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Gold Nuggets

Valuable Financial Tips from Wealth Advisor Michael Gold

Everyone loves a success story.

Michael Gold, founder and wealth advisor of Gold Family Wealth, is one of those stories. He grew up in a tiny apartment in Queens, sharing a bedroom with his older sister. He struggled throughout his youth, trying and failing to overcome lackluster education opportunities, a poor neighborhood, and losing his mother to cancer.

But, from the depths of “what felt like the abyss" Michael found a determination and inquisitiveness that helped pull him from the hole and into an unexpected future.

After earning an MBA in Quantitative Finance from NYU, he turned his life experiences into a learning tool, honing his experience in the complexities and ramifications of finance, business and lifestyle. This experience helped Michael pioneer the Virtual Family Office model designed to deliver integrated and comprehensive financial solutions to help, enrich and protect people’s wealth and quality of life.

His 10 Gold Nuggets

1. Know the Risks

The next correction, crash, or apocalypse du jour is not the risk. Inflation, taxes, excessive fees left unchecked are the termites eroding your wealth.

2. Outperformance is NOT a Goal

If you outperform your friend by 3-4% annually for 20 yrs, does it matter if she runs out of money at 78 and you run out at 82 if you’re both 83 without a dime to your name?  Determine real goals then reverse engineer how to bridge the gap.

3. Build Your “Moat”

How do you protect your assets in extreme circumstances? For instance, if you or your child caused an accident how would you pay for damages? Get an umbrella policy! These kick in after your home and auto liability limits are exhausted. 

4. Reduce Tax Drag

Offset gains by harvesting losses. No gains? No worries! Carry forward the losses and write off up to $3,000 ordinary income.

Tax loss harvesting should be systematically woven into the DNA of how your portfolio is managed throughout the year, not just in December.

5. Mitigate Tax

High levels of ordinary income and you’re philanthropic? Explore a charitable trust. Make a positive impact on important causes with some potentially sizable tax breaks.

6. Care for Heirs

If you don’t have a Will and an estate plan, stop reading right now, RUN and get one. If you do, great! Is it designed to avoid probate?  If not, or not sure, dust off that estate plan and get current. 

7. Don’t buy life insurance until you ask these 3 questions:

  1. Do you need it? The only reason you need life insurance is if you lack the financial resources to fill a financial gap if you died.
  2. If you need it, how much do you need? Run a cash-flow analysis then reverse engineer the amount to cover costs for a certain number of years.
  3. How should you pay for it?
    1. Write a check
    2. Borrow

8. Stop Watching the Financial News PERIOD

Financial news is not designed to inform, it’s designed to get viewership.

9. Avoid Predatory Advisors Like the Plague

These are the Madoffs of the world! Seek an advisor that is your financial doctor or the general contractor of your financial world who will help you connect all the dots and coordinate a team of vetted experts in the field of investments, tax, legal, insurance, and estate to help you.

10. Get Your Mind Right

You can do everything right, but remember to manage your mindset: poor decisions can derail everything.

Investment advisory services offered through CWM, LLC, an SEC Registered Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors. 

For a comprehensive review of your personal situation, always consult with a tax or legal advisor.

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