Real Personal Finance: Recent Episodes
Scott Frank and James Conole
Your REAL personal finance questions answered by CERTIFIED FINANCIAL PLANNER™ professionals, Scott Frank and James Conole. With all of the misinformation and jargon in the financial industry, it's no wonder most people are confused about how to best manage their money. James and Scott are here to give clear answers to the important questions they hear most often. If you're ready to use your finances to create a more secure financial future, this show is for you.
Curious about your retirement savings? Our How Much Do I Need To Retire? quiz gives you an idea of where you stand and a starting point to think about your long-term planning.
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Most midyear reviews feel backward-looking: a scorecard designed to trigger judgment or guilt over what hasn't been accomplished since January. But what if checking in on your goals wasn't about grading your past, but renewing yourdirection for the future?
In this episode, Scott and Nick break down why traditional "reviews" fall short and why viewing your goals through the lens of renewal changes everything. They discuss how to deal with unexpected life pivots, why sticking to outdated intentions holds you back, and how to prune your goals down to what actually brings you energy and fulfillment today.
If you're feeling behind on your financial or personal intentions or if your life looks completely different than it did six months ago, this conversation offers a permission slip to let go of the shame, reset your focus, and align your money with the life you actually want to live right now.
Ready to learn more?
- Scott Frank on LinkedIn
- Stone Steps Financial
- Nick Covyeau on LinkedIn
- Swell Financial
Leave us a question!
Money can be confusing, but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Connect with us at Stone Steps Financial.
Curious about your retirement savings? Our How Much Do I Need To Retire? quiz gives you an idea of where you stand and a starting point to think about your long-term planning.
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Your investments are there and your retirement accounts are growing, but do you still feel a lingering anxiety about cash flow?
In this episode, Scott and Nick dive into why traditional budgeting feels like a chore and why high earners often struggle with "lumpy" income like bonuses and RSUs. By shifting the conversation away from rigid, restrictive spreadsheets and toward automated cash flow systems, you can actually remove barriers from your daily financial life.
Here’s what we often see: clients can feel that budgeting is about tracking every single penny or cutting your lifestyle to the bone. But it's actually about building an intentional framework, like the "Hub Account" system, that automatically funds your big life goals while freeing you up to spend what's left without apology.
Scott and Nick explain how to run a simple annual expense audit, how to use watermarks to check your consumption, and how to stop letting excess cash sit stagnant and start working for you the way you want.
If you are tired of checking your bank balance and feeling like budgeting is a chore, this episode will help you build a system that ensures you can allocate your funds in ways that give you more freedom, instead of less.
Ready to learn more?
- Scott Frank on LinkedIn
- Stone Steps Financial
- Nick Covyeau on LinkedIn
- Swell Financial
Leave us a question!
Money can be confusing, but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Connect with us at Stone Steps Financial.
Curious about your retirement savings? Our How Much Do I Need To Retire? quiz gives you an idea of where you stand and a starting point to think about your long-term planning.
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Your financial plan might be able to hit a specific retirement number, but can it handle two completely different timelines?
In this episode, Scott and Nick explore a nuanced situation facing many couples: what happens when one spouse is completely ready to step away from work, while the other still finds energy, purpose, and identity in a career? Using real-world client scenarios, you can shift the conversation away from rigid spreadsheets and toward the human side of wealth.
It’s not just about whether an early retirement is numerically possible, it’s about balancing individual dignity, addressing personal money stories, and determining how a couple makes major life decisions when they are looking at the exact same picture but seeing two different things.
Scott and Nick explain how to pressure-test staggered retirement models, how to invest your non-financial assets like your time, energy, and talent. And how to ensure you are retiring to a purpose rather than just escaping into a void.
If you and your partner aren't on the exact same page about when or how to exit the workforce, this episode is for you. It’s about building a strategy that supports two distinct versions of a great life, ensuring both of you feel like you're winning.
Ready to learn more?
- Scott Frank on LinkedIn
- Stone Steps Financial
- Nick Covyeau on LinkedIn
- Swell Financial
Leave us a question!
Money can be confusing, but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Connect with us at Stone Steps Financial.
Curious about your retirement savings? Our How Much Do I Need To Retire? quiz gives you an idea of where you stand and a starting point to think about your long-term planning.
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There’s a specific kind of excitement that takes over the markets when a company promises to change the world. It starts with an article shared between colleagues, moves to a text message to your financial advisor, and ends with a very simple question: "How many shares can I buy?" Because when a company is talking about colonizing Mars, building out next-generation AI, and dominating satellite internet, it feels like an opportunity you can't afford to miss.
In this episode, Scott and Nick peel back the exciting story of the SpaceX IPO to run a foundational financial "smell test" on the numbers. They explain why focusing entirely on a brilliant vision can force retail investors to buy in the wrong order, substituting hype for true valuation.
They walk through the stark reality hidden in the newly opened private books: a business where Starlink is highly profitable, but everything else is aggressively burning cash, leading to a reported $5 billion net loss.
They break down what it actually means when a company tries to go public at an unprecedented 94 times revenue and explain why buying into a company that requires 40% year-over-year growth for a decade just to break even transforms an investment into a very expensive lottery ticket.
If you've been tempted by the buzz of a high-profile market debut, or if you want a reliable framework to cut through the noise of the next major tech listing, this episode is for you. Scott and Nick cover the exact questions you need to ask to separate exceptional companies from exceptional investments.
Hype isn't a problem if you check the math first!
Ready to learn more?
- Scott Frank on LinkedIn
- Stone Steps Financial
- Nick Covyeau on LinkedIn
- Swell Financial
Money can be confusing, but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Connect with us at Stone Steps Financial
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Curious about your retirement savings? Our How Much Do I Need To Retire? quiz gives you an idea of where you stand and a starting point to think about your long-term planning.
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A layoff often feels like a sudden explosion, leaving a wake of disorientation and immediate worry about how to sustain your household. While the initial shock can feel paralyzing, the path to regaining control starts by allowing yourself to process the change before diving into the mechanics of your severance package.
In this episode of Real Personal Finance, Scott and Nick walk through a live framework for navigating a sudden job loss, specifically within the evolving tech landscape. They discuss the critical first steps of decoding complex severance agreements and explore how to translate a static balance sheet into a tangible runway of months or years, effectively turning a forced exit into a deliberate summer sabbatical.
If you are currently seeing restructuring at your company or simply want to bulletproof your financial plan while you still have W-2 income, this conversation is essential. It’s a grounded look at how to audit your "war chest" and turn a moment of career friction as a mechanism to find work that actually aligns with your mission.
Ready to learn more?
- Scott Frank on LinkedIn
- Stone Steps Financial
- Nick Covyeau on LinkedIn
- Swell Financial
Leave us a question!
Money can be confusing, but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Connect with us at Stone Steps Financial.
Curious about your retirement savings? Our How Much Do I Need To Retire? quiz gives you an idea of where you stand and a starting point to think about your long-term planning.
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Most people nearing retirement have heard of the famous "4% rule," but few actually understand how to apply it to a shifting financial landscape. It’s easy to look at a static portfolio balance and assume you're set, only to close your eyes to the real-world friction of pre-tax calculations, health insurance gaps, and compounding inflation.
In this episode, Scott and Nick break down the framework for mapping out a realistic 10-year retirement runway. They break down a case study of a client balancing a multi-million-dollar portfolio and walk through the math of safe withdrawal rates without draining your security. They discuss the "smile" of retirement spending, the operational hazard of drawing entirely from pre-tax IRAs, and why setting flexible guardrails is the key to tuning out day-to-day market volatility.
You don’t just want to focus on hitting a random number you read in an article. You want to understand what that number has to support and where the cash flow actually comes from.
If you’ve been wondering how to prepare for shifts in retirement spending over time, you’ll want to tune in! The episode focuses on building a dynamic strategy that lets you live a fulfilled life today, without running into the danger zone tomorrow.
Ready to learn more?
- Scott Frank on LinkedIn
- Stone Steps Financial
- Nick Covyeau on LinkedIn
- Swell Financial
Leave us a question!
Money can be confusing, but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Connect with us at Stone Steps Financial.
Curious about your retirement savings? Our How Much Do I Need To Retire? quiz gives you an idea of where you stand and a starting point to think about your long-term planning.
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Most tech and biotech executives we know have too much of their net worth in one stock. They know they should do something about it, but they usually end up just closing the tab on their stock comp page.
In this episode, Scott and Nick break down the framework for moving from a "home run" mindset to a "nest egg" reality. Using a real-world scenario of a client with over 30% concentration in one company, they walk through the math of de-risking without losing the upside. They discuss the "sequencing" of tax brackets, the psychological barrier of "break-even-itis," and why you should treat your RSUs exactly like a cash bonus.
It’s not just about selling shares; it’s about understanding your "enough number" and separating your vested security from your unvested potential.
If you’ve been watching your company stock climb and wondering if you're taking too much risk, this episode is for you. It’s about building a plan that protects the life you want to live, even if your company hits a 16-year plateau.
Ready to learn more?
- Scott Frank on LinkedIn
- Stone Steps Financial
- Nick Covyeau on LinkedIn
- Swell Financial
Leave us a question!
Money can be confusing, but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Connect with us at Stone Steps Financial or Swell Financial.
Curious about your retirement savings? Our How Much Do I Need To Retire? quiz gives you an idea of where you stand and a starting point to think about your long-term planning.
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There's a tab a lot of tech professionals have open right now. It's from Fidelity or E-Trade, it shows how much company stock they're sitting on, and most of them close it without doing a thing. Because the moment you start thinking about selling, it gets complicated.
In this episode, Scott and Nick break down what to actually do when a big chunk of your net worth is tied to your employer's stock, whether that's RSUs, ISOs, ESPPs, or some combination of all three.
They walk through why concentration happens quietly and compounds fast, especially when you're getting promoted, the stock is climbing, and new grants keep coming in. And they explain why "just diversify" is technically correct advice that leaves out everything that actually matters.
The real conversation is about sequencing. How to unwind a concentrated position across multiple years, in a tax aware way, without triggering a bill you didn't plan for. That means looking at your income year by year, understanding which shares to sell first, knowing how to stop feeding the position, and factoring in the unvested shares that don't show up on your balance sheet yet but still count.
If more than 10 to 20% of your net worth is sitting in a single stock, and especially if you're within five to ten years of retirement, this episode is for you. Scott and Nick close with a clear framework for building a plan before, during, and after, and why the clients who act earlier always walk a little lighter.
Concentration isn't the problem. Concentration without a plan is.
Ready to learn more?
- Scott Frank on LinkedIn
- Stone Steps Financial
- Nick Covyeau on LinkedIn
- Swell Financial
Leave us a question!
Money can be confusing, but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Connect with us at Stone Steps Financial or Swell Financial.
Curious about your retirement savings? Our How Much Do I Need To Retire? quiz gives you an idea of where you stand and a starting point to think about your long-term planning.
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Your plan might be able to handle market volatility, but it might not handle your income disappearing.
In this episode, Scott breaks down the uncomfortable blind spot facing many high earners—what happens if your paycheck stops sooner than expected. Using a real-world scenario of someone with nearly $3M saved and a large amount of unvested RSUs, he walks through the question most people avoid: “If the job goes away in 3–5 years instead of 7-10, are we actually okay?”
It’s actually a timeline problem, not just a market risk problem. Scott explains how to pressure-test an early exit scenario, separate RSU strategy from income dependency, and ask the bigger question most plans ignore: what is your career capital actually worth if your role changes?
If a large portion of your wealth and income is tied to one company, this episode is for you. It’s about understanding the assumptions your plan is making—and making sure they hold up when it matters most.
Ready to learn more?
- Scott Frank on LinkedIn
- Stone Steps Financial
Leave us a question!
Money can be confusing, but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Connect with us at Stone Steps Financial.
Curious about your retirement savings? Our How Much Do I Need To Retire? quiz gives you an idea of where you stand and a starting point to think about your long-term planning.
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You did everything right. You maxed your 401(k) for decades, watched the balance grow, and felt good about where you were headed. Then someone showed you a tax projection for retirement and it was a lot bigger than you expected.
In this episode, Scott walks through why a large, traditional 401(k) balance can quietly become a future tax trap. He breaks down a real world example of how required minimum distributions (RMDs), Social Security, and Medicare premiums can stack up in ways most people never saw coming and what a surviving spouse could face alone.
But this isn't a story about regret. It's about having a window of time to act before the IRS starts making decisions for you.
If 70 to 80% of your investable wealth sits in pre-tax accounts, this episode is for you. Scott walks through four practical levers: savings direction, Roth conversions, taxable bridge accounts, and asset location and closes with three concrete steps you can take right now to get clarity on where you actually stand.
Your401(k) isn't the issue, having one that is overly concentrated without a plan is.
Ready to learn more?
- Scott Frank on LinkedIn
- Stone Steps Financial
Leave us a question!
Money can be confusing, but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Connect with us at Stone Steps Financial.
Curious about your retirement savings? Our How Much Do I Need To Retire? quiz gives you an idea of where you stand and a starting point to think about your long-term planning.
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Most people don’t actually want retirement, but they do want relief.
Relief from the schedule. Relief from the pressure. Relief from feeling like they can’t step off the treadmill.
But what if the question isn’t “When can I retire?” and it’s “What would I do if I knew I wasn’t trapped?”
In this conversation, Scott and Nick explore the tensions so many professionals feel but almost never say out loud: the golden handcuffs, the benefits package, the identity wrapped up in a title. And underneath all of it, another question: do I actually need this job… or am I just afraid to look?
Retirement doesn’t always have to mean stopping work. Sometimes it means choosing work, some others it’s testing something new, and every once in a while it means building enough cushion that you walk into Monday differently.
If you’ve ever felt stuck in a role you’ve outgrown, this episode of Real Personal Finance might open a door you didn’t realize was already unlocked.
Ready to learn more?
- Scott Frank on LinkedIn
- Stone Steps Financial
- Nick Covyeau on LinkedIn
- Swell Financial
Leave us a question!
Money can be confusing, but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Connect with us at Stone Steps Financial.
There’s a common belief people have about money: you build it, you protect it, and whatever’s left gets passed on at the end.
But what if the timing matters more than the total?
As lifespans stretch into the 90s and portfolios grow beyond what many families will realistically spend, the question starts to change. Would a gift mean more when your kids are buying their first home, raising young children, or launching something meaningful? Would you rather see the impact while you’re here to experience it? And how do taxes, fairness, and family dynamics shape that decision?
This conversation invites you to switch your thinking into a more intentional approach. The big takeaway? Giving isn’t just about numbers, but about when the help lands, how it changes someone’s life, and whether you want to be part of that moment.
If you’ve ever wondered whether to give now or later, this episode of Real Personal Finance will stretch how you think about your legacy.
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Mentioned in this episode:
Die With Zero by Bill Perkins on Amazon: https://www.amazon.com/Die-Zero-Getting-Your-Money/dp/0358567092
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Curious about your retirement savings? Our How Much Do I Need To Retire? quiz gives you an idea of where you stand and a starting point to think about your long-term planning.
Ready to learn more?
- Scott Frank on LinkedIn
- Stone Steps Financial
- Nick Covyeau on LinkedIn
- Swell Financial
Leave us a question!
Money can be confusing, but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Connect with us at Stone Steps Financial.
Curious about your retirement savings? Our How Much Do I Need To Retire? quiz gives you an idea of where you stand and a starting point to think about your long-term planning.
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Deferred compensation tends to enter the picture when work is going well and income has outgrown the basics. Cash flow feels stable, taxes start to sting, and suddenly there’s a new option on the table that promises flexibility later.
Scott and Nick explore what sits underneath that promise. Deferred comp changes the timing of income, but it also ties future choices to today’s assumptions. Employer stability matters. Payment schedules matter. So does the simple reality that once income is deferred, access and control look very different than they do inside a traditional retirement account.
This episode of Real Personal Finance is an opportunity to slow down before checking the box. To think about how much certainty you actually have about your career path, your tax brackets, and the version of retirement you’re planning toward. Deferred compensation can play a useful role in the right situation, but only when it fits the rest of the picture you’re building.
Ready to learn more?
- Scott Frank on LinkedIn
- Stone Steps Financial
- Nick Covyeau on LinkedIn
- Swell Financial
Leave us a question!
Money can be confusing, but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Connect with us at Stone Steps Financial.
Curious about your retirement savings? Our How Much Do I Need To Retire? quiz gives you an idea of where you stand and a starting point to think about your long-term planning.
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Taxes tend to fade into the background until something feels off, like a larger bill than expected, a penalty you didn’t see coming or a moment where you wonder whether you handled the year correctly or just got lucky.
In this episode of Real Personal Finance, Scott and Nick talk about how the tax system actually works and why the idea of making one payment on April 15 simply won’t cut it. For example, did you know there’s a pay-as-you-go structure? Or that different types of income can change your tax reality? Scott and Nick go through salaried employees, executives with bonuses or stock compensation, small business owners, and retirees whose income has started to shift.
When you understand what the IRS is looking for and how to build a simple system around it, taxes can stop being a surprise and become something you can manage with less stress throughout the year.
Ready to learn more?
- Scott Frank on LinkedIn
- Stone Steps Financial
- Nick Covyeau on LinkedIn
- Swell Financial
Leave us a question!
Money can be confusing, but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Connect with us at Stone Steps Financial.
Curious about your retirement savings? Our How Much Do I Need To Retire? quiz gives you an idea of where you stand and a starting point to think about your long-term planning.
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There’s a moment many people reach at the start of a new year where the question shifts. It’s no longer just about saving more, earning more, or optimizing the plan, but it becomes something deeper. Is the life you’re building actually working for you?
In this episode of Real Personal Finance, Scott and Nick step back from tactics and spreadsheets to explore how money fits into a much bigger picture. They talk about time, energy, talent, and purpose, and how financial decisions tend to fall into place more naturally when you start with the life you want to live instead of the rules you’ve been handed.
You’ll hear a framework that helps clarify what matters most, especially during seasons of change, and why alignment often leads to better financial outcomes anyway. This conversation is about permission, intentionality, and designing a plan that supports the person you want to be, not just the balance you’re chasing.
Ready to learn more?
- Scott Frank on LinkedIn
- Stone Steps Financial
- Nick Covyeau on LinkedIn
- Swell Financial
Leave us a question!
Money can be confusing, but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Connect with us at Stone Steps Financial.
Curious about your retirement savings? Our How Much Do I Need To Retire? quiz gives you an idea of where you stand and a starting point to think about your long-term planning.
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Retiring early sounds simple when you only look at the balance sheet… until it doesn’t. In this episode of Real Personal Finance, Scott and Nick walk through why the real question isn’t “Is two million enough?” but “What does your life actually cost?”
They use a clear and approachable framework to cover the spending patterns, healthcare realities, tax traps, Social Security timing, and withdrawal strategies that can shape whether your plan holds up over decades or falls apart a few years into the future.
They also explore the levers you can pull if the math is close, like part-time work, test-driving lower spending, or optimizing which accounts to pull from. The goal? Invite you to think intentionally about what you're retiring to rather than just what you're retiring from.
Ready to learn more?
- Scott Frank on LinkedIn
- Stone Steps Financial
- Nick Covyeau on LinkedIn
- Swell Financial
Leave us a question!
Money can be confusing, but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Connect with us at Stone Steps Financial.
It’s wild how fast a year goes by, and when you finally look back, the gap between what you meant to do and what actually happened is bigger than anticipated. The trick is that most financial progress relies less on skill and more on removing willpower from the equation.
In this episode of Real Personal Finance, Scott and Nick sit down to talk through the small systems that can move your money in the right direction, even on the busiest weeks.
They walk through the everyday automations that meaningfully change how much you save, how smoothly cash flows through your accounts, and how confidently you can stick to your plan.
Key topics:
- How setting contributions as a percentage keeps your 401(k) aligned with future raises
- Why automated brokerage transfers turn good intentions into actual investments
- A simple bank-flow setup that keeps spending predictable and stress-free
- How automation supports higher earners with RSUs, taxes, and rebalancing
- Why “what gets automated gets done” becomes your biggest financial advantage
Curious about your retirement savings? Our How Much Do I Need To Retire? quiz gives you an idea of where you stand and a starting point to think about your long-term planning.
