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Goldstein on Gelt
27 minutes | 5 days ago
What Is the Best Way to Design an Investment Portfolio in a Turbulent Environment?
How can you design an investment portfolio to account for uncertainty? Every leadership change creates insecurity. Investors pull out and buy into markets simply because of election results. How should the political climate affect the way you design your investment portfolio? David Rosenberg, the chief economist, and strategist at Gluskin Sheff and Associates explores why people believe political changes affect the economy and answers the burning question: When does politics actually change the market? Listen for his advice about how to weather the current market. Don’t undermine the importance of the bond market to the economy’s health, and remember to establish the economic fundamentals of any company. Need a roadmap for retirement? Doug shares a listener letter from “Rich” who is approaching retirement and wants to know the smartest way to manage his nest egg. Doug put together a resource sheet called “How to Set Up Your Portfolio When You Retire” in response to Rich’s questions. Doug has six bits of advice to make financial matters a little easier to navigate during retirement. Download the list here. Free Download: How to Set Up Your Portfolio When You Retire Learn more about David Rosenberg at his corporate site Gluskin Sheff and Associates, Inc., or read his daily column, Breakfast with Dave. 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.
25 minutes | 19 days ago
Does Your Mood Affect Your Investment Choices?
Can having a bad or good day affect your investment choices? Before you decide to buy or sell that next stock ask yourself why you are doing it. Dr. Kate Levinson, author of Emotional Currency: A Woman's Guide to Building a Healthy Relationship with Money and a licensed family therapist, shares the role that emotions play in financial decision making. She and Doug explore the question of why many women avoid financial responsibilities in their day-to-day life. She tries to empower women to take an interest in their financial situations. Everyone is vulnerable, and it’s important to recognize that even the wisest decisions might not turn out how we want. Learn how to build a positive relationship with your money! Is “loss aversion” costing you more than you think? Doug reviews his interview with Nobel Prize winner Daniel Kahneman about loss aversion and offers tips on how to fight against it. To listen to Doug’s original interview with Daniel Kahneman, click here. If you are interested in learning how Doug avoids loss aversion in his personal portfolio, watch How Do You Manage Your Own Money? To follow Dr. Kate Levinson visit her website or read her book, Emotional Currency: A Woman's Guide to Building a Healthy Relationship with Money. Dr. Levinson is also on Facebook and Twitter. 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.
24 minutes | a month ago
Think Outside the Box with Your IRA
Your IRA (Individual Retirement Account) is a great retirement tool. Are you using it in the most efficient manner? Kirk Chisholm, Principal of the Innovative Advisory Group, shares some common misconceptions and mistakes people make with their IRA account. Kirk explains the difference is between a standard account and a self-directed account. He encourages investors to consider the self-directed approach because of its flexibility. He stresses the importance of understanding your investments and knowing your options. Listen now learn how to use an IRA account to its fullest potential. Are you afraid the market might crash? If so, consider doing this: Fear plays a part in every investor’s decisions. Are you letting fear paralyze your investments or are you able to manage your financial anxiety? In 2013, Doug interviewed Nobel Prize winner Gary Becker, and discussed the role fear plays in people’s financial decisions. Doug compiled a summary of the interview along with a list of tips for nervous investors. Click here to download the tips. Free Download: If You’re Afraid the Market Will Crash, Here’s What to Do Learn more about Kirk Chisholm at www.innovativewealth.com. He is offering a free resource for Goldstein on Gelt listeners, download: 9 Common Mistakes Made By Self Directed IRA Investors. To learn more about Roger Whitney and his 5-minute retirement plan, go to rogerwhitney.com/5minuteretirementmakeover. 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.
24 minutes | a month ago
Does Financial Stability Bring Happiness?
How much money do you need to be happy? In other words, can financial stability bring happiness? Bestselling author of The Five Secrets You Must Discover Before You Die, Dr. John Izzo and Doug explore what happiness really is and the underlying question, “Does money make a person happier?” Dr. Izzo spoke to 250 people with 18,000 years of cumulative life experience and found one thing in common: your internal mindset about how you see money impacts your happiness more than the dollar amount in your bank account. Listen to his research that shows if financial stability really brings happiness. Want to manage your finances without a professional financial advisor? Doug discusses the many different ways you can choose to handle your money – with or without a professional’s help. He compiled a list of “7 Different Ways to Handle Your Money.* (Click here to download) which covers the right ways and the wrong ways to plan. Whichever way you choose to handle your money, make sure you and your spouse agree on it! If you would like a little more insight on including your spouse in portfolio planning, watch this video. Learn more about Dr. John Izzo can on Twitter, LinkedIn, or his 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.
