When Jim Barnash stepped into the insurance world, he quickly understood that whole life insurance wasn’t the complete financial solution many needed. This insight led him to the financial planning sector.

He saw a big gap. Many people were only relying on accountants for tax work, creating a disconnect in their financial plans. Unwilling to let this stand, Jim reintegrated tax planning into his practice in 2016, making a significant difference for many individuals.

Jim uses a simple analogy of three buckets to explain different categories of income. He highlights the importance of understanding these categories, especially when planning for retirement. He talks about Roth 401(k) contributions and Roth conversions as ways to enhance tax-free income.

Here are the top-must-listen takeaways from the podcast:

(4:31) Are You Getting the Right Tax Advice?

(6:27) Are Your Taxes Tied Together?

(7:22) Navigating the Three Buckets of Income

(10:43) Is Roth 401(K) the Right Choice for You?

(13:52) The Roth Dilemma: Higher Taxes Now?

(23:06) Avoiding the Pitfalls of Portfolio Overlap

(25:51) Breaking the Myths of Financial Planning

(26:33) The Snowball Effect of a 401(K)

Today, Jim Barnash is the president of JA Barnash and Associates. He’s committed to providing a comprehensive and tailored financial strategy for his clients, helping them retain more of their income and achieve their financial goals.

Hear from Jim as he shares his journey and insights into financial and tax planning and how understanding different categories of income can lead to optimized financial outcomes.

About Jim Barnash, CFP®

Jim Barnash's journey is a story of passion and expertise in financial planning and tax solutions. Starting his career with Equitable Life Insurance, he quickly realized the need for comprehensive financial planning and tax solutions. Now, as the Founder of JA Barnash & Associates, Jim is all about helping individuals, couples, and closely held business owners put together the pieces of their financial puzzle for over 30 years.

When he's not deeply involved in financial planning and tax solutions, Jim is giving back to the community. He served as the President and Chairman of the Financial Planning Association and as an adjunct faculty member for W.R. Harper College and DePaul University. Eager to explore financial strategies and tax solutions with Jim? Reach out to him at jim@jabarnash.com, call 847-894-2299, or find out more about him and his team at his website.

Disclaimer:

The content has been made available for informational and educational purposes only. The content is not intended to be a substitute for professional investment, legal, or tax advice. Always seek the advice of your financial advisor or other qualified professionals with any questions you may have regarding your business or personal planning.

Navigating the intricate world of financial planning, Mark Newfield highlights the crucial need for a well-laid-out plan. Without it, investment management lacks significance. He observes that the world of financial advising has its complexities, with many being unclear about the real role of financial advisors.

Mark believes in a process-driven approach to financial planning. He understands the value of mapping out an individual's financial journey, taking into account their past, present, and desired future. This perspective is shaped, in part, by Mark's personal journey from a successful corporate life to starting his own business at the age of 46.

While Mark can't transform the entire financial world's views, he chooses to do things his way. He focuses on understanding his clients' financial vision, ensuring they are adequately saving for their future without unnecessary restrictions. Mark's approach, combined with his emphasis on loyalty and the importance of a trusting relationship with a financial advisor, plays a key role in his success.

Today, Mark Newfield, CFP® and RICP®, serves as the Managing Director and wealth management advisor at Journey Strategic Wealth. His team is dedicated to understanding and guiding their clients' financial futures.

Here are the top-must-listen takeaways from the podcast:

(0:48) Is investing enough without a plan?

(1:56) What really is financial planning?

(3:55) Is your financial journey intentional?

(5:54) How to begin your financial journey?

(10:55) The crossroads: personal vs. professional life

(16:31) Why withdrawing in a downturn hurts

(19:33) How investment timing affects returns

(24:16) Can financial plans truly be static?

(26:15) How often should you change financial advisors?

(30:20) Why loyalty matters in financial services

(33:11) What should we look for in a financial advisor?

(38:23) Books every financial enthusiast should read

Join us on the "Virtual US Financial Advisor" podcast as Mark shares insights from his journey and his perspective on creating an effective financial roadmap. Dive deeper into the financial world with us, where we bring you industry leaders and their transformative stories

Mark Newfield's journey is a blend of hands-on experience and expert advice. From an auto mechanic and retail store manager to a consultant at Accenture to the founding of his own financial planning firm (which is now a part of Journey Strategic Wealth), Mark has always been about guiding and fixing. Today, he leads his division at JSW, ensuring his team offers the best care and value to their clients.

When he's not diving deep into financial strategies, Mark enjoys college basketball, golf, and family trips. Eager to connect and share? Reach out to him at mnewfield@journeysw.com, call 8045259700, or find him on Twitter (@MJNewfield), LinkedIn (Mark Newfield), and substack (marknewfield.substack.com). For weekly insights, tune into his YouTube channel, @mjnewfield.

Disclaimer:

The content has been made available for informational and educational purposes only. The content is not intended to be a substitute for professional investment, legal, or tax advice. Always seek the advice of your financial advisor or other qualified professionals with any questions you may have regarding your business or personal planning.

Join us in this episode of the Virtual US Financial Advisor podcast as we explore the essentials of estate planning with Chris Wilbur, Founder and President of Soteria Wealth Advisors. Our guest provides a comprehensive overview of the key components of estate planning, emphasizing that it's not just for the wealthy but for everyone!

We discuss the differences between wills and trusts, understanding how each serves a unique purpose in managing your assets. Chris explains how trusts can be a game-changer in avoiding the probate process, a legal procedure that can be time-consuming and stressful for your loved ones.

The episode also covers the critical role of life insurance in protecting your family's future. Chris shares insights on beneficiary designations, ensuring your life insurance benefits go exactly where you intend. We also explore the differences between revocable and irrevocable trusts, understanding their implications and how they fit into your estate plan.

Chris Wilbur sheds light on the critical need for assigning financial and medical decision-making powers through legal documents, and establishing who will care for children if the need arises, emphasizing these steps for parental peace of mind. He stresses the need for clear decisions to ensure your wishes are respected and your loved ones are cared for.

Here are the top-must-listen takeaways from the podcast:

(3:50) Are your assets ready for the unexpected?

(4:35) What really counts as your estate?

(5:24) What is probate, and why does it matter?

(7:14) What is ancillary probate?

(8:23) How does a trust complement a will?

(10:22) Do you need life insurance for family security?

(12:21) Revocable vs. irrevocable trusts: what's the difference?

(15:07) How do durable and healthcare powers of attorney differ?

(18:51) What's involved in guardianship designation?

For a comprehensive guide on starting your estate planning journey, listen to this episode with Chris Wilbur. Estate planning is an essential step for everyone, regardless of your financial status.

About Chris Wilbur

Chris Wilbur, the Founder and President of Soteria Wealth Advisors, brings over a decade of experience in the financial industry to his hometown of Austin, TX. With a career that began in a hybrid insurance and investment brokerage firm, Chris has developed a keen focus on protecting individuals from life's uncertainties, such as disability or premature death, ensuring they have a robust risk management plan.

His decision to establish Soteria Wealth Advisors was driven by his commitment to guiding clients toward financial security. Chris believes in the power of choice in financial planning and prioritizes building lasting relationships with clients to effectively support their wealth growth, preservation, and the pursuit of their aspirations.

Contact Chris Today!

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Disclaimer:

The content has been made available for informational and educational purposes only. The content is not intended to be a substitute for professional investment, legal, or tax advice. Always seek the advice of your financial advisor or other qualified professionals with any questions you may have regarding your business or personal planning.