Will Warren Buffett's Predictions come true? We'll find out as today, the discussion centers around frustrations with the U.S. healthcare system, how longevity and health tie into financial planning and financial planning complexities with all the current economic unpredictability. The U.S. government has also officially designated confiscated Bitcoin as a strategic reserves and we're also still in the midst of a national debt crisis. We also talk government inefficiencies, policy changes, and interest rates. Today we discuss...
- Health insurance is frustrating due to high premiums and out-of-pocket costs before coverage kicks in.
- A comparison to homeowners insurance highlights the absurdity of paying for minor expenses while also paying for coverage.
- Society adjusts standards to accommodate unhealthy lifestyles rather than incentivizing better health.
- The healthcare system prioritizes treatment over prevention, even when prevention could save costs in the long run.
- Financial planning must evolve to account for longer life expectancies, requiring strategies to ensure money lasts.
- Bill Perkins' book Die With Zero promotes the idea of optimizing life experiences rather than leaving wealth behind.
- Planning to die with nothing is difficult due to unpredictable lifespan and financial variables.
- Financial planning must account for changing tax rates, inflation, market crashes, and policy shifts.
- Predictions in finance, like oil prices, are often inaccurate due to uncontrollable external factors.
- The U.S. has officially designated confiscated Bitcoin as a strategic reserve.
- Strategic reserves, including oil, have historically been mismanaged for political purposes.
- Concerns exist that a Bitcoin reserve could be manipulated for political gain.
- The U.S. debt is growing at an unsustainable rate, adding a trillion dollars every 90 days.
- Innovative financial solutions are needed to address mounting national debt.
- The U.S. missed opportunities to issue long-term, low-interest debt when rates were near zero.
- Healthcare stocks are among the best performers, reflecting a rotation into defensive sectors.
- Despite current declines, the overall market is still in a relatively stable range, with volatility expected but not severe downturns.
- Experts anticipate a flat market year with moderate fluctuations rather than extreme moves up or down.
"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.
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Today's Panelists
- Kirk Chisholm | Innovative Wealth
- Phil Weiss | Apprise Wealth Management