How Money Works: Recent Episodes
Craig Moser
Husband and wife team, Craig and Jennifer Moser of Maestro Wealth Advisors discuss crucial tips for planning your successful retirement. Listen for valuable insight from professionals with unique insight and perspective on How Money Works. If you need any help with your financial or retirement plan, give them a call at 336-448-1086 or visit the website, https://maestrowealth.com
Doing it yourself feels empowering, until the margin for error disappears. Craig and Jennifer look at why many people stick with a DIY financial approach longer than they should, and how retirement quietly changes the stakes. Small decisions start to matter more, timelines get longer, and mistakes get harder to unwind. The real question isn't can you do it yourself, it's should you?
Here's some of what we discuss in this episode:
🛠️ DIY Mindset: Why people choose to manage money themselves
⚠️ Common Pitfalls: Where DIY strategies often fall short
📉 Real-Life Mistakes: How small errors become costly
🤝 Advisor's Role: What experience adds beyond investments
⏳ Living Longer: Why longevity multiplies financial risk
🧭 Planning Matters: Turning uncertainty into structure
Contact Maestro Wealth:
Web: https://maestrowealth.com/
Email: info@maestrowealth.com
Phone: 336-448-1086
Craig and Jennifer dive into the key financial updates for 2026 and how they can affect your retirement. They discuss Social Security COLAs, Medicare premium increases, new tax deductions for seniors, and smarter ways to use Roth conversions and catch-up contributions. This episode highlights why proactive tax and income planning matters and how small decisions today can make a big difference in retirement.
Here's some of what we discuss in this episode:
🏥 Healthcare Costs – Rising medical expenses in retirement
💳 Medicare Premiums – How income affects what you pay
🧾 Tax Deductions – New charitable and senior deduction rules
📈 Catch-Up Savings – Expanded contribution limits for older workers
🧠 Tax Strategy – Planning withdrawals before retirement begins
📜 Secure Act 2.0 – Roth rules changing retirement contributions
Contact Maestro Wealth:
Web: https://maestrowealth.com/
Email: info@maestrowealth.com
Phone: 336-448-1086
Most retirement mistakes don't happen all at once; they happen quietly and over time. In this episode, Craig and Jennifer walk through the most common ways people unknowingly sabotage their retirement, and how to make sure it doesn't happen to you. Tune in to learn how small, proactive planning choices can protect confidence, income, and peace of mind over the long run.
Here's some of what we discuss in this episode:
⚠️ Retirement Sabotage: Quiet mistakes that compound
📉 Market Volatility: Why reacting hurts long-term plans
⏳ Social Security: Timing decisions with lasting impact
💼 Job Assumptions: When work ends sooner than expected
🎯 Financial Strategy: Replacing hope with structure
Contact Maestro Wealth:
Web: https://maestrowealth.com/
Email: info@maestrowealth.com
Phone: 336-448-1086
As retirement gets closer, the small financial issues you've ignored can start to pile up fast. In this episode, Craig walks through the most common "financial trash" people carry into retirement, and how to start the process of cleaning it up. What financial clutter should you clean up before retiring? If you want a clearer, more confident path into retirement, this episode shows where to start.
Here's some of what we discuss in this episode:
🧹 Cash Flow Cleanup: planning income and mortgage payments
💳 Debt & Risk: reducing financial pressure before retirement
💤 Lazy Money: cash losing ground due to inflation
🏦 Pension Choices: evaluating pension versus lump sum decisions
🏢 Life Changes: navigating company sales and job transitions
Contact Maestro Wealth:
Web: https://maestrowealth.com/
Email: info@maestrowealth.com
Phone: 336-448-1086
It's easy to avoid thinking about the realities of aging and the challenges it can bring. But, overlooking the true costs of healthcare and assistance can leave even the best financial plans vulnerable. Jennifer is joined by her son (and financial advisor) Cameron to explore why these risks are so commonly underestimated and what it means for your future security. Are you truly prepared for the hidden costs of growing older? Tune in the find out.
Here's some of what we discuss in this episode:
📛 Designations Matter: why beneficiary forms override your will
💸 Planning for Expenses: the danger of ignoring future healthcare and long-term care costs
🔄 Update Your Heirs: outdated beneficiaries that send assets to the wrong person
🏡 Don't Gift Too Soon: tax traps when transferring property while alive
🤝 Avoid Family Conflict: how communication prevents litigation
Contact Maestro Wealth:
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
Phone: 336-448-1086
The stories we believe about money often shape our choices more than the numbers do. In this episode, Craig and Jennifer explores these "financial fables," using real-life situations to reveal how hidden beliefs influence the way people plan. The team also tackles listener questions and offers smart portfolio strategies to balance risk and reward at every life stage.
Here's some of what we discuss in this episode:
📘 Financial Fables: classic stories that reveal modern money lessons
🎓 Student Loan Decisions: balancing generosity with retirement readiness
🏡 Inheritance Reality: why counting on future money is risky
😨 Market Fear: handling volatility without making emotional mistakes
📊 Smart Strategies: financial planning and investment fundamentals
Contact Maestro Wealth:
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
Phone: 336-448-1086
You've worked for decades, saved diligently, and finally reached retirement, now comes the hard part: not screwing it up. Craig and Jennifer share the most common post-retirement mistakes people make and explain why having a solid, flexible plan is far more important than a collection of accounts or hot stock tips. Once you've already won the race, don't jump back in.
Here's some of what we discuss in this episode:
🏗️ Build a Strong Foundation: secure income before chasing returns
💡 New Opportunities: evaluating investments with clarity, not emotion
🧩 Comprehensive Planning: coordinating taxes, income, and estate goals
🔁 Adapting to Change: adjusting your plan as life evolves
💰 Tax Strategies: keeping more of what you've earned
Contact Maestro Wealth:
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
Phone: 336-448-1086
Most people will spend hours planning a vacation: researching routes, mapping stops, and budgeting for the trip. But when it comes to retirement, many people set off without a roadmap. Today we'll use the great American road trip as a powerful analogy for planning the retirement journey.
Craig and Jennifer break down the essentials: knowing your destination, calculating the cost of the trip, and choosing the right route to get there. Just like with travel, unexpected detours will pop up, like health issues, market downturns, or surprise expenses. With a clear plan and the right guide, you can navigate those bumps without losing sight of your goal.
Here's some of what we discuss in this episode:
🗺️ Decide your retirement destination before you hit the road
💰 Know what the trip will cost and how you'll pay for it
🛣️ Map your route: income, risk, and tax planning
🚧 Be ready for roadblocks like healthcare or market surprises
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
The decade between 55 and 65 is one of the most critical stretches in your financial life. It’s the runway leading into retirement, and the choices you make in these years can set the tone for the decades that follow. In this episode, Craig and Jennifer break down the key decisions that every pre-retiree needs to think about before taking the leap.
Today, you’ll hear how to decide what really matters in retirement, why “knowing your numbers” is more important than ever, and how healthcare costs often surprise people who assume Medicare will cover everything. This decade is one where most people start getting serious about retirement and we want to make sure you know where to focus. We won’t sugarcoat the fact that there’s a lot to plan for, but we’ll also offer a clear process that helps you step into retirement with confidence.
Here’s some of what we discuss in this episode:
🎯 Decide what matters most before you retire
📊 Know your numbers: income, expenses, and gaps
🏥 Prepare for healthcare and long-term care costs
📈 Build inflation into your plan so your lifestyle keeps up
🔄 Expect change and create flexibility in your retirement strategy
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
Some financial decisions appear simple on the surface until you start working through the details. In this episode, Craig and Jennifer break down common areas of retirement planning that are harder than they look and explain why professional guidance makes all the difference. Each of these areas can feel overwhelming if you’re going it alone, but with the right plan, they don’t have to be.
They start with Social Security, where the choice of when to file isn’t just about picking an age, it’s about understanding penalties, income limits, and how benefits fit into your larger income plan. From there, they explore the real meaning of diversification, showing why simply owning dozens of funds doesn’t guarantee balance. Join us and get better prepared for the road ahead in retirement.
Here’s some of what we discuss in this episode:
🕰️ Social Security timing: Penalties and income rules can surprise you
📈 Real diversification: Beyond the typical pie charts
🔄 401(k) rollovers: Get them right or risk major headaches
🧩 Simple vs. complex: What looks easy can derail without a plan
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
Owning a business can be one of the best wealth-building opportunities, but it also comes with unique challenges, especially when it’s time to think about retirement. Too many business owners assume their company alone will carry them through, but as Craig and Jennifer explain, that’s often a dangerous misconception. In this episode, they share common myths business owners believe and the risks of relying solely on a business for future security.
They discuss why saving outside your business matters, how to think about retirement plans like SEPs and 401(k)s, and why things like HSAs and Social Security shouldn’t be overlooked. Real-world stories, from clients who faced unexpected tax bills to cautionary lessons about family transitions, bring these lessons to life. If you’ve poured your heart into building a company, don’t let misconceptions put your retirement at risk.
Here’s some of what we discuss in this episode:
🏢 Business ≠ retirement plan, outside savings are essential
🏦 Owners can benefit from 401(k)s, SEPs, and HSAs just like employees
📊 Not every business is sellable, so don’t assume top-dollar value
⚖️ A plan balances business success with personal financial freedom
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
Could you be wealthier than you think once all your accounts and assets are tallied? In this episode, Craig and Jennifer explore the surprising ways your financial standing might be stronger than you realize. But first, they kick things off with a mid-year business owner checklist, covering everything from retirement plan reviews to tax strategies, cash flow, and succession planning.
Then, you’ll hear real-world examples of why emergency funds matter, how saving consistently builds long-term wealth, and why even small contributions add up over time. The message? Building wealth comes from intentional, consistent habits. Along the way, Craig and Jennifer share simple shifts that can help reveal hidden strengths, avoid costly mistakes, and set you on a clearer path toward lasting financial security.
Here’s some of what we discuss in this episode:
📋 Mid-year checklist for business owners
💰 Retirement plan “right-sizing” strategies
🛑 Common tax pitfalls and how to avoid them
💵 Why emergency funds matter so much
⏳ The compounding effect of long-term savings
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
Everyone talks about “safe money,” but what does it actually mean and how much should you have? In this episode, Craig and Jennifer unpack the overused (and often misunderstood) concept of safe money. They explain what it really means to keep your money protected from loss, why liquidity is often more important than growth, and how safe money fits into the bigger picture of your financial plan, especially in retirement.
You’ll hear why some clients are sitting on $300k+ in cash or CDs and not realizing how little they’re actually keeping after taxes and inflation. Plus, Craig and Jennifer walk through how to reposition that “safe” money for better tax efficiency and real purpose, whether you’re building an emergency fund, entering retirement, or drawing income from a portfolio. You can be too safe and still go broke. The key is striking the right balance across your financial “buckets.”
Here’s some of what we discuss in this episode:
🧊 Why liquidity can be more important than earning a higher interest rate
🛑 What “safe money” really means and common misconceptions
💵 The tax pitfalls of CDs and traditional savings accounts
🎯 Balancing safety, growth, and income throughout different life stages
🧠 The mindset shift between accumulation and distribution phases
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
When it comes to retirement, most people have a few lingering fears, but some concerns come up time and again. In this episode, Craig and Jennifer break down the biggest pain points they hear from clients and explain what you can actually do about them. From running out of money to the anxiety of market crashes, this episode explores the emotional (and very real) weight of uncertainty.
Craig shares how failing to run the numbers leads to unnecessary fear, while Jennifer outlines why taxes, healthcare costs, and long-term care are often overlooked until it’s too late. They also talk about a less-discussed struggle: the fear of walking away from a steady paycheck and into the unknown. And if you think simply stashing money in CDs is a safe bet, it’s time to rethink your plan. Today, we unpack how certain strategies can backfire and what to do instead.
