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From AI Anxiety To Smart Tax Moves: What Investors Need Now · HPK Provident Advisors: The Weekly Bull

0:13
SPEAKER_02: Welcome to Friday Live.
0:15
SPEAKER_02: Every Friday, some of the partners of HPK Profit get together and discuss the latest trends in the economy and the market.
0:20
SPEAKER_02: So today you have the whole team, Brian Peluso and David Harper.
0:24
SPEAKER_02: Welcome.
0:26
SPEAKER_00: Well, happy Friday, one and all.
0:29
SPEAKER_00: How's everyone's week going?
0:31
SPEAKER_00: Thanksgiving.
0:31
SPEAKER_00: That was a good week.
0:33
SPEAKER_00: Good week.
0:33
SPEAKER_00: A lot of fun.
0:34
SPEAKER_00: Better than the market.
0:36
SPEAKER_01: Yeah.
0:37
SPEAKER_01: The market was great until through through Wednesday.
0:40
SPEAKER_02: Yeah, we'll get into that.
0:42
SPEAKER_02: But the format's gonna be we're gonna talk a little bit about the markets and what we're seeing in the economy and then go through some of the blog posts and some of the things we're seeing out there and tie in a couple of financial planning topics.
0:52
SPEAKER_02: So what do you guys think?
0:54
SPEAKER_02: Start off with the market.
0:56
SPEAKER_00: Yeah, I think uh it's certainly been top of mind for a lot of folks that I've been talking to this week.
1:02
SPEAKER_00: And so yeah, I think we start there.
1:04
SPEAKER_02: All right, let me pull up the chart here.
1:06
SPEAKER_02: So as you can see, we are looking at the second red week for the SP.
1:10
SPEAKER_02: Um NASDAQ's been down quite a bit over the last two weeks, really, really driven the downturn.
1:17
SPEAKER_02: Um, just some concerns about the AI capex.
1:21
SPEAKER_02: We had Oracle come out with a big debt offering.
1:24
SPEAKER_02: Um, just some concerns there about you know, bubble talks.
1:29
SPEAKER_02: It's markets are funny, they they're always fascinating to me.
1:35
SPEAKER_02: So last Friday we had that big rally because there was talk that the Senate was gonna move forward with voting for to end the government shutdown.
1:47
SPEAKER_02: And I was a little surprised on that because the markets really didn't have any negative drawdown from the shutdown.
1:54
SPEAKER_02: So, like to rally off of that seemed a little confusing.
1:57
SPEAKER_02: But, anyways, um it did pass the Senate, went to the House, passed the House, signed off by the president.
2:04
SPEAKER_02: That's Wednesday night, Thursday, big sell-off.
2:08
SPEAKER_02: Maybe that's uh buy the room or sell the news type of event.
2:12
SPEAKER_02: So SP was down over 1%.
2:16
SPEAKER_02: Today was looking pretty similar at the open.
2:19
SPEAKER_02: We were down one 1.2% on the SP 500.
2:23
SPEAKER_02: And as you can see, we rallied all the way back, right above right around the 50 day.
2:28
SPEAKER_02: So it's hard to say.
2:29
SPEAKER_02: I I wouldn't be surprised if that kind of fades off in the afternoon and we go back down.
2:35
SPEAKER_02: But so far today, the buyers, the dip buyers are back in full force.
2:39
SPEAKER_02: Um, still pretty light from the economic front.
2:42
SPEAKER_02: We haven't gotten all the data dump yet.
2:44
SPEAKER_02: Um, it sounds like we're never gonna get the October non-farm payrolls or CPI report.
2:50
SPEAKER_02: Now, they might do a combination for November of like an average between the two.
2:54
SPEAKER_02: We'll have to see.
2:55
SPEAKER_02: Um besides that, not a lot of economic data.
2:58
SPEAKER_02: We had the ADP weekly numbers showed a loss um for the four-week average.
3:04
SPEAKER_02: Um, that coincides with the that challenger job report that showed 150,000 cuts to power week.
3:11
SPEAKER_02: So we're we're definitely seeing some potential signs for labor market weakness, but as I mentioned, we haven't gotten those big Bureau of Economic Labor Statistic yet.
3:21
SPEAKER_02: So maybe that'll tell a different story.
3:24
SPEAKER_02: Um it seems like you know, that we've been talking about like the K-shaped economy, the bifurcated between spending coherts, the people with a lot of money and stocks and real estate versus the lower income that are really being affected by tariffs and just tough to keep up with that.
