Category: Financial Advisor
Avoid CPA Mistakes: Why you Should Check your Tax Return (Ep. 23)

Avoid CPA Mistakes: Why you Should Check your Tax Return (Ep. 23)

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Avoid costly CPA mistakes on your current or next tax return!

Today on Red Carpet Retirement, Adam talks about common but unintended mistakes CPAs make. Our discussion isn’t about pointing fingers but rather about uncovering common oversights in the filing process, how they happen, and, most importantly, how you can avoid being caught by surprise with unnecessary tax hits.

Adam’s Key Takeaways: 

  • Ensure all 1099 forms, especially revisions, are communicated to your CPA to avoid overpayment
  • Be aware of Roth conversion reporting and ensure it’s reflected accurately to prevent unjust taxation
  • Qualified Charitable Distributions (QCDs) can be mistaken for taxable income if not reported correctly
  • Reviewing your tax return, or having a financial advisor review it, is crucial for catching and correcting any overlooked errors
  • And more

Make sure your path to a seamless retirement isn’t derailed by avoidable tax mishaps. Stay tuned for our next episode where Adam discusses some of the opportunities missed by CPAs.

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Navigating the Markets: A Q1 2024 Review with Red Carpet Retirement (Ep. 22)

Navigating the Markets: A Q1 2024 Review with Red Carpet Retirement (Ep. 22)

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What shook the stock market and economy in Q1 of 2024? Dive into this episode for an insightful quarterly wrap-up!

In this episode, Adam dissects the impactful first quarter of 2024, analyzing stock market shifts, economic trends, and a surprising twist on the usual recession predictions. He unravels the events that led to one of the most unpredictable quarters in recent memory, from the economy’s surprising buoyancy to the stock market’s rally, contrasted with the cautious bond market and looming Federal Reserve decisions. With a keen eye on what these changes mean for entrepreneurs and creatives preparing for retirement, this episode is packed with expert insights, future speculations, and valuable takeaways. 

Adam shares: 

  • An in-depth look at Q1 2024’s stock market performance and its surprising resilience
  • The economic indicators that defied recession predictions, highlighting job growth and inflation rates
  • A detailed discourse on the Federal Reserve’s actions and their impact on the economy
  • Insight into specific high-performing stocks and sectors driving the market, with a special focus on tech and AI
  • And more

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Raising Financially and Mentally Healthy Kids amidst Affluence, with Liz Mohler (Ep. 21)

Raising Financially and Mentally Healthy Kids amidst Affluence, with Liz Mohler (Ep. 21)

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What’s the secret to raising financially and mentally healthy young adults? This is never easy, and for wealthy families it can be particularly challenging.

This week on Red Carpet Retirement, Adam Scott, CFP® teams up with Liz Mohler, an esteemed ICF-accredited career and life coach, to explore the complex but crucial topic of raising financially and mentally healthy children. Their conversation includes strategies for instilling a healthy relationship with money in children, especially those growing up in affluent environments, and shared experiences aimed at guiding your kids toward a prosperous and balanced future. They tackle the complexities of parenting in today’s economic landscape, offering actionable advice on everything from allowances to nurturing a sense of purpose, so vitally important to mental health.

By combining insights from financial planning with invaluable life coaching expertise, this discussion is a must-listen for parents who want to equip themselves with the knowledge to guide their children toward financial and mental well-being.

Adam and Liz discuss:

  • The psychology of money and understanding the difference between being rich and being wealthy
  • Practical tips for introducing financial responsibilities through allowances and job opportunities
  • The importance of modeling financial behavior and communication within the family about money matters
  • How to support young adults financially without compromising their sense of purpose and independence
  • The importance of instilling a strong work ethic and sense of responsibility from a young age
  • Guiding children through making smart financial decisions, including savings, spending, and investing
  • Strategies for discussing money matters openly and constructively within the family
  • Encouraging pursuits that foster mental well-being alongside financial stability
  • And more

Resources:

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About our Guest: 

Liz Mohler is a well-regarded Executive/Career and Life Coach who has a strong background in academia and a deep commitment to empowering my clients. For 20-plus years Liz has passionately devoted her coaching practice to guiding clients toward personal and professional growth. Liz’s professional experience, both domestic and international, has enriched her perspective and equipped her with expertise in various coaching capacities including career management and leadership development coaching, team building, and transition coaching across a spectrum of industries.