Here’s some of what we discuss in this episode:
💸 The #1 fear most retirees won’t admit
🏥 What long-term care actually costs—and who pays for it
💀 Death, taxes, and the rollercoaster of retirement
💡 Why doing nothing is the riskiest plan of all
📉 How market crashes can drain your nest egg faster than you think
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
In the book The Five People You Meet in Heaven, each person the main character meets help him understand his life in a new way. Today, Craig and Jennifer talk about the five people you should meet before retirement, people who can guide your next chapter and help you retire with confidence, and purpose. After all, retirement isn’t just about money, it’s about strategy, mindset, and having the right people in your corner.
Craig and Jennifer reveal the essential allies you’ll want by your side before you retire, people who can help you avoid costly missteps, protect what you’ve built, and design a future that fits your life. You’ll also meet the “bonus sixth person,” a relationship that may just bring the most lasting fulfillment of all. If you're looking to retire on your terms, don’t miss this insightful episode.
Here’s some of what we discuss in this episode:
🧭 Why you may want a retirement income specialist
📜 Estate planning mistakes you definitely want to avoid
📋 How insurance planning prevents retirement surprises
💸 Differences between tax planning and tax preparation
🏋️♂️ The role a fitness instructor plays in retirement vitality
Contact Maestro Wealth:
Web: https://maestrowealth.com/
Email: info@maestrowealth.com
Phone: 336-448-1086
Retirement planning isn’t always a smooth ride, and sometimes it can feel more like spinning a wheel or picking a mystery box. In this playful but practical episode, Craig and Jennifer turn retirement planning into a game show, using iconic formats like The Price is Right and Are You Smarter Than a Fifth Grader? to unpack the real-life financial decisions people face every day.
Underneath the fun lies serious wisdom. Craig and Jennifer discuss why focusing only on “the pile of money” misses the bigger picture, how the timing of your pension or Social Security benefits can make or break your plan, and why cash flow, not just account balances, is what truly matters. You’ll also hear their take on simplifying your strategy so it works for you in real life, and not just on paper.
Here’s some of what we discuss in this episode:
🎯 Why your “magic number” might be misleading
🏦 The real cost of pre-tax retirement savings
🧮 Social Security timing tricks that boost payouts
🧠 How to simplify your plan
🧾 What game shows can teach us about income planning
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
Retirement planning comes with no shortage of conventional wisdom, but how much of it is actually true? In this eye-opening episode, Craig and Jennifer go full-on mythbusters mode to take down some of the most common financial planning myths that could seriously derail your future.
From the illusion of simplicity ("all I need is a will") to dangerous assumptions about income, inheritance, and investment strategies, they expose how outdated thinking can cost you, sometimes for generations. It’s a candid look at what real planning requires, especially if you’re a business owner or navigating a complex life transition. With decades of experience, Craig and Jennifer guide you through the truth behind the myths, and the smarter steps you can take now to protect your lifestyle and legacy.
Here’s some of what we discuss in this episode:
💼 Why most business owners don’t really retire
🧾 Is a financial analysis just as good as a plan?
🛑 Why “my spouse will be fine” could be a costly assumption
🧠 Learn from others' financial mistakes, without living them yourself
⚖️ Debunking common “rules” and what to consider instead
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
When the market takes a dip—or just feels unpredictable—it’s natural to want to do something. But when it comes to your retirement plan, sometimes the smartest move is actually to pause. In this episode, Craig and Jennifer share a calm, methodical approach to navigating difficult markets without panicking, overreacting, or making costly mistakes. Tune in if you’ve been looking at your portfolio lately and wondering, “What should I do now?”
You’ll learn why the duo recommends a “bucketing” strategy to separate near-term needs from long-term growth, how to think about volatility in real dollars (not just percentages), and what questions to ask if you're worried about whether your plan can hold up. Plus, Craig explains how sensitivity analysis helps you stress-test your portfolio so you can stop guessing and start planning with clarity.
Here’s some of what we discuss in this episode:
📉 Why the worst reaction to market drops is overreaction
🧺 How “bucketing” your money may protect your peace of mind
🧠 Why emotional investors often derail their own plans
📊 What a sensitivity analysis tells you about your portfolio
💵 The real danger of needing money from volatile investments
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
Plenty of people have concerns about stock market volatility, a potential recession on the horizon, and fears for the economy right now. Retiring in a down market can feel like stepping onto a shaky bridge, but with the right structure, it doesn’t have to be. In this episode, Craig and Cameron unpack strategies for financial stability and peace of mind- like smart diversification and tuning out the media noise- even when the headlines are shouting panic.
They cover how to build a resilient portfolio using the “three-bucket” strategy, how to plan for consistent income even if the market drops, and why risk, volatility, and media noise don’t have to define your retirement. You’ll also hear a powerful real-world example of how sequence-of-return risk can derail a plan and what to do instead.
Here’s some of what we discuss in this episode:
📉 The real risk of retiring during a downturn
📊 Understanding the risk in your portfolio
🧠 Control what you can and ignore the noise
🛡️ Real-world strategies for building a resilient income plan
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
When it comes to your financial future, a few bad assumptions can lead to costly mistakes. In this episode, Craig and Jennifer break down some of the most common (and dangerous) misconceptions people have about retirement planning.
We’ll discuss why a Roth IRA is an account—not an investment, the truth about delaying Social Security benefits, and why assuming your pension lump sum is always the best option might not work for you. We’ll also talk about the implications of tax brackets and how tax laws could shift dramatically if the Tax Cuts and Jobs Act (TCJA) expires.
With more than 30 years working with clients, we can help you make more informed financial decisions and avoid bad assumptions with your retirement plan.
Here’s some of what we discuss in this episode:
🔍 Roth IRA Misunderstanding – It’s not an investment; it’s a tax wrapper
📈 Social Security Timing – Delaying isn’t always the best answer
💼 Pension Decisions – Lump sum vs. lifetime payments: What’s the right move?
📉 Bond Risks – Rising rates can hurt your portfolio more than you think
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
Ever wonder what other people talk about with their financial advisors? A new survey of nearly 400 experienced advisors reveals the biggest concerns, challenges, and financial goals their clients are facing today. In this episode, Craig and Jennifer Moser break down the results and compare the findings to what we see at Maestro Wealth Advisors.
We’ll unpack insights on why 52% of clients are primarily focused on retirement planning, what higher-net-worth families often overlook (like estate planning!), and how to build reliable income streams that don’t collapse in a market downturn. You'll also learn why outliving your money, healthcare costs, and supporting both aging parents and adult children are becoming top financial concerns.
Here’s some of what we discuss in this episode:
📜 Estate plans are often outdated (or nonexistent!)
💸 Most people worry about outliving their money—even millionaires
🏥 Healthcare costs are underestimated but potentially devastating
👪 The “sandwich generation” is real—supporting parents and kids impacts retirement
🔄 Retirement is a dollar amount, not an age—planning brings confidence
Check out the survey: https://www.fa-mag.com/news/retirement-planning-survey-2024-80450.html
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
There are a lot of things to consider when it comes to investing in real estate, especially if you’re buying a rental property. Not only are there tax implications that come with buying and selling real estate, but there is also the labor element that comes with being a landlord if you choose to buy a rental property.
In this episode, Craig and Jennifer will dive into the realities of real estate investing, from passive income potential to the hidden headaches of being a landlord. They break down the biggest financial mistakes rental property owners make, including underestimating maintenance costs, dealing with tenants, and the massive tax bills that can hit you when selling an investment property. Plus, they explain the 1031 exchange strategy, a powerful way to defer taxes and keep more of your gains when selling real estate.
Here’s some of what we discuss in this episode:
🏡 Is Real Estate Investing Worth It? – The pros & cons of rental properties
💰 Hidden Costs of Being a Landlord
📉 Selling Rental Properties & Taxes – How capital gains can eat into profits
🔄 1031 Exchange Strategy – A smart way to defer taxes when selling real estate
⚠️ Flipping Houses Isn't as Easy as It Looks!
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
When you think of retirement planning, saving and investing are two of the things that likely come to mind first. That’s why many people are unprepared for the next phase of the plan, which is the shift to distribution. Knowing how much income you’ll need and where that money is pulled from is incredibly important for retirement success so today we’re talking all about this essential component of planning.
We’ll talk through different factors that we need to understand before putting together the income plan, including your income goals, cash flow, and the impact of taxes and inflation on your retirement savings. This discussion provides a look into the complexity of retirement planning and the need for thoughtful consideration and expert guidance.
Here’s some of what we discuss in this episode:
- Income goals are one of the most crucial things you should decide on as you plan for retirement.
- Understanding the taxes you’ll have to pay on your retirement savings is a big part of determining where to take your money from.
- What reliable sources of income will you have?
- Why are people usually unprepared in this area?
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
Kids and grandkids often play a big role in financial plans. Let’s talk about some of the common scenarios we see where the future generations somehow come into play during the retirement planning process. Find out how Maestro Wealth typically advises people in these situations.
This episode will explore challenges like supporting adult children as you approach retirement, preparing for future healthcare costs, and the various savings tools available for children’s education. The conversation highlights the importance of having open discussions with family members about financial responsibilities and the potential impact on future financial security.
Here’s some of what we discuss in this episode:
- Families where mom and dad are on the verge of retirement with kids that are adults but still “on the payroll” in some fashion.
- Parents who had kids later in life and are still paying for college as they head into retirement.
- Grandparents who want to help with education costs for their grandchildren.
- Aging parents who are counting on their children to take care of them in their later years.
- People who want to be very intentional about leaving a financial legacy to their kids and grandkids.
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
It’s been an incredibly busy week since the Trump administration took office and investors are wondering how the current economic landscape might be changing. As we navigate through an era of volatility, understanding what changes are happening is crucial for making informed financial decisions.
Most of the focus is on the recent changes in government policies and their implications on the economy. Having patience during this transitional phase is critical, as new policies take time to yield results. While volatility is to be expected, it also presents opportunities for savvy investors. Along with the policy changes, we’re keeping our eye on interest rates, inflation, and AI as well over the cming year.
Join us for a look ahead and learn more about strategies to navigate market volatility.
Here’s some of what we discuss in this episode:
- There’s pressure from the administration to move forward with further rate cuts sooner.
- If rates decline this year, wouldn’t it make sense to have interest rate-bearing investments?
- Which sectors are more positive right now and where should you be investing for AI?
- It’s important to talk about your fixed income strategy now that rates have plateaued.
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
We live in a world where truth, half-truths, and lies are seemingly getting harder and harder to distinguish in our day-to-day lives. Whether you’re scrolling a social media feed or watching a financial show, what’s fully true and what isn’t can seem to be all over the place.
Today we’re going to help provide context to those half-truths so that you can understand why these financial statements don’t paint the full picture. We’ll share insights into managing investments at different life stages, the role of diversification, and the impact of fees on your portfolio. Plus, we’ll explore the emotional versus mathematical aspects of paying off a mortgage and the role of bonds in reducing portfolio risk.
Here’s some of what we discuss in this episode:
- The market always goes up in the long run, but that may not be helpful depending on what stage of life you are in.
- Understanding what fees are in your portfolio and knowing what you’re getting for those fees.
- The question of whether you should pay off the house early or use the money to invest instead when interest is low.
- Diversification is a key to a strong portfolio but is it THE key?
- Do bonds significantly reduce the risk in your portfolio?
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
Retirement can be more stressful than it seems. After working your entire adult life, the lifestyle changes that come with retiring can feel overwhelming. Sometimes, your “dream retirement” isn’t quite what you expected.
Today, Craig and Jennifer will cover some unique challenges that come with retirement and share strategies to manage the stress that comes with it. They’ll discuss setting meaningful goals, finding a new sense of purpose, and more. If you're feeling anxious or uncertain about retirement, this episode is a great way to get on the right track!
Here’s some of what we discuss in this episode:
- The challenges that come with this massive change of pace
- Setting goals and making the most out of every day
- Not everything is going to go exactly as expected, so be flexible
- How retirement has changed in more recent years
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
Retirement doesn’t always turn out like you see in commercials and movies. We’d love to be laid back on a tropical island, but we want to manage expectations. It's essential to have a realistic view of your financial capabilities and lifestyle desires.
Today, Craig and Jennifer discuss the importance of managing retirement expectations, adjusting to changing expenses, and the necessity of a comprehensive financial plan. Discover why it's vital to plan for both essential and lifestyle expenses, and learn how to navigate the complexities of taxes, inflation, and investment strategies in retirement.