3:43
SPEAKER_02: Um but lately actually we've we've seen a little um deceleration in the upper income cohort, and we're seeing some signs of cracks.
3:54
SPEAKER_02: Uh car delinquencies are on the rise, still low levels, but something to pay attention to.
4:00
SPEAKER_02: So we're just gonna keep an eye on all that, keep an eye on the market, see if we where we go from here.
4:06
SPEAKER_02: We're we're at a key pivotal point where we stopped right at the the Friday lows.
4:11
SPEAKER_02: So that's a good sign, but we got to get back above that 50 day to make further progress.
4:17
SPEAKER_02: Um that's pretty much what all I have on the markets.
4:20
SPEAKER_02: Any any questions, observations, comments?
4:24
SPEAKER_00: Yeah, you know, the I here so here's the questions I I've been getting is you know, how much are the tech stocks uh playing into this?
4:31
SPEAKER_02: Hugely, yeah.
4:32
SPEAKER_02: We're seeing big drawdowns.
4:34
SPEAKER_02: Um, some of the names have, I mean, it it's kind of I think breath has been bad this whole time.
4:41
SPEAKER_02: Um but definitely some of the mega cap tech stocks, um, to name a few, like Meta has had a big drawdown.
4:50
SPEAKER_02: Microsoft, I think Tesla, um Oracle's been crushed the past month with that bad offering.
4:57
SPEAKER_02: They they had a beautiful earnings report, and that's completely erased since then.
5:01
SPEAKER_02: So um obviously those have a big weight in the market, not not necessarily Oracle, but the other ones.
5:07
SPEAKER_02: Um so definitely seeing a big drawdown.
5:10
SPEAKER_02: But breath has been bad.
5:11
SPEAKER_02: We've been actually seeing a decent amount of new lows at a time when the market's still near all-time highs, not a great sign.
5:18
SPEAKER_02: Um, so we'll just keep an eye on those breadth metrics and see where we go from here.
5:24
SPEAKER_02: Um hopefully we get back above that 50 day and make new progress.
5:27
SPEAKER_02: But markets are expensive.
5:30
SPEAKER_02: Um, we this is the biggest drawdown we've had since April.
5:35
SPEAKER_01: So, Mike, do you think that's a part of um profit taking?
5:39
SPEAKER_01: That's some of that.
5:42
SPEAKER_01: Uh, don't you think?
5:44
SPEAKER_02: The like the move right now with megatabs?
5:46
SPEAKER_02: I I don't know.
5:47
SPEAKER_02: Like I think it's pretty rare at the end of the year um for both fund managers chasing performance um to not gain more exposure to them and retail investors or people who that have already had those positions to realize a tax gain at the end of the year.
6:05
SPEAKER_02: It's not really a common thing, it's more likely that those type of things get sold off in the beginning of next year.
6:14
SPEAKER_01: As tax planning goes, yes, I understand that.
6:19
SPEAKER_01: Um being at all-time market highs, some of the people I've talked with are interested in locking in some of those gains uh before they disappear.
6:29
SPEAKER_01: And there's there's strategy to that.
6:31
SPEAKER_01: We learned that from 2008, that if you've got a high um just trimming and not not certainly cashing out the whole the whole piece is a is a pretty good strategy.
6:43
SPEAKER_01: Um but being this late in the year, yeah, uh certainly a concern about we'll don't necessarily want to add to our tax burden.
6:52
SPEAKER_02: Yeah, it's certainly an easier decision for those retirement accounts.
6:56
SPEAKER_02: Um people don't like to pay taxes.
6:59
SPEAKER_00: No, oh no, no, they don't.
7:02
SPEAKER_02: Brian, what's this what's the saying you always say about if you can save 10% in taxes or get yeah, yeah, I've I I've often said that.
7:11
SPEAKER_00: I'm pretty convinced that if you say to somebody, this is very hypothetical, this is hypothetical, this is not promissory, this is not saying what we're gonna do.
7:19
SPEAKER_00: I'm just giving an example.
7:20
SPEAKER_00: But if you were to say somebody, I think I can get you 10% in the market, nobody really knows, of course, but I think I could.
7:27
SPEAKER_00: Uh, if you were to say, I think I can get you 10% in the market, or there are specific definable strategies that can save you 10% on taxes.
7:36
SPEAKER_00: 100% of the time people will go for, oh, save me on taxes.
7:39
SPEAKER_00: Even if the dollar amount in growing their investments, the gross dollar amount is higher than the tax savings, they still go for the tax savings.
7:48
SPEAKER_00: Don't know why that is, but it is.
7:52
SPEAKER_02: All right, you want to talk about some of our blog posts?
