Wealth-Building Made Simple
Money can be stressful, but it doesn’t have to be! This podcast is about helping people understand their finances and make smart choices for their future.
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Episodes
Monday Nov 27, 2023
Monday Nov 27, 2023
Key Takeaways:
Success is subjective and can be measured in different ways, not just by money.
Making money doesn't have to be hard; it depends on our beliefs and mindset.
Money is not limited; it is what we believe it to be, and there is plenty for everyone.
Chapters:
Timestamp Summary
[0:00:38] Introduction to the episode and the $500 investment plan
[0:01:41] Money is a measure of success
[0:03:15] Success can involve making less money temporarily for personal growth
[0:04:47] Growth and passion are more important than money
[0:05:17] Lesson on perfection and personal growth for the speaker’s son
[0:07:00] Appreciating current achievements and focusing on growth
[0:08:09] Making money doesn’t have to be hard
[0:09:22] Money is limited and there’s not enough for everyone
[0:13:48] Bitcoin is internet money worth $600 billion.
[0:14:53] Money is not limited; it depends on our beliefs.
[0:15:27] Money is infinite as man is always evolving.
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Follow Philip Washington, Jr. on Instagram (@askphillip)
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https://www.wealthbuildingmadesimple.us/
Thank you for checking out our free content on financial planning, the wealth mindset, and investing in innovation. If you've found value in our blog posts, I invite you to take your knowledge and commitment to the next level. Sign up for our premium paid newsletter today and receive daily insights and expert analysis directly in your inbox. Stay ahead of the curve and unlock the secrets to financial success. Don't miss out on this opportunity to deepen your understanding and gain an edge in the world of finance. Join our premium community now and embark on a journey towards financial abundance and investment excellence. Sign up today and let's grow together!
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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Friday Nov 24, 2023
Friday Nov 24, 2023
Key Takeaways:
Start with an exit plan in mind and think about personal goals for retirement or exit.
Build a team of professionals, including a CPA, financial advisor, and attorney, to help plan for the future.
Focus on creating enterprise value, not just a job for yourself.
Evaluate workplace culture and attract employees who are passionate about the business.
Continuously reassess and adjust the plan as circumstances change.
Chapters:
Timestamp Summary
[0:00:37] Introduction and discussion about Thanksgiving leftovers
[0:01:21] Importance of exit planning for business owners
[0:02:44] Agitation and discomfort necessary for growth and profitability
[0:03:28] Importance of thinking long term and planning for retirement
[0:05:14] Planning for the future and implementing changes now
[0:05:57] Owner dependence and the need to rely less on the business
[0:07:17] Contingency planning and having a team in place
[0:08:30] Determining who will take over the business and having a written plan
[0:09:16] Importance of due diligence when selling the business
[0:10:38] Focusing on profitability and creating a positive workplace culture
[0:12:03] Importance of having the right team and advisors in place
[0:12:24] Building a new mindset culture in business
[0:13:28] Getting a fresh perspective from a CPA
[0:14:05] Objectively evaluating business performance and financial objectives
[0:14:25] Contact information for getting a second opinion on business finances
[0:14:48] Time to start thinking about 2024
[0:15:17] Focus on the end goal and achieving it
[0:15:24] Disclaimer about investment advice
[0:15:51] Past performance not indicative of future performance
Powered by ReiffMartin CPA and Stone Hill Wealth Management
Social Media Handles
Follow Philip Washington, Jr. on Instagram (@askphillip)
Subscribe to Wealth Building Made Simple newsletter
https://www.wealthbuildingmadesimple.us/
Thank you for checking out our free content on financial planning, the wealth mindset, and investing in innovation. If you've found value in our blog posts, I invite you to take your knowledge and commitment to the next level. Sign up for our premium paid newsletter today and receive daily insights and expert analysis directly in your inbox. Stay ahead of the curve and unlock the secrets to financial success. Don't miss out on this opportunity to deepen your understanding and gain an edge in the world of finance. Join our premium community now and embark on a journey towards financial abundance and investment excellence. Sign up today and let's grow together!
WBMS Premium Subscription
Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Monday Nov 20, 2023
Monday Nov 20, 2023
Key Takeaways:
Money is not the key to happiness; true happiness comes from within.
The amount of money we have does not determine our level of stress; it depends on our emotional state and perspective.
Money cannot buy true love or happiness; these things come from within and cannot be purchased.
The love of money, not money itself, is the root of all evil; our perspective towards money is what matters.
Chapters:
Timestamp Summary
[0:00:37] Introduction to the episode and the $500 investment plan
[0:01:48] Introduction to the series on common beliefs about money
[0:03:24] Money is not the key to happiness
[0:04:47] More money does not mean less stress
[0:07:04] Money can’t buy true love or happiness
[0:09:56] Money should be made with ease and relaxation
[0:12:18] Money should not be the basis of love or happiness
[0:13:58] Treat people with money as individuals, not just their wealth
[0:14:39] Love of money is the root of all evil
[0:15:20] Love means removal of judgment, acceptance, appreciation
[0:16:09] Money as the foundation of well-being is ephemeral
[0:17:13] Perspective on money determines if it is evil or not
[0:17:49] Having a healthy perspective of money leads to peace
Powered by Stone Hill Wealth Management
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Follow Philip Washington, Jr. on Instagram (@askphillip)
Subscribe to Wealth Building Made Simple newsletter
https://www.wealthbuildingmadesimple.us/
Thank you for checking out our free content on financial planning, the wealth mindset, and investing in innovation. If you've found value in our blog posts, I invite you to take your knowledge and commitment to the next level. Sign up for our premium paid newsletter today and receive daily insights and expert analysis directly in your inbox. Stay ahead of the curve and unlock the secrets to financial success. Don't miss out on this opportunity to deepen your understanding and gain an edge in the world of finance. Join our premium community now and embark on a journey towards financial abundance and investment excellence. Sign up today and let's grow together!
WBMS Premium Subscription
Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Friday Nov 17, 2023
Friday Nov 17, 2023
Key Takeaways:
Plan for potential risks in your business, such as divorce, partner disagreement, disability, distress, and death.
Work with an attorney to create appropriate legal documents to address these risks.
Regularly review and update agreements with partners to ensure alignment and avoid conflicts.
Have disability insurance to cover loss of income in case of personal disability.
Communicate well and quickly in times of financial distress and seek assistance from a strong team.
Plan for the future by identifying successors and ensuring a smooth transition in the event of death.
Chapters:
Timestamp Summary
[0:00:46] Introduction and discussion about Thanksgiving dinner preparation
[0:03:37] First business risk: Divorce and the need for legal and tax planning
[0:08:08] Second business risk: Disagreements with business partners and the importance of clear agreements
[0:10:22] Third business risk: Disability and the need for a backup plan
[0:11:57] Fourth business risk: Financial distress and the importance of communication and a strong team
[0:12:46] Fifth business risk: Death and the need for future planning
[0:13:22] Importance of having an exit plan in mind
[0:13:50] Having the right team in place for when you pass away
[0:14:27] Working closely with an exit plan advisor team
[0:15:10] Finding freedom and peace of mind in planning
[0:15:37] Dealing with loss and grief
[0:15:54] Contact information for Allison Reif Martin
[0:16:11] Prior planning for desired outcomes
[0:16:13] Disclaimer about investment advice
[0:16:13] Consultation with financial advisor and tax professional
[0:16:13] Past performance not indicative of future performance
Powered by ReiffMartin CPA and Stone Hill Wealth Management
Social Media Handles
Follow Philip Washington, Jr. on Instagram (@askphillip)
Subscribe to Wealth Building Made Simple newsletter
https://www.wealthbuildingmadesimple.us/
Thank you for checking out our free content on financial planning, the wealth mindset, and investing in innovation. If you've found value in our blog posts, I invite you to take your knowledge and commitment to the next level. Sign up for our premium paid newsletter today and receive daily insights and expert analysis directly in your inbox. Stay ahead of the curve and unlock the secrets to financial success. Don't miss out on this opportunity to deepen your understanding and gain an edge in the world of finance. Join our premium community now and embark on a journey towards financial abundance and investment excellence. Sign up today and let's grow together!
WBMS Premium Subscription
Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Wednesday Nov 15, 2023
Wednesday Nov 15, 2023
Key Takeaways:
Financial uncertainty and cash flow issues are inherent in entrepreneurship, but they can be managed by prioritizing expenses and only taking on necessary costs.
Market volatility and competition can be navigated by focusing on the positive aspects of one's business and evolving to meet the needs of the market.
Balancing work and personal life as an entrepreneur is possible by prioritizing peace and aligning business decisions with desired lifestyle outcomes.
