In this episode, Brian Skrobonja answers the top questions he receives from people looking for help with their financial plan.
He sheds light on why a plan is more than just picking stocks, what most people get wrong about passive income, and the benefits of knowing how much tax liability you'll have in the future.
- Brian answers the top questions he receives from people looking for financial planning assistance.
- He starts by explaining why a financial plan is more than just picking a few stocks or bonds.
- Unfortunately, there are many situations where products are being sold instead of financial plans being developed. For example, an annuity salesperson sells an annuity to somebody and suggests that the product is the retirement plan.
- So, what does a good financial plan look like?
- According to Brian, the first step is defining what success looks like. Growing your money is not a goal. You must understand and clearly know why you are saving money.
- The other question Brian gets asked a lot is about passive income--what it is and why it's important.
- Passive income is income that is generated from an asset; it's not cash in hand from selling an asset. For Brian, a retirement income plan cannot exist without passive income.
- Next is knowing how much future tax liability you have. The question here is what will you do to mitigate those taxes and what strategy do you have in place right now to reduce what taxes you owe right now?
- The other big question you must address when building a financial plan is the dangers you will face now and in the future.
- Life doesn't run in a positive straight line. We have to consider health challenges, an unforeseen death, market declines, and other scenarios that can disrupt your plans.
- The unique approach that Brian and his firm take is that they are more interested in knowing what clients want in life, than following a process to try to flush out the problems that could potentially disrupt those plans, and find solutions to satisfy those things.
- According to Brian, a plan has little to do with products and everything to do with what you want and how you can make that happen.
- Brian reveals the amount people have to pay to access his services and why he settled on that particular figure.
- He also breaks down the definition of a professional--they get paid for their knowledge and ability to help you.
- If someone is working for free, you have to ask what value is being delivered and what is their motivation for offering a free service.
- Cost is only an issue when there's an absence of value and any fee without value is too high.
Mentioned in this episode:
Common Sense Financial Podcast on YouTube
Common Sense Financial Podcast on Spotify
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.
Annuity guarantees rely on financial strength and claims-paying ability of issuing insurance company. Annuities are insurance products that may be subject to fees, surrender charg
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