Common Sense Financial Podcast

“The more money you have, the bigger the mistakes,” someone once told Brian… How does that translate into retirement planning? And how can you help ensure you approach your financial planning for your “golden years” in the best possible way? In this new episode of the Common Sense Financial Podcast, host Brian Skrobonja goes over five retirement mistakes that you should stay away from at all costs, as well as what retirement is actually about. Brian touches upon something that a very successful person told him when he was getting started with his business back in 1993: ‘The more money you have, the bigger the mistakes.’ With his desire to work hard and strong work ethic, Brian quickly became successful. But there was a problem with his approach – Brian opens up about that. Brian shares some of the retirement mistakes he has seen people make in his 30-year career. Having a distorted view of what wealth really is and having what Brian calls “vertical diversification” are two common mistakes Brian has seen over and over again in his career. There are many factors to consider when attempting to diversify. You shouldn’t believe that a bank account and a portfolio of public investments are all that’s available to you as you move your diversification horizontally. Brian points out a common practice to avoid: making an investment decision based on the tax deduction alone. When making decisions regarding how you save money, Brian suggests considering how you’ll ultimately use the money. Brian discusses why you shouldn’t have too much dependency on markets nor having complacency. Brian sees retirement as a balancing act between growing money for the future while drawing income for your retirement needs. Mentioned in this episode: BrianSkrobonja.com   Securities offered only by duly registered individuals through Madison Avenue Securities, LLC. (MAS), Member FINRA & SIPC. Advisory services offered only by duly registered  individuals through Skrobonja Wealth Management (SWM), a registered investment advisor. Tax services offered only through Skrobonja Tax Consulting. MAS does not offer Build Banking or tax advice. Skrobonja Financial Group, LLC, Skrobonja Wealth Management, LLC, Skrobonja Insurance Services, LLC, Skrobonja Tax Consulting, and Build Banking are not affiliated with MAS. The firm is a registered investment adviser with the state of Missouri, and may only transact business with residents of those states, or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements. Registration with the United States Securities and Exchange Commission or any state securities authority does not imply a certain level of skill or training. Advisory services are only offered to clients or prospective clients where Skrobonja Wealth Management, LLC and its representatives are properly licensed or exempt from licensure. This website is solely for informational purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be  rendered by Skrobonja Wealth Management, LLC unless a client service agreement is in  place. Skrobonja Financial Group, LLC provides links for your convenience to websites produced by other providers of industry related material. Accessing websites through links directs you  away from our website. Users who gain access to third party websites may be subject to the copyright and other restrictions on use imposed by those providers and assume responsibility and risk from use of those websites. Any references to protection, safety or  lifetime income, generally refer to fixed insurance products, never securities or investments. Insurance guarantees are backed by the financial strength and claims paying abilities of the  issuing carrier. This is intended for informational purposes only. It is not intended to be used as the sole  basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation. Our firm is not permitted to offer, and no  statement made on this site shall constitute tax or legal advice. Our firm is not affiliated with or endorsed by the U.S. Government or any governmental agency. The information and  opinions contained here in provided by third parties have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by our firm. Any media logos and/or trademarks contained herein are the property of their respective owners and no endorsement by those owners of Brian Skrobonja is stated or implied. The awards, accolades and appearances are not representative of any one client’s experience and is not indicative of future performance. Each of these awards have set criteria for their nominations and eligibility requirements. “Best Wealth Managers” and “Future 50 Company” are annual surveys conducted by Small Business Monthly. The winner is chosen by an online vote of the general public and no specific criteria is utilized to determine the winner other than number of votes. Some voters may not be clients of Brian Skrobonja and Skrobonja Financial Group. These awards are not representative of any one client’s experience and is not indicative of future performance.