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Retire with Purpose: Goal Setting & Life Coaching with Liz Mohler M.S. PCC (Ep. 20)

Retire with Purpose: Goal Setting & Life Coaching with Liz Mohler M.S. PCC (Ep. 20)

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They say retirement is like a second childhood—except this time, you’re the one in charge!

It’s time to set new goals!

This week on Red Carpet Retirement, Adam speaks with Liz Mohler, an esteemed ICF-accredited career and life coach, about setting goals in retirement. While focusing on the importance of goal setting and finding purpose, they address the emotional and social challenges retirees face, such as the loss of work-related social networks and the need to redefine daily routines. Liz offers her expertise on navigating these changes, emphasizing the value of mentoring and volunteering. Adam shares personal anecdotes, including his own struggle with the concept of retirement and his wife Cynthia’s positive experiences post-retirement. 

The episode is a deep dive into the varied experiences of retirees and the quest for fulfillment beyond one’s career.

Adam and Liz discuss: 

  • The importance of redefining routine and setting new goals in retirement
  • Nurturing relationships and giving back in retirement
  • Different retirement journeys and finding activities that bring fulfillment
  • Overcoming the fear of retirement and finding purpose beyond work
  • And more

Connect with Adam Scott: 

Connect with Liz Mohler:

About our Guest: 

Liz Mohler is a well-regarded Executive/Career and Life Coach who has a strong background in academia and a deep commitment to empowering my clients. For 20-plus years Liz has passionately devoted her coaching practice to guiding clients toward personal and professional growth. Liz’s professional experience, both domestic and international, has enriched her perspective and equipped her with expertise in various coaching capacities including career management and leadership development coaching, team building, and transition coaching across a spectrum of industries.

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2023 Market Wrap-Up and 2024 Projections (Ep. 19)

2023 Market Wrap-Up and 2024 Projections (Ep. 19)

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2023’s market forecasts were dark, but the markets kept out of the shadows. Let’s take a look at what we think 2024 may look like.

This week on Red Carpet Retirement, Adam Scott reflects on 2023’s financial market outlook. Looking forward into 2024, he talks about the potential impact of the Federal Reserve’s policies, inflation, and interest rates, as well as how the upcoming presidential election might influence market dynamics. Adam also touches on the recent performance of stocks and bonds, corporate earnings, and provides an economic forecast for 2024.

Adam discusses: 

  • What happened with the financial markets in 2023 and why
  • Where the markets are now
  • What we’d like to see happen in 2024
  • And more

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How To Maximize Your Retirement Savings Using The Mega-Backdoor Roth Strategy (Ep. 18)

How To Maximize Your Retirement Savings Using The Mega-Backdoor Roth Strategy (Ep. 18)

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Are you looking for ways to maximize your tax-advantaged retirement savings bucket? (In other words, a savings bucket where both growth and withdrawals are tax-free!)

A mega backdoor Roth 401(k) might be what you need.

This week, Adam Scott, CFP®, delves into the ins and outs of a mega-backdoor Roth 401(k), a financial maneuver that can potentially help you supercharge your retirement savings. You will also learn how an IRA is different from a 401(k) account, and ways to optimize your retirement income strategy.

Adam discusses: 

  • Traditional vs. Roth accounts — what might be more suitable for your situation?
  • A brief overview of 2024 contribution limits
  • How to implement the mega backdoor Roth 401(k) strategy
  • Benefits for high-income individuals, business owners, and those who’ve had a huge cash inflow (e.g., inheritance or selling a house)
  • Potential “landmines” to look out for while implementing this strategy
  • And more

Resources:

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Use Roth Conversions to Reduce your Lifetime Taxes: Turning Financial Lemons into Lemonade (Ep. 17)

Use Roth Conversions to Reduce your Lifetime Taxes: Turning Financial Lemons into Lemonade (Ep. 17)

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There are many benefits to  Roth conversions. But beware! Don’t step on a land mine when implementing that can blow your finances up! 

