Nick Marino CFP, ChfC, EA

09/06/2024

You've likely heard finance experts state the difference between a 1% fee and no fee can lead to a six-figure difference in your portfolio

True—but this assumes a lot. It's not just about avoiding fees; it’s about:

👉 Managing behavior: Staying disciplined in all market conditions.

👉 Optimizing tax location: Placing the right assets in the right accounts.

👉 Getting tax allocation right: Strategically distributing investments for tax efficiency.

👉 Tax loss harvesting: Knowing when and how to offset gains with losses.

👉 Timing withdrawals: Understanding when and how to sell and live off your assets.

👉 Mastering everything beyond investments: Including estate planning, insurance, and more.

A lower fee doesn’t automatically guarantee higher returns. It's the comprehensive strategy and ex*****on that make the real difference.

09/05/2024

Taxes come in many forms, each affecting your financial well-being in different ways. Here’s a quick rundown:

👉 Income Tax: A portion of your earnings goes to the government.

👉 Sales Tax: Added to the cost of goods and services you purchase.

👉 Capital Gains Tax: Applied to profits from selling investments.

👉 Property Tax: Based on the value of your real estate.

👉 Estate Tax: Levied on the transfer of wealth after death.

👉 Payroll Tax: Deducted from your paycheck for Social Security and Medicare.

👉 Excise Tax: Charged on specific goods like fuel, alcohol, and to***co.

👉 Gift Tax: Applied to large transfers of money or property as gifts.

Given the variety and impact of these taxes, strategic tax planning is essential. While taxes are unavoidable, careful planning can help you minimize the amount you pay, keeping more of your hard-earned money in your pocket.

Don’t just pay your taxes—plan them

09/04/2024

A Roth IRA is often considered one of the best tools for retirement planning. But what if your income exceeds the contribution limits? Don’t worry—there are still powerful strategies you can use to build your retirement savings:
👉 Backdoor Roth IRA:
Make a non-deductible contribution to a Traditional IRA, then convert it to a Roth IRA. This strategy helps you bypass income limits and enjoy the benefits of tax-free growth.
👉 Roth 401(k):
If your employer offers a Roth 401(k), take advantage of it! With no income limits and similar tax-free growth and withdrawals as a Roth IRA, it's a strong alternative.
👉 Mega Backdoor Roth 401(k):
Consider making after-tax contributions to your 401(k) and converting those funds to a Roth account. This approach can significantly increase your Roth savings potential.
👉 Taxable Brokerage Account:
If you've maxed out all tax-advantaged options, a taxable brokerage account is a great way to continue growing your wealth. While it doesn’t offer the same tax benefits, long-term capital gains can still be advantageous.

Explore these options to ensure you're maximizing your retirement savings and leveraging every tax advantage available hashtag

09/03/2024

People often focus on maximizing returns on every dollar, but the key to financial success lies in increasing income and reducing taxes over a lifetime. Instead of fixating on small gains, consider strategies to boost earnings and minimize tax liabilities for long-term financial stability

08/29/2024

💡 Debt Repayment Strategies: Avalanche vs. Snowball – Which Is Right for You?

Struggling with debt? You might be deciding between two popular strategies: the Debt Avalanche and the Debt Snowball. Here’s a quick breakdown to help you choose the best approach for your situation:

🔹 Debt Avalanche Method:

- Focus on paying off debts with the highest interest rates first.
- Saves you more on interest in the long run.
- Great for those who prefer a cost-effective approach.
🔹 Debt Snowball Method:
- Tackle the smallest debt first to gain momentum.
- Provides psychological wins and boosts motivation.
- Perfect for those who need a confidence boost along their debt-free journey.

Both methods can be effective—what’s important is finding the one that keeps you motivated and on track. Share your strategy or any tips you have for staying motivated in the comments below! 👇

08/29/2024

Small business owners stand to save thousands in tax with the qualified business income deduction. However, many are not fully optimizing this benefit. Here's a quick flowchart to determine your eligibility for this deduction. If your current tax or financial advisor has not discussed maximizing this deduction, it might be time for a second opinion.

08/28/2024

One of the biggest decisions millenials make in their lives, is a career or job change. In addition to the anxiety of starting with a new company, families have many critical money decisions that will need to be made.

Here is a simple breakdown of the common decisions that need to be made during any job change

08/27/2024

I'm often asked by new wealth builder clients what financial issues they should be considering as they are starting families and buying first homes. Being the first wealth in their family, most have no idea where to start or what to prioritize

Here is a helpful guide that gives a nice summary of common issues that you need a plan for. If there are any on here that concern you and you want help creating a plan for, feel free to DM me. My inbox is always open!

08/23/2024

Taking advice straight from google is a risky proposition.

Some of it is 100% accurate, others partially correct and ALOT of completely wrong nonsense.



This is without mentioning the time and energy required to decipher what applies and doesn’t apply to your situation

Of course this principal applies to many industries, including finance/tax. Can you invest/plan yourself? Absolutely. But at what cost? Would you rather:

1) Have an extra couple of hours to pursue hobbies, spend time with family etc… OR

2) File your own taxes, keep your own balance sheet, run your own financial modeling, invest on your own etc…

I know which one I’m choosing. If something doesn’t bring you joy, outsource it!

This is a big reason why I outsource almost all home/car maintenance. Could I try to save a buck and do it myself? Sure, but the risk of me doing it wrong + time lost doing something I don’t find joy in isn’t worth it

What do you guys think? What is something you pay for that some people would consider a "waste" of money

08/22/2024

As an industry, we have done an absolutely terrible job at explaining to the public what financial advisors actually do. Most people think its "playing the market" and watching stocks all day. This couldn't be further from the truth

In the simplest terms, a great advisor provides you the step-by-step playbook and accountability to reach all of your financial goals. This requires consistent communication, not just a once or twice per year formal meeting

If this doesn't sound like your advisor, you likely aren't receiving great value on the money you are paying them. I unfortunately see this all the time with new clients that came from working with another advisor

I consistently see new clients paying their old advisor $20k in annual fees. Sadly, almost every one had no idea they were paying this much. If they did, they would have fired them a long time ago

That doesn't mean $20k in fees is never justified. I've worked with families in the past paying my firm $100k+ in annual fees. However, they were receiving back 3-4x the value

I feel pretty confident in stating that paying $20k/year for nothing more than "portfolio management" and one meeting per year is not good value.

For that price you should be receiving white glove service, unlimited meetings, in-depth tax planning and filing etc...

If you are one of those families that doesn't know what you are paying in $ for annual fees and/or are not receiving the service you deserve, lets chat :)

08/12/2024

First-generation wealth families face unique challenges when it comes to managing their finances. Unlike others, they can't rely on a safety net in times of financial crisis. There is no family to bail them out or provide a home to stay in. “No one is coming to save you” is a reality they live with every day.

As someone who has broken the cycle of poverty in my own family, I understand these challenges firsthand. Generic financial advice doesn't cut it for us. What we need is specialized guidance tailored to our specific circumstances.

I believe that having a specialist by your side for major financial decisions is crucial for first-generation wealth families. If you resonate with this, I'm here to help. Let's have a conversation! Feel free to drop me a DM

06/12/2024

I had the pleasure to recently provide my thoughts on debt for a recent GOBankingRates article. You can check out the article below!

Believing these debt myths could hurt your financial future.