35 Burst results for "Financial Planner"

US Tax Deadline Looms

NBC Nightly News

01:24 min | 4 months ago

US Tax Deadline Looms

"Extra month is almost up. Tax day is less than a week away. You haven't filed yet stephanie. Rule has what you need to know for. Financial planners like rodney rigas. It's go time. I cannot imagine what would have been like without the extra months. The irs is tax deadline is now less than a week. Away doesn't make a difference whether i file on paper or should i do it online. It's always much more secure to do online. And it's quicker to get a refund. The direct deposit mailing is not the ideal auction between stimulus. Checks millions on employment and a work from home surge. Taxes are likely to be more confusing than ever key things to know at the federal level. Your stimulus check is tax free and if you claimed unemployment the i ten thousand two hundred dollars also tax free and the child tax credit now. Three thousand dollars for kids six and up and thirty six hundred for younger children if you taxes you want to pay as much as possible but may seventeenth deadline. Anything that is unpaid does have penalties and interest assessed and remember. If you owe money you can work out. A payment plan with the irs. If you make less than seventy two thousand dollars a year the irs will help you file for free. And if you've moved states consider hiring a professional and one more thing. Lester make sure you hit submit by midnight on may seventeenth

Rodney Rigas IRS Stephanie Lester
Elizabeth Westendorf: Traumatics Accident and Career Transitions

The Mental Health and Wealth Show

01:53 min | 5 months ago

Elizabeth Westendorf: Traumatics Accident and Career Transitions

"Today. I'm interviewing elizabeth weston dwarf. She is a comprehensive fee. Only hourly financial planner would financial planning. Her interest in personal finance started out of her own mental health journey where she saw the intersection of mental health and financial security and addressed her own financial mistakes. She brings that nuance and compassion to her work with clients. She also writes about her own experiences. An her career change to financial planning on her blog owning the stars. I'm so excited to have you on the show. Yeah thanks so much for having me melanie. I know this is so fantastic. We have been following each other in the blogosphere for several years. Now so super excited to see everything that you've done all the changes that you have made and super excited for you to be on the show. So i wanted to dive right in. I know you mentioned your own mental health kind of started you on this journey to money and i'm curious kind of like once your story with mental health and money. Yeah so i mean. I think that mental health plays a role in everything right wake it affects all aspects of our lives and of course that includes money and so when i found myself out of college in a job that i loved but i was stressed was i was adulting for the first time which was hard And as my mental health suffered so did my finances right. I was looking for quick fixes for quick comforts. Ordered a whole lot of takeout went to the department that was. I rented an apartment. That was too expensive for me. I adopted a second pet. When i couldn't afford that like so many things and then as i realized okay. This isn't going to get better. I need to fix it as i fixed my financial mistakes. I noticed that there was a direct correlation with my mental

Elizabeth Weston Melanie
"financial planner" Discussed on KSFO-AM

KSFO-AM

01:36 min | 6 months ago

"financial planner" Discussed on KSFO-AM

"Of our financial planners by calling 888 Plan Rick or visit Rick adelman dot com. So Time for a looking KSFO traffic. Hey, y'all Paris Rucker here. You know, A lot of people Ask me what inspired your music, and one of the big things is a strong sense of place. That's why I love my home state of South Carolina and want to share the awesome things that has to offer from the beautiful mountains down to the sunny coast. It's got it all, not to mention two of my personal favorites, Great Gulf and amazing food. Come see why I love this place visit. Discover South Carolina dot com You did something for all the food. The Children. Auto body traffic deaths just getting word of an issue in the Santa Cruz mountains on North bound 17. Looks like a car went into the center divide right before redwoods states. It's now blocking the left lane. And traffic is backed up to the summit. Slower than usual on the Altamont. We had some earlier problems so westbound to will. Five is solid from Nah glee to Greenville, where there were some fire department activity. Meantime, eastbound 5 18 year 164th. Crash over on the shoulder involving an overturned car is attracting attention and false little bit slow, Westbound 80. We've had a wreck near Central now over on the shoulder as well. Westbound four typically slow heading up and over the willow passed from railroad to Port Chicago Highway Minor told positively but sluggish all the way across the Bay Bridge. If you've been searching for sanity in the otherwise crazy Liberal Bay area media, you found it from Armstrong and getting in the morning to rush Hannity, Vinick Shapiro and Bongino.

Vinick Shapiro Greenville Santa Cruz Bay Bridge Hannity Bongino South Carolina two Rick Liberal Bay Altamont one adelman dot com Paris Rucker Westbound 80 Port Chicago Highway Minor North bound 17 Nah glee dot com Great Gulf
How To Write A Book In 8 Days

The Mindvalley Podcast with Vishen Lakhiani

04:40 min | 8 months ago

How To Write A Book In 8 Days

"The first thing that i want to get into is for of you launching your next chapter for those of you in transition. One thing that a book can do is actually launch your next whatever it is or actually fuel your next purpose and so this lovely lady was me quite a few years ago. Actually my teeth were wider back then in that photo and cosmetic dentist so on the outside i had all of the traditional trappings of success. But there can anybody guests i was. I was internally emotionally dead. Those dead to the world. I had a relationship that was crumbling marriage. Actually that was failing. And i had no idea who i was. Can anybody relate to that story. Yeah yeah so. How do you go from that to then this well i ended up leaving the relationship and leaving everything behind that i knew to start new and today you guys are all in the room because you want to have either transformation for yourself for your business or for what is next to come right right awesome. So part of my journey was then. After i left all of that left. The career sold the practice and started pretty much over. I actually started to do more research. And because i'm a science geek at heart. I was in dental school for a very long time. I really wanted to know how leaders made decisions because we didn't really learn that in medical or dental school so that was one in two. I was always a big fan of behavioral psychology and human dynamics. Since i was a little girl so curious ity me to over forty countries to really understand how we process our emotions and why that's so valuable in leadership and then of course created a movement of emotional grit hence launching my next chapter so number two. What book and actually do for you is to differentiate you and since we have so many coaches and teachers and educators in the room you could probably relate to this that it can be a saturated market right. Yes yes. I'm getting some nods great and so i'm going to talk to you about matt's and matt. We actually spent some time together on one of the retreats that i did to get his book out and he by training was a financial planner for about twenty years and he worked primarily with baby boomers but he had a very personal story and his mother passed away with one hundred thousand dollars liquid cash in her bank account. What that meant was he really wanted to revolutionize the whole retirement process. He wanted to give other people the ability to have fun while they're retiring. Not worry about being penny pincher anything like that and they can actually enjoy some of their later years in their lives and so we created the retirement dream maker and so what that did for him was not only add some depth to the work that he's already doing in financial planning but he also merged it with personal development. Can somebody see that how that can actually add a differentiation factor and it was because of a personal story. Each of you have personal stories that you may or may not be okay to share however you may not realize how actually can impact somebody else. Credibility and trust is number three. That's exactly what a book can give you credibility and trust and we talked to you a little bit. I think in its presentation about the book of coaching. And what that has done in the actual goal is to transform the lives of coaches. The subtitle in the book of coaching is four. Extraordinary coaches so that in and of itself is really to claim the fact that we actually want to be able to serve love and be that for a lot of coaches that come through our virtual doors

Matt Penny Pincher
Massive Mega Millions jackpot grows after no winner

The Car Pro Show

00:39 sec | 9 months ago

Massive Mega Millions jackpot grows after no winner

"No mega million Jackpot winner last night, but there's still power ball, So you didn't win last night's mega millions drawing, But tonight could be your night for the Powerball over 640 Million. So dream with me for a moment. Let's say you do win. Financial planner Bill Dendy told KPRC. Take the lump sum and number two. Don't tell anybody And in Texas. We don't have to tell you, but you gotta trust by your chicken. Send it up to have it claimed in the name of the trust it possible to protect yourself from criminals as well as from your friends and family because they'll show up in the woodwork. Tonight's Powerball is the eighth largest jackpot in U. S history. Jeff Biggs News radio 7 40 Ktrh,

Bill Dendy Kprc Texas Jeff Biggs
Calibrate your emergency fund to a crisis-prone world

AP News Radio

00:47 sec | 10 months ago

Calibrate your emergency fund to a crisis-prone world

"The corona virus pandemic has Americans changing the way they save money are you saving more money than you used to for years American set aside seven to eight percent of their income but when culverted nineteen hit people started stashing away cash at a historic level in April the personal savings rate exploded to more than thirty three percent we're not saving quite as much now but Americans are still saving about double the thirty year average how much should you be saving these days certified financial planner Eliot Peper in Baltimore says the need for an emergency fund is even more important now he suggests boosting the bottom line recommendation of three months of savings to six if you have six months increase it to nine I'm ready to fall lay

Eliot Peper Baltimore
Retirement in America in 2020

Bull 'N Bears

08:29 min | 11 months ago

Retirement in America in 2020

"Happy to bring onto the program. Dr Ken Dike Wall, the founder and CEO of age wave. Can just keynoted, the financial planner retreat that we held here at Edelman financial engines last week. This time, of course, was done. Virtually Ken's clients include half the Fortune 500. He received the American Society on a Jing's award twice. He's one of the 35 most influential thought leaders in the financial services industry, according to investment news. Ken. Thank you so much for coming back on the program record is always great to be with you. Now. The reason that I asked him to come on is because of something can said at our retreat. That I've heard. Can you say that several times you and I have known each other for 20 years. I've seen you speak more times than I can remember. You're one of my favorite public speakers. And you said something again in this event, but this time it finally hit me and it got me thinking you gave the following statistic as part of your conversation with us. You said every year in America. We produce about four million babies. And we are also producing about 20 million caregivers. Now that statistic itself is shocking five times as many people are caring for elders as they are for babies. That was really your point reflecting the aging society, right? That was the point you were making. Yes. But it got me thinking it's even worse than that, isn't it? Because when you have four million babies that doesn't mean four million new moms, lots of mom's air having their second or third baby. Which means we're not producing four million new moms were producing Maybe one or two million new moms versus the 20 million new caregivers. The dispersion is even worse than the statistic itself. Suggests, isn't it? Yeah, it's something that sort of off the radar, but it's not off the radar. I'm sure for all of your listeners because nearly every one of us is touched by this in our life, you know, looking after a mom or a dad or a spouse or brother or a sister. It's become a major part of life now and There's a couple of valuables and erected, really pull it together. First, we a cz, you know, and your listeners know we're all living quite a bit longer than humans have ever lived before. The life expectancy in the beginning of the 20th century was 47. Today. It's about 79. But by the way, I'll also tell you that there are 33 countries in the world that have a higher life expectancy than we do. We are very middling when it comes to longevity. But the really interesting piece of it is what's called health span. So our health span doesn't seem to be matching our lifespan. What I mean In the United States. On average, we spend about 10 years sick at the end of our lives, and sometimes we can even spend years dying. Now what that does is, it creates an entire segment of our population. Turning that suffering for whom Our health care system has not done a good job preventing illness or disease but also causes family members. Tohave tow walk away from their jobs, their take every Tuesday afternoon off or relocate. In order to look after either their spouse or their mom and dad and the numbers are enormous. You mentioned 20 million new ones last year, but all in is over 40 million elder caregivers right now in America. And that number can on ly get bigger, right? Yeah, it's going to get bigger and a little more complicated, and I'll explain this. First of all, one of the major variables here has to do with the relation between Men and women and let me explain in America. The average woman who's partnered with a man has a man whose 2.5 years older than her. That's the average right now. The women live five years longer than men. So what usually happens then, At the end of one's life, the mangroves, Il begins to falter. The wife will put everything inside and care for her maid for her loved one. He dies, she might be emotionally depleted. They might even be financially depleted because they perhaps didn't have the resources. Handle what happens when someone is ill. But then she's going to live another 7 to 10 years. Who's going to care for her now for boomers. Now I'm a boomer, and I think you are, too. When our parents were having us. They were averaging four kids each, so the greatest generation in the silent generation had a lot of kids. And they were kind of close at hand. Boomers only averaged about two kids each and about almost 20% of the boomers had no kids at all. And so what happens is when we enter into our later years. Who's going to care for us? And so there's gonna be more of a caregiving crunch, which means at home care industries. They're goingto surge. More and more people are going to seek out housemates. More and more. I think we need to put pressure on the medical system and our scientific systems. Because if we could knock out diseases like Alzheimer's, if we could wipe out I know that's something you're committed to if we could wipe out some of the really nasty diseases of the later years. Then we wouldn't have so many older people suffering and therefore we wouldn't have such a need for caregivers. So we've got to get the lifespan and the health span to be more in sync exactly. So this is something that is as fundamental is a gets from a financial planning perspective what we were now referring to as life planning to help people realize what your future is likely to hold, and you've got to think about it in terms of your intergenerational aspects of your family. How many Children do you have? How many of them can you rely on either because of proximity because of willingness because of financial wherewithal to be able to be a caregiver to you, And if you have suspicions that that's not going to be available to you for any of the above reasons you need to start thinking about alternative ways that you can get the care that you're going to need and not just you, but also for your spouse. Right. And another thing that's happened, Rick is it during this horrible covitz situation? 46% of all the deaths have occurred in nursing homes and still nursing facilities. And they're probably not completely to blame because they housed some of the most struggling elders by half of whom have Alzheimer's and dementia. But what happened as a result of that Is that a whole lot of people are saying to themselves, man. I don't think I want to be in a nursing home. Well, okay, then. Then you need to sit down with your financial planner and make sure you've got some resources or talk to your family. So that you could be looked after the comfort of your home in the way you want to be looked after without having to worry about being parked in a nursing home can thank you so much for raising this issue it is. I think something that we're not giving a lot of thought of. We've got an election coming up in a few days. We have the midst of the covert crisis in front of us. Andi. It's very difficult for people to look beyond the here and now given what our nation is facing imminently to looking ahead 5 10 20 years into our financial future, but it's extraordinarily important that we do so especially in the context of the election because it's our nation's leaders who were about to send or return to Washington. That are going to be key for figuring out the public policies necessary to help protect tens of millions of aging Americans over the coming couple of decades. Exactly. Ken Dike. Well, thank you so much for mentioning this your book. As I mentioned what retirees want. It's hugely popular already hitting all the bestseller lists. You're subtitle really says it all, though, about what your new book What retirees want is all about. Subtitle is a holistic view of life Third age, and that's a lot of what I'm trying to put forward in this book for our grand parents when they reach retirement age. Had a couple of three years before their batteries were out today, most of us we had 60. We have another 30 years in front of us and trying to figure out how to make sure we can fund those years and also have a great time during that stage of our life, and maybe even make some great contributions. I think it's going to be the challenge of the future. So I encourage you to pick up a copy of Ken's brand new book What Retirees Want Available Booksellers everywhere. Ken Dyke, Wild founder and CEO of Age wave. Thanks so much Kan for being back here on the program. Stay healthy. Stay safe, Rick. Thanks.

Dr Ken Dike Wall Founder And Ceo America Alzheimer Rick Edelman American Society Ken Dyke Ken Dike United States IL KAN Washington
Entrepreneurial Success with The Millennial Money Woman

Marketing Management and Money

06:59 min | 11 months ago

Entrepreneurial Success with The Millennial Money Woman

"Everybody Welcome again to marketing management money. And today we are with Ryan Ryan and Fiona. So this is actually going to be a pretty interesting episode. We have brought in the millennial money woman and she seemed to be talking. So honestly, we like to think that we have a lot of expertise in what we do one of the things that we lack in is ownership of a female business. I don't know off Ellen's of you know, I mean, I have my moments but most of the time not yeah, so neither of us have ever owned a female business but Fiona with the millennial money woman has so she actually she's come to us. She owns the millennial money woman. She's done quite a bit in financial planning and basically wage. As I understand if you want to your whole mission your whole goal is to work with people at that entrepreneurial level to help them understand how to make and keep the money. You've done a non-profit centered around this you've done a business around this. Why don't you tell us a little bit more specifically about what you do who you are and kind of some entrepreneurial things that you can home guess with. Yeah. Definitely. I mean, first of all, I want to say thank you so much for having me and obviously your audience having me so thank you for this opportunity. My name is Fiona like you both said and I just absolutely love anything that has to do with money or financial matters, right? So I started you know, I think as a preteen or early teenager boys fascinated with money and there were two things. I knew right I knew how to make money and I knew how to spend money but what happens in between right like actually throw your money off. So that kind of lack of knowledge actually made me much more curious as to what happens right in that investing stage or in that growth stage and that Cap City drove me to learn about money. So ultimately I earned my certified financial planner certificate my cfp which is kind of the equivalent to be a financial ninja and then I got the last years of Science and personal financial planning because I really wanted to peel back the layers of the onion if you will and peer behind, you know, like what actually happens to your money once you earn it and before you spend it sure so that was kind of like my intro to finance but then as I grew write down my career which was a financial planner I realized that there is probably a pretty big need in the community for having a financial Well planning or a financial literacy background, even if it's just the basics. So I ended up partnering with my local Community Foundation and co-founded this nonprofit that both you talked about and thus local non-profit that I started. It really just focuses on helping young professionals and Millennials statistically increase their financial literacy, their basic financial literacy skills, and you know, the people that I Mentor they are extremely intelligent and bright across many different Industries, but the one thing that I notice they all had in common was kind of, you know lacking that financial literacy skill. So that was kind of the start to the nonprofit which I started about three years ago. And then that kind of float float in to me starting the millennial money women and you know that has been such a fantastic Journey as it relates to wage. Entrepreneurial experience obviously and really just knowing that someone is reading, you know, my blog articles and the information I'm providing and hopefully I'm making a positive impact on their financial lives. And you know, that's what I'd love to share with your audience kind of, you know, the ups and downs of Entrepreneurship. Obviously also talking about the nonprofit and then, you know kind of diving into the depths of how the pandemic how covid-19 Things that you wish you could tell every entrepreneur who's getting ready to start a business like these are these are the words of wisdom that they just need to know right off the bat. Where would you start him? What would you tell them that they need to know when they need to understand? Definitely this top three things. I think that I wish I knew right when I started my business was one that it is not a smooth ride. Right like you want to think of success as linear, but the fact is as an entrepreneur there is no such thing as linear. It's going to go in upside down loops and really really deep drops. It's going to go up a toes and then you know, ultimately if you look at it from a longer-term perspective. Okay, you'll see that slight incline, but if you think you're going to get from point A to point B B B. Success point you are very very mistaken. And you know, I think that's part of the benefit though of being an entrepreneur because you kind of get to experience the ups and the downs and I think wage Downs really help you appreciate the UPS later in your life. So I wouldn't necessarily consider, you know, those major gaps in possibly profitability, for example Has a negative but it's just something that's part of the journey and as an entrepreneur, I think you really get to appreciate the journey itself and not so much the destination. Sure. This is the second thing. I I kind of wish. I realized this earlier quite frankly is that there are going to be so many naysayers out there. I mean, I think quite frankly the reason why there are so many people that say no to you or that say that you're not going to make it that your business is going to fail or your idea isn't going to be fruitful is because you know, a couple of factors one, they could possibly be jealous too. They wish they were you and had the ability and the risk to actually drop their salary jobs and start a business office