Here’s some of what we discuss in this episode:
- Sticking to your budget and making sure the math works.
- Making sure to account for changing expenses in retirement.
- The need to be able to be flexible and be able to pivot.
- Finding new things to do in retirement if you’re no longer working.
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
As we journey through life, certain questions about retirement and financial planning often go unasked until it's too late. On this episode, Craig is joined by Cameron Moser to shed light on these critical issues, offering perspective on the financial challenges that come with aging.
The discussion will cover the realities of downsizing, tax implications after the loss of a spouse, and the importance of planning for long-term care. With insights from over 35 years of experience, Craig shares personal anecdotes and expert advice to help you navigate the complexities of retirement planning. Join us for a conversation that highlights the importance of preparing for the unexpected.
Here’s some of what we discuss in this episode:
- Downsizing and decluttering in life, from your home to your finances.
- Tax and other financial considerations when one spouse passes away.
- The reduction in Social Security income after one spouse dies and how to plan for that.
- Turning your savings into something that produces income.
- Making sure that your kids are on board with your long-term care plans.
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
Planning for retirement now is not what it used to be. Gone are the days when a pension, Social Security, and personal savings—the three-legged stool—were enough to secure a comfortable retirement. Today, individuals must navigate the intricacies of 401(k)s, IRAs, and other investment accounts that lack the guaranteed income of traditional pensions.
While retirement success might be falling more and more on each individual to plan effectively, it doesn’t mean it’s impossible to accomplish. Craig and Jennifer will dive into the complexities retirees face today and the biggest challenges you’ll need to address within your plan. Learn about the impact of market volatility, the importance of creating a reliable income stream, and how to navigate the challenges of longer life expectancies and rising healthcare costs.
Here’s some of what we discuss in this episode:
- When pensions were common, retirement planning used to be a lot easier.
- The hardest question to answer is often ‘what are your retirement goals?’
- People are living much longer into their retirement.
- The sandwich generation faces a huge strain on their finances.
- Anxiety around the future of Social Security.
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
Financial planning is much more than investing and constructing a portfolio. You have to take your entire picture into account, which isn’t easy to do on your own. That’s why you want to surround yourself with a trusted group of professionals who can guide you through each aspect of planning.
In this episode, we’re going to talk about the best approach to building an advisory team. We’ll discuss the importance of a fiduciary standard, the nuances of investment fees, and the significance of a tailored investment philosophy. Discover how to build a trusted advisor network with your CPA, attorney, and financial advisor to ensure your financial health. Plus, learn how to ask the right questions when meeting with an advisor for the first time.
There’s a lot to cover in this episode of How Money Works and you don’t want to miss any of it, so tune in and hear from Craig and Jennifer.
Here’s some of what we discuss in this episode:
- What makes an advisor a fiduciary?
- Knowing what services you are getting for the fees you are paying.
- How we help create a trusted advisor network for you.
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
When it comes to investing for your retirement, there are some simple mistakes to avoid that can help make you look like a true financial wizard. The benefit of working with a financial advisor is tapping into the experience they have to identify those missteps before they happen. Let’s talk about what it takes to navigate the complexities of financial planning and set yourself up for long-term success.
From the pitfalls of premature IRA withdrawals to the importance of maximizing employer matches and health savings accounts, this episode is packed with actionable advice. Learn how to avoid common mistakes like spending too much during your peak earning years and retiring too early. Plus, discover smarter ways to approach college tuition and the benefits of Roth IRAs.
Join Craig and Jennifer as they break down these financial choices and explain what they could mean for you.
Here’s some of what we discuss in this episode:
- Why you should avoid withdrawing from an IRA early.
- The risks with overspending in your peak earning years.
- The changing approaches to college funding.
- The problems with retiring too early.
- Why Roths could be appealing.
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
As you approach retirement, it’s important to ask the right questions. That's why we're taking some time today to answer questions you might not have considered.
Do you still need life insurance in retirement? What additional medical coverage should you have beyond Medicare? Craig and Jennifer are here to guide you through these important topics. Tune in as they break down the big questions and explain what you need to know to prepare for them on this episode of How Money Works!
Here’s some of what we discuss in this episode:
- What will my tax-deferred savings cost me in taxes?
- How much can I withdraw from my accounts each year?
- Should I maintain a life insurance policy during my retirement?
- How will I cover my medical expenses?
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
There are a few common retirement planning mistakes that can happen and set you back as you work to get to and through retirement. With more than 30 years of experience, Craig and Jennifer Moser have seen it all, and in this episode, offer up their best advice to avoid some common retirement planning mistakes.
For example, as you approach your retirement years, there needs to be a shift from merely chasing high returns to ensuring you have a steady income. You also want to consider strategies to limit your tax liability. What about when you should start taking your Social Security benefits?
There are a lot of questions and common mistakes that can come with retirement planning, and it’s always helpful to have an experienced and qualified advisor on your side. Tune in to this episode of How Money Works for practical tips to ensure your retirement plan stays on track!
Here’s some of what we discuss in this episode:
- Some of the unknowns of retirement planning.
- Limiting your tax liability.
- When to start taking Social Security benefits.
- Focusing on returns versus focusing on income.
- Making sure that you are getting advice from the right places.
Contact Maestro Wealth:
Web: https://maestrowealth.com/
Email: info@maestrowealth.com
Phone: 336-448-1086
As we begin to move into the final months of the year, there’s plenty to keep an eye on as it relates to our money and retirement. In this episode, Craig and Jennifer discuss the current financial trends as we approach Labor Day and what they mean to planning.
We’ll give our thoughts on the volatility in the market, touching on the all-time high of the Dow Jones Industrial Average, the shift in leading sectors, and the implications of the Federal Reserve's potential interest rate adjustments. The conversation also covers alarming statistics on household debt, credit card delinquencies, and the rising cost of living.
Join us for a comprehensive overview of the economic landscape and what it could mean for the future.
Here’s some of what we discuss in this episode:
- The panic/euphoria model and what that’s looking like right now.
- What the recent jobs report revision might mean.
- Most common debts people are in right now.
- How presidential elections impact the market.
Contact Maestro Wealth:
Web: https://maestrowealth.com/
Email: info@maestrowealth.com
Phone: 336-448-1086
In the ever-changing world of finance, preparing for the unexpected is not just wise—it's essential. In this episode, Craig and Jennifer will explore this very topic, using the timeless story of Noah's Ark as a metaphor for financial planning.
We’ll cover financial planning items like investing, diversification, long-term planning, and the role annuities can play in your portfolio. Retirement planning is a journey filled with uncertainties, much like Noah's experience building the ark. By expecting the unexpected, diversifying your investments, and sticking to a long-term plan, you can navigate the financial waters with confidence.
Here’s some of what we discuss in this episode:
- Planning for things that you expect to happen in retirement.
- Strategies for building a balanced portfolio to protect yourself from the ups and downs of the economy.
- Maintaining a long-term horizon in financial planning.
- An example of how annuities can be used to help limit downside.
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
Retirement is a significant milestone, and with it comes the need to understand Medicare. For many, the transition from employer-provided health insurance to Medicare can be daunting. In this episode of the podcast, Craig and Jennifer dive into the essentials of Medicare to help you get a better understanding of this key piece of retirement planning.
They break down the different parts of Medicare—A, B, and D—explaining what each covers and the costs associated. From hospital care to prescription drugs, we want to clarify common misconceptions and provide valuable insights for those nearing retirement. Tune in for a comprehensive discussion that will help you navigate the complexities of Medicare.
Here’s some of what we discuss in this episode:
- What you need to know about the different parts and the costs associated.
- One of the most common misconceptions about Medicare is that it’s free.
- The differences between Medicare Advantage plans and Medicare supplement plans.
- What Medicare doesn’t cover.
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
Are you curious about the current state of the real estate market in North Carolina? In today’s episode, special guest Nick Gonzalez, CCIM, the co-owner of Linville Team Partners in Winston-Salem, joins Craig on the show to talk all about the world of investing in real estate with a special focus on real estate investing in the Triad.
Here’s some of what we discuss in this episode:
- An overview of the real estate market in the Triad.
- The number one mistake that real estate investors make.
- The need to diversify.
- Risks for real estate investors today.
- Strategies to limit your tax liability.
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
Ever wondered how the timeless wisdom of Mark Twain applies to finance? Known for his wit and profound observations on life, Twain's words offer more than just entertainment—they provide valuable lessons for managing your finances. Join us as we discuss financial tips through the lens of some classic Mark Twain quotes.
Here’s some of what we discuss in this episode:
- Planning and preparing for the unpredictable.
- How to convert your investments into cash flow.
- Building a retirement plan that will survive changes in the law.
- Having a solid foundation for your big financial goals.
- Taking the first steps towards your retirement.
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
Investing can be a daunting task, especially for those who are just starting out. Even seasoned investors can fall into common traps that can derail their financial goals. In this episode, we’ll share our experience on how to avoid rookie investing mistakes and build a solid financial plan.
Here’s some of what we discuss in this episode:
- Making sure that you make investments with a purpose.
- Avoiding emotional decision making.
- Keeping focused and avoiding going after ‘hot tips.’
- Making sure that you aren’t unknowingly paying fees.
- Common mistakes when it comes to tax implications.
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
The 401(k) is a great tool. It's easy and painless, which makes it a great way to build our savings. But it's also easy and painless, which also means we tend to forget about it for long periods of time. Today we’re going to talk about a few of the places where people make mistakes with their 401(k).
Here’s some of what we discuss in this episode:
- Why it’s usually better to move money out of an old employer plan.
- Don’t leave money on the table by not taking advantage of a company match.
- Target date funds aren’t usually the best way to customize a portfolio.
- Your portfolio needs to be rebalanced as you closer to retirement.
- Your 401k might have higher costs than you realize.
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
Have you ever felt a rush of excitement when your investments soared, or a pang of fear when they plummeted? You're not alone. Emotions can play a powerful role in our financial decisions, sometimes leading us astray from our long-term goals. In this episode, we’ll dissect the emotional undercurrents that can influence our investing behavior.
Here’s some of what we discuss in this episode:
- Too many times, greed comes from a misunderstanding of returns.
- You need a portion of your investment portfolio to generate consistent income.
- Fear and panic drive people to act emotionally instead of logically.
- Several people come in and rely on hope to get them to retirement.
- How pride can get in the way of your financial success.
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
As the baby boomer generation begins reaching the later stages of life, a staggering amount of wealth is set to change hands. Experts estimate that between $40 trillion to $100 trillion will be transferred to younger generations over the next two decades. This seismic financial shift is not just about numbers; it's about families, legacies, and the future of personal wealth. On this episode, Craig and Jennifer tackle the intricacies of this great wealth transfer.
Here’s some of what we discuss in this episode:
- Why this transfer of wealth could be so critical to future generations.
- Understanding the rules of inherited IRAs is very important.
- What changed with SECURE Act 2.0?
- Giving an asset like real estate or stock to somebody can create tax issues.
- How cost basis is calculated and why it makes a big difference in tax planning.
Contact Maestro Wealth:
Web: https://maestrowealth.com/
Email: info@maestrowealth.com
Phone: 336-448-1086
Today we’re going to have a little fun weighing in with a spirited game of 'Agree or Disagree,' where Craig and Jennifer dissect and debate some of the most pressing financial questions facing individuals today.
Here’s some of what we discuss in this episode:
- Whether you should pay off your mortgage as soon as you can.
- Are individual bonds better than bond funds?
- Should you get rid of your life insurance in retirement?
- What are the best ways to utilize annuities?
- Is it better to have a fee-based advisor or a commission-based broker?
Contact Maestro Wealth:
Web: https://maestrowealth.com/
Email: info@maestrowealth.com
Phone: 336-448-1086
The journey to retirement is rarely a straight path, and sometimes it comes with a few surprises. So, when the rug is pulled out from under you with an unexpected retirement offer, do you take the money and retire, or get back on the job hunt? Join Craig and Jennifer as they discuss the complex decisions that come with retiring early in this episode.