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Ready to learn more?
- Scott Frank on LinkedIn
- Stone Steps Financial
- Nick Covyeau
- Swell Financial
Leave us a question!
Money can be confusing, but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Connect with us at Stone Steps Financial.
The holidays have a way of bringing money and meaning into the same conversation. In this episode of Real Personal Finance, Scott and Nick lean right into that. Between family gifting, charitable giving, donor-advised funds, and changes to deduction rules, this episode walks you through the most practical ways to support the people and causes you care about. It’s a great moment to pause, think about what matters, and check in on how generosity fits into your financial life.
Key Takeaways
• How gift tax exclusion limits really work when supporting family and loved ones
• The benefits of donating appreciated stock instead of cash
• Why donor-advised funds and QCDs can make year-end giving more impactful
Ready to learn more?
- Scott Frank on LinkedIn
- Stone Steps Financial
- Nick Covyeau on LinkedIn
- Swell Financial
Curious about your retirement savings? Our How Much Do I Need To Retire? quiz gives you an idea of where you stand and a starting point to think about your long-term planning.
https://www.stonestepsfinancial.com/howmuch
Leave us a question!
Money can be confusing, but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Connect with us at Stone Steps Financial.
Most people wait until tax season to think about taxes, but by then, the window’s closed. Scott and Nick talk about how the best planning happens now, when there’s still time to adjust what’s already in motion.
They get into some of the details that help shape your future: RMD timing, Roth conversions in the “golden window,” how bunching charitable gifts really works, and what happens when you accidentally nudge your income above a Medicare bracket.
A friendly reminder that a little attention before December 31 can go a long way toward starting next year lighter, clearer, and better positioned.
Curious about your retirement savings? Our How Much Do I Need To Retire? quiz gives you an idea of where you stand and a starting point to think about your long-term planning.
https://www.stonestepsfinancial.com/howmuch
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Ready to learn more?
- Nick Covyeau on LinkedIn
- Swell Financial
- Scott Frank on LinkedIn
- Stone Steps Financial
Leave us a question!
Money can be confusing, but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Connect with us at Stone Steps Financial.
A lot of people are under-utilizing their corporate benefits, unintentionally leaving money on the table. Open enrollment is a great opportunity to review your company’s benefits plan to ensure that you’re taking full advantage of everything they offer.
In this episode, we walk through some of the most common areas you can optimize your benefits, such as HSAs, FSAs, life insurance, disability, ESPPs, and more.
Curious about your retirement savings? Our How Much Do I Need To Retire? quiz gives you an idea of where you stand and a starting point to think about your long-term planning.
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Get in touch with us!
- Scott Frank on LinkedIn
- Stone Steps Financial
- Nick Covyeau on LinkedIn
- Swell Financial
Leave us a question!
How Much Do I Need To Retire? Quiz
https://www.stonestepsfinancial.com/howmuch
Money can be confusing, but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Connect with us at Stone Steps Financial.
The One Big Beautiful Bill Act has some pretty great enhancements for business owners, but you have to know what you’re looking for in order to get them. Whether it’s the extension of Qualified Business Income, the 100% Bonus Depreciation, or Enhanced Qualified Small Business Stock, the bill has something for businesses of any size.
In this episode, we walk you through six key provisions of the OBBBA that every business owner should be aware of, then we look at how you can take action now to reduce tax liability and boost cash flow.
Curious about your retirement savings? Our How Much Do I Need To Retire? quiz gives you an idea of where you stand and a starting point to think about your long-term planning.
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Ready to learn more?
- Scott Frank on LinkedIn
- Stone Steps Financial
Leave us a question!
How Much Do I Need To Retire? Quiz
https://www.stonestepsfinancial.com/howmuch
Money can be confusing, but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Connect with us at Stone Steps Financial.
“How much money do I need to save in order to retire – what’s my number?” It’s one of the most common questions financial advisors get, and we understand why. People want a goal, something they can work toward to help them feel more at peace about how they’re saving.
As is often the case in financial planning, when people ask for their number, the answer goes deeper than dollars and cents. It’s not just how much you save, but where you save and what you prepare for. Tune in as we look beneath your number to understand everything that goes into preparing for retirement.
Curious about your retirement savings? Our How Much Do I Need To Retire? quiz gives you an idea of where you stand and a starting point to think about your long-term planning.
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Get in touch with us!
- Scott Frank on LinkedIn
- Stone Steps Financial
- Nick Covyeau on LinkedIn
- Swell Financial
Leave us a question!
How Much Do I Need To Retire? Quiz
https://www.stonestepsfinancial.com/howmuch
Money can be confusing, but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Connect with us at Stone Steps Financial.
People often think of their 401(k) as the set-it-and-forget-it retirement account. You set your contribution amount, get your employer match, and leave it alone. But what if your company gives you pre-tax, after-tax, and Roth IRA options? It’s a nice problem to have, but things can get complicated pretty quickly.
In this episode, we’re answering a listener question from someone in just such a predicament, which is pretty common in the world of tech. Listen in as we get practical and break down the max contributions, pre-tax vs after-tax vs Roth, and much more.
Ready to learn more?
- Scott Frank on LinkedIn
- Stone Steps Financial
Leave us a question!
How Much Do I Need To Retire? Quiz:
https://www.stonestepsfinancial.com/howmuch
Money can be confusing, but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Connect with us at Stone Steps Financial.
Whether you know him as “The Sketch Guy” from his decade-long run as a NY Times columnist or you’ve heard him on a podcast, if you’re interested in the world of finance, you probably know who Carl Richards is. He has also written multiple books, including The Behavior Gap, The One-page Financial Plan, and his forthcoming book of sketches, titled simply Your Money.
In this episode, we sit down to talk through a few of Carl’s favorite sketches, how he came up with the ideas, and what he hoped to communicate with each. Whether it’s learning to be “less wrong tomorrow” or finding out what is on the other side of complexity, Carl’s sketches and insights will leave you feeling inspired.
About our guest
Carl Richards started The Sketch Guy column in The New York Times from the hills of Utah, crafting clear, relatable insights about money with just card stock and a Sharpie. The column ran weekly for a decade. This journey began when Carl applied for what he thought was a job as a “security guard,” only to find out the ad actually said “securities.” That slight misstep sparked a lifelong dedication to reshaping how we think about money.
Resources mentioned in the episode
- Pre-order the book on Amazon
Your Money: Using Money, Energy, Time, and Attention to Build Your Best Life by Carl by Carl Richards
- Bulk orders of Carl’s books
Your Money - Bulkbooks
- Support local bookstores
Bookshop.org
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- Carl Richards on X
- Carl Richards on Instagram
- Behavior Gap
With the OBBBA now signed into law, we’re sitting down to walk through the good, the bad, and the ugly. The biggest takeaway is that the new bill has opened the door to some great tax planning opportunities, but you have to act soon! Most of the OBBBA’s changes expire in four years, so you have a little time and space to consider doing a Roth conversion or realize some capital gains.
We explore the impact on tax rates, estate and gift tax, deductions, tax credits, and more. After that, we dive into how Congress will pay for the OBBBA, which I guess you could say is where things go from “good” to “bad” – or even “ugly.”
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- Nick Covyeau on LinkedIn
- Swell Financial Partners
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Money can be confusing, but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Connect with us at Stone Steps Financial or Swell Financial Partners.
Do you ever feel like you're behind on retirement? A 41-year-old listener with over $230,000 saved and a 50%+ savings rate, certainly did. In this episode, we explain why starting late doesn't mean finishing last, especially when you're making such incredible strides! We dive into the numbers, the idea of being "behind" and the importance of the right mindset during this prep-for-retirement journey.
You will hear a little debate about Roth versus traditional 401(k), how your tax bracket should guide your choices, and why leaning too heavily on dividend funds might hold back your growth in the long term. After listening, you will have a question stuck in your head: “Is that intense saving strategy keeping me from living today?”
Key takeaways:
- You can make huge progress even if you start “late”
- Mindset matters almost as much as numbers
- Choosing between Roth and traditional 401(k) contributions
- Dividend investing might not be the best strategy
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- Nick Covyeau on LinkedIn
- Swell Financial Partners
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Money can be confusing, but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Connect with us at Stone Steps Financial or Swell Financial Partners.
We all know we should probably save some more, but when we pass the piggy bank phase and have larger amounts of money, things get a little more complicated than just dropping some coins every once in a while. In this episode of Real Personal Finance, Scott and Nick get into a little detail that most people skip: “where” and “how” matter as much as “how much” when it comes to saving.
Key takeaways:
- The emergency fund is not optional; it’s the foundation of saving
- The 401K match is free money you shouldn't leave behind
- Sequence matters: there’s a smart way to allocate money
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- Swell Financial Partners
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Money can be confusing, but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Connect with us at Stone Steps Financial or Swell Financial Partners.
Retirement is supposed to be the reward after decades of hard work, but for many, the hardest part is learning how to actually spend the money they’ve saved. In this episode, we explore why that transition feels so uncomfortable and how creating a retirement paycheck can help make spending feel safe and sustainable. We talk through the natural phases of retirement spending, the risks of being too conservative, and how to align your money with what really matters to you.
Key takeaways:
- Retirement spending happens in phases, and your plan should evolve with them
- A "retirement paycheck" can bring structure and confidence to your financial life
- Being overly cautious can hurt more than help, especially when it comes to inflation
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- Swell Financial Partners
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Money can be confusing—but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Connect with us at Stone Steps Financial or Swell Financial Partners.
Why do some people delay retirement when they’re more than ready, while others want out the moment they hit the financial edge? In this episode, we explore the emotional weight behind retirement decisions, from the fear of losing identity to the overlooked value of early, healthy retirement years. You’ll hear how flexible paths like consulting or “dialing down” can offer purpose and freedom without the pressure of full-time work. If you’ve ever asked yourself whether to push through one more year or step into your next chapter, this conversation is your guide.
Key takeaways:
- Retirement isn’t just a financial decision—it’s an emotional one and an identity shift.
- Early retirement years are more valuable than later ones due to health and opportunity.
- Flexible transitions like part-time work or consulting can bridge the gap between burnout and full retirement.
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- Nick Covyeau on LinkedIn
- Swell Financial Partners
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Money can be confusing—but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Connect with us at Stone Steps Financial or Swell Financial Partners.
What should you do with extra cash when markets feel shaky? In this episode, we break down why your savings rate is the real engine of wealth, and how understanding the purpose behind your money brings clarity to every financial decision. You’ll learn why market downturns can be golden opportunities, but only if your foundation is solid and your timeline matches the risk. We also share how investment certainty grows with time, helping you shift your mindset from fear to long-term confidence.
Key takeaways:
- Know your savings rate and aim for 10–20% of total compensation.
- Build financial stability before pursuing market opportunities.
- Match investment decisions to your money’s purpose and timeline.
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- Nick Covyeau on LinkedIn
- Swell Financial Partners
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Money can be confusing—but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Connect with us at Stone Steps Financial or Swell Financial Partners.
Is market volatility really all about tariffs? In the wake of the unexpectedly aggressive “Liberation Day,” headlines would have you believe so. But the bigger culprit isn’t trade policy—it’s uncertainty. While U.S. markets have taken a noticeable hit, international developed markets are down only about 1.3% as of this recording. So what’s really going on? In this episode, we break down what investors need to keep in mind when the market gets shaky, including:
- Why portfolio diversification is your best defense in turbulent times
- Why volatility tends to cluster and why that makes timing the market so difficult
- The reality behind trade balances: population size and competitive advantage matter
- How using tolerance bands for rebalancing can help you make rational, not emotional, decisions
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- Swell Financial Partners
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Money can be confusing—but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Connect with us at Stone Steps Financial or Swell Financial Partners.
Balancing today’s lifestyle with tomorrow’s goals isn’t easy, but it’s doable. In this episode, we answer a listener's question about 401(k) contribution limits and employer matching, which opens up a broader conversation about financial flexibility and smart savings strategies.
We break down 2025 contribution limits, including catch-up provisions for those over 50, and clarify what counts toward those limits. Nathan, who works in higher ed and saves 21% of his income, offers a great example of blending tax-advantaged retirement accounts with a brokerage account for added flexibility.
This episode offers practical insights to help you build a plan that supports both your future and your life today.
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Money can be confusing—but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Connect with us at Stone Steps Financial or Swell Financial Partners.
Major financial transitions don't have to be binary choices – testing your assumptions before making big moves can prevent costly mistakes and regrets. In this episode, Nick and Scott talk about test-driving potential life transitions to help guide your decisions.
• Looking at buying a home? Try setting aside the difference between rent and projected homeownership costs
• Practice living on expected retirement income while still employed
• Try extended stays in potential retirement locations during different seasons
Break down big transitions into small, actionable steps, and remember that major life goals often involve both financial and lifestyle adjustments.
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- Nick Covyeau on LinkedIn
- Swell Financial Partners
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Money can be confusing—but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Connect with us at Stone Steps Financial or Swell Financial Partners.
In the face of the uncertainty of life, it’s difficult knowing that many things are out of your control. Focusing on your financial well-being can often feel daunting, especially with the unpredictability of markets. In this episode, we discuss aspects of your financial journey that you can control, like…
-
The importance of having a structured financial plan
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Cash flow: savings, spending, debt, and taxes
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Strategies for managing investments and understanding risk
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An emergency fund in your financial security
-
A personal financial roadmap that adapts to life changes
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- Nick Covyeau on LinkedIn
- Swell Financial Partners
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Money can be confusing—but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Are you ready to align your money with your ideal life? Connect with us at Stone Steps Financial or Swell Financial Partners.
This week, we welcome new co-host Nick Covyeau, a Certified Financial Planner and owner of Swell Financial Partners, to discuss safe retirement spending strategies. We talk about the different approaches to withdrawal rates and the factors that can impact these decisions including retirement timing, portfolio balance, navigating market changes and planning for big purchases. We cover all this and more to give you the tools for a worry-free, fulfilling retirement!
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- Swell Financial Partners
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Money can be confusing—but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Are you ready to align your money with your ideal life? Connect with me at Stone Steps Financial.
The S&P 500 was up 25% in 2024, so is that all you need for a strong financial future? Not so fast. Putting all your money in one place—even a good one—is risky.
Smart investors look beyond the U.S. to global markets, small-value stocks, and international giants like Toyota and Taiwan Semiconductor. More variety = less risk.
Join us to see just how staying broadly diversified means so much more than simply investing in the S&P 500.
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- Flow Financial Planning
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Money can be confusing—but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Are you ready to align your money with your ideal life? Connect with me at Stone Steps Financial.
If you’re tired of checking on your portfolio every day, we’ve got good news! In this episode, we go back to Investing 101 to look at the basic principles of a healthy outlook on the markets.
Join us for this quick overview of how to avoid the traps that others fall into and keep your financial plan on target!
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Money can be confusing—but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Are you ready to align your money with your ideal life? Connect with me at Stone Steps Financial.
The new year is a great time to do an annual review. In this episode, we look at five things to look at regarding your investments to help you make the most of your money.
Join us as we look at some of the simplest ways you can help keep your financial plan on track!
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Money can be confusing—but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Are you ready to align your money with your ideal life? Connect with us at Stone Steps Financial or Flow Financial Planning.
New year, new you, new episode! Failed New Year’s resolutions are so cliche. How can you achieve lasting results, whether you’re trying to get healthy, save more money, or something else?
Tune in to hear how you can set yourself up for success – as well as our favorite financial habits for the new year!
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Money can be confusing—but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Are you ready to align your money with your ideal life? Connect with us at Stone Steps Financial or Flow Financial Planning.
What does your most fulfilled life look like? If you’re not sure, then this episode is for you.
Join us as we discuss three questions to help you uncover what is most important to you!
Resources mentioned in this episode:
- Goals for Life Worksheet
- Kinder’s 3 Questions
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Money can be confusing—but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Are you ready to align your money with your ideal life? Connect with us at Stone Steps Financial or Flow Financial Planning.
To be a home owner or not to be a home owner, that is the question – and the answer is anything but simple!
Tune in as we discuss when home ownership makes sense and when it may be better to rent.
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Money can be confusing—but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Are you ready to align your money with your ideal life? Connect with us at Stone Steps Financial or Flow Financial Planning.
Roth conversions can be a great tool for minimizing your tax burden, but you don’t want to jump in blind. If you have a 401(k) and/or an IRA, you don’t want to miss this episode.
Join us as we look at the what, when and why of Roth conversions.
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Money can be confusing—but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Are you ready to align your money with your ideal life? Connect with us at Stone Steps Financial or Flow Financial Planning.
Ever wonder what exactly a financial advisor does? In our latest episode, we’re going beyond investments and insurance to look at the big picture of everything we do as advisors.
Join us as we pull back the curtain on what we do, how we think about it, and how we help our clients.
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Money can be confusing—but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Are you ready to align your money with your ideal life? Connect with us at Stone Steps Financial or Flow Financial Planning.
Sitting down to do a tax projection can make a huge impact on the amount of taxes you pay – but you have to do it before December 31!
Whether you’re expecting next year to be a high- or low-income year, join us as we discuss how a tax projection can help minimize your tax burden.
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Money can be confusing—but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Are you ready to align your money with your ideal life? Connect with us at Stone Steps Financial or Flow Financial Planning.
We’re back with another look at open enrollment decisions! This time, we’re talking life insurance, disability coverage, 401(k)s and more.
Join us as we discuss which options make sense, and which you could probably ignore.
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Money can be confusing—but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Are you ready to align your money with your ideal life? Connect with us at Stone Steps Financial or Flow Financial Planning.
Open enrollment season is almost here! Do you know what you’ll need for health insurance next year?
Join us as we look at the most important factors to consider when choosing your plan.
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Money can be confusing—but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Are you ready to align your money with your ideal life? Connect with us at Stone Steps Financial or Flow Financial Planning.
If your financial goals always feel like they’re just out of reach, you’re not alone! In this episode, we talk about the dissonance between your financial plan and real life – and how to put your advisor’s best advice into action more consistently.
Join us as we discuss the stories and strategies that make financial planning such a dynamic and important journey.
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Money can be confusing—but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Are you ready to align your money with your ideal life? Connect with us at Stone Steps Financial or Flow Financial Planning.
Should you join an exchange fund? Can they really minimize taxes? What are the potential downsides? What are your other options? Do we recommend them?
Join us as we talk through the pros and cons of exchange funds, plus a few alternatives that could provide added protection without all the complexity.
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Money can be confusing—but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Are you ready to align your money with your ideal life? Connect with us at Stone Steps Financial or Flow Financial Planning.
It’s election time again and right on cue, everything feels a little out of control. But should it? What does history have to say about market behavior around elections? Join us as we consider the influence of Democrats vs. Republicans, presidents vs. senators, the Fed vs. the DOJ, and more as we seek to find where politics and economics overlap (and where they don’t).
Plus, we’ll zoom in to see how you can seek to maintain financial stability, even when the news seems hell-bent on trying to make you panic. Whether you're a retiree needing balanced asset allocation or someone in your prime earning years looking to capitalize on market dips, you’ll find relevant, actionable steps to guide you through uncertainty and help you focus on your goals.
Election Stats Mentioned
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Money can be confusing—but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Are you ready to align your money with your ideal life? Connect with us at Stone Steps Financial or Flow Financial Planning.
How do financial advisors mix stocks, bonds, and cash to achieve the best returns to meet each person’s financial needs? In today’s episode, Scott Frank and Meg Bartelt discuss the unique risks and potential returns each one offers; focusing on these primary asset classes can lead to a more stable and profitable investment strategy. They dive into the various types of bonds—government, municipal, and corporate—and their role in your portfolio, while delving into the importance of credit ratings, bond maturity, and global currency risks, offering you insights on how to navigate these complexities.
