Best Advice Podcast Guys

Independent business owners walk through practical retirement options for sole proprietors, including Traditional/Roth IRAs, SEP IRAs, SIMPLE IRAs, and Solo 401(k)s, with clear differences in simplicity, flexibility, and contribution limits.The hosts explain how choosing a Solo 401(k) over a SEP IRA can dramatically increase yearly contributions without changing salary, using a real-client example to show the long-term impact.

Most people think that once you max out your 401(k), the game is over — but that's where the game begins. This episode lays out the exact playbook for what to do next so your money can grow tax-free, beat inflation, and build multigenerational wealth.We cover high-impact moves like the backdoor Roth IRA, mega backdoor Roth, the triple-tax-advantaged HSA, taxable brokerage strategies, real estate and private equity alternatives, and insurance-based options — explaining when and why each one makes sense.Simple, practical sequence and considerations are provided so you can prioritize the right buckets for your goals, taxes, and flexibility.

Discover how a teen’s summer earnings can grow into a seven-figure retirement by using a custodial Roth IRA. The episode explains the math behind compound interest (example: $2,300/year from age 15 at an 8% return grows to about $1.3M), contrasts starting early versus starting at 30, and shows how much more you’d need later to catch up.It also reviews alternative savings options—529 plans, UGMA/UTMA custodial accounts, and high-yield savings—and outlines the Roth IRA basics, requirements (earned income and a custodian), and the tax benefits of tax-free growth and withdrawals.

This episode breaks down the Mega Backdoor Roth strategy: how self-employed individuals can use a Solo 401(k) to push far beyond standard Roth contribution limits by combining employee and employer contributions and performing in-plan Roth rollovers.
Hosts explain contribution limits, step-by-step mechanics, a real example, and why this approach can create significantly larger tax-free retirement savings over time.
 
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This episode explains the backdoor Roth IRA—how high earners who exceed Roth contribution limits can use a traditional IRA contribution followed by a conversion to secure tax-free growth and withdrawals.Hosts cover contribution limits, the conversion process, a real client example, and practical tips for doing the strategy safely with a financial planner.

In this episode we explain the step-up in basis: when you inherit assets, heirs receive them at current market value instead of the original purchase price, often wiping out decades of taxable gains. Using a real case where land bought for $40,000 in the 1970s was worth $1.8M at death, the step-up reduced a potential $362,000 tax bill to roughly $10,000.We cover how the rule applies to real estate and stocks, why account type matters, and why you should consult a Certified Financial Planner to apply the strategy correctly.

This episode explains the key difference between a fiduciary financial advisor (IAR/RIA) and a financial representative (registered rep), the legal standards they follow, and how those differences can affect your wallet and long-term plan.It also covers practical steps to tell who you’re working with — registrations, standards of care, compensation models, and disclosures — and when a fee-only fiduciary or a commission-based rep might be the right fit.

This episode compares buying the average U.S. home in 1995 versus investing the same $153,500 in the S&P 500 through 2024, showing the house growing to about $557,000 while the S&P investment reached $1.43 million (about $2.68M with dividends reinvested).The hosts break down pros and cons: stocks offer diversification, liquidity, and higher long-term growth but come with volatility; real estate provides leverage, income potential, and tangibility but has upfront costs, ongoing expenses, and less liquidity. REITs are presented as a hybrid option offering real estate exposure with stock-like liquidity.Bottom line: there’s no one-size-fits-all answer—choice depends on goals, risk tolerance, and desire for income versus growth; diversification or a blended approach is often recommended.

This episode explains the SECURE Act's hidden 10-year rule for inherited IRAs and why waiting to withdraw everything at once can trigger a massive tax bill.Using a real example—an inherited $1 million IRA—the hosts show how spreading withdrawals (~$100,000/year) can keep you in lower tax brackets and saved one listener over $90,000 in taxes compared with a single lump-sum withdrawal in year 10.They also cover exceptions where waiting makes sense (low future income, charitable plans, Roth conversions) and emphasize creating a tailored withdrawal strategy with an advisor to minimize taxes.

Welcome to the Best Advice Podcast, where hosts Rob Lovaglio, Dave Allen, and Frank Lovaglio break down complex financial topics into digestible bites. In this episode, they dive into the recent changes in state and local taxes, as well as updates on estate taxes. Discover how these changes might affect you and learn strategies to navigate them effectively. Get insights on making your life insurance policies non-taxable and explore planning strategies for your estate. Join the discussion from Frank's renovated living room for an engaging and informative conversation.