with Small Steps: Overcome financial fear by taking manageable actions. Begin with simple tasks, like setting aside a small emergency fund or writing down your financial goals, to build momentum and confidence.

Consult with a Financial Advisor: Work with a professional to gain personalized advice and strategies tailored to your financial situation. Regularly review and adjust your portfolio to stay on track with your evolving goals and market changes.

Address Emotional Barriers: Recognize and confront the emotional aspects of money management. Understanding how fear impacts your financial decisions can help you take steps to manage it effectively.