Ever been hit with the shock of realizing you made a costly mistake on your tax return? You wouldn’t be the first. In fact, the IRS flagged nearly 17 million mathematical errors on 2022's tax returns. But the errors weren’t just about owing more; many were about missing out. Imagine being one of the 1.5 million taxpayers who left a collective $1.5 billion unclaimed. In this episode, we're not just talking numbers; we're diving into real stories of missed opportunities and unexpected tax bills that could have been avoided.  But here's the good news: with attention to detail and a mindfu ..read more

Ever find yourself stretched thin between paychecks or grappling with the anxiety of unexpected expenses?   You're not alone.   In this episode, we're unraveling the complexities of cash flow management and its undeniable impact on your financial health.   More specifically, we're diving deep into the strategies that can transform your approach to managing your money, shifting from a paycheck-to-paycheck existence towards financial independence.   Ultimately, we're addressing the essential question: How can you master your cash flows to secure a financially stable and fulfi ..read more

"Taxes are the price we pay for a civilized society." This often repeated quote is carved into the entrance of the IRS's national headquarters building in Washington, D.C. And it serves as a reminder that we all need to pay our fair share to maintain one of the highest standards of living in the world. At the same time, however, growing your family's wealth from one generation to the next involves paying less in taxes, right? So then, how do you balance these two seemingly competing ideas of paying your fair share and keeping more of your money? Well, that's where being tax-efficient, espe ..read more

Some say that the family that plays together stays together. And the simple reason this saying holds true is because unstructured time well-spent together creates stronger social and emotional ties within the family unit. You're literally bonding together. Now, when it comes to talking about money, some families find the opposite to be true. That's because discussions around money often repel members. And so, the more you try to talk about money, especially how it's supposed to be used,  the greater the tension that are likely to arise. But here's the rub: most individuals know that ..read more

Is educating your children, grandchildren, or other important individuals in your life a priority? Well, for many of us, the answer might be a resounding "yes." And so, you've likely thought of ways to support the learning efforts of your loved ones, including funding their education expenses. Now, when it comes to setting aside money for education expenses, you might think of traditional savings vehicles like a 529 plan, a Coverdell, or UTMA. But the trouble is that once the money leaves your hands, you have no control over its use. To be sure, while each of these vehicles has its own mer ..read more

Tax season is now well underway, and most returns are due by April 15. Are you ready? Well, if you struggle with getting your returns filed, or simply don't know where to start, then we've got you covered this year. That's because the secret to a stress-free tax season involves staying organized before you sit down to prepare your returns and by starting sooner rather than later. Indeed, when you avoid the last-minute scramble to hunt down all of your necessary tax documents, and then ensure that you have enough time to carefully complete your return, you not only avoid racing against the c ..read more

In this landmark episode of Gen One Legacy, formerly known as The FI Mastery Podcast, host Peter Donisanu unveils a transformative shift in the podcast’s mission and name to more accurately reflect its renewed vision. Today, we're embarking on a journey not just toward financial independence but toward creating enduring legacies that will benefit generations to come. Peter shares his personal vision of leaving a legacy where future generations achieve greater heights, fueled by the belief that impactful change starts with one individual. This episode is a call to first-gen tech professionals ..read more

Am I saving enough for retirement? Now, no matter where you are in your savings journey, the answer to this question is crucial to securing your long-term financial independence and legacy-building goals. The trouble is that some individuals often focus on a savings number instead of a lifestyle outcome. In fact, some will tell you that all you need to do is save up six times your salary by the time you turn 50, and you're all set, right? Well, the truth is that some individuals spend so much time focused on how big their nest egg should be that they forget what that figure represents in th ..read more

Stock-based compensation can transform your life when it’s managed wisely. Indeed, if you're a tech professional, then you likely know how receiving stock awards isn't just a perk, it's your gateway to building generational wealth and securing your family's financial future for decades to come. With that said, however, too many well-intentioned individuals choose to give their grants a cursory look when they're hired or following their annual review and then do nothing with them. And so, what happens? Well, from missed opportunities to surprise tax bills and the potential for a complete los ..read more

Each New Year brings with it some form of change, especially when it comes to taxes.  But let's face it: with so much going on at the start of the year, who has time to keep up with all the tax changes, right?   Well, fortunately, I’ve been keeping an eye on some of the tax developments coming down the pike this year, so you don't have to.   And what did I find?   Well, beyond the usual inflation adjustments to tax brackets, deductions, and contribution limits, there are few material changes to note in 2024.   Even so, constant gridlock over a seemingly never-ending bu ..read more