Chapters:
Timestamp Summary
[0:00:37] Introduction and announcement of the topic of stress in entrepreneurship
[0:01:18] The financial uncertainty and cash flow issues of entrepreneurship
[0:04:56] Dealing with market volatility and competition
[0:08:39] The importance of emotional intelligence in handling market volatility
[0:10:11] Evolving beyond competition and focusing on personal growth
[0:12:01] Applying the mindset of personal growth to business
[0:13:40] The benefits of not viewing others as competitors
[0:14:13] The unique gifts individuals have to offer in their own lane
[0:14:57] Capitalism as an evolutionary energy and misunderstood competition
[0:16:02] Balancing work and personal life as an entrepreneur
[0:16:43] Building a business that fits the desired lifestyle
[0:17:51] Building a fee-only business for long-term value
[0:19:03] Integrating meeting people and creating content into lifestyle
[0:21:22] Prioritizing peace over money and maintaining work-life balance
[0:23:46] Money amplifying emotional state, prioritizing peace in business
[0:24:49] Understanding the emotional state attracts desired expressions
[0:26:42] Placing emphasis on emotional state rather than specific details
[0:28:24] Prioritizing personal preferences over external opportunities
[0:28:55] Different paths to success
[0:29:27] Seeking genuine connections
[0:30:02] Disclaimer and past performance disclaimer
Powered by Stone Hill Wealth Management
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Follow Philip Washington, Jr. on Instagram (@askphillip)
Subscribe to Wealth Building Made Simple newsletter
https://www.wealthbuildingmadesimple.us/
Thank you for checking out our free content on financial planning, the wealth mindset, and investing in innovation. If you've found value in our blog posts, I invite you to take your knowledge and commitment to the next level. Sign up for our premium paid newsletter today and receive daily insights and expert analysis directly in your inbox. Stay ahead of the curve and unlock the secrets to financial success. Don't miss out on this opportunity to deepen your understanding and gain an edge in the world of finance. Join our premium community now and embark on a journey towards financial abundance and investment excellence. Sign up today and let's grow together!
WBMS Premium Subscription
Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Monday Nov 13, 2023
Monday Nov 13, 2023
Key Takeaways:
Identify market biases and question why certain practices are still prevalent.
Simplify the business planning process by focusing on what doesn't make sense in the market.
Find a business idea that solves a problem and offers a unique solution.
Consider low-cost marketing strategies, such as starting a podcast or speaking at schools.
Build a business in a way that aligns with your passion and allows for flexibility and enjoyment.
Chapters:
Timestamp Summary
[0:00:05] Introduction and disclaimer about investment advice
[0:01:11] Introduction to the topic of business planning
[0:02:42] Importance of identifying market biases in business ideas
[0:05:38] Using the question “What doesn’t make sense to you?” to generate business ideas
[0:09:04] Example of a business idea: Helping students find unused scholarships
[0:10:54] Justifying the price point for the business idea
[0:11:52] Comparing the cost of the business idea to other options
[0:12:15] Conclusion of the discussion on the business idea
[0:12:08] Options for paying for college: saving, borrowing, or hiring help
[0:13:17] Low-cost marketing strategy: start a podcast as a go-to resource
[0:14:40] Subtract service and marketing costs from income to determine profit
[0:15:36] Build a business plan around a problem that needs solving
[0:16:26] Find a passion and build a business in a fun way
[0:17:16] Use additional time to earn money while building the business
[0:18:13] Product market fit and cost understanding are crucial for success
Powered by Stone Hill Wealth Management
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Follow Philip Washington, Jr. on Instagram (@askphillip)
Subscribe to Wealth Building Made Simple newsletter
https://www.wealthbuildingmadesimple.us/
Thank you for checking out our free content on financial planning, the wealth mindset, and investing in innovation. If you've found value in our blog posts, I invite you to take your knowledge and commitment to the next level. Sign up for our premium paid newsletter today and receive daily insights and expert analysis directly in your inbox. Stay ahead of the curve and unlock the secrets to financial success. Don't miss out on this opportunity to deepen your understanding and gain an edge in the world of finance. Join our premium community now and embark on a journey towards financial abundance and investment excellence. Sign up today and let's grow together!
WBMS Premium Subscription
Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Friday Nov 10, 2023
Friday Nov 10, 2023
Key Takeaways:
Income vs. value creation: Business owners should focus on both generating income and creating long-term value in their businesses.
Regular financial reviews: Regularly reviewing financials with a CPA or financial planner helps ensure that you have sufficient income and are setting the stage for a successful exit.
Building the right team: Working with professionals who understand your goals and can hold you accountable is crucial for achieving a successful exit.
Using analytical tools: Tools like Profit Inc. can provide valuable insights into customer profitability and help guide business decisions.
Chapters:
| **Timestamp** | **Summary** |
| ------------- | ----------- |
| 0:00:05 | Introduction and disclaimer about investment advice |
| 0:00:37 | Introduction to the topic of income versus value creation |
| 0:02:12 | Discussion about the importance of focusing on value creation |
| 0:05:28 | Advice on getting started with exit planning |
| 0:07:37 | Importance of having a good team and regularly reviewing financials |
| 0:08:44 | Introduction to the Profit Inc. tool for analyzing customer profitability |
| 0:09:53 | Benefits of exit planning and starting early |
| 0:11:08 | Importance of having a good CPA for emotional support |
| 0:11:59 | Reminder to start planning ahead for retirement and exit strategy |
| 0:12:25 | Contact information for Allison Reif Martin |
Powered by ReiffMartin CPA and Stone Hill Wealth Management
Social Media Handles
Follow Philip Washington, Jr. on Instagram (@askphillip)
Subscribe to Wealth Building Made Simple newsletter
https://www.wealthbuildingmadesimple.us/
Thank you for checking out our free content on financial planning, the wealth mindset, and investing in innovation. If you've found value in our blog posts, I invite you to take your knowledge and commitment to the next level. Sign up for our premium paid newsletter today and receive daily insights and expert analysis directly in your inbox. Stay ahead of the curve and unlock the secrets to financial success. Don't miss out on this opportunity to deepen your understanding and gain an edge in the world of finance. Join our premium community now and embark on a journey towards financial abundance and investment excellence. Sign up today and let's grow together!
WBMS Premium Subscription
Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Monday Nov 06, 2023
Monday Nov 06, 2023
Key Takeaways:
Align your mind, body, and spirit to create a positive mindset around money.
Change your thoughts and beliefs about money to attract opportunities.
Focus on the feeling of abundance, security, and freedom to improve your relationship with money.
Surround yourself with like-minded individuals who support and encourage your financial goals.
Chapters:
| **Timestamp** | **Summary** |
| ------------- | ----------- |
| 0:00:38 | Introduction to the topic of financial independence and control |
| 0:01:37 | Importance of aligning mind, body, and spirit in financial decisions |
| 0:04:08 | Changing thoughts and beliefs about money to improve financial situation |
| 0:06:39 | Opportunities are attracted to the feelings and ideas we focus on |
| 0:09:38 | Money can be stressful, focus on feelings of abundance and security |
| [0:14:16] | Feeling good about money is easier than expected. |
| [0:14:58] | Lack of support from others is normal and expected. |
| [0:15:57] | Reasons mind limits information, imagination opens it up. |
| [0:16:58] | Higher level of thinking around money leads to resistance. |
| [0:17:46] | Most people are not managing their minds, but on autopilot. |
| [0:18:18] | Rewiring your own mind leads to resistance from others. |
| [0:19:10] | Your thoughts as a free thinker need no validation. |
Powered by Stone Hill Wealth Management
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Follow Philip Washington, Jr. on Instagram (@askphillip)
Subscribe to Wealth Building Made Simple newsletter
https://www.wealthbuildingmadesimple.us/
Thank you for checking out our free content on financial planning, the wealth mindset, and investing in innovation. If you've found value in our blog posts, I invite you to take your knowledge and commitment to the next level. Sign up for our premium paid newsletter today and receive daily insights and expert analysis directly in your inbox. Stay ahead of the curve and unlock the secrets to financial success. Don't miss out on this opportunity to deepen your understanding and gain an edge in the world of finance. Join our premium community now and embark on a journey towards financial abundance and investment excellence. Sign up today and let's grow together!
WBMS Premium Subscription
Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Friday Nov 03, 2023
Friday Nov 03, 2023
Key Takeaways:
Donor-advised funds allow individuals to receive an immediate tax deduction for their donations and have time to decide which organizations to support.
By donating a larger sum to a donor-advised fund, individuals can maximize their tax benefits and still distribute the funds over several years.
It is important to choose a donor-advised fund sponsor that supports the organizations you want to donate to.
Chapters:
| **Timestamp** | **Summary** |
| ------------- | ----------- |
| 0:00:05 | Introduction and disclaimer about investment advice |
| 0:00:37 | Philip and Allison discuss the start of November |
| 0:02:26 | Introduction to the donor advised fund |
| 0:03:53 | Explanation of how the donor advised fund works |
| 0:05:06 | Importance of giving more than $10,000 for tax deduction |
| 0:06:36 | Discussion on how donor advised fund can enhance relationships |
| 0:08:25 | Consideration of donor advised fund sponsors supporting preferred organizations |
| 0:09:48 | Importance of setting up donor advised fund early in the year |
| 0:10:34 | Contact information for financial planning assistance |
| 0:11:14 | Closing remarks and disclaimer about investment advice |
Powered by ReiffMartin CPA and Stone Hill Wealth Management
Social Media Handles
Follow Philip Washington, Jr. on Instagram (@askphillip)
Subscribe to Wealth Building Made Simple newsletter
https://www.wealthbuildingmadesimple.us/
Thank you for checking out our free content on financial planning, the wealth mindset, and investing in innovation. If you've found value in our blog posts, I invite you to take your knowledge and commitment to the next level. Sign up for our premium paid newsletter today and receive daily insights and expert analysis directly in your inbox. Stay ahead of the curve and unlock the secrets to financial success. Don't miss out on this opportunity to deepen your understanding and gain an edge in the world of finance. Join our premium community now and embark on a journey towards financial abundance and investment excellence. Sign up today and let's grow together!
WBMS Premium Subscription
Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Wednesday Nov 01, 2023
Wednesday Nov 01, 2023
Key Takeaways:
The amount of money invested and the time horizon are significant factors in investment growth.
Return on investment includes capital appreciation, dividends, interest, and rental income.
Compounding is the magic of investing, allowing for exponential growth over time.