Scott and Meg provide tailored investment strategies for different financial goals and timeframes, whether you're saving for a short-term goal like a home down payment or a long-term objective like retirement. Learn the pitfalls of short-term stock market investments and the benefits of safer options like high-yield savings accounts for immediate needs. For long-term goals, they discuss leveraging the historical growth of the stock market while balancing intermediate-term objectives with a well-thought-out plan.
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Money can be confusing—but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Are you ready to align your money with your ideal life? Connect with us at Stone Steps Financial.
People say it’s just business, it’s not emotional, but that’s really not the case. In this episode of Real Personal Finance, Scott Frank, founder of Stone Steps Financial, and Meg Bartelt, founder of Flow Financial Planning, LLC, tackle the psychological minefield of investment decisions and uncover how recent trends, like the meteoric rise of big tech stocks, can warp your perspective. They delve into the cognitive biases, specifically recency bias, that often stand in the way of sound financial strategies and illustrate how structured systems can safeguard your portfolio against these mental pitfalls. Past performance, while tempting to rely on, is not a reliable predictor of future success. Learn how to use tolerance bands to maintain a balanced portfolio by adhering to timeless principles like "buy low, sell high."
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Money can be confusing—but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Are you ready to align your money with your ideal life? Connect with us at Stone Steps Financial.
How prepared are you for a financial crisis when job security feels more fragile than ever? In today's episode, Scott Frank and Meg Bartelt break down the essential steps to creating a strong emergency plan able to withstand the tech industry’s volatile job market. Learn how to navigate financial instability with actionable strategies.
In order to save money, people are often advised to cut small expenses, but that’s not enough. We discuss why that practice isn’t enough and how managing major costs can protect your financial future. We provide a clear, step-by-step guide to maintaining a balanced investment mix. Tune in for these essential tips to safeguard your financial future in uncertain times.
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Money can be confusing—but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Are you ready to align your money with your ideal life? Connect with us at Stone Steps Financial.
How do you secure your retirement against an uncertain future? In this episode of “Real Personal Finance,” Scott Frank, founder of Stone Steps Financial, and Meg Bartelt, founder of Flow Financial Planning, LLC, explore strategies to predict future expenses and ensure financial readiness, even if retirement is decades away. They address a listener question about preparing 26 years ahead, covering how to assess current expenses and plan for changing costs like mortgages. Estimating future medical expenses is crucial yet challenging, but informed planning brings peace of mind.
Our discussion extends to the importance of ongoing financial reassessment, considering life's unexpected events—such as starting a business or caregiving—that impact your finances. Regularly reviewing and adjusting financial plans is key to staying on course. Join the conversation, submit questions, and engage with our community for insights that strengthen financial resilience and align with long-term goals.
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Money can be confusing—but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Are you ready to align your money with your ideal life? Connect with us at Stone Steps Financial.
Rethink your charitable giving and maximize your tax benefits with Donor-Advised Funds. Discover how this streamlined and tax-efficient alternative to traditional donation methods might just be a game-changer to your financial strategy. Scott and Meg contrast DAFs with conventional giving methods like checks and credit cards, to paint a clearer picture of their advantages. They also address common myths surrounding DAFs, especially the idea that they're only a tool for tax avoidance. Learn from real-life examples about when a DAF is the best choice and why genuine charitable intent is crucial to take advantage of its full potential.
DAFs allow you to separate the tax event from the actual act of giving. This can be particularly beneficial during high-income years, letting you maximize your tax benefits while taking the time to thoughtfully select the right charities. Scott and Meg also tackle the concept of "bunching" donations for optimal itemized deductions and discuss how DAFs can facilitate family involvement in your philanthropy, turning giving into a shared family mission. Tune in to discover how integrating DAFs into your financial planning can lead to both personal fulfillment and community support.
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Money can be confusing—but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Are you ready to align your money with your ideal life? Connect with us at Stone Steps Financial.
Are you using your Health Savings Account to its full potential? HSAs are great for covering immediate healthcare costs, but with careful planning, they can also become a strategic part of your long-term wealth plan. This week, Scott Frank, founder of Stone Steps Financial, and Meg Bartelt, founder of Flow Financial Planning, LLC, take on HSAs, sharing the ins and outs of eligibility, their triple tax benefits, and how it can become a vital nest egg for end-of-life care later on.
HSAs were created to help offset the cost of healthcare, so start letting your account do the work! Scott and Meg’s insights help clear the confusion around HSAs, giving listeners actionable advice to help them decide on future plans. Let’s face it—the world won’t get any cheaper. Investing in an HSA is an opportunity to protect your financial future.
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Money can be confusing—but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Are you ready to align your money with your ideal life? Connect with us at Stone Steps Financial.
Deciding what to do with your stocks can prove to be a problem, challenge, and opportunity all at once. With a huge portfolio in front of you, what can you do to slim it down? This week, Scott Frank, founder of Stone Steps Financial, and Meg Bartelt, founder of Flow Financial Planning, LLC, provide insights on how to cut down on your stocks to achieve the life you’ve dreamed of.
We have emotional ties to our investments—but that shouldn’t stop you from pursuing a more financially sound future. Scott and Meg swap tales of market highs and lows, illustrating why, sometimes, letting go of stock can safeguard your portfolio and your future security. This episode is more than just a discussion—it’s a blueprint for aligning your stocks with your broader financial aspirations.
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Money can be confusing—but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Are you ready to align your money with your ideal life? Connect with us at Stone Steps Financial.
Is your cash currently sitting under your mattress, withering away with inflation? While stashing your cash seems like a safe bet, it limits your access to investment opportunities. With inflation rising, the value of your cash may not have the longevity you hoped for. If you currently have a pile of cash and are asking yourself, “Well…what now?” this week’s episode of “Real Personal Finance” guides you through aligning your resources with the life you want to lead. Scott Frank, founder of Stone Steps Financial, and Meg Bartelt, founder of Flow Financial Planning, LLC, share strategies that steer you clear of the hoarding trap and onto the road to smart investment.
The conversation covers the “Have-To’s,” “What-To’s,” and “Need-To’s” of personal finance, giving listeners insights on how to make your cash work for you. The journey doesn't stop there; Scott and Meg address the pressing need for retirement savings, even if you're coming late to the party, and how to employ tax location strategies to invest more in your future. Don’t let your cash waste away; use it to make your ideal life possible.
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Money can be confusing—but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Are you ready to align your money with your ideal life? Connect with us at Stone Steps Financial.
Does your anxiety spike every time tax season rolls around? The possibility of receiving an unexpected tax bill can bring a sense of dread to the entire month of April. We all have to pay taxes, but we don’t have to stress about them. Scott Frank, founder of Stone Steps Financial, is joined by Meg Bartelt, founder of Flow Financial Planning, LLC, to simplify conversations around money and tax planning.
Conquer your tax season anxiety and avoid the shock of unexpected tax bills through Scott and Meg’s insight and tips. Accurate reporting, strategic planning, and increasing your withholding rates are all steps to place you in a proactive financial mindset. The conversation explores optimizing your retirement contributions and the ins and outs of estimated tax payments, particularly after life-changing financial events.
Don’t worry—you don’t have to take on next tax season alone. Scott and Meg share the importance of adding a tax professional to your team. Join the conversation as we turn the stress of taxes into a streamlined process.
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Money can be confusing—but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Are you ready to align your money with your ideal life? Connect with us at Stone Steps Financial.
Scott and James thank all of the fans for years of support for listening to the podcast and review where you can find them if you're looking for customized advice when it comes to maximizing your finances.
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James
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Scott and James discuss how to balance a home purchase with saving for retirement.
Listener Question:
We want to stay in manhattan and want to be home owners but can’t make the math work. Our current rental 2 bed 2 bath just went up to $4400/mo. A comparable condo would sell around $1.3-$1.5m. That would put the mortgage at around $7,000 with another $2,000-$3,000 in maintainable and taxes a month. Rent does keep increasing and I don’t want to keep getting squeezed but does buying in Manhattan just not make sense?
Planning Points Discussed
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
2:30 - Priorities
5:25 - Various Goals
8:12 - Life & Math Don't Always Match
11:15 - Investment Concerns
12:30 - How Much Home Can You Afford?
16:05 - Aligning Your Financial Goals
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Scott and James discuss what to do if you make too much to contribute to a Roth IRA.
Listener Question:
I am currently 33 years old, single, and am nearing a $129,000 annual salary. I have been investing in a Roth IRA and realize the phaseout limits for single taxpayers are from $129k - $144k. My question is, how do I lower my income, besides contributing to my traditional 401k, so I can keep contributing the max $6000/year into my Roth IRA as my income rises over the years?
Planning Points Discussed:
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
2:30 - Introduction
6:17 - Phaseouts
8:13 - Roth IRAs
11:05 - Aligning Your Financial Goals
LET'S CONNECT!
James
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Scott
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Scott and James discuss whether or not an MBA is worth it.
Planning Points Discussed
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
2:30 - Listener Quesiton
5:30 - Why MBA?
7:46 - Pros/Cons of MBAs
8:30 - Debt v. Investing
16:05 - Aligning Your Financial Goals
LET'S CONNECT!
James
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Scott
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Scott and James discuss the tax implications of withdrawing income from various accounts in retirement.
Listener Question:
Can you talk about how some of the main retirement accounts are taxed upon withdrawal?
Example topic: Are withdrawals just subject to Federal taxes, or FICA taxes as well? And how / if withdrawing from retirement accounts affects eligibility / taxes you have to pay on social security?
Can you talk about how after tax brokerage accounts are taxed both while investing and when you start to withdraw? And what withdrawals from that look like when you are retired (whether or not you are at ‘retirement age’ or not).
Planning Points Discussed
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
2:30 - Introduction
6:17 - Accounts Aren't Equal
11:15 - Tax Overview
14:46 - Maximizing Your Finances
16:05 - Aligning Your Financial Goals
LET'S CONNECT!
James
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Scott
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Scott and James discuss how to reduce costs inside of your company's 401(k).
Join the Real Personal Finance Community and click on "The Nation"
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Listener Question:
What is a good expense ratio for a retirement account? Is this something you can control with an employer sponsored plan? I want to make sure my money is working for me and I am maximizing my returns
Planning Points Discussed
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
2:30 - We're on YouTube HERE!
6:17 - Expense Overview
11:15 - Planning Options
14:46 - Individual Choices
16:55 - Business Size
21:05 - Aligning Your Financial Goals
LET'S CONNECT!
James
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Scott
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Scott and James discuss how real estate should factor into your retirement plan.
Join the Real Personal Finance Community and click on "The Nation"
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Listener Question:
Me and my wife enjoy doing live and flip rentals and are planning on the cash flow to be part of our retirement funds. We are planning to move in a year and would like to pick up a third house to add to our portfolio when we do. How would you run the numbers to see if this is a safe investment for us. Ensure we are not taking on too much risk to expand.
Planning Points Discussed
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
2:30 - We're on YouTube HERE!
6:17 - Rental Overview
11:15 - Understanding Real Estate
14:46 - Income Understanding
16:46 - Customization is Key
19:00 - Aligning Your Financial Goals
LET'S CONNECT!
James
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Submit Your Question For The Show Here!
Scott and James discuss how to best diversify a concentrated stock holding.
Join the Real Personal Finance Community and click on "The Nation"
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Listener Question:
How do I exit a concentrated stock position?
I’m an employee at a large tech company and I’ve vested RSUs over the last 4 years. Some of my stock has appreciated 4x since I was granted it. My non-company stock brokerage account value is around $700k, and on top of that my vested company stock (APPL) is worth $250k at the moment. I expect to continue to accumulate more company stock through ESPP and RSU grants over time. My current gross income is around $325k ($200k salary + $125k annual RSU stock grants). I would like to take action to diversify this position into other equities (equity index funds). The reason I would like to diversify is to reduce my portfolio risk. Having just seen some other companies like Meta take a 70% stock hit, it feels like a responsible action to take. As I’ve heard in your podcast, I should not have too much of my net worth in one stock, and the only free lunch is diversification. I can sell all $250,000 vested shares tomorrow, but then I believe I would get hit with a large tax bill for all of the gains, which seems like it could be a burden. I am thinking I could start by selling the shares that I’ve held for over a year to make sure to get the long-term gains tax rate instead of the short term tax rate. And then next year, I could sell the stock I got this year, etc. I am thinking of starting a DAF in the next couple years and gifting $10k of appreciated stock to charity (apple does 2:1 promotions where they match up to $10k, meaning I could initiate the DAF with $30k), but the rest I would like to re-invest in a more diverse way to meet my short and long-term financial goals.
Planning Points Discussed
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
2:30 - We're on YouTube HERE!
5:58 - Tax Consequences
9:16 - Stock Vesting
13:45 - Minimize Your Taxes
16:56 - Best Stocks
25:30 - Aligning Your Financial Goals
LET'S CONNECT!
James
YouTube LinkedIn Website
Scott
Facebook Twitter Website
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Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play.
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Submit Your Question For The Show Here!
Scott and James discuss how 5 things to start the new year right with your finances.
Join the Real Personal Finance Community and click on "The Nation"
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Planning Points Discussed
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
2:30 - We're on YouTube HERE!
6:17 - Financial Goals
11:15 - Priorities in Money
24:46 - Individual Choices
30:46 - Customization is Key
33:00 - Aligning Your Financial Goals
LET'S CONNECT!
James
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Scott
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Scott and James discuss how you should choose your survivor benefits options for your pension.
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Listener Question:
I'm not sure if this can be a whole show but I was wondering if you guys can go over how to think about choosing between the Survivor Benefit Plan (SBP) and whole or term insurance. I'm in the military and will be retiring soon. I work with a lot of members that are retiring and this choice seems like a coin flip or they simple go off of what someone else did. I know this decision is different for everyone so I was hoping you guys could go over a framework of how to compare the two. I would love to be able to point people to a podcast that walks them through the process of comparing the two.
Planning Points Discussed
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
2:30 - We're on YouTube HERE!
6:17 - Pension Overview
11:15 - Understanding Your Options
14:46 - Individual Choices
16:46 - Customization is Key
19:00 - Aligning Your Financial Goals
LET'S CONNECT!
James
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Scott
Facebook Twitter Website
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Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play.
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Scott and James discuss misleading financial rules to avoid.
Join the Real Personal Finance Community and click on "The Nation"
We're on YouTube here!
Listener Question:
How do you both think about the common wisdom that you should have a certain multiple of your income saved by a specific age (e.g. save at least 1x your salary by 30, 3x by 40, 6x by 50, 8x by 60, and 10x by 67)?
I am in a situation where my income has tripled between ages 30 and 35. As an example, let's say I had 100K saved at age 30 (1x my salary), but I'm 35 and my salary is now 300K. I don't have 900K saved in retirement, in fact, it's about half that. Am I in trouble?
Planning Points Discussed
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
2:30 - We're on YouTube HERE!
6:17 - How Much Do I Need To Save?
8:52 - How Much Money Do I Need?
12:54 - Portfolio Changes
14:45 - Income Diversification
18:21 - Aligning Your Financial Goals
LET'S CONNECT!
James
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Scott
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Scott and James discuss annuities and announce Real Personal Finance NATION!
Join the Real Personal Finance Community and click on "The Nation"
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Listener Question:
I've met with multiple financial advisors and all of them have 2 things in common.
1. They all say they are Fiduciary.
2. They all try and pitch me on various types of annuities to supplement or augment my portfolio.
Can you please address annuities on a show? Everything I have read online says to stay away from annuities (all types), and I am losing trust for the financial advisor industry. Are there cases where an annuity is a good move?
P.S. I asked the last guy your recommended set of questions from a previous show. He was impressed with the question I asked, "How else are you paid?" And did say insurance commissions, but also said nobody asked him that.
Planning Points Discussed
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
2:30 - We're on YouTube HERE!
6:17 - Annuity Overview
14:15 - Exchanging Annuities
23:46 - Financial Advisors
29:15 - Advisor Resources
35:10 - Real Personal Finance NATION!
39:30 - Aligning Your Financial Goals
LET'S CONNECT!
James
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Scott
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Scott and James discuss the best way to enter the financial planning industry as a career changer.
Wilson Liu Financial Resources
We're on YouTube here!
Listener Question:
I really enjoy your podcast. I've had a 10-year career in nonprofit development, but I've had a passion for investing and personal finance since I was a little kid. I'm trying to pivot into wealth management. I know in a recent episode you addressed the path into the industry for someone coming out of college. I'd love to hear if you have any insight for someone making a pivot mid-career. Maybe the pathway is the same, but it would be great to hear what you think.
Planning Points Discussed
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
2:30 - We're on YouTube HERE!
6:17 - Financial Resources
10:15 - Understanding Your Options
12:46 - Career Change Sample
15:55 - Characteristics Scott/James Look For
23:00 - Aligning Your Financial Goals
LET'S CONNECT!
James
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Scott
Facebook Twitter Website
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Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play.
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Scott and James discuss how you can know when you're financially free.
NEW: We're on YouTube here!
Listener Question:
If you think we can step away from work when I hit "my number" whether it be at age 49 or 54 - knowing that I would only pull approx 3% from my brokerage until I reach 59.5. My goal would be to leave FT work at age 50, and have my wife and I only work PT or consulting to cover expenses and carry healthcare - w/o withdrawing from the portfolio until we hit our number (BTW we think total number is about 3.5M).
We're both 40
We have about 900,000 in liquid assets (not including our home equity). Of that total amount, about 500k in roth, 250k in traditional ira, 130k brokerage and 20k hsa. 90/10 portfolio of just a few diversified vanguard ETFs
combined income of 300k
spend about 85k today
after tax, we save/invest about 60% and if you add employer match in total it's about 115k a year towards investments
mortgage will be paid off by 50 and kids will be in college
we'd like to forecast spending about 90-95k in todays dollars in retirement
So, in about 10 years, will we reach enough to execute our plan of having options? And how large should our brokerage account be to cover our plan of spending our 50s doing some PT work to cover expenses and then withdrawing in our mid-50s?
Planning Points Discussed
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
2:30 - We're on YouTube HERE!
6:17 - Listener Question
10:30 - Truth of Investing
13:16 - Financial Freedom
18:20 - Tax Planning
20:53 - Risk Management
23:00 - Aligning Your Financial Goals
LET'S CONNECT!
James
YouTube LinkedIn Website
Scott
Facebook Twitter Website
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Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play.
Submit Your Question For The Show Here!
Submit Your Question For The Show Here!
Scott and James discuss the most how individual stocks compare to investing in funds.
NEW: We're on YouTube here!
Listener Question:
I listen to your podcast and it has inspired me to invest however, I have invested into individual stocks and it has lost around 50% of its value so I invested money into VOO because I thought it was safer and I continue to invest $55 every two weeks im 18 and this is what I can comfortably afford how do I build my wealth for the long term should I continue to invest in the S and P or is there another thing you recommend?
Planning Points Discussed
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
2:30 - We're on YouTube HERE!
6:17 - Individual Stocks
10:30 - Truth of Money
13:16 - Funds Overview
18:20 - Financial Planning
20:53 - Stock Investing
26:49 - Growth Mindset
33:00 - Aligning Your Financial Goals
LET'S CONNECT!
James
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Scott
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Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play.
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Submit Your Question For The Show Here!
Scott and James discuss the most effective way to incorporate giving into your financial plan.
NEW: We're on YouTube here!
Listener Question:
Am I on track to retire at 52? Am I over-investing in retirement at the expense of more freedom now? How would you recommend incorporating pension plans into overall retirement planning (ideal year:pension percentage break-even point?)?
Planning Points Discussed
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
2:30 - We're on YouTube HERE!
6:17 - Redefining Giving
10:30 - Truth of Money
13:16 - 503(c) organizations
18:20 - Tax Planning
20:53 - Life Insurance
22:49 - Business Assets
26:00 - Aligning Your Financial Goals
LET'S CONNECT!
James
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Scott
Facebook Twitter Website
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Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play.
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Scott and James discuss if you should ever purchase your home fully in cash.
NEW: We're on YouTube here!
