financial detox

1. Stay Calm and Keep It Quiet: The first and most important step is to stay calm and take some time to process your win. It's tempting to share the news with everyone, but it's wise to keep it quiet initially to protect your privacy and security. 
2. Verify Your Ticket: Double and triple-check your ticket to ensure it's genuine and matches the winning numbers. Consult with professionals and the lottery authority to confirm your win. 
3. Maintain Anonymity: In many states, lottery winners have the option to remain anonymous. Consider doing this to protect your identity and minimize unwanted attention. 
4. Hire a Team of Professionals: Assemble a team of financial advisers, lawyers, and accountants who specialize in working with lottery winners. They will help you navigate the complex financial and legal aspects of your windfall. 
5. Develop a Financial Plan: Work with your financial advisers to create a comprehensive financial plan. This should include strategies for investing, budgeting, and minimizing taxes. Prioritize paying off debts and securing your financial future. 
6. Consider Lump Sum vs. Annuity: Decide whether you want to receive the winnings as a lump sum or as an annuity paid out over several years. Each has its advantages and disadvantages, so consult with your team to make the best choice for your situation. 
7. Protect Your Assets: Implement asset protection strategies to safeguard your wealth from potential lawsuits, creditors, or unforeseen circumstances. Trusts and legal structures can be helpful in this regard. 
8. Give Back: Consider making charitable donations or starting a foundation to support causes you care about. Giving back can be a meaningful way to use your newfound wealth for the greater good. 
9. Set Personal Goals: Think about your long-term goals and aspirations. Your newfound wealth can provide opportunities to pursue passions, travel, or explore new hobbies. Having a sense of purpose beyond money is essential for happiness. 
10. Stay Grounded: While your financial situation has changed dramatically, try to maintain a sense of normalcy in your life. Surround yourself with supportive friends and family who can help you stay grounded. 
11. Avoid Impulsive Decisions: Avoid making impulsive purchases or decisions in the immediate aftermath of your win. Take your time to evaluate your options and consider the long-term consequences of your choices. 
12. Plan for Generational Wealth: If you wish to leave a legacy for future generations, work with your advisors to create a plan for generational wealth transfer that minimizes taxes and maximizes benefits for your heirs. 

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Financial Detox presents new micro learning series today with an explanation of the Fed and raising of interest rates.  Jason Labrum and Alex Klingensmith with IDA discuss the relationship of the raising Fed rates to the markets and what investors should consider for hedging against inflation.  

Let's talk about the FED.  Its very clear the our economy is in a "bear market" and these times will determine if you are successful investor or not.  The fed just raised the rate another 75 basis points yet the markets reacted by going up that particular day.   The reason the fed has raised rates is to  control inflation or slow inflation.  The US Economy has been in what is considered a  "easy monetary" policy since early 2000; lower rates, easy to borrow,  and the economy has been stimulated by these actions.  Then throw in COVD where the government flushed the economy with trillions of dollars into the system.  At the same time production of goods and supplies became limited therefore driving the costs of goods and services.  Listen to todays shows to hear what to expect and what investors can do. 

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For more financial advice visit our website and follow us on
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Personal finance coach, Lana William, walked away from corporate life in exchange for work life balance and to do the work she truly loves on her own terms. With 30 years of financial expertise and successful money management solutions, Lana shares her history growing up in a fiscally disciplined family and explains her method of Financial Coaching.  https://www.lwilliamfinance.com/ 

Show Description: 

Jason and Alex started off the show by saying that we are not going to execute on any investment strategy or implement a philosophy unless they have a substantial amount of data to back this up. They discussed how too many investors implement an investment strategy that is driven and based off emotions, feelings, and news headlines. In an environment like we are in currently with so much uncertainty in the market, the global economy, and from an everyday life standpoint, it is easy to get wrapped up in the rapidly changing news headlines and get uneasy.

