Common Sense Financial Podcast: Mindset & Growth

In this podcast episode, Brian shares his remarkable journey from his parents' middle-class immigrant background to achieving financial freedom through decades of learning and building businesses. He recounts his early aspiration for an opulent lifestyle and the pivotal moment when he realized the importance of creating income-producing assets. Through content creation, including three books and the Common Sense Financial Podcast, Brian's financial wisdom and expertise have garnered recognition and awards, providing valuable insights into wealth, financial freedom, and the pursuit of life's true riches. Join us as we explore Brian's wealth-building principles, the significance of faith, family, and relationships, and the pursuit of genuine financial freedom. It was over 30 years ago when Brian got started in business and he’s spent this time building his knowledge while building teams and companies. Brian begins by telling the story of his parents and how they came over from Croatia and lived a middle-class

In this episode we talk about the importance of using key performance indicators beyond just investment performance to gauge the health of one's retirement plan. There are five crucial data points that form the foundation of a successful retirement strategy: passive income, effective tax rate, cash flow ratio, banking capacity, and horizontal asset allocation. By focusing on these metrics, you can adopt a comprehensive approach to retirement planning that factors in various financial variables and bridges the gaps in your financial plan. Business owners use KPIs or key performance indicators to track and understand the health of their business and marketing efforts. Those planning for retirement should consider their retirement KPIs to help measure the health of their financial situation. People often make the mistake of substituting investment performance for more meaningful key performance indicators. ROI is not the only KPI you should be paying attention to. People often view their finances in silos and t

In this episode on Certificates of Deposit (CDs) as investments, we talk about the nuanced decision-making involved in purchasing CDs and whether or not CDs are good investments, particularly in a rising interest rate environment, and we explain why interest rates are the only factor you need to consider. Wealth creation isn't solely dependent on CD rates, and we need to consider the impact of inflation and interest rates to gain a comprehensive financial perspective. The episode also explores how government strategies to combat inflation by adjusting interest rates impact not only investors, but also shape the attractiveness of CDs as an investment option. In a rising interest rate environment, buying CDs may seem like a good idea but it depends on your needs and goals. Wealth isn't created by buying a CD based on a rate. It's created by understanding why the rate may not be all that important. Banks look at what is known as the federal funds rate, also known as a benchmark rate. This is the rate banks cha

In this episode, we delve into the link between overall retirement quality and the confidence you have in your financial plan. We emphasize how a well-designed retirement strategy tailored to your needs, not solely reliant on market performance, is pivotal for boosting confidence and making your retirement plan a reality you can rely on. Addressing common fears, exploring emotional extremes, and understanding the evolving landscape of retirement planning, will help you discover the significance of income-focused strategies and a diversified asset approach in building confidence in your retirement plan. When it comes to retirement, your quality of life in these golden years is often predicated on the level of confidence you have regarding your situation. A poorly-designed retirement plan can often cause emotional confusion, which leaves you feeling insecure and lacking confidence. Confidence is typically at its peak when a plan is optimized and is designed around meeting the needs of the client and not relyin

Brian Skrobonja breaks down the repeal of the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO).  He covers how retirees can strategically use their lump sum to create long-term financial stability, the impact of the repeal on spousal and survivor benefits, and the broader financial strain on the Social Security system.  Tune in to hear essential insights into how to adapt your financial strategy and take full advantage of this game-changing reform. Brian starts by explaining why the repeal of the WEP and the GPO is a big deal for retirees. A good example of how this repeal affects retirees is higher Social Security benefits--retirees can now reduce reliance on personal savings and investment withdrawals. Brian talks about the impact on spousal and survivor benefits. The repeal eliminates the harsh reductions that often left surviving spouses with little to no income. Brian explains why retirees need a strategy for their lump sum payments. Instead of spending it impulsively, consid

The complexity of Social Security calculations can cause some confusion around when someone eligible should file and claim their benefit. There are a lot of variables to consider and acronyms to decipher that can make Social Security feel like a confusing hedge maze. Let’s cut through some of the noise and clarify some of the most pressing questions around Social Security benefits and what questions you need to consider to determine what’s best for you and your family. Social Security has many layers, and the concept of eligibility can be pretty complex. It's not always clear when and how someone should begin taking their benefits because being eligible doesn't necessarily mean you should turn that benefit on. Social Security benefits can be turned on as early as age 62. Each year the benefit is delayed, you receive what is called a delayed retirement credit or DRC. These DRCs guarantee an automatic 8% increase in your Social Security benefit every year you delay up to age 70. There is also your full retirem

If you tune into social media, there are a lot of influencers and gurus peddling one-size-fits-all financial advice and unfortunately plenty of investors base their strategies on what these people recommend. Find out why basing your investment decisions on what’s trending on TikTok is short sighted and discover the seven indispensable steps of building wealth that are the most common among our most successful clients. Conventional wisdom such as paying off mortgages, quickly maxing out 401(k)'s or buying only Term Life insurance can be short sighted. Wealth isn't created by following rules of thumb, random one-size-fits-all fixes, or chasing trendy financial tips. Wealth is created by developing a custom-tailored strategy that facilitates wealth creation and prepares you for the future. The wealthiest people aren't doing the same things as the other 99%. Avoid rushing and applying random tidbits of information without first creating a comprehensive wealth strategy. We all have to take a long-term strategic v

