Listen Now

Are you ready for some spring cleaning? More than just your closet or garage, you might want to assess what’s in your financial closet. You might not want to address everything in there, but it would be wise to review it with your advisor. We’ve all made bad financial decisions, you just have to learn from them. In this episode, Brian shares some tips on how to clean up your financial closet.  Here’s what you’ll learn on today’s show: Visiting with a financial advisor is like opening up a financial closet. (1:39) Why Brian enjoys the process of organizing financial messes. (5:50) How can you start to begin organizing your financial life? (8:19) Mailbag: Business owner, ready to retire. What now? (11:50)   Mailbag: Do I have to take a distribution every year on an inherited IRA? (18:55)   Get Additional Information: https://financialplanningva.com/podcast/  

From financial plans to home remodeling, it’s common to be tempted to DIY your way there. But should you? When you do it on your own, you may be swayed by emotions or confusion. Financial planning can be complicated. Have you thought about taxes or estate planning or when to withdraw and from where?   Having a financial advisor can help navigate those emotions and decisions so you can feel more at ease. From retirement income to tax strategies on an investment property, Brian shares what options you might have.    Here’s what you’ll learn on today’s show:  Why shouldn’t you plan retirement by yourself? (0:12) What having a pension can look like. (4:06) Tax planning plays a key role in financial planning. (7:42) Is there such thing as guaranteed income in retirement? (11:14) Bonds are more predictable but still not guaranteed. (15:47) Mailbag: What do we do about the taxes on selling our lake house? (18:46)   Get Additional Information: https://financialplanningva.com/podcast/  

If you are a small business owner (or want to be), there are a lot of financial decisions you have to make. From investing in the right industries to knowing how to sell the business when you are ready to retire, a good financial advisor can point you in the right direction. Brian answers three questions from the mailbag that cover selling a business, being strategic about your business taxes, and learning more about real estate investment trusts vs. owning real estate.  Here’s what you’ll hear on today’s show:    ·        Mailbag: What should I know about selling a business to retire? (0:12) ·        Mailbag: Where do we begin with business taxes and depreciation? (11:11) ·        Mailbag: What is real estate investment trust? (18:07) Get Additional Information: https://financialplanningva.com/podcast/

There are a number of common questions that come up around owning a home. From paying off the mortgage quick to selling off several acres of land, Brian shares what you need to know about this important asset. You may be surprised to learn how important your tax strategy is when it comes to real estate investments.   Here’s what you’ll hear on today’s show:  Should I try to pay off my home quickly? (0:27) Your first call should be to a financial planner before a realtor before selling major real estate. (2:21) Tax strategies can impact your financial decisions about selling real estate. (4:35) How has Brian helped women navigate becoming a widow from a financial standpoint? (11:31) Mailbag: Should I have all my investment, taxes, and legal documents all handled by the same firm? (19:34)   Get Additional Information: https://financialplanningva.com/podcast/  

When you own a business, you have a lot to care for. While you’re busy juggling everything to keep the business going, you might be overlooking these five dangerous things that can leave you in a lurch should you one day face them. Instead of winging it, make a plan and prepare for the possibility of one of these five things: divorce, disability, distress, disagreement, and death.     You might not know when you’ll exit the business if one of these things come up, so make a transition plan now to protect what you’ve built.     Here’s what you’ll learn on today’s show:  What are the five D’s that challenge business owners? (0:21) How can you better prepare? (4:30) What happens when a spouse inherits the business after a death? (8:20) Mailbag: What can we do about capital gains taxes before moving? (12:31) How you can others with charitable giving. (19:52)   Get Additional Information: https://financialplanningva.com/podcast/

Brian Bowen has his Certified Exit Planning Advisor (CEPA) designation, which means he’s in a unique position to advise busines owners in that transition process out. So many things could go wrong and a CEPA can be a huge asset to you, your family, and your future.    In this episode, we’ll talk about the role the CEPA plays in the process and the decisions that need to be made during this exit process. If you’re a business owner and haven’t started thinking about retirement, this episode should be very valuable.   Here some of what we discuss today: ·      What is a Certified Exit Planning Advisor? (0:46) ·      An example question from the CEPA exam. (6:00) ·      A Yogi Berra quote that applies to financial planning. (10:31) ·      “A nickel ain’t worth a dime anymore.” (15:19)   Get Additional Information: https://financialplanningva.com/podcast/  