25 minutes | a month ago
What Does Networking Have to Do with Your Financial Decisions
Most people think of networking as a good way to find a job or make other type of connections. J. Kelly Hoey, author of Build Your Dream Network: Forging Powerful Relationships in a Hyper-Connected World, shares how networking can help or hinder your financial decisions. This is because networking is based on trust… a necessary ingredient in any financial advice you get. Kelly offers advice to listeners about how to build a trustworthy network that may open up new financial opportunities. Supporting your adult children can ruin your retirement! Saying no to your grown children requests for money teaches them self-reliance. While it may be a difficult lesson to implement, Doug presents a list of methods of “cutting your grown children off” so you can preserve your own retirement funds as much as possible. Create a realistic course of action to teach your adult children how to be financially independent. For a full list of steps to stop your enabling practices click here. Learn more about J. Kelly Hoey by reading her book Build Your Dream Network: Forging Powerful Relationships in a Hyper-Connected World, by visiting her website, or following her on Twitter @jkhoey. 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.
26 minutes | 2 months ago
Know the Intrinsic Value of Your Investments
What is the difference between a stock’s price and intrinsic value? Learn how to determine a stock’s intrinsic value, and how to make sure you pay less than the value you receive. John Szramiak of Vintage Value Investing joins Doug to discuss the importance of knowing the intrinsic value of your stock selections. John is a firm believer that the intrinsic value of a stock is its real strength. Should you look at a stock’s current price or the stock’s potential? You don’t even know how aggressive of an investor you really are! Believe it or not, many of your “safe investments” carry some level of risk (like inflation risk and interest rate risk). Doug compiled a list of these risks, and steps you can take to minimize the aggressiveness of your portfolio. Download this list now. To learn more about John Szramiak visit his website or follow him on Twitter @Vintage_Value 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.
22 minutes | 2 months ago
Do You Know Senior Citizens Who Need Help with Finances?
Do your elderly parents need help with managing their finances? This is a difficult realization both for child and parent, and accepting and giving help needs extreme sensitivity. Letting go of the reins of a financial account is a process. Since this is a difficult conversation to have, consider inviting a financial professional to be an objective voice. Doug gives advice for adult children – and their parents - who find themselves in this challenging position. If you and your parents are at this crossroads, watch this video that might help adult kids and their parents discuss when to hand over financial decisions and accept help with finances. At a certain point being too trusting, or making bad financial decisions, is an invitation to a con artist. The financial bad guy isn’t necessarily a stranger – it can be someone you know, maybe even someone who is close to you. Retirement planning requires some flexibility Financial planner Benjamin Brandt of the Retirement Starts Today podcast joins Doug to discuss the importance of having a written financial plan and flexibility. These two aspects aren’t as contradictory as they seem, because both put the individual’s financial goals first. Benjamin shares the values he emphasizes with his financial planning clients. Should you emphasize these points in your own personal financial plan? Follow Benjamin on his podcast on iTunes and at www.retirementstartstodayradio.com. Benjamin has even created a special page for The Goldstein on Gelt Show listeners at www.retirementstartstodayradio.com/gelt. 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.
20 minutes | 2 months ago
How to be a Financial Grownup
Bobbi Rebell, author of How to be a Financial Grownup: Proven Advice from High Achievers on How to Live Your Dreams and Have Financial Freedom discusses how to be a financial grownup. Bobbi uses her journalist background to offer a how-to guide for responsible money habits. Although the book was originally intended for the millennial generation, Bobbi soon discovered that people of all ages need practical money advice. Bobbi suggests automation as a tool for making sure you have the necessary discipline to maintain financial responsibility. She and Doug talk about David Bach and support financial automation as a tool to reach financial goals. Are you seeing your retirement needs clearly? Doug tackles the question, “can you save too much?” Doug also explores the potential pitfalls of pensions. While financial professionals tend to put an emphasis on saving, there comes a time when it is OK to withdraw principal from retirement accounts. Doug give pointers on when retirees can make the switch from saving to withdrawing. Follow Bobbi Rebell on her website, Twitter, Instagram, and Facebook. Her book is available on Amazon and in major bookstores. 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.
25 minutes | 2 months ago
How Do You Value a Stock?