Listener Question:
I’m 27 and my goal is to have a paid for house by the time I'm 45. In the next 18 years, if I save and invest aggressively will I have potentially have enough to pay in cash or is it better to get the mortgage when I'm able to and pay the interest because house prices will go up more than what I could earn in interest in the stock market? To me, it seems that any appreciation the house might gain will be lost in the interest I'm paying to the bank for the mortgage. I don't want to pay interest and since I can't even get a loan for enough to buy a house in my area I'm wondering if it's not a better idea to save in an investment account and once the account reaches the right number, use that money to buy the house without a mortgage.
Planning Points Discussed
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
2:30 - We're on YouTube HERE!
5:02 - Assumptions
10:30 - Understanding Interest
14:14 - Personal Finance is Personal
18:20 - Subjective & Objective Personal Finance
23:00 - Aligning Your Financial Goals
LET'S CONNECT!
James
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Scott
Facebook Twitter Website
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Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play.
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Scott and James discuss how a pension fits into your overall retirement plan.
NEW: We're on YouTube here!
Listener Question:
Am I on track to retire at 52? Am I over-investing in retirement at the expense of more freedom now? How would you recommend incorporating pension plans into overall retirement planning (ideal year:pension percentage break-even point?)?
Planning Points Discussed
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
2:30 - We're on YouTube HERE!
5:02 - Assumptions
10:30 - Retirement Planning
14:14 - Pension Considerations
18:20 - Subjective & Objective Personal Finance
20:53 - Life Insurance
22:11 - Optimizing Finances
23:00 - Aligning Your Financial Goals
LET'S CONNECT!
James
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Scott
Facebook Twitter Website
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Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play.
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Scott and James discuss the 5 employee benefits to get right during annual enrollment!
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Planning Points Discussed
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
2:30 - We're on YouTube HERE!
4:25 - Retirement Contributions
10:59 - Credit Card Interest Rates
16:26 - Healthcare Considerations
23:05 - Life Insurance Coverage
29:12 - Savings Rates
33:39 - Deferred Compensation
36:00 - Aligning Your Financial Goals
LET'S CONNECT!
James
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Scott
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Scott and James discuss if Roth or Traditional is better for FIRE (Financial Independence, Retire Early).
NEW: We're on YouTube here!
Listener Question:
I’m wondering if I should change my 401k strategy from traditional to roth? I’m a 35 year old high earner making around $175k a year plus bonus. I’m currently maxing my traditional 401k plus a 5% match from my employer. I need to work another 7 year to hit my FI number ($2.5M) and I have $160k in my traditional 401k right now. When I run the numbers on compounding interest, I show that I’ll have somewhere between and $1.2M - $2M in traditional when I hit 59 1/2 if I just continue getting my match (no more personal contributions). I feel like if I continue to contribute to traditional 401k, I will have a huge tax bill when I hit 59 1/2 and I'm worried about RMDs. What should I do? Do I continue to take the tax deduction now since I’m a high earner or transition to roth to create more tax diversification? On a side note, I’m already performing a roth ira conversion each year ($6k), maxing my HSA ($7.3k), and contributing to a brokerage account monthly ($1.5k). **Planning Points Discussed**
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
2:30 - We're on YouTube HERE!
4:35 - Listener Question Summary
8:37 - Tax Basics
13:47 - 401(k) Maximum
18:20 - Optimize Income & Savings
21:57 - Savings Rates
24:22 - Personal Capital
26:00 - Aligning Your Financial Goals
LET'S CONNECT!
James
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Scott
Facebook Twitter Website
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Scott and James discuss if you should dip into your retirement accounts to purchase a home.
NEW: We're on YouTube here!
Listener Question:
Should I max out all of our retirement accounts and consider taking a loan against my 457b or take out contributions from my Roth IRA in order to make a sizeable down payment for this second home in the future? Or should I allocate a portion of that savings money into a brokerage account instead for 10 years to save for this down payment? I am leaning toward taking a loan/Roth contribution instead of brokerage due to 1) tax benefits 2) simplicity and 3) because I view it as essentially "diversifying" my retirement by putting that money toward a lakehouse. **Planning Points Discussed**
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
2:30 - We're on YouTube HERE!
4:15 - Listener Summary
6:35 - Insurance Needs
10:32 - Different Goals & Priorities
14:30 - When To Make a Purchase
17:19 - Property Growth
20:35 - Aligning Your Financial Goals
LET'S CONNECT!
James
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Scott
Facebook Twitter Website
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Scott and James discuss what to do when you receive a significant bump in income.
NEW: We're on YouTube here!
Listener Question:
I would like to do the more in-depth analysis you mentioned on today’s podcast if you are willing. We hope to retire in the next 5 years, at age 55/56. I am eligible to begin receiving a pension after this year, but plan to "double-dip" for the next 4-5. I have questions about 403(b) and 457 accounts, rollovers, and distributions. **Planning Points Discussed**
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
2:30 - We're on YouTube HERE!
4:15 - Income Basics
10:02 - Income Raises & Planning Changes
17:38 - How Much To Save For Different Goals
20:32 - Aligning Your Financial Goals
LET'S CONNECT!
James
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Scott
Facebook Twitter Website
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Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play.
Scott and James discuss if you should save your money for the future or spend it today.
NEW: We're on YouTube here!
Listener Question:
I am 40 years old and want to know how I am doing. I have been through a divorce and a major job change and have been saving as much as possible, but it seems like I may have gotten to a place where I may be able to save less aggressively. I would really love to be able to retire comfortably at 60 but also live my best life now without over-saving and missing out on today. I have an old 401k, current 401k, Roth IRA, HSA and brokerage account. I know my numbers very well: budget/spending, savings/savings rate, net worth, etc.
Planning Points Discussed
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
2:30 - We're on YouTube HERE!
4:15 - Summary of Goals
10:02 - Comprehensive Financial Planning
17:38 - How Much To Save/Spend Today?
22:32 - Aligning Your Financial Goals
LET'S CONNECT!
James
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Scott
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Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play.
Scott and James discuss where to invest excess income.
NEW: We're on YouTube here!
Planning Points Discussed
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
2:30 - We're on YouTube HERE!
4:19 - Anonymous Example
10:02 - Cash Flow
17:38 - Roth Contributions
22:41 - Risk Tolerance & Income Needs
25:37 - Aligning Your Financial Goals
LET'S CONNECT!
James
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Scott
Facebook Twitter Website
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Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play.
Leave us a review on iTunes.
Have a money question you want us to answer? Submit one here
Scott and James discuss if your investments are too concentrated.
NEW: We're on YouTube here!
Planning Points Discussed
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
2:30 - We're on YouTube HERE!
5:03 - Individual Context
7:32 - Budgeting
13:45 - Importance of Tracking Efficiently
19:32 - Index Fund Advantages
25:11 - Aligning Your Financial Goals
LET'S CONNECT!
James
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Scott
Facebook Twitter Website
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Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play.
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Scott and James discuss how to understand the stock market.
NEW: We're on YouTube here!
Planning Points Discussed
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
2:30 - We're on YouTube HERE!
6:31 - What is the "market"?
10:28 - Investing in the "winners"
18:09 - What % Are The Major Companies?
23:11 - Aligning Your Financial Goals
LET'S CONNECT!
James
YouTube LinkedIn Website
Scott
Facebook Twitter Website
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Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play.
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Scott and James discuss what insurances you need (and don't need).
Planning Points Discussed
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
2:30 - Insurance
7:01 - Proper Protection
10:41 - What Insurances To Avoid?
17:36 - Long-Term Care Needs
16:57 - Debt & Real Estate
25:31 - Aligning Your Financial Goals
LET'S CONNECT!
James
YouTube LinkedIn Website
Scott
Facebook Twitter Website
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Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play.
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Scott and James discuss how this market impacts how we pull funds from 529 plans.
Planning Points Discussed
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
5:49 - Stocks & Bonds Correlation
9:58 - Cash Flow & Risk Level
14:49 - What Is A Good Rate?
18:50 - Additional Expenses
16:57 - Debt & Real Estate
21:27 - Aligning Your Financial Goals
LET'S CONNECT!
James
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Scott
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Scott and James discuss how to invest in stocks for beginners.
Listener Question
Sometimes I can tend to pull the trigger on things before doing enough due diligence. If I make a stock purchase and later am not sure it was the best decision, how long should I wait before selling the shares and moving on from that company.I'm not talking about buying a company and then a week later the stock price dips a little bit and that being reason to dump shares but more fundamentally if I no longer believe that a company is worth the investment how long after that point should I wait before selling the shares?
Planning Points Discussed
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
3:00 - Not Longer Just "It Depends"
6:26 - Fundamentals
7:48 - Appreciation v. Dividend
14:34 - Types of Investments
20:12 - JP Morgan Study
26:35 - When To Sell/Buy
27:10 - Aligning Your Financial Goals
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Scott and James discuss how to understand your cash flow.
Planning Points Discussed
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
4:16 - Income
6:26 - Fundamentals
10:46 - Spending Isn't Negative
14:27 - Rules of Thumb
16:57 - Debt & Real Estate
21:12 - Tax Rates
25:45 - Aligning Your Financial Goals
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Scott and James discuss the pros and cons of using dividend investing to create passive income.
Planning Points Discussed
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Listener Question:
What is your stance on dividend investing, with the goal of reaching a point where one can live off of "passive" income from dividend ETFs? I have been reading a lot on the dividend subreddit where people are sharing their spreadsheets and screenshots of investments, and it seems like a very compelling strategy. What are the pros and cons of investing heavily in dividend ETFs with the hope of building a passive income stream?
Timestamps:
4:16 - Dividend Yield
7:27 - The Feeling Behind Dividends
10:19 - Dividends During Recessions
14:27 - Don't Just Focus On Dividends
18:52 - Total Return
21:12 - Dividend v. Capital Appreciation
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Scott and James discuss how to understand your balance sheet.
Planning Points Discussed
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
6:17 - Having Multiple Accounts For Organization
10:08 - Goal-Based Investing Accounts
15:33 - Debt
20:25 - Net Worth Allocation
24:29 - Restrucutre Debt
26:48 - Aligning Your Financial Goals With Your Life
LET'S CONNECT!
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Scott and James discuss how to understand your balance sheet.
Planning Points Discussed
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
6:17 - Having Multiple Accounts For Organization
10:08 - Goal-Based Investing Accounts
15:33 - Debt
20:25 - Net Worth Allocation
24:29 - Restrucutre Debt
26:48 - Aligning Your Financial Goals With Your Life
LET'S CONNECT!
James
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Scott and James discuss how to invest during a bear market.
Planning Points Discussed
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
3:27 - What To Do As Investors Now
6:52 - Prices Are Reflected Today
11:03 - Averages Are In Your Favor
14:27 - Recovery Statistics
17:06 - Relatively "Normal"
17:44 - Aligning Your Financial Goals With Your Life
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Scott and James discuss how to retire early.
Planning Points Discussed
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
2:05 - FIRE Movement
5:05 - Non-Traditional Retirement
7:25 - Social Security
10:09 - Additional Considerations
11:25 - Military Considerations
13:40 - Gap Fund
15:50 - What Will You Really Enjoy?
17:44 - Aligning Your Financial Goals With Your Life
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Scott and James discuss how much company stock ownership is too much.
Planning Points Discussed
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Listener Question:
I'm a manager at a blue chip company and they offer up to 20% of their stock in your 401K.
Right now I have 8% of my 401K invested in company stock with the rest in target date funds. I'm wondering your thoughts on if 8% is too much or too little. I have another IRA with good mutual funds and a personal brokerage account where I pick my own stocks. Just wanted to add that in so you didn't think that this 401K is my only savings for retirement.
Timestamps:
4:28 - Rules of Thumb
9:32 - Casting A Wide Net
13:47 - Risk v. Return
17:12 - Company Stock Summary
18:44 - Aligning Your Financial Goals With Your Life
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Scott and James discuss where to invest cash earmarked for a down payment.
Planning Points Discussed
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Listener Question:
Timestamps:
LET'S CONNECT!
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Scott and James discuss how to best mitigate risk in your investment strategy.
Planning Points Discussed
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Listener Question:
I'm really enjoying your podcast and generally agree with your advice. I'm 37 and a personal investor who is focused on long term investments for retirement. I have generally leveraged a higher risk strategy based on my age with index funds. My question is about the make up of the S&P 500 and specifically I’m concerned that the majority of the top stocks a large tech firms. It seems possible that we have seen the peek of these firms similar to the dot com bubble, so I’m rethinking continuing to invest due to this risk of collapse. Can you help me understand how to manage that risk?
Timestamps:
3:27 - What Is An Index?
7:05 - Why We Invest
11:22- Importance of Diversification
14:15 - How Do You Enjoy Investing?
16:59 - Market Capitalization
19:25 - Aligning Your Financial Goals
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Scott and James discuss the benefits of Health Savings Accounts and how to maximize their impact.
Planning Points Discussed
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Listener Question:
My question is around HSA's. Am I really missing out by not investing in this? I understand the power of tax advantage accounts, but to me having all that money that can only be used for specific things feels very limiting. Plus all the extra work of needing to track these expenses, etc.
Is that trade off really worth it, or am I fine if I'm maxing out IRA's (no 401k atm) and adding to taxable accounts.
Timestamps:
2:26- HSA Overview
5:16 - Tax Benefits
9:36 - HSA or FSA
12:54 - Expense Tracking
15:54- Required Distributions
18:30 - Aligning Your Financial Goals
LET'S CONNECT!
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Scott and James discuss if you should use an adjustable rate mortgage (ARM)?
Planning Points Discussed
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
1:10 - Mortgage Rate Options
4:17 - Mortgage Risk
6:38 - Payment Differences
10:27 - Additional Options
11:23 - Don't Push Debt Forward
13:45 - Aligning Your Financial Goals
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Scott and James discuss how you can reduce taxes on side hustle income.
Planning Points Discussed
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
1:10 - Listener Question
3:25 - Taxes
5:50 - Retirement Contributions
7:43 - Retirement Contribution Maximums
9:14 - Solo 401(k) v. SEP IRA
11:35 - Can My Spouse Contribute?
14:27 - Target Income & Timeframe
16:11 - Aligning Your Financial Goals
LET'S CONNECT!
James
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Scott
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Scott and James discuss what planning points to consider during a recession.
Planning Points Discussed
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
1:10 - What Can We Control
3:25 - Cash Flow
8:12 - Unemployment
10:13 - How To Withdraw in Retirement
14:42 - Roth Conversion
16:51 - Loss Carryover
19:33 - Aligning Your Financial Goals
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Scott and James discuss how to invest in down markets. **Listener Question** With the markets increased volatiltiy in the past few weeks, we wanted to address how you can be investing amidst current market conditions. Thank you for submitting your questions and please continue to do so and we'll look to answer them in a future episode.
Planning Points Discussed
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
2:30 - Inflation
6:10 - Headlines
11:42 - The Best Days
15:05 - Having a Plan
18:20 - Rebalancing
20:31 - Aligning Your Financial Goals
LET'S CONNECT!
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Scott and James discuss how to account for matching contributions in retirement savings rates.
Listener Question
Wanted to find what both of yours opinions are on savings rate as it relates to employer match. I am currently saving 25% of my gross income between maxing out 401k, IRA and the rest to a brokerage, I bonds and ESPP. My employer matches 15% NEC on 100% income. I have a mandatory retirement age from this career (commercial aviation) If I fall short on my 25% personal savings rate in a given year, when is it appropriate to count the 15% from the company? Or is it always counted and I’m saving 40% between the two?
Planning Points Discussed
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
2:30 - Employer Matching
4:55 - Dollars Are Dollars
7:21 - Overfunding
9:12 - Lifestyle Goals
10:47 - Healthy Savings
11:47 - Aligning Your Financial Goals
LET'S CONNECT!
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Scott and James discuss how to give more effectively using Donor-Advised Funds. Listener Question
Hello! I love the show. I think I’ve had a chance listened to over 100 episodes. Have y’all considered an episode on giving? I recently started use using a donor advised fund, giving away some highly appreciated assets instead of cash. Are there any more strategies that I can use to be generous? Anything out of the box?
Planning Points Discussed
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
3:34 - Charitable Giving
5:38- Deductions
8:09 - Effective Giving
15:38 - Utilize Tax Benefits
20:35 - Aligning Your Financial Goals
LET'S CONNECT!
James
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Scott and James discuss how to give more effectively using Donor-Advised Funds.
Listener Question
Hello! I love the show. I think I’ve had a chance listened to over 100 episodes. Have y’all considered an episode on giving? I recently started use using a donor advised fund, giving away some highly appreciated assets instead of cash. Are there any more strategies that I can use to be generous? Anything out of the box?
Planning Points Discussed
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
3:34 - Charitable Giving
5:38- Deductions
8:09 - Effective Giving
15:38 - Utilize Tax Benefits
20:35 - Aligning Your Financial Goals
LET'S CONNECT!
James
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Scott
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Scott and James discuss how to find a financial professional that's right for you.
Listener Question
My husband and I are both high earners. He owns his own business and I am employed full time in the health tech sector. We are in a great position where we are debt free, own our home and a rental property and have close to a million in investments. We manage our finances and taxes on our own today but are getting to the point where we'd like some advice around how to make the most of our assets, particularly from a tax perspective, as we continue to earn. We're 35 and 40 years old and have one child. We've been burned by tax accountants in the past who charge a ton but provide very little that we didn't already know. We find there are lots of resources for those starting out and many for those in the 5+ million range, but very little out there for where we are. Do you have any advice on how to find a professional who would be able to help us for a reasonable fee? I'd love to find someone we can create a relationship with who will grow with us. Thanks!
Planning Points Discussed
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
3:54 - Retirement Goals
9:05 - Do You Need An Accountant?
11:46 - Importance of Your Situation
15:07 - Quality of Life
18:33 - Who's the Best Fit?
20:35 - Aligning Your Financial Goals
LET'S CONNECT!
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Scott and James discuss which pension option they should select, annuity or lump sum?
Listener Question
Hey guys! Thank you so much for the amazing podcast! I have a pension question. I am a teacher, and I am eligible to retire and begin taking my pension payments in July 2023. I have heard some people say to take the lump sum distribution, and create your own pension/annuity, but the math doesn't seem to work out right for me. I will be 51 at that point, and likely moving to a different profession with an income to add to the pension payouts. The amount that I would receive as a lump sum would be approximately $210,000. That represents all of my contributions over the 28 years I have been teaching plus 4% interest per year. It does not include the contributions from my employer, as I am not entitled to take them if I elect for the lump sum. The pension option that I would choose is the reduced amount that would continue for my wife after my death. It is $3408 monthly, which comes to nearly $41,000 per year. There is no way that I could expect to earn that much on the lump sum of $210,000 to make that a logical choice, is there? Am I doing something wrong on the math?
Planning Points Discussed
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
3:54 - Pension Overview
6:37 - How to Determine the Best Choice
9:35 - Inflation Protection
11:46 - Importance of Your Situation
13:51 - Aligning Your Financial Goals
LET'S CONNECT!
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Scott and James discuss how to best track investment returns.
Listener Question
Does it make sense to track my investments in my 401K and Roth IRA purely off of the projected rate of return that people suggest (typically between 7-10%) or should I track my investments based on the inflation-adjusted return rate? I am asking this as a 23 year old, who sees a million dollars as a very attainable goal with a Roth and/or 401K but when you factor in inflation each year at say 3% that million dollars seems more challenging to accomplish.
Should I track my portfolio values off of this “standard” 7-10% growth rate or should I take a more conservative approach and track them off of a (4-7%) growth rate so that I can have a better understanding of what I am on track for?
Planning Points Discussed
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
3:54 - Nominal v. Real Returns
6:37 - Investment Growth Example
9:35 - Inflation Protection
11:46 - Importance of Real Return
13:51 - Aligning Your Financial Goals
LET'S CONNECT!
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Scott and James discuss how to forecast and save for college.
