Red Carpet Retirement™: Recent Episodes
Adam Scott
Welcome to Red Carpet Retirement™ with Adam Scott from WellAcre Wealth Management, LLC. In this podcast, we provide strategies and tools so those in the entertainment and creative industries can achieve greater financial and retirement security. We help make work optional so you only work when you want on the projects you love, with the people you like. Join us for this journey where we explore financial planning for creatives and business owners within the entertainment industry as Adam draws from years of expertise and guest experts to increase your certainty of a Red Carpet Retirement.
Do you struggle with investment decisions during election years? Discover the three worst mistakes you should avoid to keep your portfolio safe.
In this episode of Red Carpet Retirement, Adam addresses the three biggest investment blunders investors make during election years. You’ll learn some shocking statistics about market performance during election cycles, why sitting in cash can cost you, and how not to let political biases cloud your investment decisions. He discusses the importance of maintaining a steady hand in volatile markets and offers insights based on historical data to help you navigate financial decisions amidst political uncertainty.
Adam discusses:
- The three worst investment mistakes to avoid during election years
- How letting political passions influence investment decisions can be costly
- Why markets have historically performed well regardless of the political party in power
- Why it’s crucial not to let political passions influence your investment decisions
- The impact of trying to time the market and how it can jeopardize your retirement plans
- And more
Resources:
- Capital Group
Connect with Adam Scott:
- LinkedIn: Adam Scott
- LinkedIn: WellAcre Wealth
- WellAcreWealth.com
- Phone: 310-220-4946
Do you know if your online banking details are truly secure?
Today on Red Carpet Retirement, Adam addresses the alarming rise in sophisticated online financial frauds and discusses ten crucial ways to protect yourself. From phishing and vishing to smishing and pharming, you’ll understand the different tactics used by cyber criminals and learn the best practices to safeguard your financial information.
Adam discusses:
- The intricacies of phishing, spear phishing, and common scams on platforms like Facebook Marketplace
- The threat of vishing calls and how criminals can spoof phone numbers from trusted entities
- Detailed insights into smishing and the risks associated with links in text messages.
- Pharming tactics that redirect you to fake websites despite navigating to your trusted bank’s URL
- And more
Arm yourself against financial predators. Tune in and share these vital tips with your loved ones.
Stay tuned for our next episode, “Will the Election Affect Your Finances?”
Resources:
- Protecting You and Your Loved Ones From Financial Fraud (Ep. 24)
Connect with Adam Scott:
- LinkedIn: Adam Scott
- LinkedIn: WellAcre Wealth
- WellAcreWealth.com
- Phone: 310-220-4946
Americans lost $13BN to fraud in 2023. Young adults are particularly vulnerable – along with the elderly – as social engineering becomes increasingly sophisticated. Don’t think it can’t happen to you.
Today on Red Carpet Retirement, Adam Scott, CFP® delves into the concerning rise of financial fraud and offers practical tools to help safeguard against these threats. Joined by a young man, George Baker, who shares his personal experience of being scammed at the tender age of 18, this episode aims to educate listeners about the increasing sophistication of scams and the critical steps to avoid becoming a victim. By tuning in, you’ll learn essential prevention strategies to protect your family and hear firsthand accounts that underline the importance of vigilance and prompt action.
Adam and George discuss:
- How to identify and understand phishing scams and their evolution into targeted spear phishing
- The psychological tricks scammers use, such as urgency and emotional manipulation
- Steps to take immediately if you think you’ve been scammed, including involving third parties
- Real-life stories highlighting both the complexities and preventable measures in financial fraud scenarios
- And more
Resources:
- The Day I Put $50,000 in a Shoe Box and Handed It to a Stranger by Charlotte Wowles
Connect with Adam Scott:
- LinkedIn: Adam Scott
- LinkedIn: WellAcre Wealth
- WellAcreWealth.com
- Phone: 310-220-4946
Avoid costly CPA mistakes on your current or next tax return!
Today on Red Carpet Retirement, Adam talks about common but unintended mistakes CPAs make. Our discussion isn’t about pointing fingers but rather about uncovering common oversights in the filing process, how they happen, and, most importantly, how you can avoid being caught by surprise with unnecessary tax hits.