Stig Brodersen, host of The Investors Podcast, joins Doug on this episode to discuss exactly what gives a stock its value. Many times people are shocked are by an expert’s valuation of a home, a car, or other personal item. The reason behind the surprise of a professional evaluation is because folks’ emotional attachment to items tend to inflate their value. Follow Stig and Doug’s discussion to learn why stocks value reflect investor expectations. Stig offers guidance about how to take the emotional component out of stock and investment selection. He also explains why a stock’s value increases/decreases and why people are willing to pay more when a money manager is involved. Are you ready to retire early? Doug discusses early retirement. Even if you want to retire early, should you? And if so, what do you need to do to make sure you have enough money? He answers the last question with two suggestions to change your investing habits in order to maximize chances of financial success. You can follow Stig Brodersen at The Investors Podcast and on twitter at @stig_brodersen 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.
24 minutes | 3 months ago
Is Owning the S&P 500 Enough Diversification?
The S&P 500 is an index (collection) of 500 broadly traded large-cap stocks. If your portfolio includes it, will you be properly diversified? Doug explains why even though historically the S&P 500 has had positive returns over long periods of time, past performance can’t predict future results. Moreover, he explains why most people are mistaken in their understanding of how diversified – or not – the index actually is. Listen for tips on how to make sure your portfolio is well-diversified. Sometimes the best way to diversify is getting outside help. Watch here to see what type of money managers can help diversify your portfolio. Does today’s market contain new patterns or does it reflect historical trends? Jill Schlesinger, CFP® and business analyst at CBS news, joins Doug to explore whether today’s economic landscape is significantly different than it was in the past. If so, should retirement planning and investment plans reflect the new outlook? Jill believes that the global recession taught investors how to look at the future, and we shouldn’t look for a “best-case” scenario, but for the most reasonable scenario. She asserts that the best protection for all investors (including Americans living abroad) is a broadly diversified portfolio. Jill gives advice on what you should do if you think the market is particularly volatile. If you anticipate a big market crash, what move should you make? Listen to Jill and Doug’s discussion to find out when a healthy dose of cynicism pay off, and how to prevent self-inflicted market wounds. Learn more from Jill by listening to her podcast, Better Off, and going to her website jillonmoney.com. Follow her on twitter @jillonmoney 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.
24 minutes | 3 months ago
How to Optimize Your Cash Flow
Does it seem as if more cash flows out of your wallet than into it? Is cash flow the key to growing wealth? If so, what is the best way to optimize cash flow? Doug and Al Zdenek, author of Master Your Cash Flow: The Key To Grow and Retain Wealth, examine why you should broaden your definition of “cash flow” beyond having just enough money to pay bills, to include participating in a regular savings program. Learn how to manage your cash flow now, in order to better prepare for retirement. Make sure your money is accessible! After working hard to save and grow your money, you want to make sure that it is accessible when you need it. Unfortunately, often after one spouse passes away, it’s common for the surviving spouse to be frozen out of an account. Doug offers some advice to spouses on how to prevent this stressful situation. He offers some smaller steps that can make the difficult financial transition easier for a grieving spouse. Implement these preventative measures that can help the family avoid a frozen asset. If you have any questions about how involved your spouse should be in your finances, watch Does My Husband/Wife Have to Come to the Meetings? If you need to have the difficult conversation transferring financial control in your family, you might want to watch this movie. To learn more about Al Zdenek visit his website www.alzdenek.com, buy his book, or visit masteryourcashflowbook. 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.
21 minutes | 3 months ago
Beware of the Implications of a Changing Signature
One often overlooked sign of aging is your signature. As people age, often their handwriting and signature change. What does handwriting have to do with investing? Quite simply, if your signatures don’t match it may be harder to move money. Doug talks about the importance of keeping up-to-date records with your financial institutions – including your (aging) signature. Learn about other financial implications that may affect senior citizens and get practical workarounds for some of the financial ramifications that come with age. Do you have someone you can trust with your finances? Cross-border investing is challenging for American expats. How can you find a financial advisor who understands your specific situation? Doug discusses how to choose an appropriate advisor and build a trustworthy financial team. He lists questions investors need to ask their financial and legal consultants before making an investment. Ask these questions to your financial team! Download a free tool kit for non-U.S. residents, who want to have an American brokerage account. To learn how to listen to The Goldstein on Gelt Show on your iPhone, watch here. To learn more about Roger Whitney and his 5-minute retirement plan, go to rogerwhitney.com/5minuteretirementmakeover. 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.