Are you part of that 68% of people who would like to have a personalized financial plan, but aren’t sure where to find a financial advisor? What should you pay attention to when trying to get a financial planning expert to help you, and you’re evaluating different options? In this new episode of the Common Sense Financial Podcast, host Brian Skrobonja shares six factors you should keep into consideration and look at when going through different financial advisor options. According to a May 2022 PR Newswire survey, 68% of people would like to have a personalized financial plan, but they’re not sure where to find a financial advisor. Brian sees information-gathering and understanding that planning isn’t the same as investing are the biggest mental hurdles of financial planning. When it comes to picking a financial advisor, there are six primary factors Brian suggests looking at. A 2022 study found that 80-90% of advisors fail in the first three years of practice – the main reason being the steep learning curve involved in serving clients. 10 years is the minimum that Brian would look for in terms of experience a financial advisor has. Brian discusses the different designations a financial advisor might have. Brian touches upon the importance of whether a financial advisor owns the company and the range of services they offer.     Mentioned in this episode: BrianSkrobonja.com Dan Sullivan Chat GPT FINRA  The Financial Fiduciary Standard Explained (2021 Kipliger article by Brian)   Reference for this episode: https://www.prnewswire.com/news-releases/nearly-3-in-5-americans-59-want-financial-advice-but-are-not-sure-where-to-get-it-according-to-intelliflo-survey-301494402.html     Securities offered only by duly registered individuals through Madison Avenue Securities, LLC. (MAS), Member FINRA &SIPC. Advisory services offered only by duly registered individuals through Skrobonja Wealth Management (SWM), a registered investment advisor. Tax services offered only through Skrobonja Tax Consulting. MAS does not offer Build Banking or tax advice. Skrobonja Financial Group, LLC, Skrobonja Wealth Management, LLC, Skrobonja Insurance Services, LLC, Skrobonja Tax Consulting, and Build Banking are not affiliated with MAS. Skrobonja Wealth Management, LLC is a registered investment adviser. Advisory services are only offered to clients or prospective clients where Skrobonja Wealth Management, LLC and its representatives are properly licensed or exempt from licensure.  The firm is a registered investment adviser with the state of Missouri, and may only transact business with residents of those states, or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements. Registration with the United States Securities and Exchange Commission or any state securities authority does not imply a certain level of skill or training. Past performance is no guarantee of future returns. Investing involves risk, including the potential loss of principal. It is not possible to invest in an index. Any references to protection, safety or lifetime income, generally refer to fixed insurance products, never securities or investments. Insurance guarantees are backed by the financial strength and claims paying abilities of the issuing carrier. This video is intended for informational purposes only. It is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual's situation. Our firm is not permitted to offer and no statement made during this presentation shall constitute tax or legal advice. Our firm is not affiliated with or endorsed by the U.S. Government or any governmental agency. The information and opinions contained herein provided by third parties have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by our firm.

You feel healthy so everything is okay, right? Have you ever thought that health planning should be part of your retirement planning efforts? If you’ve answered ‘yes,’ pay close attention to Regan Archibald! Regan joins host Brian Skrobonja to discuss how people should approach health planning, the world of preventive care, the role of nutrition, and why longevity medicine is something you should be mindful of. Regan Archibald kicks off the conversation by sharing his origin story. In his work with entrepreneurs, Regan has found that when people focus on creating more balance and focus on their health, their business improves – and so does everything else. One of the major health issues both Regan and Brian have noticed is that many people think that if they feel okay, everything is okay… Regan stresses the importance not only to focus on a certain problem (like high blood pressure) but on trying to understand its cause (so, asking “Why is my blood pressure high?”). Regan illustrates how longevity medicine and financial planning share some of the same characteristics. “Peptides have been one of the most exciting developments,” says Regan. He explains why that’s the case. Regan believes that people should approach their health insurance the same way they approach their car insurance. What’s a good amount to budget toward health planning? For Regan, the answer to that is $15k/year. For Regan, making your health the #1 priority so that you feel it internally, is an excellent way to get started with health planning. Brian and Regan talk about what working with Regan actually looks like, and discuss diets and how to approach nutrition.     Mentioned in this episode: BrianSkrobonja.com ThePeptideExpert.com Unreasonable Health Podcast The Peptide Blueprint: Achieving Optimal Health and Performance at Any Age Never Stop Healing: The Unknown Shortcuts With Peptides for an Extraordinary Life EastWest Health Dan Sullivan Peter Diamandis Bryan Johnson Charles Schwab Head Strong: The Bulletproof Plan to Activate Untapped Brain Energy to Work Smarter and Think Faster by Dave Asprey Chat GPT   Skrobonja Financial Group, LLC, Skrobonja Wealth Management, LLC, MAS and Regan Archibald are not affiliated entities. NO compensation has been exchanged between Brian Skrobonja and Regan Archibald.   