Diversification is a risk management tool that helps mitigate potential losses.
Market conditions, such as interest rates and inflation, can impact investment returns.
Chapters:
| **Timestamp** | **Summary** |
| ------------- | ----------- |
| 0:00:07 | Introduction and disclaimer |
| 0:00:39 | Introduction of Philip Washington Jr. |
| 0:01:17 | Discussion on what impacts investment growth |
| 0:02:01 | Factors that impact investment growth: amount of money invested |
| 0:02:41 | Factors that impact investment growth: time horizon |
| 0:03:41 | Factors that impact investment growth: return on investment |
| 0:06:11 | Explanation of capital appreciation |
| 0:07:28 | Explanation of dividends |
| 0:09:36 | Explanation of interest |
| 0:12:37 | Explanation of compounding |
| 0:15:55 | Diversification and compounding in investing |
| 0:17:15 | Market conditions and their impact on investments |
| 0:19:35 | Tesla as an example of market conditions affecting investments |
| 0:22:21 | How to hit a home run in investing |
| 0:24:33 | Investing in nontraditional opportunities: music rights, podcast content, etc. |
| 0:29:50 | Summary and closing remarks |
Powered by Stone Hill Wealth Management
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Follow Philip Washington, Jr. on Instagram (@askphillip)
Subscribe to Wealth Building Made Simple newsletter
https://www.wealthbuildingmadesimple.us/
Thank you for checking out our free content on financial planning, the wealth mindset, and investing in innovation. If you've found value in our blog posts, I invite you to take your knowledge and commitment to the next level. Sign up for our premium paid newsletter today and receive daily insights and expert analysis directly in your inbox. Stay ahead of the curve and unlock the secrets to financial success. Don't miss out on this opportunity to deepen your understanding and gain an edge in the world of finance. Join our premium community now and embark on a journey towards financial abundance and investment excellence. Sign up today and let's grow together!
WBMS Premium Subscription
Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Monday Oct 30, 2023
Monday Oct 30, 2023
Key Takeaways:
Match your investment objective with the fund's objective.
Past performance does not guarantee future performance.
Consider expenses and fees relative to expected return.
Analyze a fund manager's expertise and the fund's holdings.
Increase risk tolerance through education, a supportive peer group, meditation, and appreciation of all expressions of money.
Chapters:
| **Timestamp** | **Summary** |
| ------------- | ----------- |
| 0:00:05 | Introduction and disclaimer about investment advice |
| 0:00:38 | Introduction to the show and its purpose |
| 0:01:18 | Factors to consider when choosing a mutual fund |
| 0:02:11 | Investment objectives and timeframes |
| 0:03:15 | Importance of risk tolerance in investment decisions |
| 0:04:26 | Evaluating a mutual fund's performance track record |
| 0:05:01 | Understanding the performance of specialized funds |
| 0:07:05 | Considering expenses and fees relative to expected returns |
| 0:08:03 | Importance of fund manager expertise |
| 0:08:43 | Evaluating the holdings of a mutual fund |
| 0:10:29 | How to increase risk tolerance over time through education |
| 0:13:15 | The importance of having advisors, friends, and mentees for money-making |
| 0:14:21 | Practicing meditation to change our mindset about money |
| 0:15:18 | Being present and choosing positive thoughts about money |
| 0:16:05 | Thoughts and emotions around money operate on momentum |
| 0:17:33 | Rewiring our software to feel good about money |
| 0:18:19 | Expanding intelligence and accessing higher feeling thoughts |
| 0:19:27 | The mind is not bounded by space and time |
| 0:20:09 | Practicing neutrality and allowing in higher thoughts |
| 0:20:41 | Appreciating all expressions of money and avoiding comparison |
| 0:22:22 | Education and emotions are key to attracting and making money |
Powered by Stone Hill Wealth Management
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Follow Philip Washington, Jr. on Instagram (@askphillip)
Subscribe to Wealth Building Made Simple newsletter
https://www.wealthbuildingmadesimple.us/
Thank you for checking out our free content on financial planning, the wealth mindset, and investing in innovation. If you've found value in our blog posts, I invite you to take your knowledge and commitment to the next level. Sign up for our premium paid newsletter today and receive daily insights and expert analysis directly in your inbox. Stay ahead of the curve and unlock the secrets to financial success. Don't miss out on this opportunity to deepen your understanding and gain an edge in the world of finance. Join our premium community now and embark on a journey towards financial abundance and investment excellence. Sign up today and let's grow together!
WBMS Premium Subscription
Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Friday Oct 27, 2023
Friday Oct 27, 2023
Key Takeaways:
Review your pay stubs and assess tax withholdings to avoid any surprises.
Maximize contributions to HSAs and traditional 401(k) plans to reduce taxable income.
Keep track of eligible deductions, such as medical expenses and charitable contributions.
Consult with a qualified CPA to review your tax return and ensure proper preparation.
Chapters:
| **Timestamp** | **Summary** |
| ------------- | ----------- |
| 0:00:07 | Disclaimer about investment advice and risks involved. |
| 0:00:38 | Introduction and discussion about Halloween candy. |
| 0:02:38 | Importance of preparing for the end of the year for taxes. |
| 0:03:43 | Checking pay stub and making changes if necessary. |
| 0:04:53 | Maximizing contributions to HSA and 401K plans. |
| 0:05:36 | Considering itemized deductions and capital gains. |
| 0:06:14 | Scheduling a meeting with a CPA to review tax return. |
| 0:07:00 | The importance of avoiding surprises on April 15th. |
| 0:07:28 | Discussion about Halloween candy. |
| 0:07:48 | Contact information for more assistance. |
Powered by ReiffMartin CPA and Stone Hill Wealth Management
Social Media Handles
Follow Philip Washington, Jr. on Instagram (@askphillip)
Subscribe to Wealth Building Made Simple newsletter
https://www.wealthbuildingmadesimple.us/
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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Monday Oct 23, 2023
Monday Oct 23, 2023
Key Takeaways:
Comfortability and habits provide stability, but change is constant and necessary for personal growth.
Immediate gratification can be achieved by owning the feeling of appreciation rather than seeking external sources of fulfillment.
Embracing the darkness and becoming aware of your limitations is essential for overcoming them and expanding yourself.
Positive thinking and mindset shifts can lead to relief and a more fulfilling life, but individuals have the freedom to choose their beliefs and experiences.
Chapters:
| **Timestamp** | **Summary** |
| ------------- | ----------- |
| 0:00:07 | Introduction and disclaimer about the podcast content. |
| 0:00:38 | Announcement of an upcoming event called "Being Mindful about Money". |
| 0:02:00 | Discussing the mental limitation of being too comfortable in financial habits. |
| 0:04:12 | Explaining a technique to change the way one feels about their current financial situation. |
| 0:05:19 | Emphasizing the importance of feeling inspired before trying to create change. |
| 0:06:22 | Addressing the challenge of being focused on immediate gratification rather than thinking long term. |
| 0:08:09 | Encouraging the practice of embracing and accepting the reality of one's financial situation. |
| 0:09:40 | Highlighting the value of self-awareness and the ability to overcome limitations. |
| 0:11:02 | Discussing the concept of limitations and the process of expansion. |
| 0:13:52 | Acknowledging the individual's belief system and the potential for positive thinking and mindset shifts. |
| 0:15:19 | Philip Washington, Jr. concludes the conversation and offers well wishes. |
| 0:15:24 | Disclaimer about Philip Washington, Jr. being a registered investment advisor. |
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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Friday Oct 20, 2023
Friday Oct 20, 2023
Key Takeaways:
Business owners should have a strong understanding of their financials, including income statements, balance sheets, and debt schedules.
Regularly reviewing financials with a qualified professional is crucial for maintaining a strong financial foundation.
Lenders and investors look for a viable and successful business with strong cash flow and a solid customer base.
Demonstrating a plan to rectify any financial challenges is essential when seeking funding.
Debt financing involves borrowing money based on known and certain cash flows, while equity financing involves investors betting on the business's ability to generate new money.
Lenders and investors want to ensure that they will be paid back and make a return on their investment.
Chapters:
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:44 | Discussion on the fast pace of the fourth quarter || 0:01:44 | Importance of having strong financials for loan or equity || 0:03:25 | Key documents needed: income statement, balance sheet, debt schedule || 0:05:48 | Positive factors for lenders: organized financials, strong cash flow || 0:07:45 | Explanation of debt vs equity for funding || 0:09:38 | Risks and considerations for lenders and investors || 0:10:30 | Importance of fixing financials if unable to secure funding || 0:11:43 | How successful businesses attract funding || 0:12:25 | Contact information for Allison Rife Martin || 0:12:47 | Disclaimer regarding investment advice and performance |
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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Wednesday Oct 18, 2023
Wednesday Oct 18, 2023
Key Takeaways:
Feeling good about a goal attracts positive thoughts and opportunities.
Negative feelings trap energy and hinder progress towards a goal.
Stay present and enjoy the journey, rather than constantly living in the future.
Individuals who can solve problems for business owners can negotiate for executive positions and equity in the company.
The changing world offers opportunities to create new wealth.