7:55
SPEAKER_02: So, as always, we did the week ahead post on Monday.
7:57
SPEAKER_02: This is a piece that I write just um illustrating what I'm seeing in the markets and the economy.
8:03
SPEAKER_02: Uh talked about the government shutdown.
8:05
SPEAKER_02: So every Monday that gets released at around 10 a.m.
8:08
SPEAKER_02: So stay tuned for that.
8:10
SPEAKER_02: Tuesday is our new thematic uh Tax Tuesday.
8:14
SPEAKER_02: So, Brian, you want to talk about this one at all?
8:16
SPEAKER_00: Or yeah, a little bit.
8:18
SPEAKER_00: So um this is on the uh child tax credit.
8:22
SPEAKER_02: So uh there's actually this one that that was Thursday's post.
8:25
SPEAKER_02: The Thursday's was about the Roth conversion and the standard deduction.
8:31
SPEAKER_00: Oh, yeah.
8:32
SPEAKER_00: Well, hey, the the the simple point here is a lot of people say, hey, I uh you know, can I convert from what is going to be fully taxable dollars in a traditional format, so traditional 401k, traditional IRA.
8:46
SPEAKER_00: The way the traditionals work is you get a deduction on the way in, it grows tax deferred, but when you take money out, it's fully taxable.
8:53
SPEAKER_00: So some people like to convert from that format to a Roth format.
8:59
SPEAKER_00: And if you put money into a Roth, you don't get a deduction, it grows tax deferred.
9:03
SPEAKER_00: And if you follow the rules, and there are very specific rules some point in the future, uh, depending on your age and how long you've had the account, you could take that out tax-free.
9:11
SPEAKER_00: People like tax-free, as we were talking about earlier.
9:14
SPEAKER_00: But you need to remember and factor this in when you are converting from the traditional format to the Roth format, that's taxable dollars in that year.
9:23
SPEAKER_00: So you could say, yeah, I want to move into a tax-free, possibly tax, never taxed account.
9:30
SPEAKER_00: Uh, but when you do that, the amount that you're moving from one place to the other becomes taxable income.
9:35
SPEAKER_00: And that could have a whole host of effects on your overall tax situation.
9:40
SPEAKER_00: Um, everything from uh this was it was alluding to the SALT, the state and local tax uh deduction, which has gone from 10,000 to 40,000, but does have a phase out.
9:50
SPEAKER_00: So if you're a higher earner and you say, yeah, I want to do Roth conversions as well, you got to add that Roth conversion amount into your other earnings and then understand how that combined between your other earnings and your conversion, how does that combined dollar amount affect uh any type of uh uh uh uh deductions or um or other um uh tax implications, such as for those people who collect uh or who are on Medicare, um your Medicare premiums could go up on what they call IRMA income-related Medicare adjustment amount.
10:27
SPEAKER_00: So if your income is too high because you did a conversion, maybe your Medicare premiums go up.
10:33
SPEAKER_00: If your income goes over other deduction amounts, again, and this one was alluding to the state and local tax deduction.
10:39
SPEAKER_00: If you go over a certain amount, then maybe you start to lose that deduction because you had income plus a Roth conversion.
10:45
SPEAKER_02: So if I believe that threshold for uh married couple is 400,000 and completely phases out incrementally at 600,000.
10:53
SPEAKER_02: So on that one in particular.
10:55
SPEAKER_02: 600,000, then you're back to the$10,000 deduction, is my understanding.
10:59
SPEAKER_02: But I'm not a tax expert.
11:02
SPEAKER_00: We don't give tax or legal advice.
11:04
SPEAKER_00: Uh we certainly do not.
11:05
SPEAKER_00: We partner with uh tax preparers and CPAs, uh, but we don't give tax or legal advice.
11:11
SPEAKER_00: This is certainly informational things and the things that we understand, the things that we want to be conscious of, because if we're helping somebody do a Roth conversion, that could affect other things.
11:19
SPEAKER_00: We want to understand them, we want you to understand them.
11:21
SPEAKER_00: But ultimately, you know, we need to partner with tax preparers and the andor your CPA to you know really dial this in.
11:29
SPEAKER_00: Uh, another one that we're gonna have to be conscious of, you know, there is a new deduction.
11:33
SPEAKER_00: We had talked about it in the past for those folks over the age of 65.
11:37
SPEAKER_00: There's an additional$6,000 per year deduction.
11:39
SPEAKER_00: So you get your standard deduction, different for single or married filing jointly.
