How We Make Long-term Decisions in This Economy with Austin Smith

The current state of the economy is not exactly bullish. Disruptions left and right, scandals in the crypto industry, and inflation and interest rate hikes are all over the news. It's tough to make a good call under these conditions, but you can mitigate some of the risks if you know where to put your money. How do you make sound financial decisions in this market? What are some best practices when investing during these times?

In this episode, Austin joins me to discuss the market and why we're still bearish. We explain the differences between the economy and the stock market and why the first year of Covid-19 exemplified them. He shares his thoughts on tax codes and why tech companies need to be regulated more. He describes his trading experience and what he's currently looking into for investments. We also deliberate on what's happening on the crypto side of things, especially with the recent FTX scandal that rocked the crypto industry.

"If there's no legislative action done by congress by 2025, the current estate exemptions are pretty much going to be cut in half." - Austin Smith

This week on Priorities Lifestyle:

• The future of planning and investing
• Who Austin Smith is and when he joined Schulz Wealth
• Paying state taxes from a legacy standpoint
• Austin's thoughts on the current tax codes
• Taxing mutual funds and what happens if they goes down
• Austin's trading experience and how he chooses where to park his money
• Making sense of why the markets are still down
• The glaring differences between the stock market and the economy
• Knowing when to see a bubble in this kind of economy
• The recent FTX scandal and the waves it's making
• The inefficiency of regulations on massive tech companies
• Why our long-term investments are based on sound decisions
• What 2023 will be like for Austin

Resources Mentioned:

• TechScape: Inside the $8bn FTX crypto scandal – and its real-world impact

Our Favorite Quotes:

• "Even if the value of a mutual fund goes down, there's still some trading within that fund." - Rob Schulz

• "When we do long-term planning, we tend to make good decisions around investments." - Rob Schulz

• "There's no safe backstop in the crypto world." - Austin Smith

Connect with Austin Smith and Rob Schulz:

• Schulz Wealth
• Phone: (817) 405-4014

About Rob Schulz and P&L Priorities & LIfestyle Podcast

The P&L: Priorities & Lifestyle Podcast is a show for business owners. In each episode, host and financial planner Rob Schulz sits down with business owners and the professionals that serve them to talk about business building, life, money — and the all-important transition out of the business, which inevitably happens to everyone who has ever founded a company.

Email Rob at rob.schulz@schulzwealth.com with questions and comments, or to schedule a one-on-one conversation.

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*You're listening to P&L: Priorities & Lifestyle with your host Rob Schulz. Rob is the Founder and President of Schulz Wealth. All opinions expressed by Rob and his guests are solely their own opinions and do not reflect the opinions of Schulz Wealth. This podcast is for informational purposes only and should not be relied upon for investment decisions. Please refer to our website for more information: schulzwealth.com.