Listener Question
My wife and I are 33 and have two children, ages 1 and 3. We'd like to save enough to pay for their college costs but we're not sure how to forecast what the cost of their college will actually be. College costs can vary widely, and have historically grown at different rates at different times. We're also not sure what type of college they will choose, or how much scholarship they might receive. Ideally we would save as tax-efficiently as possible (such as through a 529), but we're concerned about saving too much in a 529 in case they choose a less-expensive school, or get significant scholarship, etc. We're currently saving some in a 529 (to get our state tax deduction) and some in a regular taxable brokerage, which could either cover college costs or be used for other purposes down the road. But we're not sure how much in total to save since we're unsure what college will actually cost in 20 or so years. Can you help us with how to best plan for our children's college expenses?
Planning Points Discussed
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
3:54 - College Planning Overview
6:49 - Public College Planning
9:16 - How To Be On Track To Fund College
12:20 - Tax Benefits (state specific)
15:20 - Growth Example
18:31 - Funding Options
23:21 - Aligning Your Financial Goals
LET'S CONNECT!
James
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Scott and James discuss if you should borrow money to invest.
Listener Question
| Currently have a 401k company match up to 7%. They also allow us to borrow against our 401k up to $50,000. Also have a Roth IRA but not able to make the max contribution. 401k loan is a 5% note on a 60 month term (only option) but maxes out at $50k and can have multiple loans against the 401k (only pay off early option is to pay note in full). Knowing the risks of losing the job or leaving, we have a HELOC to bail us out in a pinch. Realizing we lose the compounding interest on the loan amount but taking that loan and putting it towards to Roth would offset that lost gain and help with my tax advantages when the withdrawal party starts all the while my interest payments are going back into the 401k. My thoughts are to take out a loan each year to apply towards the Roth until I either max out the loan amount or I can make the full contribution amount again. Am I crazy to think this is a good idea? |
Planning Points Discussed
- Retirement Planning
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
3:54 - Cash Flow
6:49 - HELOC Example
9:16 - RMDs (Required Minimum Distributions)
11:47 - Gross Income v. Net Income
14:18 - Retirement Savings
16:35 - Tax Optimization
19:05 - Aligning Your Financial Goals
LET'S CONNECT!
James
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Scott
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Scott and James discuss the pros & cons of different savings accounts.
Listener Question
I'm hoping you could walk through the pros and cons of different higher-yield savings vehicles: high-yield savings accounts, money markets, and CDs. Especially how the planned federal interest rates raises may affect those.
Planning Points Discussed
- Retirement Planning
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
3:57 - Bank Lending
7:23 - Bank Differences
10:33 - Savings Rates
13:30 - How Banks Make Money
15:18 - Interest Rates
17:29 - High Yield Savings Accounts
LET'S CONNECT!
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Scott and James discuss how much you need to retire.
Listener Question
I'm 55 years old and currently employed with $1.1 million in 401k, $150,000.00 in annuity fund. Upon retiring I will also have a pension with medical, dental & optical coverage. My yearly income is $120,000 & I’m looking to retire at 60 years old. In your opinions does retiring comfortably in 5 years look reasonable?
Planning Points Discussed
- Retirement Planning
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
3:29 - Listener Info
6:06 - Living Expenses Today
8:37 - Retirement Expenses
11:20 - Social Security
13:30 - Financial Freedom
16:05 - Tax Planning Opportunities
18:17 - Withdrawal Rates
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Scott and James discuss the tradeoffs between investing in real estate and the stock market.
Listener Question
My wife and I just purchased our first home (30-yr fixed, low interest rate, strong housing market in suburbs of a major city). As we start a family, we realize we'll likely need a larger home in 5-8 years. Should we plan to purchase a second, larger home, while maintaining our current home as a rental property (which I assume requires less risky investments today), OR invest more aggressively today and plan to sell our current home when we upgrade (have only one house, no rental). Hoping you can provide a framework to help think through potential returns/tradeoffs of each scenario. For example, how to compare the return on a rental property (appreciation of property value and eventual sale) vs returns if the same money was invested in the market. Also, imagine there is tradeoffs between liquidity of owning a rental vs investing in market.
Our home is worth between $650-700k, interest rate 2.6%. Unclear what rent we could expect, maybe around $3k/month.
Planning Points Discussed
- Retirement Planning
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
3:07 - Liquidity For a Purchase
6:27 - Multiple Mortgages
9:55 - Tax-Writeoffs
12:05 - Home Prices
16:17 - Comparing Stock Market v. Real Estate
18:22 - Net Worth
21:08 - Desire For Simplicity
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Scott and James discuss how to rebalance when tax implications are involved.
Listener Question
I'm 30 years old and have close to 1/2 million in taxable brokerage accounts. While I was investing, I was not targeting a specific asset allocation, and now realize my portfolio is very heavily concentrated in domestic large cap stock funds. My question is, how do I go about rebalancing to achieve a more diversified portfolio while considering the implications of taxes and market cycles?
Planning Points Discussed
- Retirement Planning
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
3:07 - Tax Planning
6:05 - Volatility Concerns
8:11 - Creative Planning
10:57 - When To Sell
13:30 - Example of Tax Implications
15:48 - Taxable Accounts
17:22 - Gifting For Tax Planning
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Scott and James discuss what to do when you receive a large windfall.
Listener Question
Can you provide (hypothetical) advice on how to handle a financial windfall? My wife and I are in our mid-thirties with one young child. She is a stay-at-home mom while I work in tech. My salary of approximately $130k covers all of our annual expenses in addition to 401k contributions (up to the amount needed to receive full employer matching). We also started contributing to a 529 plan for our son.
We recently came into possession of $2.3M in concentrated stocks and bonds with unrealized capital gains of around $1.5M. Are there any no-brainer moves to make given our new financial position.
Timestamps:
3:08 - Windfall Introduction
5:16 - Cost Basis Impact
7:21 - What Matters Most?
9:48 - Life Goals
12:22 - It's Not About Perfect
16:02 - Value of Diversification
17:18 - Aligning Your Values With Your Goals
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Scott and James discuss the best way to become a financial planner. Listener Question
I was wondering if you could talk about the career path of a financial planner, more specifically a CFP who is an independent RIA. I am a college student studying finance looking to become a CFP, there seems to be many paths to take and it is a little confusing. Any tips on how to get valuable experience whether through summer internships or part time work in school?
Planning Points Discussed
- Retirement Planning
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
3:07 - Various Advisor Industries
4:40 - Scott's Introduction To Finance
7:02 - James Introduction To Finance
10:33 - It's More Than The Money
13:30 - Understanding The Textbook
16:05 - What Is An Associate Advisor?
19:51 - Who's The Right Fit?
24:30 - Transparency
27:28 - Aligining Your Financial Goals
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Scott and James discuss how to balance retirement savings with debt paydown. Listener Question
I'm 36 years old with a wife, a 2.5 year old and hopefully a second child in the near future. I currently have a job with a non-matched 403b but it also currently offers a pension (and hopefully still will when I retire in 25-30 years). My wife's employer offers a matching 403b. I currently contribute 15% per pay period into my 403b and my wife about 11%. I’ve been working a few years longer than her and excluding my current 403b account, I have about $75k in an IRA from previous 401k rollovers (post-college thru taking my current job in the summer of 2018). I still have about $45k remaining in principle student loans at 4.35% fixed (8 years left on a 10-year refi loan). I graduated college in 2007 and have been paying my student loans every month since then. My current min monthly payment is $575. Does it make sense to cash out my IRA/rollover account and finally just payoff my student loan, pay off a small amount of credit card debt from a trip we took to Hawaii a few years ago, and ultimately free up some cash to increase my monthly 403b contribution, and build our emergency fund back up to a healthy level, especially as the cost of living increases and we plan to add another child to our family? Or is it absolutely insane to throw away $75k saved over the previous 10 years of my career?
Planning Points Discussed
- Retirement Planning
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
3:57 - Listener Question
4:56 - Pension Income
7:28 - Tax Implications
11:29- Paying Down Debt
14:18 - Refinancing Knowledge
16:22 - Unknown Expenses
19:08 - Aligning Your Financial Goals
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Scott and James discuss what people do for health insurance if they retire early. Listener Question
I'm a 48 year old single woman who wants to retire in my mid 50's (or sooner) I have about $400,000 in investments of which only about 12% is in after tax savings I just started a new job making with bonus about $105,000 a year previously only made 55,000 my plan is to live on half my new income. I now max out my 401k, hsa, & Roth IRa and put the rest in my after tax brokerage (which was unable to do in the past). My FIRE # is 1.5 million my question is do you feel I have good plan and what do people do for health insurance if they retire in there mid 50's?
Planning Points Discussed
- Retirement Planning
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
3:57 - FIRE #
6:02 - Financial Planning Expenses
8:04 - Balancing Goals
10:25 - Early Retirement
16:54 - Time & Freedom
19:28 - Health Subsidies
22:05 - Aligning Your Financial Goals
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Scott and James discuss if you should save to a Deferred Compensation Plan after maxing out everything else.
Listener Question
My question is about non-qualified deferred compensation plans. I already max out my 401(k), megaback door (while we still can), Roth backdoor conversations, HSA, FSA, ESPP plan and my wife's SEP IRA and Roth. For the remaining cash I've typically invested in taxable accounts in dividend stocks for future income, but most recently have started using my company NCDC plan for part of salary and bonus. We are 50 YO and plan to retire in 10 years and elected a 10 year payout to minimize taxes in these remaining high earning years. There is also a likely chance that I change jobs every 2-3 years at this point which would potential trigger early distributions.
What are your thoughts on NCDC plans and the distributions?
Planning Points Discussed
- Retirement Planning
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
3:13 - Listener Question
7:40 - Lifestyle Goals
10:46 - Retirement Planning
14:11 - Non-Qualified Deferred Compensation
17:36 - Job Changes
20:50 - Aligning Your Financial Goals
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Scott and James discuss what to expect when you're expecting.
Listener Question
My wife and I are expecting, and I want to start planning from a financial perspective. I'm considering a 529; if I remember from a previous episode, you guys said you can start funding that before the child is born? I'm also looking into dependent care FSAs for child care expenses. If a kid is due in July, does it make sense to wait and enroll in the dependent care FSA then? Are there any other investment vehicle options to consider? Or general suggestions on cash to have on hand once a child is in the picture?
Planning Points Discussed
- Retirement Planning
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
3:40 - Income Changes
6:02 - Family Updates
10:18 - Lifestyle Changes
14:02 - 529 Plans
18:12 - HSA Benefits
19:29 - Aligning Your Financial Goals
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Scott and James discuss how to know if you're on track to retire.
Listener Question
I am 26 years old and have a TSP account valued at 20k, and a variety of stock/bold portfolios that are earmarked for different priorities that total to about 40k. I get a company match of up to 5% which I utilize up to that. I currently contribute 300 in addition to maxing out my Roth IRA that is valued around 12k. Now, assuming I continue this pace what would you say is the likelihood that I’ll be able to retire off of 60-70k a year? I have hesitations with blindly trusting a “4%” rule since when the study was done it was with the 5% safe rate of return from bonds back in the 90s. Thanks for your time!
Planning Points Discussed
- Retirement Planning
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
3:57 - Listener Question
6:02 - Inflation
9:30 - Employer Matching
11:40 - Time Horizon
14:18 - Lifestyle Changes
17:50 - Retirement Rules
23:22 - Aligning Your Financial Goals
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Scott and James discuss how to start the new year right.
Planning Points Discussed
- Retirement Planning
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
3:57 - Life's Considerations
6:02 - Intentional Living
9:30 - Retirement Goals
15:01 - Dream Lifestyle
16:55 - Assets
19:24 - Saving & Investing
21:22 - Aligning Your Financial Goals
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Scott and James discuss how to protect against inflation.
Listener Question
Can y'all do an episode about inflation?
Planning Points Discussed
- Retirement Planning
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
4:08 - Bond Returns
7:05 - Timing the Market
10:12 - Historical Inflation
13:34 - Bond Risk
16:23 - Downturns are Inevitable
19:04 - When should I have cash/bonds?
20:35 - Aligning Your Financial Goals
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James
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Scott and James discuss what to know about IRA eligibility.
Listener Question
Question 1:
I am wondering if I should open an IRA in addition to my 401k through work. My employer match in my 401k caps at $9,000. The only benefit I see of having an IRA is being able to direct the investments, but we are currently happy with the options offered by our employers. We prefer investing in ETFs and have a majority of our money in the S&P 500, with some diversification globally and in small/mid cap funds.
I am 29 and my husband is 32. We both work in corporate jobs and have a combined income of nearly $300,000 with an additional $100,000 in bonuses, stock, and matching incentive pay. I have always operated of a mindset of 1/3 savings, 1/3 spending, and 1/3 taxes. We each max out our 401k’s (traditional), participate in employer stock purchase plans, and have a 529 plan for future college funds. The rest of our assets are in taxable brokerage accounts. We would like the flexibility to retire from corporate jobs in our 50’s. At some point, we may want to open our own small business.
Question 2:
I have a 401(k) with my current employer. If I were to get a new job (that also offers a 401k) should I roll my 401(k) into a new one with my new employer, or should I roll my 401(k) into a Roth IRA, and start a new 401(k) from scratch with my new employer? Someone told me this could be a good idea, but I have NO CLUE about investing and such so I’m not sure if this is a wise decision. PS. Please let me know if you include my answer on your show so I know when to listen! Thanks!
Planning Points Discussed
- Retirement Planning
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
3:57 - Income Limits
6:02 - Backdoor Roth Conversions
11:08 - Flexibility, Control, Investment Options
14:32 - Tax Planning
18:21 - Excess Contributions
18:50 - Traditional IRA Contributions
20:04 - Roth IRA Contribution Limits
24:08 - Aligning Your Financial Goals
LET'S CONNECT!
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Scott
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Scott and James discuss if you should do Roth Conversions in years where income is relatively low.
Listener Question
I am currently single and maxing out my 401k. In two more years I'll have been doing this and my Roth IRA for four years total. I plan on going back to training for one year and at that point it will drop me from the 37% tax bracket to 22%. My question is I currently contribute to a Roth 401(k) and I plan to stop doing that and just contribute fully to my 401(k), but in the year I earn less move everything to my Roth IRA, is this the right decision or should I keep contributing part of the Roth 401(k) and regular combined?
Planning Points Discussed
- Retirement Planning
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
3:57 - Retirement Contributions
7:07 - Moving Funds To Pre-Tax
10:27 - Contribution Limits
12:40 - Additional Savings
16:51 - Roth Conversions
18:47 - Tax-Gain Harvesting
20:09 - Aligning Your Financial Goals
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Scott and James discuss if you should cancel your existing whole life policy and buy term life insurance.
Listener Question
I have listened to your episodes about life insurance and whether or not it’s advisable to purchase a whole life policy. However, I’d be curious to hear what you think about a whole life policy that I bought about 5 years ago. It costs me a fixed $100/ month for a $100,000 policy.
I am 36 years old, single and have no children. I would like to have a family one day, but I’m not sure it makes sense to continue with a whole life policy at this time. Would it make more sense for me to continue with this policy given that it is not hurting my financially, or would it be better to collect the cash value ($6,500) to contribute it to the small amount of remaining debt that I have and get a term life policy that will likely be much less expensive? If I do get a term life policy, how much would you recommend that I purchase?
Planning Points Discussed
- Retirement Planning
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
3:57 - What is Whole Life Insurance?
5:28 - When Do You Need Life Insurance?
9:30 - Term Life Insurance Benefits
11:32 - Growth Rates
13:47 - Why We Own Insurance
15:29 - Tax Planning
16:43 - Aligning Your Financial Goals
LET'S CONNECT!
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Scott and James discuss the new contributions limits (2022) and how that impacts our taxes.
Listener Question
Can I unwind a non- deductible IRA and revert it to a retail account? My CPA suggested I put 7k aside each year (I did it once) and then put it into a backdoor Roth. My income is high (we paid 51% in effective taxes last year) and I max out my 401k (no match) at work. But here is where it gets complicated- I have an IRA, Roth, SEP IRA (from a side consulting business) and now also the non deductible IRA all in Schwab in a mic of index funds and individual dividend stocks. But my employer’s 401 k plan (Transamerica) is terrible - high fees and not great fund options. I am worried about rolling my various retirement funds (about 400k for me) into Transamerica just to put 7 or 14 k into a backdoor Roth would cost le almost as luch in fees, not to mention oppty cost when forced to sell my holdings to conform to what Transamerica offers.
Given this and the impending demise of the backdoor Roth, can I somehow convert my 7k back to a nonretirement holding?
Planning Points Discussed
- Retirement Planning
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
3:57 - Roth IRA Backdoor Considerations
6:02 - IRS Aggregation Rule
9:30 - Partner's Income
12:40 - Self-Employed Retirement Considerations
15:01 - Required Minimum Distributions
17:36 - Tax Planning
18:22 - Aligning Your Financial Goals
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Scott and James discuss the new contributions limits (2022) and how that impacts our taxes.
Listener Question
My wife and I have two homes. One is our primary and the other is a weekend/getaway home. We have mortgages on each (each are 30-year fixed and below 3%). Our total monthly mortgage payment for both homes is 15.5% of our gross income. Does it make sense to take our extra cash and pay down the mortgages or to use that cash where it could earn more such as investments?
Planning Points Discussed
- Retirement Planning
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
3:26 - Income Considerations
6:28 - Outside Considerations
9:05 - Interest Rates
11:30 - Opportunity Cost
15:01 - Asset Allocation
18:04 - Borrowing Debt
19:52 - Aligning Your Financial Goals
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Scott and James discuss how to invest at market all-time highs.
Planning Points Discussed
- Retirement Planning
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
3:12 - Negative Headlines
5:21 - Market Performance
8:53 - Example of Growth
11:01 - How Can We Position Our Investments Now?
13:01 - Time Horizon of Investments
17:09 - Why We Invest
18:54 - Aligning Your Financial Goals
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Scott and James discuss where to invest for a Home, CD Ladders, and Contribution Rules.
Listener Questions
- Can I max out both my Roth 401k contribution and my Roth IRA contribution in the same year? Example: I’m 57. 26 thousand plus 7 thousand = 33 thousand. Can I contribute 33 thousand to Roth retirement accounts in 2021?
- You have talked about saving vs investing based on time horizon and risk appetite. Im hoping you can talk more about savings options. I heard about the concept of CD ladders and thought it may be a good approach to earmark my annual property taxes and insurance bills.
- I am looking for advice regarding where to invest savings for a down payment for a first home. My goal is to be able to make an offer for a home in about five years. Some background about me: I am in my late 30's, debt free, married with one child and and work a decent paying corporate job. I plan continue to max out my 401K and divert all my other savings to the down payment goal (20-30 percent of after tax income).
- Would it make sense to put this savings into a relatively liquid real estate investment like a REIT? In other words, an investment that might track the cost of the future purchase I plan to make. If the housing market rises, so too will my investment and I will be better positioned to make this higher down payment. If the housing market tanks, the investment will look bad, but in theory I won't need as much money for a given house.
Planning Points Discussed
- Retirement Planning
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
3:12 - Roth 401(k) & Roth IRA
6:00 - CD Ladders
10:09 - How To Save For A Home
12:19 - REIT Indices
15:45 - Performance
18:53 - Time Horizon
20:44 - Down Payment Goals
23:50 - Aligning Your Financial Goals
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Scott and James discuss the new contributions limits (2022) and how that impacts our taxes.
Listener Question
I am a new small business owner and have just begun a 401k, I have a roth ira, 529 for my child, and my own investment portfolio. I am still confused on how I should vary my allocation based on the type of fund- such as my roth versus traditional versus normal investments, in order to maximize the benefits of each separate account. I also was hoping you could do an episode solely on how taxes work and the differences between them.
Planning Points Discussed
- Retirement Planning
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
3:12 - New Contributions
5:26 - IRAs & Roth IRAs
8:53 - How Taxes Work
12:57 - Cash Flow
15:01 - Order of Operations
18:04 - How Can I Maximize Tax Savings?
20:27 - 401(k) Contribution Increase
22:40 - Aligning Your Financial Goals
LET'S CONNECT!
