Gen One Legacy Podcast

A solid investment strategy seems to work until something comes out of left field to knock it off track.

You know, as the former heavyweight champ Mike Tyson is known to have said that, “Everyone has a plan until they get punched in the mouth.”

And in the investing work, we sometimes call these big, unexpected market and economic events “Black Swans.”

So, why should you care about Black Swans?

Well, you should care because how you respond to these significant events can make the difference between reaching your financial goals and seeing them fall short.

You see, it’s one thing to understand that financial markets are inherently volatile and how diversification can help you reduce some of these risks.

Add in a little asset allocation and just spread the risk out across various investments, right?

Certainly, yes.

However, it’s another thing to be able to emotionally stick to your strategy when the markets seem to be wholloping your best-laid plans.

Indeed, without truly understanding your own tolerance for risk, those inevitable Black Swans can lead to poor decision-making, lead to heightened emotional stress, and bring about a higher likelihood of not achieving your financial goals.

That’s why by truly understanding risk tolerance, identifying tools for evaluating your own tolerance for risk, and finding the right balance between risk and reward, you can enable you to become a better investor in the year ahead by helping you make sound investment decisions, and allowing you feel more confident even when the economy or markets are at their worst.

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The holidays are all about giving back, right?

You’ve heard it, I’ve heard, and frankly, by now, most of us feel like we’ve done our part after spending what feels like plenty on family this holiday season.

We’ve answered charity drives and slipped an extra twenty in that little red bucket set just outside the big box store.

What more can be done, right?

Well, if you’re like me, the struggle isn’t so much about parting ways with money, but rather, it’s about knowing that you’ve given the right amount and to the right people.

Indeed, the truth is that many of us struggle with uncertainty about whether we’ve done our part to show our appreciation to those individuals who make our lives easier throughout the year.

From nannies to mail carriers, hairdressers and teachers, to colleagues and business partners to local charities, it can often feel overwhelming to think about how and when to show our gratitude to these vital individuals and organizations.

And yes, while it may feel overwhelming at first, the truth is that when done right, holiday gifting shows thanks to those who impact your life, can help develop strong relationships, and, frankly, make you feel better about giving back.

That’s why, to be able to give right, you’ll need to understand the ideal way to show your appreciation to those who help you, gift within reason, and learn how to show support to the right causes that are near and dear to your heart.

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The end of the year is upon us, and with it comes one last chance to get your financial ducks in a row before it ends up costing you.

You see, while many of us are focused on trimming trees, making last-minute gift purchases, and planning holiday parties, the truth is that all of us likely have that one item on our financial to-do list that we’ve been meaning to get to all year long.

And while it may seem like no big deal right now, failing to take care of just one year-end planning item that you’ve been putting off all year or simply aren’t aware of could end up costing you thousands of dollars over the near- or long-term.

That’s why today, we’re going to talk about ten things high earners like you should focus on before the close of 2024.

And be sure to head on over to https://fimastery.com to download our full report containing a list of 20 topics to focus at year-end.

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Today, we’re going to talk about the practice of gratitude.

Now, as many of us gather this week to express our thankfulness for everything that’s happened in our lives this year, there’s no better time than the present to focus on our practice of gratitude.

Now, while thankfulness and gratitude share many commonalities, gratitude is often a deeper and more enduring sentiment.

That’s because it’s not just about recognizing good things that have happened to us but also involves a deeper appreciation that fills our attitude and our approach to life.

That’s why, in today’s episode, I’ll share why I’m grateful for the US financial system, why I’m grateful for higher interest rates, and why I’m grateful for what feels like a return to normalcy.

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At what point is an emergency fund no longer necessary for your financial situation?

Never, right?

Because common sense tells us that everyone needs an emergency saving fund.

Indeed, you’ve likely heard how crucial it is to have money set aside as your first step in building a solid financial plan.

But the fact is that for some, an emergency fund in the traditional sense tends to make less sense as a household earns more money and accumulates more assets.

Now, make no mistake, for many families, a well-funded savings account can make the difference between staying solvent and falling into a tight financial predicament.

But with that said, a time likely will come for high-earning individuals and families when having any more than a few months’ worth of living expenses in your bank savings account just doesn’t make sense anymore.

To be sure, when it comes down to it, a dedicated emergency fund may have served its purpose early on in your career. But now, as your station in life has become more favorable, you’ll likely need to take a more tailored approach to mitigating financial risks.

Ultimately, as your income and net worth rise, following generic financial advice will likely lead to suboptimal outcomes for your cash savings.

That’s why having a cash management plan in place and transferring financial risks to suit your unique financial situation is crucial to making the most of your money.

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So, you want to give money, but not sure where to start?

Well, I don’t blame you.

Giving is hard because, according to some of the data out there, there are well over one million registered non-profits globally.

Even so, if you’re like me, the holidays serve as a reminder about how crucial it is to focus on giving rather than receiving.