Most business owners come into the financial game as the quarterback. They’re telling their CPA and financial advisor what they need and when they need it instead of working as a team to plan out a cohesive strategy. This needs to change. Listen to the latest episode of the podcast to learn why your business needs a financial team that works together, and how to incorporate tax planning strategies into your operation, so you’re not overpaying taxes and maximizing the odds of your long-term success. Tanner is a CPA with 22 years of experience in the tax world. Born and raised in Utah, Tanner was a natural mathematician and considered joining the FBI as an accountant but didn’t end up going that route. He spent 12 years with five different CPA firms, discovering what he liked and didn’t like, before venturing out on his own. The Trump tax cuts expire in 2025 and a lot of professionals are anticipating higher tax rates in the near future. One tax benefit that is likely to expire is the QBR deduction for small b

Brian Skrobonja discusses the crucial role a well-defined investing strategy plays in making smarter financial decisions. He covers ways to create an investing framework you can follow, why blindly taking investing risks is a recipe for disaster, and ways to navigate financial decisions with confidence and clarity. Brian starts by highlighting the crucial role a well-defined investing framework plays in securing your financial future. He highlights a common misconception about retirement: many people think retirement is the final destination. In reality, it’s just a transition point, and how you prepare for this phase can shape your financial future. Brian explains how having a defined strategy can simplify your retirement journey and help ensure a smooth transition. Brian compares retirement to halftime in a game: it's a moment to reassess, adjust your strategy, and return to the field with more clarity. Do you have a system for achieving your financial goals? Brian encourages you to create a framework that

Entrepreneurs by nature are continuously occupied with running their business and wearing multiple hats throughout the day just to keep things running smoothly. Unfortunately, that leads entrepreneurs into making a number of common mistakes. Mistakes that damage the long-term success and potential of their business. Listen to the latest episode of the podcast to learn about the four most common financial mistakes entrepreneurs make that put the future of their business at risk, and how you can avoid them. Many entrepreneurs find themselves underserved when it comes to financial planning and often rely too heavily on their CPA for financial advice. One common mistake entrepreneurs make is assuming that as long as they meet payroll, stay current on taxes and receive payments from customers, their business is financially healthy. The problem is CPAs primarily focus on looking backwards and reviewing the previous year or quarter to meet tax filing deadlines, instead of looking forward and making strategic plans

High income professionals face a unique situation when it comes to their retirement. You have the dual challenge of having your money tied up in your investments and also looming tax burdens once you retire. Listen to the latest episode of the podcast to learn about a Specially Designed Life Insurance policy, also known as a life insurance retirement plan, and how it could be the wealth preservation tool you’ve been looking for. A high cash value life insurance policy can help facilitate tax-advantaged growth that standard retirement accounts may not be able to match. Many professionals spend a considerable amount of effort accumulating wealth for most of their life only to find themselves in a bind: their money is inaccessible with looming tax burdens. High Income professionals often face a dual tax burden where their current high income places them in a high tax bracket, reducing the net income they have available for investment. Meanwhile, the money you've diligently saved in your retirement plan will be

The concept of investing is often associated only with money and the pursuit of wealth, but this Annuities are a popular thing these days… why is that the case? And are they a valid option for those planning their retirement? In this new episode of the Common Sense Financial Podcast, host Brian Skrobonja explores the world of annuities – from what they are and the three types of annuities all the way to four common myths, Brian’s “unpopular opinion” and why annuities and investments aren’t in competition. Plus, Brian reveals what he considers the best way to accumulate wealth. You need to keep in mind that there are plenty of unknown factors in your life, such as how long you’re going to live, inflation, how the market is performing, healthcare costs, and economic shifts. Brian believes that the uncertainty surrounding retirement is why annuities are so popular. Annuities are a way to transfer risk over to an insurance company and provide some sense of safety for the future, says Brian. According to Statista

The concept of investing is often associated only with money and the pursuit of wealth, but this fails to capture the true essence of investing. An ideal future isn’t encapsulated by a stack of $100 bills. The true essence of investing is not about building wealth, but about building the atmospheric conditions that align with your ideal future self. Listen to the latest episode of the podcast to learn why a relentless focus on accumulating wealth will end up costing you what you’re actually working for, and why you need to have a more encompassing vision for what your retirement can be beyond your portfolio. Your quality of life isn’t determined just by the number in your bank account. Those dollars are merely the resources you use to create the ideal life. Wealth extends beyond the mere accumulation of money. It’s about the life you can construct around it and the atmospheric conditions you can create for yourself. You can possess all the wealth in the world, but without the cornerstones of a healthy life l