Chapters:
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:07 | Introduction and disclaimer || 0:00:38 | Philip introduces the podcast and discusses the importance of feeling good about financial goals || 0:03:10 | Explains how to turn hopeless goals into reality || 0:06:13 | Discusses the potential of the mind and the importance of clearing unstuck energy || 0:08:05 | Describes the role of good feelings in attracting success || 0:09:50 | Explains the process of setting the mood throughout the day || 0:12:40 | Discusses the benefits of staying in a positive mindset || 0:12:17 | Conclusion || 0:13:13 | Destruction as part of change, undeveloped thoughts in markets || 0:14:59 | Judgment, beliefs, and opinions hinder understanding || 0:16:51 | Intelligent people keep an open mind, release information || 0:19:38 | Live in the now, appreciate the aspects of the future || 0:22:39 | Attitude leads to next thought, enjoy the journey || 0:24:04 | Pushing oneself out of balance to find balance || 0:25:19 | Business is about solving problems, wealth creation || 0:25:52 | Problem solvers vs problem pointer outers || 0:26:19 | Opportunity for problem solvers in outdated businesses || 0:26:22 | Solving business problems without buying a business for cash. || 0:27:24 | Creating partnerships with business owners for equity opportunities. || 0:28:36 | Consider the option of buying into a business with no cash outlay. |
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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Monday Oct 16, 2023
Monday Oct 16, 2023
Key Takeaways:
Change is inevitable and can create both winners and losers. Embrace change and focus on positive thoughts to navigate through transitions.
You don't have to sacrifice present happiness for future financial security. Find a balance that allows you to enjoy the present while planning for the future.
Investing can be overwhelming due to the numerous options available. Think outside the box and find investment strategies that align with your goals and values.
Chapters:
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:07 | Disclaimer and introduction || 0:01:04 | The fear of change and embracing positivity || 0:04:01 | Overcoming the fear of change and adapting to new opportunities || 0:06:03 | The world is always changing, and change creates winners and losers || 0:07:21 | Balancing present happiness and future financial security || 0:08:11 | The power of belief and staying up to date with the world || 0:09:12 | The complexity of investing and finding what works for you || 0:12:05 | Managing investments through emotions and frequencies || 0:13:16 | The options don't matter, find what feels good || 0:13:51 | Closing remarks and end of the conversation || [0:13:56] | Wealth building through non-traditional methods || [0:14:42] | Setting outrageous goals for wealth creation || [0:15:07] | Going outside the box for financial planning || [0:15:35] | Conclusion and advice || [0:15:40] | Disclaimer and legal information |
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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Friday Oct 13, 2023
Friday Oct 13, 2023
Key Takeaways:
Owner reliance can decrease the value of a business, so it's important to have a team in place to help run the business.
A strong management team is crucial for a smooth transition when the owner exits the business.
Regularly reviewing financials and having a clear understanding of the business's financial health is essential for maximizing value.
Implementing standard operating procedures can demonstrate to potential buyers that the business is well-organized and efficient.
Chapters:
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:07 | Introduction and disclaimer || 0:00:38 | Discussion about Halloween candy || 0:02:24 | Four factors that can impact the value of a business || 0:04:40 | Owner reliance and the importance of a strong team || 0:05:56 | The need for a strong management team || 0:07:42 | Creative ways to retain talent without cash || 0:09:24 | The importance of regular financial reporting || 0:10:32 | The need for standard operating procedures || 0:11:45 | The intersection of AI and standard operating procedures || 0:12:48 | The importance of user-friendly procedures for successful implementation || 0:13:20 | Importance of technology and procedures in managing business cash flow || 0:14:11 | Idea of using AI assistant and video tutorials for SOPs || 0:14:56 | Demonstrating to potential buyers that business is well-run || 0:15:26 | Four key factors in increasing business value || 0:15:49 | Contact information for further discussion || 0:16:19 | Disclaimer about investment advice and past performance |
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Thank you for checking out our free content on financial planning, the wealth mindset, and investing in innovation. If you've found value in our blog posts, I invite you to take your knowledge and commitment to the next level. Sign up for our premium paid newsletter today and receive daily insights and expert analysis directly in your inbox. Stay ahead of the curve and unlock the secrets to financial success. Don't miss out on this opportunity to deepen your understanding and gain an edge in the world of finance. Join our premium community now and embark on a journey towards financial abundance and investment excellence. Sign up today and let's grow together!
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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Monday Oct 09, 2023
Monday Oct 09, 2023
Key Takeaways:
Attitude plays a crucial role in wealth building and investing, as it shapes our perception of opportunities.
Diversifying investments globally allows for exposure to industries and companies driving innovation and wealth creation.
Wealth creation follows innovation, which is independent of location and pools of money.
The wealthiest individuals are often the innovators, while traders focus on shuffling assets.
Focusing on what you have and building from there is key to overcoming the belief of lacking resources or tools for change.
Maintaining an optimistic perspective opens up opportunities and allows for personal growth and success.
Chapters:
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:07 | Disclaimer about the content of the podcast. || 0:00:39 | Introduction to the episode. || 0:01:37 | The importance of attitude and perspective in investing. || 0:02:29 | Discussion on whether to invest all money in the US. || 0:03:27 | Focus on industries and companies driving innovation. || 0:04:47 | Importance of understanding wealth creation versus trading. || 0:06:09 | Difference between investing in new wealth creation and shuffling assets. || 0:07:47 | Wealthiest people are the innovators, not just traders. || 0:09:42 | Rewiring financial attitudes: distinguishing between greed and abundance. || 0:12:59 | Overcoming the belief of not having access to resources or tools. || 0:15:37 | Importance of maintaining an optimistic perspective for finding happiness || 0:16:44 | Building confidence to pursue realistic business opportunities || 0:17:45 | Advice on starting small and gradually leveling up || 0:17:51 | Disclaimer about the information presented in the transcript |
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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Friday Oct 06, 2023
Friday Oct 06, 2023
Key Takeaways:
Small to medium-sized businesses are more vulnerable to cyberattacks and should invest in cybersecurity measures.
Cyberattacks can have a significant impact on the value and reputation of a business.
Insurance companies may require businesses to have cybersecurity measures in place before providing coverage.
Chapters:
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:07 | Introduction and disclaimer about the podcast content. || 0:00:38 | Discussion about cybersecurity awareness month and its relevance. || 0:02:40 | Importance of cybersecurity for small to medium-sized businesses. || 0:04:20 | Impact of cyberattacks on the value of a business. || 0:05:53 | The need for insurance and proper security measures. || 0:06:49 | Importance of cybersecurity for remote work and virtual teams. || 0:07:56 | Affordable options for implementing cybersecurity measures. || 0:08:47 | Potential risks of AI and data security. || 0:09:05 | Contact information for business assessment and cybersecurity recommendations. || 0:09:32 | Disclaimer and closing remarks. |
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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Wednesday Oct 04, 2023
Wednesday Oct 04, 2023
Key Takeaways:
Bitcoin is a digital monetary protocol that allows for secure and low-cost value transfer across the globe.
Bitcoin's properties, such as its limited supply and decentralization, make it a potentially superior store of value compared to traditional assets like gold and fiat currencies.
Bitcoin's network effect and liquidity make it an attractive medium of exchange, with the potential to disrupt traditional payment systems.
Other cryptocurrencies may have limited use cases and are often subject to manipulation and centralization, making them less reliable as long-term stores of value.
Chapters:
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:07 | Introduction and disclaimer about investment advice || 0:00:39 | Introduction of guest, Trey Sellers from Unchained Capital || 0:01:20 | Explanation of what bitcoin is and its advantages || 0:04:06 | Differentiating bitcoin from other cryptocurrencies || 0:05:17 | Simplifying money as a means of value communication || 0:07:33 | Bitcoin's scarcity and lack of control compared to fiat || 0:09:02 | Noise and intermediaries in the current monetary system || 0:11:03 | Advantages of using bitcoin as a medium of exchange || 0:12:56 | Efficiency and productivity gains with bitcoin transactions || 0:13:56 | Comparison of bitcoin to other decentralized protocols || 0:14:13 | Bitcoin solves store of value, medium of exchange, and unit of account problems. || 0:15:15 | Other cryptos are more centralized and can be manipulated. || 0:16:21 | Bitcoin's trade-offs have allowed it to build liquidity. || 0:17:38 | Some cryptos solve trivial problems or create pump and dump schemes. || 0:19:54 | Bitcoin's supply is fixed, while other cryptos trend towards zero. || 0:20:39 | Bitcoin's value will absorb assets once people understand it. || 0:23:51 | Bitcoin can be integrated into financial plans by buying and allocating. || 0:25:46 | The more people understand bitcoin, the more they allocate to it. || 0:26:33 | Bitcoin can be used as collateral for borrowing without selling. || 0:27:56 | Bitcoin-backed loans provide liquidity without incurring taxable events. || 0:28:40 | Bitcoin as a collateral asset for loans || 0:30:27 | Speculation on energy pricing and currency for global transactions || 0:32:19 | Challenges of breaking away from the dollar system || 0:34:39 | Bitcoin's potential role in the global monetary order || 0:38:01 | Generational shifts in monetary world order || 0:38:46 | Bitcoin's advantages over the dollar || 0:39:38 | Contact information for Trey Sellers || 0:41:13 | Disclaimer regarding investment advice and risk || 0:41:13 | End of transcript |
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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Monday Oct 02, 2023
Monday Oct 02, 2023
Key Takeaways:
Discipline is only necessary when you are going against how you feel.
Focus on what you want and practice the feeling of having a lot of money.
Have vices and indulgences, but be intentional about them and prioritize what brings you joy.
Cultivate a sense of security and confidence from within, rather than relying on external factors like inheritances or windfalls.