Jason talked about how one of the most repeated questions that he gets from clients is “what should we do now?”. He discussed how the answer to that question never changes no matter what is going on in the world around us. People should make sure that their financial plan is comprehensive in nature with specific goals being on track, and they have a solid, diversified investment strategy in place to accomplish those goals and ride through periods of volatility and uncertainty. Jason explained how the real question people should be asking themselves is if they should hire an adviser or not. They talked about how the market has continued to go up and for a lot of individuals it seems like it is easy to make a ton of money in the stock market, when this IS NOT the case over longer periods of time. They invited listeners to send their questions to jason@financialdetox.com or call 877-707-8889, and they will send them the Investor Behavior Study. Also, we will conduct an initial complimentary discovery meeting to answer some initial questions, find out about IDA’s comprehensive range of services, and establish if there is a good mutual fit to accomplish their goals and objectives. They also discussed how IDA is looking to grow and has a core mission of helping as many people as possible while not letting the level of service and experience dip for existing clients. 

Jason did a great job comparing a story of his son saying something he should not have to a classmate and not wanting to admit it was inappropriate to a client not wanting to admit they made an emotional investment decision based on emotions or outside influences when they should not have been reactive. One of the hardest things in life is admitting that you don’t know something, or you need help with something. Our team is able to provide individuals with so much financial peace of mind when they are fully able to let go and allow us to guide them down a path to a prosperous investment experience. They explained how it will not always be smooth, but it will ultimately be successful if we stay true to an investment philosophy and a strategic process.

Jason and Alex finished by talking about a client that is still suffering from the trauma of selling at the bottom back in 2008, and how it has taken years of coaching to get him back on track. The ultimate purpose of Financial Detox is to detoxify people from toxic financial guidance or news.

In this show you will learn about:

- Why should you hire an adviser?

- How to achieve a successful investment outcome.

- The importance of behavioral coaching.

- The road to a peaceful investment journey.

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In this show Jason and Alex present what investors should do amidst all that is happening in the world, in these uncharted waters.

They begin by sharing the purpose of the show, which is to advocate for consumers by providing financial education free from any conflicts of interest. Jason brings to light that most financial radio shows’ purpose is to sell commission based, high profit products. IDA does not any sell products, as they are full time all the time fiduciaries who objectively build comprehensive financial plans that optimize their clients’ financial lives.

Jason and Alex discuss how relevant Jason’s book, written multiple years ago, is to the present crisis, as it lays out a plan for how investors can successfully navigate uncharted waters amidst crisis. They discuss how important it is for investors to have a financial plan and make intelligent and disciplined decisions with their life savings in uncertain times. Alex educates listeners by suggesting investors block out all noise and focus on the basics of what they need to do to get through the crises successfully. Jason offers a free book to listeners, to help them avoid making common mistakes with their life savings, especially as mistakes are so common during crises.

Next Jason and Alex answer a listener’s question: “Why should I continue to invest globally, as international investments have performed dismally over the past 5 years?” They answer the question by sharing the data, that shows trying to time which asset class is going to perform best next is a recipe for failure. Investors are more successful when they diversify in a way that matches their personal financial situation – their financial plan. Chasing performance does not work, as different asset classes perform better in different times and there is no way to predict which will do best at a given time.

Jason shares an example of how chasing performance does not work. Most 401k participants pick their investments within the plan by looking at short term performance (1 to 3 years). Alex points out that we are all trained as consumers to do this, i.e. read recent reviews, although it is detrimental to success in investing. Investors succeed rather by investing in a globally diversified portfolio and having, and sticking to, a financial plan that works to achieve personal goals.

They close the show with beautiful fact that sticking to basics, your long-term financial plan, in unchartered water not only yields financial success but importantly, peace of mind during stressful crises.

In this show you will learn about:

- IDA’s mission to provide objective, non-biased financial education to consumers

- How important a personal financial plan and discipline are to investor success in uncertain times amidst crises

- Why investors should diversify their invested assets globally

- Why selecting investments based on how they have performed short-term is a mistake

For more financial advice visit our website and follow us on
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