Brian Skrobonja goes through the five questions you need to answer to gauge how prepared you are for retirement. He covers the benefits of having a detailed income plan, how to design a comprehensive tax strategy, and what it takes to enjoy your retirement without constantly second-guessing your financial decisions. Brian starts the conversation by explaining why retirement is more than just a financial milestone. It's a complete shift in how you use money and approach life. According to Brian, setting a retirement date before having an optimized retirement plan is like quitting a job before you have another one lined up. Retirement isn't just about having money in the bank or having an investment account. It's about understanding how that money converts into consistent, reliable income that can support your lifestyle for decades. Retirement's a great thing--and it could be very good, but you need to be prepared. Brian goes over the questions that gauge how well prepared you are for retirement. Do you have a

Many people accumulate their wealth in a bank or a long-term investment, and this may create problems. But there is a different strategy. In this new episode of the Common Sense Financial Podcast, host Brian Skrobonja goes over the Build Banking strategy and how you can consider a different banking paradigm using specially designed life insurance policies that allow you to start banking on yourself. Most people know that banks use other people’s money to generate profits. This process is known as Fractional Reserve Banking, which is basically the bank using the spread between interest rates to profit. For banks, it goes a little deeper. Banks can loan out the money they have on deposit to people, and those dollars are then deposited again, which begins the cycle anew. This process acts as a money-printing machine within the economy. Banks aren’t currently required to hold any reserves to cover their customer’s deposits. The result of Fractional Reserve Banking is the expansion of the money supply which contr

Time is your most precious resource, but how you use it is up to you. The shift from earning to retirement can be quite challenging, as you have to thread the needle between income, growth, and time. In this new episode of the Common Sense Financial Podcast, host Brian Skrobonja goes over the most important mindset shift people need to make in order for their retirement plan to succeed. It is possible to retire without growth, but it’s impossible to succeed without income. But many people have trouble shifting their mindset from focusing on long-term growth into a consistent and reliable income. When you invest long-term, that means not having to withdraw money from your assets for a long time. But once you enter retirement, your timeline moves from the future to the present. This transition requires a mindset shift to be made before significant progress can be made. Retirement planning is a discovery process that boils down to learning whether or not you have an income gap in retirement and, once that’s dis

“The more money you have, the bigger the mistakes,” someone once told Brian… How does that translate into retirement planning? And how can you help ensure you approach your financial planning for your “golden years” in the best possible way? In this new episode of the Common Sense Financial Podcast, host Brian Skrobonja goes over five retirement mistakes that you should stay away from at all costs, as well as what retirement is actually about. Brian touches upon something that a very successful person told him when he was getting started with his business back in 1993: ‘The more money you have, the bigger the mistakes.’ With his desire to work hard and strong work ethic, Brian quickly became successful. But there was a problem with his approach – Brian opens up about that. Brian shares some of the retirement mistakes he has seen people make in his 30-year career. Having a distorted view of what wealth really is and having what Brian calls “vertical diversification” are two common mistakes Brian has seen over

Brian Skrobonja shares practical tips on year-end tax planning so you can make informed decisions and take control of your financial future. He explains why now is the perfect time to assess your financial situation and the type of strategic moves you can make to reduce your tax liabilities, maximize savings, and enhance your overall financial health. Brian starts the conversation by revealing the key elements of a well-designed year-end tax planning strategy. Tax planning isn't an April 15th activity. The tax return itself is just a scorecard. For Brian, tax planning goes from January to December of the year you're in. Brian talks about the benefits of being intentional about allocating resources and ensuring you remain in a reasonable tax bracket throughout the year. According to Brian, it’s unfortunate that most tax preparers recommend buying vehicles or equipment to save on taxes. Brian explains how that line of thinking may be costing you money, not saving you money. Brian reveals why he doesn’t defer t

Are you part of that 68% of people who would like to have a personalized financial plan, but aren’t sure where to find a financial advisor? What should you pay attention to when trying to get a financial planning expert to help you, and you’re evaluating different options? In this new episode of the Common Sense Financial Podcast, host Brian Skrobonja shares six factors you should keep into consideration and look at when going through different financial advisor options. According to a May 2022 PR Newswire survey, 68% of people would like to have a personalized financial plan, but they’re not sure where to find a financial advisor. Brian sees information-gathering and understanding that planning isn’t the same as investing are the biggest mental hurdles of financial planning. When it comes to picking a financial advisor, there are six primary factors Brian suggests looking at. A 2022 study found that 80-90% of advisors fail in the first three years of practice – the main reason being the steep learning curve

You feel healthy so everything is okay, right? Have you ever thought that health planning should be part of your retirement planning efforts? If you’ve answered ‘yes,’ pay close attention to Regan Archibald! Regan joins host Brian Skrobonja to discuss how people should approach health planning, the world of preventive care, the role of nutrition, and why longevity medicine is something you should be mindful of. Regan Archibald kicks off the conversation by sharing his origin story. In his work with entrepreneurs, Regan has found that when people focus on creating more balance and focus on their health, their business improves – and so does everything else. One of the major health issues both Regan and Brian have noticed is that many people think that if they feel okay, everything is okay… Regan stresses the importance not only to focus on a certain problem (like high blood pressure) but on trying to understand its cause (so, asking “Why is my blood pressure high?”). Regan illustrates how longevity medicine a