Crypto Week was a double header. ETH ETFs are approved but not yet live. CBDC's area dead... or just sleeping... Don't count them out, but we can party today. Also in the news...
US tax trends can get tricky! No matter where you fall on the political spectrum, I think we can all agree, no one wants to pay higher taxes. Today we also discuss the nature of markets. Managing risk is crucial, especially during downturns. Success in investing requires understanding your emotions and personal risk tolerance. Today we discuss...
- Markets fluctuate: they rise about 70% of the time, fall 30%, and rarely move sideways.
- Understanding market risk is crucial for managing investments during downturns.
- Investors' risk tolerance shifts with market conditions.
- Emotional responses to market movements often lead to poor decision-making.
- Studies suggest that individuals who don't frequently check their investments tend to perform better.
- Various factors, including government policies, influence market dynamics.
- Government decisions on CBDCs may impact currency stability and investment strategies.
- Concerns about hyperinflation should be tempered by an understanding of historical inflation trends.
- Calls for higher taxes on the rich may not yield desired outcomes and could lead to unintended consequences.
- Aligning policy with human nature can lead to more effective outcomes in economic governance.
"Cash is not trash... Cash is King" - Kirk Chisholm
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Today's Guest: Kirk Chisholm
Kirk Chisholm is a Wealth Manager and Principal at Innovative Advisory Group, an independent Registered Investment Advisor located in Lexington, MA. He has been providing wealth management services to individuals, executives, entrepreneurs, and their families since 1999. He is an outside the box thinker, risk manager, inflation expert, blogger, podcaster, and all-around interesting guy. Kirk is dedicated to developing lasting relationships with all of his clients and their families. One of the benefits of working with Kirk is his patience, empathy, and his ability to provide clear and easy-to-understand explanations to complex financial topics.
Kirk developed a unique philosophy for the wealth management industry called Risk Management First. The medical field has a similar way of thinking of “first do no harm”. This philosophy focuses on risk management for clients in all aspects of their lives in ways the industry does not address. Risk management does not stop with investments. It also requires working closely with other professionals to address areas of their financial lives not currently being met.
In 2008, Kirk co-founded Innovative Advisory Group to address the needs not being addressed by the wealth management industry. It started with specializing in alternative assets held in retirement accounts (i.e. self directed IRAs/401ks). Then the company expanded into the specialization of college funding (i.e. planning, strategy, and paying the least possible for a high quality education), Risk Management First, exit planning for business owners, advanced planning (estate, tax, etc), and providing practice management and leadership training to other financial advisors, accountants and attorneys.
Kirk's Online Presence:
Today's Panelists
- Kirk Chisholm | Innovative Wealth
- Phil Weiss | Apprise Wealth Management