In episode 62 of Building Wealthy Habits, hosts Laura, Randy and Jeremiah discuss the essential steps and considerations involved in buying a business. They explore the motivations behind acquisitions, the importance of evaluating potential companies, financing options, structuring deals, and navigating negotiations. The discussion emphasizes the need for thorough due diligence, the role of professional advisors, and the significance of aligning values and goals between buyers and sellers.

Episode 62 - Various Ways to Purchase a Business

In episode 63 of Building Wealthy Habits, Randy, Laura and Jeremiah are joined once again by Dr. Jason Thomas discuss the current market performance and sentiment for Q1 2025. If you missed Jason’s previous drop into Building Wealthy Habits, check out episode 19! In this episode, the group analyzes the volatility in portfolios, the impact of sector performance, and the importance of diversification. The discussion also highlights the emotional aspects of investing and the need for strategic financial planning, especially in light of tax implications and market uncertainties.

Episode 63 - What Are We Seeing in the Markets, Q1 2025 Featuring Dr. Jason Thomas

This episode digs deep into effective tax strategies for minimizing tax liability, focusing on long-term planning, estate planning, retirement contributions, and smart investing. Randy, Laura and Jeremiah discuss the implications of recent tax law changes, the importance of proactive tax planning, and various strategies such as tax loss harvesting and charitable contributions to optimize tax outcomes.

In this episode:

Chances of being audited are likely reduced this year.
Long-term tax planning is essential to avoid surprises.
Estate tax exemptions are set to change in 2025.
Retirement contributions can significantly impact tax liability.
Tax loss harvesting can offset gains with losses.
Charitable contributions can reduce taxable income.
Holistic investment strategies can optimize tax outcomes.
Communication with CPAs is critical for effective tax planning.
Understanding the difference between Roth and traditional IRAs is key.
Proactive planning can prevent last-minute tax issues.

Reach out at contact@tricordadvisors.com

Connect with Jeremiah:

LinkedIn:   / jeremiahjlee  
Email: Jeremiah@tricordadvisors.com

Connect with Laura:

LinkedIn:   / laura-lee-59a83610  
Email: Laura@tricordadv.com

Connect with Randy:

LinkedIn:   / rkbarkley  
Email: Randy@tricordadv.com

Information and ideas discussed are general comments and cannot be relied upon as pertaining to your specific situation, do not constitute legal/financial advice, and do not create an attorney-client or fiduciary relationship. Examples discussed are fictional. You should consult your own advisor/attorney and do your own diligence prior to making any decisions. Investments involve risk and the possibility of loss, including the loss of principal. All situations are different, and results may vary. Randy Barkley is a life insurance agent CA license # 0518567 and Jeremiah Lee is a California licensed attorney and is responsible for this communication. Advisory services offered through TriCord Advisors, Inc., a Registered Investment Advisory firm.

Episode 64 - Save Money on Taxes in 2025

In this conversation, Laura, Randy, and Jeremiah discuss the signs that indicate someone may not be ready to retire. They explore various factors such as financial insecurity, the complexity of retirement income streams, the importance of budgeting, family dynamics, the search for purpose post-retirement, and the significant costs associated with healthcare. The discussion emphasizes the need for a comprehensive retirement plan that considers not just finances but also emotional and familial aspects.

In This Episode:

Financial insecurity is a major concern for those considering retirement.
Understanding multiple income streams is crucial for retirement planning.
Budgeting is essential to track spending and prepare for retirement.
Family dynamics can significantly impact retirement plans and expenses.
Healthcare costs can be a major financial burden in retirement.
Finding purpose after work is important for a fulfilling retirement.
Many people underestimate their future tax liabilities in retirement.
Planning for unexpected health events is vital for financial security.
Engagement in work can provide fulfillment beyond financial needs.
Retirement planning should include a holistic view of household needs.