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Scott and James discuss if you should invest in Whole Life insurance after maxing out your 401(k).
Listener Question
I was recently advised to get a life insurance retirement plan by my adviser. I currently max out my IRA contribution, FSA, 401k to ~56k and have extra money left over. I’m single and don’t have kids to warrant a life insurance plan per se but it sounded intriguing with the extra cash i have leftover. I comfortably have an extra 3-4 k every month leftover. I’m a bit skeptical of the adviser since he contacted me supposedly from a coworker who gave him my name.
Planning Points Discussed
- Retirement Planning
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Episodes Mentioned
- What Tax-Efficient Investment Strategies Exist After I Max My 401(k)?
Timestamps:
1:30 - Submit Your Questions!
3:05 - Selling v. Advising
7:25 - How Are Insurance Salesman Compensated?
10:28 - Understand Your Goals First
13:43 - Self-Insured
15:37 - Opportunity Cost
16:47 - Tax-Free Loans
17:15 - After-Tax Benefits
19:32- Understanding Incentives
21:02- Aligning Your Financial Goals
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Scott and James discuss when it makes sense to start redirecting retirement savings to other account types.
Listener Question
- Currently, I'm 47 and I have been maxing out my retirement accounts. I believe that I am in good position for when I retire with the amount I have and the amount it will grow in next 15 years. My question is if it is foolish to now build up a non retirement account instead of continuing to pour money into the retirement account. I realize I'd be giving up tax benefits, but right now I have very little flexibility for the next 13 years. 95% of my net value is either in retirement accounts or my house. I do have an emergency fund for 6 months in cash. I'm thinking since my retirement funds are in good shape that I should start building some assets/brokerage account outside of retirement in case I want to retire early or work part time or want/need money for any reason before I'm 59. What's your thoughts on if there is a point that you should stop worrying about retirement accounts and their tax benefits and building for the years before retiring?
Planning Points Discussed
- Retirement Planning
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
2:35 - Introduction
4:15 - Optimize Your Balance Sheet
5:05 - Individual Stock Example
6:20 - Liquidity
8:26 - Rule of 55
10:06 - Tax Planning
14:23 - Flexibility Benefits of a Bridge Account
15:44 - Roth Conversions
17:23 - Supplemental Accounts
18:24 - Please keep sharing!
19:00 - Aligning Your Financial Goals
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Scott
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Scott and James discuss the important milestones you should be aware of.
Planning Points Discussed
- Retirement Planning
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
2:00 - Introduction
4:29 - Dependent Care
5:50 - Tax Credits
6:58 - Investing v. Gambling
8:02 - UGMA / UTMA
10:25 - Kiddie Tax
12:47 - Catch-up Contributions
15:40 - Social Security Benefits
17:55 - Qualified Charitable Distributions
19:00 - Charitable Giving Strategy
20:27 - RMDs (Required Minimum Distributions)
21:51 - Aligning Your Financial Goals
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James
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Scott
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Scott and James discuss how to make sure you aren't leaving free money on the table during open enrollment.
Planning Points Discussed
- Retirement Planning
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
1:30 - Introduction
2:57 - Health Insurance Considerations
6:15 - HSA v. FSA
7:25 - Life Insurance
10:06 - Disability Insurance
11:48 - 401(k) Considerations
14:53 - RSUs (Restricted Stock Units)
16:35 - Tax Strategy
17:15 - Deferred Compensation
18:25 - Estate Planning
22:02- Aligning Your Financial Goals
LET'S CONNECT!
James
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Scott
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Scott and James discuss what you should do when you have large unrealized gains in a concentrated stock holding.
Listener Question
-
My wife and I have been blessed with good fortune through our ESPP and RSU programs across 4 different employers. Having always been a buy-and-hold investor, these companies now have significant unrealized capital gains and represent almost 50% of portfolio value and a strong dividend cash flow that could provide income during a job loss. We live in CA and are in top tax brackets and would like to effectively diversify without loosing over 50% to taxes.
-
I currently have around 4,500 shares of AAPL. This makes up about 54% of my total stocks. I have 2,200 shares in my investment (non-retirement) account which makes up 100% of this total. I want to reallocate some of the AAPL, but it will have serious tax implications especially with my investment account. What do you recommend?
Planning Points Discussed
- Retirement Planning
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
1:30 - Introduction
3:27 - First Listener Question
5:05 - Individual Stock Example
6:58 - Investing v. Gambling
9:05- Taxes
9:43 - Cost Basis
12:15 - Stock Option Tax Planning
14:22 - Peace of Mind & Tax Strategy
17:55 - Lowest Cost Basis v. Highest Cost Basis
19:00 - Charitable Giving Strategy
21:55 - Second Listener Question
23:00 - Retirement Account Tax Benefits
24:53 - Aligning Your Financial Goals
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James
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Scott
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Scott and James discuss how you can take advantage of tax loss and tax gain harvesting.
Planning Points Discussed
- Retirement Planning
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
1:30 - Scott's eldest son scores a goal & James surfs!
2:42 - When Should I Start Saving / Investing?
4:10 - Tax Loss Harvesting
6:13 - Taking Advantage of Losses
6:26 - What is a Wash Sale?
8:41 - Capital Gains v. Ordinary Income
10:16 - Does Your Financial Advisor Ask For Your Tax Return?
13:00 - Tax Gain Harvesting
15:55 - Tax Gain Harvesting & Roth Conversions
17:23 - Aligning Your Financial Goals
LET'S CONNECT!
James
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Scott
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Scott and James discuss if you should pursue a dividend and sector investment strategy.
Listener Question
-
Can we talk about dividends and dividend stocks? Is it a wise strategy to invest in those stocks that pay out dividends to shareholders?
-
I have been looking at investing in ETFs and I have seen number of ETFs under the label of Sector and Specialty ETFs (that is how Vanguard labels them). Could we talk more about these? I would be interested in investing in some of these- but I am not sure if it is wise?
Planning Points Discussed
- Retirement Planning
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
1:30 - Introduction
2:16 - Dividend Stocks
4:35 - Dividend Example
6:15 - Total Return of an Investment
8:49- Downturns & Dividends
11:48 - Is It Bad If Companies Don't Pay Dividends?
15:11 - Reinvesting Dividends
18:37 - U.S. Stock Categories
20:54 - Driving Your Returns Over Time
22:36 - Strategies to Fund College
23:18 - Aligning Your Financial Goals
LET'S CONNECT!
James
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Scott
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Scott and James discuss what the key things are to focus on when you're just getting started.
Planning Points Discussed
- Retirement Planning
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
1:30 - Introduction
2:42 - When Should I Start Saving / Investing?
4:30 - Why All Debt Isn't Equal
8:37 - Paying Yourself First
10:16 - Taking Advantage of Free Money (Employer Match)
12:18 - Loan Forgiveness
14:04 - Life Insurance
16:02 - How Much Do I Have To Invest To Reach $1,000,000?
17:23 - Aligning Your Financial Goals
LET'S CONNECT!
James
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Scott
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Scott and James discuss multiple listener questions regarding tracking 401k contributions, ESPP savings, and investing after getting a late start.
Planning Points Discussed
- Retirement Planning
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
1:49 - Listener Question
2:57 - Tax Implications of Retirement Accounts
4:05 - Rollovers: 401(k)s to IRAs (and Roth!)
7:40 - ESPP (Employee Stock Purchase Plan)
10:47 - Risk & Return Correlations
12:41 - When Does It Make Sense to Diversify?
15:37- What Can You Control?
17:54 - Maximizing Social Security
20:36 - When Saving Is More Important Than Compounding
23:07 - Aligning Your Financial Goals
LET'S CONNECT!
James
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Scott
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Scott and James discuss how to upsize homes before selling your current home.
Planning Points Discussed
- Retirement Planning
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
1:30 - Introduction
3:28 - Finding Your Dream Home
4:43 - What Information Does A Bank Want?
9:14 - What Funds Should I Use For A Down Payment?
10:30 - Understanding Margin Calls
11:48 - What is a Mortgage Recast?
13:05 - Should I Do A Cash-Out Refi?
16:00 - Balancing Retirement Goals
19:00 - UTMA v. UGMA
22:36 - Strategies to Fund College
23:50 - Aligning Your Financial Goals
LET'S CONNECT!
James
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Scott
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Scott and James discuss how to balance retirement income and legacy goals.
Planning Points Discussed
- Retirement Planning
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
1:30 - Introduction
2:51 - Rebalancing
6:05 - Legacy Planning
8:41 - Balancing Cash Preserves
12:19 - Asset Class Variations
18:48 - Estate Planning Opportunities
22:23 - Utilizing Leverage of Time
26:07 - Estate Tax & Gift Tax Penalties
18:54 - Diversification Benefits
30:12 - Aligning Your Financial Goals
LET'S CONNECT!
James
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Scott
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Scott and James discuss how to incorporate real estate as part of your retirement plan.
Planning Points Discussed
- Retirement Planning
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
1:30 - Introduction
3:22 - Costs of Real Estate
5:42 - Quantifying Your Real Estate Asset
8:30 - How To Determine If You Should Incorporate Real Estate
10:50 - What Are My Expenses With Real Estate?
13:14 - Alternative Real Estate Ownership Options
16:00 - What Are Your Goals Behind Owning Real Estate?
17:39 - Taxation of Real Estate
18:54 - Diversification Benefits
20:04 - Aligning Your Financial Goals
LET'S CONNECT!
James
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Scott
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Scott and James discuss the best way to invest your portfolio throughout retirement.
Planning Points Discussed
- Retirement Planning
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
1:30 - Introduction
2:45 - Target-Date Funds
4:37 - Bucket Strategy v. Total Return
8:21 - What is a Sustainable Withdrawal Rate?
11:54 - Retirement Funds Aren't All Created Equal
14:36 - What Portfolio Mix Is Right For Me?
16:25 - Benefits of Owning Multiple Funds
17:51 - Aligning Your Life With Your Financial Goals
LET'S CONNECT!
James
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Scott
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Scott and James discuss how to view your entire financial picture and how you can align it with your financial goals.
Planning Points Discussed
- Retirement Planning
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
1:30 - Introduction
2:30 - Understanding Your Net Worth
6:45 - Stock Market Volatility
9:07 - What Metrics Should I Focus On?
11:18 - Should I Decrease My Net Worth Intentionally?
13:40 - Utilizing Debt
14:09 - Inputs v. Outputs
16:15 - Aligning Your Financial Goals
LET'S CONNECT!
James
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Scott
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Scott and James discuss how to prioritize conflicting financial strategies.
Planning Points Discussed
- Retirement Planning
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
1:30 - Introduction
3:02 - Asset Location v. Asset Allocation
5:38 - International Investments
8:21 - Taxation of Retirement Accounts
11:04 - Retirement Account Penalties
14:36 - Focusing On Your Goals
17:31 - Municipal Bond Taxation
20:06 - Importance of Your Time Horizon
21:24 - Aligning Your Financial Goals
LET'S CONNECT!
James
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Scott
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Scott and James discuss how to invest after maxing everything else out.
Planning Points Discussed
- Retirement Planning
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
1:30 - Introduction
3:52 - Investing In Real Estate
4:45 - How To Use Your Balance Sheet To Achieve Your Goals
8:30 - What Is A Great Rate of Return?
12:15 - What Is Passive Real Estate Investing?
14:30 - Aspects of Real Estate Investing
16:00 - Using Leverage For Real Estate
16:54 - What Are The Risks Of Investing In Real Estate?
20:44 - How To Invest Your Time, Energy & Talent
25:31 - Aligning Your Financial Goals
LET'S CONNECT!
James
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Scott
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Scott and James discuss how how to plan for your goals when you got a late start.
Planning Points Discussed
- Retirement Planning
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
1:30 - Listener Question
4:53 - Investing In The Market
6:20 - What Is My Time-Horizon?
7:20 - The Power of Consistent Saving
12:34 - Am I Too Old To Invest Aggressively?
15:35 - What Other Assets Can I Use To Retire?
19:00 - Retirement Expenses Example In Retirement
20:51 - Aligning Your Financial Goals
LET'S CONNECT!
James
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Scott
Facebook Twitter Website
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Scott and James discuss how to view your entire financial picture and how you can align it with your financial goals.
Planning Points Discussed
- Retirement Planning
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
1:30 - Introduction
2:30 - Gross Income v. Net Income
5:49 - What Percentage Are You Saving?
7:10 - How To Save For Your Different Goals
9:07 - What Is My Saving Rate?
12:18 - Living vs. Spending
14:47 - How To View Your Taxes
16:54 - What Do I Need To Focus On?
18:55 - Aligning Your Financial Goals
LET'S CONNECT!
James
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Scott
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Scott and James discuss different indexes, both what they mean and why they're important to you as an investor.
Planning Points Discussed
- Retirement Planning
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
1:30 - Listener Question
3:30 - What Makes Up The Global Market?
5:35 - What Does It Mean To Invest In "The Market"?
6:15 - How Is A Value Of A Company Determined?
10:11 - Russell 2000 vs. Russell 3000 - What's Different?
14:47 - How Do I Invest In The Developed Markets?
18:37 - What Are The Core Indexes?
19:55 - Aligning Your Financials With Your Goals
LET'S CONNECT!
James
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Scott
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Scott and James discuss how this political climate impacts our investments.
Planning Points Discussed
- Retirement Planning
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
1:30 - Listener Question
3:30 - How Should Politics Impact My Investment Strategy?
6:04 - Why Are We Investing?
8:35 - The Power of The S&P 500
12:18 - What Crises Tell Us About Investing
14:47 - What Is A Risk Premium?
16:54 - What Do I Need To Focus On?
18:55 - Aligning Your Financial Goals
LET'S CONNECT!
James
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Scott
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Scott and James discuss whether or not you should be saving on taxes now or in the future.
Planning Points Discussed
- Retirement Planning
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Episodes Mentioned
Episode 6: To Roth or Not to Roth?
Timestamps:
1:30 - Listener Question
3:30 - Should I Invest In A Roth IRA?
5:45 - How Does A Traditional IRA Work?
7:36 - How Does A Roth IRA Work?
9:47 - How Should I Invest As Tax Brackets Change?
11:27 - How Do Tax Brackets Work?
16:55 - Will I Be In A Larger Tax Bracket In The Future?
21:25- Aligning Your Financial Goals
LET'S CONNECT!
James
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Scott
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Scott and James discuss where you should save your extra income.
Planning Points Discussed
- Retirement Planning
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
1:30 - Listener Question
3:30 - Where Should I Save Extra Income?
5:45 - Long-Term v. Short-Term Savings
8:05 - Education Funding
9:47 - How To Think About "Liquidity"
12:21 - Should I Invest In A SEP IRA or Roth IRA?
13:00 - Flexibility v. Tax Benefits
19:20 - Aligning Your Financial Goals
LET'S CONNECT!
James
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Scott
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Scott and James discuss how to balance cash savings & long-term investing.
Planning Points Discussed
- Retirement Planning
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
1:30 - Introduction
3:40 - How To Allocate To Different Goals
7:15 - Should I Invest For Short-Term Goals?
8:24 - Importance of Different Accounts
13:58 - Portfolio Diversification
19:32 - How Do I Maximize Returns?
25:06 - Understanding Why We Invest
26:15 - Aligning Your Finances With Your Life
LET'S CONNECT!
James
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Scott
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Scott and James reflect on the first 100 episodes of the Real Personal Finance Podcast.
Planning Points Discussed
- Retirement Planning
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Episodes Mentioned:
Episode 83: 4 Things You Can Invest In
Episode 16: Budgeting Sucks, Do This Instead
Timestamps:
1:30 - Introduction
4:15 - The Magic of Compounding
5:45 - Which Episode Received The Most Downloads?
7:20 - Understanding Your Vision
9:14 - Where Do I Start With My Financial Journey?
12:02 - The Power of Automation
15:10 - How We Started The Podcast
15:45 - Thank You Listeners!
LET'S CONNECT!
James
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Scott
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Scott and James discuss how to save for a home in this crazy real estate market.
Planning Points Discussed
- Retirement Planning
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
1:30 - Listener Question
3:30 - Retirement Accounts
5:25 - Cost Basis Example
7:50 - Diversification of Investing
10:20 - Cash v. Bonds
13:00 - Diversification Benefits
15:10 - Understanding Costs of Home Ownership
17:50 - What Mortgage Can You Afford?
20:00 - Aligning Your Financial Goals
LET'S CONNECT!
James
Facebook LinkedIn Website
Scott
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Scott and James discuss the pros and cons of moving to another state to save money in order to retire early.
Planning Points Discussed
- Retirement Planning
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
1:30 - Listener Question
2:25 - Savings Rates
3:30 - Moving For Financial Reasons
7:00 - Longevity v. Financial Impacts (short-term)
9:50 - What Do You Really Want?
11:31 - Aligning Your Financial Goals
12:45 - Building Financial Habits
13:33 - Do A "Test-Run"
14:30 - Overview
LET'S CONNECT!
James
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Scott
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Scott and James discuss how best to balance debt paydown, savings, and long-term investing.
Planning Points Discussed
- Retirement Planning
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Episodes mentioned:
Episode 72: Better Investor Series: Understanding Asset Allocation
Episode 93: Should I Front Load Retirement Accounts When I'm Young?
Timestamps:
2:30 - Listener Question
3:41 - Managing Debt
6:20 - How To Pay Off Debt
8:22 - Investing For Your Goals
9:24 - Why Credit Matters
11:54 - The Ups & Downs of the Stock Market
13:42 - What's Your Time Horizon?
15:53 - What's Your Risk Tolerance?
16:15 - Saving For Your Goals
18:54 - Overview
LET'S CONNECT!
James
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Scott
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Scott and James discuss whether or not you should give your 4 year old a credit card.
Planning Points Discussed
- Retirement Planning
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
1:30 - Listener Question
3:05 - Determining Your Credit Score
6:20 - Credit Utilization
7:00 - 10 years vs. 34 years of Saving
9:24 - Why Credit Matters
11:11 - How To Teach Kids About Money
12:45 - Building Financial Habits
13:00 - Using "FamZoo" - Preparing Kids For Finances
15:10 - Aligning Your Financial Goals
16:30 - Overview
LET'S CONNECT!
James
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Scott
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Scott and James discuss what to do when you have "too much cash".
Planning Points Discussed
- Retirement Planning
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
1:30 - Celebration of 100,000 downloads
3:30 - Rationality of Investing
5:45 - What's The Right Solution For You?
7:50 - Determining Your Emergency fund
9:33 - When Is Cash "Too Much Cash"?
12:24 - Assigning Ideas To Your Cash
14:00 - How Would I Feel If My Mortgage Was Paid Off?
15:43 - Aligning Your Finances With Your Life
LET'S CONNECT!
James
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Scott
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Scott and James discuss when it's best for people to consider hiring a financial planner.
Planning Points Discussed
- Retirement Planning
- Tax Planning
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Episodes Mentioned
Episode 56: What Is The Value Of Working With A Financial Planner?
Episode 57: What Questions Should I Ask When Hiring A Financial Planner?
Timestamps:
2:00 - Why Hire A Financial Planner?
6:00 - How Advisors Are Different
9:30 - Tax Planning
13:11 - Emotional Thinking
15:23 - What Is Your Financial Strategy?
19:16 - Not Everyone Needs A Financial Planner
22:35 - Peace of Mind
24:32 - Finding The Right Planner For You
25:10 - Overview
LET'S CONNECT!
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Scott
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Scott and James discuss whether or not you should front load retirement accounts while you're young.
Planning Points Discussed
- Retirement Planning
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
1:30 - Listener Question
3:30 - Retirement Accounts
5:45 - Front-Loading Retirement Accounts
7:00 - 10 years vs. 34 years of Saving
10:10 - Non-Financial Compounding
12:05 - Aligning Your Financial Goals
13:00 - Overview of Opportunity Costs
15:10 - Understanding Your Expenses
LET'S CONNECT!