Adam’s Key Takeaways:
- Ensure all 1099 forms, especially revisions, are communicated to your CPA to avoid overpayment
- Be aware of Roth conversion reporting and ensure it’s reflected accurately to prevent unjust taxation
- Qualified Charitable Distributions (QCDs) can be mistaken for taxable income if not reported correctly
- Reviewing your tax return, or having a financial advisor review it, is crucial for catching and correcting any overlooked errors
- And more
Make sure your path to a seamless retirement isn’t derailed by avoidable tax mishaps. Stay tuned for our next episode where Adam discusses some of the opportunities missed by CPAs.
Resources:
- How to Maximize Your Retirement Savings Using the Mega-Backdoor Roth Strategy (Ep. 18)
- Use Roth Conversions to Reduce Your Lifetime Taxes: Turning Financial Lemons Into Lemonade (Ep. 17)
Connect with Adam Scott:
- LinkedIn: Adam Scott
- LinkedIn: WellAcre Wealth
- WellAcreWealth.com
- Phone: 310-220-4946
What shook the stock market and economy in Q1 of 2024? Dive into this episode for an insightful quarterly wrap-up!
In this episode, Adam dissects the impactful first quarter of 2024, analyzing stock market shifts, economic trends, and a surprising twist on the usual recession predictions. He unravels the events that led to one of the most unpredictable quarters in recent memory, from the economy’s surprising buoyancy to the stock market’s rally, contrasted with the cautious bond market and looming Federal Reserve decisions. With a keen eye on what these changes mean for entrepreneurs and creatives preparing for retirement, this episode is packed with expert insights, future speculations, and valuable takeaways.
Adam shares:
- An in-depth look at Q1 2024’s stock market performance and its surprising resilience
- The economic indicators that defied recession predictions, highlighting job growth and inflation rates
- A detailed discourse on the Federal Reserve’s actions and their impact on the economy
- Insight into specific high-performing stocks and sectors driving the market, with a special focus on tech and AI
- And more
Connect with Adam Scott:
- LinkedIn: Adam Scott
- LinkedIn: WellAcre Wealth
- WellAcreWealth.com
- Phone: 310-220-4946
What’s the secret to raising financially and mentally healthy young adults? This is never easy, and for wealthy families it can be particularly challenging.
This week on Red Carpet Retirement, Adam Scott, CFP® teams up with Liz Mohler, an esteemed ICF-accredited career and life coach, to explore the complex but crucial topic of raising financially and mentally healthy children. Their conversation includes strategies for instilling a healthy relationship with money in children, especially those growing up in affluent environments, and shared experiences aimed at guiding your kids toward a prosperous and balanced future. They tackle the complexities of parenting in today’s economic landscape, offering actionable advice on everything from allowances to nurturing a sense of purpose, so vitally important to mental health.
By combining insights from financial planning with invaluable life coaching expertise, this discussion is a must-listen for parents who want to equip themselves with the knowledge to guide their children toward financial and mental well-being.
Adam and Liz discuss:
- The psychology of money and understanding the difference between being rich and being wealthy
- Practical tips for introducing financial responsibilities through allowances and job opportunities
- The importance of modeling financial behavior and communication within the family about money matters
- How to support young adults financially without compromising their sense of purpose and independence
- The importance of instilling a strong work ethic and sense of responsibility from a young age
- Guiding children through making smart financial decisions, including savings, spending, and investing
- Strategies for discussing money matters openly and constructively within the family
- Encouraging pursuits that foster mental well-being alongside financial stability
- And more
Resources:
- The Psychology of Money by Morgan Housel
Connect with Adam Scott:
- LinkedIn: Adam Scott
- LinkedIn: WellAcre Wealth
- WellAcreWealth.com
- Phone: 310-220-4946
Connect with Liz Mohler:
- LinkedIn: Liz Mohler
- LinkedIn: Chief
- LizMohler.com
About our Guest:
Liz Mohler is a well-regarded Executive/Career and Life Coach who has a strong background in academia and a deep commitment to empowering my clients. For 20-plus years Liz has passionately devoted her coaching practice to guiding clients toward personal and professional growth. Liz’s professional experience, both domestic and international, has enriched her perspective and equipped her with expertise in various coaching capacities including career management and leadership development coaching, team building, and transition coaching across a spectrum of industries.