20 minutes | 3 months ago
What Is the Best Way to Get Out of Debt?
If you want to get out of debt, should you pay off your smallest debts first or those with the highest interest rates? Deacon Hayes, debt expert, joins the show to discuss how to build wealth when you are in debt. He share his personal experience and presents the steps he took that enabled him to get out of debt. Deacon’s proven debt reduction approach may surprise you. Budgets do not have to be strict or complex, says Deacon. A simplified process is more likely to lead to financial discipline. Learn about of the cash envelope system and a one-sheet financial picture to reach your main financial goals. Should you wait before buying bonds? In the current low-interest-rate environment, Doug advises when you should consider buying bonds. Doug discusses alternatives to buying a 20-year bond and locking in low rates. Consider implementing bond laddering, an investment strategy that can provide predictable payments on a monthly basis throughout your retirement. Bond laddering may pay a higher long-term rate while staggering interest payments to provide steady income during retirement. Learn more about bond laddering at www.profile-financial.com/bond-ladder. To learn more about Deacon Hayes, visit his website. If you’re not already receiving updates on new episodes, sign up now, and as a special bonus, and receive Doug’s free ebook The Retirement Planning Book.
25 minutes | 4 months ago
How to Reassess Your Investment Risk Profile as Your Life Changes
Brian Preston and Bo Hanson, co-hosts of the Money Guy Show, share the microphone with Doug, our favorite Money Guy, to discuss why and how should you evaluate, and re-evaluate, your investment risk profile as life changes. “How much risk can your situation handle?” is a very different question than “How much risk can you handle?” There’s a significant difference between risk tolerance and risk capacity. Learn what the difference is, and how to adjust your portfolio and emotional expectations for both. Given enough time, the markets may recover, but do you have enough time in your own plan to recover from potential loss? While protecting yourself against risk, keep in mind that “today’s dollars” have a different value than “future dollars.” $100 of today’s dollars might not fill your future shopping cart, so plan accordingly. Are your comfortable with your risk profile? How much risk can you really stand – answer in real numbers, not percentages. Which hurts more: losing 10% of your portfolio or losing $50K? Using dollar figures when calculating your risk profile may make the risk feel “more real” than using percentages. Make sure to periodically check in with your financial advisor as your life changes. Major lifestyle events (new children, job, marriage, etc.) can trigger the need to update your risk tolerance. So the next time you change your status, make sure to alert your financial advisor, in case an adjustment in your investment strategy is in order. To learn more about The Money Guys, go to their website, or follow on Twitter @MoneyGuyPodcast. 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.
21 minutes | 4 months ago
Here’s Why Retirement Planning Tools Make a Difference
How can you know which is the best retirement planning tool in the market? When the stakes are high, there is little room for error. Find out Dr. Wade Pfau’s favorite retirement planning tools and strategies. He’s the Professor of Retirement Income at American College and a CFA©. Wade and Doug debate the wisdom of using reverse mortgages in order to use your home as a way to generate retirement income. They also discuss the benefits of using a “time segmentation strategy” or a “bucket strategy” for retirement planning. It’s okay to use some of your portfolio's principal Are you afraid to touch your investment principal, and only withdraw the interest? In today’s low-interest rate environment, living off of interest alone is nearly impossible. So how do you know how much principal is safe to withdraw? Doug encourages investors to create Monte Carlo simulations to find the right amount of principal to withdraw from your portfolio. He explains what these simulations are and how to schedule withdrawals throughout your retirement. Watch a short animated video that explains how using Monte Carlo simulations can help you fine-tune your financial plan. To learn more about Dr. Wade Pfau visit his website retirementresearcher.com or read his book, Reverse Mortgages: How to Use Reverse Mortgages to Secure Your Retirement. You can also find him on Twitter @WadePfau. 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.
7 minutes | 4 months ago
Exchange Traded Funds (ETFs) have been gaining popularity among investors for years since they are an easy way to get into the market and their fees tend to be lower than those of mutual funds. But how about leveraged ETFs? Are leveraged ETFs an easy way to increase your portfolio’s return or are they one of the least understood, riskiest investments that people are using today? Tune in to learn what a leveraged ETF is, and whether including them in your investment portfolio can boost your return or lead to ruin. For more information, visit the show notes at https://goldsteinongelt.com/investing-basics-strategies/leveraged-etfs
19 minutes | 5 months ago
Do Dual Citizens Need a Separate Will for Each Citizenship?