11:44
SPEAKER_00: You get the over 65 deduction, also slightly different, whether you're um uh single or married uh filing jointly, your filing status.
11:53
SPEAKER_00: And then there's an additional 6,000, but there are phase outs on that additional 6,000.
11:58
SPEAKER_00: So if you do a big Roth conversion, it might have phased yourself out on a different uh on that deduction.
12:03
SPEAKER_00: So you got to be careful about these things.
12:05
SPEAKER_00: So the point here is uh we do love the idea of having a you know tax diversification, fully taxable accounts, uh someday taxable accounts, and then accounts that are no longer taxed.
12:21
SPEAKER_00: And um, you know, when we're putting that together, we're really trying to be as we're really trying to do the best we can to not um accomplish one goal, all right, do a conversion from a traditional format to a Roth format, but that increases uh taxable income.
12:40
SPEAKER_00: That taxable income could have you know other implications.
12:43
SPEAKER_00: And so we're trying to be conscious of that as much as we can in partnership with your tax preparer, because we don't give tax or legal advice.
12:50
SPEAKER_02: Yep.
12:51
SPEAKER_02: All right, tell me about Wealth Wednesday.
12:53
SPEAKER_00: Yeah, Wealth Wednesday.
12:54
SPEAKER_00: You know, so I've uh done a series on uh the different components about uh of financial planning and and what and really it's more about time than money.
13:03
SPEAKER_00: Um time is your most limited resource, money would be probably the second most limited resource.
13:10
SPEAKER_00: And so in our financial planning, we really look at, you know, how does this affect your time?
13:14
SPEAKER_00: How do we look at it from a time perspective?
13:17
SPEAKER_00: Now, the one thing I would say on the tax planning is in the you know, the other part of some of the blog posts I've been doing is all of financial planning is really about short-term sacrifice for long-term gain.
13:27
SPEAKER_00: What we see a lot of times is in their tax planning, people want the short-term gain, and then they have the long-term sacrifice.
13:34
SPEAKER_00: And what I mean by that is they say, just reduce my taxes this year, just this year.
13:38
SPEAKER_00: Each year, I'm gonna look and say, okay, in this filing season, how can I reduce my taxes right now?
13:45
SPEAKER_00: And that that could potentially be a short-term gain.
13:49
SPEAKER_00: I reduced my taxes a little bit this year for a long-term sacrifice that maybe my taxes go up in the future.
13:54
SPEAKER_00: We don't really know what the future holds, but the the concept there being is maybe in some cases, if we analyze it pretty closely, maybe we take the short-term sacrifice of paying those taxes now for the long-term gain of hopefully, hopefully, we you know, we can only work on the assumptions we have right now and the tax brackets we have right now.
14:14
SPEAKER_00: But hopefully at some point in the future that reduces your taxes.
14:18
SPEAKER_00: So in the tax planning, counterintuitive to the way a lot of people have approached their tax planning, sometimes we say, Hey, maybe you go ahead and take the tax hit now.
14:29
SPEAKER_00: That could be anything from taking distributions out of an IRA prior to the required date, right?
14:38
SPEAKER_00: So for people born in the required uh um uh minimum distribution is different, but for most people that are uh turning 73 right now, you got to take, you have to take money out of those traditional formats at the age of 73.
14:53
SPEAKER_00: If you're born 1960 or later, it's gonna be the age of 75.
14:56
SPEAKER_00: Anyway, you're gonna reach a point where the IRS says, hey, this has been protected for a long time.
15:01
SPEAKER_00: Start getting some money out of there.
15:02
SPEAKER_00: We call that the required minimum distribution.
15:04
SPEAKER_00: Maybe uh in certain situations, upon analysis, we look and say, hey, why don't you start taking some of that money out of that IRA before you're forced to do it?
15:13
SPEAKER_00: Because when you're forced to do it, the IRS says, I want this percentage out this year and you're gonna get taxed on it.
15:19
SPEAKER_00: Maybe through that tax triangle, there uh it would make sense to start withdrawing from that IRA now.
15:26
SPEAKER_00: What's the bad news?
15:27
SPEAKER_00: Got to pay taxes on it when you take it out.
15:29
SPEAKER_00: What's the good news is maybe that IRA is a little bit smaller, you fund your lifestyle.
15:34
SPEAKER_00: Maybe that IRA is a little bit smaller when you're forced to take money out, and then that that forced amount in the future is a lower tax hit for you at that time.
15:43
SPEAKER_00: So you know that gets to be um, you know, that's uh the taxes are super complicated.