They say retirement is like a second childhood—except this time, you’re the one in charge!
It’s time to set new goals!
This week on Red Carpet Retirement, Adam speaks with Liz Mohler, an esteemed ICF-accredited career and life coach, about setting goals in retirement. While focusing on the importance of goal setting and finding purpose, they address the emotional and social challenges retirees face, such as the loss of work-related social networks and the need to redefine daily routines. Liz offers her expertise on navigating these changes, emphasizing the value of mentoring and volunteering. Adam shares personal anecdotes, including his own struggle with the concept of retirement and his wife Cynthia’s positive experiences post-retirement.
The episode is a deep dive into the varied experiences of retirees and the quest for fulfillment beyond one’s career.
Adam and Liz discuss:
- The importance of redefining routine and setting new goals in retirement
- Nurturing relationships and giving back in retirement
- Different retirement journeys and finding activities that bring fulfillment
- Overcoming the fear of retirement and finding purpose beyond work
- And more
Connect with Adam Scott:
- LinkedIn: Adam Scott
- LinkedIn: WellAcre Wealth
- WellAcreWealth.com
- Phone: 310-220-4946
Connect with Liz Mohler:
- LinkedIn: Liz Mohler
- LinkedIn: Chief
- LizMohler.com
- Chief.com
About our Guest:
Liz Mohler is a well-regarded Executive/Career and Life Coach who has a strong background in academia and a deep commitment to empowering my clients. For 20-plus years Liz has passionately devoted her coaching practice to guiding clients toward personal and professional growth. Liz’s professional experience, both domestic and international, has enriched her perspective and equipped her with expertise in various coaching capacities including career management and leadership development coaching, team building, and transition coaching across a spectrum of industries.
2023’s market forecasts were dark, but the markets kept out of the shadows. Let’s take a look at what we think 2024 may look like.
This week on Red Carpet Retirement, Adam Scott reflects on 2023’s financial market outlook. Looking forward into 2024, he talks about the potential impact of the Federal Reserve’s policies, inflation, and interest rates, as well as how the upcoming presidential election might influence market dynamics. Adam also touches on the recent performance of stocks and bonds, corporate earnings, and provides an economic forecast for 2024.
Adam discusses:
- What happened with the financial markets in 2023 and why
- Where the markets are now
- What we’d like to see happen in 2024
- And more
Connect with Adam Scott:
- LinkedIn: Adam Scott
- LinkedIn: WellAcre Wealth
- WellAcreWealth.com
- Phone: 310-220-4946
Are you looking for ways to maximize your tax-advantaged retirement savings bucket? (In other words, a savings bucket where both growth and withdrawals are tax-free!)
A mega backdoor Roth 401(k) might be what you need.
This week, Adam Scott, CFP®, delves into the ins and outs of a mega-backdoor Roth 401(k), a financial maneuver that can potentially help you supercharge your retirement savings. You will also learn how an IRA is different from a 401(k) account, and ways to optimize your retirement income strategy.
Adam discusses:
- Traditional vs. Roth accounts — what might be more suitable for your situation?
- A brief overview of 2024 contribution limits
- How to implement the mega backdoor Roth 401(k) strategy
- Benefits for high-income individuals, business owners, and those who’ve had a huge cash inflow (e.g., inheritance or selling a house)
- Potential “landmines” to look out for while implementing this strategy
- And more
Resources:
- Use Roth Conversions to Reduce Your Lifetime Taxes: Turning Financial Lemons Into Lemonade (Ep. 17)
Connect with Adam Scott:
- LinkedIn: Adam Scott
- LinkedIn: WellAcre Wealth
- WellAcreWealth.com
- Phone: 310-220-4946
There are many benefits to Roth conversions. But beware! Don’t step on a land mine when implementing that can blow your finances up!