Chapters:
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:07 | Disclaimer about the podcast content || 0:00:38 | Introduction to the episode || 0:01:18 | Discussing the importance of discipline in financial planning || 0:03:42 | Emphasizing the need to focus on what you want || 0:04:49 | Practicing the feeling of being wealthy to build desire || 0:06:43 | Emphasizing the importance of finding your own path to wealth || 0:08:20 | Discussing the importance of indulging in vices within a budget || 0:10:11 | Rejecting the idea of waiting for an inheritance or windfall || 0:11:02 | Sharing a personal story about helping a needy person || 0:13:01 | Conclusion and final thoughts on energy and wealth-building || 0:14:05 | Lack mindset and attitude problem in achieving goals. || 0:14:52 | Attitude change leads to small or big windfalls. || 0:15:49 | Matching emotional security to achieve financial security. || 0:16:07 | Disclaimer: Consult financial advisor before implementing strategies. |
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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Friday Sep 29, 2023
Friday Sep 29, 2023
Key Takeaways:
Start tax planning early and review financials to make informed decisions for the upcoming year.
Analyze revenue trends and identify areas where you can better serve your customers.
Consider investing in capital equipment or expanding your business based on projected growth.
Consult with a CPA or financial planner to develop a solid plan and make the most of tax savings opportunities.
Chapters:
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:07 | Introduction and disclaimer || 0:00:38 | Introduction to the episode || 0:01:16 | Importance of tax planning for the end of the year || 0:03:18 | Budget considerations for business owners in 2024 || 0:04:45 | Using past financials to plan for future revenue growth || 0:07:04 | Business owners reevaluating operations and pricing structures || 0:08:35 | Importance of objective perspective from a CPA || 0:09:13 | Reflecting on budgeting and developing strategies || 0:09:26 | Contact information for further discussion || 0:09:58 | Disclaimer and closing statement |
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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Monday Sep 25, 2023
Monday Sep 25, 2023
Key Takeaways:
Feeling overwhelmed by financial situations can hinder decision-making. Take time to find balance and equilibrium before tackling financial issues.
Impulsive spending is often a result of unmet desires. Address the root cause and work on emotional balance to change spending habits.
Financial success is not limited to luck or privilege. Positive mindset and expectation play a significant role in attracting luck and opportunities.
Fear is an energy of depression and can lead to negative financial outcomes. Practice moving through fear and focus on attracting positive outcomes.
Chapters:
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:38 | Introduction to the series on Financial Planning 101 || 0:01:12 | Overcoming the feeling of being overwhelmed by financial situation || 0:03:00 | Finding balance and clarity before making financial decisions || 0:05:29 | Dealing with impulsive spending and the importance of relaxation || 0:08:07 | Understanding luck and how positive mindset attracts success || 0:09:42 | Believing in financial success regardless of luck or privilege || 0:11:00 | The role of optimism and positive mindset in attracting luck || 0:12:14 | Enjoying the journey and finding joy in taking action || 0:13:25 | Overcoming fear of making mistakes and losing money || 0:14:23 | Maintaining emotional equilibrium to face challenges with confidence || 0:14:47 | Fear attracts non-intelligent impulses that subtract money from experience. || 0:15:30 | Practice moving through fear to master emotions faster. || 0:16:03 | Everyone goes through the emotional journey at different speeds. || 0:16:31 | Fill the fear, but don't live in it. || 0:16:37 | Disclaimer: Information presented is for educational purposes only. |
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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Friday Sep 22, 2023
Friday Sep 22, 2023
Key Takeaways:
The CARES Act allows business owners to receive up to a $5,000 tax credit for the next three years to offset administrative costs of setting up a 401(k) plan.
Requiring auto enrollment for employees in a 401(k) plan can result in a $1,500 tax credit for the business owner in the first year.
Cash balance plans allow business owners to contribute a significant amount of money towards retirement, potentially several hundred thousand dollars per year.
Cash balance plans require a five-year commitment and annual contributions, even in years with poor cash flow.
Chapters:
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:07 | Introduction and disclaimer || 0:00:38 | Discussion on tax planning || 0:02:20 | Benefits of 401K plans for business owners and employees || 0:03:41 | Tax credits available for setting up a 401K plan || 0:04:21 | Additional tax deductions with profit sharing component || 0:04:52 | Exploring cash balance plans for higher contributions || 0:06:11 | Considerations for implementing a cash balance plan || 0:06:54 | Using defined benefit plans for lifestyle businesses || 0:08:19 | Layering different retirement plans for maximum benefits || 0:09:54 | Contact information for further discussion on tax planning |
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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Monday Sep 18, 2023
Monday Sep 18, 2023
Key Takeaways:
- Evolving one's mindset is essential for financial growth and success.Sacrificing one's current lifestyle is not always necessary to achieve financial goals.- Past failures should not discourage future attempts; healing and finding new interests can lead to success.- Trust in financial institutions and advisors can be built through personal faith and expectations.- Being good with numbers is not a prerequisite for managing money and building wealth.- Retirement can be redefined and personalized to fit individual desires and passions.
Chapters:
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:38 | Introduction to the podcast and its content || 0:01:13 | Discussion on the mindset of not wanting to sacrifice current lifestyle || 0:04:20 | Exploring the belief that trying again after failure is pointless || 0:07:00 | Addressing the lack of trust in financial institutions and advisors || 0:09:19 | Importance of having faith and belief in achieving financial goals || 0:13:24 | Challenging the belief that managing money is impossible for some || [0:14:24] | Belief in impossibility and not being good with numbers. || [0:15:32] | Success doesn't have to follow traditional ideas. || [0:17:12] | Reframing the belief of never being able to retire. || [0:18:44] | Finding something you love to do for the next 20 years. || [0:19:41] | Removing the mental barriers of lack consciousness. || [0:20:07] | Creating a retirement plan that aligns with your desires. || [0:21:47] | Belief is key to achieving what you want in life. || [0:22:18] | Encouraging newsletter subscribers to reach out for personalized help. || [0:22:20] | Disclaimer: Consult with a qualified financial advisor before implementing strategies. |
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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Friday Sep 15, 2023
Friday Sep 15, 2023
Key Takeaways:
Tax loss harvesting involves selling stocks at a loss to offset capital gains and minimize tax bills.
The immediate tax savings from tax loss harvesting can be significant, but it is essential to consider long-term implications.
Tax losses can be carried forward indefinitely, providing potential benefits in future years.
Tax loss harvesting should be part of a broader financial strategy and coordinated with other investment and estate planning goals.
Chapters:
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:07 | Introduction and disclaimer || 0:00:38 | Discussion about winter weather || 0:02:26 | Mention of tax benefits of electrifying homes with renewable energy || 0:03:19 | Introduction to tax loss harvesting || 0:05:19 | Explanation of tax benefits of offsetting gains with losses || 0:06:25 | Discussion on long-term benefits and considerations of tax loss harvesting || 0:07:50 | Comparison of tax loss harvesting and donating stocks || 0:09:33 | Importance of coordinating tax loss harvesting with overall financial plan || 0:10:18 | Mention of minimizing tax on capital gains through donating stocks || 0:11:26 | Contact information for further discussion on tax planning |
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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Monday Sep 11, 2023
Monday Sep 11, 2023
Key Takeaways:
Age is not a barrier to learning about money and personal finance. It's never too early to start thinking about money and building financial literacy.
Debt can be viewed as neutral, and it's important to differentiate between debt that generates income and consumer debt. Creating a plan to reduce consumer debt is essential.
Overcoming the belief that there is not enough time to learn about personal finance requires a shift in mindset. Prioritizing and making time for learning can lead to financial growth.
Waiting for the perfect moment to start is counterproductive. Instead, focus on cultivating the right feeling and taking action from a place of inspiration.
The belief that money is the root of all evil is a misinterpretation. Money is a tool, and it's the love of money that can lead to negative outcomes. Approaching money with a positive mindset can attract abundance.
Chapters:
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:07 | Introduction and disclaimer || 0:01:26 | Discussion on housing affordability and tokenized equity || 0:03:29 | Age is not a barrier to learning about money || 0:04:00 | Debt can be viewed as neutral and manageable || 0:05:59 | Strategies for reducing consumer debt || 0:09:50 | Overcoming the belief of not having time for personal finance || 0:11:39 | Importance of prioritizing and refreshing mindset || 0:13:37 | Taking action based on desired feelings || 0:14:27 | Clarifying the quote "money is the root of all evil" || [0:15:02] | Translation and context in languages || [0:15:56] | Two approaches to money: joy vs priority || [0:16:28] | Money as an expression of how you feel || [0:17:01] | The problem of dictating what's good or evil || [0:17:42] | Operating based on attitude and attracting what you want || [0:19:02] | Attitudes as magnets that attract people and things || [0:19:28] | Conclusion and closing remarks |
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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Friday Sep 08, 2023
Friday Sep 08, 2023
Key Takeaways:
Purge your house and donate non-cash items to charity to maximize tax deductions.
Consider donating underperforming stocks to charity to offset gains in the stock market.
Maximize contributions to your 401(k) to save for retirement and reduce taxable income.
Prepay expenses for the upcoming year, such as marketing expenses or rent, to take advantage of tax deductions.
Utilize a donor-advised fund for charitable giving to receive immediate tax savings.
Contribute to a Health Savings Account (HSA) to reduce taxable income and save for future medical expenses.