Reach out at contact@tricordadvisors.com

Connect with Jeremiah:

LinkedIn:   / jeremiahjlee  
Email: Jeremiah@tricordadvisors.com

Connect with Laura:

LinkedIn:   / laura-lee-59a83610  
Email: Laura@tricordadv.com

Connect with Randy:

LinkedIn:   / rkbarkley  
Email: Randy@tricordadv.com


Information and ideas discussed are general comments and cannot be relied upon as pertaining to your specific situation, do not constitute legal/financial advice, and do not create an attorney-client or fiduciary relationship. Examples discussed are fictional. You should consult your own advisor/attorney and do your own diligence prior to making any decisions. Investments involve risk and the possibility of loss, including the loss of principal. All situations are different, and results may vary. Randy Barkley is a life insurance agent CA license # 0518567 and Jeremiah Lee is a California licensed attorney and is responsible for this communication. Advisory services offered through TriCord Advisors, Inc., a Registered Investment Advisory firm.


Episode 65 - How to Know When It's NOT Time to Retire

In this Episode, Laura, Jeremiah and Randy discuss the critical catastrophes to avoid as individuals approach retirement. They emphasize the importance of planning for healthcare costs, the timing of Social Security benefits, and the necessity of estate planning. The discussion highlights common mistakes, such as overspending in early retirement and neglecting to stress test financial plans. This episode is full of insights into how to navigate these challenges effectively, ensuring a secure and fulfilling retirement.

In This Episode:

Fear of outliving money is a common concern.
Healthcare and long-term care planning are crucial.
Claiming Social Security too early can reduce benefits significantly.
Estate planning is essential to avoid complications later.
Investing strategies should adapt as one ages.
Stress testing financial plans helps identify potential issues.
Inflation can erode purchasing power in retirement.
Overspending in early retirement can lead to future financial strain.
Target date funds may need adjustments for longer retirement horizons.
Planning with a trusted advisor can mitigate retirement risks.

Reach out at contact@tricordadvisors.com

Connect with Jeremiah:

LinkedIn:   / jeremiahjlee  
Email: Jeremiah@tricordadvisors.com

Connect with Laura:

LinkedIn:   / laura-lee-59a83610  
Email: Laura@tricordadv.com

Connect with Randy:

LinkedIn:   / rkbarkley  
Email: Randy@tricordadv.com

Information and ideas discussed are general comments and cannot be relied upon as pertaining to your specific situation, do not constitute legal/financial advice, and do not create an attorney-client or fiduciary relationship. Examples discussed are fictional. You should consult your own advisor/attorney and do your own diligence prior to making any decisions. Investments involve risk and the possibility of loss, including the loss of principal. All situations are different, and results may vary. Randy Barkley is a life insurance agent CA license # 0518567 and Jeremiah Lee is a California licensed attorney and is responsible for this communication. Advisory services offered through TriCord Advisors, Inc., a Registered Investment Advisory firm.

Episode 66 - Retirement Catastrophes to Avoid

Do you ever find yourself contemplating the complexities of inheritance, property transfer, and estate planning? Well in episode 67 of Building Wealthy Habits, we are tackling common misconceptions surrounding these topics, particularly regarding the implications of putting children on property titles and the tax benefits of inheritance. Randy and Jeremiah emphasize the importance of understanding gifting limits and the necessity of testing financial responsibility in family gifts. Tune in as we also cover the intricacies of estate planning for high-value assets and the significance of comprehensive planning to avoid pitfalls, especially concerning retirement accounts and estate taxes.

In This Episode:

Many clients misunderstand the implications of putting children on property titles.
Inheritance can provide significant tax benefits through a step-up in basis.
Gifting has limits, but exceeding them doesn't necessarily incur taxes.
Testing financial responsibility in children is crucial before large gifts.
Estate planning should be proactive, especially for high-value assets.
Retirement accounts have different rules regarding inheritance and taxation.
Comprehensive estate planning is essential for effective wealth management.
The tax code is complex and requires regular review and planning.
Families often overlook the importance of discussing estate planning openly.
Wealth management involves integrating estate planning with overall financial strategies.