Securities offered only by duly registered individuals through Madison Avenue Securities, LLC. (MAS), Member FINRA & SIPC. Advisory services offered only by duly registered  individuals through Skrobonja Wealth Management (SWM), a registered investment advisor. Tax services offered only through Skrobonja Tax Consulting. MAS does not offer Build Banking or tax advice. Skrobonja Financial Group, LLC, Skrobonja Wealth Management, LLC, Skrobonja Insurance Services, LLC, Skrobonja Tax Consulting, and Build Banking are not affiliated with MAS. The firm is a registered investment adviser with the state of Missouri, and may only transact business with residents of those states, or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements. Registration with the United States Securities and Exchange Commission or any state securities authority does not imply a certain level of skill or training. Advisory services are only offered to clients or prospective clients where Skrobonja Wealth Management, LLC and its representatives are properly licensed or exempt from licensure. This website is solely for informational purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be  rendered by Skrobonja Wealth Management, LLC unless a client service agreement is in  place. Skrobonja Financial Group, LLC provides links for your convenience to websites produced by other providers of industry related material. Accessing websites through links directs you  away from our website. Users who gain access to third party websites may be subject to the copyright and other restrictions on use imposed by those providers and assume responsibility and risk from use of those websites. Any references to protection, safety or  lifetime income, generally refer to fixed insurance products, never securities or investments. Insurance guarantees are backed by the financial strength and claims paying abilities of the  issuing carrier. This is intended for informational purposes only. It is not intended to be used as the sole  basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation. Our firm is not permitted to offer, and no  statement made on this site shall constitute tax or legal advice. Our firm is not affiliated with or endorsed by the U.S. Government or any governmental agency. The information and  opinions contained here in provided by third parties have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by our firm. Any media logos and/or trademarks contained herein are the property of their respective owners and no endorsement by those owners of Brian Skrobonja is stated or implied. The awards, accolades and appearances are not representative of any one client’s experience and is not indicative of future performance. Each of these awards have set criteria for their nominations and eligibility requirements. “Best Wealth Managers” and “Future 50 Company” are annual surveys conducted by Small Business Monthly. The winner is chosen by an online vote of the general public and no specific criteria is utilized to determine the winner other than number of votes. Some voters may not be clients of Brian Skrobonja and Skrobonja Financial Group. These awards are not representative of any one client’s experience and is not indicative of future performance.

What comes to mind when you think about retiring? Is it enjoying your "golden years"? That's an outdated approach, says today's guest Dean Jackson! He joins host Brian Skrobonja to discuss a new way to think about retirement – and how doing things this way will change your life – the concept of "pre-tiring," two types of economy, and what "money hobby" and self-managing companies are all about. The idea of the conversation with Dean came to Brian as the result of conversations he has been having with clients, plus the increased longevity and the outdated models that are still presented as the tools to approach retirement planning. From an early age, Dean realized the difference between what Dan Sullivan calls the time & effort economy, and the results economy. In the first type of economy. you get paid a fixed amount for your time and effort, whereas in the latter. you’re paid by the results you create. Dean has been “pre-tiring” since 1999, splitting his time between Canada and Florida. For Dean, trying to define what success means to you and what your ideal lifestyle looks like are key aspects to reflect on. Society has been structured in a way where people worked with an eye on retirement, where they would spend their golden years. Now, things have changed. As Dean points out, there are billions of definitions of what "a perfect life" looks like, and "everyone’s in possession of what could be a perfect life in their definition." The key is filling the blank, using your own situation and words, in regards to the sentence "I know I’ll be successful when ____." Rehearsing for retirement is one of the things Brian has been helping clients with. Retirement is a transition, so being prepared for it is crucial. Dean believes that one of the important steps to take to prepare for the transition into retirement is what he calls "money hobby." Find something you’re truly passionate about and look at whether you can turn it into some kind of business, like the Ryan’s Toys YouTube channel, for example. Brian thinks that retirement isn’t an age but a mindset. You can retire at 65 or at 35 if you have the right mindset and path to run down to create passive income. Citing Dan Sullivan’s ideas and work, Dean and Brian touch upon the whole idea of life extender and making your future bigger than your past. For Dean, it isn’t about how to do something but who can get something done for your company. You should decide whether you want to find a who that can help you with a specific thing – you can then turn into a business – or become that who yourself, for someone else’s business, and do the what you really love. Dean talks about the so-called eight profit activators, a blueprint that’s universally applicable to all businesses. It’s about looking for opportunities to activate profits in any of the eight areas.     Mentioned in this episode: BrianSkrobonja.com Previous episode - Retirement is Not an Age DeanJackson.com Dan Sullivan - StrategicCoach.com/our-team/#/people/dan-sullivan Tony Robbins’ New Money Master program Thomas Leonard Shopify.com Ryan’s World on YouTube Chat GPT   Brian, Dean Jackson and MAS are not affiliated entities.   