So then, with all the choices available to you, who exactly are you supposed to give your money to in the first place?

Like, which one is the best pick, right? It’s enough to put you into a state of analysis paralysis.

Now, make no mistake, this lack of action isn’t because of a shortage of red cans, street performers, or local charity adverts asking for money this time of the year.

Yet still, for many of us, the big question is, “where do I start with so many options out there?”

Now, if you have a genuine desire to give wisely this holiday season, but don’t know where to start, then the good news is that you can achieve this end by approaching charitable giving with a clear understanding of your motivations, commitment level, and a well-defined strategy.

To be sure, by approaching this giving season with a predefined game plan, you can not only ensure that your contributions make a meaningful and lasting difference, it will also help you achieve peace of mind knowing that your time, talent, and treasures are being used effectively to bring about positive change in the world around you.

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Lately, it feels like we’re staring into an abyss that makes even the most seasoned investors want to get out of the markets.

It feels like there’s a lot that’s going wrong with the world right now, and many things are quickly coming to a head.

That’s because, among many developments, the Middle East has once again become a flashpoint for geopolitical tensions.

Now, conflict in the Middle East is nothing new for the seasoned investor.

In fact, these uncertainties have largely become a typical part of the investing narrative for the past few decades.

But with that said, something FEELS different.

And now this change in sentiment comes as the US is at risk of being pulled into another regional conflict as it rightfully supports its close ally Israel following the tragic terrorist attacks in early October.

Now, on any other day, this latest military ramp-up likely would be just another typical day in the region.

But things are different now than where they were over two decades ago.

That’s because the US is already fighting a proxy war with Russia in Ukraine, while the potential for a conflict with China in the Taiwan Strait increasingly feels less like a matter of “if” and more of “when.”

And why does this matter?

Well, such an outcome could potentially leave our country exposed to three simultaneous theaters of war at a time when trust in the media, trust in our politicians, and, most importantly, trust in our neighbors and our communities is plumbing all-time lows.

In many ways, it feels like we’re staring into the abyss of calamity that’s coming at us from all directions and society appears to be coming undone at the seams.

So then, what should an investor do at such a time of instability and uncertainty?

Should you move to the sidelines and wait until things settle down before risking more of your hard-earned wealth in this market?

Well, the simple answer here is a resounding “no.”

In fact, while things feel different, they also appear eerily familiar.

That’s why one of the greatest investing minds, Benjamin Graham, likely would argue that now is the time to strap yourself in and focus on your disciplined investment strategy.

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What comes to mind when you hear the phrase “leaving a legacy?” Well, when it comes to money, you might think about the ins-and-outs of estate plans, right?

Well, the truth is that that’s just one side of the big picture.

You see, too often, many of us get caught up in thinking about WHAT our money can do after we’re gone instead of HOW our the one we care about might actually use our wealth.

Indeed, legacy planning centered solely around money is simply a passive strategy built on the hope that your beneficiaries will take your pile of cash and hopefully do something good with it one day.

So then, what can you do if you truly want to use your money to make a dent in the universe?

Well, you can start by actively using your wealth today to intentionally form and cultivate relationships that last the test of time.

In other words, you can begin by “living your legacy” instead of planning to “leave a legacy.”

And why’s that important?

Well, that’s because cultivating healthy relationships is a key determinant of our emotional well-being. Ultimately, genuine connections, shared experiences, and mutual understanding form the core of enduring legacies.

In essence, a legacy built solely on cash can easily vanish, but one grounded in meaningful relationships stands the test of time.

You know, every day offers an opportunity to shape your legacy. And so, you can start today by cultivating healthy relationships, giving your money purpose, and laying the foundation for future wealth appreciation.

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What is the biggest career mistake that many high earning individuals make?

They stay in a job far past its expiration date.

And why is moving on from a bad job so hard to do?

Because leaving means change.

And let’s face it, few of us like change.

Especially when it means giving up on all the time and effort you’ve poured into a situation or simply anticipating the uncomfortable feeling of the unknown.

But you know what?

The truth is that walking away to take a job with more attractive benefits is not only good for you, it can also help keep you out of trouble.

How so?

Well, there’s the obvious fact that moving on can open the door to new possibilities and, as we discussed recently, can help you fast-track your way to financial independence.

More crucially, however, the truth is that moving on from an unproductive situation can help you avoid missed opportunities at best and disasters at worst.

But you know, when it comes down to it, walking away from an unfavorable work environment can help you avoid a potentially stalled or derailed career, a lifetime earnings shortfall, and even a long-term negative impact on your health and relationships.

Now, you might think, “this is all easier said than done,” right?

Well, here’s the thing.

It’s one thing to know when to walk away from a bad situation and another to take that leap into the unknown.

That’s why taking the time to assess the costs of staying comfortable, understanding what could be holding you back from exploring career opportunities, and knowing which next steps to take can help ease your transition into an unpredictable and yet likely rewarding future.

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