Here’s some of what we discuss in this episode:
- Should you accept retirement buyout offers if it includes a severance?
- The importance of running the numbers when it comes to making these decisions
- Considerations between choosing a pension versus a lump sum payment
- Opting for a reduced pension to cover a spouse versus purchasing a life insurance policy
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
Most people think about life insurance as a safety net for their loved ones in case of unexpected tragedy. While this is undoubtedly a crucial aspect, there is more to life insurance than many people are aware of. In this insightful episode, we’re focusing on the multifaceted world of life insurance and its often-overlooked benefits.
Here’s some of what we discuss in this episode:
- Considering life insurance for income replacement + obtaining it when you’re healthy
- The role of life insurance in estate planning for liquidity purposes
- Life insurance as a tool for transferring generational wealth + business succession planning
- How life insurance can be a beneficial tool for high-income earners
- Using life insurance to fund long-term care expenses
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
Being in between jobs can be frustrating. If you find yourself in this season, it’s important to have a clear plan of action to keep your finances in order. Stay tuned as Craig and Jennifer discuss some areas to consider for those facing job changes, layoffs, or contemplating early retirement.
Here’s some of what we discuss in this episode:
- Do you have enough time and resources to start over in a new career?
- The considerations should be made before venturing into entrepreneurship
- How will you cover health insurance costs during this time?
- Is this a good time to roll over your 401(k), and what factors should be considered?
- When receiving a severance package, should you opt for lump sum or monthly installments?
- The importance of having sufficient insurance coverage beyond life insurance
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
The decade leading up to retirement comes with many things to think about. Not only are there some financial shifts and opportunities to navigate, but it’s important to keep your physical health and goals for retirement in focus too. In this episode, we’ll unpack the key elements that matter most during the home stretch of retirement planning.
Here’s some of what we discuss in this episode:
- Staying active and healthy in the later years of your career
- Figuring out what you’re retiring to and building that into your financial plan
- Some financial opportunities to take advantage of your last 10 years of working
- Taking a look at your debt + risk management
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
It’s easy for business owners to get so focused on their work that they overlook some of the long-term planning areas that need to be addressed. Today we want to highlight a few of the items that need your attention and explain why it’s necessary to have a sense of urgency with these things.
Here’s some of what we discuss in this episode:
- Business owners need to be thinking about the what ifs for their business.
- Why you need to prioritize having an emergency fund built for 3-6 months of expenses.
- How should you handle an early buyout offer?
- Have you thought about life after working and have you started planning?
- Different challenges that come with succession planning for your business.
Contact Maestro Wealth:
Web: https://maestrowealth.com/
Email: info@maestrowealth.com
Phone: 336-448-1086
Everyone wants to get the year started on the right foot so today we’re going to run through a checklist of financial items you need to address in 2024. We'll explore the nuances tax planning, share some tips for staying organized, and make sure you’re making the most out of your retirement contributions in the coming year.
Staying on top of your overall financial health will give you the opportunity to make adjustments before it’s too late and help you stay on track to reach your retirement goals.
Here’s some of what we discuss in this episode:
- Are you withholding the right amount of money from your paycheck?
- What you should think about with your retirement account contributions.
- Tips for gathering all your info for this year’s tax filing.
- Now is a great time to assess your overall financial health.
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
We all seem to have a renewed focus on our health as the new year rolls around so let’s take some time to talk about your financial health and a few of the key indicators that show you’re in good health.
Each of the things we’ll discuss today might seem pretty straightforward or even obvious, but they are often overlooked or ignored. So let’s lay out some easy steps you can take in the new year to make sure your financial health gets a
Here’s some of what we discuss in this episode:
- Changing your spending habits to help increase your free cash flow.
- Why it’s important to understand the future tax implications of your money.
- Do both you and your spouse know enough about your retirement plan to be able to manage it?
- A complete retirement strategy will help alleviate worries about your future.
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
Having certainty in retirement is always the goal, but life just doesn’t allow for that. There are unforeseen circumstances that will undoubtedly arise in each of our lives, so how do you prepare for questions that don’t have answers yet? We’ll dive into the unpredictable world of financial planning and talk about how to stay informed and adaptable in retirement.
Here’s some of what we discuss in this episode:
- What economic indicators should you be paying attention to?
- Recent trends in consumer spending and inflation.
- Positioning yourself so a recession early in retirement isn’t devastating.
- Preparing for an uncertain future in healthcare.
- Tax planning without knowing what future rates will look like.
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
In this episode, we’ll weigh the pros and cons of different accounts, starting with tax-deferred accounts like 401(K)s and IRAs. Then we’ll shift to the tax-free options and the benefits that Roth IRAs can provide over time. Tax planning might not be the most exciting thing to dive into, but understanding the different tax strategies can help you keep more money in your pocket.
Here’s some of what we discuss in this episode:
- The pros and cons of tax-deferred accounts, which most people use to invest.
- The benefits of tax-free accounts like the Roth IRA.
- Using a product like a CD instead of a type of account.
- Tax strategies for pre-tax accounts versus tax-free accounts.
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
In this episode, Craig and Jennifer unpack the common pitfalls people encounter when cutting corners in retirement planning. From taking excessive investment risks to neglecting legal documents and estate planning, this episode sheds light on some crucial aspects of financial preparedness. Stay tuned to see why thorough, proactive planning and informed decision making are so important in the world of finance.
Here are some of the cut corners we discuss in today’s show:
- Taking too much risk in investments
- Neglecting essential legal documents and estate planning
- Not planning for long-term care
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
Everyone we work with will have a different comfort level when it comes to risk, which we account for when building a plan. But what does it mean when someone tells us they are risk averse?
So how do we determine someone’s true capacity for risk? In this episode, we’ll tell you about an online tool we use with people to find out which range of outcomes they’re comfortable with and explore the idea of being risk averse and what that truly means to planning.
Here’s some of what we discuss in this episode:
- What does it mean to be risk averse?
- How does someone end up in risky investments when they think they’re risk averse?
- A situation where we saw someone carrying a lot more risk than they realized.
- What are some ways that we would help someone plan who is risk averse?
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
It’s pretty hard to believe that it’s been nearly 30 years since the movie Forrest Gump hit theaters. In case you needed another reminder of your age, there you go.
That was one of the great movies of all time, winning multiple Oscars and grossing more than $600 million at the box office, and it still holds up today with its memorable quotes. Today we’re going to share some of our favorites but apply a little financial planning lesson from what Forrest said.
And that’s all we have to say about that.
Here’s are the quotes we’ll have fun with in this episode:
- "My mama always said, 'Life was like a box of chocolates. You never know what you're gonna get.'"
- "Mama always said you've got to put the past behind you before you can move on."
- "What's normal anyways?"
- "Mama always said, dying was a part of life. I sure wish it wasn't."
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
If you’re someone who likes to procrastinate, especially when it comes to your finances, then this episode might be just what you need. We’re going to ask Craig and Jennifer about some planning items and find out whether it’s okay to put things off for later or whether they need our attention now.
Here’s some of what we discuss in this episode:
- Why you may or may not want to defer taxes until a later date.
- Should we always make it a priority to pay off all of our debt?
- Estate planning documents are always best to take care of sooner than later.
- Times where you might want to take Social Security now and examples of when it’s best to wait.
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
Are you considering incorporating annuities into your financial planning but find them too complex to comprehend? You're not alone. Annuities are often misunderstood, and this lack of understanding can deter people from utilizing this financial tool. In this episode of our podcast, we delve deep into the world of annuities, exploring their complexities, benefits, risks, and real-world applications.
Here is some of what we’ll discuss on today’s show:
- Before you can dive into annuities, you need first to understand the basics of annuities.
- The different rider options that come with the annuity and the costs associated with those.
- What does it mean to annuitize a contract.
- Using annuities to pay for long term care in retirement.
- The different risks that come with annuities.
- We’ll share some examples of people who have utilized annuities into their retirement plan.
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
All the statements we’re going to talk about on the show today are all commonsense items that pretty much no one would disagree with on the surface. But for some reason, our actions often don’t line up with the obvious strategies. Let’s talk about why that is and what we need to do to stay on track.
Here is some of what we’ll discuss on today’s show:
- Why is it so difficult for investors to follow the strategy of buying low and selling high?
- Investors don’t think of a down stock market as a sale like they would when shopping normally.
- What can you do to avoid paying more in taxes than you have to?
- How can you keep costs and fees down so you don’t eat into returns?
- An example of why diversification is so important.
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
What we want to do today is think about the clients we work with, the styles of people that we see, and determine if there are any investing similarities between people in the same industry.
The mindset and the skillset that drove them into the profession might also affect how they plan – or don’t – for retirement. It’s an interesting exercise but one that will be fun to talk through and discuss. Join us to see if your profession is on the list and let us know if you’ve seen similar traits.
Here is some of what we’ll discuss on today’s show:
- Most teachers have two main sources of income in retirement.
- Do teachers value planning more with their background of lesson plans?
- Does the intelligence of doctors translate to structured and sound financial planning?
- Engineers really like the details and opening up the hood on how the plan works.
- What we enjoy most about working with entrepreneurs and small business owners.
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
Today we’re talking about retirement statistics. For example, did you know that 56% of Americans lose sleep when they think about retirement? That’s no way to live your life. That’s why we’re here to help you plan.
We’ll share some more stats that will make you think and might even change your mind on some topics. As always, if you have questions about retirement or investing, feel free to reach out to us for help.
Here is some of what we’ll discuss on today’s show:
- Women are 27% more likely than men to have no retirement savings.
- 76% of Baby Boomers aren’t confident they’ve saved enough for retirement.
- Nearly one-third of homeowners of retiring age still have mortgage debt.
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
Let’s talk about some of the areas of your financial life where disaster might be right around the corner.
Too many people are walking around with no documents, or documents that are in desperate need of an update. Don’t let this be you. As always, if you have questions about retirement or investing, feel free to reach out to us for help.
Here is some of what we’ll discuss on today’s show:
- Out of date legal documents (0:39)
- Tax time bombs (8:54)
- The classic 60/40 portfolio (15:59)
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
On the list of dozens of retirement-related concerns, how high on the list does the potential need for long-term care rank for you? If you live long enough, chances are you will need extra medical help, and those expenses can add up quickly. On today’s show, we’ll share some questions you should consider when deciding whether you need long-term care insurance.
Here is some of what we’ll discuss on today’s show:
- How likely is it for someone to self-fund their long-term care? (6:11)
- Is long-term care insurance a good investment for people? (9:16)
- Will a hybrid plan work for you? (14:52)
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
Just like the law of gravity in physics, there are financial laws that we need to consider. We’ll share several important ones today, including the laws of behemoths, rising taxes, market movement and expectations. Do you know what the behemoths are? Tune in to today's show to find out more! As always, if you have questions about retirement or investing, feel free to reach out to us for help.
Here is some of what we’ll discuss on today’s show:
- The Law of Behemoths (0:37)
- The Law of Rising Taxes (5:10)
- The Law of Inflation (7:57)
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
For many people, a 401(k) is their most powerful retirement savings vehicle. That’s because they’re able to contribute so much to it and their employer is often contributing as well with a company match up to a certain percentage. Since a 401(k) is so easy to use, there may be some things you’re overlooking with it. Tune in as we cover some important 401(k) considerations in this episode.
Here is some of what we’ll discuss on today’s show:
- A 401(k) is not very liquid. (2:02)
- What is a target date fund? (3:17)
- How high earners often handle investing. (4:37)
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
When was the last time you took a test? It’s probably been a while, right? On today’s show, we’ll invite you to grade your own financial competency by seeing how many of these questions you can answer confidently. We’ll explain why it’s so important for your financial future that you know the ins and outs of these questions.
Here is some of what we’ll discuss on today’s show:
- Do you know your net worth right now? (6:00)
- How much do you spend? (8:33)
- Do you know how much risk you have? (11:45)
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
You need a strong foundation if you want your house to withstand the test of time. Same thing goes for your Financial House.
Everybody wants to get good grades. Are you getting a grade you deserve with your finances?