Real estate can be a very lucrative investment but it can also be an extremely difficult piece of the portfolio to manage. There are highs and lows to real estate, but like everything else in the financial planning world, it may or may not be a good tool for you. In this episode, we have two great questions to answer that deal with managing real estate investments and the taxes associated with them. Brian will break down both of the questions and work through the process he would typically take to help someone determine an answer.   Here are the questions Brian answers today: ·      Mailbag question about minimizing taxes on real estate investments.  (0:15) ·      Mailbag question on whether investing in an apartment property is worth it. (8:17)   Get additional financial resources here: https://financialplanningva.com/podcast/

With tax season upon us, you might be wondering what areas you can save on with your taxes. The goal is to keep as much of your own money as possible and proper planning can help you accomplish that. Today we'll answer two questions from the mailbag about taxes.  Here are the questions Brian answers today: Mailbag: How can I save on taxes on a building purchase? (0:17) What is a 1031 exchange? (3:09) Mailbag: How can I help save on taxes as a successful business owner? (6:42)   Get Additional Information: https://financialplanningva.com/podcast/

What does it mean to invest like a genius? We talk about the common characteristics among intelligent people and how you can apply those characteristics to your investing strategies. Then, Brian answers two questions from the mailbag about money in retirement.   Here’s what we discuss on today’s show: Highly intelligent people are adaptable. (0:42) Geniuses understand how much they don’t know. (2:52) Talking about your mistakes helps. (6:52) Mailbag: Ready to sell my business to retire. Should I set up a trust? (10:49) Mailbag: Do I have enough to retire? (17:47)   Get Additional Information: https://financialplanningva.com/podcast/

How are your resolutions doing so far? If you haven’t made any yet or have dropped the ones you started, maybe it’s time to pick up some financial resolutions. Brian talks about what you’ll want to do to get the year started off right. Then we talk about some things that happen in life, good and bad, and how to prepare for them financially. Here’s what we discuss on today’s show: What financial resolutions should you adopt? (0:12) Do you understand what you’re invested in? (4:12) Stop giving away retirement money in hidden fees. (5:59) Get a financial review when moving to a new job. (11:04) Receiving an inheritance is easier to walk through with an established relationship with an advisor. (12:32) Saving in an HSA can help with medical expenses now and later. (15:09) Prices are going up. (18:19)   Get Additional Information: https://financialplanningva.com/podcast/

If inflation is the silent killer of retirement planning, what can you do about it? On today's show, Brian talks through the rule of 72, how it relates to inflation, and how understanding this rule can impact your financial plan. Whether it’s real estate, the stock market, or business growth, apply the rule of 72 to see how long it takes to grow your money into what you need. We'll also talk about how people handle risk throughout their lives and how risk, inflation, and stock market volatility play into your financial plan. Show Highlights:  Is the rule of 72 to be followed? (0:12) The older you get, the less you're open to risk. (5:45) Remember to stick with your financial plan. (10:18) What do richer Americans have in common? (14:51) Get Additional Information: https://financialplanningva.com/podcast/

We all want to know that we have enough for retirement when the time comes. Brian answers a question from the mailbag from someone who previously thought she couldn’t afford retirement but has since realized her pension would provide more than she thought. Is it enough to retire though? How do you figure that out? Here are the listener questions Brian answers today: Mailbag: Should I pay off a home with my inheritance? Which one? (0:12) Mailbag: Do I have enough to retire with my pension? (11:31) Get Additional Information: https://financialplanningva.com/podcast/

You may have heard of a donor-advised fund, but is that really what you should have as a part of your financial plan? Brian talks about another option you might want to know about: charitable trusts. He shares more about the different types of charitable trusts and why you might want to consider them. Then, he plays “fact or fiction” about these financial ideas and decisions. Here’s what you’ll learn about on today’s show:  The benefits of charitable trusts vs. donor-advised funds. (0:12) Fact or fiction: the media can be your biggest enemy. (10:28) Fact or fiction: Emotions are rarely your friend when making financial decisions. (11:15) Fact or fiction: The market always moves in cycles. (13:03) Fact or fiction: You probably aren’t as risk-tolerant as you think. (14:34) Get Additional Information: https://financialplanningva.com/podcast/