Securities offered only by duly registered individuals through Madison Avenue Securities, LLC. (MAS), Member FINRA & SIPC. Advisory services offered only by duly registered individuals through Skrobonja Wealth Management (SWM), a registered investment advisor. Tax services offered only through Skrobonja Tax Consulting. MAS does not offer Build Banking or tax advice. Skrobonja Financial Group, LLC, Skrobonja Wealth Management, LLC, Skrobonja Insurance Services, LLC, Skrobonja Tax Consulting, and Build Banking are not affiliated with MAS.The firm is a registered investment adviser with the state of Missouri, and may only transact business with residents of those states, or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements. Registration with the United States Securities and Exchange Commission or any state securities authority does not imply a certain level of skill or training. Advisory services are only offered to clients or prospective clients where Skrobonja Wealth Management, LLC and its representatives are properly licensed or exempt from licensure. This website is solely for informational purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Skrobonja Wealth Management, LLC unless a client service agreement is in place. Skrobonja Financial Group, LLC provides links for your convenience to websites produced by other providers of industry related material. Accessing websites through links directs you away from our website. Users who gain access to third party websites may be subject to the copyright and other restrictions on use imposed by those providers and assume responsibility and risk from use of those websites. Any references to protection, safety or lifetime income, generally refer to fixed insurance products, never securities or investments. Insurance guarantees are backed by the financial strength and claims paying abilities of the issuing carrier. This is intended for informational purposes only. It is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation. Our firm is not permitted to offer, and no statement made on this site shall constitute tax or legal advice. Our firm is not affiliated with or endorsed by the U.S. Government or any governmental agency. The information and opinions contained here in provided by third parties have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by our firm. Any media logos and/or trademarks contained herein are the property of their respective owners and no endorsement by those owners of Brian Skrobonja is stated or implied. The awards, accolades and appearances are not representative of any one client’s experience and is not indicative of future performance. Each of these awards have set criteria for their nominations and eligibility requirements. “Best Wealth Managers” and “Future 50 Company” are annual surveys conducted by Small Business Monthly. The winner is chosen by an online vote of the general public and no specific criteria is utilized to determine the winner other than number of votes. Some voters may not be clients of Brian Skrobonja and Skrobonja Financial Group. These awards are not representative of any one client’s experience and is not indicative of future performance.

Life when you’re gone… an uncomfortable conversation most people prefer to avoid. Why isn’t that a good idea? How can estate planning help you ensure that things are taken care of once you aren’t around anymore? Listen to learn about big mistakes people make, the different elements that make up the estate plan puzzle, the three primary areas of cash flow, and the type of plan you should have in place. When it comes to end of life financial planning, many people tend to put it off because it’s an uncomfortable conversation to have. Even though the process for end of life planning is relatively simple in nature, Brian recommends getting professional help to deal with the details, which can be complex. Despite every situation being different, there are several core aspects of estate planning that everyone should consider. The first has to do with title and legal work. Brian has noticed that many people have a complete misunderstanding of the role legal work plays within their planning. Then, there’s life insurance. Many households rely on two incomes – or people – contributing to the family’s ecosystem. Their contribution to the family must be replaced when they’re gone, and that’s where life insurance comes into play. Another important, but often overlooked, aspect to an estate plan is budgets and cash flow. Brian doesn’t recommend planning in terms of weeks or months for it… rather, to plan in terms of years. “Your cash flow can be broken down into three primary areas,” says Brian. “Reoccurring obligations, irregular obligations, and savings.” Debts and investments are an additional area that makes up the estate plan puzzle. Brian stresses the importance of cash flow and shares a couple of examples that illustrate its key role. End of life planning is a difficult topic to address. Brian’s suggestion is to take steps to protect your loved ones by creating a custom comprehensive plan with the help of professionals. After that, the next step is to communicate the plan with your partner and family members – then, enjoy the peace of mind that comes along with knowing you have done everything in your power to provide for your loved ones.     Mentioned in this episode: BrianSkrobonja.com Estate Planning Checklist       Securities offered only by duly registered individuals through Madison Avenue Securities, LLC. (MAS), Member FINRA & SIPC. Advisory services offered only by duly registered  individuals through Skrobonja Wealth Management (SWM), a registered investment advisor. Tax services offered only through Skrobonja Tax Consulting. MAS does not offer Build Banking or tax advice. Skrobonja Financial Group, LLC, Skrobonja Wealth Management, LLC, Skrobonja Insurance Services, LLC, Skrobonja Tax Consulting, and Build Banking are not affiliated with MAS.   The firm is a registered investment adviser with the state of Missouri, and may only transact business with residents of those states, or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements. Registration with the United States Securities and Exchange Commission or any state securities authority does not imply a certain level of skill or training. Advisory services are only offered to clients or prospective clients where Skrobonja Wealth Management, LLC and its representatives are properly licensed or exempt from licensure.   This website is solely for informational purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be  rendered by Skrobonja Wealth Management, LLC unless a client service agreement is in  place.   