For some people, the idea of putting together a financial plan doesn’t sound like much fun. But the idea of building a home sounds like a lot of fun. Much like a home needs a strong foundation, walls, and roof to withstand the elements, a comprehensive financial plan requires various components to weather any financial storms. Today we’ll share some similarities in building a strong financial plan and a dream home.
Here are the structural pieces of your financial home that we'll discuss:
- Foundation = Your income plan (1:59)
- Walls = Investment Plan (4:44)
- Roof = Insurance protections (6:47)
https://maestrowealth.com/
Email questions: info@maestrowealth.com
Getting lost while driving your car or hiking in the woods is kind of like getting lost in retirement planning. The good news is there are ways to get back on track financially, and we are here to help you do that. In this episode, we’ll point you to the tools you’ll need to help your financial plan recover and thrive.
What we discuss on this episode:
- Bad tools might be to blame. (0:50)
- These are the tools you should be using. (3:14)
- Bad directions might be to blame as well. (6:43)
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
Sometimes the truth hurts. Hearing a difficult truth about your finances can hurt even more.
A paintbrush and paint in the hands of Leonardo Da Vinci will bring about a masterpiece. Put them in the hands of a toddler, and you will probably have a real mess on your hands. Sometimes the tool isn't the problem, but what if the tool you have is no good?
It’s easy to look back in hindsight and say “Knowing what we know now…” but unfortunately, we can’t predict the future. And since we can’t, the next best thing is to learn from others’ experiences. Today we’ll share some situations where folks probably wish they’d made different decisions in their finances and how we can learn from it.
On Friday, March 10, the Silicon Valley Bank in northern California failed. When banks fail, it shakes the foundations of what we feel are "safe" investments. How do failures like this affect us?
It’s easy to look back in hindsight and say “Knowing what we know now…” but unfortunately, we can’t predict the future. And since we can’t, the next best thing is to learn from others’ experiences. Today we’ll share some situations where folks probably wish they’d made different decisions in their finances and how we can learn from it.
In this episode, we’ll share:
- The guy who got too scared after 2008 and invested way too conservatively for the next decade, missing out on a great bull run in the market. (0:52)
- The couple nearing retirement that didn’t realize how much risk they had in their investments until 2022 happened. (4:09)
- The couple that wishes they’d put a lot more money into Roth IRAs instead of building such a big tax time bomb for themselves. (6:37)
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
WHen you are building a house, you can't start by painting the walls first. You have to build a strong foundation and build on that. Finances are no different. Leave the paint for last!
Interest Rates can be interesting to study. We trace how the Fed has affected them and how that affects you.
For some people, it’s time for spring cleaning, and that often means diving into a cluttered closet and getting it cleaned out and organized. Today we’ll share what principles we can take from a closet clean out that we can apply to our financial lives.
On this episode, we’ll share:
- Why you need to move 401ks when you leave a company. (0:34)
- Why you need to dust off your life insurance. (2:10)
- What to do with money sitting in a savings account. (8:15)
Listen to more of our conversation in the podcast or reach out to us to talk about your financial situation and goals.
Contact Maestro Wealth:
Web: https://maestrowealth.com/
Email: info@maestrowealth.com
Phone: 336-448-1086
Craig and Jennifer discuss the differences between Roth Contributions and Roth Conversions
Yogi Berra was a sports icon and one of the most quotable people to ever live. And when we look at some of his quotes through the right prism, they can teach us some lessons about financial planning.
Yogi loved to state the obvious in a funny, quirky way. From “A nickel ain’t worth a dime anymore,” to “When you come to a fork in the road, take it,” we’ll explain what these sayings have to do with your financial future.
On this episode, we’ll share:
- A nickel ain’t worth a dime anymore. (0:49)
- If you don’t know where you’re going, you might end up someplace else. (4:44)
- When you come to a fork in the road, take it. (7:12)
Contact Maestro Wealth:
Web: https://maestrowealth.com/
Emai: info@maestrowealth.com
Phone: 336-448-1086
Losing a spouse suddenly is one of the most difficult things to deal with. If your spouse passes without a will, the difficulty is compounded. One of our clients shares her story.
Jennifer flies solo in today's episode where she discusses quotes from baseball great Yogi Berra and how they are applicable to finance.
During the height of the pandemic, the stock market did really well. Now that the pandemic has slowed down, the stock market is struggling. That doesn’t make sense and confuses a lot of people.
On today’s show, we’ll explain how the market, finances, real estate and more have changed over the past couple years.
On this episode, here's some of what we'll discuss:
- Why did the market go up during the pandemic? (0:29)
- The market is struggling. What do we do now? (4:32)
- What to do if you’re afraid of stock market volatility. (6:34)
Want to contact Maestro Wealth?
https://maestrowealth.com/
info@maestrowealth.com
When it comes to financial planning, it’s OK to admit that you don’t know the answer to something. The real danger is thinking you know the answer to something when you actually have it all wrong.
Today we’re discussing some of the things people think they know, but in reality they really don’t.
On this episode, we’ll share:
- How much income you’ll need in retirement. (0:46)
- How much investment risk should you take? (3:31)
- When should you jump in or out of the market? (9:40)
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
Today we’re sharing some financial truths that we can state with confidence. For example, did you know that the market moves in cycles? Or how about the fact that you probably aren’t as risk tolerant as you think you are?
We’ll discuss everything from the media to “magic bullets” and what you need to know about money to get your financial knowledge in order.
On this episode, we’ll share:
- Why the media can be your biggest enemy. (0:35)
- How emotions are rarely your friend when making financial decisions. (2:40)
- Why the market always moves in cycles. (7:01)
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
Different people have different levels of desire when it comes to finding their retirement date. Today we’re exploring these different levels of desire.
Which of these statements below sounds most like you and your retirement plan?
On this episode, we’ll share:
- I never see myself retiring. I love what I do. (0:50)
- I can probably retire, but the job pays pretty well and I don’t hate it. (2:28)
- I’d like to retire soon, but I have no idea if I can. (4:58)
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
Today’s show combines two fun topics – finances and football. Believe it or not, planning for your financial future has some similarities to the sport of football.
In retirement planning, some people try to be successful without having a coach at all. Others keep the same coach that they’ve had for years, even though things aren’t working out with him.
We’ll explain why you need to design a portfolio that puts you in victory formation.
On this episode, we’ll share:
- Why mistakes in the financial red zone are so costly. (0:45)
- Why the hurry-up offense is a bad idea for your finances. (5:28)
- Why you need to stop worrying about the victory formation with your money. (7:08)
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
Many things in the financial world are critical to your future financial success. But not everything is all it’s cracked up to be.
On this episode, we’ll share:
- Why tax advantages are overrated and you need to consider whether spending money is even necessary. (0:46)
- Nobody is denying the power of compound interest over time. But placing too much emphasis on rate of return can be dangerous. (3:06)
- How emotions can negatively affect your financial future. (7:39)
Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/
Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin
Jennifer flies solo today as she discusses Roth Conversions and then shifts gears to talk about Overrated Tax Advantages.
How much do you know about Social Security? You might think you know a lot about this topic, but there are a lot of myths out there to be aware of.
On today’s show, we’re sharing three big Social Security myths you need to know. For example, is there a perfect time to start collecting it? Social Security is such a complicated topic without a one-size-fits-all answer. We’ll explain what you need to know.
On this episode, we’ll share:
- Is there a perfect time to collect Social Security? (0:42)
- Will Social Security money run out? (4:47)
- Does Social Security impact other financial decisions? (8:03)
Listen to more of our conversation in the podcast or reach out to us to talk about your financial situation and goals.
Get additional financial resources:
https://maestrowealth.com/how-money-works-podcast/
Today we’re chatting about the characteristics of financial advisors. Everyone has different personalities, but what should you look for in an advisor? How much should likeability and listening skills play into the person you choose?
How much emphasis do you place on things like trust, areas of expertise, and the ability to solve problems? You want to find someone who resonates with you and can help you build a strong financial future.
What we discuss in this episode:
- How do you develop trust with a financial advisor? (1:18)
- What kind of credentials should you look for when choosing an advisor? (5:02)
- How much should likeability and rapport play into the relationship? (6:20)
Listen to more of our conversation in the podcast or reach out to us to talk about your financial situation and goals.
Get additional financial resources:
https://maestrowealth.com/how-money-works-podcast/
Today we’re chatting about the characteristics of financial advisors. Everyone has different personalities, but what should you look for in an advisor? How much should likeability and listening skills play into the person you choose?
How much emphasis do you place on things like trust, areas of expertise, and the ability to solve problems? You want to find someone who resonates with you and can help you build a strong financial future.
What we discuss in this episode:
- How do you develop trust with a financial advisor? (1:18)
- What kind of credentials should you look for when choosing an advisor? (5:02)
- How much should likeability and rapport play into the relationship? (6:20)
Listen to more of our conversation in the podcast or reach out to us to talk about your financial situation and goals.
Get additional financial resources:
https://maestrowealth.com/how-money-works-podcast/
At times like these when the market is volatile, and trending down, it’s inevitable that we get a lot of questions about it. As we tell people, the weather’s changing, the leaves are starting to get red, and the stock market stinks right now.
On today’s show, special guest Richard Duff, president of Redwood Investment Management, joins us to talk about this important topic. We’ll share what’s going on with the stock market and how best to respond.
What we discuss in this episode:
- Why the latest stock market dips are unprecedented and how bonds have changed. (1:03)
- Why you have to play defense and run a financial analysis to look at how much you can draw down in a rough market. (7:57)
- Why there’s such a focus on historical returns. (11:24)
Listen to more of our conversation in the podcast or reach out to us to talk about your financial situation and goals.
Get additional financial resources:
https://maestrowealth.com/how-money-works-podcast/
Sometimes you just need to go through your financial life and take out the trash. Today we’re talking about the things that might need to be thrown out.
From debt to hidden fees, we’ll explain how some financial trash could be hurting your retirement plans and financial security.
What we discuss in this episode:
- Why debt is not a problem for some people but can really hurt other people’s retirement. (1:26)
- Why taking on more risk can sometimes backfire on your finances. (3:46)
- How to find hidden fees and understand why they can wreck your finances. (6:43)
Listen to more of our conversation in the podcast or reach out to us to talk about your financial situation and goals.
Get additional financial resources:
https://maestrowealth.com/how-money-works-podcast/
We're taking your questions by email this week to see what’s on your mind and how we can help with your finances.
What we discuss on this episode:
- Seth has always given a few hundred dollars to charities in previous years, but he wants to know if he can get tax credit for that. (0:41)
- Rhonda wonders if she should save more for retirement or pay more towards her mortgage. (7:35)
- Floyd worries he’ll never be able to retire. He has $500,000. Should he plan to work forever? (12:06)
We answer these questions in depth on the show, but let us know if you have any other financial queries.
Get additional financial resources:
https://maestrowealth.com/how-money-works-podcast/
There’s a lot of confusion out there about annuities, probably because there are different types that do different things. We’ll explain how they work and how they might be used in your financial plan.
What we discuss on this episode:
1:22 – Immediate annuity
2:55 – Tax-deferred annuity
4:06 – Fixed annuity
5:07 – Fixed index annuity
6:30 – Pros and cons
8:15 – Volatility
9:09 – Annuity contracts
Get additional financial resources:
https://maestrowealth.com/how-money-works-podcast/
So you’ve done a good job saving and investing over the years. You’ve lived on less than you’ve earned, kept yourself out of debt, and your investments have done pretty well. That means everything will be simple for you in retirement, right? Not necessarily.
What we discuss on this episode:
0:43 – Too much cash
3:36 – Too much risk
6:16 – Tax time bomb
10:08 – Taxable events
15:48 – Spending money
Get additional financial resources:
https://maestrowealth.com/how-money-works-podcast/
If you’re about a decade away from retirement, there are some important steps you need to take now to get ready. We’ll share some top tips for being prepared for stepping away from work.
What we discuss on this episode:
0:46 – What’s important
4:17 – Market drops
6:08 – Health care
11:11 – Changing needs
14:45 – Retiring early
Get additional financial resources:
https://maestrowealth.com/how-money-works-podcast/
Craig and Jennifer Moser discuss the Financial Blame Game that sometimes comes into play in our finances when things go wrong. The buck stops here!