Fiona Ryan Ryan Community Foundation Cap City Ellen
Analyzing The NY Times Trump Tax Return Story (In Depth)

Radical Personal Finance

06:12 min | 1 year ago

Analyzing The NY Times Trump Tax Return Story (In Depth)

"The president's taxes long concealed records show trump's chronic losses and years of tax avoidance. I'M GONNA go through this story with you in an extremely detailed way I'm going to give you an overview. Tell you what's in the article was not in the article, and then we'll go through it in a an extremely detailed ways that you can get an idea of Some lessons that you can learn and apply to your own life, and I'll talk to you about what's behind the scenes so that you can feel much more competent when discussing this or really any other kind of of article this article in the New York Times is going to read I. Guess I should say, obviously, it's GONNA re differently depending on the political back on that you come. But it's going to be read very differently based upon whether you have any knowledge or familiarity with tax code in general how taxes work in the United States how business works etc or if you don't and. For that reason, it's really fascinating to look at People's responses to this article because the responses dramatically depending on. I guess somebody's exposure to it. So I, let me give you Joshua's summary of the article begin with Lead The New York Times Obtained Donald Trump tax information extending over more than two decades revealing struggling properties vast right offs an audit battle and hundreds of millions in debt coming due in short the New York Times of tained evidently all of trump's tax returns over the last fifteen years or so including returns from the business organizations that he is involved in. They've evidently analyzed those returns and they basically wanted to make a few basic statements number one. There was no evidence of malfeasance uncovered with regard to Russia or other kinds of of basic Allegations that have been been being made the basic arguments that they that they tried to advance in this article or number one that president trump has lost lots and lots of money over the years and I think that's the probably when the authors were riding trying to say, what do we talk about? They were basically trying to say, well, let's prove that. President trump is not a very good businessman because he's lost lots of money that would be number one with regard to potential areas of misdeeds. They talk extensively about a few basic things. Number one is the use of business losses across the organization including a seventy something million dollar tax deduction that had been claimed for and filed for from A. Number of years ago, talking to that number a little in a little bit consulting fees and also deductions whether deductions are are valid or not. Now I think for the anti-trump crowd. Unfortunately, there's no smoking gun in the taxes and this is hard hard to overstate how important this story is in political terms have been many political consultants who for many years been saying well, if we could just get a hold of the tax returns, then we could prove all of these things about president. Trump's crookedness and all the things that he's done wrong and then we'll. We'll be able to make that case as a slam dunk case that does not seem to be the case or at least if that is the case, the New York Times did not choose to profile anything in this initial story as a financial planner story and I said, Yep okay. That makes sense. Yup that makes sense. No surprise there. Yup. That sense that makes sense. That's make sense. Explain all the details of how. How that is but I don't see this is not a bombshell story for a financial planner and so I think that was that's one thing that's worth pointing out most of the techniques and and things discussed here is exactly what I would understand. In fact, much of what I teach radical personal finance. When I teach tax planning, the techniques are just simply a little bit grander in scale than what a lot of people do but there's not really any fundamental difference that I can see from what president trump has. been doing over the years versus what I teach people to do to save on their taxes. So let's begin and I'm going to give you a detailed analysis and I'm doing this just. So you can think about my brain of how I read articles like this I I'm I'm not I don't have a political horse in the race. I'm not trying to make go on where the other, but it is really interesting to read an article like this and think about the challenge of writing it I'm not. I'm not an anti, New York Times Guy I'm not a Pro New York Times guy probably read and and respect newspapers much more than I do many other many other forms of of news and I think that the Arctic the authors of this of this story. Russ boot Suzanne Craig Mike MacIntyre is the story of their lives right where they've been working hard to get it just right and you see that carefulness in the writing, but we'll still analyze A. Little bit of the land is a little bit of the details along the way through as well. So we begin with a with the lead. Donald J, trump paid seven hundred and fifty dollars in federal income taxes the year he won the presidency in his first year in the White House he paid another seven hundred fifty dollars. He had paid no income taxes at all in ten of the previous fifteen years largely because he reported losing much more money than he made. As the president wages reelection campaign that polls say he is in danger of losing his finances are under stress beset by losses and hundreds of millions of dollars in debt are coming do that he has personally guaranteed also hanging over him as a decade-long audit battle with the Internal Revenue Service over the legitimacy of the seventy two point nine, million dollar tax refund that he claimed and received after declaring huge losses, an adverse ruling could cost him more than one hundred, million dollars. Now in that lead, we see these these themes that I've talked about and I just I give you my reactions to what it says here most of this is designed to have a good news hook, which is true, and that's what a new newspaper should do. It's pretty amazing that somebody who is renowned and purported to be a billionaire would only pay seven hundred fifty dollars in income taxes and to the average person. Who doesn't understand taxes that will sound like a shocking reality. A shocking number

Donald Trump President Trump New York Times United States Pro New York Times Internal Revenue Service Russia Joshua Donald J White House Russ Suzanne Craig Mike Macintyre
US stocks resume downward slide, tech shares tumble

Wisconsin's Morning News with Gene Mueller

00:57 sec | 1 year ago

US stocks resume downward slide, tech shares tumble

"The markets ended the day lower yesterday as the NASDAQ composite dropped. 2% and all three major indices had risen earlier in the session that whip saw action. Caymus Technology, which is the best performing market sector year to date, continued its recent downward trend. Facebook, Amazon, Apple, Netflix Alphabet and Microsoft all close sharply lower yesterday, and Tesla, which was up more than 8% earlier in the day, posted a gain of just 1.4%. Thursday's declines put the S and P 500 down more than 2% for the week along with the 30 stock down the NASDAQ Dow has dropped 3.5% week to date another one week to climb with Mark T S and P 501st back to back weekly dry. Up since May with Drake and associate time Tony Drake certified financial planner NewsRadio W T. M J

Tony Drake Caymus Technology Mark T Facebook Tesla Apple Microsoft Amazon Netflix T. M J
 Best budgeting apps - burst 02

Reduce Debt Increase Wealth

03:02 min | 1 year ago

Best budgeting apps - burst 02

"Mr Chuck here this episode on on a talk about. Her snow finance. Plan. We're GONNA do review. Review Reduced Debt Plan. Then on on a look at what to look for in a budget. APP and that's an application for budgeting purposes every view different types of apps and then go over a summary. So that's what this episode is going to be about this week. A personal financial plan. Is a plan were you say years short term goals, which is one to six months of what you need to say money for or to achieve in your financial life. And you set your mid term goals, which is why I think is around one year to five year plan were years saving money to achieve something within that time period, and then a long term goal, which is typically savings for your retirement or savings for your younger children's education. The farther out the goal is the less money. You can say because you gonNA achieve more. capital gains and Investing a compound or if you're got long term goals such as retirement, it should be invested in the stock market based on your risk level also included in your personal financial plans should be some type of a budget. Next week I'M GONNA go over the different types of budgets they're actually seven types of budgets you can use. And we're GONNA do episode on different types of budget next week. So if you don't have a budget, you probably don't have a personal financial plan as pretty much that simple set up a budget creating the budget. following a budget so that you can set aside money to a TV, your different goals at different level member. The shorter timeframe you had to achieve a goal, the more money you need to place into that category. and. It's just a category can put all your money into one account. One savings account US in a savings account of for your short term goals and you mid term goals and use maybe investments a such as and mutual funds stocks, or whatever for your long term goals, and if you have more than ten thousand dollars in investments, you most likely should have a financial planner or financial adviser. They're the same thing and they'll help you make investments based on your risk tolerance and your goals