James
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Scott
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Listener Question:
I'm a US citizen living abroad. I started listening to your podcast when I hit 30. Alas, it was time to get my ducks in a row. I've followed your advice to open an IRA and a few online CDs, I appreciate the gentle mindset shift your podcast has on me.
Recently, when I told a friend I planned to contribute to my IRA, he warned me not to do that. He warned that if I contributed to my IRA with income earned and taxed overseas - income protected from double taxation by the foreign earned income exemption, then I would have to pay US taxes on my full income earned and taxed aboard.
Can income earned and taxed overseas not be contributed to an IRA without trigger full overseas income taxation? If yes, what tax-advantaged options does a US citizen have for income earned overseas?
Guest Interviewer
Connect with Ashley Murphy, CFP®, AIF®
Arete Wealth Strategists
Global Financial Planning Institute
Planning Points Discussed
- Tax Planning
- Retirement Planning
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals)
Timestamps:
2:30 - Introduction & Listener Question
4:30 - IRA vs. Roth IRA Benefits
7:00 - Retirement Planning For Your Country
9:47 - Citizen-Based Taxation
11:25 - Foreign Earned Income Exemption
12:12 - Taxation Dependent on Type of Income
13:00 - Real Estate Income v. Portfolio Income
14:17 - Tax Implications of Dual-Citizenship
15:30 - Overview
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Listener Question
How do immigrants should strategize investing when there is a real possibility of going back to home country because of work visa denial? Should we continue to invest in the states or invest offshore where we would retire? Thank you.
I have been living in the United States for 11 plus years now. Because I am an immigrant, I did not invest in 401k until 2015. But again, I was just contributing 6% to get employer match. I started my financial independence journey a year back. I maxed my 401k, contributed to Roth IRA. Thank you for the wonderful podcast to inspire millions of listeners.
Guest Interview
Connect with Ashley Murphy, CFP®, AIF®
Arete Wealth Strategists
Global Financial Planning Institute
Planning Points Discussed
- Tax Planning
- Retirement Planning
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals)
Timestamps:
2:00 - Introduction to Guest Interview
5:30 - International v. Cross-Border Financial Planning
8:27 - Every Country is Different
7:00 - Why the 4% Withdrawal Rule is Conservative
8:00 - When Can I Ensure I Can Retire?
12:30 - Tax Implications
13:00 - Foreign Tax Credits
17:37 - Roth IRAs for Dual Citizens
22:00 - How to Avoid Pitfalls
22:51 - PFIC (Passive Foreign Investment Company)
28:30 - Overview
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In this episode James and Scott discuss how to determine taxes owed on RSUs and ESPPs.
Questions discussed: What are the tax implications of my stock options? When is the best time to exercise my options? How do I maximize my options? What is the best approach for my individual situation?
Planning Points Discussed
- Tax Planning
- Retirement Planning
- Portfolio Management
- Aligning Your Investments with Financial Goals
Timestamps:
2:30 - RSUs & ESPPs
3:25 - Vesting Period
5:32 - How Best To Navigate Stock Options
7:02 - "Sell to Cover"
10:20 - How To Minimize Risk
13:25 - Tax Arbitrage With Stock Options
17:15 - Tax Implications
19:33 - Aligning Goals with Your Finances
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In this episode James and Scott discuss whether or not it's possible to overfund retirement, and what you can do to avoid doing so.
Questions discussed: How much is enough when it comes to funding for retirement? When can I stop funding for retirement? What is the best approach for my individual situation?
Planning Points Discussed
- Tax Planning
- Retirement Planning
- Portfolio Management
- Aligning Your Investments with Financial Goals
Timestamps:
2:30 - Listener Question
4:00 - Should I Max Out My Retirement Accounts?
6:13 - How Much Is Too Much For Retirement?
7:30 - Historical Performance: Lump-Sum vs. Dollar-Cost Averaging
10:20 - Importance of Balance Sheet
13:25 - How To Use RMDs In Retirement
15:25 - Aligning Goals with Your Finances
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In this episode James and Scott discuss whether or not an MBA is worth it and how best to prepare financially.
Questions discussed: Is an MBA worth it? What's the best way to prepare financially for an MBA? What are the benefits of an MBA? What do I want my MBA to do for me?
Planning Points Discussed
- Personal Development
- Portfolio Management
- Aligning Your Investments with Financial Goals
Timestamps:
2:30 - Listener Question
4:02 - Investing In Personal Education
5:00 - Is an MBA a Worthy Investment?
6:20 - Investing To Pay For an MBA
8:04 - How To View Student Loans
9:35 - How Much Debt Is Too Much Debt?
11:00 - Finding Your "MBA" Mentor
12:30 - Aligning Your Money With Your Life
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In this episode James and Scott discuss whether or not you should invest all at once (lump-sum) or invest smaller amounts over a period of time (dollar-cost average).
Questions discussed: Should I invest when the market is at all-time highs? When is the best time to invest? What is the best approach for my individual situation?
Articles Mentioned: Article Reference- Dollar-Cost Averaging vs. Lump-Sum (Of Dollars & Data)
Planning Points Discussed
- Tax Planning
- Retirement Planning
- Portfolio Management
- Aligning Your Investments with Financial Goals
Timestamps:
2:30 - Lump Sum v. Dollar-Cost Averaging
3:25 - What is Lump-Sum Investing?
5:32 - Can You Time The Market?
7:30 - Historical Performance: Lump-Sum vs. Dollar-Cost Averaging
10:20 - How To Minimize Risk
13:25 - What's Your Dollar-Cost Average "Policy"?
15:20 - Aligning Goals with Your Finances
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In this episode James and Scott discuss whether or not you should apply extra cash to paying down the mortgage.
Questions discussed: What should I do with extra cash? Should I apply extra cash to my mortgage or should I invest the cash? Is paying down the principal of my mortgage the most wise use of extra cash? How does paying down my mortgage impact my overall financial situation?
Planning Points Discussed
- Tax Planning
- Retirement Planning
- Real Estate
- Aligning Your Investments with Financial Goals
Timestamps:
2:30 - Listener Question
4:12 - Pay Down Mortgage or Invest?
6:21 - When Should I Refinance?
8:30 - Backdoor Roth Contributions
12:20 - How To Maximize 401(k)s
15:50 - Aligning Your Money With Your Life
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In this episode James and Scott discuss Gamestop Stock, AMC, Reddit, Hedge Funds, and how to think about "hot" stocks as an investor.
Questions discussed: Should I invest in GameStop, AMC, etc.? When do I know it's best to buy or sell? What does the halt of trading in Robinhood mean for the financial services industry? How much of my portfolio should I allocate to investing in individual stocks?
Planning Points Discussed
- Investment Planning
- Retirement Planning
- Tax Strategies
- Aligning Your Investments with Financial Goals
Timestamps:
1:30 - Investing vs. Speculation
4:12 - Wealth Accumulation: Short-Term & Long-Term
6:21 - Maximizing Wealth
8:30 - Gambling or Informed Investing: What's the Difference?
12:49 - How Likely Is One Company To Go Out Of Business?
15:50 - Aligning Your Money With Your Life
17:20 - How Investing Has Changed
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In this episode James and Scott discuss the difference between a Traditional IRA & Roth IRA and which may be ideal for you based on your individual situation.
Questions discussed: Are you hoping to lower your taxable income today? Do you think your income will rise over the course of your lifetime? When does it make most sense to use a Roth IRA vs. Traditional IRA? How should I invest in my Roth IRA or Traditional IRA?
Planning Points Discussed
- Tax Planning
- Retirement Planning
- Roth IRA vs. Traditional IRA
- Aligning Your Investments with Financial Goals
Timestamps:
2:30 - Listener Question
4:35 - Pre-tax vs. Post-tax Contributions
7:51 - IRA vs. Roth IRA Tax Implications
9:30 - Having an Accountability Partner
10:11 - 401(k) vs. Roth 401(k)
15:50 - Aligning Your Money With Your Life
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Scott and James discuss 4 things you can do to invest in your personal and financial growth and outline the steps involved to reach them.
Planning Points Discussed
- Retirement Planning
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
3:35 - Investing: Time Horizon
5:54 - Timeblocking
8:30 - Time & Financial Journey
11:41 - Investing In Yourself
15:00 - Personal & Financial Goals
17:47 - Aligning Your Financial Goals
18:00 - What Is Essential To You?
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What is a sustainable withdrawal rate in retirement? To put it in simple terms, it depends. Today we explain where the 4% withdrawal rate comes from and how it may apply to you and your ability to retire without worry. From new investors to those more well-seasoned, we discuss which factors you should consider when deciding what withdrawal rate will ensure you have a comfortable retirement.
Planning Points Discussed
- Tax Planning
- Retirement Planning
- Capital Preservation Rule
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals)
Timestamps:
2:00 - Overview of Withdraw Rates
2:30 - What is the 4% Withdrawal Rate?
4:00 - Success Rates of Retirement
7:00 - Why the 4% Withdrawal Rule is Conservative
8:00 - When Can I Ensure I Can Retire?
11:21 - Capital Preservation Rule
14:45 - What Is A Sustainable Growth Rate For Me?
20:10 - The Mix of Growth & Income Assets In Retirement
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In this episode of the podcast, we have a listener question:
I am about to come into a decent sum of money from selling a rental property. I’m 30 years old, invest 22 percent into my 401k (that has a balance of 45k currently). My plan was to invest this money in a total market index fund and an international index fund. Is this my best option? I also have a house that I owe about 215k on. Thank you in advance!
Planning Points Discussed
- Tax Planning
- Investment Strategy
- Real Estate
- Asset Allocation
- Other Issues (Emergency Fund, Financial Goals, Estate Planning)
Timestamps:
1:00 - Shoutout to the Listener Question
5:00 - When Should I Start Investing After Receiving A Large Sum?
6:20 - When Does A 1031 Exchange Make Most Sense?
7:35 - Where To Start When Making An Investment Plan?
8:18 - Refinancing Your Home & Interest Rates
12:05 - Having An Emergency Plan
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In this episode of the podcast, we have a listener question:
Just heard your podcast on the target date funds and really appreciate the insight as I'd just rebalanced my 401k and pulled out of them because of the fees and my level of attention to my portfolio. From a financial management perspective, I'm a DIY-er with a blend of Boglehead and FIRE, philosophically. Currently 1/3 of my wealth is concentrated in RSU/stock options from my company as part of my annual compensation package. Is there a tax strategy in regard to timing and/or amount to sell my options to ease the tax burden?What are some options that would make sense to reallocate the funds from the sales? My wife has an annuity in her 403b, which I've heard/read is not a great idea, so can you explain under what circumstances an annuity is or isn't a good option?
Planning Points Discussed
- Tax Planning
- Stock Options
- Annuities
- Restricted Stock Units (RSU)
- Other issues (IRAs, Vesting Schedules, Financial Goals)
Timestamps:
3:45 - Restricted Stock Units
4:19 - Tax Planning of Stock Options
10:00 - Vesting of RSU
16:06 - Deciding When Best To Sell For Your Goals
20:15 - Why Should I Invest In An Annuity?
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In this episode James and Scott discuss their thoughts on how they implement change in both their personal and financial lives.
It’s well known that just because something is simple doesn’t mean it will be easy. There are four questions to ask yourself when it comes to achieving your goals, both personally and financially. 1) What can you do? 2) How will you do it? 3) When will you do it? 4) Who can hold you accountable along the way?
Planning Points Discussed
- Accountability Partners
- Prioritizing Your Goals
- Purchasing Large Investments
- Aligning Your Investments with Financial Goals
Timestamps:
2:45 - Simple Doesn’t Equal Easy
6:15 - Avoiding Barriers
7:30 - Examples of Implementing Change
9:30 - Having an Accountability Partner
12:20 - Advisors Have Financial Advisors
12:50 - Aligning Your Money With Your Life
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In this podcast episode, we have a listener question:
Since interest rates are so low and the bond market is so much bigger than the equity market, what are a good mix of bonds for a portfolio with a lot of bonds? Should it only be high quality corporate or should it be some TIPS, CMO, or anything else? There are a lot of options for bonds.
Planning Points Discussed
- Interest Rates, Credit Rating & Terms of Bonds
- Treasury Inflation-Protected Securities
- Government Bonds vs. Corporate Bonds vs. Collateralized Mortgage Obligations
- How to keep your purchasing power
- Other issues (i.e. risk tolerance, danger of yield chasing, inflation)
Timestamps:
2:05 - What types of bonds should I invest in?
2:30 - What is a bond?
4:30 - Mortgage Terms (30 year, 20 year, 15 year)
8:30 - Qualified Tax Treatment
9:43 - Bond Yields
12:30 - Where do I start when trying to figure out what’s right for me?
15:30 - The Purpose of Holding Bonds in a Portfolio
20:00 - The Danger of Yield Chasing
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In this podcast episode, we have a listener question:
I just recently found your podcast when I was looking for some info on mega-backdoor roths. Thanks for all the info, you guys really are a wealth of knowledge. In an older episode, where you guys were talking about asset locations, one of you mentioned that if you have dividend-paying stocks, you should hold them in a retirement account, so you don't get messed up with paying taxes on the dividends. I have been of the understanding that investment dividends are taxed at long-term capital gains rates, so for MFJ, you would need to make over $80,000 in dividend income before you pay any taxes in 2020. If this is the case, and your dividend stock or fund paid 2% per year, you would have to hold $4,000,000 to reach that first 15% threshold. In this case, taxable accounts seem like a great place to hold dividend-paying stocks. Am I misunderstanding something about this?
Planning Points Discussed:
- Taxable Investments
- Taxation of Qualified Dividends and Ordinary Income
- Asset Location v. Asset Allocation
- Long-Term Capital Gains v. Short-Term Capital Gains
- Hierarchy of Assets
Key Points:
- How Various Taxes Impact Your Income
-
- Tax Implications Example:
-
- Example: You make $100,000 a year and you contribute $10,000 to your 401(k) and take a standard deduction of $12,000. Your taxable income would be $90,000 and if $12,000 is the standard deduction, $78,000 would be taxable income.
- There are two separate tax brackets for Ordinary Income & Long-Term Capital Gains(includes Qualified Dividends). If your ordinary income is under $80,000, any capital gains are taxed at 0%. Between $80,000 and $496,000, you are taxed at a rate of 15%, and above $496,000 you are taxed at 20% (assuming MFJ).
- The listener is correct- if you have a $4,000,000 portfolio, received $0 in ordinary income, and dividends were below $80,000, you would be taxed at 0%.
- If you make over $250,000 as a family, there is an additional 3.8% tax(Net Investment Income Tax).
- Salary, Social Security, etc. are all taxed at Ordinary Income rates.
-
Long-Term Capital Gains & Qualified vs. Ordinary Dividends
-
- Qualified vs. Ordinary Dividends
-
- When you receive a dividend, a company is making money and deciding to return some of that money back to the stockholders.
- If you hold a dividend for 60 days, it would be a qualified dividend. If not, it would be an ordinary dividend taxed at ordinary income tax rates.
- Long-Term Capital Gains
-
- If you hold a stock for less than a year and choose to sell, you have to pay your ordinary income tax rate.
- If you hold a stock more than a year and choose to sell, you receive preferential tax treatment.
- Types of Investment Accounts
-
- IRA/401(k)- tax-deferred while it is growing and taxed upon withdrawals.
- Non-qualified accounts such as a brokerage account.
- Roth IRA accounts which are taxed on the way in (after-tax) grow tax deferred and are withdrawn tax-free.
- Asset Location
-
- Invest investments that are tax-inefficient into tax-efficient accounts (i.e. REITs/high-dividend paying stocks in a retirement account).
- Invest investments that are tax-efficient into tax-inefficient accounts (i.e. technology stocks in a brokerage account).
- What’s the right mix of investments for you and where should those investments be invested based on your individual situation?
- Asset location helps you maximize your returns after taxes.
- Hierarchy of Assets
-
- REITs (most tax-inefficient)
- TIPS
- Nominal Bonds
- Domestic Equities
- Emerging Markets
- International Stocks (most tax-efficient)
Timestamps:
1:36 - Taxable Investments
3:26 - Ordinary Income Tax Brackets
6:12 - Net Investment Income Tax
8:30 - Qualified Tax Treatment
11:02 - Asset Location
12:15 - Asset Allocation
15:00 - Taxation of Dividends
15:33- Hierarchy of Assets
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In this week’s episode of Real Personal Finance, James and Scott discuss end of year tax planning. As the year comes to an end, we want to make sure your income and investments are in order. Whether you had a year of financial gain or financial loss we help you use that to your advantage, no matter your tax bracket.
Time Stamps:
00:28 - Year-end tax planning
01:00 - Core concepts to focus on for EOY planning
01:44 - Harvesting gains or losses in your portfolio
04:30 - Tax gain harvesting
06:55 - Planning for future higher income and how it impacts your tax bracket
08:13 – Planning for future lower income
10:00 - Charitable donation changes with the passage of the CARES Act
13:45 - Tax planning with stock compensation
15:14 - Cash flow
18:34 - 529 plans
19:41 - HSA vs. FSA
22:17 - Estate planning
23:13 - Roth conversions
25:04 - Conclusion
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In this podcast episode, we have a listener question:
Husband/wife (70/69) both retired intending to down size. Debt free. Retirement assets are 1.7 mil (1.3 mil traditional ira/400 k Roth IRA). Monthly income before taxes (social security and pensions) is $7500. New home cost estimated at $400 k. Existing home to be sold after building new home expected to sell for $150 k. So, how do we pay for new home: cash or finance? If cash: use traditional ira or Roth? If finance: how much? Thanks. Look forward to your reply.
Planning Points Discussed
- Analysis of purchasing new home
- Analysis of selling old home
- Tax analysis
- Explore multiple options
- Other issues (i.e. risk tolerance, RMD, IRMAA, other goals)
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In this episode James and Scott discuss their thoughts on Bitcoin and whether or not it belongs in your investment portfolio. They discuss:
- Traditional asset classes
- Alternative asset classes
- Risk vs growth potential
- Potential inflation hedges
- Considerations when adding new assets to your portfolio.
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In the third episode of the Better Investor Series James and Scott discuss ways you invest your portfolio for better potential long-term growth. Listen in as they discuss what parts of the stock market have historically demonstrated higher returns than others.
Timestamps
[2:35] Different types of stocks and bonds - which do you tilt toward?
[3:12] Market overview the end of 2019 - the United States stock market represented 54% of the global stock market.
[5:40] Pros and cons of diversification.
[9:40] The uncommon average in investing. How do "average" returns compare to what you can actually expect?
[17:01] How to use time to increase your odds of success.
[19:50] There is no silver bullet solution - focus on what you can control.
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In this episode, we dive deeper into three ways on how you should think about framing asset allocation; your ability to take risks, your willingness to take risks, and your need to take risks. Listen in to learn the fundamentals that should drive your investment decisions.
Timestamps:
- What is asset allocation [0:30]
- The four factors in your ability to take risk explained [2:18]
- How to work out investing horizons framework [3:14]
- Think of your income stability outside of investments you plan on making [7:03]
- How your need for liquidity tie into your investments’ options [8:48]
- How to prepare your portfolio to handle your plan B [9:25]
- Measuring your risk tolerance framework [11:02]
- Knowing what’s essential to you so you can figure out what you need to invest [14:39]
- Tradeoffs when your needs for your portfolio don’t align with your risk tolerance [17:37]
- Invest in both the US and international market [20:06]
- Big companies versus small companies investing [21:07]
- How to invest in bonds and not chase yield [24:21]
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In this episode, we explain the principles you need to understand and apply for your investment success. They are simple principles but not always obvious. It is important to understand these frameworks based on economic research to improve your chances of investment success.
Timestamps:
- How to understand economic frameworks that help you build financial investing [1:01]
- Embrace market pricing- the equilibrium price [1:47]
- The risk of trying to outcast the market according to statistics [3:40]
- Resist chasing past performance- luck versus skill [7:07]
- How to let the market work for you not you against it [8:29]
- Consider the different aspects of the market with different drivers of return [10:46]
- Practice smart diversification- investing in different countries, not the US alone [14:15]
- Learn to avoid market timing [16:01]
- Manage your emotions so as not to dictate your investments decisions [19:04]
- Look beyond the headlines because the media is designed to put fear in you [20:40]
- Focus on what you can control [22:34]
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We are in the election year and you’re probably wondering whether you should make changes to your portfolio, right? In this episode, we talk about election years and how they affect the market and your investment choices.
