Why I'm NOT Recommending Trump Accounts and How To Save For Kids Instead | E80

Why I'm NOT Recommending Trump Accounts and How To Save For Kids Instead | E80

In this episode, I talk about why I am not recommending Trump Account contributions beyond any free money, and how to save for your kids instead. Key Timestamps: * 00:00 Introduction and What Trump Accounts Are * 03:56 Problem 1: Kiddie Tax * 07:07 Problem 2: Inflexibility * 08:44 Problem 3: State Taxes * 10:24 How to Save for Kids * 15:14 Summary and Wrap Up Resources Mentioned: * Trump Account Website to Open and Manage Accounts [https://trumpaccounts.gov/] * $250 Dell Foundation Contribtuon Zip Code Lookup [https://investamerica.org/dell/] ‍ More of Baskin Financial Planning: Think you might be a good fit form my firm? ⁠⁠⁠⁠⁠⁠Join the waitlist here! [https://www.baskinfp.com/start] Questions or comments, drop me a note at: ⁠⁠erik@baskinfp.com⁠⁠ [erik@baskinfp.com] ⁠⁠www.baskinfp.com/post/80 [https://www.baskinfp.com/post/80]

Impacts of the Iran War on Markets and Personal Finance | E79

In this episode, I talk about the Iran War and its' implications on markets and personal finance. ‍ Key Timestamps: * 00:00 Introduction * 01:47 How Markets React to Wars * 04:20 Oil, Inflation, and Interest Rates * 8:01 Personal Finance Takeaways * 11:40 Wrap Up and Disclaimer Resources Mentioned: * Investopedia article on the impact of war on markets across time [https://www.investopedia.com/the-impact-of-war-on-the-stock-markets-what-investors-need-to-know-11918505] * Inflation Adjusted Barrel of Oil History Price Chart [https://www.macrotrends.net/1369/crude-oil-price-history-chart] * U.S. Gas Per Gallon Price over history [https://fred.stlouisfed.org/series/GASREGW] * Mortgage Rate Chart [https://www.mortgagenewsdaily.com/mortgage-rates/30-year-fixed] ‍ More of Baskin Financial Planning: Think you might be a good fit form my firm? ⁠⁠⁠⁠⁠⁠Join the waitlist here! [https://www.baskinfp.com/start] Questions or comments, drop me a note at: ⁠⁠erik@baskinfp.com⁠⁠ [erik@baskinfp.com] ⁠⁠www.baskinfp.com/post/79 [https://www.baskinfp.com/post/79]