Mr Chuck United States
July Mailbag with Jason Moser

Motley Fool Answers

44:21 min | 1 year ago

July Mailbag with Jason Moser

"The. Multiple answers I'm out Southwick and I'm joined, is always by broke camp. Personal Finance expert here at the Motley Fool. Hey, BRO, well! Hello Alison. It's the July mailbag where we answer your questions and this month it's with the help of multiple analyst Jason Moser. Should you buy a house now? What is modern portfolio theory and also here Jason's thoughts on a lot of stocks all that and more on this week's episode of Molly fully answers. Jason thanks coming back. you know I mean i. told you you invite me. I'M GONNA. Be here every single time. Thanks for having me back. I mean we appreciate it because we know you're a busy man, and so we do appreciate that you carve out time for us in our little show, don't. Always always make time for those important people in my life rule number one make time for allison and Bro I love. It sounds like a good one to me. Everybody wins. All right well, I guess we should just get into it, so the first question comes from Darren I've subscribed to the full for over a year and I'm really pleased with the service. I would like to know your thoughts about my holdings in Shop Affi- I've bought several times over the last three years, and it's now over thirty five percent of my portfolio and I. Don't know if I should continue holding or trimmed down. What would you advise a good problem to have I was gonna say that exact same thing? That's a good problem have? In a very glad, you have subscribed to our services in your really pleased. That's that's what we aim to to do. We aim to please help you make money and so yeah. This is one of those situations that we will find ourselves in from time to time as investors. A nice problem to have but something you do need to address at some point because it is going to be a little bit different for everybody. In so coming from the perspective of I, also own shop, a Fi stock in it's it's a wonderful investment. It certainly is taking up a bigger. Part of my portfolio a not at thirty five percent where you are. I think for me. It really does boil down to. That sleeping at night test in other words, you need to be able to go to sleep at night without worrying about this kind of stuff, and if you feel like shop, a Fi represents too much. Of your portfolio if you feel like you're overly allocated their, then, you may need to consider pulling it back a little, but now I mean it's. It's I think it's always important. Note you know. It's a big difference between building up a position buying a position to make this size to make this type of allocation in your portfolio. It's another thing entirely to have position grow into beat into becoming that size i. mean that that is that is in a little bit of a different dynamic there, so people all the different ways, some sometimes folks will, they will just sort of looking at it from the house money, concept or you. You just sell enough shares to recoup your initial investment, and then you let the rest of it go. Some people are perfectly fine with thirty five percent. Some people are not. They want a pair back so i. do think you need to kind of figure out what helps you sleep at night I do think that shop by a great business. I think the biggest risk in only shop, if I right now is valuation, just because it's dominating, it's space, but it's not making any money yet, and it's probably going to be a little while until they do so that valuation risk is there, but ultimately yeah I think determine. Where you feel most comfortable with it, and if you feel like you need to put a little bit of that money off the table, and he thirty five percents a lot, certainly very understandable. If they've said something you need to do if you do decide to pair it back a little bit. You've made multiple purchases, so you can identify the shares to sell to manage the tax consequence if this isn't a brokerage account and not an IRA. All right next question comes from Steven. If you are forced into unemployment, you are paying federal income taxes on unemployment payments are not contributing to social security nor to Medicare. How does this affect your future calculation of social security benefits and can one contribute to the social security fund during unemployment to mitigate any adverse effects on benefits, it is a little bit adding insult to injury, but you do owe federal income taxes on your unemployment benefits, and if your state charges has a state income tax, you probably have to pay state tax on that, although there are a handful of states that exempt unemployment benefits, so that's good news. And by the way you, you could have taxes withheld from your unemployment benefits you file. This form called form w four V. if you want, they withhold ten percent, or you can do quarterly estimated payments if you wanNA avoid that big tax bill at the end of the year, but if you're strapped for cash is probably just better to get the money now worried about your taxes later Eh. Stephen notes out. You do not pay payroll taxes. Those are the things that go into social security and Medicare so. So. It could result in a lower social security benefit, however, keep in mind that social security is based on your thirty five highest earning years, so if you enter the workforce at say twenty two and you work until you're mid to late sixties. That's more than forty years where the working so hopefully. If you miss out, if this year is not so good somewhere among those other forty, five or so years, you've had thirty five really good year so that this year won't be that big of a deal. So it probably will be okay. And then to address the last question. Unfortunately, no, you cannot make voluntary contributions to social security. There is at least one academic working paper out there. That suggested that people could buy into social security by like extra credits as opposed to contributing to your 401k, but so far that has not been passed by Congress I had an ex. Question comes from Sam. I heard to stocks discussed on another full podcast. When I read articles about them, it mentions they are thinly traded. I have two questions one I'm sure my position would still be quite small so I think I'd still be able to get in and out, but are there other things I should think about when it's a thinly traded stock and question number two. Is there a certain amount of? Daily volume you like to look for when considering a stock foreign investment. What volume do you want to see to not be? Quote thinly traded stock. Yes very good question in thinly traded stock just refers to the either the amount of shares or the dollar volume of shares that would trade on any given. Market Day and so. The. Thinly traded stock. The the problem is that you may not necessarily able to buy and or sell at the prices. You necessarily think you might be able to in other words when you look at a stock's price and you're looking through the. What what's going on throughout the day on the market, you'll see that did ask spread, which is essentially the bid. Ask spread is it's what someone's willing to pay for the stock versus what someone is asking to be paid for the stock? Because you know you have a buyer and a seller on on in every transaction they're. Normally most cases, these business business bread is very tiny, the couple of pennies maybe for most stocks because they're. They're heavily traded right there. There are plenty of dollar volume. But there are a lot of smaller companies small caps in particular in in you know a micro cap, specifically that don't necessarily meet these kinds of thresholds, and so you definitely have to be aware of that now I'll go back in time just a little bit, too. When we were running the service here at the fool called million dollar portfolios Roman Romani portfolio that we help manage members, and it was never really a problem, but we did have a condition in there. We were always looking for at least ten million dollars in average. Trading volume total daily volume now understand I'm not saying the number of shares saying the amount of money so basically shares times price, but we're always looking for at least ten million dollars. That wasn't set in stone it. It was an idea for us. It wasn't ever really a problem because we had a very diversified portfolio with a number of different types of companies, but when you're looking for smaller companies, you would've just keep that in mind that did ask. Spread is is something that just because it says the stock is twenty dollars. That doesn't necessarily mean you'll pay twenty dollars if there is a a big spread there between the bid, and the ask in so I think whenever you're considering stocks that have any lighter trading volume or thinly traded stock. Just be sure to use limit orders. Limit Orders of let us stipulate the price that you are willing to pay for or that you're willing to. To accept a if you're selling a limit, order is just a really good way to protect yourself from any unwanted surprise thinly traded stocks. You might not always necessarily get them when you want them, so you might have to lead that limited are in there for a little while, but but a limit order is a great way to protect you from any unwanted surprises. Next question comes from Randall. I'm in my late thirties now, but earlier in my life. I was very very bad with my money. Collection Calls Welfare and bankruptcy or not strangers to me. I've been at the bottom then I met the love of my life, and she convinced me to turn things around ten, and a half years later and I have done a complete one eighty, I took control of our finances rebuilt my credit and started investing and listening to all you find folks all. I opened it investing account with the goal of saving and building enough a down payment on a home. I'm happy to say we've now reached that goal. I recently sold at a profit because I didn't want that. Money tied up in the market. If we are close to needing it for a house, but now that we're here, I'm not sure what to do. We currently rent a basement apartment and our neighbors general living situation are less than ideal to put it mildly. So, we're champing at the bit to jump into the housing market that being said the experts have been calling for a drop in the housing market for a while, and that was before the pandemic hit now I'm worried that if we buy right away a year or two or three from now, interest rates will spike, and we could be put in a difficult situation. I live near Toronto. Canada or the housing market is already highly inflated in relation to the rest of the country should I be worried? While Randall first of all congrats on turning your financial life around love hearing success stories like that so good job on that. So I'll start with my standard answer with the rent versus buy decision, and that is just pull up spreadsheet and compare the all in cost of renting, including what you could earn on the money that use for down payment versus the all in cost of buying including the opportunity cost of putting down payment as opposed to having invested as well as insurance and taxes and maintenance, and all that stuff and project, where you might be in five to ten years based on various scenarios on what happens to stocks, if you. Rent an invest the down payment versus what happens to? What you'd look like depending on where home prices go. Generally speaking. If mortgage rates go up, that could way down on real estate prices we did see mortgage rates. Go Up for a bit a few years ago, but the housing market did find, but you could certainly envision a scenario where rates went much much higher, making houses, much less affordable and prices would have to adjust. But I don't expect that to happen anytime soon. I think we're. GonNa have low rates for awhile, but beyond that I don't know I've given up trying to predict where interest rates are going or even paying attention to people who try to predict where interest rates are going, so who knows? That said since you live in Canada. I thought I'd check. In where rates are these days and I and I got a brief reminder that things are actually different in Canada so I did a little bit of research. And then realize I had reach out to someone who knows, I reached out to Canadian Motley fool analysts Jim Gillies, and he had some thoughts so first of all just for you non-canadians out there. It is really different so in America. We get this thirty year mortgage than we have the same payment for thirty years. It's fixed. They don't have that in Canada. What's the most common is a twenty five year? But only the first few years or fixed. And then adjusts so in that context you can understand why Randall is worried about interest rates going up because over the next depending on which alone he gets the most popular is a five year fixed, and then you basically have to go get a new loan probably. So that put that in context, a little more, but also Toronto, really is crazy expensive. Vs from the end of last year that put it as the most overvalued real estate market in the world behind Munich. As Jim pointed out in our call here in the US we had our housing peak in two, thousand, six, two, thousand seven, and then we had what he called a reset, which is basically prices came down significantly candidate and have that slight downturn at home prices, but then they just kept on going up, so it really is different there, so when Jim explain all this to me, the difference in mortgages and the difference in home prices. Frankly he was inclined to say to this guy. You Might WanNa rent for while more and see what happens, but he also had the good advice of okay. What if you buy in prices? Come Down Fifteen percent twenty percent. What if they come down to a point where he upside down? You owe more than the home is worth. Are you okay with that? If. You're okay with that. Maybe it's okay to do that. But it certainly sounds like dicey situation than if someone were telling me like I'm thinking of do this in Dubuque Iowa or something like that. couple of other differences. In case you're curious about Canada in the US. Your mortgage is portable in Canada south. You Buy A. Get the five year mortgage, but then move get to take the mortgage with you for the next house and interest is not tax deductible. US Look at you, Robert, broke? Camp Can Canadian real estate experts there you go. Next! Question comes from Chris. I was on twitter the other day and saw that one of your contributors Brian Feroldi tweeted that he doesn't believe in a long list of technical trading terms and then modern portfolio theory. Can you help me understand what not believing an MP? T with mean this? He believed that diversification doesn't reduce risk. Also every financial adviser I've ever talked to his preached empty, so I would love to hear the counterargument. Jason you're not Brian for all the. Question I am not Brian for all the do get the talk of Brian Pretty good bit though. I I must admit I. Don't know what he said here in regard to modern portfolio theory and all of these technical trading arms. But I think I can take a guess. Generally speaking I agree with them, and I think you could sit there and look up the portfolio theory in you know read about it as much as you want. Just go to google modern portfolio theory, and you can dig right in there, but in a nutshell ultimately, what modern portfolio theory is the intention behind it? It's meant to reduce risk while maximizing returns. It assumes that investors don't like risk. They prefer less risky portfolios to riskier ones in order to achieve a certain level of return so right there. I kind of kind of lost me right there because I don't believe that every ever investors risk averse I think some investors have a very. Healthy, appetite for risk, and frankly I would say I got a pretty high tolerance for risk when it comes to investing, made it just because of what I do for a living but I. You know to me I like having that trade off least unhappy. Happy to take some risks there. If I feel like that upside, it's going to be potentially worth. So with modern portfolio theory, it introduces a lot of fancy math in the form of variances and correlations in order to come up with this. Quantifiable, investing strategy that ultimately helps reduce risk while allowing the investor to achieve. Certain returns in. Maybe it works for some not I'm not dismissing it personally I. Don't use it, I don't personally subscribe to it I. Don't need it. I think honestly for us. In a really believe it's extends to to most people in our full universe is that is individual investors I think a more meaningful way to reduce risk. is to just extend your timeline like invest longer. So like Tom Gardner said a number of years back when we were. Working on Motley, fool one basically take your take the time line that you think you want to own any individual stocks you buy shares of starbucks and I plan on owning it for you know five years. Okay, we'll just double it. Cloning it for ten in all of a sudden right there. You've given yourself more time. Time is one of the big advantages we have is individual investors. Money managers don't have that advantage, Wall Street done generally handed abandoned, either, but if you can be patient and just invest in good businesses. That risk really starts to come down over time. There are plenty of studies out there. That show that risk comes down the longer you hold onto those stocks, which into me, just renders modern portfolio, theory, more or less not useful mean on things, not useful for everybody, but it's not useful for me and based on Chris. Question It sounds like a agree with what Brian was saying there. We think I'll add to. That is I agree that risk is really not that much of a consideration if you are saving for retirement. But once you are in retirement man, and just say like you know what the market's not I'm going to extend my time highs in ten years. Because you need to spend money in that situation, I think diversification is important. It's important to have assets that don't always move the same direction at the same time. For some fools. That's just as simple as keeping any money need the next five years in cash, so you're right out any ups and downs, and that can be fine. But I. do think it makes sense to have. A mix of investment so that right now, technology stocks are doing very well, and we hope that continues to do well, but we remember was that happened in two thousand from two thousand to two, and there were down for quite a while anyone who retired in one, thousand, nine, hundred nine, or so it was very happy to have some small caps value maybe a. A little international, some reits to ride out the storm Yeah I think we talk about that often like recognizing where you are as an investor in life, are you in the grow your wealth stage, or are you in the protector stage, because they are two very different strategies, and we're all hopefully going to be in both of them at one point or another right? I personally and still on the grow your wealth stage I. Think we all probably are, but you will at some point get to where you need to focus on protecting the wealth that you've made so that you can then have that money to spend, and that definitely will dictate your investment strategy things that you're invested in and whatnot. Generally speaking I do like the idea for people who are just risk averse and have this notion that investing is just too risky. I mean the fact of the matter is not investing as far away greater risk like not investing. You will never grow your money if you don't the best, so if if if risk is a problem, I think generally speaking. Along the lines of diversification idea that that bros. talking about him, he just invest in invest in SNP index fund is something that just follows the progress and p. you know you're going to be participating in and if you look at that over the over the stretch of time, their five ten twenty thirty years, I mean that trend does go one way. It, but clearly the older you get, the more you need to start focusing on protecting your wealth, and that will change the way you view things. Right next question comes from Alex from Alexandria if I buy Muny bonds from another state in my IRA. Is it still taxable and Alexander with who we have a bond on and we do have a bunch. I know Alex up super excited about having a bunch on in Alexandria to I can't believe I haven't been there. It's like two miles from my house, but we still haven't been oh i. know because there's a global pandemic going on and we. saw. Alyx if we buy me bonds from another state in my IRA is still taxable. Bro, help him out or her or so Muny Barnes. People Invest Immunity bonds because they're free of federal taxes and in many cases. If you're buying bonds issued by the place you live, they might be free of state and local taxes, so that can be doubly triply tax free. That's why people buy 'em. There are some times, however that if you own immune, abound outside of an IRA. Pay Taxes and this surprises some people. There's something called the minimum tax. If you buy immunity bond at a discount, and then it matures at par. If you buy a distress, Muny bond for like you put an eight thousand dollars, and you sell it later for ten thousand dollars as a capital gain. You'll be taxed on that. So, there are some times when you would pay taxes on media. Now, Alex is asking what if it's an IRA? Do I have to worry about paying tax interest. If it comes from another state and the answer is no, you won't have to worry about that. The only thing I would say is. Generally speaking immune bond already has built in tax advantages, so you wouldn't keep it in an IRA, unless there's the example of the stuff I was saying previously like for. It's one of those exceptions when him UNIBOND would result in taxes than you might WanNa keep it an IRA, but generally speaking. If you're going to buy Muny Bond, keep it out of an IRA. Next question comes from Boone. I just did my first. Roth conversion and looked at that old account for the first time in. There was the expected dividend producing fund I remembered, but there was a stock chesapeake energy that I had completely forgotten about since I purchased the stock in two thousand, six fifteen. It's down way down like eight point five percent off the purchase price. What should I do with it now? It's in a tax deferred accounts so I. Don't think the loss is realized until I. Start to pull money out of the account and that might not. Not Be for fifteen years current value of all my shares will be about one percent of the value of the account after the conversion. Do I sell in the very little value? I had left and depend on E. Trade to keep up with lost for me or should I hold on based on the slim chance. The stock will be worth more in the next ten years. Oil Stocks do act unusually on occasion, only oil stocks. Stock everything else makes that usually. Chesapeake has been really. Interesting Story to follow and frankly. I don't I. Don't know that I would look at it today. As a business that I'd WANNA own so typically if I. You know I think it was yet idea. Didn't sound like a position are actively building united investment didn't work out. I mean that that happens to all of us. We don't get them all right. We have a philosophy here at the full. A lot of do we like to? Water flowers and pull the weeds, and that's just a nice way of saying. Add to our winners in to get rid of losers in. This I think is more than likely slated to continue being a loser I mean. Chesapeake has lost a lot of value. In it does sound like based on when you purchased this, these is absolutely busted I mean. There there are all sorts of reasons to sell one of them is if you thesis busted and the reason why you invest in the company is is no longer the case, and I would he probably is the case with Chesapeake so to me like you know, you could sit there and let it go, but but what's the goal trying to get back to even, or are you trying to get back a couple of bucks for me a lot of times? I'll I'll take a little opportunity here and there to just go ahead and pull those weeds sell it. Be Done with it. In even though it's just unique out a little bit value there, you can still take that money and do something more productive with it. So. Yeah T to me. I can't tell you to buy or sell obviously, but I can certainly understand. Selling in this case, but I you know. As as oil and natural gas energy can can turn around. This is going to be one that has a lot of headwinds in in. You might be waiting a very long time to to get any of this money back. I point out here that I it seems that maybe boone has a slight misunderstanding of how taxes in aries work because he talked about realizing the loss when he takes the money out and trade keeping track of the loss for him, it sounds to me that he thinks that he can write the loss off whence he takes the money out. That may not be the case, but just to be clear. One of the great benefits of an IRA is you don't pay taxes on the gains, interest and dividends from year to year. But. One of the drawbacks is. You can't take a capital loss on that as well so there's really no no way to benefit on your tax return from this loss. Next question comes from Benjamin. You recommend seeing a fee. Only financial adviser for check in every so often I know there is the Garrett planning network and others to help find an advisor. But what questions do you ask? And what answers do you listen for when trying to find one that is worth his or her one hundred fifty to two hundred fifty per hour. So I would say start first with asking yourself some questions. What are you looking for? You could go for the whole launch. Lada where someone is managing your money analyzing retirement plan helping new save and a five twenty nine. Maybe even doing your taxes with some financial planners do help with the state planning, or are you looking for something more targeted? You just want advice about am I saving enough for retirement, or are you close to retirement? You're like I just WanNa make sure that I'm doing right when terms like choosing my Medicare plan and claiming social security at the right time, so first of all just be very clear of what you're looking for. Then if it involves investments in any way, you WanNa, make sure that you find someone who is at least in the general same area philosophically and I say this, because many financial planners are hardcore index. And if you come to them as a motley fool, listener member with a lot of individual stocks. They may say okay. I'll give you some general asset allocation guidance, or they'll say I don't care if you like to pick. Stocks are not my advises, sell the stocks and go to index funds, so you want to make sure that if you're gonNA, ask for any sort of investment. Advice that you wanna find someone who's someone somewhat at least aligned for what you're looking for. Once, you've got that then. Just asked some of the typical stuff. You might expect so credentials certified financial planner. Are they a CPA either their personal financial specialist. How long they've been in the business. There are lots of people who. have not been in the business very long. Even though they're not young people, a lot of people choose financial planning as a second career, which I think is great, but just because someone may be look like they're in their forties or fifties. Sixties doesn't mean they've been in the business that long, and you WANNA. See if they've worked with someone like you right so if you have. Maybe. You have a large amount of wealth large income huge portfolio. You WanNa make sure that they have experienced with dealing with those issues, but on the flip side to if if you have, are you know middle income, decent size portfolio, but nothing too complicated. You don't WanNa. Go to someone who's used to dealing with someone who's wealthier partially because those people charge a lot more. You want to find someone who's kind of a little more lined up with what you're doing. Then make appointments with three folks. All of them will do get do free. Get acquainted means, and you're just looking for someone who you feel comfortable with. Since, you mentioned Garrett Big Fan of the Gary Planning Network and other is is not for the National Association of Personal Financial Advisers. But Garrett on their website has a how to choose an adviser section. Just Google attitude visor Garrett Planet Network has a great chapter from a dummies book that they wrote about how to choose adviser, and they have a good questionnaire that you can print out in US asking lots of good questions of financial planner. It's tough. Choosing a financial planner like my mom just went through that Bro! Is You know and she didn't really have a lot of options in Boise Idaho. Maybe two and one of them, she I never called her back, and never got back her, and the other one was just so busy just so busy, and just she just never. It's it can be rough. Finding a financial planner can be I. Think what we'll see is one of the consequences of this. Of the coronavirus pandemic. Just, like we are all used to working from home, many financial advisors and financial planners an now working from home. So in what they're doing is they're becoming licensed in more states. So, if you are more comfortable, working with someone over zoom remotely I think you don't have to stick with someone in your area. You can go beyond your locations, but you know some people don't feel comfortable that if if they're going to have someone managing their life savings, they want to be able to meet them in person. That's just a personal choice. All right next question comes from twitter. Is that right from sully what I hear? Okay? I just listened to the episode mentioning Your Weakness Two. Shopping carts and Tj, Maxx that me or you Jason. Accused me. Thoughts on the stock. If I had a war on Amazon, basket would be Costco TJ maxx Home Depot tractor supply. What would be your basket against online retail? That's funny. Well okay, listen I wouldn't have basket against online retail, because online retails where it's at. The whole idea. The whole idea behind the basket approaches to find a long term trend that you feel like the world is headed toward and so the war on cash basket, for example that was always one about people using cash war, traffic payments now with that said I get the spirit of the question some going to answer it because I do like some of these ideas. And I I would definitely include Costco in their in Home Depot's well. Home Depot gets a lot of my money. Doesn't, but they have a very loyal fan base of customers that just are happy to renew year in year out. So I love those membership models there, so costco and a Home Depot for sure you know I'm going to give a little shout at my wife Robin I. Know that she would approve of my adding target to the mixer. She hasn't been raving about targets APP and ordering on the APP the able to go to the store. Just pick it up right there I've talked with Ron Gross on more than one occasion about target and how this really has. Become a twenty first century resale right they're doing. They're doing everything online and in physical stores. What they call Alma Channel and then my fourth and I'm GONNA. Take this. You probably aren't expecting this when Alison. I'm GonNa Shock and all you. I'm ready. I'm ready Alta. We're going. Make up my I know my daughter's love. It ugly ugly Mug like this. What do I know about makeup? Tell you what. Get! A House with two daughters and a wife. That's what I know about make. There's a lot of it in an Ulta is a really really good business. They actually have a very nice diversified revenue stream. They've got the salon a`dynamic of the business which encourages people to go there they do have an online business. They have an augmented reality function there at where you can actually like. Try things on makeup to see how it looks. Mary Dillon just a phenomenal other adults of that's my fourth, their Ulta but they I appreciate the spirit of the question I like the idea I'm not saying this is the basket. I'm not tracking this basket in a not a not backing this basket, but in the spirit of the question if I had to develop. A basket, such as this one I think it'd go with those four. Yeah, I mean I guess you just have to think about what retail out there is something that you would still physically go to. Because the actual retail experience is being in the space is the experience and what you're there for? And I know I mean before Corona virus we I would go to target and just just couldn't believe how much money I had spent from walking through a few of the aisles. TJ Max is just a phenomenal business I mean what they've done through the years. Is really capitalized on the nature of the business, the advantage they have in that treasure hunt kind of nature like you go to TJ Max, maybe not necessarily looking for something, and then you end up finding a lot of things, and it can be a little bit lumping at times, but but generally speaking like management's a very good job of running that business, and they know how to exploit the advantage of experience. I think they're online game. Though I think they could probably get something going with online, and they just have not have not yet and so I. Haven't since Corona Virus for example. I haven't spent a single dollar there, but I continue to still shop at. Home Depot I. Think Yeah! We still shopping at home depot because we're doing. You know you gotta buy lumber somewhere. And I know my grandparents out in my my inlaws out in rural Virginia. They love tractor supply store, but that's not. That's not in where we live, but. Still New deck at the house there allison. I mean you, can you see? A big exposed beam behind me and some drywall work that needs to happen. Have lots of drywall work that needs to happen now though. Yeah Anyway get to that. All right next question comes from Matthew. I got married to my amazing wife nine days ago in a small Kobe nineteen wedding in our front yard after we postponed it from its original date in April all. It was definitely different, but still very special. My question is in relation to this wonderful event. My salary has been at a level that has allowed me to fund a roth. Ira I love the optionality of it, but after marrying my bad ass, wife are combined. Salaries are now over the limit that would allow me to fund the Roth. IRA does this affect occur immediately? Do I need to now open up a traditional. IRA and begin funding it or do I have until the end of the year. Matthew wants a Roth Bachelor party one last. Well Matthew I have bad news. When it comes to most things in taxes, your status and your age and things like that depends on where you are on the last day of the year, said if you're married on the last day of the year, you were considered married for the whole year. So that means if you contributed started contributing to a Roth IRA for twenty twenty. You need to call up your brokerage. Firm and re characterize that as a traditional. Now don't have any other traditional IRA, as it's very easy to do the back door, Ross which we've talked about before you can just google it or even when you call the brokerage, just say I want to do the backdoor. Roth and they'll tell you what to do. If, you have other traditional IRA as you can still do. It just becomes more complicated and you'll probably pay more taxes. So you, but you may not be totally out of luck and I should say that's only if you have a traditional IRA doesn't matter if your wife has traditional areas. One exception by the way of of what I just said. In terms of tax status and last day of the year is distributions from retirement accounts before it's age fifty nine and a half, you actually have to be age fifty nine and a half to avoid that ten percent early distribution penalty, unless some of the many exceptions that are out there exist. Right next question comes from Warren Warren Buffett. Maybe I don't know that's why I was thinking. He's asking about coq, so maybe maybe. Once James Opinion on coke. By? Or hold? Wants to now. I'd give buffet night give. Kiesel Warren of the same advice and I would say. For some I'm not buying it. Not Buying it I'm not holding it if I own it. I guess that means sell it. Even Atlanta Georgia person like you i. feel like it's almost sacrilege. I am pretty close to probably not being ever even invited back. But the facts are the facts. Okay, I mean you do have to look at the stock itself has been ain't bad stockton for the last five years. I mean I do understand why when you look at it what they do, I mean they have. Four hundred master brands, and less than fifty percent of them are the big global brands that are actually responsible for almost all of their revenue when I say almost only ninety eight percent, so it's a business. It's very reliant on on. You know a small portfolio of really successful grants. The problem is now. We've always talked about cocoa beans such a great distribution story and that's true. They've got a distribution network. It's just phenomenal, but the problem is now. They're what they're distributing is is being seen as not so good for you in so you're seeing them. Have it into to essentially pivot away from what you know brought them all of the success for all these years. Years in soda and that that's not going to change I. Mean you're always GonNa have people to drink soda? People are not to drinking as much soda going forward in the numbers of just kind of the kind of shown that through that through the quarters in the years of Coca, Cola and Pepsi Pepsi. Has the salty snacks division, which I've always been very. Impressed by I, mean I love a good Cheeto, and so I mean anytime you can throw a bag of those cheetos in my Patriot Amok GonNa, turn it their coq. Interrupting, but I think this is also very important point. You tried the Jalapeno White Cheddar crunchy cheetos. The White Shit or so. I've tried to Jalapeno ones but I've not seen the white Cheddar White Cheddar Jalapeno crunchy cheetos. Don't get the puffy. The poofy ones are not as good, but the crunchy white Cheddar Jalapeno Cheetahs. them by them. They're amazing. I have to back. Pain you. I'll get those next time. I promise I, mean Eh. One. crunchy wants the puffy ones, so that people won't you're not? You're not seeing poopie. Who using poofy Joe Copy? We'll be Coca doesn't have that dynamic of their business. They don't have that dynamic to their business, and they've suffered from that Pepsi's Pepsi's outperform coca-cola over the last several years. It's not safe. Pepsi or coke get it back. I'm sure they probably can. But what I am saying is I think there are a lot of better ideas out there, and so I wouldn't be putting new money into Coca Cola and frankly if I did own it. I probably would look at selling it and you know if you've got a beverage company, maybe own starbucks. It seems like the science coming out in support of coffee, right? It's coming and telling you that these sodas. They're gonNA. Make you fat. Coffee, it could extend your life. It could help you live longer. SMART Mexican looking this a starbucks as well is. That sounds like study from the copy roasters of America. Do! Something that Chris Hill sent me the other day. that. We sleep at night. I'm glad I've been drinking coffee as long as I have God knows what I would look like otherwise. You're a good looking man. Rick. good-looking next question comes from. A. I'm trying to save money for my kid's College. Fund while the five nine is a great option. I'm limited to investing in mutual funds, which means at best I'm going to get what the market gets assuming I do some sort of low cost index fund and I be a capital F. Fool investor have been doing much better than the market in the last three years of being a member of. Of Stock Advisor Enroll breakers, even during this pandemic mess by listening to every full podcast and following David and Tom's and yours and every one else's in the full universe. My portfolio of about one hundred stocks is up here today. Thirty percent to the market's down five percent as of day as of today weighed down by three sluggish five to nine plants that are also down five percent each. I feel like throwing away money by using the five to nine, and not being allowed to select my own great companies in which to invest. What's more, my understanding is that the five to nine does not count as an asset for the kid when applying for student aid, but the coverdale does. So I come to you with a simple question. Can I have my cake and eat it, too? What if I wanted to use the coverdell to buy individual stocks? Until the child is nearing college? At which point I then converted to a five to nine. This allows me to get better returns and avoid it being an asset for financial aid and get the favorable tax benefit. So, chose this question, because first of all Dune does a good job explaining the benefits of the coverdell over the five twenty nine, you can buy individual stocks. You can buy and sell them all day long. We recommend that, but you can. Whereas with the five twenty nine, you can only make two changes to the investments a year, and it's all mutual funds. So. That's you did a good job of explaining that. I will point out with the coverdell. It's gotta low contribution limit of only two thousand dollars a year, so for some people save more for college, but they can max out to cover it out, but then put the rest in a five twenty nine. One thing that doomed does not have quite right. Is The financial aid treatment the financial aid treatment? Coverdale's and five twenty nine is identical. They're treated as assets of the parent, not the kid that is favourable from a financial aid perspective. It's not negligible doesn't mean it doesn't have any effect on financial aid, but it's better than an asset that is owned. By the kid. He can. Transfer money from the Coverdell to the five twenty nine. If for some reason, he decides to do that, but you can't transfer it. The other way around so were convinced to try out the covered. You have money in a five twenty nine. You can't move it from the five twenty nine. To the coverdale. What other interesting thing that he pointed out is that he is doing very well with his investments, and he owns about one hundred stocks. We get this question a lot. Either on the show, or on the full live that we run every day for members of full services, and that is how many stocks should I own, and if I owned too many are not just owning index fund watering down my returns, but here's an example if someone owns a one hundred stocks is still crushing the market. Idol last question comes from Cameron thoughts on the valuation of Stone Co in light of the corona virus for a fragile country like Brazil. This could be the tipping point after so many other headwinds. But how does that affect stone? coz Business Jason I. Don't even know what Stone Co is. What is still business? Yes, don't Coz a payments company that's focused on Latin American markets in Brazil and particular in so I guess it could be. Draw you can draw a parallel to to a with square through pay pal at, but generally speaking I mean it's payments. Company focused on Latin America. Primarily Brazil. Is the big money making market kind of like Marco Libra, they're. In I, I, it's a it's. A NEAT opportunity, gained a lot of headline recently, when and it was, it was seen that Berkshire hathaway. Warren Buffett's company Berkshire hathaway taken a five percent position in the company, which is pretty considerable i. Think in the near term. You have to acknowledge the fact that. They're gonNA, be some real headwinds in in Brazil particularly because of the pandemic I mean. The flip side of that is role in same boat kind of in that regard. The entire world is dealing with it, so it's not specifically you know it's. It's not particular to one economy or one country some. To get hit harder than others I, do feel like Brazil. Be at a place where they can recover from this given You know some of the other businesses in the area. I mean that that that I think is. Who knows ultimately how? That's GONNA shake, but generally speaking. I think the move away from cash towards cashless. Transactions in and financial software that's not stopping if anything, this hastens that which which is what I think, Cameron's talking about there and for a company like stone. Co, neither are other companies in the space pags bureau in roquetas libra to but you know moving money around is a big big market opportunity, and there's nothing that says they won't be able to expand well beyond the Latin American markets, too, so I I'd say cautiously optimistic I mean I

