Life Changing Events and The Fair Tax

September 23, 2009

Money-Guy 09-23-2009

So it has been about two weeks since our last show and, if you have listened to the most recent shows, you know that the reason for this temporary absence is because my wife and I have recently added a new member to the Preston family. Our new baby girl arrived healthy and happy and, other than the many sleepless nights, has been an absolute joy.

As I’ve been sitting awake and tending to the needs of an infant, my mind has had time to wander and think about an appropriate topic for this week’s show. Not only that, but I’ve also had time to do some in depth research on The Fair Tax podcast I promised you a few months ago.

Well through my wanderings and research, I kept coming back to all of the things that would change with the addition of this new child. I finally decided that it would be very appropriate, and convenient, to talk about considerations that need to be made when an individual goes through a significant life change.

Almost all of us at some point will go through a marriage, divorce, birth, death, or other life changing event that can have a very real and immediate impact on our financial lives. As you listen to the show I will cover some thoughts you may want to have as you encounter these life changing events. Some of these thoughts include:

  • Life Insurance
  • College Savings
  • Estate Planning such as Trusts and Wills
  • Titling of Assets
  • Beneficiary Designations

As I alluded to above, I also had some time to begin my research on the very popular Fair Tax concept. After hundreds of pages of documents, numerous phone calls, a couple of books, and tons of websites, I finally realized that, in its current state, the Fair Tax is really more of a theory right now than an actual plan of action. There are so many moving parts that it is hard to do a true analysis of the credibility of this new tax system. However, I made some assumptions and  constructed some spreadsheets that I think you will find compelling. What I determined, however, may not be what you were expecting and may not even be something you agree with. If that’s the case, then GREAT! Please leave comments here. I want to be very open and tell you that I don’t have this whole Fair Tax issue figured out, and I’m not sure if anyone does at this point. Even staunch proponents such as Neal Boortz have different views than that of the Fair Tax website.

If you have any insight or thoughts, please leave them here. I’m am very anxious to hear your perspectives and to gather your thoughts!

FILED UNDER: Featured, Podcasts



Most Recent Episodes

Financial Advisors React to Money Advice from ChatGPT

Will ChatGPT be your new financial advisor? In this react episode, we’ll break down some money advice from ChatGPT and compare it to our own thoughts and opinions. Enjoy the Show? Sign up for the Financial Order of Operation (FOO) Online Course! Sign up for our Know...

Financial Planning 101 (By Age) 2023 Edition

Throughout every decade, there are different areas of your financial life that come in and out of focus. In this episode, we'll discuss what you need to focus on by age, pitfalls to watch out for, and how to know you're doing it right. In this episode, you'll learn:...

Is the 2023 Housing Crash Around the Corner?

Housing prices skyrocketed after the pandemic to all-time highs, and mortgage rates have more than doubled since 2020. Homes are harder to purchase for more Americans, which means it’s more important than ever to make sure you are ready to buy before purchasing. In...

Watch This Before Rebalancing Your Investment Portfolio!

85% of Americans don’t rebalance their 401(k). Are they making a huge mistake? In this episode, we’ll discuss the “why” behind rebalancing, how to do it, and the data on whether or not rebalancing can increase your return. In this episode, you’ll learn: What...

Don’t Make This HUGE 401(k) Mistake!

Americans are making a HUGE mistake in their 401(k) that could cost them thousands by retirement. We’ll talk about why this is happening and how you can avoid making the same mistake in this Q&A episode! For more information on how to make the most out of every...

Alex Hormozi’s Top Money Advice! (Financial Advisors React)

In this episode, we react to Alex Hormozi's financial advice. Enjoy the Show? Sign up for the Financial Order of Operation (FOO) Online Course! Sign up for our Know Your Number Course! Check out our Net Worth Tool! Get FREE downloads full of financial advice from...

Everything You Need to Know About Finances in Your 20s

In this episode, we discuss everything you need to know about finances in your twenties. In this episode, you’ll learn: The top financial advice for your twenties How to start building wealth and the steps you should take Enjoy the Show? Sign up for the Financial...

The Most Valuable Asset in Building Wealth!

This episode will show you how to maximize the most valuable resource you have - starting right at this moment. What is it, you may ask? It’s TIME. If you give your money time to grow, you’ll be amazed at how much your dollars can become - it’s incredible! How wild is...