Chapters:
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:07 | Introduction and disclaimer about investment advice || 0:00:48 | Discussion about tax planning for the fourth quarter || 0:02:41 | Suggestions for donating non-cash items and investment assets || 0:05:09 | Maximizing 401K contributions and prepaying expenses for tax benefits || 0:07:10 | Paying quarterly taxes to avoid underpayment penalties || 0:09:49 | Exploring the history of taxes and their influence on behavior || 0:10:53 | Taking advantage of employer-matched 401K contributions || 0:11:31 | Maximizing HSA contributions for medical expenses || 0:12:08 | Considering donor advice funds for charitable donations || 0:12:38 | Using business funds to make charitable contributions for nonprofits || 0:13:36 | Discussion about the number 13 || 0:13:48 | Personal connection to the number 13 || 0:14:08 | How to contact Allison for tax planning assistance || 0:14:32 | Disclaimer about investment advice and performance |
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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Monday Sep 04, 2023
Monday Sep 04, 2023
Key Takeaways:
Wealth, happiness, and beauty are subjective and based on mindset.
Faith is necessary for successful investing and building wealth.
Deservingness of wealth is a continuous process of growth and evolution.
Being comfortable with one's current financial situation attracts more wealth.
The right attitude is crucial for effective saving and investing.
Chapters:
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:38 | Introduction and announcement of new series || 0:01:59 | Challenging the belief of never being rich || 0:03:50 | Translating risk into faith in investing || 0:06:21 | Evolving sense of deservingness in wealth || 0:09:28 | Being comfortable with current financial situation || 0:10:07 | Appreciation and discomfort as a formula for more || 0:12:45 | Confidence and attracting more money || 0:14:33 | Starting saving and investing with more money || 0:15:17 | Importance of attitude and taking action in financial matters || 0:15:50 | Attitude speaks volumes in attracting success. || 0:16:23 | Importance of having the right attitude for saving and investing. || 0:16:52 | Getting the attitude right makes saving and investing easy. || 0:17:13 | Closing remarks and disclaimer. |
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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Friday Sep 01, 2023
Friday Sep 01, 2023
Key Takeaways:
Many investors are making the mistake of sticking to outdated real estate strategies instead of adapting to the current market.
Airbnb rentals are being banned in certain cities, making them less profitable.
Interest rates and property taxes are increasing, making fix and flips and long-term rentals less viable options.
First-time homebuyers may need to live in discomfort for a short period of time in order to afford a home in the current market.
The DFW area offers opportunities for real estate investors due to its diverse economy and business-friendly environment.
Chapters:
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:07 | Introduction and disclaimer about investment advice || 0:00:52 | Discussion about the guest's name and background || 0:02:14 | Conversation about the guest's small town upbringing || 0:02:55 | Introduction to the topic of real estate investing || 0:03:18 | Discussion on the changing real estate market || 0:03:55 | Explanation of the limitations and challenges of Airbnb rentals || 0:04:31 | Explanation of the difficulties of financing long-term rentals || 0:05:05 | Discussion on the risks of adjustable-rate mortgages || 0:05:46 | Explanation of the impact of property taxes on rental profits || 0:06:41 | Discussion on the challenges and risks of fix and flips || 0:10:04 | Investing in real estate in the current market || 0:10:48 | Difficulty for first-time home buyers in finding affordable homes || 0:11:30 | Strategy of buying a new build in a developing community || 0:12:17 | Living in discomfort for two years to build equity || 0:14:00 | Builders offering deals on new build homes || 0:15:45 | Land availability in different areas || 0:16:41 | Mansfield's full occupancy for single-family homes || 0:17:20 | More affordable options in Midlothian and Alvarado || 0:18:31 | Property taxes and population growth affecting affordability || 0:19:29 | Need for operational excellence and patience in real estate || 0:21:01 | Importance of checking the condition of a house before buying || 0:22:16 | Regret from not following a checklist when buying a house || 0:23:15 | Positive outlook on the DFW real estate market || 0:24:40 | Opportunities in helping businesses find the right location || 0:25:37 | Texas as a recession-proof state || 0:26:11 | People wanting to sell their homes after COVID || 0:28:12 | Rebalancing of high-income African Americans in DFW || 0:28:39 | Frisco's culture and high-end businesses || 0:29:43 | Exclusive clubs and vetting in Frisco || 0:30:41 | Differences between Frisco and South DFW in culture and acceptance || 0:32:00 | Culture of brotherhood and support in the real estate industry || 0:32:57 | Importance of proper investments in real estate || 0:33:18 | Real estate in DFW will continue to grow and transition || 0:33:34 | Contact information for purchasing or investing in homes |
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Our Guest: Anvalon Elliott, Reliance Faith Realty Group, Powered By TDRealty
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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Wednesday Aug 30, 2023
Wednesday Aug 30, 2023
Key Takeaways:
Funding the business yourself gives you complete control over how you run your business.
Taking out a loan requires careful consideration of financial obligations and interest rates.
Bringing on equity investors means giving up some control and being accountable to them.
Chapters
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:01 | Introduction to the podcast episode || 0:01:28 | Funding the business yourself || 0:02:40 | Taking out a loan || 0:05:03 | Bringing on equity investors || 0:06:05 | Considerations when bringing on investors || 0:07:08 | Minimizing the need for cash in the beginning || 0:08:39 | How to contact the speaker for more information || 0:09:12 | Conclusion and closing remarks |
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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Friday Aug 25, 2023
Friday Aug 25, 2023
Key Takeaways:
- Negative thoughts about money stem from a lack mindset and can be reframed by focusing on areas of abundance in your life.- It's important to give yourself grace and not compare your financial situation to others.- Money is not inherently complicated; it's a matter of building confidence and finding the right resources to learn about it.
Chapters
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:01 | Introduction to the podcast and series on rewiring financial attitude || 0:01:14 | Importance of investing in innovation for long-term financial growth || 0:03:07 | Understanding and addressing lack thoughts about earning enough to save and invest || 0:05:17 | Practicing abundance and gratitude to shift financial mindset || 0:06:26 | Overcoming the belief of being too old to change financial habits || 0:09:21 | Avoiding comparison and appreciating one's own wealth journey || 0:10:27 | Defining wealth based on personal perspective and appreciation || 0:12:54 | Overcoming the belief that money is too complicated to understand || 0:14:32 | Leveraging areas of personal genius to build confidence in learning about money || 0:15:17 | Conclusion and reminder to consult with financial professionals for advice |
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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Wednesday Aug 23, 2023
Wednesday Aug 23, 2023
Key Takeaways:
- Tracking cash flow is crucial for business owners to ensure they have enough money to cover costs and make informed financial decisions.- Cash flow can be categorized into operational cash, investment cash, and financing cash.- Operational cash should ideally be positive, indicating that the business is generating enough revenue to cover expenses.- A 13-week cash flow projection is a valuable tool for planning and ensuring the availability of operational cash.- It is important to have a minimum of three months of operational cash on hand to handle emergencies and unexpected expenses.
Chapters
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:01 | Introduction to the podcast episode on managing cash flow || 0:01:09 | Importance of tracking cash flow and ensuring it covers costs || 0:02:28 | Negative operational cash flow indicates business trouble || 0:03:24 | Options for improving operational cash flow: cutting expenses or increasing revenue || 0:04:26 | The need to regularly review cash flow statements || 0:04:52 | Importance of projecting cash flow with a 13-week cash flow projection || 0:06:28 | Clarification on cash flow categories: operational, investment, and financing || 0:07:33 | The significance of having three months of operational cash on hand || 0:08:53 | Using the cash flow statement to determine if the business is making money || 0:09:15 | Contact information for assistance with cash flow statements |
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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Friday Aug 18, 2023
Friday Aug 18, 2023
Key Takeaways:
- Willpower is not a sustainable energy source; focus on changing the underlying feeling of dissatisfaction with your current financial situation.- Prioritize mental clarity and incorporate meditation into your daily routine to achieve a sense of calm and control.- Let go of past financial mistakes and focus on the present moment to create a better financial future.
Chapters
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:01 | Introduction to the podcast and series on changing financial mindset || 0:01:37 | Excuse 1: "I don't have the willpower to stick to a budget" || 0:08:32 | Excuse 2: "I'm too busy to focus on my finances" || 0:13:05 | Excuse 3: "I've always been bad with money" || 0:16:20 | Conclusion and advice on changing mindset around money |
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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Thursday Aug 17, 2023
Thursday Aug 17, 2023
Key Takeaways:
- Calculate the amount needed for retirement by multiplying your desired annual income by 25 to 30.- Find a job or income source that you love to alleviate the pressure of saving a large sum for retirement.- Market volatility can be an opportunity for higher returns if you invest in future generation businesses.- Rising healthcare expenses can strain retirement funds, but investing in innovative healthcare technologies can help mitigate the impact.- Prepare for unexpected expenses by maintaining an emergency fund and consider investing in assets that generate cash flow.- Carrying debt into retirement can affect financial security, so focus on paying off consumer debt and manage investment debt responsibly.- Downsizing or making lifestyle adjustments in retirement can be more manageable if approached with a mindset of happiness and contentment.
Chapters
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:01 | Introduction to the podcast and topic of financial pressures in retirement || 0:01:14 | Writing a book in real time and the benefits of writing || 0:02:49 | Feeling pressure to save for retirement when children come || 0:03:32 | How to determine how much to save for retirement || 0:06:11 | Finding a job you love to blur the lines between work and retirement || 0:07:21 | Expanding investment time frame and investing in future generation businesses || 0:09:05 | The impact of market volatility on investments || 0:10:24 | The potential strain of rising healthcare expenses in retirement || 0:13:30 | The reliability of pensions and Social Security benefits in retirement || 0:16:00 | The impact of carrying debt into retirement || 0:26:00 | Preparing for unexpected expenses in retirement || 0:27:37 | Dealing with job loss or career setbacks in retirement || 0:28:12 | Adjusting lifestyle or downsizing in retirement due to insufficient funds |
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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Tuesday Aug 15, 2023
Tuesday Aug 15, 2023
Key Takeaways:1. KPIs are essential for tracking business goals and financial health.2. Focus on a few key KPIs that align with your business objectives.3. KPIs provide actionable insights to improve business performance.4. Trends in KPIs can indicate the need for course correction or continuation of successful strategies.