Reach out at contact@tricordadvisors.com

Connect with Jeremiah:

LinkedIn:   / jeremiahjlee  
Email: Jeremiah@tricordadvisors.com

Connect with Laura:

LinkedIn:   / laura-lee-59a83610  
Email: Laura@tricordadv.com

Connect with Randy:

LinkedIn:   / rkbarkley  
Email: Randy@tricordadv.com

Information and ideas discussed are general comments and cannot be relied upon as pertaining to your specific situation, do not constitute legal/financial advice, and do not create an attorney-client or fiduciary relationship. Examples discussed are fictional. You should consult your own advisor/attorney and do your own diligence prior to making any decisions. Investments involve risk and the possibility of loss, including the loss of principal. All situations are different, and results may vary. Randy Barkley is a life insurance agent CA license # 0518567 and Jeremiah Lee is a California licensed attorney and is responsible for this communication. Advisory services offered through TriCord Advisors, Inc., a Registered Investment Advisory firm.

Episode 67 - Inheriting vs. Gifting

This week, we are talking about the current state of the markets through a historical lens, examining past administrations and their economic impacts. We explore the lessons learned from the Carter-Reagan transition, the Great Depression under Hoover, and the recovery during FDR's New Deal. If anything, we want to emphasize the cyclical nature of the economy, the importance of diversification in investment, and the need to focus on data rather than political rhetoric to navigate current market uncertainties.

In This Episode: 

00:00 Market Chaos: A Historical Perspective
01:46 Lessons from the Carter-Reagan Transition
11:00 The Great Depression and Hoover's Era
14:31 FDR's New Deal and Economic Recovery
16:58 Comparing Past and Present Economic Indicators
22:50 Investment Philosophy: Lessons for Today

---

Reach out at contact@tricordadvisors.com
Connect with Jeremiah:

LinkedIn:   / jeremiahjlee  
Email: Jeremiah@tricordadvisors.com

Connect with Laura:

LinkedIn:   / laura-lee-59a83610  
Email: Laura@tricordadv.com

Connect with Randy:

LinkedIn:   / rkbarkley  
Email: Randy@tricordadv.com

Information and ideas discussed are general comments and cannot be relied upon as pertaining to your specific situation, do not constitute legal/financial advice, and do not create an attorney-client or fiduciary relationship. Examples discussed are fictional. You should consult your own advisor/attorney and do your own diligence prior to making any decisions. Investments involve risk and the possibility of loss, including the loss of principal. All situations are different, and results may vary. Randy Barkley is a life insurance agent CA license # 0518567 and Jeremiah Lee is a California licensed attorney and is responsible for this communication. Advisory services offered through TriCord Advisors, Inc., a Registered Investment Advisory firm.


Episode 68 - Don't Get Too Political

Today, Laura and Jeremiah Lee discuss the critical aspects of estate planning, emphasizing that it goes beyond just having a will. They explore the importance of advanced healthcare directives, the implications of probate, and the essential components of a comprehensive estate plan, including trusts and powers of attorney. Through real-life stories, they illustrate the necessity of planning for the unexpected and the value of clear communication in estate planning.

Key Takeaways:

Everyone should have an advanced healthcare directive.
Probate can be lengthy and expensive, often compared to the DMV.
California estate planning laws differ from other states.
A trust keeps your estate private, while a will does not.
Clear communication is essential in estate planning.
It's important to have an estate plan in place when healthy.
Trusts can dictate how and when assets are distributed.
Durable powers of attorney are crucial for decision-making.
Probate is not a fast process and can cause delays.
Regularly review and update your estate plan.

---

Reach out at contact@tricordadvisors.com
Connect with Jeremiah:

LinkedIn:   / jeremiahjlee  
Email: Jeremiah@tricordadvisors.com

Connect with Laura:

LinkedIn:   / laura-lee-59a83610  
Email: Laura@tricordadv.com

Connect with Randy:

LinkedIn:   / rkbarkley  
Email: Randy@tricordadv.com

Information and ideas discussed are general comments and cannot be relied upon as pertaining to your specific situation, do not constitute legal/financial advice, and do not create an attorney-client or fiduciary relationship. Examples discussed are fictional. You should consult your own advisor/attorney and do your own diligence prior to making any decisions. Investments involve risk and the possibility of loss, including the loss of principal. All situations are different, and results may vary. Randy Barkley is a life insurance agent CA license # 0518567 and Jeremiah Lee is a California licensed attorney and is responsible for this communication. Advisory services offered through TriCord Advisors, Inc., a Registered Investment Advisory firm.