In this episode, Adam introduces his new co-host, Patrice Sikora, before discussing the benefits of Roth conversions. They highlight how these conversions can help reduce taxable income and potentially avoid higher taxes and higher Medicare premiums in retirement. Adam also discusses the impact of Roth conversions on financial aid for college and the importance of considering state taxes. The conversation concludes with an important reminder to not jump into Roth conversions alone and to avoid common mistakes by consulting a financial professional.

Adam discusses: 

  • An explanation of Roth conversions and their benefits
  • A story about a client who benefited from a Roth conversion during a low-income year
  • What the widow’s penalty is and how Roth conversions can help mitigate it
  • Why it’s important to plan carefully and consult a financial professional for Roth conversions
  • Benefits of doing Roth conversions during the “golden decade” of retirement (ages 60-70)
  • Potential impact of Roth conversions on financial aid for college
  • Why keeping state taxes in mind when planning Roth conversions is important
  • Tax arbitrage and the benefits of having different investment buckets (pre-tax IRAs and Roth IRAs) for managing taxes during retirement
  • And more

Resources:

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The Downtown Real Estate Armageddon (and What it Means for You) (Ep. 16)

The Downtown Real Estate Armageddon (and What it Means for You) (Ep. 16)

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We’re not here to spread alarm but to unravel the intricate web of challenges and transformations reshaping the commercial real estate sector. Join us for an in-depth exploration of what’s causing the downtown commercial real estate Armageddon and what it means for the future of these urban landscapes.

In this episode, Adam Scott, CFP® discusses the current real estate environment and potential challenges in the market. As the conversation weaves through these market dynamics, Adam reflects on the broader implications for companies. With a substantial amount of empty office space ranging from 50% to possibly 70%, businesses are confronted with the need to renegotiate leases in a landscape where real estate owners grapple with mounting challenges. He also touches on mortgage rates, decreasing demand, and increasing apartment building supply.

Adam discusses: 

  • Current real estate environment and potential challenges in the market
  • The importance of thorough calculations and understanding carrying costs in real estate investments
  • How his wife lost money through a failing real estate investment
  • The challenges of financing commercial real estate properties
  • And more

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Don’t Be Fooled By This Dirty Little Secret (Ep. 15)

Don’t Be Fooled By This Dirty Little Secret (Ep. 15)

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When it comes to financial advisory, finding the right balance between innovation and caution is crucial. 

With the rise of data and technology, risk analysis software has become a popular tool for guiding investment strategies.

But should we rely on this software? What are the risks of doing so?

In this episode, Adam Scott explores the world of risk analysis software in the financial advisory industry. He uncovers the misuse of the software by some advisors who manipulate them to present past performance and cherry-pick investments, emphasizing the importance of combining it with wisdom and knowledge.

Adam discusses: 

  • The frustrations and limitations of risk analysis software used in investment strategies
  • How advisors can cherry-pick investments using risk analysis software to show better returns and lower risk to potential clients
  • A clear example of how the risk analysis software can provide misleading information, missing important market events
  • How stress tests can be used to compare portfolio performance during the financial crisis and other events
  • The story of Long-Term Capital, a hedge fund that relied on mathematical models and efficient market theory but ultimately failed
  • And more!

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Real Estate Part 2: The Future May Be Different (Ep. 14)

Real Estate Part 2: The Future May Be Different (Ep. 14)

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Real Estate values always go up, right?

In this episode, Adam provides an in-depth analysis of the future of rental properties. They dismantle the perception of real estate as a guaranteed win, exploring the pros and cons, tax implications, financial intricacies, and potential challenges of managing rental properties.

Throughout the episode, Adam covers:

  • The key benefits of real estate investment, such as cash flow, appreciation, leverage, and tax advantages
  • The benefits of the 1031 Exchange and the potential to defer capital gains tax
  • The ‘step-up in basis’ law that allows heirs to avoid estate taxes
  • Challenges associated with dealing with tenants, eviction proceedings, high maintenance costs
  • Adam’s personal experiences and the looming ‘commercial real estate Armageddon’
  • Potential for a Part 3?
  • And more!

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