Week 1: Introduction & Tax Update

Introduction and Tax Update – Video Webinar – Fall 2021

Video Presentation By Peter Kote, Don Vivrette & Marty McNamara

Welcome to our first session of eight meetings called “It’s Your Money!”. The name came about because many people relinquish their financial responsibility to others: this could be the spouse, child, neighbor, broker or the advisor. We believe the longer you stay in control of your money, either through a FEE ONLY advisor (owes a fiduciary duty to you) or through your personal efforts, the longer and happier you will live!

You can find our Mission Statement and rules for the workshops in the ABOUT US section. WE ARE NOT LIKE 95% OF THOSE OTHER “Free Lunch or Dinner” FINANCIAL PROGRAMS – we do not sell insurance or financial products. Our only bias is that we believe people should consider charitable organizations in their financial plans because our tax system encourages us to do so and giving tells the world about our personal values and interests. We especially encourage giving through your estate plan. Consider a Charitable Remainder Trust or a Charitable Gift Annuity when selling highly appreciated assets as well as making a charitable organization a beneficiary on your IRA, 401K or 457 plan – it is very tax wise!

We use the Quiz as an introduction to the financial world. Please see the Quiz and Answers by visiting our Resources section.

The concepts we want you to understand are as follows:
  1. The financial world is a sales world. It is very similar to real estate although the sales person in the financial world do not refer to  themselves as “agents” (there is no law as to what you call yourself; wealth advisor, financial planner or consultant, etc.) According to the regulators, they are Registered Representatives of the company they work for. Since they are employees of their broker/dealer (ie. Morgan Stanley, Merrill Lynch, LPL, Ameriprise, etc.) they have a greater duty to the company than to the client.
  2. Most individuals do not know much about their advisor – for questions you should ask to get to know your advisor CLICK HERE.
  3. Most of us are not rational when it comes to money.
  4. Comprehensive financial planning – Why investing a dollar does not come first. Only after we have reviewed our goals and objectives, time horizon, risk tolerance, tax bracket, asset allocation, diversification strategy and cash flow needs should we invest a dollar.
  5. The Securities and Exchange Commission oversees all investments in the USA and operates on the premise that if everything is fully disclosed about an investment that a reasonable person can make up their own mind.
  6. The first thing you should ask a professional who wants to give you advice is – “HOW ARE YOU PAID?”
PBS FRONTLINE: Money, Power and Wall Street

Inside the epic rise of a new financial order — and the trouble that followed

Watch Money, Power and Wall Street: Part One on PBS. See more from FRONTLINE.

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