15:50
SPEAKER_00: But when we look at it and say, you know, tax planning is about time, uh, it's not only about when we think it is the best time, but it is also about the time of, you know, going back to what we were talking about earlier, you get 10% of the market save, 10% on taxes.
16:07
SPEAKER_00: Everybody, I don't care what side of the political spectrum you're on, everybody feels like they're, you know, they're the the IRS is really taking it to them, if you will.
16:16
SPEAKER_00: Everybody feels that way.
16:18
SPEAKER_00: Um, and so if you can implement some of these tax strategies, start to get some comfort level of, hey, I'm doing everything I can within the rules that have been outlined to me by the IRS, you get that comfort level, then you can have the time to go enjoy yourself instead of spending all of the time looking at, you know, on April 14th, spending all the time saying, Oh my gosh, how do I reduce my taxes right now?
16:41
SPEAKER_00: How do I do if you have a tax strategy and then you get that comfort level of, hey, I'm doing everything that I can with all things we know right now, and I feel pretty good that I'm paying my fair share, but not much more.
16:54
SPEAKER_02: Uh that can be help clients implement that through your financial planning process.
17:00
SPEAKER_00: Yeah, we do that through the financial planning process.
17:02
SPEAKER_00: We run scenarios and models and um and you know, kind of total taxes paid throughout your lifetime.
17:10
SPEAKER_00: You know, that's well, we don't know exactly what your lifetime is.
17:13
SPEAKER_00: We've got to make some assumptions there.
17:14
SPEAKER_00: But yeah, we can run analysis and say, hey, if we do this, the total taxes that we think, again, based on current assumptions, that you will owe over your lifetime will be lower if we do this.
17:26
SPEAKER_00: That doesn't mean they'll be lower this year.
17:29
SPEAKER_00: Uh, maybe they would be higher.
17:30
SPEAKER_00: Short-term sacrifice, long-term gain.
17:32
SPEAKER_00: Pay some of those taxes now.
17:33
SPEAKER_00: Maybe it benefits you, your family into the future.
17:36
SPEAKER_00: So, yes, through the financial planning process.
17:38
SPEAKER_00: We look at current scenario and then run some different options.
17:43
SPEAKER_00: You know, maybe do maybe we take a little bit more out of your IRA before you have to.
17:47
SPEAKER_00: Uh, maybe we do some of those Roth conversions now, short-term sacrifice, long-term gain, pay the taxes now uh so we don't have to pay them later.
17:54
SPEAKER_00: So, yeah, that's how we do it.
17:56
SPEAKER_00: We look at it really um on an individual year basis, recognizing that some early years in some of these strategies, taxes will be higher than what you would have uh planned to pay.
18:06
SPEAKER_00: But in later years, possibly there's tax savings out into the future.
18:10
SPEAKER_00: So, yeah, we do that through the financial planning process and uh running some different um what-ifs.
18:16
SPEAKER_00: What if we do this?
18:17
SPEAKER_02: I would love to have you do a hypothetical plan on here sometime.
18:20
SPEAKER_00: Yeah, I you know, I'd be thrilled to do it.
18:23
SPEAKER_00: Um, but everybody knows, you guys know, and everybody that watches us, why don't you get wound me wound up on some of these things?
18:30
SPEAKER_00: I'm gonna I'm gonna go pretty deep on this.
18:32
SPEAKER_00: I'll go pretty deep on it.
18:33
SPEAKER_00: But uh I'll try to simplify it and say, hey, if you do this, lifetime tax projections is lower, even though you're paying more today.
18:40
SPEAKER_00: Uh if you do this, you know, it's kind of neutral, it's not worth the effort.
18:44
SPEAKER_00: Um, yeah, that'd be great.
18:46
SPEAKER_00: That's a good idea, Mike.
18:47
SPEAKER_02: Yeah, and if if anyone wants to have a plan done by Brian, you can give our office a call.
18:51
SPEAKER_02: Or Brian, can you pull up the website and show where you can book directly on?
18:55
SPEAKER_00: Yeah, absolutely.
18:57
SPEAKER_00: So let's see here.
18:59
SPEAKER_00: I'm gonna have to remove this.
19:01
SPEAKER_00: Let me see if I there we go.
19:03
SPEAKER_00: Add that.
19:04
SPEAKER_00: So right here, this is our uh you can tell I got two screens going.
19:08
SPEAKER_00: I'm looking over.
19:09
SPEAKER_00: So this is hpkprovident.com.
19:12
SPEAKER_00: This is where you can find our blogs as well as right under the resource.
19:15
SPEAKER_00: And right over here, there's a contact page.