In this episode, Adam introduces his new co-host, Patrice Sikora, before discussing the benefits of Roth conversions. They highlight how these conversions can help reduce taxable income and potentially avoid higher taxes and higher Medicare premiums in retirement. Adam also discusses the impact of Roth conversions on financial aid for college and the importance of considering state taxes. The conversation concludes with an important reminder to not jump into Roth conversions alone and to avoid common mistakes by consulting a financial professional.
Adam discusses: * An explanation of Roth conversions and their benefits * A story about a client who benefited from a Roth conversion during a low-income year * What the widow’s penalty is and how Roth conversions can help mitigate it * Why it’s important to plan carefully and consult a financial professional for Roth conversions * Benefits of doing Roth conversions during the “golden decade” of retirement (ages 60-70) * Potential impact of Roth conversions on financial aid for college * Why keeping state taxes in mind when planning Roth conversions is important * Tax arbitrage and the benefits of having different investment buckets (pre-tax IRAs and Roth IRAs) for managing taxes during retirement * And more
Resources:* Boys Town
Connect with Adam Scott: * LinkedIn: Adam Scott * LinkedIn: WellAcre Wealth * WellAcreWealth.com * Phone: 310-220-4946
We’re not here to spread alarm but to unravel the intricate web of challenges and transformations reshaping the commercial real estate sector. Join us for an in-depth exploration of what’s causing the downtown commercial real estate Armageddon and what it means for the future of these urban landscapes.
In this episode, Adam Scott, CFP® discusses the current real estate environment and potential challenges in the market. As the conversation weaves through these market dynamics, Adam reflects on the broader implications for companies. With a substantial amount of empty office space ranging from 50% to possibly 70%, businesses are confronted with the need to renegotiate leases in a landscape where real estate owners grapple with mounting challenges. He also touches on mortgage rates, decreasing demand, and increasing apartment building supply.
Adam discusses:
- Current real estate environment and potential challenges in the market
- The importance of thorough calculations and understanding carrying costs in real estate investments
- How his wife lost money through a failing real estate investment
- The challenges of financing commercial real estate properties
- And more
Connect with Adam Scott CFP®:
- LinkedIn: Adam Scott
- LinkedIn: WellAcre Wealth
- WellAcreWealth.com
- Phone: 310-220-4946
When it comes to financial advisory, finding the right balance between innovation and caution is crucial.
With the rise of data and technology, risk analysis software has become a popular tool for guiding investment strategies.
But should we rely on this software? What are the risks of doing so?
In this episode, Adam Scott explores the world of risk analysis software in the financial advisory industry. He uncovers the misuse of the software by some advisors who manipulate them to present past performance and cherry-pick investments, emphasizing the importance of combining it with wisdom and knowledge.
Adam discusses:
- The frustrations and limitations of risk analysis software used in investment strategies
- How advisors can cherry-pick investments using risk analysis software to show better returns and lower risk to potential clients
- A clear example of how the risk analysis software can provide misleading information, missing important market events
- How stress tests can be used to compare portfolio performance during the financial crisis and other events
- The story of Long-Term Capital, a hedge fund that relied on mathematical models and efficient market theory but ultimately failed
- And more!
Connect with Adam Scott:
- LinkedIn: Adam Scott
- LinkedIn: WellAcre Wealth
- WellAcreWealth.com
- Phone: 310-220-4946
Real Estate values always go up, right?
In this episode, Adam provides an in-depth analysis of the future of rental properties. They dismantle the perception of real estate as a guaranteed win, exploring the pros and cons, tax implications, financial intricacies, and potential challenges of managing rental properties.
Throughout the episode, Adam covers:
- The key benefits of real estate investment, such as cash flow, appreciation, leverage, and tax advantages
- The benefits of the 1031 Exchange and the potential to defer capital gains tax
- The ‘step-up in basis’ law that allows heirs to avoid estate taxes
- Challenges associated with dealing with tenants, eviction proceedings, high maintenance costs
- Adam’s personal experiences and the looming ‘commercial real estate Armageddon’
- Potential for a Part 3?
- And more!