Chapters
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:01 | Introduction to the podcast and sponsor || 0:00:30 | Importance of KPIs for business owners || 0:01:31 | Definition of KPIs and their significance || 0:02:29 | Selecting and focusing on a few key KPIs || 0:05:08 | Addressing the challenge of not meeting KPIs || 0:06:23 | Analyzing trends and making adjustments based on KPIs || 0:07:39 | Following the path of least resistance using KPIs |
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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Friday Aug 11, 2023
Friday Aug 11, 2023
Key Takeaways:
- Financial pressure is a natural part of growth and expansion.- The pain from financial pressure is self-imposed and comes from focusing on the conditions instead of how you want to feel about the situation.- Owning the feeling of financial security and appreciating the good aspects of life can help alleviate financial pressure.- Focusing on feeling good and enjoying the journey can lead to positive outcomes and faster growth.
Chapters
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:01 | Introduction to the podcast and topic of managing financial pressure || 0:01:24 | Financial pressure is a natural part of growth and expansion || 0:03:00 | The pain from financial pressure is self-imposed and comes from focusing on conditions || 0:06:06 | The desire for wealth is really a desire to feel good || 0:08:59 | Owning the feeling of home and focusing on quality of life || 0:10:01 | Business owners can manage financial pressure by upgrading their business || 0:13:14 | Investment losses are a natural part of learning and growth || 0:16:07 | Focusing on feeling good activates an optimistic point of view || 0:17:28 | Finding joy in the entire process of wealth building || 0:18:38 | The result of focusing on feeling good is increased wealth |
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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Thursday Aug 10, 2023
Thursday Aug 10, 2023
Key Takeaways:1. Niching down allows businesses to focus on a specific target audience and provide a specialized product or service.2. Specializing helps streamline expenses, investments, and marketing efforts, leading to growth and success.3. The emotional balance sheet is just as important as the financial balance sheet in finding fulfillment and satisfaction in business.
Chapters
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:01 | Introduction to the podcast and topic of loving your business || 0:01:49 | Importance of specializing in a specific product or service || 0:03:24 | Benefits of focusing on a target audience and industry || 0:04:38 | Streamlining expenses and investments through niche specialization || 0:07:50 | Emotional balance sheet and finding purpose in serving specific clients || 0:08:49 | Growing business and targeting revenue by knowing your niche || 0:09:38 | Examples of successful niche specialization in the music industry
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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Tuesday Aug 08, 2023
Tuesday Aug 08, 2023
Summary
Phillip and Rob discuss the recent Airbnb ban in Dallas. The ban prohibits short-term rentals in residential areas and aims to treat Airbnb properties like hotels. The ban is set to take effect on January 1, 2024, but enforcement may be challenging. The ban affects approximately 95% of Airbnb listings in Dallas. Some property owners may appeal the ban, leading to a potential legal battle. The future of Airbnb in Dallas remains uncertain, and property owners are exploring their options.
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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Friday Aug 04, 2023
Friday Aug 04, 2023
Key Takeaways:
- Wealth follows productivity and is influenced by changing preferences and beliefs.- Each generation brings new ideas and perspectives that shape the future of wealth.- Embracing freedom and being open to new technologies and trends is crucial for long-term success.Quotes:
- "Wealth follows productivity. You have wealth from leverage and wealth from productivity, two different forms of wealth."- "The people that built the old economy, no matter the level of manipulation that is done, you're never going to catch the kids."- "Wealth is like water. It continues to flow and follows the path of freedom."
Chapters
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:01 | Introduction to the podcast episode || 0:01:52 | The story of the Freedmans and the cycle of wealth || 0:04:46 | Lack of investment in technology leads to decline in business || 0:05:51 | Parents pass on the business to the next generation || 0:06:31 | Next generation starts their own successful businesses || 0:08:30 | Wealth from leveraging debt vs. wealth from productivity || 0:09:37 | Beliefs and preferences shape the value of things || 0:11:29 | Wealth follows free thinking and free markets || 0:13:09 | New generations create the future and disrupt existing industries || 0:15:21 | Investing in the new while adhering to time-tested principles |
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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Wednesday Aug 02, 2023
Wednesday Aug 02, 2023
About The Guest(s):Brayden Daniels is the founder of Lead Like a Magician and a professional magician. He combines his expertise in magic with leadership principles to help individuals and organizations improve their leadership skills. Braden has a background in business and has been practicing magic for many years.
https://www.bradendaniels.com/
Summary:Braden Daniels, founder of Lead Like a Magician, joins Phillip on the Wealth Building Made Simple podcast to discuss the four elements of leadership and the power of imagination in business and leadership. Brayden explains how the magician archetype can be applied to leadership, emphasizing the importance of communication, discipline, reflection, and support. He also highlights the role of imagination in problem-solving and creative visualization. The conversation touches on the relationship between magic and science, as well as the difference between Tony Stark and Doctor Strange as archetypal characters.Key Takeaways:- The magician archetype in leadership emphasizes guiding and supporting others rather than wielding power.- The four elements of leadership are air (communication), fire (discipline), water (reflection), and earth (support).- Imagination plays a crucial role in problem-solving and creative visualization.- Magic and science both seek to understand the unknown, but magic preserves an element of mystery.- Tony Stark and Doctor Strange represent different approaches to leadership, with Tony focusing on innovation and profit, while Doctor Strange prioritizes responsibility and collaboration.Quotes:- "As a leader, you want to be a guide to your employees, not the hero. For your employees, your employee is the hero. Customers are the hero." - Braden Daniels- "Imagination is part of a bigger process that includes immersion, identification, and involvement." - Braden Daniels- "Reality is subject to change without notice." - Braden Daniels
Chapters
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:01 | Introduction to the podcast and guest Brayden Daniels || 0:03:20 | Brayden's background in magic and leadership || 0:08:45 | The four elements of leadership: air, fire, water, earth || 0:16:05 | The importance of imagination in business and leadership || 0:24:37 | The difference between magic and artificial intelligence || 0:30:40 | The power of visualization and vibrations in leadership || 0:36:21 | Information about Brayden's magic show and upcoming events || 0:38:13 | How to contact Brayden for more information || 0:38:41 | The difference between Tony Stark and Dr. Strange || 0:43:05 | Conclusion and appreciation for the conversation |
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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Monday Jul 31, 2023
Monday Jul 31, 2023
Key Takeaways:1. Passive income can be generated through dividends, rental properties, online businesses, and royalties.
2. Dividends are payments made by companies to shareholders from their profits.
3. Rental income is generated from owning real estate properties that are rented out.
4. Online businesses can provide passive income once the initial setup is done.
5. Royalties are payments received for the use of content created in the past.
6. Diversifying income streams is important for financial independence and making money while you sleep.
7. NFTs have the potential to revolutionize the royalties asset class.
Chapters
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:01 | Introduction to the podcast and topic of passive income || 0:00:50 | Philip Washington, Jr. introduces the concept of passive income || 0:02:06 | Dividends as a type of passive income || 0:05:39 | Rental properties as a source of passive income || 0:06:51 | Online businesses and their potential for passive income || 0:09:01 | Podcasts and other forms of online content as passive income || 0:10:47 | Royalties as a form of passive income for content creators || 0:12:49 | Phillip emphasizes the importance of having multiple income streams || 0:12:59 | Closing remarks and end of the podcast |
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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Friday Jul 28, 2023
Friday Jul 28, 2023
Key Takeaways:
- Balancing reason and imagination is crucial for successful investing.- Overreliance on reason can hinder creativity and lead to overthinking.- An undisciplined imagination can result in a disconnect from physical reality.- Using both reason and imagination allows for a more holistic and informed approach to investing.- Imagining a future wealthy self can help maintain a positive mindset and make decisions aligned with long-term goals.
Chapters
| Timestamp | Summary || ------------- | ----------- || 0:00:01 | Introduction to the podcast episode || 0:01:41 | Announcement about changes in podcast frequency || 0:02:11 | Explanation of reasoning and imagination || 0:04:26 | Importance of balancing reason and imagination || 0:07:11 | Negative effects of overthinking with reason || 0:08:46 | The power of imagination in changing financial situations || 0:10:11 | The importance of balancing reason and imagination in investing || 0:14:24 | Using reason and imagination to analyze the impact of artificial intelligence || 0:17:38 | Choosing to flow with change rather than resisting it || 0:18:27 | Story about using imagination to balance decision-making || 0:21:04 | Conclusion and closing remarks |
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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Thursday Jul 27, 2023
Thursday Jul 27, 2023
Key Takeaways:
- A family limited partnership is a legal entity that allows for the organized transfer of assets within a family structure.- Setting up a family limited partnership can help reduce the overall value of an estate, potentially lowering estate tax implications.- Income and losses can be allocated to different family members, taking advantage of lower tax rates.- It is important to work with an attorney and tax advisor to properly set up and manage a family limited partnership.