The Top 5 Most Impactful Personal Finance Books I've Ever Read | E78

In this episode, I talk about the top 5 most impactful personal finance books I've ever read that I would recommend you check out in the new year! ‍ Key Timestamps: 00:00 Intro and Top 5 Personal Finance Books Overview 00:51 Book 1: The Psychology of Money 02:05 Book 2: Your Money or Your Life 03:25 Book 3: Die With Zero 05:29 Book 4: A Random Walk Down Wall Street 06:37 Book 5: The Millionaire Next Door 07:57 Conclusion and Additional Resources ‍ Resources Mentioned: * Psychology of Money- Morgan Housel [https://www.amazon.com/Psychology-Money-Timeless-lessons-happiness/dp/0857197681/ref=sr_1_1?crid=3MN1E7BGWRGR&dib=eyJ2IjoiMSJ9.1Ej9TpPoVuWM_km1joB3incFp5khmwZcBTkG6KyVCjz_N7oOUjz8HbxkMM7Ddz_yoaoSPg43c9XQ1yASRmwXsldUMqHuMYycME_q4dt8baXPo9_fQtzY23FX-MDC9SDCwMIJCFL8nHzMx1sIDgm5wLeo0WdO2UcwSPYrr4K5uVwfS0GRdRfOOaZd19i1Sw-5ODyLY7X6kqzl3zHMiC3PQI8yKOxB7kbUPZs9ScWdZFE.C9OH6GZe9q65Deha5WPJZRqIiQU78idvXyh0IXGzF0U&dib_tag=se&keywords=psychology+of+money&qid=1768931683&sprefix=psycholog%2Caps%2C163&sr=8-1] * Your Money or Your Life - Vicki Robin [https://www.amazon.com/Your-Money-Life-Transforming-Relationship/dp/0143115766/ref=sr_1_1?crid=3KNM8HAZRJDUL&dib=eyJ2IjoiMSJ9.ROTP4kQNGCVZuySXKNHBNY-6hR3gdi6vMWwnK-3yMX_SzzpYH2Govw5u-8hO3TwON02fgHuxDZwEXRccH2anOjNDM-VJfOuPjDn_DROR2LsDGAz9Bi05me46n5DoUrKouMNFGAsm5zyOpa25i_16NwId7hoV2Z1FE7vvSOo4DLdz5fN7gDOWiiTIw30Z4yxIrwMXO9mUzdpoTEuMIolPUIuG7Of8hoNyJFTwP5tnepA.uLf36b6n_doxB5maNgu4Q692AqQX8GWx_EBhYaHNzG4&dib_tag=se&keywords=your+money+or+your+life&qid=1768931736&sprefix=your+money+%2Caps%2C178&sr=8-1] * Die With Zero- Bill Perkins [https://www.amazon.com/Die-Zero-Getting-Your-Money/dp/0358567092/ref=sr_1_1?crid=BOQO5TQRQ3PH&dib=eyJ2IjoiMSJ9.HUNGjW6LkGMLKjGS3Fgr52-T9PCY1iyieM2padyFrIAe5riXcDwlCxsb7XAAiSnxQOTSbKqpIDCd6tcKJMMfiq_4b3523OanwgheJR9ZhjfKR_KNtFPycSZwffm_hMCJN3rArZpWQHd4HnLhp_-cdqif_6YVYQBz4R0Hv3AJ2WwK5fGDVVvejNw6iZRYeyRA7Tqvpbd6pEOZBwTYNm7gKswWkum2-5A-8JafX5MwYvc.cO-QbnUZSoK1c6R5Y32bhYs8psWMrpvWfbadEc6Xf2Q&dib_tag=se&keywords=die+with+zero&qid=1768931752&sprefix=die+with+zero%2Caps%2C155&sr=8-1] * Random Walk Down Wallstreet- Burton Malkiel [https://www.amazon.com/Random-Walk-Down-Wall-Street/dp/1324035439/ref=sr_1_1?crid=3UUS9R5DUH7J0&dib=eyJ2IjoiMSJ9.HLyZSgm0AwR5n310-7GvwdXGOYwy0rov6I5eSVmctNYGyClF8SLzBINWYd2f8X81BriXQFYx1sHE3gyIZODLYh6bXfjkx433Uh5plHaSq0QVyKrUTRUAzM0-k5I2EM4-d_871s4Z6vqbM2-GoxoMnx33EU5EEZoDNbeIOIuFXccZnJEuWeW5tD2ocnnasgJTou5AK2KeVcPnmItqDW-VFvwo6ietlcRECgkzt7Ihxtg.XG5CZH0XVuI_ewHmnAzJADhp6vA_-Wsy9CyW1EW7w_Q&dib_tag=se&keywords=a+random+walk+down+wall+street&qid=1768931766&sprefix=random+walk%2Caps%2C161&sr=8-1] * The Millionare Nextdoor-  Dr. Thomas Stanley [https://www.amazon.com/Millionaire-Next-Door-Surprising-Americas/dp/1589795474/ref=sr_1_2?crid=34Q7LKCJCAK5Z&dib=eyJ2IjoiMSJ9.EbfBcUqpmZAV3USV90iilFvKUxeyQCMvkGz-CCos2WSP_PCsAaUf10EcQJssBeJdiL3AqA5r4deZ_VTdyMuejlAhHB-5YkHlCPXd_6BEu0hUh1xs33xcBuKHWdYrA25huCUUbPndu7Mki90_CfsIj_VinzEzqdtstW_P2gXZj591WgkCdkDlOyfq5pkZ7x67fqGdV3YwMgknh4O5tGfAVEfFSSTnwBLdLkG_1tUSraM.Y2Aybn_CoGWUdQkbSX-wK-Wag8vvAmmBXglhge_1XEs&dib_tag=se&keywords=thomas+stanley+books&qid=1768931856&sprefix=thomas+stanley+boo%2Caps%2C160&sr=8-2] Follow me on Goodreads [https://www.notion.so/Top-5-Personal-Finance-Books-I-Would-Recommend-2935580e44b180579091c88f4b54f3ec?pvs=21] More of Baskin Financial Planning: Think you might be a good fit form my firm? ⁠⁠⁠⁠⁠⁠⁠⁠Join the waitlist here!⁠⁠ [https://www.baskinfp.com/start] Questions or comments, drop me a note at: ⁠⁠⁠⁠erik@baskinfp.com⁠⁠⁠⁠ [erik@baskinfp.com] ⁠⁠www.baskinfp.com/post/78 [https://www.baskinfp.com/post/78]