Business owners are particularly vulnerable to some misconceptions and false assumptions about their retirement. Today we’ll address a few of these issues and help you become better prepared when it comes to building your financial plan.
What we discuss on this episode:
0:46 – Retirement taken care of
3:17 – Money in the business
4:56 – Selling the business
Get additional financial resources:
https://maestrowealth.com/how-money-works-podcast/
Craig and Jennifer Moser discuss the nuances that business owners have when planning their retirement.
On this show, in honor of Father's Day, Craig and Jennifer Moser of Maestro Wealth Advisors discuss things that Dad says and relates them to financial markets.
Are you someone who doesn’t mind riding the rollercoaster of investment ups and downs? If so, you are more of a risk-taker. But not everyone is. Today we’re talking about risk tolerance and how to figure out what your level is.
What we discuss on this episode:
0:27 – What is risk tolerance?
3:42 – Determining your tolerance
5:50 – Different tolerances
8:00 – Annuity or fixed index
Get additional financial resources:
https://maestrowealth.com/how-money-works-podcast/
Craig and Jennifer Moser of Maestro Wealth Advisors break down some of the sayings of Warren Buffett and give their take on his Morsels of Wisdom.
We made a list of some financial proverbs that we thought might be able to help you in your financial situation. Find out what you can glean from these wise words.
What we discuss on this episode:
0:31 – Bird in the hand
2:24 – Rising tide
4:08 – Eggs in one basket
7:00 – One man’s trash
Get additional financial resources:
https://maestrowealth.com/how-money-works-podcast/
People love do-it-yourself projects. There’s even a DIY Network where you can watch shows about home renovation, landscaping, or interior design and how to do those things without professional help. Today we're talking about the DIY mentality in retirement planning.
What we discuss on this episode:
0:47 – Don’t want to spend money
4:20 – Market downturns
9:04 – Money management
15:36 – DIY fails
Get additional financial resources:
https://maestrowealth.com/how-money-works-podcast/
When planning your retirement, there are some key details you need to consider. For instance, will you need to support your parents or kids later on? We’ll explore this and other questions on today’s show.
What we discuss on this episode:
0:22 – Sandwich generation
3:08 – Quitting your job
9:25 – Retiring from something
15:12 – Major purchases
18:35 – Surviving spouse
Get additional financial resources:
https://maestrowealth.com/how-money-works-podcast/
On today’s show we’re talking about some of the stylish things in the financial world that can distract you from the substance that you should really be focused on. We’ll explain why you should watch out for sales brochures, hypothetical projections and testimonials.
What we discuss on this episode:
1:20 – Sales brochures
3:44 – Hypothetical projections
5:40 – Testimonials
7:12 – Advisor rewards
Get additional financial resources:
https://maestrowealth.com/how-money-works-podcast/
A lot of people have questions about their retirement plan, but you might be asking the wrong questions. We’ll share some common wrong questions and what better questions might be.
What we discuss in this episode:
0:52 – How much to save?
3:07 – Long-term care insurance
6:10 – The highest return
Get additional financial resources:
https://maestrowealth.com/how-money-works-podcast/
Josh Brown, a CNBC commentator, usually has wise things to say about how you should react during difficult times in the market. He says that when you’re dealing with a difficult stock market, the answer is rarely “try harder.” Instead the answer is usually “do less.” Type A people usually have a tough time dealing with that concept. Let’s explore some questions that he says you should be considering during difficult markets.
On today's show, we talk about what its like to be a client of Maestro Wealth Advisors, and look at some instances where it's important to take feelings into consideration while planning for your financial future.
Today we’re focusing on what it’s like to be our client. We’ll explain how the relationship between a client and financial advisor evolves and how having an advisor can be beneficial for you.
What we discuss in this episode:
0:33 – Evolving relationship
4:13 – Sharing life
5:02 – Checking in
6:30 – Out of the norm
8:40 – Memorable victories
Get additional financial resources:
https://maestrowealth.com/how-money-works-podcast/
Sometimes we have clients who want to retire early. But how much earlier do they mean, and is this a realistic goal? We’ll share some challenges they face and how to know if early retirement is for you.
What we discuss in this episode:
0:34 – How early?
2:24 – The gap
3:54 – Inflation
5:46 – Investing while saving
7:36 – Challenges of retiring early
10:44 - Insurance
Get additional financial resources:
https://maestrowealth.com/how-money-works-podcast/
If you are a seasoned business owner, today’s episode is for you. Jimmy Eggers, a partner at Smith Leonard Accountants and Consultants in High Point, N.C., is sharing business-planning expertise, strategies and mistakes business owners make.
What we discuss in this episode:
2:15 – Business mistakes
5:35 – Unwinding a business
10:42 – Keep more money
12:36 – Employees
14:38 – Retirement account
17:45 – Outside of retirement accounts
Get additional financial resources:
https://maestrowealth.com/how-money-works-podcast/
About our guest:
https://www.smith-leonard.com/staff/eggers-jimmy/
On this episode of How Money Works, we’re talking with Jimmy Eggers, a partner at
Smith Leonard Accountants and Consultants in High Point, N.C. He will be sharing
business-planning expertise, strategies and mistakes business owners make.
Jimmy specializes in family wealth, tax planning and compliance for businesses in the
manufacturing, construction, distribution, retail, real estate, and not-for-profit industries.
Today we discuss some of the common ways that people get in their own way when it comes to financial planning…
1) Allowing fear or greed to cause you to buy or sell at the wrong time.
2) Making bad investment choices in an effort to save money on taxes.
3) Leaving too much money in cash for too long because you procrastinated instead of actively deciding what to do with it.
4) Overthinking every decision to the point that you never make any decision at all.
5) Blindly trusting the financial advice of people who aren’t financial professionals.
We get a lot of questions about 401Ks, so we thought it would be a good idea to address as many of them as we can. See if your 401k question is addressed on today’s show.
What we discuss in this episode:
1:22 – Advice from company plan
4:21 – Max out 401k?
7:12 – Target date funds
9:12 – 401k loan
Get additional financial resources:
https://maestrowealth.com/how-money-works-podcast/
We've worked with people who have lost their spouse and come to us wanting to be sure they’re in good shape financially. Today we look at a few of the problems, and solutions, we see for people in these situations.
SEGMENT: RMDs
We get a lot of question about RMDs. Some people don’t really know anything about them, others have a misconception about how they’ll work. Today we clarify.
For many people in their 50s or 60s, it can be easy to think that it’s too late to really do financial planning the way that you should. But there are plenty of areas where you can still make the most of your wealth.
What do married couples tend to disagree about when it comes to money? What financial matters do they often fail to communicate about? We’ll share some of the primary things that need to be discussed and decided between partners before true financial planning can begin.
What we discuss on this episode:
0:26 – What couples disagree about
3:07 – Ready to retire?
4:15 – What you need to discuss
6:32 – One spouse handling finances
8:19 – Helping couples get on the same page
Get additional information:
https://maestrowealth.com/how-money-works-podcast/
For some folks, the idea of putting together a financial plan can be overwhelming. But it’s less threatening if you just focus on the first step. Let’s talk about a few possible first steps that you could take.
Read more and get additional financial resources here: https://maestrowealth.com/2022/01/06/ep-44-the-first-steps-in-a-financial-plan/
What we discuss on this episode:
1:08 – Retirement dreams
2:50 – Financial inventory
6:25 – Income plan
How much money will you need in retirement? Do you still need life insurance? How much risk should you take? We’ll help answer these questions and more on today’s show.
Read more and get additional financial resources here: https://maestrowealth.com/2021/12/16/ep-43-how-do-you-know/
What we discuss on this episode:
0:34 – Income
4:43 – Life insurance
8:37 – Risk
11:30 – Fees
For some folks, the idea of putting together a financial plan can be overwhelming. But it’s less threatening if you just focus on the first step. Let’s talk about a few possible first steps that someone could take…
- Decide what you want retirement to look like.
- Do a financial inventory.
- Develop an income plan.
- Determine how much help you need.
Determine where you need the most help, then seek out the right professional(s) to guide you and get the process started.
Before meeting with an advisor for the first time, people often Google “questions to ask a financial advisor” and come in with a list of questions that they find. Are these good questions? Is there anything different you should ask? And what answers should you look for?
Read more and get additional financial resources here: https://maestrowealth.com/2021/12/02/ep-42-questions-people-ask-financial-advisors/
What we discuss on this episode:
0:42 – Are you a fiduciary?
2:00 – How much are your fees?
4:13 – What is your investment philosophy?
8:51 – What will our relationship be?
We hear a lot of half-truths in the financial world, not necessarily because people try to make misleading statements, but because sometimes a simple statement just doesn’t quite tell the whole story. We’ll share a few examples.
Read more and get additional financial resources here: https://maestrowealth.com/2021/11/18/ep-41-watch-out-for-these-financial-half-truths/
What we discuss on this episode:
1:16 – Don’t worry about losses
6:52 – Fees in portfolio
We hear a lot half truths in the financial world, not necessarily because people try to make misleading statements, but because sometimes a simple statement just doesn’t quite tell the whole story. Let’s discuss a few examples…
1) “Don’t worry about those losses because the market always goes up in the long run.”
2) “The fees in your portfolio are less than 1%.”
3) “With interest rates so low, you’re better off to invest that money instead of paying off your house early.”
4) “Diversification is the key.”
5) “These bonds significantly reduce the risk in your portfolio.”
401K Frequently Asked Questions
We get a lot of questions about 401Ks, so we thought it would be a good idea to address as many of them as we can in one conversation…
1) My company plan is offering a program where I can get advice on my 401k for a very low fee. Is it a good idea to use this?
2) Should I contribute as much as I can to my 401k or only as much as the company will match?
3) Should I use target date funds in my 401k?
4) Is taking a 401k loan always a bad idea?
5) When should I take money out of my 401k and roll it over to an IRA?
Delayed gratification is a difficult skill to master and that’s just as true with financial matters as it is in the other areas of your life. Let’s talk about some instances where you might be faced with a choice of being satisfied now or satisfied later.
Read more and get additional financial resources here: https://maestrowealth.com/2021/11/04/ep-40-how-delayed-gratification-can-help-your-finances/
What we discuss on this episode:
0:50 – Budget vs. 401k match
4:12 – Compounding interest
6:46 – Tax deductions
10:35 – Social Security
There are some insightful quotes out there from great investors and financial authors. Let’s find out how they might apply to your financial situation.
Read more and get additional financial resources here: https://maestrowealth.com/2021/10/21/ep-39-quotes-from-great-investors/
What we discuss on this episode:
4:06 – Four dangerous words
5:43 – Worst enemy
7:45 – No risk
10:01 – Dangerous people
Before you head off into retirement, make sure you’re well versed in these retirement income planning essentials. We’ll explain what they are and why you need to know about them.
Read more and get additional financial resources here: https://maestrowealth.com/2021/10/07/7597/
What we discuss on this episode:
0:35 – Income plan
3:28 – Social Security
6:45 – Inflation
8:52 – Bond income
We get a lot of questions about RMDs, or required minimum distributions. Some people don’t know anything about them, while others have misconceptions about how they work. Today, we’ll explain what you need to know.
Read more and get additional financial resources here:
https://maestrowealth.com/2021/09/16/ep-37-what-you-need-to-know-about-rmds/
What we discuss on this episode:
0:22 – What are RMDs?
3:53 – Age 72
6:27 – Get out of an RMD
Let’s talk about some of the red flags that people can look out for when they’re shopping for a financial advisor. Have you ever met with one of these types?
Read more and get additional financial resources here: https://maestrowealth.com/2021/09/02/ep-36-watch-out-for-these-financial-advisor-red-flags/
What we discuss on this episode:
0:26 – Hammer
3:50 – Hog
5:24 – Car trunk
7:25 – Empty suit
8:32 – Non-answerer
9:50 – Just give us your money
Today we’re sharing five of the most common retirement mistakes. Find out what they are and how you can avoid them.