Should dual citizens have one will for assets they own in both countries, or will one will cover their global assets? Albert Goodwin, a New York attorney, speaks with Doug about the importance of Americans in Israel having an Israeli will. Albert has experience with helping people in New York, Miami, and Israel with estate plans. Albert advises, if you live in Israel, to definitely have an Israeli will. There is more red tape involved with trying to use a U.S. will in Israel, as foreign documents and official translations can complicate matters in court. There will be two probate proceedings in each country. A trust can eliminate the need to go to two courts. Are you setting up your children for financial success or failure? When the time comes to pass responsibility for finances to your children, choose who to trust with task wisely. Why do females get a bad rap when it comes to assuming financial responsibilities? Are you responsible for inadvertently propagating the stereotype? To learn more about passing the reins to the next generation, watch a replay of a seminar Doug gave on the topic. To learn more about Albert Goodwin visit www.NYEstatesLawyer.com to find out all about estate planning and his services. 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.
22 minutes | 5 months ago
Converting Labor Assets into Financial Assets
Your labor assets (your salary + future potential salary) might be your most important financial asset. Doug McCormick, the author of Family Inc., joins the show and explains how the CFO of your family should manage financial decisions, from labor decisions to estate planning. Are you the CFO of your family? Do you know how to take a big picture view of your family’s assets? Doug McCormick takes a holistic view that includes all aspects of family finances, including your labor asset – how much you can earn. The key is to think big, identify all your assets, and make sure that they work together. Does your family need a trust? Trusts date back to medieval England and the Crusades when knights entrusted the priests of the church to take care of their property while they were gone. The idea behind the creation of a trust is to depend on someone else to look after your property with your best interest in mind. Listen to learn about the different personalities involved in setting up a trust: the settler and the trustee. Benefits of having a trust include avoiding probate. Trusts also maintain privacy and can make things easier. To learn more about Doug McCormick visit FamilyInc.com or follow him on Twitter @doug_mccormick. You can also read his book Family Inc.. 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.
19 minutes | 5 months ago
Will Beginning Savings Early Lead to Exponential Growth?
Looking for exponential growth in your investments? The secret may be to start saving early. Beth Kobliner, The New York Times bestselling author of Get a Financial Life shares insights into millennials and their money. Beth and Doug discuss the financial pitfall of student loans and how having better information can help prevent unnecessary debt. They also talk about how millennials can grow their nest eggs by beginning saving and investing while they are still young. Why it’s important to have a basic understanding of how to manage your own money If you receive an inheritance, chances are in addition to receiving funds, you’ll also get a lot of financial advice from well-meaning family and friends. But some of their advice may not be appropriate for your situation. How can you sift through the advice and figure out what is relevant or not? If you have a clear understanding of basic money management and what realistic investment returns are, you’ll be in a much better position to decide what to do with your inheritance. Triage your response to first deal with urgent needs, then basic needs, and only then develop a financial plan that addresses your wants. To learn more about Beth Kobliner visit www.BethKobliner.com or follow her on Twitter @BethKobliner. You can also read her book Get a Financial Life or connect with her on Facebook @BethKobliner. 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. You can also watch Doug’s interviews on his Youtube channel.
20 minutes | 5 months ago
Handling a Bond Portfolio when Rates are Low and Corona Still Lurks
Corona is casting a giant shadow over all aspects of life. Even though the market may have begun to recover from its initial crash, nothing is smooth sailing. If you are too nervous to invest in the stock market now, bonds may look more enticing. While an expanded bond portfolio may lower your exposure to stock market risk, it may be difficult to invest in bonds when rates are low. Why interest rates are low The U.S. Fed set interest rates to about zero. If the interest rates on bonds is low, the government can borrow more money without paying so much interest. This way Uncle Sam can borrow enough money to pay out the money it promised in the economic stimulus package to its citizens. Far-sighted companies may also borrow money at low rates, looking to fund future projects with what can seem like “free money.” How can the government get rid of its debt? Print more money – the more money in circulation means inflation, and each dollar is worth less – this causes the potential for inflation Increase taxes Cut spending What are some good specific fixed-income strategies? Even with low interest rates, there are reasons to invest in bonds and other fixed-income investments. Listen for an explanation of specific strategies using bonds for diversification and corporate bonds.
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