IRA Jason Moser Google Chris Hill Brian Feroldi Canada Starbucks Warren Warren Buffett Twitter Toronto Alison United States Muny Bond Brazil Alex
How to Do Financial Planning

Money For the Rest of Us

05:15 min | 1 year ago

How to Do Financial Planning

"You hear someone share a logical view of disastrous things that could happen. We always have to step back and ask what other incentives. What is their business model? Do they have a newsletter that they're selling a subscription service? Are they selling books? That doesn't necessarily mean they have a conflict of interest, but we want to understand. What's their model? My model is I. Do a podcast and I have plus membership and one of the most important things that I do in that plus membership which I think, all individuals that are sharing their investment and financial views should do. Is Show their portfolio. Show me what you're holding in your portfolio. That's why this member could ask me. Why do I have so little invested in stocks which I'll get to in a few minutes? One of our challenges to figure out well. How do we potentially plan for catastrophic things that could happen, but may not and probably will not. I actually to a recent episode on the investors podcast with Luke Roman, and grant Williams. And one of the things that struck me is how frequently? They said they didn't know about specific things. They didn't know why. The dollar wasn't weakening or other events. Because we don't know. which gets to some of the shortcomings of traditional financial advisers? There are many terms for people that provide financial and investment advice, financial adviser, an inch of planner investment advisor. Is A lot of overlap? This member used the term financial adviser for the individual. He has had a relationship with for the past fifteen years. I'm not sure to what extent he's done. Financial Planning Buddies certainly has provided investment advice, which is what an investment advisor will do. Sometimes, financial planners provide investment advice. Now I am not a financial planner. I have never hired a financial planner I've managed assets for the clients of financial planners and I've spoken to many financial planners over the years and analyze the different financial planning software that they use. One of the smartest financial planners I know is a good friend of Mine Roger Whitney. He is the host of the retirement podcast retirement, answer, man and the agile financial planner podcast. Rogers spent more than twenty five years working with individuals over h fifty, helping them transition into retirement. Last December. He had extensive guest post on Michael kisses. Log Michael kisses is also a very well known financial planner. In that post, Roger contrasted traditional financial planning with what he has labeled agile financial planning. He described traditional. Financial Planning is where you ask the client to complete comprehensive questionnaires. And, then he says the visor takes the questionnaire up to the proverbial mountain, and eventually comes back down with the tablets, burdensome comprehensive plans often hundreds of pages long. And then the advisors sits down with the client for hours and reviews these binders and the recommendations and a multi step financial process. Then the client often takes these leather bound tomes as he said the plan and put it on the shelf. Check the mental box and ignore. Now obviously not all advisors do that. But that's often what happens. You Hire Advisor? They give you a plan, and then it becomes this document that sits there. He contrast that with Agile Financial Planning. True Financial Planning is no longer a product. It's a fluid. Never. Ending project focused on managing change. And the first principle is to accept uncertainty. To recognize as he writes financial planning precision does not equal more accuracy because the future is a novel. We talked about that last week. Investing is not knowing we just don't know. The basis of agile financial planning is to accept that we do not know. We're not sure what happened to markets taxes inflation. Our even our lives. And he mentioned that by accepting that frees up a lot of mental space that is focused on trying to predict accurately. What's going to happen in instead? We can focus on the new information that is coming as life unfolds and make small incremental decisions along the way. Little adjustments is how he puts it.

Advisor Roger Whitney Michael Kisses Grant Williams Luke Roman
"financial planner" Discussed on KTOK

KTOK

01:43 min | 1 year ago

"financial planner" Discussed on KTOK

"I know many of you are probably listening right now you're thinking you know I've never heard about these kinds of products from now the guys on TV the financial shows on cable or from my financial planner this must be too good to be true well I hear what you're saying and and I understand your concern but let me assure you that the reason you have not heard about safe money products is not because they don't exist it's because they don't pay agents commissions out of your pocket from high fees year after year I get paid once from the top rated companies I work with and nothing I get paid comes out of your money these products also they don't make very good television they're not real exciting they're actually very boring because they go up with market gains but they don't go down with market losses these products are way too boring for TV I mean TV personalities can't get paid huge salaries unless they can fool their audiences into thinking they know what they're talking about you only need lots of make up and hair stylist if you're trying to convince people to risk their money in the market my approach is very different you won't find me in a suit and tie on the fiftieth floor the Devon building I don't drive a Mercedes and I'm not here to impress you with me trust me I am just not all that impressive you know man I'm back in the day and I'm maybe but then not so much anymore but but I'm simply here to give you information that nobody else is going to give you understand that the first step when you work with me is just for me to get you some information.

Stan Miller: Delivering Powerful Client Focused Solutions With Estate Planning

The Nice Guys on Business Podcast

07:19 min | 1 year ago

Stan Miller: Delivering Powerful Client Focused Solutions With Estate Planning

"Stan Miller welcome to the Nice guys on business. Podcast a great great to be here. I'm happy to have you here. And I think part of the process is you know the the intertwining between talking about the entrepreneurial entrepreneurial experience and talking about how really things like estate planning and legacy and all that fit into place so maybe we can back up just a quick second before we even get into the idea of. What is legacy? And what's estate planning? Maybe it's more of how do you fit into the world of an entrepreneur's You know they're they're planning for what's coming down the road for them maybe ten years and maybe fifty years in some people's cases so in in the work that I do I I get inside their lives and and do the best. I can figure out what is it to really drive these guys. What is it matters you know? Part of it is is is is creating wealth. But I'm telling you that every human being just about every entrepreneur that I've interacted with has a real passion for making a difference in the world and when they reach a certain level of financial security start seeing express. You see guys like Bill Gates for example doing just incredible things world. I saw today. Some guy wrote a check for a billion dollars to support the cove nineteen while fund. You know and so so you know it at our heart as human beings. I believe the way we're wired at the factory. The way were built. We have innate desire to make a difference in the world and for most people for most people the way they see themselves. Doing that is through family through their children through your grandchildren But also through it in committee Bobbin and through doing charitable kinds of things. Some people express it politically. So there's there's no one way to do it but there is that undeniable impulse has built into human beings and you see it particularly in times of crisis you see people doing just incredible amazing things coming together the in ways that are not definitively selfish so tell me about how they how legacy that. Word Legacy. Maybe we'll define that for just a moment how legacy fits into this into the financial world because legacy doesn't go just beyond dollars and sense as it goes beyond that into some other things or maybe just helped me define what legacy is and then we can talk about the difference between legacy and let's say a financial path to the future. Yes that's why I wrote this book because typically when people talk about their legacy you're thinking about what what is the stuff I'm going to leave the portfolio or the you know the financial acid. I'm the lead and that is part of it for sure but my view has been for a long time that financial advisors in the state planning attorneys who live in the world that I live in have Have had to limited view of what is in my goal here was to actually open the aperture on the conversation so that we were we able to recognize that while legacy included the financial component in while legacy included a legal component. Where you have a you have a legal structure that protects your financial wealth. I felt like I felt for longtime like a conversation stopped too soon. And not give people the opportunity to open up to the nonfinancial at the nonfinancial aspects of the things that matter to them in in so for me legacy actually wraps around and incorporates all three of those things. It's interesting because as the more the more I was talking to my financial planner through the last. I don't know ten or fifteen years of you know we doing the whole life insurance thing and helping me just kind of get things in the in the right order and I went through a divorce so making sure. There's some protection. They're making sure that my kids are taking care of all of that. I really dealt a lot with the With the financial side and I never realized that what he did wasn't really focused on and I love him. He's a great guy but what he doesn't do I don't think at least. Maybe I haven't uncovered this part of his of his Of his processes. I think he does more financial planning and less estate planning. So maybe can you? Can you share the? Is there a difference between those two things you're is? Yeah and that's that's my that's been the frustration is that we all live in silos. You know we tend to do all day every day. The things that get us paid right is financial guy. You're it's about selling insurance products because that's how you get paid or if or you get paid by assets under management if you're a lawyer you get paid for doing. These legal documents is so that's what we do. We get up every day. We gotta pay the mortgage paid employees right and so we do the things that we get paid port. So what I'm trying to do with this book and the things that are growing out of it is to get those guys the financial advisors into lawyers to sit down together and say how is it that we can exponentially enhance. The experience for our clients are having with us by energizing. The in integrating the financial conversation bringing about financial security ourselves and then leaving financial security to heirs. How can we do that in a way that that protects protects the air's So that you get all of the upside all of the good stuff that comes from leave being able to leave financial security. There's there are a lot of good things from that right. I mean leaving money to people as a good thing because they're able to travel. They're able to be educated as they wouldn't be able to have more stable marriages. Which as you don't have financial pressure and household but the other issue and this is something that that that you see when you particularly talked financial advisers that represent truly wealthy people there. There is a fear that wealth has the power to destroy human beings in you. You see that you see in you know we've seen it. I've certainly seen it. Where people that inherent significance amount that significant amounts of money all of a sudden. They don't need to have a day job right and so they can. They can quit work. They can develop drug addictions alcohol addictions They can you know they attract a whole different group of friends who who H H exactly and and it. It destroys self esteem because it also destroys trust. Because the people that I'm describing who fit in that category never never really quite sure if the people who are their friends are really their friends. or just there to to get to get the financial benefit of hanging around and so and so that whole conversation is what I believe. Lawyers and financial advisers need to be having together with clients because there are some really incredible power tools that that that can be installed. It's not there's not one single silver bullet saying there are a combination of power tools. That can be installed in a plan that allows you to get all the best parts of financial security while also truly empowering the lives of the people you care about.

Stan Miller Bill Gates Bobbin
"Should I Take the PPP Loan?"

The EntreLeadership Podcast

04:19 min | 1 year ago

"Should I Take the PPP Loan?"

"Linda's with us in Kansas. Hi Linda How's it going out there? It's going wow thank you. How CAN WE HELP TODAY MR MD? I'm so blessed to be able to talk to you. I'm the owner of small business. I've been in business for over twenty years. I don't have any debts. I never took out a loan on the business and We you know we've been profitable and I have three employees now. I was advised by my landlords that I rent the space from and by my financial planner to apply for this paycheck protection. Plan and Right before the coronal violinist you really hustled and we got a lot of business in so it would be okay. I mean I could get through this without taking out the loan but I was told that it was free. Money and So what do you find? Do I take out the loan or do I lay off to other people that works for me about you said you could make it through it? I can make it through it only if I'm by myself because I'm the third person kind of businesses it. It's it's a service industry specialized okay and so how long before you run out of money if you don't take the loan I would say three months. So why can you not make it three months? I can make it three months. I'll lay anybody off if I don't I would say a month and a half. Okay all right. So why do you have to make the decision? Now lay someone off or take medicine loans to four different thanks I mean if you didn't take the loan okay and you want a month and a half out assuming the loans are still available. They may not be but you could take it then right well. That's a good idea. I hadn't thought it because after a month and a half. I think you could be turned around. What service do you provide? Well it's an. It's an art service. Okay all right cool. Well the thing is what we told our folks here is. Are you and your husband in good shape financially? We're you don't have to take an income from the business for awhile. Lightsaber okay. For few months. Yelich for like if you didn't take an income for one month you can keep your people. Yes yeah I would look at you not taking an income before I laid people off and I would look at laying people off before I took out a loan. The problem with the P P P loan is it is a loan it has a term with an interest rate it is not a grant it has provisions and you can pull the law up and read it. It's available on the Internet. It has provisions for forgiveness of the loan. And that's why you're advisors are acting like it's money if you made those provisions exactly and if they don't change the game in the middle of it and you're dealing with the SBA and the federal government and frankly I don't trust their competence and I don't trust Congress to not change the game so I am never going to borrow money. I can tell you at Ramsey. The first thing that will happen is is. Our leadership team will go without pay. The second thing will happen is is that another layer of our leaders would volunteer likely to go without pay. The third thing that would happen is we would go. Everybody else skips a paycheck so that nobody loses a job and way after that would be and layoffs. And I think you're a ways away from this and I think these guys are just going free money and I don't think it's free money. This ain't monopoly. This is real life. Those are real dollars and they're going to want them back if you don't meet the guidelines. I disagree vehemently with the advice. You've been given a void the P. avoid the federal loans. You'RE GONNA regret it America if you don't. I'm just telling you avoid the stinking debt. Please guys please and you can be mad at me and you can make fun of me some dinosaur if you want. But I'm sitting here freaking open too. So shut

Linda Kansas Mr Md America Federal Government SBA Congress
Are We Experiencing a Black Swan Event?

Rich Dad Radio Show

09:11 min | 1 year ago

Are We Experiencing a Black Swan Event?