Read more and get additional financial resources here: https://maestrowealth.com/2021/08/19/ep-35-most-common-retirement-mistakes/
What we discuss on this episode:
0:46 – Ignoring tax implications
4:04 – Social Security
6:43 – Returns instead of income
8:07 – Friends and family
11:20 – Too aggressive or conservative
No matter how much money you make, where you live or when you’re retiring, there are some universal truths that apply to everyone’s finances. Find out what they are.
Read more and get additional financial resources here: https://maestrowealth.com/2021/08/05/ep-34-universal-truths-of-retirement-planning/
What we discuss on this episode:
0:55 – Income plan
3:01 – Long-term care
5:57 – Timing stock market
8:10 – Life span
SECURE Act 2.0, son of the SECURE Act, has come out and we'll explain what has changed and how it could affect you.
Read more and get additional financial resources here: https://maestrowealth.com/2021/07/15/ep-33-how-secure-act-2-0-could-affect-you/
What we discuss on this episode:
2:03 – Required minimum age
4:04 – Reducing the penalty
4:51 – Auto enroll
5:39 – Catch up contributions
6:44 – Matching funds on student loan payoffs
7:49 – Find 401ks more easily
8:52 – Increase utilization of Roths
On this episode of How Money Works, Craig and Jennifer Moser explain some of the common myths around Social Security and how to educate yourself on this crucial topic.
Read more and get additional financial resources here: https://maestrowealth.com/2021/07/01/ep-32-social-security-myth-busting/
What we discuss on this episode:
0:25 – Mailbag: Sell properties to pay off house?
4:49 – Social Security Administration
5:40 – Stay-at-home moms
6:44 – Taxes
9:04 – Retirement
On this episode of How Money Works, Craig and Jennifer Moser explain some of the common retirement mistakes people make and how you can avoid them.
Read more and get additional financial resources here: https://maestrowealth.com/2021/06/17/ep-31-classic-retirement-planning-mistakes/
What we discuss on this episode:
1:15 – Investments with no purpose
5:35 – Not understanding risk
7:49 – Emotional decision-making
On this episode of How Money Works, Craig and Jennifer Moser explain how getting through retirement can be a lot like running a marathon.
Read more and get additional financial resources here: https://maestrowealth.com/2021/06/03/ep-30-the-retirement-marathon/
What we discuss on this episode:
1:16 – Planning and preparation
3:35 – Proper diet
6:07 – Don’t start too fast
People often have questions about life insurance. It’s not a sexy topic, but it is an important one. We’ll explain why.
Read more and get additional financial resources here: https://maestrowealth.com/2021/05/20/ep-29-reasons-to-get-life-insurance/
What we discuss on this episode:
0:48 – Income replacement
2:06 – Estate liquidity
3:15 – More coverage at cheaper price?
4:20 – Estate equalizer
5:07 – Distribution
6:28 – Long-term care insurance
On this episode of How Money Works, Craig and Jennifer Moser share what you can learn about retirement planning from the game of baseball.
Read more and get additional financial resources here: https://maestrowealth.com/2021/05/06/ep-28-how-retirement-planning-is-like-baseball/
What we discuss on this episode:
0:33 – Not about home runs
3:04 – Understand statistics
5:11 – Five-tool player
7:04 – Special coaches
The financial world is full of acronyms that get thrown around for convenience, but the average person doesn’t necessarily know what they all mean. We’ll share what they are and what they mean.
Read more and get additional financial resources here: https://maestrowealth.com/2021/04/15/ep-27-get-to-know-financial-acronym-salad/
What we discuss on this episode:
4:48 – ETF
5:52 – RMD
9:13 – CFP
13:12 – FRA and NRA
15:12 – COLA
17:07 – CPI
Let’s talk about financial guru Dave Ramsey. He has a huge empire and millions of people listen to him each day, but do we agree with his financial principles? Find out in today’s podcast.
Read more and get additional financial resources here: https://maestrowealth.com/2021/04/01/ep-26-should-you-listen-to-dave-ramseys-advice/
What we discuss on this episode:
0:40 – Credit cards
2:39 – Whole life insurance
5:26 – Four types of mutual funds
7:03 – 12% return on mutual funds
10:57 – Pay off mortgage
To successfully complete a jigsaw puzzle, there are some strategies you’ll want to keep in mind, and many of those same strategies apply to retirement planning.
Read more and get additional financial resources here: https://maestrowealth.com/2021/03/18/ep-25-the-jigsaw-puzzle-of-retirement/
What we discuss on this episode:
1:22 – Look at the big picture
4:00 – Sort by color
6:36 – Have an end game in mind
Every industry has its own jargon, and financial planning is no different. Today, we’re explaining some common financial jargon and what it means.
Read more and get additional financial resources here: https://maestrowealth.com/2021/03/04/ep-24-do-you-know-this-financial-jargon/
What we discuss on this episode:
1:07 – Asset allocation
1:50 – Risk tolerance
2:49 – RMDs
4:42 – Basis point
5:20 – Large, mid and small caps
6:12 – ETF
7:14 – Qualified accounts
8:09 – Drip stock
On today’s episode of How Money Works, we’ll discuss the financial red zone. What is it, and what should you do if you fall in this category?
Read more and get additional financial resources here: https://maestrowealth.com/2021/02/18/ep-23-are-you-in-the-financial-red-zone/
What we discuss on this episode:
1:31 – Financial red zone
4:23 – Common mistakes in red zone
5:23 – Different levels of risk
7:06 – Mistake of not having a plan
10:17 – Do-it-yourself mistakes
On today’s episode of How Money Works, we’re sharing some of the toughest, most unanswerable questions we get in the financial business. From healthcare to the stock market to taxes, we'll cover some important planning topics.
Read more and get additional financial resources here: https://maestrowealth.com/2021/02/04/ep-22-clients-toughest-most-unanswerable-questions/
What we discuss on this episode:
0:58 - When’s the next market crash going to happen?
3:26 – What are healthcare costs going to look like in 20 years?
5:24 – What do you think the tax rates are going to look like in the future?
7:41 – How long am I going to live?
On today’s episode of How Money Works, Craig and Jennifer Moser share some financial tips for 2021 and how to prepare for the year ahead.
Read more and get additional financial resources here: https://maestrowealth.com/2021/01/21/ep-21-how-to-prepare-financially-for-2021/
What we discuss on this episode:
2:10 – The coming year
4:43 – 10 rules of investing
5:19 – When all experts and forecasts agree, something else is going to happen
7:06 – The public buys the most at the top and the least at the bottom
8:56 – New and old laws
11:20 – Secure Act
12:03 – Get in touch with your CPA earlier this year
When people come into our office and say they’re not ready for retirement and haven’t saved enough, here’s how we counsel them. On today’s episode of How Money Works, Craig and Jennifer Moser talk about late bloomers and how to help them.
Read more and get additional financial resources here: https://maestrowealth.com/2021/01/07/ep-20-not-able-to-retire-how-late-bloomers-can-save-more-money/
What we discuss on this episode:
0:51 – Grown kids still on payroll?
1:57 – Disappearing debt
3:12 – Downsizing
5:16 – Catch-up contributions
What does “living the dream” in retirement mean to you? You can’t live it unless you know what it looks like.
Read more and get additional financial resources here: https://maestrowealth.com/2020/12/17/ep-19-living-the-dream-in-retirement/
What we discuss on this show:
1:32 – What will retirement look like?
3:23 – What are you retiring to?
5:29 – The importance of a schedule
Let’s talk about income gaps in retirement. There are probably more gaps than you realize. On this episode of How Money Works, we’ll explain what they are and why you need to know about them.
Read more and get additional financial resources here: https://maestrowealth.com/2020/12/03/ep-18-beware-of-these-5-income-gaps/
What we discuss on this show:
0:24 – Paycheck gap
2:55 – Social Security gap
7:08 – Inflation gap
11:52 – Long-term care gap
16:26 – Widow’s gap
Are you and your spouse on the same page when it comes to finances and retirement planning? On today’s episode of How Money Works, Craig and Jennifer Moser explain why it’s so important.
Read more and get additional financial resources here: https://maestrowealth.com/2020/11/19/ep-17-getting-couples-on-the-same-financial-page/
What we discuss on this show:
0:34 – Some couples not on the same page
1:50 – When one spouse defers to the other
2:38 – Examples of couples’ finances
4:35 – Social Security considerations
6:50 – What are your retirement dreams?
8:37 – Mistakes couples make
Do you know the four worlds of money and how they affect you? We break down the pros and cons of each.
Read more and get additional financial resources here: https://maestrowealth.com/2020/11/05/ep-16-pros-and-cons-of-the-4-worlds-of-money/
What we discuss on this episode:
0:29 – Banking world
3:52 – Insurance world
7:10 – Understanding your options
10:12 – Wall Street world
14:42 – Ways people misuse investing
15:52 – Real estate world
On today’s episode of How Money Works, Craig and Jennifer Moser break down the different personalities of spenders and how those traits could affect your retirement.
YOLO spender
Using the “You Only Live Once” philosophy, these spenders go overboard on lavish expenses and purchases.
These tend to be people who didn’t have much money and then inherited a bunch. They often feel guilty for getting so much money. Some want to give family members a lot of money or spend lavishly. But we always advise them to be careful and plan for the future.
“Don't go buy the RV, the boat and then start getting a suntan machine,” said Craig.
Emotional spender
Had a good day? Go out to eat. Had a bad day? Go out to eat. Stressed and tired? Go out to eat.
“That's me. I’m the emotional spender,” said Craig. “Most people roll their eyes when we talk about budgeting, and I’m one of them.”
But developing a budget is crucial to planning for retirement.
Savvy spender
Savvy spenders, like Jennifer, tend to have a budget, evaluate every purchase, be frugal, only spend when needed, prioritize quality over quantity and spend on experiences instead of stuff.
The miser
Misers believe any sort of spending, even when necessary, is stressful and guilt inducing. Their money decisions are often based out of fear that they won’t have enough. They saved diligently but then are afraid to spend the money.
Craig’s father was an example of this. He experienced the Great Depression and has always been tight with money.
Get additional financial planning resources here: https://maestrowealth.com/
What we discuss on this show:
0:44 – YOLO spender
2:22 – Emotional spender
4:46 – Savvy spender
6:38 – The miser
People in certain professions tend to approach financial planning the same way as their peers. On today’s How Money Works podcast, we look at teachers, doctors, engineers and more.
In our experience, people in certain jobs tend to approach financial planning the same way. On today’s episode of How Money Works, we explain some of the positives and challenges of advising people in different professions.
Teachers
Teachers have pensions that are pretty reliable, and they tend to be interested in having rental properties for extra income. They like investments they can have more control over, but they don’t try to dig in and micromanage everything when it comes to financial planning.
“Most of those folks are pretty risk-averse. They don’t want to be in a big volatile investment portfolio type strategy,” said Craig.
Doctors
“How nice can I be here?” said Craig. “Doctors sometimes suffer from what I call competency extrapolation.”
In other words, just because you’re a brilliant doctor doesn’t mean you can translate that knowledge to everything else, including financial planning. Doctors also tend to be busy people who don’t always make appointments.
“Working with them is a beautiful thing once they get the fact that we’re there to help them,” said Craig.
Engineers
“Most of the guys in my industry do not like you guys, engineers,” said Craig. “They’re afraid of you.”
We work with a lot of engineers, and they love to analyze financial data. They want to know how the clock is made, not just what time it is.
“It’s fun to sit down with someone who will ask a lot of questions,” said Craig. “It’s fun to say, ‘Here is the why behind the what.’”
Realtors
Realtors end up with a lot of their net worth in real estate, because it’s a subject they know. But they have to be careful not to get segmented so heavily in real estate that they sacrifice liquidity and growth in other areas. Real estate isn’t always going to go up.
Entrepreneur/small business owners
Business owners tend to put everything they have into the business and don’t always think of an exit strategy. They need to sock money into different places, such as retirement accounts and insurance.
Government employees
Government employees have wonderful pensions, but they still need to have a full-fledged plan for their financial future. As a group, they tend to be pretty conservative.
Listen to the full episode or use the timestamps below to jump to a specific segment. Thanks for listening!