19:17
SPEAKER_00: So um right under the contact page you can see um phone number, email uh is right in there.
19:26
SPEAKER_00: And then right here, you can um right in this section here, you can um just put in some information, say, hey, I'd like to learn a little bit more, please email me.
19:36
SPEAKER_00: I'd like to learn a little bit more, uh, give me a call, uh, whatever it is.
19:40
SPEAKER_00: So it's right here, HPK provenant, and it's over here in the contact section.
19:45
SPEAKER_00: Uh, the other thing that you can do uh if you want to get a little bit further is you can securely upload documents.
19:52
SPEAKER_00: So if you have something you want us to look at and say, hey, I've got a real, you know, I've been researching this, and I haven't really been able to come to a conclusion on this.
20:00
SPEAKER_00: You can securely upload a document and say, Hey, will you take a look at this for me?
20:04
SPEAKER_00: Give me your thoughts, um, and then we can kind of discuss from there.
20:09
SPEAKER_00: Or if you want, you can uh uh you can book an appointment directly right up here in the top right.
20:16
SPEAKER_00: Schedule an appointment, you can find our calendar.
20:19
SPEAKER_00: That ends up right on our calendar.
20:20
SPEAKER_00: You can say, please connect via Zoom, we'll send you a link, uh, or just give me a call.
20:25
SPEAKER_00: So you can contact us via email uh or you can upload documents to us and you can put time on our calendar as well to um say I'd like to talk to you.
20:35
SPEAKER_00: So those are the three ways that uh you can interact with us via our website.
20:40
SPEAKER_01: Great.
20:41
SPEAKER_01: We we are accessible.
20:43
SPEAKER_01: Uh there's a plethora of information, knowledge between the three of us.
20:49
SPEAKER_01: Uh and I would strongly encourage you if we're that coffee table on your if we're that book on your coffee table, take us off the off the coffee table, open up that that book, and you're gonna find a whole lot of information that can be beneficial for you and your family.
21:07
SPEAKER_01: Um, we've got some phenomenal webinars uh that we've done, one on social security.
21:13
SPEAKER_01: Brian is a social security expert.
21:15
SPEAKER_01: Um, and we're doing these webinars once a month.
21:18
SPEAKER_01: Our next one is scheduled for December 11th.
21:21
SPEAKER_01: Um I just finished a women's wealth and wisdom seminar here in Sarasota County uh Wednesday night.
21:30
SPEAKER_01: Um well it wasn't Wednesday night because we had a happy hour, so we were over or jurs and wine, and it was flowing.
21:37
SPEAKER_01: It was a phenomenal meeting, uh, and we had a good time.
21:42
SPEAKER_01: Uh, my good friend Dr.
21:44
SPEAKER_01: Frank Castle uh was able to blend in local history of Sarasota County.
21:50
SPEAKER_01: Now, understand that Bertha Palmer, who came from Chicago, okay, from 1910, uh, brought her Pullman car here to Sarasota with an entourage.
22:02
SPEAKER_01: Well, she was world famous, uh uh and she had visited over 60 countries to bring them to the Chicago World Fair in 1893 when she was the president of a women's and children's exhibit.
22:18
SPEAKER_01: She was already the queen of Chicago, that just made her a world famous person, and then comes to Sarasota in 1910.
22:30
SPEAKER_01: And at that point, the even before the right women had the right to vote, uh, she made a huge impact locally and globally.
22:42
SPEAKER_01: Um, she had houses in Paris and England and uh Newport Ritchie, she had a number of different houses.
22:53
SPEAKER_01: Uh her house in Paris, actually, she loaned that to the Allied forces uh in for World War I for as a hospital to treat uh wounded warriors.
23:07
SPEAKER_01: Um intriguing.
23:08
SPEAKER_01: She's just a fascinating lady.
23:11
SPEAKER_01: And there are so many talented women that are that we're surrounded by it is good to get information to you and hear from you um and to assist you in your independence in your financial independence.
23:31
SPEAKER_02: Okay, from the feedback that you got from from people that attended, what was the biggest takeaway, would you say?
23:40
SPEAKER_01: What they love my friend Frank Castle.
23:44
SPEAKER_01: You get a historian uh chance to speak, and uh he can light up the room, okay?
23:50
SPEAKER_01: And then uh uh but one of the biggest issues is hey, you don't have to um you don't have to put up with an advisor that doesn't listen to you.
24:06
SPEAKER_01: Communicate with your people, communicate and an advisor uh is only as good as their ability to take what you need to tell them and work around for your personal satisfaction, for your personal uh recommendations.