Resources:
- LongTermTrends.net: Home Price to Income Ratio
- Irrational Exuberance by Robert J. Shiller
- YouTube: WellAcre Wealth Advisors
- Why Do People Dislike Inflation – Robert J. Shiller
- 1031 Exchange
- Step Up in Basis Law
Connect with Adam Scott:
- LinkedIn: Adam Scott
- LinkedIn: WellAcre Wealth
- WellAcreWealth.com
- Phone: 310-220-4946
- Adam Scott Direct Line 310-231-5262
We’ve received a lot of questions about real estate and Adam Scott addresses them in this two-part real state series. In this episode, Adam talks about real estate across America and how the future may differ from what we’ve seen happen historically. He goes over what’s going on with the housing market, whether it’s a … Continue reading Real Estate Part 1: What Is the Future for Home Prices? (Ep. 13) →
Medicare doesn’t cover long-term care. If you thought it did or haven’t purchased long-term care insurance for any other reason, Adam has 10 things for you to think about before you make your final decision. In this episode, Adam Scott, CFP®, introduces a dear friend of his, Jennifer Burnham-Grubbs, Founder of Quantum Insurance Services and … Continue reading 10 Things You Should Think About When It Comes To Long-Term Care Insurance With Jennifer Burnham-Grubbs (Ep. 12) →
Why did the CPA cross the road? To get to the other side of the balance sheet. In this episode, Adam sheds light on a crucial topic that concerns many individuals and businesses: how to find a GREAT CPA. Adam discusses the questions you should be asking and takes you through eight essential steps that … Continue reading How To Choose A Great CPA (Ep. 11) →
For business owners and freelancers in entertainment, this is an episode you won’t want to miss! CPAs look through the rearview mirror at where you have been. Good Financial Planners help you navigate the route ahead.
In this episode, Adam Scott, CFP®, provides 5 valuable wealth-building insights and practical tax-saving strategies that CPAs often don’t know or overlook. Listen in as Adam unpacks these strategies to help you achieve greater financial flexibility to pursue your dreams and enjoy your hard-earned money.
Adam discusses:
- Four tax-saving strategies for self-employed business people
- How self-employed individuals can minimize their self-employment tax by electing to be taxed as an S-Corp and paying themselves a lower salary
- Maximizing the 199 A deduction for business owners, which provides a 20% tax break on profit for S Corporation owners
- What is a Hollywood Loan Out Corporation
- What is and what are the benefits of defined benefit pension plans for high-earning individuals in the entertainment industry
- Examples of how clients were able to reduce their tax liability and achieve financial flexibility through the use of defined benefit plans
- The California Pass-through entity (PTE) elective tax allows individuals to pay their California taxes through their corporation and receive a federal tax deduction
- And more!
Connect with Adam Scott:
- LinkedIn: Adam Scott
- LinkedIn: WellAcre Wealth
- WellAcreWealth.com
- Phone: 310-220-4946
Spice up your retirement planning with the Secure Act 2.0’s hottest benefit strategies.
Retirement planning may not sound like the sexiest topic, but the Secure Act 2.0 is changing that. In this episode, Adam discusses several benefit strategies that employers, retirees, pre-retirees, and even younger employees can take advantage of, and they’re anything but boring.
Adam discusses:
- The benefit strategies that retirees and pre-retirees can take advantage of
- How business owners can take advantage of the secure act 2.0
- What the benefits are for employees of all ages, not just pre-retirement employees
- The benefits of 529 plans
- And more
Resources:
- Investopedia: SECURE 2.0 Act of 2022
Connect with Adam Scott:
- LinkedIn: Adam Scott
- LinkedIn: WellAcre Wealth
- WellAcreWealth.com
- Phone: 310-220-4946
Estate planning isn’t a fun topic of conversation, but it’s more important than you might think. Don’t miss these 10 common mistakes.
In this episode, Adam Scott shares 10 of the most significant estate planning mistakes. He explains what they are and how to avoid them! He also drives the lessons home with a few stories about instances of these snafus.
Adam discusses:
- What the 10 biggest estate planning mistakes are
- Why some of these mistakes are easily overlooked
- Why the most important mistake to avoid is not having a trust
- The pros and cons of B trusts
- And more
Connect with Adam Scott:
- LinkedIn: Adam Scott
- LinkedIn: WellAcre Wealth
- WellAcreWealth.com
- Phone: 310-220-4946
Finding a financial advisor can be difficult. Just because they are likable doesn’t mean they will be excellent at taking care of you. How can you tell the difference?