Skrobonja Financial Group, LLC provides links for your convenience to websites produced by other providers of industry related material. Accessing websites through links directs you  away from our website. Users who gain access to third party websites may be subject to the copyright and other restrictions on use imposed by those providers and assume responsibility and risk from use of those websites. Any references to protection, safety or  lifetime income, generally refer to fixed insurance products, never securities or investments. Insurance guarantees are backed by the financial strength and claims paying abilities of the  issuing carrier.   This is intended for informational purposes only. It is not intended to be used as the sole  basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation. Our firm is not permitted to offer, and no  statement made on this site shall constitute tax or legal advice. Our firm is not affiliated with or endorsed by the U.S. Government or any governmental agency. The information and  opinions contained here in provided by third parties have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by our firm. Any media logos and/or trademarks contained herein are the property of their respective owners and no endorsement by those owners of Brian Skrobonja is stated or implied. The awards, accolades and appearances are not representative of any one client’s experience and is not indicative of future performance. Each of these awards have set criteria for their nominations and eligibility requirements. “Best Wealth Managers” and “Future 50 Company” are annual surveys conducted by Small Business Monthly. The winner is chosen by an online vote of the general public and no specific criteria is utilized to determine the winner other than number of votes. Some voters may not be clients of Brian Skrobonja and Skrobonja Financial Group. These awards are not representative of any one client’s experience and is not indicative of future performance.

Did you know that a good part of American households haven’t thought about retirement planning? When it comes to planning for retirement, there are some key concepts to understand and three traps you should do your best to avoid. Listen to learn why a money increase doesn’t always equal a lifestyle enhancement, the three things people often look at but that come back to bite them later on, and how you can effectively plan for retirement and protect your money. As life expectancy increases, people will be finding themselves needing to save more money for retirement. Brian believes that it’s going to be possible to be retired for as many years as one has worked, because people are living longer than ever before. According to a 2019 retirement confidence survey by the Employee Benefit Research Institute, more than half of American households are at risk of running out of money in retirement due to the lack of savings and the unpredictability of the stock market. If you look back and think about how much money you were making when you first started working and compare it to today, you should see an increase. However, more than a lifestyle enhancement, the increase is just an inflation adjustment. And the crazy thing is that only 42% of Americans have tried to calculate how much money they will need for retirement! Brian has noticed that many people go into retirement because of eligibility, without having actually calculated how much money they would need – this is a problem, especially because of three things that are outside of their control: inflation, markets, and taxes. To offset inflation, you need to earn more on your money than the inflation rate that is eroding your purchasing power. Want to protect yourself from market losses? Then, you either need to not be in the market or work to insulate your portfolio through diversification strategies that are challenging for most people to leverage. As far as taxes are concerned, the best way to tackle them would be to focus on building tax-free assets and stop the propensity to kick the “tax can” down the road. Even though these may sound like obvious moves, Brian has seen people do the opposite – with things like funding their 401k accounts, parking money in the bank, or pouring it into the stock market. Brian warns against tapping into the stock market as a means to draw income because it’s the Government and Wall Street that have control over it, not you. There’s a key difference that some people tend to forget when it comes to retirement planning: accumulating money is done one way, drawing income for retirement is done another way. Brian stresses the importance of not taking retirement planning lightly. Remember: underestimating the amount of money needed to maintain a comfortable lifestyle in retirement, or relying on too many things outside of your control can be a significant financial risk.     Mentioned in this episode: BrianSkrobonja.com BrianSkrobonja.com/FamilyOfficeQuiz Center for Disease Control Pew Research Center Employee Benefit Research Institute Susan Powter Chat GPT     Securities offered only by duly registered individuals through Madison Avenue Securities, LLC. (MAS), Member FINRA &SIPC. Advisory services offered only by duly registered individuals through Skrobonja Wealth Management (SWM), a registered investment advisor. Tax services offered only through Skrobonja Tax Consulting. MAS does not offer Build Banking or tax advice. Skrobonja Financial Group, LLC, Skrobonja Wealth Management, LLC, Skrobonja Insurance Services, LLC, Skrobonja Tax Consulting, and Build Banking are not affiliated with MAS. Skrobonja Wealth Management, LLC is a registered investment adviser. Advisory services are only offered to clientsor prospective clients where Skrobonja Wealth Management, LLC and its representatives are properly licensed or exempt from licensure. Investing involves risk, including the potential loss of principal. Any references to protection, safety or lifetime income, generally refer to fixed insurance products, never securities or investments. Insurance guarantees are backed by the financial strength and claims paying abilities of the issuing carrier. This podcast is intended for informational purposes only. It is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation. Our firm is not permitted to offer and no statement made during this podcast shall constitute tax or legal advice. Our firm is not affiliated with or endorsed by the US Government or any governmental agency. The information and opinions contained herein provided by the third parties have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by our firm.