Episode 69 - Why an Estate Plan is More Than a Will

In this episode of Building Wealthy Habits, Randy, Laura and Jeremiah discuss the essential preparations needed for selling a business. They emphasize the importance of planning ahead, structuring the business appropriately, and understanding the personal dynamics involved in the sale. Real-life examples illustrate the consequences of inadequate preparation, while the speakers also touch on the significance of timing and personal financial planning post-sale. The discussion aims to equip business owners with insights to maximize the value of their business and ensure a smooth transition.

Key Takeaways:

Preparation is crucial when planning to sell a business.
Many business owners fail to plan adequately for a sale.
Structuring your business correctly can maximize its value.
Separating business assets from real estate can provide tax advantages.
Reviewing contracts and ensuring long-term agreements can enhance business value.
Intellectual property should be secured before selling a business.
Understanding personal goals is essential when preparing for a sale.
Timing the sale of a business can significantly impact its value.
Retirement planning should not be neglected during the sale process.
Your business should be viewed as a tool for future opportunities.

Reach out at contact@tricordadvisors.com
Connect with Jeremiah:

LinkedIn:   / jeremiahjlee  
Email: Jeremiah@tricordadvisors.com

Connect with Laura:

LinkedIn:   / laura-lee-59a83610  
Email: Laura@tricordadv.com

Connect with Randy:

LinkedIn:   / rkbarkley  
Email: Randy@tricordadv.com

Information and ideas discussed are general comments and cannot be relied upon as pertaining to your specific situation, do not constitute legal/financial advice, and do not create an attorney-client or fiduciary relationship. Examples discussed are fictional. You should consult your own advisor/attorney and do your own diligence prior to making any decisions. Investments involve risk and the possibility of loss, including the loss of principal. All situations are different, and results may vary. Randy Barkley is a life insurance agent CA license # 0518567 and Jeremiah Lee is a California licensed attorney and is responsible for this communication. Advisory services offered through TriCord Advisors, Inc., a Registered Investment Advisory firm.


Episode 70 - Preparing to Sell Your Company

In episode 71 of Building Wealthy habits, Randy, Laura and Jeremiah discuss essential strategies for entrepreneurs to build and preserve wealth while navigating the complexities of business ownership. They emphasize the importance of diversification, retirement planning, and cash flow management, as well as the need for clear business structures and exit strategies. The discussion also touches on the challenges faced by family businesses and the significance of adapting to generational changes in business management.

In this episode:

Entrepreneurs often focus solely on their business, neglecting personal finance.
Diversification is crucial for long-term financial stability.
Real estate can be a valuable asset for entrepreneurs.
Retirement plans can provide tax benefits and financial security.
Cash flow management is essential for seizing new opportunities.
Structuring a business with clear exit strategies is vital.
Family businesses face unique challenges that require open communication.
Entrepreneurs should seek advice from experienced peers.
Planning for retirement should start early in the entrepreneurial journey.
Listening to the next generation's vision is key for family business success.

Reach out at contact@tricordadvisors.com

Connect with Jeremiah:

LinkedIn:   / jeremiahjlee  
Email: Jeremiah@tricordadvisors.com

Connect with Laura:

LinkedIn:   / laura-lee-59a83610  
Email: Laura@tricordadv.com

Connect with Randy:

LinkedIn:   / rkbarkley  
Email: Randy@tricordadv.com

Information and ideas discussed are general comments and cannot be relied upon as pertaining to your specific situation, do not constitute legal/financial advice, and do not create an attorney-client or fiduciary relationship. Examples discussed are fictional. You should consult your own advisor/attorney and do your own diligence prior to making any decisions. Investments involve risk and the possibility of loss, including the loss of principal. All situations are different, and results may vary. Randy Barkley is a life insurance agent CA license # 0518567 and Jeremiah Lee is a California licensed attorney and is responsible for this communication. Advisory services offered through TriCord Advisors, Inc., a Registered Investment Advisory firm.

Episode 71 - Strategies for Entrepreneurs to Build & Preserve Wealth

We discuss life's hard financial questions to help you make smart choices with your money. New Episodes each week.

Episode 63 - What Are We Seeing in the Markets, Q1 2025 Featuring Dr. Jason Thomas

TriCord Advisors Podcast

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