24:22
SPEAKER_01: Okay, so that was the biggest takeaway uh is hey, uh there are resources available to us because uh unfortunately uh more than 80% of women at one time will become uh a widow in their lifetime, and the average age of a of a woman becoming uh a widow 56.
24:48
SPEAKER_02: Wow.
24:49
SPEAKER_01: That's bad news for us.
24:51
SPEAKER_01: That blew me away.
24:53
SPEAKER_01: That blew me away.
24:55
SPEAKER_01: Okay, uh gee, uh I I was thinking about 65, and I thought that was generous, but here it is 56.
25:06
SPEAKER_01: So uh and you realize that women hold a purse string to trillions of dollars, uh, but you're not a small voice, and you you're not a you uh you carry a as Teddy Roosevelt will say, you carry a big stick.
25:24
SPEAKER_01: Uh let's give you the tools on how to wield that stick.
25:31
SPEAKER_01: So that was that was the biggest takeaway, Mike.
25:34
SPEAKER_01: All right.
25:34
SPEAKER_02: And if you missed this one, I think David's planning to do another one maybe in January or February.
25:40
SPEAKER_02: So stay tuned and we'll keep you updated on that.
25:44
SPEAKER_02: Um, the last but not least blog post for the week was another tax one about the child tax credit going to$2,200.
25:53
SPEAKER_02: Um, just like the tax thing we talked about before, it also phases out.
25:58
SPEAKER_02: Um, but eligibility is kids under 17, I believe.
26:03
SPEAKER_02: So make sure you get that straight on your taxes.
26:08
SPEAKER_02: Maybe you can get a little deduction.
26:11
SPEAKER_02: And then David mentioned it before, but this is our next webinar, the tax journey.
26:16
SPEAKER_02: Uh Brian's gonna be talking about the different phases, kind of like he talked about in the financial planning process, but what things you can do at different stages of your financial journey to maybe reduce your taxes or maximize your after tax money at some point throughout the journey.
26:32
SPEAKER_02: Um, so we're excited for that.
26:34
SPEAKER_02: That is on a Thursday, I believe, December 11th at 5 p.m.
26:38
SPEAKER_02: Eastern time.
26:39
SPEAKER_02: So I'm looking forward to that.
26:41
SPEAKER_02: I'll be there with Brian most likely, and we'll we'll definitely gain some knowledge.
26:45
SPEAKER_01: And we would be amiss if we did not acknowledge uh to all our fabulous veterans.
26:51
SPEAKER_01: Thank you so much for your service.
26:54
SPEAKER_01: We would not be having this the freedom to discuss here without the sacrifices that you made.
27:01
SPEAKER_01: And I'm not sure if you can see uh the two hats up on my shelf.
27:09
SPEAKER_01: Okay, and those represent uh some of our uh founding fathers of this firm.
27:16
SPEAKER_01: My father-in-law was in the 82nd Airborne, and Jack Delaney, uh Ron Zu Kelly, 82nd Airborne.
27:23
SPEAKER_01: And then uh Jack Delaney has the USS Orion uh Navy Naval Hat.
27:29
SPEAKER_01: Uh he worked on the submarines during World War II.
27:33
SPEAKER_01: And thank them for our for their sacrifices and thank every veteran for what you've done for us.
27:40
SPEAKER_01: Thank you.
27:41
unknown: Yeah.
27:42
SPEAKER_00: And I would expand on that as well to say the families of veterans.
27:46
SPEAKER_00: Um folks in the um uh military service, um, and there's there's a few others.
27:55
SPEAKER_00: There's a there's a ton of sacrifice, there's a ton of adjustments that the families need to make as well.
28:00
SPEAKER_00: And so I I'd like to honor the families as well on Veterans Day.
28:05
SPEAKER_00: Um, you know, the folks uh our veterans have done incredible things, but let's not forget the you know that their families had to make adjustments while folks are away, uh, oftentimes in dangerous situations, and the toll that takes, and it you know, it takes us uh you know, it takes a village.
28:23
SPEAKER_00: Um and so I like to honor the families as well because they a lot of sacrifices there as well.
28:30
SPEAKER_02: And a big shout out to Brian today.
28:31
SPEAKER_02: It's his birthday.
28:32
SPEAKER_02: Yay! So happy birthday, Brian.
28:34
SPEAKER_02: You said no big plans for the weekend, but yeah, for any any special meal or you're going out to dinner?
28:40
SPEAKER_00: None of the above.
28:41
SPEAKER_00: I'm uh completely denying the aging process at this point.