You can live without saving money, and you can live with debt, but you cannot live without cash flow. In fact, if you want your personal finance to flourish, cash flow is a key element you need to focus on – passive income too. Why is that the case? Find out about critical personal financing missteps you should avoid making, what to focus on to measure financial progress and happiness, and the key traits you can learn from the happiest and most successful people to win more in personal finance. Just like many other areas of life, personal finance too is dependent on your own tank both from a mental, physical, and resources standpoint. Trying to do too much with their resources is one of the most common personal finance missteps people make. There’s a tendency of segregating financial goals into silos and of gravitating towards what looks easiest over what is often best – which typically leads to personal finance goals not being achieved. Brian believes that the key to maximizing your capabilities should be on building resources, and then creating cash flow from them to fund everything else. Passive income plays a crucial role in that it fills your income gap, allowing you to free up your time. Brian sees people often getting caught up in their silos and finding themselves beholden to their system of working to spend. It’s possible to live without saving money, and with debt, but it’s impossible to live without cash flow. How do you measure financial progress? To identify what makes them happy, people often go beyond financial aspects and look at things such as family, friends, faith, fitness, and free time. Once you have this aspect figured out, you can either do everything by yourself – with all the risks that this approach entails – or you can delegate. In The 7 Habits of Highly Effective People, Stephen Covey explains that the happiest and most successful people have figured out how to buy more time by relying on professionals with the knowledge and experience to help them manage their relationships, health, time, and money. Tom Rath, author of Stengths Finder 2.0, has found that successful people tend to leverage strengths and delegate weaknesses. They spend their time on things they’re good at and want to spend their time on, and they delegate the tasks they can gain more time from by not doing them.     Mentioned in this episode: BrianSkrobonja.com BrianSkrobonja.com/FamilyOfficeQuiz Chat GPT The 7 Habits of Highly Effective People by Stephen Covey Strengths Finder 2.0 by Tom Rath       Securities offered only by duly registered individuals through Madison Avenue Securities, LLC. (MAS), Member FINRA & SIPC. Advisory services offered only by duly registered  individuals through Skrobonja Wealth Management (SWM), a registered investment advisor. Tax services offered only through Skrobonja Tax Consulting. MAS does not offer Build Banking or tax advice. Skrobonja Financial Group, LLC, Skrobonja Wealth Management, LLC, Skrobonja Insurance Services, LLC, Skrobonja Tax Consulting, and Build Banking are not affiliated with MAS.   The firm is a registered investment adviser with the state of Missouri, and may only transact business with residents of those states, or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements. Registration with the United States Securities and Exchange Commission or any state securities authority does not imply a certain level of skill or training. Advisory services are only offered to clients or prospective clients where Skrobonja Wealth Management, LLC and its representatives are properly licensed or exempt from licensure.   This website is solely for informational purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be  rendered by Skrobonja Wealth Management, LLC unless a client service agreement is in  place.   Skrobonja Financial Group, LLC provides links for your convenience to websites produced by other providers of industry related material. Accessing websites through links directs you  away from our website. Users who gain access to third party websites may be subject to the copyright and other restrictions on use imposed by those providers and assume responsibility and risk from use of those websites. Any references to protection, safety or  lifetime income, generally refer to fixed insurance products, never securities or investments. Insurance guarantees are backed by the financial strength and claims paying abilities of the  issuing carrier.   This is intended for informational purposes only. It is not intended to be used as the sole  basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation. Our firm is not permitted to offer, and no  statement made on this site shall constitute tax or legal advice. Our firm is not affiliated with or endorsed by the U.S. Government or any governmental agency. The information and  opinions contained here in provided by third parties have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by our firm. Any media logos and/or trademarks contained herein are the property of their respective owners and no endorsement by those owners of Brian Skrobonja is stated or implied. The awards, accolades and appearances are not representative of any one client’s experience and is not indicative of future performance. Each of these awards have set criteria for their nominations and eligibility requirements. “Best Wealth Managers” and “Future 50 Company” are annual surveys conducted by Small Business Monthly. The winner is chosen by an online vote of the general public and no specific criteria is utilized to determine the winner other than number of votes. Some voters may not be clients of Brian Skrobonja and Skrobonja Financial Group. These awards are not representative of any one client’s experience and is not indicative of future performance.