"This is a trick question. I have to ask you okay. You know what the standard pitch in from people on the world's go to school get a job work hard save money get out of debt. Invest long-term above their festival portfolios talks wants which avoids. Atf's so if you're a financial planner and you've been telling people for the last thirty thousand years. Invest along term and the well diversified portfolios stocks bonds mutual funds and. Don't worry you know the market's always bounce back by the dip is going to be probably a V bottom which means it goes down and comes right back up or a w goes up down and then back up again which it has done over the last. Let's say fifty years so if you're a financial planner and your clients are calling you and you've given them that advise of invested a long-term well-diversified for pulling the plug mutual funds. What do you say to them today? Harry well I I say a financial adviser is going to be more hated than I am. That were passing the end. Up this bubble booms When it happens and and that is true most of the time. But what my work shows and clear the bell clears your heartbeat. Every second generational booms come about every forty years technology surges every forty five and then big bubbles every ninety years when you get east. T- turning points like the late sixties and stocks or the late the roaring nineteen twenty nine stocks or now stocked. Go Down Robert. And they don't get back to those levels for twenty three to twenty five years. I think this time with slowing demographics and the US we may never see the dow higher adjusted for inflation than it is recently so this is not the time to sit through it these type of long-term corrections or crashes after bubbles. They're going to be seventy to ninety percent like twenty nine to thirty two that by the way not small-cap stocks or penny stocks blue chip leading stocks like General Motors Ford and RCA. Back then went down. Eighty nine percent. The Dow and two point seven years can talk until nineteen fifty three twenty four years later to get back to even so when a stockbroker tells you that doesn't understand history. Harry hang on you got to take a breath and so what Harry is saying. Nineteen twenty nine with a crash came if you are holding waiting for the market to come back so in one thousand nine hundred eighty nine dollars at three eighty one. It took approximately twenty four to twenty five years to get back to three eighty one and when I was a kid nineteen fifties when I was growing up most of the people who are part of the Great Depression my parents and the people who are pounded by the Great Depression and the stock market crash. They were never in stocks there so gun shy of stocks and then in my generation the baby boom generation that brought back the Sangala 401k defined contribution pension plans and all this at the stock market took off so the baby boomers are caught pro with the proverbial pants down and now comes the next big crash. Which you've been forecasting for a long time airy so what you're saying. This one might be a long one. Yes because this is the culmination not only of the baby. Boom gigantic is your heading the largest generation history and it wasn't just. Us hit globally to to grow up in earnest. Money which is totally predictable. Average person peaks in forty six for the baby boomers and spending forty seven for the millennials today and then and then decline so. We started to see that declined to name her. This is a rich audience. Like me a little slow. We gotta speak a little slower. So what you're saying. Is that when a person hits forty six? That's when they're at the peak. Earning and spending and millennials is forty. Seven is that what you're saying. Yes the average. The average person for more fluent people college educated professionals. It's more like in the mid fifties but still average forty six so baby boomers if that peak collectively in two thousand seven something. I predicted like twenty some years before that. And we've been just what we went down big big crisis worst since the Great Depression but not as bad because they printed so much money to stop it and we've been living on quantitative easing ever since to make up for these slow down in this generation spending. That's simple and we're not coming out so let me so. Let me go back again. So let's talk to you. Know My generation. The boomers you know. What would you say to them? If they bought that they drank the KOOL aid. Let's say they have a 401k on IRA one of those things are Roth IRA. They've they've they've seen their portfolio per se. Go Up and now it's crashing. What advice do you have for them? I mean how do they do? They stay in or they exit. We don't give advice rich TAB. I WanNa hear your advice. No you get the hell out period. I think he may have one more. Little run left could be a couple of months. Could be a couple of weeks because the feds pumping in more money than ever with the Repo crisis and now the Krahn advisors but I think this is the death knell for the stock market. They can print money to stop. A recession stopped banks from failing companies from failing even stocks from crashing too much normally. But they can't stop this virus from spreading and it just kills business businesses. Stop people stop. Traveling people start stop spending. I mean my wife's not going to a of of women stay over tomorrow night. They're all coming in from New York you know. And she's you know she made the virus and she's over sixty like I am and that's what it hit. Its old people like you said earlier. So so this is something. They can't buy with money printing. They have kept this following far beyond when it should've peaked in two thousand seven and now they've got something that this doesn't work on so I think this is it so you have to get out of the way so Harry. I was talking to this young guy. He was He's a laborer. Was Painting parts of my house and he says you know. I bought a house like you told me to back in two thousand eleven you bought it for like I think hundred thousand and the reason round numbers and now it's three hundred thousand and he has no retirement is what should I do. I said I saw my house I went. I don't once again ladies and gentlemen at Rich Dad. We don't give financial advice and I definitely couldn't advise US guys. Only forty got three kids. He's got a job. Painting houses got no snow stocks. You and I are calling for twenty five year possible. Depression long-term deflation. What do you say to people what you because if he sells he sells his house? I sit where do you go? What are you going to do with that money? Let's say you have two hundred thousand dollars. I gotTa Pay Capital Gains Tax on it. What are you GONNA do any? He was clueless. I I got some simple rules Robert. I had become a bubble experts since the tech bubble crashed and early. Two thousand on top of demographics and technology and all these psycho because we are in a bubble era and the last bubble era we saw the roaring twenties. So nobody's lived in a bubble before and real estate was not the bubble back then. Because you couldn't borrow money so easily against housing back is very difficult so now. It's everything the rule for. Housing is real quick bubbles. Go back to where they started that that house if he bought it at the bottom of one hundred eleven and now it's worth three hundred K. My rough estimate is going to go back to near that level if he's comfortable sitting through one hundred eighty nine thousand potential decline in something he probably has a mortgage against maybe some home equity lines that he went on deck that fine. I think anybody with any brains would say oh no. I don't want to sit through that one in by the way The demographics I've got a new real estate model. That doesn't just project peak spending like other consumer categories. I have to subtract the dyers and guess what baby boomers are now dying unprecedented rates and will continue to do so into two thousand thirty nine or forty that takes down the net demand even takes it negative at some point for real estate so homes are never gonNA appreciate like they did this boom even in the next boom so it's better especially older. People who retiring lot of baby boomers are realizing they didn't say per retirement. 'cause they're living in good times thought they didn't need to and now they're saying. Oh wait a minute though might make mansion which I don't need now that my kids are gone. I can sell that instantly. Fund my retirement plan and rent my retirement home. I think that's really excellent vice. Do that

Harry United States ATF General Motors Depression IRA Rich Dad New York RCA
Comparing Graduate Degree Programs

Radical Personal Finance

08:17 min | 1 year ago

Comparing Graduate Degree Programs

"We're going to begin today with Daniel in Virginia Daniel. Welcome to the call. How can I serve you today sir? John thanks thanks so much for Talking to me I'm I'm pretty new to the radical personal finance but I thought I had a question that I've been searching through the back Cadillac Cadillac four and it. It just kind of concerns a master's degrees and Basically situation as my girlfriend is looking at doing a masters this fall and she's kind of apply to programs and gone in and basically. I just wanted to get your thoughts on. How should I think about Paying and kind of helping her out and basically She She. The cost of programs are Efficiently different one is twenty thousand dollars And the other is basically eighty thousand dollars and she makes about forty thousand dollars right now on could make you know maybe fifty sixty k when she finishes in two to three years and You know I make About seventy five thousand dollars a year and I really liked to to help her out in some way But I just want to know how how you think about kind of comparing those two programs they obviously have different reputations but they have vastly different costs. And just you know any any advice would be really appreciated. What would the masters degree be in? What areas of study it? It is in international development and they're slightly different focuses on the programs. But but that's basically it when you say that her income would go potentially from forty thousand dollars to fifty or sixty thousand dollars. Would she be would is that a guaranteed a pay increase for example her current job where she's happily employed says? If you have a masters degree will pay you an extra ten or twenty thousand dollars per year or is that a guess as to what she would now be qualified to go out in the marketplace. And look for. Yeah that that's definitely a gas. Josh not not guaranteed. How much money does she have currently saved pay for a master's degree? She has twenty thousand dollars in cash and and about ten thousand in investments. Does she have any other debt other than Does she have any of the debt? Currently I note that neither of us have debt and the difference between the twenty thousand dollars school in eighty thousand dollars school. I would imagine one is much much more prestigious but is there any sense that you can be confident that there would be a a major difference in her job prospects if she had the name Brand School. I so I do think her job prospects would be better with the name brand school. It's hard to really quantify how much better the prospects would be you know. It's a bigger alumni network and A more recognized program. The twenty thousand dollars program has it's only about five to ten years old kind of thing. Well here's how I approach it. Just kind of a few things got a lot of color to give you a fairly brief answer and just hit some hits is high high points on it for you so number one. It's dangerous for you to do financial planning together with a woman that you're not married to if you want to give her money and just simply say here's a gift of money then of course that's always you're right and I'm sure she will appreciate that. But given you have no legal protections of marriage you should not expect that there's any guarantee of your quote unquote investment into her education so marriage. If if you if you're married to somebody then you get divorced while then the judge sits down and you look at how much of each of us contributed etcetera and who's earned money and how we supported one another and things like supporting your spouse while you're spouses in school. Become a meaningful part of divorce settlement when you are unmarried unless you have some kind of financial agreement between the two of you which you can do as unmarried people then you just simply need to think that any money that I give. Her is just simply a straight gift and so from that regard from a financial perspective. That's not necessarily a very safe thing for you because you're giving money to somebody with no guarantee of return now. I doubt that that's a big concern for you. But as a financial planner need to start with number two with regard to a masters degree. I'm a fan of education and I think that generally more education does help I I question if credentials ation is necessary in many careers but there are some careers in which it really is helpful. I have a masters degree myself. Someday I my guess is someday I'll do a PhD at the moment. It's not interesting to me but someday because I'm the kind of person who likes to check off list okay. I'll get a PhD. But what I do think makes sense is to not overpay for it and I would be shocked if the eighty thousand dollar degree turned into that much more of job options that couldn't be achieved with twenty thousand dollar degree now. Is it possible sure? Are there field in which the the right network makes all the difference certainly You can make I think a strong business case at times for something like going into a name brand education ED- education market getting the Harvard. Nba Because of access to the alumni network because of access to the job offers. Sometimes you can make a very strong argument for the name brand law schools. Because of getting the plum the plush the pump plum internships. The really the really high level introduced with the high firms and that pedigree can be very very helpful for you that said It's a lot of money and so I would not go into debt for a master's degree and so what I would say. Is that if she wants to pursue the name brand degree I would either figure out a way to simply pay out of pocket for it Working her way through. Maybe you have to do it. More slowly or I would find a way to get reimbursed as part of a job so changed to a job where there's GonNa be some kind of reimbursement system otherwise I would go with the lower cost degree. I think that if you go with lower-cost degree you can check the box for credential. Ization yes. I have a master's degree and then on the side. You can access any social network yourself. You can access any demonstrate any level of capability you can study To whatever degree you want I have never found With the exceptional a holden exception for a technical study like perhaps something like Law School Engineering School But in international development I cannot imagine that that the the actual course of study makes a difference in her knowledge. You can learn so much more as a self taught student and you can advertise yourself so much more without necessarily having to get the credential that to me. It just seems like a waste of money if I had the difference between twenty thousand dollars. Eighty thousand dollars available as far as Of of of of money What I would do is I would focus first on getting the twenty thousand dollar degree and then I would take the time on the on the side to market myself. Effectively build a career oriented website. Make sure that I'm systematically building my presence in the field. You know an international development podcast is going to be far more helpful for her than You know where she gets to meet everybody. That's going to be the most helpful. And most impactful way for her to build her career versus getting an eighty thousand dollar degree. And so if I had the choice between spending twenty thousand and eighty thousand I would go twenty thousand because I have the money and can pay for it and then I would invest money into developing my brand reading the books doing the projects writing the papers writing the essays writing the blog. Post writing the books that are not a current that are currently needed in my field of study and relieved the financial stress. The only exception would be in my opinion if you found somebody who some company that we're willing to pay the full price of the degree and then in that situation things would be slightly different.

Brand School Cadillac Daniel Virginia Law School Engineering School John NBA Josh Harvard
Why You Should Take the Coronavirus Seriously and Prepare

Radical Personal Finance

05:25 min | 1 year ago

Why You Should Take the Coronavirus Seriously and Prepare

"Kovic. Nineteen outbreak of flu around the world is an increasing economic threat to you and possibly an increasing physical threat. It does bear the risk of potentially causing sickness for you and your family which can be devastating and that sickness could also be life ending which could be devastating. I'm less concerned about the specific sickness. Then I am about the potential economic effects of this sickness. Yes the sickness could be significant. But there's a good chance that in the societies that you and I live in which are more advanced medically. The itself is not going to be the biggest risk. It is a risk but it's not going to be the biggest risk whereas the big risk is potentially economic. And we're going to. I'm going to do my best to unpack that for you so at this point in time I have moved my own personal defcon threat level up substantially and specifically. I expect that there's a very good chance that This Cova nineteen will be a triggering event for what we call a significant recession And or potentially longer term. Maybe we'll get you reach the economic academic term for depression or something like that but a significant financial crisis and unfortunately based upon the way that this is emerging if it does reach that it could have very long range effects. So I'm going to do my best towards the back half of this show to give you some things to prepare but the simplest thing that I would do is just say Think about how you need to think about some of the medical stuff but think also then about how you would prepare for a significant recession. And here I will commend to you in probably re release the episode that I recorded back in September of two thousand nineteen episode ironically. Enough six hundred sixty six how to prepare for the coming recession had a listener that emailed me couple days ago. You know that there is a show season six six six at the top of your of your itunes chart on how to prepare for the coming recession. I had not known it and I went and fixed the problem but episode six hundred and sixty-six called how to prepare for the coming recession of September. Twenty nineteen has a fairly comprehensive discussion of what to do financially speaking if you are concerned about a recession and I am increasingly concerned about a recession. So that's my thesis statement. My thesis statement is there are significant storm clouds economically on the horizon It'll take a little time to see those storms actually. Do Bring come to your local area. There are significant Physical concerns on the horizon of sickness etc. And there are few things that you can do but you should have your alert level very high and you should be preparing for these events at this point in time. That's the thesis now. Let's back up and I'll talk you through my thinking in my reasoning. I find this topic very hard. Because we're dealing with a lot of things that are unknown and who were dealing with things that are potentially very significant or potentially less significant and so. I need to give you some background ideas that you can then filter through your own rational brain to figure out the right thing for you To do there will be some physical preparation that you can do some economic preparation. But you're going to have to filter that through and so to do that effectively. I need to give you some background thinking in my brain. The things that are that are That I'm considering when I'm making the suggestions that I'm making. Let's begin with the physical threat. I have long considered a global flu pandemic to be the most likely and the most devastating threat in terms of big large scale. Emergency disaster scenarios. I've been interested in emergency disaster preparedness since I was being brought before I was even a teenager. Some of the first books I ever remember buying when I was twelve years old. I remember I took a trip to England with my parents and I came across the SAS survival. Manuals and some bookstores. In England. And I use. My money came home with three. Sas survival manuals. And I. I loved those things and I would go out in my backyard and practice making a shelter an emergency shelter with a pocket knife and string of branches and things just practice all the woods survival techniques and then I got involved in emergency preparedness. At an early age doing emergency communications with Some organizations and hurricane preparedness and I was One hurricane came through. Florida was the Emergency Operation Center in down in downtown West Palm Beach Florida through the hurricane sleeping in the barracks and watching everything and That went on during the the emergency operations systems there in the hurricanes and so I've been interested in the subject for a long time and as a financial planner by trade and training. I've always seen the clear and obvious corollaries from technical financial planning to emergency

Cova Emergency Operation Center FLU England Florida Depression West Palm Beach Florida
"financial planner" Discussed on Women and Wealth

Women and Wealth

10:28 min | 1 year ago

"financial planner" Discussed on Women and Wealth

"At the most complicated explanation and narrowed down to start simplifying from there. Because we've already lost the client when that happens. Yeah I is interesting. How many clients just say? Give me the bottom line where you are so just to clarify. We don't we. Don't talk to them like they're we do recognize that for the most. Most clients are all intelligent professionals but they really just want the bottom line. Don't give me the All the bells and whistles in trying to impress me with the number of words keep it simple but direct and clear and then we also though we do also do portfolio management and. We tie all that together. We don't typically what we recommend. Is that client stay on with us for the long term which is the majority of clients that we don't just quote unquote. Just do the planning but we stay engaged and integrate the portfolio management. What do you see here? Also drawing on your experience over fifteen years not being here and in the industry what do you see about how we incorporate portfolio management versus other approaches. We'll go back to what I was talking about when when I saw other financial advisers who were who were leading with planning but we're actually asset managers at heart from from my view. You can't be an expert at all things and so it boils down to. Where's where's the most effective use of your time if your if your value to your client is the financial plan. And so is it appropriate for Esther night to be the ones choosing coke over Pepsi and spending our days doing the the analytical research to run the portfolio which is a full time job or is it more effective for us to bring on managers who where we have a a top level control or management of the overall asset allocation? But when it comes down to the day to day execution that is is taken care of by specific equity managers or bond managers or a particular style that you like but that that's all decided from the top level and then managers are brought on for execution as I said the whereas the the advisers that lead with financial planning but actually wanted to be investment managers when they got over that initial up to bring the bring the assets and the client on board that initial plan quite often got cobwebs on it. I'm sure there's a more eloquent way to say that. But once the assets were in the advisers started taking such a focus on the investment management. That really the financial plan became an afterthought and because you know they are two very distinctive roles between a financial planner and an asset manager. And so when you hire a financial planner that's what you really want them to be. Doing is is managing that whole financial picture. Not just the fifteen twenty percent of your your finances that are the investment side of things and that fifteen or twenty percent. How do you break that out as fifteen or twenty percent? I would say the important to your financial picture. The investment side of things is really leveraging their earning power of your current assets to to help you help you with your cash flow later later in life and help you build those so that you can have a sustainable plan once once. That's kind of decided. Well sorry I should take a step back that what? The Investment Strategy is for any given client is actually defined by the rest of their financial picture and showed where again going back to goals and wants and timeframe all all of these different items including your your goals for your estate planning or how your insurance is set up. All all of these factors. Come into play when understanding how much how much risk or how basically how much risk or how much return. How much risk you're willing to take or how much return you need in order to meet the meet those goals and it gets complicated. I mean it doesn't get complicated but it takes time I WANNA say it just. It takes time with people. Which would we expect we especially if somebody's going through transition especially if someone has just been given a number of options that are available. We really like to give that time. Give THAT AIRTIME. We determined together. What's the priority because not all things perhaps have time? Maybe somebody needs to roll over assets or taker distribution or something like that but the rest we can really have the luxury of not just trying to invest them. And it's it's rare that somebody is invested within the three months of coming on board here because we just WanNa make sure that it's done correctly as we wrap up I know that you are launching another area of service for Gates Pass. And if you could talk about that a bit absolutely so I am starting to focus on younger families with high earning potential being in silicon valley and the bay area here. We have a lot of middle management for tech companies or even executive management for tech companies. That are people in their mid late thirties. Early forties that are making a very solid income. But they they know engineering and product management. They don't know how money works. They don't know how to use their finances as a tool let alone how to set a plan to ensure that they're able to do what they want to do for the rest of their lives. And so I'm really focusing on that. A dynamic and focusing to to help educate and set a plan early for for the success of their families. And so we're looking at people who are kind of going in transition where you know if they were in their late Twenties Early Thirties. They probably just got married. Maybe bought the first house started having kids and life right now is a whole lot different than where it was five ten years ago plus. They have a significant amount of income. How can they figure out or be certain? We'll not certain. How can they said a plan to ensure that you know their family is going to be taken care of and they can retire when they want to if they can afford that second house or or the boat and five ten years down the line something along that line but there are a lot of people out there with with significant cash flow? And building assets. That want to make sure that they're that they're using them correctly and using them as a tool to to make sure they've got a solid financial foundation to to move forward and we hear we hear it so much that that this that this particular generation that you're speaking of May not retire as well as their parents in the standard is typically well every generation has a more higher level of financial security than the previous and this is appearing that. There's a shift and I really appreciate the approach of intervention here that it's not again all about assets immediate it's about really supporting financial stability and security for various ages of people so that they can really look at things like college. We're talking this morning at the gym actually about what we paid for college versus what it looks like. It's would it is now and how much higher it is and just helping families have a secure foundation and futures so eric. Thank you so much for joining us today. For sharing some of your knowledge and insights and Eric J. I will turn it back over to you. We'll tell you what I love couple of the main points that I got from this Eric besides that new new area that you're launching. I'm excited to see how that develops and how that grows two of the things that really stuck with me. And I've known this because of worked with esther for a really long time you don't tell clients what they need to do. You tell clients what they need to know and then from there you help them navigate that path to what is their best future. And what what their hopes and goals and dreams are and I know that. That's something that esther has instilled a new and instills everybody at Gates Pass and the other. I just want to say I've worked with advisors for many many years and I would challenge on something you said you said something earlier but I'm Gonna I'm GonNa just tweak it just a little bit so many advisers can explain things in a way that anybody can understand. The problem is those advisers many advisors. Don't take the time to do that. And that's what bothers me. Most I think and so. That's why I appreciate. What esther does there and what you're doing with clients? You guys are willing to sit down take the time and truly make sure that your client knows you know you're you're not talking down to them you know pretending they're dumb by any means it's just look we have jargon that we use. Here's here's what we say but let me explain what that truly means and what that looks like for you guys. I want to thank you both and great job today. Esther thank you for bringing them on and I hope he got that. Gift Card ready to go out and spend wherever he's going Yeah that's that'll that'll be ready. All right well thank you so much. This is a great podcast and I will. I will talk to you very soon. Downgrade have a great rest of your week. You and thank you for listening to the women who while podcast with her SABA. If you've not subscribe to the podcast please. Click the subscribe button below. This esther comes out with a new podcast. It'll show up directly on. You're listening device. This makes it much easier. Share these podcasts. With your friends and family again. Thanks so much for listening today for everyone Gates Pass Advisors. This is Eric Johnson. Reminding you to live your best day every day and we'll see.