In this episode, Adam shares 10 of the most important questions everyone should ask their financial advisor, especially if they are in the interview process, to find out if the financial advisor will actually help them, how they’ll help, or if the advisor will put their own interests first.
Adam discusses:
- Why it’s important to ask if the advisor has any customer complaints or abuses on their record, and how to find the answer before asking them
- The different fee structures and how they can determine if an advisor will put your needs first
- Why outsourcing investment management matters
- Why your advisor should specialize in your niche
- And more
Resources:
- BrokerCheck.com
- The 5 Pillars Of Our 90-10 Investment Philosophy To Help You Minimize Risk And Maximize Your Investments: Part 1
- Investopedia.com
Connect with Adam Scott:
- LinkedIn: Adam Scott
- LinkedIn: WellAcre Wealth
- WellAcreWealth.com
- Phone: 310-220-4946
Taxes are something everyone could save money on by properly implementing tax strategies, but many of those strategies can easily be overlooked.
In this episode, Adam highlights the top 8 tax oversights CPAs and clients make. He explains how these overlooked strategies can save clients tons of money unnecessarily spent on taxes and he emphasizes the importance of having tax returns double-checked by a financial advisor before submitting them.
Adam discusses:
- What itemized deductions are, but why you may be wasting time and money itemizing.
- Ensuring charitable contributions are structured correctly to be a tax write-off
- How to optimize retirement contributions
- The importance of reducing Medicare tax and how to do it for self-employed business owners.
- And 4 more tax-saving strategies CPAs often overlook
Connect with Adam Scott:
- LinkedIn: Adam Scott
- LinkedIn: WellAcre Wealth
- WellAcreWealth.com
- Phone: 310-220-4946
The end of the tax year is rapidly approaching, and we have 10 tips to help you minimize your taxes.
In this episode, Adam shares his Top 10 year-end tax tips as the end of 2022 nears. He talks about Roth conversions, why and when it’s a great strategy to reduce taxes, and how it works. Adding to Roth conversions, Adam shares a few stories about putting Roth conversions into practice and finishes with a speedy roundup of nine other great year-end tax strategies.
Adam discusses:
- What a Roth conversion is
- Why a Roth conversion is a great tax-saving strategy and how it works
- Using Roth conversions can go wrong if you do not know what you are doing, as described in a few examples
- And more
Resources:
- 2022 Tax Planning Guide
Connect with Adam Scott:
- LinkedIn: Adam Scott
- LinkedIn: WellAcre Wealth
- WellAcreWealth.com
- Phone: 310-220-4946
We help minimize the risk that comes along with investing with our 90-10 investment philosophy. Previously, we talked about pillars 1-3. Today, we wrap up our philosophy with pillars 4 and 5. In this episode, Adam elaborates on WellAcre Wealth Management’s 90-10 investment philosophy with a recap of pillars 1-3 before diving into pillars 4 … Continue reading Our 90-10 Investment Process™: Part 2 (Ep. 4) →
Many people have lost money while investing because they put all their eggs in one basket or chased the return with a large risk. At WellAcre Wealth Management, we help minimize that risk for our clients with our 90-10 investment philosophy. In this episode, Adam introduces WellAcre Wealth Management’s 90-10 investment philosophy, goes over the … Continue reading Minimize Risk And Maximize Your Investments: Part 1 (Ep. 3) →
What is it like to work with Adam Scott at WellAcre Wealth Management, and how does he help his clients plan for a red-carpet-worthy retirement? In this episode, Adam shares what it’s like to work with WellAcre Wealth Management with a recap from episode 1. Adam covers the Lunar Landing Wealth Management process and what … Continue reading Your Red Carpet Experience With WellAcre Wealth Management (Ep. 2) →
Here at Red Carpet Retirement, we help business owners and those in the entertainment and creative industries plan their red carpet retirements and secure their financial futures. In this first episode, Adam Scott starts his podcast with stories about his experiences in the entertainment industry and how he got into the financial services industry. Adam … Continue reading Meet Your Red Carpet Retirement Host Adam Scott (Ep. 1) →