Emergencies and retirement. This is what we're taught to save for. But what if you created a different system, which allowed you to pay for the expenses you will incur between now and retirement age – without losing the ability to build wealth? Find out why you may need to rethink your financial planning approach and what you should do about the “Missing Middle.” According to popular opinion, sound financial planning advice typically consists of two main steps: saving for emergencies and saving for retirement. Brian found this to be slightly misleading because of the phenomenon he refers to as “The Missing Middle.” Think about how life generally goes: there are car payments, furniture, credit cards, tuition… you also have money going into an account that you can’t touch until you’re 60 and then, before you know it, you have thousands of dollars of debt. And that’s by following general advice. However, opting for a less traditional and more customized approach allows you to pay for the expenses you incur between now and retirement – the middle of your life, without entirely losing the ability to build wealth. Brian believes that the real benchmark you’re going to use should be based on your personal needs, goals, and financial situation. When there are big expenses people don’t account for in their regular cash flow, one of two things happens. People either continually deplete savings in order to pay for the things in cash (constantly funneling money back into their bank account to replenish the emergency fund). Alternatively, they finance everything with bank loans and credit cards. Neither option leads to wealth being created. Brian is convinced that you should model your entire financial life around your actual life, instead of around arbitrary concepts or ideas that don’t fit into the puzzle of what you’re actually trying to create (Brian calls this Your Life Cycle Model). In the Life Cycle Model individuals allocate resources over their lifetime with the aim of avoiding sharp changes in their standard of living, while avoiding debt and simultaneously building wealth. Brian explains how using the so-called build banking instead of a traditional bank can help you leverage the Life Cycle Model (and why you shouldn’t compare it to the stock market). People tend to separate their money into two buckets: saving and spending. Brian explains why that may not be the best of approaches – and what to do instead.     Mentioned in this episode: BrianSkrobonja.com BuildBanking.com How Long Will My Money Last in Retirement     Securities offered only by duly registered individuals through Madison Avenue Securities, LLC. (MAS), Member FINRA & SIPC. Advisory services offered only by duly registered  individuals through Skrobonja Wealth Management (SWM), a registered investment advisor. Tax services offered only through Skrobonja Tax Consulting. MAS does not offer Build Banking or tax advice. Skrobonja Financial Group, LLC, Skrobonja Wealth Management, LLC, Skrobonja Insurance Services, LLC, Skrobonja Tax Consulting, and Build Banking are not affiliated with MAS.   The firm is a registered investment adviser with the state of Missouri, and may only transact business with residents of those states, or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements. Registration with the United States Securities and Exchange Commission or any state securities authority does not imply a certain level of skill or training. Advisory services are only offered to clients or prospective clients where Skrobonja Wealth Management, LLC and its representatives are properly licensed or exempt from licensure.   This website is solely for informational purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be  rendered by Skrobonja Wealth Management, LLC unless a client service agreement is in  place.   Skrobonja Financial Group, LLC provides links for your convenience to websites produced by other providers of industry related material. Accessing websites through links directs you  away from our website. Users who gain access to third party websites may be subject to the copyright and other restrictions on use imposed by those providers and assume responsibility and risk from use of those websites. Any references to protection, safety or  lifetime income, generally refer to fixed insurance products, never securities or investments. Insurance guarantees are backed by the financial strength and claims paying abilities of the  issuing carrier.   This is intended for informational purposes only. It is not intended to be used as the sole  basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation. 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Retirement isn’t a thing that happens. It's a time of life that needs to be planned for. When it comes to planning for retirement, there are a huge number of assumptions that people make about what’s going to happen and when, but what if those assumptions are wrong? Find out why you may need to rethink your retirement plans. Most people envision retirement as a destination. A fixed point in time where their pension or Social Security begins, but retirement is a transition, not a timestamp. Planning for the rest of your life requires certainty, not hope and optimism. Most retirees retire while relying on things that are out of their control, and on assumptions made in the past. They assume the rate of return, their income needs, their life expectancy, inflation rates and tax liabilities. Take longevity. The world of health and medicine is likely to make a major transformation. We are already seeing more