Investments That are Too Good to be True | E77

‍In this episode, I talk about red flags to look for in investments that are too good to be true, including three real life examples I've seen in my financial planning practice. Key Timestamps: 00:00 Introduction and Announcements 01:20 Core Principles of Sound Investing 02:20 Identifying Red Flags in Investment Opportunities 04:34 Real-World Examples of Investment Scams 09:02 Protecting Yourself from Investment Scams 09:50 Conclusion and Final Thoughts Resources Mentioned: Bernie Madoff FBI Case [https://www.fbi.gov/history/famous-cases/bernie-madoff] Paul Regan Fraud Scheme 2024 [https://www.wsj.com/finance/investing/federal-prosecutors-charge-financier-who-offered-guaranteed-high-yields-fa9592c6?gaa_at=eafs&gaa_n=AWEtsqeCKzoo5KhE73GF93ACHHvS3CRpOtGDlQkJXbA-paYih9NISx_xC6LwPBrCTvU%3D&gaa_ts=691ce054&gaa_sig=SbYbRji_jz-qRIQ2NcSiIRZDVuKjBFq0LAsNuwI7oUgqT7gQ-pqR0ApM81m8iOLtCeW5HKpUBXzEgJziZPrE5w%3D%3D] ‍ More of Baskin Financial Planning: Think you might be a good fit form my firm? ⁠⁠⁠⁠⁠⁠⁠⁠Join the waitlist here!⁠⁠ [https://www.baskinfp.com/start] Questions or comments, drop me a note at: ⁠⁠⁠⁠erik@baskinfp.com⁠⁠⁠⁠ [erik@baskinfp.com] ⁠⁠www.baskinfp.com/post/77 [https://www.baskinfp.com/post/77]

The Most Tax-Efficient Ways to Give to Charity |E76

‍In this episode, I go through the three tax-efficient strategies for maximizing the value of your charitable giving. ‍ Key Timestamps: 00:00 – Intro 01:25 – Standard deduction explained 04:40 – Strategy 1: Bunching 05:46 – Strategy 2: Donor-Advised Funds 07:04 – Strategy 3: QCDs 08:41 – Recap & final thoughts Resources Mentioned: Episode 37 on Donor Advised Funds (DAFs) [https://www.baskinfp.com/post/37-donor-advised-funds-one-of-the-most-powerful-tax-planning-tools] ‍ More of Baskin Financial Planning: Think you might be a good fit form my firm? ⁠⁠⁠⁠⁠⁠⁠⁠Join the waitlist here!⁠⁠ [https://www.baskinfp.com/start] Questions or comments, drop me a note at: ⁠⁠⁠⁠erik@baskinfp.com⁠⁠⁠⁠ [erik@baskinfp.com] ⁠⁠www.baskinfp.com/post/76 [https://www.baskinfp.com/post/76]