28:44
SPEAKER_01: So try to make it a day.
28:47
SPEAKER_01: I I think a hockey game is in his future.
28:50
SPEAKER_00: Yeah, I'm gonna go watch the University of Pittsburgh play John Carroll tonight.
28:53
SPEAKER_00: Um, I enjoy watching that tremendously.
28:56
SPEAKER_00: So uh to me, that's a great day.
28:58
SPEAKER_00: So I'll take it, you know.
29:00
SPEAKER_00: Um hey, one one thing I'm gonna add, I'm gonna end with a little bit of a cliffhanger.
29:05
SPEAKER_00: I got several questions this week about mutual fund capital gains.
29:11
SPEAKER_00: Mutual funds are paying their capital gains here in the next many weeks.
29:16
SPEAKER_00: And we've had we've had a lot of folks.
29:18
SPEAKER_00: Now our firm goes back to the 60s.
29:20
SPEAKER_00: Uh it was the Hayday of mutual funds.
29:21
SPEAKER_00: We've got a lot of folks that still hold individual mutual funds and uh still have a lot of questions about how the capital gains work.
29:30
SPEAKER_00: Wait a minute.
29:30
SPEAKER_00: I own the fund, I paid capital gains last year, I got to pay capital gains again this year.
29:34
SPEAKER_00: Yes.
29:34
SPEAKER_00: When I sell some of the funds, uh some of the funds to uh go buy a car, I gotta pay capital gains.
29:40
SPEAKER_00: Yes.
29:40
SPEAKER_00: So I'm gonna leave you with a cliffhanger on that, but I think we should go a little bit deeper on how mutual fund capital gains work.
29:46
SPEAKER_00: And we'll do that next week, so you gotta tune in at 12 30 p.m.
29:49
SPEAKER_00: Eastern Standard Time on Facebook.
29:51
SPEAKER_02: Yeah, those those amounts can be high.
29:52
SPEAKER_02: I was I was doing some calculations on your sheet.
29:54
SPEAKER_02: It seemed like six to like 12%.
29:59
SPEAKER_00: So So uh you know that's a little bit of a longer topic, so I'm gonna leave that as a cliffhanger.
30:04
SPEAKER_00: But uh yeah, it's in the next few weeks, kind of you know, right now till kind of mid-December is when these mutual funds pay capital gains.
30:12
SPEAKER_00: And invariably, you know, we get calls and say, Whoa, whoa, I paid capital gains last year on your mutual my mutual funds.
30:18
SPEAKER_00: You did.
30:19
SPEAKER_00: We're gonna pay them again this year.
30:21
SPEAKER_02: You are the worst scenario is when the market's down and there's still capital gains.
30:26
SPEAKER_00: Well, we're gonna explain how that happens.
30:29
SPEAKER_00: Um, so yeah, there there's kind of a series of these are of course mutual funds outside of you know individual retirement accounts or Roth and that kind of thing.
30:39
SPEAKER_00: But um I I'll leave that as cliffhanger.
30:42
SPEAKER_02: I like it.
30:42
SPEAKER_02: All right.
30:43
SPEAKER_02: Anyone have anything else?
30:46
SPEAKER_00: No, that's it.
30:47
SPEAKER_00: Thanks everybody for joining us.
30:49
SPEAKER_02: Yeah, I'm gonna flip on the disclosures and tune into our blog post, and we'll see you next Friday.
30:54
SPEAKER_00: All right, thanks.
30:55
SPEAKER_00: Thank you.
30:56
SPEAKER_00: LPL Financial LLC, member FINRA, and SIPC.org.
31:01
SPEAKER_00: Advisory services offered through LPL Financial LLC, a registered investment advisor.
31:06
SPEAKER_00: Brian Peluso, Michael Kutch, and David Harper are registered representatives of LPL Financial LLC.
31:13
SPEAKER_00: Content discussed is for informational purposes only and not intended as an offer or solicitation to buy or sell any security or investment strategy.
31:21
SPEAKER_00: Any opinions expressed are those of the authors and do not necessarily reflect the views of LPL Financial or its affiliates.
31:28
SPEAKER_00: All investments involve risk, including the possible loss of principal.
31:32
SPEAKER_00: This communication may include links or references to third-party websites.
31:36
SPEAKER_00: These links are provided as a convenience only.
31:38
SPEAKER_00: LPL Financial and its representatives are not responsible for the accuracy or content of such sites.
31:44
SPEAKER_00: Brian, Mike, and David and HPK Profit Advisors may only transact business in states where they are properly registered or exempt from registration.