Chapters
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:01 | Introduction to the podcast || 0:00:13 | Disclaimer about the information presented || 0:00:48 | Phillip and Alison discuss tax benefits || 0:01:35 | Introduction to family limited partnerships || 0:03:40 | Benefits of family limited partnerships || 0:05:46 | Allocation of income in a family limited partnership || 0:06:46 | Difference between family limited partnerships and family trusts || 0:07:50 | Contact information for Alison || 0:08:58 | Conclusion and closing remarks || 0:09:21 | Disclaimer about the information presented |
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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Wednesday Jul 26, 2023
Wednesday Jul 26, 2023
Key Takeaways:1. Both partners should have roles and responsibilities in handling finances in a marriage.2. Involving both partners in the decision-making process brings different perspectives and strengthens the couple's financial journey.3. Major purchases should be made together, even if one person has a stronger preference.4. Finances in marriage should be fun and not stressful.5. Approaching finances as a unique expression of the couple's collective mindset can bring them closer together.Quotes:- "I'm just a big believer in, when you're in a marriage, you both want to expand as a person overall."- "Having both people involved in the decision-making process... has been one plus one equals three."- "Finances, typically what are thought to subtract from marriages, should be very additive."- "The topic of money in marriage should be fun, it's not supposed to be stressful."- "If you deal with the stress before you deal with the problems or solutions, it's going to solve everything."
Chapters
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:01 | Introduction to the episode || 0:00:49 | Importance of both partners having roles in finances || 0:02:32 | Both partners should be involved in investment decision making || 0:04:55 | Both partners should be involved in major purchases || 0:06:32 | Finances should bring couples closer together || 0:08:16 | Dealing with stress before problem-solving || 0:08:22 | Conclusion and closing remarks |
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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Tuesday Jul 25, 2023
Tuesday Jul 25, 2023
Key Takeaways:1. The decision of whether to buy an investment property or a primary residence depends on individual circumstances and goals.2. Building equity in an investment property can help increase housing affordability by adding another stream of income.3. Investing in up-and-coming areas can lead to significant appreciation over time.4. Stability and security are important factors to consider when buying a primary residence, especially for families with children.5. Being an early adopter of a community can provide opportunities for growth and potential financial gains.
Quotes:- "If you can get in, get in." - Rob Lewis- "The best bank account ever, especially when other people are putting money in the account." - Rob
Chapters
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:01 | Introduction to the podcast and sponsor || 0:00:46 | Phillip and Rob discuss whether a first home should be an investment or primary residence || 0:02:03 | Rob shares his perspective on the importance of stability and security || 0:03:34 | Phillip discusses the benefits of buying an investment property first || 0:07:27 | Rob explains how rental income can help with housing affordability || 0:09:14 | Phillip suggests a strategy for making a primary residence a good investment || 0:10:48 | Rob talks about being an early adopter of a community || 0:12:07 | Phillip mentions the advantage of knowing about development and growth || 0:13:16 | Rob provides his contact information || 0:13:39 | Closing remarks and contact information for Phillip |
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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Monday Jul 24, 2023
Monday Jul 24, 2023
Key Takeaways:1. Bonds are a form of lending money to an institution or organization, and investors receive interest payments for the duration of the bond.2. Stocks represent ownership in a company, and their value fluctuates based on the company's performance over the long term.3. Mutual funds allow investors to pool their assets and achieve diversification by investing in a portfolio of stocks and bonds.4. ETFs (exchange-traded funds) are a lower-cost alternative to mutual funds, providing flexibility and the ability to trade throughout the day.5. Understanding the asset class and economic outlook is crucial when deciding which investment option is suitable for your portfolio.Quotes:- "Bonds are lending money at the core of it. If you buy a bond from the US Government, you are basically lending them money."- "Stocks have less certainty. If the company doesn't do well, you lose money. If the company goes under, you lose your capital."- "ETFs were built as a lower-cost way to own stocks and bonds. You can buy and sell them throughout the trading day."- "The asset class you invest in delivers most of the return. Picking the right fund manager is challenging."- "Understanding the economic outlook and your risk tolerance helps determine the right investment option for your portfolio."
Chapters
| **Timestamp** | **Summary** || 0:00:01 | Introduction to the episode and topic of investment strategies for beginners || 0:00:50 | Explanation of bonds as a way of lending money || 0:03:45 | Explanation of stocks as ownership in a company || 0:06:19 | Introduction to mutual funds as a way to pool assets || 0:08:34 | Introduction to ETFs as a lower cost way to own stocks and bonds || 0:09:48 | Discussion on the importance of asset class in investment returns | 0:11:28 | Brief mention of crypto as a 24/7 trading option || 0:12:08 | Conclusion and invitation to consult with a financial advisor || 0:12:08 | Disclaimer and end of the episode |
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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Friday Jul 21, 2023
Friday Jul 21, 2023
Summary:Phillip discusses how to bet against government spending. He draws parallels between the 2008 financial crisis and the current state of government debt, emphasizing the importance of understanding financial statements and debt accumulation. He also explains how bitcoin was created as a solution to protect against government debt default and inflation. He highlights the transparency and limited supply of bitcoin as factors attracting investors seeking to safeguard their assets.
Chapters
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:01 | Introduction to the podcast and topic of betting against government spending || 0:01:29 | Introduction to Wealthbuildingmatesimple US newsletter || 0:02:09 | Explanation of the movie "The Big Short" and understanding debt || 0:04:23 | Debt accumulation in the system and the transfer to governments || 0:06:27 | Increase in money supply to absorb debt and manipulation of interest rates || 0:08:02 | Explanation of market movements and the tipping point || 0:10:36 | Introduction to bitcoin as a solution to government debt default || 0:12:14 | Comparison of bitcoin to the banking system and gold || 0:15:21 | Money gravitating towards bitcoin as protection against inflation and defaults || 0:17:50 | Bitcoin as the arc to protect value in the next economy |
Quotes
"No, debt is debt, whether it's on an individual, whether it's on a company, or whether it's on a country.""If you look at an individual's income, if their expenses are more than their income and the expenses are growing at a higher rate than their income is growing, then you can just do the math and say, at some point in time, they're not going to be extended credit anymore and their financial system blows up." "Debt had been accumulating in the system for a while, really since the 70s, when we came off the gold standard, which was kind of a US default. We defaulted on our promise to exchange dollars for gold for our international trading partners who stored their gold here.”
"We need a way to short government debt that will protect our money when that happens." "For a period of time, it appeared as if there was no problem because interest rates stayed relatively low for a long period of time. You're able to suppress and manipulate energy for a period of time, but for every action, there's an opposite and equal reaction.""The tipping point is when the majority of the market comes to realize something, then you see the movement in the market.""The fire (overindebtedness) never went out. The fire transferred to the government balance sheet.""Bitcoin, from what I understand and believe from what I'm seeing from my research and where I put my money, is the arc that's attracting more and more money to protect from all these governments having to wash away these debts through massive defaults and inflation."
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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Thursday Jul 20, 2023
Thursday Jul 20, 2023
Summary:
Alison and Phillip discuss the tax benefits of setting up a family foundation. They explain that a family foundation is a philanthropic organization designed to serve the community and can be a great estate planning tool. However, they note that setting up a foundation requires significant assets and comes with high administrative fees. They also mention alternatives such as donor-advised funds, which offer more flexibility and privacy. Overall, they highlight the importance of consulting with a qualified financial advisor or tax professional before making any decisions.
Timestamp
Summary
0:00:01
Introduction to the podcast and topic of family foundations
0:01:23
Description of family foundations and their philanthropic purpose
0:03:43
Benefits of setting up a family foundation for tax savings
0:05:06
Considerations and downsides of family foundations
0:06:46
Alternatives to family foundations, such as donor advised funds
0:08:27
Contact information for more information on charitable planning and tax strategies
Quotes
"I'd be cool to take something like a billion dollars and put it into a foundation and then be able to invest and buy and sell stuff without tax implications so I can use that capital to more benefit the charitable organizations I'm given to."
“The upside to the family foundation is that it's a great way to shift around assets to help your family in terms of estate planning and a great way to leave a legacy in honor of your family."
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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Wednesday Jul 19, 2023
Wednesday Jul 19, 2023
Summary:
Phillip continues his four-part series on marriage and money in this episode. The focus is on navigating financial conflicts in marriage. He emphasizes the importance of having a good system in place to eliminate conflicts, but acknowledges that conflicts may still arise. Phillip advises approaching conflicts with a clear and calm mindset, recognizing that both partners ultimately want financial security and freedom. He also discusses the balance between spending and saving habits in a relationship and the importance of open communication and discussing money in a stress-free environment.
Timestamp
Summary
0:00:01
Introduction to the podcast episode
0:01:25
Importance of having a good system to eliminate conflicts
0:03:02
The essence of financial goals in marriage
0:04:17
Balancing different spending habits in a relationship
0:06:27
Respecting each other's gifts and finding harmony
0:09:29
Setting boundaries and choosing the right time to discuss money
0:10:10
The importance of clarity and relaxation in resolving conflicts
0:12:45
The impact of stress on financial decisions during divorce
Quotes
"We both want the same thing emotionally. We're conflicting because there's a mistranslation of what we're trying to say or what we're trying to do or what we're trying to communicate."
"If you're calm internally and you're in a good emotional state, somebody else cannot be in a combative state with you if you remain calm."
"It creates problems when the spender judges the saver or the saver judges the spender."
"Don't talk about money when either person is stressed about it."
"Make sure that when you talk about finances, you do it in a safe space, a space of no judgment, of relaxation, of no stress."
"So much money gets wasted in divorce that can go to kids and the well being of both sides from stress and negative emotions."
"When you're overstressed, you make terrible financial decisions."
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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.