esther Gates Pass Advisors Gates Pass Eric Johnson first house executive Eric J. Eric Pepsi
The Dark Side of Being a Millionaire! (The Truth About Being Wealthy)

The Money Guy Show

07:32 min | 1 year ago

The Dark Side of Being a Millionaire! (The Truth About Being Wealthy)

"I think is so fun about the show? Brian is all the time we talk about. Happy uplifting positive generally optimistic people I think so. We always try to have a positive thing that we're sharing with our audience but this is a little bit different because we wanted to kind of talk about you know things are always rainbows and UNICORNS. Sometimes even there is a dark side to good things. That's that's kind of what we wanted to share in today's episode. It was one of those things because I know a lot of everybody. We have an entire society that is built upon. Get here do do this. When do this in your twenties? Then we'll look. We have our own series. We love our network by series. And it's supposed to give you the tools and techniques and things so you know what to focus on win but I do feel like there's also while we're giving these tools and sets and things that you should be looking at and focusing on there's industries out there that are trying to say say hey in your twenties live this way and look I told everybody pre show. I just came back from Las Vegas. I was shocked at how many watched shops ops luxury handbags belts and it hit me. I was like this is the game if br thirty two year old bronner thirty-three O'Brien wanted rolexes Alexis Brightlingsea tags now forty late forties Brian. This is like he's about as I was mad. That bring the charger to my my apple. Watch I mean because I just I think the steps recorded so it's just funny how there is a whole system out there in society pushing you on what you should try to be accomplishing how you should spend your money. We you want to help you avoid the dark path of void the pitfalls. And make sure that you're having a healthy relationship with money. I want to create a win win win win and what I mean by that is is that I want your friends and family to be happy with how you are with your relationship with money I want you you to be fulfilled with your relationship with money and then I want your community community benefit. Because you're making things better all around you so this can be a win win win situation. So let's jump into this because we broke this into all the different segments that you need to be mindful and then we put money got tips to make sure you navigate eight this well so the first one is money can ruin your relationships. I think this is one. This poll people. What's one of the downsides has to monitor the downside as well? I feel like most folks would come up with this one pretty quick because you kind of see horror stories of this and the news and with celebrities famous folks. It's no surprise that whenever there's money honey evolved and certainly whenever. There's a little bit of money or a lot of money. Things can get tenuous and stressful. We focused on. You know thinking about this. We're in show no prep. Yep We focused on significant others. You know relationships between couples but I will tell you one of the saddest things that I experienced as a financial planner is the residual zigic effective when families fight over money too. So it is. This is not just for couples. Money can mess up all types of relationships and we had a pretty shocking stat. That kind of kick this off. It was thirty. Five percent named finances is a is the primary troublespot with their partner. And I think that was one of the largest and and this was data from From a suntrust study I think that finances was one of the single largest cause of stress in a marriage relationship relationship or a spousal relationship and I thought it was because that one I made them put the word research because it looked like that was this Lod brought to you by Suntrust Bank. You know we which which kind of scared me? But it was a research study they had but then the Federal Reserve Board actually hit because the government is compiling data at all times. I thought this was interesting. Mismatches ashes. Between couples credit scores can be the biggest indicator one of the bigger indicators. That your your marriage or your relationship is headed for a tough spot easily within the first five years now that one I always found that really interests when we're talking about that because that's not something I immediately think of whenever I'm talking to like have friends getting married talking to clients. We're thinking about getting married. I never really asked him the question. Hey have have you done a comparison of your credit scores. This is not something but it is interesting. If you think about behavior Laden it probably ably does tell you a lot about the behaviors and actions of the person that you're gonNA join this long term commitment reason your insurance company basis a lot lot off of your credit score so it is one of the things that I thought was interesting when when I was doing data research for the show divorce but we talk about all the time. That the quickest way to lose half of your net worth is go get divorced but there's actually now this is this has got a little edge to it because this is from the mid to thousands around December of two thousand five there was a study from marriage and divorces impact on wealth. This doesn't say fifty percent. What did it say? The actual wealth impact says the average wealth trump is actually seventy seven percent as a result of divorce. So attorneys must be expensive record. Not only pay. which have left is just not a a wonderful wonderful endeavor? If you're thinking about wealth building this is the exact opposite of that so you just WanNa make sure that as you build resources wealth you understand how it can affect relationships. So let's talk about how you can ensure these. The money got tips to get you through all these issues. The first one is I want you to control and focus your inner voice now. Look you're like what the heck is he talking about. We all do it. You're not a Weirdo that you have something that goes on. You're constantly talking to yourself itself. At least I hope you are. That are either. You're the only one on hoping that most of you guys talk to yourself a lot more than you even probably we realize that we talk about the invisible hand of success mall the time on shows that you gotta wake up that invisible hand to get you from destination A.. Hey to be embiid is where you want to be in literally. So it's one of those things that that inner voice is so much more powerful at works with money at works with your success in your career. It definitely works in relationship so you have to focus on what that inner voice to say. One of the greatest piece of advice is one of the greatest pieces of advice vice. You ever gave me a brown. You gave this to me when I first got married and I was talking to you about because when you get married it's just unique figuring out how to live and work with someone else and you said here's what's really interesting about inner voice. We are our inner voice. All has a predisposition it's either inherently negative or inherently positive and. Sometimes you don't get to control where it starts which you do get to controls where it finishes and you can actually control troll. What the inner voice in your head saying I think when you refrained me to realize that it was a game changer that I could actually control what that voice was saying? Those those voices that you're whispering into your own head are more powerful than you realize so. Give them credit give them respect make it positive number two. You've got to find balance. I I know whenever I see the word balance when somebody especially because it makes me think of everybody's saying work life balance you know it's so touchy feely. And it's not really because I'm an analytical thinker on things but it really is embo. You said this don't prioritize career advancement for yourself over relationship building. What did you mean by that? A lot of folks they will go try to conquer the next mountain. Try to conquer the next. He'll try to go achieve success. Go do the next thing. Not Realizing the collateral damage that relationships whether it's significant others family children. Whoever it may be that they're leaving in the wakes he just had to be careful that getting the top of the mountain doesn't force you to sacrifice all the people that are along the journey with

Brian Suntrust Bank Las Vegas Federal Reserve Board Bronner Partner Apple Feely Alexis Brightlingsea Laden
"financial planner" Discussed on Velvet's Edge

Velvet's Edge

02:43 min | 1 year ago

"financial planner" Discussed on Velvet's Edge

"I don't know if there's anyone listening to this podcast that maybe as high school student or someone you know Early in their college career. Freshmen year somewhere along those lines. What I would encourage you and this is something that that my parents told me early on and I'm super appreciative for it? Make sure that the decree you're deciding on as far as your major goes is aligned with the student loan debt that you're taking out so so this is something once again. This is not to upset anyone. We've got some clients that Have a degree that only pays them. Maybe forty to fifty thousand dollars a year Ask You knew that that degree was only gonNA pay them forty to fifty thousand dollars a year yet. They went to an Ivy League University and now we have two hundred fifty thousand dollars dead with something that is. Let's say a master's degree or doctorate. That's still really good but it's only going to pay them fifty sixty thousand dollars a year of income and so it's going to be so hard to climb out of that okay so that's number one. Make sure your degree can support so if I have a physician that has three hundred thousand of student loan debt. But they're making five hundred thousand dollars breath. I'm okay with that. Yeah I hate that. They've got the debt but we can work out of it right and make that happen. So that's number one number two is once you're in the trenches. It's your Sophomore Junior. A year you're in graduate school residency. The debts already there okay. We're going to deal with. It will make it work not that big a deal. Well we have to decide is a couple of things number one. Do we want to look at some kind of student. Loan forgiveness program and those are out there and that's a whole different animal the that we deal with a lot at number two. Do we want to just pay. Hey this thing off systematically okay so looking at paying it off. Over course ten or fifteen years at the given interest rates or number three do we want to try to do like a consolidation nation or refinance of the student loans. And that's a really good option right now and the reason I say that's a really good option is because rates are so low I have been saying rates will never never be this low ever again. I've been there for six years now. So I'm a hypocrite. But they've been so low for so long we we saw them tick up last year at the beginning of twenty nine thousand nine gene and we said all right this is the beginning of rates taking off and then they came back down. The feds started adjusting rates again. So you know. Depending on your credit credit score income amounts professionals types of things. We're getting some people that are refinancing to the high threes right now which is a great interest rate for the student loan. So it makes it very manageable to pay that debt off a reasonable timeframe while still not sacrificing being able to buy a house and do other things whether or not you wanna go completely full focused on just paying off debt. Shut off all retirement savings and persinger.

Ivy League University
"financial planner" Discussed on Veteran On the Move

Veteran On the Move

11:24 min | 2 years ago

"financial planner" Discussed on Veteran On the Move

"Mind you're GONNA be able to sleep at night if you're invested in these very aggressive high growth investments and that's your whole Nasdag you're probably gonNA worry about that every night the watch the stock market you're going to watch the news you're gonNA check your phone and when things are down still bid you're gonNA think holy cow wow this is this this is horrible I can't sleep at night I can't stomach this this is not what I signed up for you want your peace of mind I and so you know what you're invested in and you know if the stock market's up that's great when it's down that's fine too you know we've taken can that into consideration for the plan dislike military operations don't go as planned after you cross L. D. after cost the line of departure and and the enemy has a vote okay life has a vote here but we're going to have a plan that accounts for that accounts for the changes and we're GonNa Joan Review it we're GONNA do a ours after action reviews but I don't call with people but that's we're doing whether it's quarterly or semi my annually or annually we're GonNa meet together again and we're gonNA talk maybe it's in person maybe it's over videoconference or are just the a normal phone we're gonNA stay in touch and we're GONNA talk and we're GonNa make sure the plan is set up so you're comfortable you have peace of mind and again I'm back to S P P if paying for that the the percentage of your retired paycheck or your your pension if that amount gives you peace peace of mind for your spouse or your your spouse really the peace of mind then it's definitely something to consider if you think you can find peace peace of mind and other places and there are plenty of other options as you discussed insurance policies if you're comfortable looking at other options than certainly explore some other their options and see what all is out there the we have an abundance in the in America plenty things to choose from and then it becomes is the conversation with with UN and your spouse how do you feel what are you thinking some conditions that might factor in maybe it's it's children when you know you have older children younger children do you have any type of specific medical situation that that has a higher probability of affecting one spouse or the other later in life and that's where I talk about the unique search circumstances stances everybody's unique we need to account for those and considered those in in the planning process more developing courses of action and doing our military decision making process it's it's very similar we just have some different terms and different tools in there as we're the on it but but the survivor benefit plan is a good is a good program it's there it's available to everybody regardless of any type of Medical Nicole condition you've served you retired and you are eligible to take advantage of it definitely want to consider it. I tell everyone definitely considerate yes so it sounds like for a lot of people indefinitely completely makes sense for other people it may not but it is is peace of mind it is guaranteed is backed by the US government it's tough to go wrong and you can get more reliable than that and that's right those are things that you really have to keep in mind it's backed by the US government you know it's reliable you're going to get that check yeah so what are the questions that had always comes comes along with the financial advisors allow people there's a stigma that they don't WanNa go type face visor because it seems like there's a lot of mouth through that well they're just going to try to sell me he's like some expensive whole life insurance policy or something like that the truly how they make their money right and unfortunately that stereotype doesn't thank you I wish it weren't the case I wish I could say no I've never heard of that but I have certainly heard of that and the difficult concept here here is you're not buying a car you're not buying a thing with me. I'm providing a service I'm providing advice guidance direction and just a sounding board for people to talk about am thinking about this what do you think about when people come across any kind of financial told decision that affects them that's when they call me or send me an email and say hey this is going on what do you think about this and there are insurance product insurance instance policies to believe the person who who sells the agent who provides you that that policy they make their money upfront they they get a percentage of whatever that policy is however it's the percentage is broken down and then they're done like they're never they're not gonNa make much more money from that right and so they're they're kind of just done with you they wanna move along and find someone else might direction and guidance is is ongoing it begins when we when we first meet eight and then it just goes it goes on and that's what I encourage people when you wanna work with someone else look for someone that you can have an ongoing relationship and that can be in many cases you pay an annual fee and for for this year we're GONNA look over your finances set up a plan and that's it and maybe who's GonNa come back in two or three years you don't need you don't need to talk every six months or even every year there's lots lots of different ways to do that but you want ongoing ongoing support from someone and you can find that a lot of places versus if you just go you can go to the Internet and there are lots of APPs for your phone home or websites you can go to and you can do investing and it's it's quick it's easy and there's lots of choices and that's fine but what I provide people are personal connections one on one conversations where I can help improve other peoples lives yeah so like how how is the fee structure set what's the cost for the client where the cost coming from is a performance based and all that how is your way you can explain that to start off with it depends right course but it's it's GonNa be it's a percentage it's going to be some type of percentage of the assets of of how the the work it's based on the scope of the work as well that's really what we're looking at two okay so you've been doing financial planning for quite some time now what kind of skills. Dell's if you think back about your time in the army what kind of things did you learn from the military that have contributed to your success on this in the on the civilian sued we talk about on linked in and networking that the soft skills that you get in the military or in the army here that applies to any job and it really does this is where a human touch is important you know your people as we grow up the military it's always stressed make make sure you know your people know what they're doing on the weekends Try to help too much problems you know if they're gonNA do some they're going to go skydiving hey let's talk about this before you go skydiving and make sure you're you're going to a reputable place to do this you've done a little research but it's getting to know your people all interacting with other people at a a small group level when you're on a planning team working with a handful of other people and you're planning some operation for it's been a long time planning these operations just the interaction with other people being able to you understand empathize with people in really put yourself in other people's shoes as you get to know people you have to soon things from their perspective to be able to help them go the way they want to go and I think putting yourself in their shoes understanding getting people to have a conversation an old recruiting term was you know was fact-finding questions open ended fact finding questions that's how we get people on the army don't just ask yes or no questions were similar concept here statements and some questions and not an interrogation but leading statements that of how people want to live their lives those the the soft skills that really helped me on a daily basis yeah so there's a lot of folks in the military you know the really into investing and playing the stock market and saving financial planning all sorts of different routes in avenues. You know there's quite a few of us that while you're in the military you think about possibly getting out and going an inefficiential planning so if you're talking to somebody that's it's in the military or getting ready to get out and go through transition and they're looking at some type of financial planning as puzzle career would kind of advice would you have for you want to start with looking at the certified financial planner coursework getting that certification and that provides the the backbone the foundation it's like officer Basic Course for financial planning and then there are plenty of other certificates that you can add on their wealth management working with divorce as all these other different areas of focus but certified financial planner it gives you the overview of the process in a lot of that stuff other certifications and stuff that can still be acquired while you're still active duty right exactly so you can set yourself up you get a taste of it find if you really like it or not have a lot of stuff taking care of and have those have those hard skills feels was her tickets and require requirements done before you even get out which would definitely hope the other part of that is there are so the different types of financial planning firms companies and individuals go out and network and we're happy to talk to people you know as you know when you're reaching out to other veterans they're almost always happy to talk to people about what they do and how they do it and expand their network pass along their connections and other people going out and doing those informational interviews at other places just seeing what's out there we we're getting close the end of our time so on that subject if somebody does want to get a hold of you or find out more about infant office How do we find you. Lincoln's a great place to find me grant Montgomery on Lincoln Email address is grant Kiara mt at unfinished.

