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Episode Info

Episode Info:

Josh Scandlen is a Financial Planner and founder of Heritage Wealth Planning a comprehensive financial planning firm located in Georgia. In March of 2018, Josh left USAA after working there for 10 years then worked for a few smaller companies and early this year left being a w-2 employee to start his own financial planning firm and has a successful youtube channel helping people with tax planning, retirement planning, estate planning, and everything finance. He started his financial services career at Vanguard in the late 90's.

Although Josh does not manage money any money he still registered as an investment advisor which is an extra cost and can to some be a regulatory hurdle that others would not want to go through.

With four kids and his wife at home, how was he going to pay the bills to find the extra money while building up his business? In starting a business you must have money to start up a business and he used a distribution in his 401(k) and paid the 10% penalty.

Has always engaged with the public with doing seminars and tried to demystify the financial planning, estate planning experience. He had an epiphany why do seminars in front of 15 locally when he can do youtube videos in front of potentially thousands and now gets a lot of clients directly from doing his youtube channel.

Josh says the top three things the people, couples make is not understanding the tax code. He says that investment management is not financial planning. If married filing jointly just don't plan for today but think about the tax bomb in your retirement plan. He says you will not always be married filing jointly. You must think about Medicare premiums tax on social security vs did I beat the market? Not having a durable power of attorney it survives incapacity so a big qualified plan your individual plan and spouse no right to it so if your spouse needs access court order vs durability of power of attorney. Don't focus so much on active investment management use Jack Bogle Vanguard philosophy.

Josh recommends a financial planning tool called Maximize My Social Security founder Laurence Kotlikoff Professor of Economics, Boston University and President of Economic Security Planning, Inc. This resource only costs individuals or families $40 bucks per year.

Trump's executive order on Required Minimum Distributions for all retirement assets. Increase tables for RMD's at 70 1/2 you are forced to take out an amount divided by 27.4. Maybe what should be done is a redo of these tables so instead push them back to 75 as people are living longer and maybe increase what you divide. Deferring taxes is not eliminating taxes so at some point someone is going to pay it merely kicking the can down the road.

Josh has written several books that you should check out:


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