people live beyond the age of 100. What if your retirement plan had to take into account you living an additional 10 to 20 years? The 4% Rule may make sense if you live an average of 30 years as a retired person, but if the average lifespan keeps increasing, the 4% Rule could lead to disaster instead. Any financial strategy that relies entirely on the stock market for support relies on performance that you have absolutely no control over. Looking at the past performance of the market doesn’t paint a great picture, and even averages can be misleading if you’re looking at a large enough time period. The problem is compounded when you add in withdrawals in retirement. Sequence of return risk is a major problem all retirees face. Making withdrawals during a down period can rapidly deplete your assets. Taxes are never going to go away. The government controls us using the tax code and there are 1000s, if not millions of jobs supported by having a complicated tax code. Every administration wants to either tax the rich or cut taxes on the middle class, and you can’t be sure what’s going to happen when you’re retired. We are guaranteed a tax increase in 2025 whether or not anything changes. Inflation is another constant that we need to take into account. It’s risky business when your plan is heavily reliant on consistent stock market returns, low taxes, low inflation, and a mortality that is historically in line with what is anticipated because all of this is outside of our control. Many financial advisors use probability analysis to offer confidence in a form of a percentage likelihood of money lasting until a predefined age. The trouble is the factors used in the analysis are based on the same risks. The core of every retirement plan is the fear of running out of money. You need to look at the worst case scenario and do what’s necessary to prevent that. Your goal should be moving more into your control, not giving up control.     Mentioned in this episode: bubblegumlogic.com

Would you rather look back on the past and regret what happened or would you rather look to the future and make plans so that you can choose the outcomes you want? The latter of course! But when it comes to taxes, most people take the first option without even realizing there are better choices. Learn about the difference between tax preparation and tax planning, and how you can create a comprehensive wealth strategy for your future, but you have to start now. There's a huge difference between a tax preparer and a tax planner. Generally speaking, a CPA is a historian who's looking backwards over the last year's tax situation using tax software for determining whether you owe or whether you'll receive a refund. If you’re getting a refund, they give you the good news with a smile. If not, they make the suggestion of an IRA contribution to lessen the pain. With a tax deductible account, you are allowed to defer taxes on contributions until the age of 59 and a half. You can’t access that money before that age without a penalty and are required to take distributions by age 72. By imposing a 50% penalty for failure to follow the rules, the government taxes 100% of the contribution and any gains at a rate to be determined in the future. This level of trust in the government to manage your finances is not always the most comfortable deal. You exchange paying taxes today for paying taxes in the future at an unknown rate. Deferring taxes is not saving you from having to pay taxes. However, tax deferral makes sense in two scenarios: You are a high income earner now and will drastically reduce your lifestyle in retirement, or if you don’t already have large, well-funded retirement accounts already. The desire to reduce taxes is never going to go away. You will pay the taxes owed now or you'll pay them later. If you choose to pay them later, you are gambling that both your income and tax rates will be lower. When you’re working with a tax preparer, remember that funding a retirement account does not actually save you on taxes. As a W2 employee, there is not a whole lot you can do to reduce your tax burden. Business owners and people with larger amounts of assets can benefit tremendously from digging into the tax code. There are 5800 pages in the tax code, and less than 30 of them are about raising revenue for the government. The majority deals with how business and investment incentives can actually lower taxes. Most tax preparers only focus on those 30 pages, and that’s why their clients miss out on opportunities that exist in the other 5770 pages. Most people and business owners work with tax preparers, but spend very little time with tax planning. The government uses these incentives to encourage businesses and investors to invest in ways that are beneficial to the goals of the government, but many tax professionals narrow their focus and don’t know what the possibilities are. For any of these professionals to break away from the status quo training they receive, they have to do the hard work of learning for themselves what they need to know, then moving out of the center lanes to professionally guide their clients. Partnering with a skilled wealth advisor is the secret to creating a comprehensive tax planning strategy for clients. The way to go about this is to find a team that has already been assembled because it costs a lot of money and time to form such a team. For tax professionals that want to find a team to plug into, go to qualifiedtoworkwithbrian.com to see if you’re a good fit.     Mentioned in this episode: takebriansquiz.com qualifytoworkwithbrian.com