Some of the greatest coaches inspire their teams to do well. Today we look at quotes from famous coaches and apply the same wisdom to our financial lives. Then, we discuss the seven deadly sins and how to avoid them when saving, spending, and strategizing with your money. Here’s what you’ll learn on today’s show: “Nobody who ever gave his best regretted it.” (0:13) “Your problems never cease, they just change. (5:51) “Adversity is an opportunity for heroism.” (7:08) What are the seven deadly sins of retirement? (9:20) The number one problem with men when investing. (9:37) Keeping up with the Joneses relates to this sin. (16:47) Anger can cause your judgment to be clouded. (18:33) How do you weed out greed? (19:27) Get Additional Information: https://financialplanningva.com/podcast/

“Making a list, checking it twice, going to find out who’s naughty or nice…” Which of these financial advisor scenarios would put an advisor on the naughty list? Brian shares what he thinks about these situations and what is expected of a trustworthy advisor. Which one of these things are naughty and which ones are nice? Listen to find out! Limiting client meetings to once a year. (0:24) Having an asset minimum for prospective clients. (4:20) Making changes without a discussion with the client. (7:41) Refusing to wire money without a verbal confirmation. (10:09) Providing only positive testimonials. (13:43)   Get Additional Information: https://financialplanningva.com/podcast/

Mutual funds have been a popular way to invest, but are they what’s best for your financial plan? Brian talks about what happens with a mutual fund, who has them, and what might be a better fit instead. According to Brian, mutual funds are kind of like driving a 1987 Astrovan. Is that the kind of vehicle you want to travel in?    Here’s what you’ll learn about mutual funds on the show: Mutual funds are popular, but do people really understand them? (0:13) If you want a tax-efficient portfolio, what strategy should you use? (4:00) What can you do about taxes? (6:01) What is the complimentary blueprint plan? (7:12) Mailbag: What’s my first step to selling a $5M business? (9:41) Home sales fell in September. What’s happening in the housing market? (16:15) Get Additional Information: https://financialplanningva.com/podcast/

Before we close out 2022, have you considered whether or not a Roth conversion is the right move for you? Brian talks a lot about Roth conversions on the show, and today gives examples of how it can pay off in the long-run. Then we talk about the reasons why people hold onto too much cash and how to invest it better. Here’s what you’ll learn from today’s podcast: Now might be the time to do a Roth conversion if you meet some of these criteria. (0:12) What mistakes do people make with Roth conversions? (7:25) When and why should you have cash on hand? (10:52) What’s the best way to invest more efficiently? (15:13) How can donor-advised funds work? (20:11) Get Additional Information: https://financialplanningva.com/podcast/

As we prepare for Thanksgiving, a lot of us are giving thanks for what we have. Many are also considering making charitable gifts to different charities before the year ends. Brian talks about the value of charitable giving and also explains the rules behind the gift tax. But first, he answers two questions from the mailbag. Here’s what we talk about on today’s show: What am I most likely to mess up with my retirement without an advisor? (0:15) What should I know about a DST? (4:18) What are the charitable gift tax rules? (9:21) Why does Brian promote charitable giving? (19:33) Get Additional Information: https://financialplanningva.com/podcast/

Financial planning is not the same for everybody, so it’s important to have a plan. Living below your means, saving, and investing can get you far. Just like Mr. Miyagi in the movie Karate Kid teaches discipline, you need to have discipline with your financial plan. Then, we talk about why some people don’t want to retire.  Here’s what we talk about on today’s show: What can we learn from Mr. Miyagi in Karate Kid? (0:26) You don’t need to know everything to succeed. (4:25) Success doesn’t happen overnight. (5:38) Why would someone not want to retire? (9:51) What if you don’t have enough money to retire? (13:59) Get Additional Information: https://financialplanningva.com/podcast/

What kind of questions and concerns do people have with the stock market right now? A lot is happening with a volatile market, so how does Brian respond? What kind of financial decisions should you make with your investments? Brian shares what strategies have worked for some of his clients. Here are the scenarios we discuss on today’s show: Mailbag: What are my options to reduce taxes when selling an apartment building? (0:12) What concerns do people have about the stock market? (10:54) Does it make sense to put your money in cash? (16:03) Get Additional Information: https://financialplanningva.com/podcast/