Timestamps:
- The difference between market statistics history during the election and non-election years [1:31]
- Reasons why capitalism is probably going to work [2:32]
- Why returns in election years are the same as non-election years [4:15]
- Why chances of market volatility have always been part of our history [5:00]
- How people use their political preferences to monitor their investment decisions [8:00]
- Get used to market volatility every year not, just an election year [11:51
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Is a Target Date Fund right for you? To put it in simple terms, it depends. Today we explain what the appropriate course of action is when approaching a Target Date Fund. From new investors to those more well-seasoned, we discuss what factors you should consider when deciding if you should use a Target Date Fund or select your own investment mix.
Time Stamps:
Introduction – 00:02
Listener question – 00:25
What is a Target Date Fund – 2:00
Salsa analogy – 2:52
How do the fees work – 4:05
Is it cheaper to replicate the blends vs. Target Date Funds – 7:30
Diversified Target Date Funds – 8:31
What is the right fit for you – 10:38
Conclusion – 13:18
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What do you do when you have fully maxed out your 401k contributions? This is where the Mega Backdoor Roth contributions may come into play. In this episode, we explain the mechanics behind a Mega Backdoor Roth contribution and how to approach this move strategically so you never have to pay taxes on that contribution again.
Time Stamps:
Introduction - 00:05
Listener question – 00:55
What is a Mega Backdoor Roth – 01:18
Does this make sense for you – 3:00
How do you drive down taxable income – 4:02
What is the quality of your 401k plan – 5:50
The mechanics of a Mega Backdoor Roth – 8:02
How much can you contribute to after-tax contributions – 10:13
The two components of after-tax buckets – 11:33
Where the Mega Backdoor Roth comes in – 12:43
In service Roth conversion – 13:03
Plans that allow in-service distributions – 14:18
Plans that do in-service conversions – 14:43
Conclusion – 17:23
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Today we answer questions from a listener on where to save your money in a 5-year span. From the stock market to the bond market we lay out what the probability of return is from daily to yearly and define what it means to be resilient when it comes to financial planning.
Introduction - 00:10
Listener question - 00:25
How much of a gamble are you willing to take - 1:39
Probability vs. Certainty - 3:20
Putting probabilities in your favor - 4:35
Make room for error - 7:08
What is the minimum for saving for a home - 8:33
Alternatives to investing in the stock market - 9:47
Bond market - 12:05
How flexible are you with investing - 13:43
Caveat to buying a home - 14:45
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- Property Taxes
- Closing Costs
- Earnest Money
- Paying for the Escrow
- Homeowner's Insurance
- Other Taxes
- Interest Rates
- Moving Costs
- Utilities
- Home Maintenance & Repairs
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- High Yield Savings Account
- Certificate of Deposit (CD)
- Checking or Savings Account
- Taxable Investment Account
- Roth IRA
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- What % of income are you saving to your retirement accounts?
- Where to put extra $
- If not fully funding retirement ....
- After tax contributions to 401ks
- Mega-backdoor Roths
- Backdoor Roths
- HSA accounts
- Side Income
- Solo 401k
- Taxable account
- After tax contributions to 401ks
- If fully funding retirement
- Other Goals
- Home Purchase - Savings Account
- College Savings - 529
- Taxable Investments
- Balance the present vs future
- Other Goals
- If not fully funding retirement ....
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- Cash Flow
- Estate Settlement
- Insurance
- Taxes
- Investments & Assets
- Other Issues
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- Who's who on a 529?
- Who is the best grantor?
- Which 529 should I choose?
- Incentive to invest in the in-state plan?
- Incentive to invest anywhere?
- No Incentive
- See what your state offers here
- How do you invest?
- Age-based
- Static risk-based
- Gifting to the account
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- What kind of advisor do you want?
- How are they compensated?
- What services to they provide?
- What types of clients to they work with?
- Are they a fiduciary .... ALL THE TIME?
- Disciplinary record with the SEC or FINRA?
- How will they help you reach your financial goals?
- What happens to your relationship with the firm is something happens to your advisor?
Where can you find an advisor?
NAPFA
XYPN
Garrett
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- Professional Expertise
- Convenience
- Coaching
- Values Alignment
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- Health Insurance
- Life Insurance
- Disability Insurance
- Long-Term Care
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- Forming your company
- Capital Funding
- Tax Issues
- Personal Liability
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- Not all bonds are created equal
- Bond act as a ballast in your portfolio
- They provide fund to rebalance when the stock market is on sale
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- Foundational Savings
- Healthcare Savings
- Retirement Savings
- Employer Benefits & Business Owner Savings
- College Savings and other accounts for kids
- Insurance?
- Other accounts
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- Cashflow
- Mortgage
- Downpayment & Closing
- Tax Planning
- Estate Planning
- Other
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Impact of Covid on Social Security - Wharton Article
How will you fix Social Security?
Social Security Reformer
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Balance Sheet Spreadsheet
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What should I think about if I lose my job?
- Cash flow
- Health Insurance
- Assets & Debts
- Tax Planning
- Career Planning
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What is a Roth IRA?
How can I contribute?
Contributions available for withdrawal at any time
5 Year Rule
From account opening
Roth Conversions
Beneficiaries
Backdoor Roth Conversions
No Required Minimum Distributions
Spousal Roth IRAs
Kid Roth IRAs
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- Rebalance your portfolio
- Resist the urge to panic sell
- Use tax laws in your favor
- Protect your cash flow and balance sheet
- Focus on the long term
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Should I rebalance my portfolio?
Why rebalance?
When should I rebalance?
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- Do you have cash on hand to weather the storm?
- What is the money for?
- Where should I put it?
- How quickly should you enter?
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Description
Scott and James discuss how to align your money with life:
Focus First on What is Most Essential to You
Kinder's Three Questions
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- New York Time Article - A Hub for Help During the Coronavirus Crisis
- US Chamber of Commerce Guide & Checklist
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- New York Time Article - A Hub for Help During the Coronavirus Crisis
- Mint Article - COVID Resources
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On this week's episode: What are the best retirement options for small businesses?
- 401k
- Simple IRA
- SEP IRA
- Defined Benefit Plan
- Profit Sharing
- Traditional IRA
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On this week's episode: Scary Markets - What should I do?
- Feel the feelings
- Let's look at what is normal
- Review your plan
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On this week's episode: Should I Just Own the S&P 500 Index?
- What is the S&P 500?
- What is an index?
- What is the Russell 3000?
- What about International?
- What about Emerging Markets?
- Invest in S&P 500 only or Globally, who wins by decade?
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On this week's episode: A deeper dive on refinancing
- Where should you look to refinance?
- How can you go about it?
- What to look for: rate, points, and closing costs
- Know your breakeven for the refinance
- What type of loan is best for you?
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On this week's episode: Should I Invest in Gold?
- A brief history of gold
- Commodity vs. Investment
- Inflation hedge?
- Portfolio Diversification
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On this week's episode: Do I Need Disability Insurance?
- Which is more likely death or disability?
- What are the most common types?
- What is disability insurance?
- Am I covered with Social Security Disability Insurance?
- Types of Disability Insurance (DI)
- Where can you get DI?
- Terms to know
- Benefit Period
- Elimination Period
- Coverage Amount
- Cost of insurance
- Taxation
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On this week's episode: What can I really control in my financial life?
- What can't I control?
- What can I control?
- Savings Rate
- Mindful spending
- Asset Allocation
- Asset Location
- Investing in my career
- Creating a financial plan
- Having the proper insurance
- Optimizing cash flow and taxes
- Having an estate plan in place
- Treating planning as a process, not a thing
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On this week's episode: What changed with SECURE Act?
- Required Minimum Distributions (RMD)
- Pushed to age 72
- IRA Contributions
- No longer an age limit
- Non-spouse Inherited IRAs
- Small Business Retirement Plans
- Other provisions
- Beware of annuities in 401(k)s!
- College Changes
Super Geeky Detail if you want more! Thank you Jeff Levine
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On this week's episode: Should I leave my financial advisor?
- What are your options?
- Balanced Mutual Fund
- Ex: Vanguard Welling Fund Admiral Shares
- Robo Advisors
- Vanguard Personal Advisor Services
- Betterment
- Traditional Financial Advisor
- Find an Advisor
- Vanguard's Advisor Alpha
- Balanced Mutual Fund
- What we believe a great financial should do: The 4 C's
- Competence
- Coaching
- Continuity
- Convenience
- There is a spectrum of advice .... what is right for you?
- Don't overpay for the level of advice you want
- Ex: Pay 1% of investment management when you can get investment management for .25%
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On this week's episode:
- How Social Security works
- Keys to maximizing Social Security
- What is the payback on Social Security?
- Should I delay Social Security or start as soon as possible?
- Other odds and ends
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On this week's episode:
- What is a credit score?
- Where does it come from?
- What factors count toward my score?
- Where can I find my credit history?
- Annual Credit Report
- Where can I find my credit score?
- Credit Karma
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On this week's episode:
- Pay Yourself First
- Have Sufficient Liquidity
- Pay Off Bad Debts
- Own the right-sized home
- Invest in your Career
Five Fundamentals Of Fiscal Fitness
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On this week's episode:
- What is long-term care?
- How much does long term care cost?
- How do I pay for it?
- When should I consider Long-Term Care Insurance?
- Other considerations
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Pay Off Debt
Save For Retirement
Save For a Large Purchase
Spend It!
Have a plan ahead of time
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- What is ESPP?
- The price discount is generally 15%.
- Enrollment period - decide how much of your paycheck you will contribute. Can’t contribute more than $25k/year, although companies can limit the amount to a % of salary.
- Purchase period - usually 6 months. The period during which
- Look back provision - not required for all ESPPs, but allows the discount on the lower of the stock price on the first or last day of the purcase period.
- Is it smart to tie up with a single employer?
If you sell your shares immediately, then there’s no risk of doing this. - If you hold the shares, then you could lower taxes and have greater growth potential, but there’s the risk of being too concentrated in one company
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What are Restricted Stock Units (RSUs)?
Stock Options vs. Restricted Stock Units (RSUs)
Vesting
Taxes
Create a plan for your RSUs
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- Understand the purpose of what you’re saving for
- Know your short to medium term goals
-
- Emergency Fund
- Home purchase fund
- Other goals? Travel, new car, etc...
- Start with the short-term goals. Can you save enough to these goals and still save enough for your retirement needs? If so great. If not then something needs to give.
- General guidelines:
-
- If you have a 401k match, take it.
- Make sure you have an emergency fund
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-
Progressive tax bracket
-
- Everyone pays $1,905 on first $19,050 of taxable
- $140k taxes at $400k?
- 35% tax bracket
- Actual taxes = $91,379 (22.8% taxes)
| Tax Rate | Taxable Income Bracket | | 10% | $0 to $19,050 | | 12% | $19,051 to $77,400 | | 22% | $77,401 to $165,000 | | 24% | $165,001 to $315,000 | | 32% | $315,001 to $400,000 | | 35% | $400,001 to $600,000 | | 37% | $600,001 or more |
-
Deductions
-
- Standard deduction - $24,400
- Itemized - mortgage interest, state/local taxes, charitable giving, medical expenses over 7.5% of AGI
-
Other considerations
-
-
- States have separate tax brackets too 2. Social Security @ 6.2% up to $132,900; Medicare @ 1.45% not capped 3. Different types of taxes for earned income, capital gains, dividends
-
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“My parents bought a home for $300k 30 years ago now it’s worth $1mm”
About 4% rate of return in this example
- Lots many variables:
- Cost of renting
- Interest rates
- Property taxes & maintenance costs
- Cash for down payment
- Is it a good investment compared to what?
- S&P 500 long-term return is 10%
- Historically, housing prices have averaged around 4% per year
- Huge differences in different parts of the country, but this is national average
- Shouldn’t be viewed as a purely financial decision
- What about owning a home as a rental property
- Appreciation
- Rental Income - cash on cash return
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Know your retirement funding deadlines:
- 12/31 - Last day to pay itemized deductions, establish a solo 401k, complete contributions to employer 401k
- IRAs, Roth IRAs - 4/15/20
-
SEPs tax filing deadline
-
Maximize 401k and HSA
- Evaluate capital gains / losses in taxable accounts
- Loss carry forward?
- Tax loss or tax gain harvesting
- Will you itemize your deductions?
- Standard vs itemize
- What can you deduct?
- Lump deductions
- Check your withholding
- Make estimated payments
- Review eligibility of 199A pass through - Qualified Business Income
- Take your RMD
- If you don’t need your RMDs, consider a Qualified Charitable Gift from your IRA.
- Contribute to 529s
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Do I Need an Emergency Fund?
- Rule of thumb
- 3 to six months of income
- Is there a better way?
- Know your expenses
- What would you spend if you could only use money for essential living?
- How many months would you want to feel safe?
- Another way:10% of income if salaried or 20% if self-employed - Keep another 20% or 40% in retirement funds as a back up to the back up.
- Example $100k per year salared $10k in online savings account, $20k in bond funds in retirement accounts. If self-employed double.
- Where should you keep the funds?
- Online savings
- Savings account
- In a drawer
- What is the back up to the back up?
- HELOC
- Bond funds in retirement accounts
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Is now a good time to refinance my mortgage?
- Where do you stand today?
- Current rate
- Credit Score
- Income
- How seasoned is your loan?
- Amort example $500k loan year 3 vs year 15
- Year 3 P&I 5% $2,684.00
- P=698 I=1986
- Year 15
- P=1270 I=1414
- What are new rates? 3.625% Typically .5% reduction or more is worth a look
- What will the new rate do for cashflow?
- $485k 3.625 $2,212
- Saves 472 per month or $5,600 per year
- How much are closing costs? Expect $3 - 4k in SoCal How long to payback?
- What will you do with the cash?
- Get the best rate you can
- Play lenders off one another
- Don’t accept the first rate - Go back and forth to get the best rates you can
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In this episode:
- Are they a fiduciary
- Are they a CFP® Pro
- What types of clients do they work with?
- Do they understand your problems? Are they really listening?
- How do I pay you? How else are you paid?
- Should you go with big firm or an individual financial planner
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In this episode: Budgeting sucks …. Do this instead
Budgeting … It’s feels so negative
Instead think of align your cashflow with your life
Shout out to First Steps Cash Management - You can easily do this at home.
Instead of thinking about cash in one bucket, break it into three buckets.
Static - Past - Fixed expenses that don’t change
Control - Weekly expenses that vary
Dynamic - Planning for the expected and unexpected
For salaried people, use the net pay from your paycheck
For 1099 - Small business owners (lump in all costs of business and add a tax estimate for fed and state)
Once you make your first iteration, ask yourself … is this ideal? Is there anything I can change.
If you have bucket totals side by side … are you paying so much to past commitments that you cannot enjoy life while planning your future? How you can you change this? Can you reduce your static expenses?
Can you increase your income?
Once you know what you want, automate as much of it as you can.
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In this episode: How to Get the Most of Your Employee Beneftis
- Medical Insurance
- HSA vs. No HSA
- Disability Insurance
- Life Insurance
- Dependent Care FSA
- Medical FSA - If no HSA
- Stock Compensation - ESPP
- Review your retirement plan
- Legal Benefits
- Tuition reimbursement
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In this episode:
- Do I need life insurance?
- Reasons you may want life insurance
- What kind of life insurance should I get?
- Read Blair's Article Here!
- Whole vs. Term
- How much insurance do I need?
- Rule of Thumb
- Need analysis
- Human Life Value
- Don't over insure yourself
- Don't under insure yourself
- Term Layering
- Don't I already have life insurance through work?
- Where can I get a policy?
- Policy Genius
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Scott
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Description: How many mutual funds should I own?
- What is a mutual fund vs ETF?
- Index or Active
- Examples
- Instead of # of funds, focus on:
- Asset Allocation
- Globally Diversified
- Keeping costs down
Vanguard Build a Portfolio
DFA Global Stock Market
LET'S CONNECT!
James
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Scott
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Description: Should James get a 15 year or 30 year mortgage?
- Let's look at the numbers
- What is amortization?
- A great hack for a 30 year mortgage
- What else could you do with the funds instead of paying down the mortgage?
- Other considerations
- How to shop for a mortgage
LET'S CONNECT!
James
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Scott
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Description: Where should you invest after maxing out your retirement plan?
- Make sure you actually maxed out your retirement benefits
- Roth IRA
- Health Savings Accounts - HSA
- Employee Stock Purchase Plans - ESPP
- Invest in non-retirement accounts
- Pay off debt / mortgage
LET'S CONNECT!
James
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Scott
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Description
A fun math problem that explains compounding
Time = Magic - It's a long term game
Do retirees need compounding?
It is magic, but it takes patience and a plan
Markets will go down along the way - Stick with it
LET'S CONNECT!
James
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Scott
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Description
Scott and James discuss how to align your money with life:
Focus First on What is Most Essential to You
Kinder's Three Questions
LET'S CONNECT!
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Scott
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Description
Scott and James discuss the types of accounts you can use to save for college as well as the pros and cons of each:
529s - See if your state offers tax incentives here
Education Savings Accounts
Taxable accounts
UGMA / UTMAs
Roth IRAs
LETS’ CONNECT!
James
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Scott
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Description
What is estate planning and why should you care?
When do you want to get estate planning documents?
What documents should you think about getting?
Where can you get estate planning documents?
LETS’ CONNECT!
James
- Website
Scott
- Website
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Description
Invest in a Roth or traditional IRA
What if your tax rates are the same, now and in the future
What are Required Minimum Distributions and who needs to take them
When would a traditional IRA be favored to a Roth
When is a Roth IRA favored
Do your homework before you make your contributions
Think about Roth conversions in gap years / low income years
LETS’ CONNECT!
James
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Scott
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Description
HERE’S WHAT YOU’LL LEARN FROM THIS EPISODE:
Start with the end in mind
Know your income sources in retirement
Calculate how much you need to have in your investment accounts
Other factors to keep in mind
LINKS WE MENTIONED ON THE SHOW:
JP Morgan's Guide to Retirement
LETS’ CONNECT!
James
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Scott
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What is an HSA
HERE’S WHAT YOU’LL LEARN FROM THIS EPISODE:
- What is a Health Savings Account (HSA)
- Who qualifies to use an HSA
- What can you use your HSA for
- How does it save you on taxes
- How can you use an HSA to save and invest for the future
- How to prioritize IRA savings versus HSA savings
Linked Resources:
HSA Report Card - What States Allow for Tax Deductions
LETS’ CONNECT!
James
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Scott
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ENJOY THE SHOW?
- Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play
- Leave us a review in iTunes
- Have a money question you want us to answer? Submit one here (We can use my contact box on SSF site, no one else ever submits things here.)
SEP IRA vs. Solo 401k
HERE’S WHAT YOU’LL LEARN FROM THIS EPISODE:
What is a SEP IRA
How much can you contribute
Account opening deadline
What is a solo 401k
How much can you contribute
S-Corporation vs. Sole Proprietor
Over 50 years old
Account opening deadlines
Where can you set up a solo 401k?
Solo 401ks additional benefits
Our favorite
LETS’ CONNECT!
James
- Website
Scott
- Website
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- Don’t miss an episode, subscribe via iTunes, Spotify, or Google Play.
- Leave us a review in iTunes.
- Have a money question you want us to answer? Submit one here
HERE’S WHAT YOU’LL LEARN FROM THIS EPISODE:
How to prioritize your debts
Understanding the power of time value of money
Where can you look to start saving
Is the textbook answer the right answer?
LINKS WE MENTIONED ON THE SHOW:
Prioritize your debts
A Tale of Two Marines
LETS’ CONNECT!
James
- Website
Scott
- Website
ENJOY THE SHOW?
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