"financial planner" Discussed on Veteran On the Move

Veteran On the Move

11:26 min | 2 years ago

"financial planner" Discussed on Veteran On the Move

"Did we want everyone to have peace of mind. You'RE GONNA be able to sleep at night if you're invested in these very aggressive high growth investments and that's your whole NASDAG. You're probably GONNA worry about that every night. The watch the stock market. You're GonNa Watch the news you're gonNA check your phone and when things are down still bid you're gonNA think holy cow. Wow this is this. This is horrible. I can't sleep at night. I can't stomach this. This is not what I signed up for. You want your peace of mind. I and so you know what you're invested in and you know if the stock market's up that's great when it's down that's fine too you know we've taken can that into consideration for the plan dislike military operations. Don't go as planned after you cross L. D. after cost the line of departure and and the enemy has a vote. Okay life has a vote here but we're going to have a plan that accounts for that accounts for the changes. And we're GonNa Joan Review it. We're GONNA do a ours after action reviews but I don't call with people but that's we're doing whether it's quarterly or semi my annually or annually. We're GONNA meet together again and we're GONNA talk. Maybe it's in person. Maybe it's over videoconference or are just the a normal phone we're gonNA stay in touch and we're GONNA talk and we're GonNa make sure the plan is set up so you're comfortable. You have peace of mind again. I'M BACK TO S. P P if paying for that the the percentage of your retired paycheck or your your pension if that amount gives you peace peace of mind for your spouse or your your spouse really the peace of mind then. It's definitely something to consider if you think you can find peace peace of mind and other places and there are plenty of other options as you discussed insurance policies if you're comfortable looking at other options than certainly explore some other their options and see what all is out there. The we have an abundance in the in America plenty things to choose from and then it becomes is the conversation with with. UN and your spouse. How do you feel what are you thinking? Some conditions that might factor in maybe. It's it's children when you know you have older children younger children. Do you have any type of specific medical situation that that has a higher probability of affecting one spouse or the other later in life. And that's where I talk about the unique search circumstances stances. Everybody's unique. We need to account for those and consider those in in the planning process more developing courses of action and doing our military decision making process. It's it's very similar. We just have some different terms and different tools in there as we're the on it but but the survivor benefit plan is a good is a good program. It's there it's available to everybody regardless of any type of Medical Nicole condition you've served you retired and you're eligible to take advantage of it definitely want to consider it. I tell everyone definitely considerate yes. It sounds like for a lot of people indefinitely completely makes sense for other people it may not but it is is peace of mind it is guaranteed is backed by the US government. It's tough to go wrong and you can get more reliable than that and that's right. Those are things that you really have to keep in mind. It's backed by the US government. You know it's reliable. You're going to get that check. Yeah so what are the questions that had always comes comes along with the financial advisors Allow people. There's a stigma that they don't WanNa go type face visor because it seems like there's a lot of mouth through that well they're just going to try to sell me. He's like some expensive whole life insurance policy or something like that the truly how they make their money right and unfortunately that stereotype doesn't thank you. I wish it weren't the case. I wish I could say no. I've never heard of that but I have certainly heard of that. And the difficult concept here here is. You're not buying a car. You're not buying a thing with me. I'm providing a service. I'm providing advice guidance direction and just a sounding board for people to talk about. AM thinking about this. What do you think about when people come across any kind of financial told decision that affects them? That's when they call me or send me an email and say hey this is going on. What do you think about this? And there are insurance product insurance since policies to believe the person who who sells the agent. Who provides you that that policy? They make their money up front. They they get a percentage of whatever that policy is however it's the percentage is broken down and then they're done like they're never they're not gonNa make much more money from that right and so they're they're kind of just done with you they wanna move along and find someone else might direction and guidance is is ongoing it begins when we when we first meet eight and then it just goes it goes on and that's what I encourage people when you wanna work with someone else look for someone that you can have an ongoing relationship and that can be in many cases you pay an annual fee and For for this year. We're GONNA look over your finances. Set up a plan and that's it and maybe who's GonNa come back in two or three years you don't need you don't need to talk every six months or even every year. There's lots lots of different ways to do that. But you want ongoing ongoing support from someone and you can find that a lot of places versus if you just go you can go to the Internet and there are lots of APPs for your phone home or websites you can go to and you can do investing and it's it's quick it's easy and there's lots of choices and that's fine but what I provide. People are personal connections one on one conversations where I can help improve other peoples lives. Yeah so like how. How is the fee structure set? What's the cost for the client where the cost coming from is a performance based and all that? How is your where you can explain that to start off with it? Depends right course. But it's it's GonNa be it's a percentage it's going to be some type of percentage of the assets of of how the the work it's based on the scope of the work as well. That's really what we're looking at two. Okay so you've been doing Financial Planning for quite some time. Now what kind of skills Dell's if you think back about your time in the army. What kind of things did you learn from the military that have contributed to your success on this in the on the civilian sued we talk about on linked in and networking that the soft skills that you get in the military or in the army here that applies to any job and it really does? This is where a human touch is important. You know your people as we grow up the military. It's always stressed. Make make sure you know your people know what they're doing on the weekends Try to help too much problems. You know if they're GONNA do some they're going to go skydiving. Hey let's talk about this before you go. Skydiving and make sure you're you're going to a reputable place to do this. You've done a little research. But it's getting to know your people all interacting with other people at a a small group level when you're on a planning team working with a handful of other people and you're planning some operation for It's been a long time planning these operations. Just the interaction with other people being able to you understand empathize with people in really put yourself in other people's shoes as you get to know people you have to Z.. Things from their perspective to be able to help them go the way they want to go and I think putting yourself in their shoes understanding getting people to have a conversation an old recruiting term was you know was fact-finding questions open ended fact finding questions. That's how we get people on the army. Don't just ask yes or no questions were similar concept here. statements and some questions and not an interrogation but leading statements. That of how people want to live their lives. Those the the soft skills that really helped me on a daily basis. Yeah so there's a lot of folks in the military you know the really into investing and playing the stock market and saving financial planning all sorts of different routes in avenues. You know there's quite a few of us that while you're in the military you think about possibly getting out and going an inefficiential planning so if you're talking to somebody that's it's in the military or getting ready to get out and go through transition and they're looking at some type of financial plan is puzzle career. What kind of advice would you have for? You want to start with looking at the certified financial planner coursework getting that certification and that provides the the backbone the foundation. It's like officer basic course for financial planning and then there are plenty of other certificates that you can add on their wealth management working with divorce as all these other different areas of focus but certified financial planner. It gives you the overview of the process in a lot of that stuff other certifications and stuff that can still be acquired. While you're still active duty right exactly. Yeah so you can set yourself up you get a taste of it find if you really like it or not Have a lot of stuff taking care of and have those. have those hard skills feels. Was Her tickets in record requirements. Done before you even get out. Which would definitely hope the other part of that is there are so the different types of financial planning firms companies and individuals? Go out and network and we're happy to talk to people you know as you know when you're reaching out to other veterans. They're almost always happy to talk to people about what they do. And how they do it and expand their network pass along their connections and other people going out and doing those informational interviews at other places. Just seeing what's out there we we're getting close the end of our time so on that subject if somebody does want to get a hold of you or find out more about infant office How do we find you? Lincoln's a great place to find me grant Montgomery on Lincoln. Email address is grant G. R. A. N. T. at unfinished. And.

"financial planner" Discussed on Veteran On the Move

Veteran On the Move

03:18 min | 2 years ago

"financial planner" Discussed on Veteran On the Move

"IRA back talking with army veteran grant Montgomery from infinitives so grant I wanted to hit you with a couple of scenarios Barrios since you retired in I'm retired myself most folks in the military if you to retire and you have this decision to make me retire tire and whether you hear all sorts of different theories on this when you retire you have you elect to it pay of significant amount of money each month out of your retirement check so that if you pass away before your spouse your spouse starts risk will still collect half of of your military retirement and I know a lot of friends colleagues that retired and most guys would sign onto it and say yeah that's that's probably the guarantee so if some did happen to them their wife or husbands not left with nothing but you do you do pay a pretty price for you're having that guarantee of half your military pig continues good your spouse die and I know some folks that in now if the military member elects to not do that the spouse has to come in and actually sign in front of a notary saying I I realize what what we're given up here and what the what the risk risk is but I know some people that have them as a couple have done the research and elected to just get like some kind of insurance policy right out of the gate and so that way they don't pay that money out of the military retirement and if something does happen in the military member the spouse just gets the insurance money instead of you know the perpetual retirement amount so have you done the analysis on that and you know I'm sure it's one of those depends depends answers age and everything so what what what do you find typically is the best thing to do I do the analysis for that for people have done it at several times which referring to is the survivor benefit plan the SBP and you you're right you have to go in with your spouse if you're gonNA a decline in in front of the notary and they had to say are you sure you want you don't want to do this and then your spouse can consign saying no that's fine he's GonNa here's the servicemember is going to decline it it does like you said it depends on the unique situation and as I mentioned before we do look really deep into everyone's individual their personal their family situations because there are just so many variables beyond People asking me how much should I save every month or every year okay you need to save ten to twenty percent of your gross pay every year that's a great great rule of thumb but beyond that every piece of financial advice needs to be suited to the individual to that family to whoever it is that needs to be tailored for them versus a cookie cutter approach you alluded to that earlier with the question about are there any templates for financial plans no we don't use templates don't use any cookie cutter approaches may use some similar concepts in different in different replaces but it's all.

"financial planner" Discussed on Veteran On the Move

Veteran On the Move

03:12 min | 2 years ago

"financial planner" Discussed on Veteran On the Move

"I wanted to hit you with a couple of scenarios Barrios since you retired in. I'm retired myself most folks in the military if you to retire and you have this decision to make me retire tire and whether you hear all sorts of different theories on this but when you retire you have you elect to it pay of significant amount of money each month out of your retirement check so that if you pass away before your spouse your spouse starts excuse will still collect half of of your military retirement and I know a lot of friends colleagues that retired and most guys would sign onto it and say yeah. That's that's probably the guarantee so if some did happen to them their wife or husbands not left with nothing but you do you do pay a pretty price for. You're having that guarantee of half your military pig continues. Good your spouse die and I know some folks that in now if the military member elects to not do that the spouse has to come in and actually sign in front of a notary saying I I realize what what we're given up here and what the what the risk risk is but I know some people that have them as a couple have done the research and elected to just get like some kind of insurance policy right out of the gate and so that way they don't pay that money out of the military retirement and if something does happen in the military member the spouse just gets the insurance money instead of you know the perpetual retirement amount so have you done the analysis on that and you know. I'm sure it's one of those depends depends answers age and everything. So what what what do you find typically is the best thing to do. I do the analysis for that for people have done it at several times. which referring to is the survivor benefit? Plan the SBP. And you. You're right you have to go in with your spouse if you're gonNA a decline in in front of the notary and they had to say. Are you sure you want. You don't want to do this. And then your spouse can consign saying no. That's fine he's GonNa. Here's the servicemember is going to decline it. It does like you said it depends on the unique situation and as I mentioned before we do look really deep into everyone's individual their personal their family situations because there are just so many variables beyond People asking me how much I save every month or every year. Okay you need to save ten to twenty percent of your gross pay every year. That's a great great rule of thumb but beyond that every piece of financial advice needs to be suited to the individual to that family to whoever it is that needs to be tailored for them versus a cookie cutter approach and you alluded to that earlier with the question about. Are there any templates for financial plans. No we don't use any templates. Don't use any cookie. Cutter approaches may use some similar concepts in different in different replaces..

"financial planner" Discussed on Veteran On the Move

Veteran On the Move

03:34 min | 2 years ago

"financial planner" Discussed on Veteran On the Move

"Maybe it's it's supporting us a certain college your Alma Mater. Are you know how you WanNa live your life. And that's what we get to know with people because it's the the differentiation is being right. Brain focused want to know what's going on what what are people's passions and how we can support those passions. Yes so In the process of getting to know people do you develop plans and strategies that that differ widely or dramatically. And I have to confess. I would think that most people's financial plan means when I retire at this age. I want Basically WanNa have as much money as I possibly can. But that's probably wrong is so. Do you really develop that many different in various strategies for different people. Oh Yes yes yes we sure do. Because everybody's lives are very unique so different how we're going to live what our interests are and maybe it's ranges from church to the TUB Golfing Aviation. Just just anything. All those things factor in to how we set up a plan. Dan was someone said. You have like I'm digging deep here. So in your office do you have like templates blitz that you just drop on the will fit certain scenarios pretty good or you pretty much start from scratch You know kind of an all the cart system when you're ear syndrome with somebody. This is how I start with someone. I bring in a blink notepad and ask questions so you definitely understood from scratch. Yes definitely we. Don't there's no standard you know okay. You're you're thirty five years old. You're married with two kids. This is what if you want. You want to retire when you're fifty five. This is what we're going to deal absolute odd and so are your like you specifically physically or your clients like what can age range or some of the clients who you're dealing with is it. Is it pretty broad or the pretty similar to your own age wjr. The Age Range is pretty broad from late twenties. Too late fifties maybe the majority might be closer to my own age forty s and so it la- personal question when somebody comes in that's significantly older than you do is are. Do you ever deal with somebody. That's older wiser. have an issue with trust in somebody younger very seldomly. It does come up the a question like that will come up occasionally. What we have is our our education and experience? I mean you know you. You're older than me you know. Even if you're in your your sixties or seventies but you didn't focus on this by taking your car to the mechanic when you go into mechanic and getting something worked John Timing belt or a water pump or maybe just spark plugs to and it's a twenty five year old mechanic this that is that your biggest concern concern. Yeah good point. I mean as low as he knows what he's doing he's probably good. He's doing it every day so that's probably early with expertise comes from not necessarily age. That's right but it. It does come up occasionally right orbit..

"financial planner" Discussed on Veteran On the Move

Veteran On the Move

03:24 min | 2 years ago

"financial planner" Discussed on Veteran On the Move

"And that's what we get to know with people because it's the the differentiation is being right brain focused want to know what's going on what what are people's passions and how we can support those passions yes so in the process of getting to know people do you develop plans and strategies that that differ widely or dramatically and I have to confess I would think that most people's financial plan means when I retire at this age I want basically WanNa have as much money as I possibly can but that's probably wrong is so do you really develop that many different in various strategies for different people Oh yes yes yes we sure do because everybody's lives are very unique so different how we're going to live what our interests are and maybe it's ranges from Church to the TUB golfing aviation just just anything all those things factor in to how we set up a plan Dan was someone said you have like I'm digging deep here so in your office do you have like templates blitz that you just drop on the will fit certain scenarios pretty good or you pretty much start from scratch you know kind of an all the cart system when you're ear syndrome with somebody this is how I start with someone I bring in a blink notepad and ask questions so you definitely understood from scratch yes definitely we don't there's no standard you know okay you're you're thirty five years old you're married with two kids this is what if you want you want to retire when you're fifty five this is what we're going to deal absolute odd and so are your like you specifically physically or your clients like what can age range or some of the clients who you're dealing with is it is it pretty broad or the pretty similar to your own age. WJR The age range is pretty broad from late twenties too late fifties maybe the majority might be closer to my own age forty s and so it la- personal question when somebody comes in that's significantly older than you do is are do you ever deal with somebody that's older wiser have an issue with trust in somebody younger very seldomly it does come up the a question like that will come up occasionally what we have is our our education and experience. I mean you know you you're older than me you know even if you're in your your sixties or seventies but you didn't focus on this by taking your car to the mechanic when you go into mechanic and getting something worked John Timing belt or a water pump or maybe just spark plugs to and it's a twenty five year old mechanic this that is that your because concern concern yeah good point no I mean as low as he knows what he's doing he's probably good he's doing it every day so that's probably early with expertise comes from not necessarily age that's right but it it does come up occasionally.

"financial planner" Discussed on Veteran On the Move

Veteran On the Move

06:58 min | 2 years ago

"financial planner" Discussed on Veteran On the Move

"In the army absolutely and thanks for for the Opportunity Dank started off in the army as a seal artillery officer king being a battle definitely what. I was excited about a very enthusiastic when I got selected for the Field Artillery branch I served for just over twenty years years and it was really cool that we got our first start. My wife and I got married. Right after I commissioned and then we went to Germany for my the first assignment after the basic course obviously Germany was just just an exciting time to be there as a newlywed couple. No kids we could take off and go do a lot of fun things they're really one of the highlights of my career. Although I enjoyed most all the aspects of my career at two assignments in the one hundred first Airborne Division Air Assault at Fort Campbell Kentucky I was in First Brigade and then second brigade as well two years as a recruiting cruise company commander in Iowa City Iowa that was definitely a lesson in in dealing with the public and in people that were you know. Sometimes I'm so happy to see you and sometimes gave you a really weird. Look when you walked up I wanNA talk to you soon. One one assignment on a transition team same with the Iraqi army in Baghdad as far as deployments deployed for Operation Iraqi Freedom one on the transition team during surge in an operation Enduring Freedom as well finish off my career last five years in a combination of two RTC assignments. I as an assistant professor military science and then I enjoyed the Dr Otc the challenges the benefits benefits and working with the cadets. Really they got you really excited. After being in the army for fifteen plus years working with these cadets who were excited about being in the army it really reenergized me and I decided to compete for being a professor military science myself and and finished up there like I said five years. ROTC decided we've found a home here. In the Kansas City area schools are crate. My wife and I love the area. We decided it was probably time to hang up the army uniform and focus on our family a little bit more focus folks on the kids and and make sure that they were happy in school and enable to succeed for themselves. Set Them Up. Set themselves up for success as far as a finance finance or investing in you know how did you find. How did you find your way into financial planning? I'm I'm curious which was always like a real interest you had while you're while you're in the military I know I like people don't know this but I actually strongly considered getting out of the Marine Corps going into being a financial planner and taking all the tests and doing doing that but in a stay with the pilot route so I've always been heavily interested in investing and building wealth in kind of folds well all into the the entrepreneurial pursuits also Curious we do you always have that entrepreneurial instinct or that that you know real interest in financial planning investing and wealth-building. That's pretty cool that you were interested in it I have. I have my love for finance. Financial Management really began early. I was only eighteen when I invested my life savings which was the mighty some of a thousand dollars in a mutual fund. And I was thrilled at that point that I was taking control of my finances and just starting to learn about compound interest and that has stuck with me since them been for. There's a great awesome story about compound interest with Ben. Franklin didn't Denise Ben Franklin said that's like one of the you know one of the wonders of the world when the Great Wonders of the world of and he left his entire When he was the what was it like the mayor of Philadelphia or something? Like that don't is entire salary to the city of Philadelphia and after one hundred years they could take it and then the rest of it they get after the next hundred years or something like that but there's a cool story about compound interest into Ben. Franklin was fascinated by compound interest. But I still remember back. The very first book ever read just totally changed my perspective on money and open my eyes. Is this whole world of financial. Planning Charles Givens Wealth without risk. You ever remember that book. I have not read that it was back before Robert Kiyosaki days and most stuff he was talking about was was legitimate. You Know He. He took a lot of heat in the news and stuff but it did. It totally opened my eyes to that way of thinking in that mentality about starting to plan ahead and start investing early and getting getting ahead on the compound interest interest a game and it just went from there and I've read you know tons of books about financial planning investing and everything else so so as you're getting close to you get out of the army. What were your planning as far as transition was concerned? Did you know for sure. You'RE GONNA jump jump all the way into financial planning when you got out. I did SEVERI end. It was probably in the last one to two years when I narrow down my focus as to where I wanted to go where I wanted to land after the army. So did you go right into financial planning when you when you retired. I did I went to work for another company. A major. You're a major investment company. And then that really wasn't the best fit for me. And then I met a Meta contact just networking events. My side thing is. I'm a gearhead I love to work on cars and I met this other gentleman and we were talking and he was also also he is also in the financial planning industry and he said well you know might have an opportunity. We need to talk sometime and ended up talking to him and then ended up coming on board with him. Okay and so in Finnish Tass is its own financial planning company or are you considering an independent independent operator absolutely. Yes right so as a financial planner. Would you spend most your time doing most of the time when we're working with people is we're getting to know people when you want somebody to make a decision for you on on. What's a good way way forward to help you live your life? That person needs to know a lot about you know you go in and they need to understand you know what what are your hobbies hobbies interests. Where do you want? It's it's really hard. Sometimes though the common question is hey what are your goals and objectives for the rest of your life..

