10.21.2020 Sharon Spano, Ph.D.

Financial Planning at Any Age with Eric Brotman

Our guest today, Eric Brotman, is a Certified Financial Planner and the CEO of BFG Financial Advisors, an independent firm that assists clients with wealth creation, preservation, and distribution.Eric and his team of highly qualified specialists provide investment, retirement, estate, insurance, and comprehensive financial planning services for families, professionals, executives, and business owners.

In addition to holding a master’s degree in financial services, Eric is also an Accredited Estate Planner, a Certified Private Wealth Advisor, a Chartered Life Underwriter, a Chartered Financial Consultant, a Chartered Advisor in Senior Living, and a Retirement Income Certified Professional.

He is currently serving a four-year term on the Board of Trustees for the Maryland State Retirement & Pension System as an appointee of Governor Larry Hogan. Eric is the host of the Don’t Retire… Graduate! podcast and the author of several publications, the most recent entitled Don’t Retire-Graduate: Building a Path to Financial Freedom at Any Age, published in October of this year.

What you’ll learn about in this episode:

  • Eric talks about some of the greatest concerns his clients are grappling with going into 2021.
  • The current K-shaped recovery and the growing disparity between businesses and individuals.
  • Why – when you have your health and your income – you have beat the pandemic.
  • How Eric advises his clients on preparing for uncertainty from a tax and economic perspective.
  • The four places you can put your money and never pay tax on it again.
  • The need for more financial literacy education among the younger generations.
  • Why, despite consensus, financial literacy is still not being taught in schools.
  • Leveraging the Roth 401(k), Roth IRA, and a Health Saving Account (HSA) for tax benefits.
  • Suggestions for how a 529 College Saving Plan can be used to keep money sheltered from tax.
  • Those who are eligible for 529 plans and what they should know when deciding to get one.
  • What the term ‘tax-deferred’ means and when taxable income becomes due and payable. 
  • Hear how whole life insurance policies are a means of keeping wealth within families.
  • The most basic steps you should take to protect and grow what you have.
  • The importance of breaking through the scarcity mentality passed down generationally.
  • How people of all income levels can get access to financial planning and coaching.

 

Tweetables:

“If there is good news it is that families and businesses are spending less than ever.” — @brotmanplanning [0:04:56]

“People need to be armed with the tools and the education and the knowledge to make good decisions.” — @brotmanplanning [0:14:35]

 

Facebook Posts:

“College Savings Plans are fantastic for families as ways to make gifts and to reduce money from the states that could be subject to taxation without making those gifts irrevocable and without really damaging financial aid.” — Eric Brotman [0:37:44]

“Tax deferral means you are not getting tax bills along the way. You are postponing the tax.” — Eric Brotman [0:30:39]

“Whole life insurance is a way to perpetuate wealth within families and to do it in a tax-favored way. It is a way to have dollars be amplified and non-taxable.” — Eric Brotman [0:32:50]

 

Additional Resources:

Website: https://bfgfa.com

LinkedIn: https://www.linkedin.com/in/ebrotman/

Twitter: https://twitter.com/brotmanplanning?lang=en

Book: https://www.amazon.com/Dont-Retire-Graduate-Financial-Retirement/dp/1734970103

Podcast: brotmanmedia.com

 

Links Mentioned:

Jean Chatsky: https://twitter.com/JeanChatzky

Saving for College: http://savingsforcollege.com/

Pay Less Taxes Now: http://www.lowtaxbook.com/optin1590159551607

Financial Coaching: https://www.microstuff.com/

Acknowledge Media: https://www.acknowledgemedia.com

Forbes: https://www.forbes.com/

 

Sharon Spano:

Website: sharonspano.com

Book: thetimemoneybook.com

Events: sharonspano.com/workshops

Contact: sharon@sharonspano.com

Twitter: twitter.com/SharonSpano

Published by Sharon Spano, Ph.D. October 21, 2020