"financial planner" Discussed on Veteran On the Move

Veteran On the Move

06:57 min | 2 years ago

"financial planner" Discussed on Veteran On the Move

"In the army absolutely and thanks for for the Opportunity Dank started off in the army as a seal artillery officer king being a battle definitely what I was excited about a very enthusiastic when I got selected for the field artillery branch I served for just over twenty years years and it was really cool that we got our first start my wife and I got married right after I commissioned and then we went to Germany for my the first assignment after the basic course obviously Germany was just just an exciting time to be there as a newlywed couple no kids we could take off and go do a lot of fun things they're really one of the highlights of my career although I enjoyed most all the aspects of my career at two assignments in the one hundred first Airborne Division Air Assault at Fort Campbell Kentucky I was in First Brigade and then second brigade as well two years as a recruiting cruise company commander in Iowa City Iowa that was definitely a lesson in in dealing with the public and in people that were you know sometimes I'm so happy to see you and sometimes gave you a really weird look when you walked up I wanNA talk to you soon one one assignment on a transition team same with the Iraqi army in Baghdad as far as deployments deployed for Operation Iraqi Freedom one on the transition team during surge in an operation Enduring Freedom as well finish off my career last five years in a combination of two RTC assignments I as an assistant professor military science and then I enjoyed the Dr Otc the challenges benefits benefits and working with the cadets really they got you really excited after being in the army for fifteen plus years working with these cadets who were excited about being in the army it really reenergized me and I decided to compete for being a professor military science myself and and finished up there like I said five years ROTC decided we've found a home here. In the Kansas City area schools are crate my wife and I love the area we decided it was probably time to hang up the army uniform and focus on our family a little bit more focus folks on the kids and and make sure that they were happy in school and enable to succeed for themselves set them up set themselves up for success as far as a finance finance or investing in you know how did you find how did you find your way into financial planning I'm I'm curious which was always like a real interest you had while you're while you're in the military I know I like people don't know this but I actually strongly considered getting out of the Marine Corps going into being a financial planner and taking all the tests and doing doing that but in a stay with the pilot route so I've always been heavily interested in investing and building wealth in kind of folds well all into the the entrepreneurial pursuits also curious we do you always have that entrepreneurial instinct or that that you know real interest in financial planning investing and wealth-building. That's pretty cool that you were interested in it I have I have my love for finance financial management really began early I was only eighteen when I invested my life savings which was the mighty some of a thousand dollars in a mutual fund and I was thrilled at that point that I was taking control of my finances and just starting to learn about compound interest and that has stuck with me since them been for there's a great awesome story about compound interest with Ben Franklin didn't Denise Ben Franklin said that's like one of the you know one of the wonders of the world when the Great Wonders of the world and he left his entire when he was the what was it like the Mayor of Philadelphia or something like that don't is entire salary to the city of Philadelphia and after one hundred years they could take it and then the rest of it they get after the next hundred years or something like that but there's a cool story about compound interest into Ben Franklin was fascinated by compound interest but I still remember back the very first book ever read just totally changed my perspective on money and open my eyes is this whole world of financial planning Charles Givens wealth without risk you ever remember that book I have not read that it was back before Robert Kiyosaki days and most stuff he was talking about was was legitimate you know he he took a lot of heat in the news and stuff but it did it totally opened my eyes to that way of thinking in that mentality about starting to plan ahead and start investing early and getting getting ahead on the compound interest interest game and it just went from there and I've read tons of books about financial planning investing and everything else so so as you're getting close to you get out of the army what were your planning as far as transition was concerned did you know for sure you're gonNA jump jump all the way into financial planning when you got out I did severi end it was probably in the last one to two years when I narrow down my focus as to where I wanted to go where I wanted to land after the army so did you go right into financial planning when you when you retired I did I went to work for another company a major you're a major investment company and then that really wasn't the best fit for me and then I met a Meta contact you know just networking events my side thing is I'm a gearhead I love to work on cars and I met this other gentleman and we were talking and he was also also he is also in the financial planning industry and he said well you know might have an opportunity we need to talk sometime and ended up talking to him and then ended up coming on board with him okay and so in Finnish Tass is its own financial planning company or are you considering an independent independent operator absolutely yes right so as a financial planner would you spend most your time doing most of the time when we're working with people is we're getting to know people when you want somebody to make a decision for you on on what's a good way way forward to help you live your life that person needs to know a lot about you know you go in and they need to understand you know what what are your hobbies hobbies interests where do you want it's it's really hard sometimes though the common question is hey what are your goals and objectives for the rest of.

"financial planner" Discussed on WJR 760

WJR 760

03:51 min | 2 years ago

"financial planner" Discussed on WJR 760

"Financial planner at doing we're talking today about diversification but nice spent the better part of the first two segments talking about proper asset allocation the efficient frontier how it every given level of risk there is an optimal return the can be achieved we will bring you to talk about tax allocation tax diversification so talk to us a little bit about what the world is tax diversification what's that mean why is it important and how does somebody do it well I think the most important thing is to work with somebody who knows what they're doing because like you said most people have no idea what that is but there's a couple different things when I think about tax diversification one is what type of assets you have and which accounts and then making sure that you have more than one type of account so which one you want to start with well let's start with one that most people have which is the traditional IRA or the traditional four oh one K. most people as they go to work today they have to opt out of the four oh one K. because they're automatically enrolled so let's talk about the four oh one K. what is that what type of an account why is you know and you know it's like a lot of people think they over load that thing and they wind up with more money in their four oh one K. or retirement type accounts than any other type of an account yeah so a four one K. and an IRA or both what we call tax deferred accounts and what that means is when the money goes into that account then the people get a tax deduction and then it grows over time and then when people take money out of those accounts that's when they pay tax on it and so a lot of people say that's great I'm not paying tax today so I'm gonna get this big tax deduction and then in the future when I take it out well I'm gonna get a lower tax bracket and we have all been around enough to know that that's not necessarily the truth a lot of people are in just as high tax bracket when they retire or not hire once was required minimum distribution start because as you said everybody just puts as much in as they can because that's what they were told is really good planning and so a lot of people we meet with come in and basically all their money is in these tax deferred accounts and it's really hard to do much planning if that's all you have to consider that a mistake meaning that you did your pre tax money only get taxed later on in your life then think about what that means to the government because her very happy that you did that it did it that way right I don't get us wrong we're not saying that the traditional four oh one K. or IRA or bad they're actually great and they and they serve an incredible per but it's when you don't diversify into a different type of tax account so let's say that you've got let's let's go to the tax free type of accounts Joanne the Ross four oh one K. and the Roth IRA right so both of those in of the differences is you don't get that tax deduction when the money goes in but it grows tax free so if you're young and have a lot of years for that compound growth to happen that's great but you need to look and say what tax bracket are you win and dean we talked a lot about this on our podcast about choosing between the rock in the traditional and so I'd encourage everybody to listen to that because we go into a lot more depth into that but you really have to look at what's your current tax bracket and do you are you gonna be better off to pay the tax now or in the future indeed how does how do we get that podcast so the podcast is the guided retirement show so go to guided retirement show dot com or simply search for the got every time a show on your favorite podcast app subscribe to it download it give it a listen and you know you're right Joanne we spent whether we get two segments in the first season on traditional versus Roth and how do you and you know talk about different stages of life and how do you make the decision for what you should use a lot of great detail in a podcast and in you that I think that is episode one and two season one of guided retirement show so god every time should I come.

one K four one K
"financial planner" Discussed on KTRH

KTRH

02:32 min | 2 years ago

"financial planner" Discussed on KTRH

"A certified financial planner you know the certainly when it comes to health care long term care to touch on that Troy I mean there are things in there that people probably don't want to think about and maybe they should be thinking about it but then you get to the estate planning part because you certainly help people with that you're not a an estate planning attorney but you can help people come up with plans and may be pointing in the right direction I suppose I you can talk about that but there are certain things we should have financial directives healthcare directives things that we need a place to find that most people are on top of that say at fifty five order they wait till something happens ago who I need to get that done we're working with people primarily who are about to enter retirement and we're helping them to develop an income planted in income strategy and investment plan maybe an insurance plan so by that time a lot of people do have these documents in place maybe not all of them but they'll at least have a will a living will maybe some medical directives when the big ones that a lot of people forget about is the financial power of attorney so the financial power of attorney is important because it allows one spouse to access the other spouse's irate before the death certificates issued lot of people that we meet with they do have those documents they maybe don't have everything that they need but often times we will you know run into a family that they're already retired and they don't have these documents in place so yeah absolutely it's something we identify in our covers three hundred sixty degree process it's just part of family planning and an asset protection and preservation planning yeah I think you know we were talking earlier about retirement planners comparing them to a broke and a broker is basically all about investments what harvest you're basically creating five at least five different plans for us right in income plant and investment plan a health plan the tax plan and a state plan that is what is called holistic planning correct yes in been before and even today if you go to the wrong type of adviser if you're working with a broker or you're just working with investment adviser who doesn't do comprehensive planning I guess that's the best way to know who you're working with many people think they're working with a comprehensive retirement planner thank you you're not working with the retirement plan unless you have all those things unless you have a tax planning income plan investment plan a health plan in a in a in a state plan those are the things that you need in retirement to sleep comfortably at night knowing that all the bases have been covered knowing that your family is taken care of god forbid anything should happen to you so a lot of times just investment advisors even if they're not a broker for their fiduciary there an investment adviser.

three hundred sixty degree
"financial planner" Discussed on WHAS 840 AM

WHAS 840 AM

02:00 min | 2 years ago

"financial planner" Discussed on WHAS 840 AM

"Financial planner of Kentucky planning partners by now you've heard me talk about the importance of finding a real financial planner the markets always up and down but you know what our clients are not worried they have a solid plan for retirement no free steak dinners here but a real financial plan call us at five oh two two oh two eighty one ten for a fair and objective view and join us every week for money for one one Saturday mornings at eight one eight forty WHAS for some it's extreme sports for others it's a really close ballgame but what gets our blood pumping at Baptist health is pioneering new treatments for heart disease equipping our expert team with the latest technology and developing techniques that improved heart attacks survival rates at Baptist health we push ourselves to provide exceptional heart care for one reason so you can keep enjoying the things that get your blood pumping learn more at Baptist health dot com slash heart care results may very call for details you've been thinking about Lasix for years you've heard how laci can be a life changer and now there's never been a better time to see if lay sick is right for you that's right if you're looking for lay sick in Louisville Jaffe custom Lazic has advanced custom laser technology and now for the best price starting at just two hundred ninety five dollars per I'd put this off for years was over in seconds and within twenty four hours I had better than twenty twenty vision a beautiful facility the latest technology Joffe Lasix changed my life John the is your answer for safe pain free affordable Lasix Joppy Lazica correct nearsightedness farsightedness and astigmatism and now for the best price starting at just two hundred ninety five dollars per II in Louisville don't wait any longer get your one hundred percent free lace exam to see if Lazic is right for you call and schedule your free Lazic exam just dial star star twenty twenty on your mobile phone now dial star star two zero two zero the exam is one hundred percent free just dial star star twenty twenty on your mobile phone now that star star two zero two zero dial star star twenty twenty from the United.

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"financial planner" Discussed on BiggerPockets

BiggerPockets

03:56 min | 3 years ago

"financial planner" Discussed on BiggerPockets

"And this has been really hard recently for. Financial planners, myself included trying to really figure out what people are okay with because now people think they're okay with a lot more risk than they are because they've seen the market do so. Well, we're okay with my account going straight up. So bonds went including portfolio, generally reduced volatility, the ups and downs, and some people would say that reduces the risk of the portfolio. That's kind of a philosophical debate. I think risk is also a function of how long you have in the portfolio. So if you're looking for investments that are going to perform the best in the long run, historically speaking, it's going to be stocks. However, in two thousand eight, you know there, there was a thing that happened called the great recession, and you would have lost forty percent if you weren't in aggressive portfolio and some people right now Mace think that all I can do that, you know, I can, whether that I'll stick it out, I'll run through it, you know? Because look what happened this last time. It is a whole different ballgame when you're actually experiencing it. If you have to. One thousand dollar four one k. in it goes to one hundred thousand dollars. It is very hard to stay the course with those aggressive stocks. You don't know if it's gonna go to fifty or forty and keep going down. So that's the function of the bonds bonds produce income, and they reduce that fluctuation. So if you think that might be hard for you, you might want some bonds in your portfolio that make that reduction from two hundred thousand. Maybe it only goes down to one fifty. However, when the market takes off like it has in the last eight years, you're not gonna get nearly the appreciation that you did, but maybe you're okay with that. You know, I'd rather have a smooth ride than an aggressive ride that that's referring to thousands of bonds being a part of a portfolio in a mutual fund or index fund individual bonds schools sell them to the community or to investors or pension funds to expand their campus. Cities do it to create a community center and they'll pay out a certain percentage for individual bonds in people can buy them straight from those institutions. Sometimes in there some tax incentives to those. As well. There's more work. There's more vetting to see if that municipality will actually pay out what's their financial condition. You know, will they honor that bond in general, probably for the audience listening. The index funds are the way to go and you can have bonds be a part of that portfolio. However, it may reduce the long term performance of it. But if you think your tolerance for risk is going to be pretty bad. Like if the market goes down by forty percent and you're gonna move everything to all cash, it'd be much better if you had some bonds, your portfolio that made you not freak out so much is basically the idea behind it. Okay. Moving on from this topic, first of all, any any areas where we should be asking about that we have in asked about yet, we'll maybe just right on on the tail end of that bonds and volatility and risk thing. One thing that if you're not sure what your risk tolerance is or if you, it's kind of scary to just go all aggressive in stocks and I'm talking about stock investing, not just, you know, real estate investing. Another really good avenue and business having your own business. I have my own business. I own real estate. I own stocks and bonds, so full disclosure on all that. But if you don't know your risk tolerance, sometimes it's good to think of a bucket strategy for the different times frames that you might need the funds. So if you need funds ten years from now, because that's your financial independence date, perhaps if you go to ban guard, you could choose one of their target date funds that is diversified between bonds and stocks ten years from now. So say just to make it easy, the twenty thirty target date fund and put enough in there for a few years of income at that point. So you know that as you approach that date, that bucket of your money will become more and more conservative. So it's ready there even if the market crashes or it could still go away, I guess, but it'll be a lot more conservatively invested. So the market plummets right. When you needed at financial independence date, you'll at least have some. Gotcha..

Mace forty percent ten years one hundred thousand dollars One thousand dollar eight years four one k
"financial planner" Discussed on BiggerPockets Money Podcast

BiggerPockets Money Podcast

03:56 min | 3 years ago

"financial planner" Discussed on BiggerPockets Money Podcast

"And this has been really hard recently for. Financial planners, myself included trying to really figure out what people are okay with because now people think they're okay with a lot more risk than they are because they've seen the market do so. Well, we're okay with my account going straight up. So bonds went including portfolio, generally reduced volatility, the ups and downs, and some people would say that reduces the risk of the portfolio. That's kind of a philosophical debate. I think risk is also a function of how long you have in the portfolio. So if you're looking for investments that are going to perform the best in the long run, historically speaking, it's going to be stocks. However, in two thousand eight, you know there, there was a thing that happened called the great recession, and you would have lost forty percent if you weren't in aggressive portfolio and some people right now Mace think that all I can do that, you know, I can, whether that I'll stick it out, I'll run through it, you know? Because look what happened this last time. It is a whole different ballgame when you're actually experiencing it. If you have to. One thousand dollar four one k. in it goes to one hundred thousand dollars. It is very hard to stay the course with those aggressive stocks. You don't know if it's gonna go to fifty or forty and keep going down. So that's the function of the bonds bonds produce income, and they reduce that fluctuation. So if you think that might be hard for you, you might want some bonds in your portfolio that make that reduction from two hundred thousand. Maybe it only goes down to one fifty. However, when the market takes off like it has in the last eight years, you're not gonna get nearly the appreciation that you did, but maybe you're okay with that. You know, I'd rather have a smooth ride than an aggressive ride that that's referring to thousands of bonds being a part of a portfolio in a mutual fund or index fund individual bonds schools sell them to the community or to investors or pension funds to expand their campus. Cities do it to create a community center and they'll pay out a certain percentage for individual bonds in people can buy them straight from those institutions. Sometimes in there some tax incentives to those. As well. There's more work. There's more vetting to see if that municipality will actually pay out what's their financial condition. You know, will they honor that bond in general, probably for the audience listening. The index funds are the way to go and you can have bonds be a part of that portfolio. However, it may reduce the long term performance of it. But if you think your tolerance for risk is going to be pretty bad. Like if the market goes down by forty percent and you're gonna move everything to all cash, it'd be much better if you had some bonds, your portfolio that made you not freak out so much is basically the idea behind it. Okay. Moving on from this topic, first of all, any any areas where we should be asking about that we have in asked about yet, we'll maybe just right on on the tail end of that bonds and volatility and risk thing. One thing that if you're not sure what your risk tolerance is or if you, it's kind of scary to just go all aggressive in stocks and I'm talking about stock investing, not just, you know, real estate investing. Another really good avenue and business having your own business. I have my own business. I own real estate. I own stocks and bonds, so full disclosure on all that. But if you don't know your risk tolerance, sometimes it's good to think of a bucket strategy for the different times frames that you might need the funds. So if you need funds ten years from now, because that's your financial independence date, perhaps if you go to ban guard, you could choose one of their target date funds that is diversified between bonds and stocks ten years from now. So say just to make it easy, the twenty thirty target date fund and put enough in there for a few years of income at that point. So you know that as you approach that date, that bucket of your money will become more and more conservative. So it's ready there even if the market crashes or it could still go away, I guess, but it'll be a lot more conservatively invested. So the market plummets right. When you needed at financial independence date, you'll at least have some. Gotcha..

Mace forty percent ten years one hundred thousand dollars One thousand dollar eight years four one k