What we discuss on this show:
0:54 – Teachers
2:17 – Doctors
5:17 – Engineers
6:51 – Realtors
7:53 – Entrepreneur/small business owners
9:33 – Government employees
10:41 – Contact Maestro Wealth
On today’s episode of How Money Works, let’s have some fun and play retirement fact or fiction. Keep in mind, as with many retirement planning scenarios, the answer is not always clear-cut because it depends on your situation.
One common question we get is whether social security can be taxable. Well, it’s a definite maybe. It depends on how much social security you have and whether that number exceeds a certain threshold. If so, then it will start to be taxable income.
“It’s not what you make, it’s what you keep when it comes to social security and where that money is from an account standpoint,” said Craig.
In a utopia, all of your money would be in a Roth IRA.
Another question is whether taxes will be lower in retirement. Again, the answer is maybe, and we explain why in the podcast.
From an insurance standpoint, is it better to get term life instead of whole life? Term is cheaper for a time and is great to use if you’re younger, but whole life can accumulate a cash value. Will whole life keep up with an investment? Probably not, but it will give you another silo of money.
We also talk about whether Medicare will cover most medical needs in retirement and if you should shift from stocks to bonds as you get older. Listen to the full episode or use the timestamps below to jump to a specific segment. Thanks for listening!
Read more and get additional financial resources here: https://maestrowealth.com/
What we discuss on this episode:
0:34 – Can your social security be taxable?
2:02 – Will taxes be lower in retirement?
4:42 – Is term life insurance better than whole life insurance?
7:29 – Will Medicare cover most medical needs in retirement?
8:43 – Should you shift from stocks to bonds as you get older?
On today’s episode of How Money Works, let’s talk about some of the areas of your financial life where you might be flirting with disaster and how you can fix it.
Out-of-date legal documents
It’s not something people think about often, but having your legal documents up to date is crucial.
“When is the last time you whipped out your will and read it? Well, never,” said Craig.
Maybe you created legal documents when your kids were young but now they’re older. Have you updated those records? Maybe you remarried and have not changed your beneficiary information.
Too many people are walking around with no documents, or documents that are in desperate need of an update. Don’t let this be you.
Tax time bomb
With all the stimulus money being spent in response to the pandemic, there’s a tax time bomb coming at some point.
“You cannot create all this debt and expect it not to be repaid,” said Craig.
What’s going to happen if the government raises the tax rate? If the overwhelming majority of your investments are in tax-deferred accounts, you could be building up a time bomb for yourself.
No plan for long-term care expenses
Long-term care expenses is one of the hardest discussions to have with people, because they don’t want to discuss it and don't want to think about being in that position.
The long-term care and home health industry is growing quickly, and studies have shown that, on average, people in their golden years spend $245,000 for health care. Can your nest egg survive that kind of financial hit?
Listen to the full episode or use the timestamps below to jump to a specific segment. Thanks for listening!
Get additional financial resources here: https://maestrowealth.com/
What we discuss on this episode:
1:01 – Out of date legal documents
7:35 – Tax time bomb
12:00 – No plan for long-term care expenses
Whether you are a single, married, divorced or widowed woman, this episode is for you. This week, our special guest is Lynn Michael, an estate planning attorney who knows what challenges and opportunities women face in planning for the future.
“I really like hearing everyone’s stories, because it seems to me that everybody’s got kind of the same fears and the same desires,” said Lynn. “And regardless of where they come from, they want the same outcome. They want what’s best for themselves and for their families. And I get to help people do that every single day.”
Women tend to live longer than men – 81 years on average to men’s 76 years, according to Time magazine – so it’s important for women to be confident and knowledgeable in their family’s finances and other business.
“If they don't have an estate plan of their own, the government is going to come up with one for them,” said Lynn.
Oftentimes, men tend to handle the family’s finances and be more vocal in estate planning meetings, so Lynn encourages women to speak up and participate more.
“Stand up and say, ‘I don't understand,’ or ‘I’d like to understand.’ It doesn't show weakness. It shows you are wise and smart and powerful,” she said.
In this episode, Lynn explains what documents and accounts women need to know about and how to make sure they are listed on the accounts. She also shares what things remarried women need to think about and how to share assets with children and make sure they are protected.
Thanks for listening!
Get additional financial resources here: https://maestrowealth.com/
About our guest: http://rhinshawlaw.com/meet-lynn-p-michael/
On today's show:
0:49 – Meet Lynn Michael
3:12 – Hear about her law practice
4:09 – What she likes about estate planning
5:49 –Why women need an estate plan
6:48 – What makes a successful estate plan
8:04 – Estate plans for married couples
9:12 – Are women vocal in meetings?
10:44 – How husbands can encourage wives to be more vocal
13:16 – Advice for recently widowed or those with an elderly spouse
18:32 – What to think about after remarriage
20:55 – How to pass assets to children
Hiring a third-party financial planner is crucial to helping you plan for retirement and manage your money. Today, we’re breaking down some of the ways a financial advisor can help you.
One of the big financial risks people face is running out of money. If you want to retire early, for example, an advisor can help you determine if you’re taking too much out of your nest egg or if you’re invested too aggressively. Running an analysis can help provide strategies to achieve the kind of retirement you envision.
We’ll explain why bonds and CDs were popular years ago but are now considered lazy money. We’ll also tell you how to bring all of your investments into harmony when you have multiple accounts.
At Maestro Wealth Advisors we have an adaptive philosophy when it comes to financial planning. We can help you reduce risk and create a plan for financial success. As Craig says: “Get a plan. Stay with your plan. Keep your goals in front of you, and don't chase shiny objects.”
Thanks for listening to this episode. We’ll be back again next week for another show.
Get additional financial resources here: https://maestrowealth.com/
On today's show:
0:59 – Keeping people safe financially
2:43 – Bonds and CDs
3:59 – Maestro’s investing approach
5:15 - Bringing investments into harmony
8:00 – Eliminating lazy money
11:00 – Getting a real investment strategy
13:36 – The fear of running out of money
Business owners and investors have dealt with a difficult 2020 as we reach the midway point and could likely use any advantage they can find.
That’s why we wanted to bring on Addison Maille from Sharrard, McGee & Co, PA. He’s the Tax Manager at the company, which serves the Triad area, and he works closely with business owners in different planning areas.
Two specific topics we wanted to get his insight on were business succession planning and real estate investing tax challenges. We’ll discuss those things plus learn more about the tax planning process and what people can be doing over the second half of the year.
We start the show with business succession planning because we work with a number of clients that want to exit the business in retirement either out of necessity or preference. Many times they’ve built a book of business rather than accumulating hard assets and that can provide a different set of challenges. Maille specializes in this area so he brings a lot of knowledge to the subject and will help point out one of the biggest mistakes owners make.
The other area of discussion will focus around real estate investing and some of the challenges on the tax side of things. He’ll help explain the 1031 exchange and how that can be utilized by an investor. Plus, we’ll talk about what else you should be thinking about and planning for before you decide to offload a property.
Tax planning can be a tedious process for individuals but relying on an expert like Maille can save you a lot of time and money.
Thanks for listening to this episode. We’ll be back again next week for another show.
Read more and get additional financial resources here: https://maestrowealth.com/
About the guest: https://www.sharrardmcgee.com/addison-maille.php
Today's show schedule:
1:00 – Explain what you do from a process standpoint with clients.
3:22 – How do you help business owners get value out of their business in retirement?
4:57 – Dealing with business owners that have a book of business rather than hard assets.
6:45 – Two types of business sales.
7:40 – Biggest mistakes he’s seen.
9:55 – Client with Real estate tax challenges and 1031 exchanges.
12:59 – Before you sell an investment property, let’s look over these things.
15:04 – Get help from someone that knows how to do this.
16:12 – Tax planning now and preparing for end of year.
We’re fortunate to live in a community with many great small businesses whose owners are willing to share their experience.
Today we wanted to bring on one of those people to provide some inspiration and help motivate anyone that aspires to start a business. Ken Gwyn is the CEO at Bulldog Group, which has its corporate offices in downtown Winston-Salem, and has learned a lot over the course of three decades.
Our goal for the show is to get some of his insight on running and growing a business since he’s seen his company grow from one roofing business with $750k in volume to a group of businesses with 10 times that amount. We’ll talk to him about how the Bulldog Group came about and what key events early in his career helped jumpstart the business.
A couple of the key challenges owners face is finding the right people to help the business grow and then trusting them to enough to give yourself enough work-life balance. Gwyn has faced these same issues but will share the ways he aims to improve these areas.
Of course we’ll get into financial discussion as well because it’s something he’s passionate about as well. Not only does he strive to continue reinvesting in the business, but he’s had success in real estate and will tell you about his approach to investing.
And finally, we wanted to hear Gwyn’s vision on the future of Winston-Salem. What growth does he envision? Where are we headed as a city?
Overall, there’s a lot to takeaway from this episode and we hope you feel the same. Thanks again to Gwyn for taking the time out to join us on the podcast.
Thanks for listening to this episode. We’ll be back again next week for another show.
Get additional financial resources here: https://maestrowealth.com/
Today's show schedule:
0:27 – Today we’re joined by Ken Gwyn.
1:46 – Tell us about the Bulldog Group
2:22 – A few big events helped kickstart the business
3:26 – How he grew the business
4:52 – How he finds and trains new associates.
7:46 – What money lessons has he learned?
9:43 – The annuity calculator
10:51 – A strategy Ken is using to pay down his mortgage.
13:42 – Tell us about your family.
14:51 - How do you balance work and family?
16:22 – Is it difficult to bring family into the business?
17:08 – Where do you see the growth in Winston-Salem?
18:46 – What is retirement going to look like for you?
Few people have made the lasting impact that Founding Father Benjamin Franklin has. Many of the values he believed in and much of the wisdom he shared is still followed centuries later.
He provided us with a long list of quotes that continue to get referenced in modern day discussions. You could be surprised to hear how many of these can apply to financial planning even if that might not have been the original intention.
On this episode of the How Money Works podcast, we’ll pull a handful of his best quotes and let Craig and Jennifer Moser explain the wisdom they provide for finances. Most of these directly relate to money but they all capture the essence of being a successful saver and investor.
As we look at each individual quote, the Mosers will also share some of their planning wisdom as well. How does each quote apply to what we do with clients on a daily basis? What are the most important lessons to take away from these quotes?
That’s what we’ll be discussing on the show but remember that you can always reach out to get more help with your planning process. Get started by texting MORE to 50597 and we’ll help you make smart income planning decisions.
Thanks for listening to this episode. We’ll be back again next week for another show.
Get additional financial planning resources here: https://maestrowealth.com/
Today's show schedule:
0:36 – Why we’re looking at Ben Franklin quotes today.
1:02 – “An investment in knowledge pays the best interest.”
3:52 – “I’d rather go to bed without dinner than to rise in debt.”
6:03 – “He that lives upon hope will die fasting.”
9:09 – “A penny saved is a penny earned.”
With the economy starting to open back in many different states, the hope is that we’ll start to see things begin to stabilize and improve for small businesses.
But what can we expect from the real estate market in 2020? How much has it been impacted and is there opportunities to be found?
Every state is different so we wanted to bring a local expert on the show to give us insight into the Piedmont Triad so we reached out to Nick Gonzalez at Linville Team Partners. His core focus is investment property sales in the area and he also brings extensive investing, management, and renovation experience to the show.
Nick spends a lot of time working with local business owners so he’s gotten first-hand accounts of how much this health crisis has affected our community. From what he tells us on the show, it’s been a mixed bag. For the businesses that have pivoted and adapted, they have a good chance to navigate this down economy and make it out in a solid position. Then there are other companies that don’t have that ability and even the relief of the CARES Act isn’t going to provide enough assistance.
After we get a sense of how the region is dealing with the pandemic, we wanted to get Nick’s expertise on the market itself. What are the high-growth areas right now and are there any good opportunities for investors? Maybe more importantly, how worried is Nick about the future of the market?
One thing we’ll talk a lot about is opportunity zones. We’ll explain what they are and how they get utilized by investors to help improve specific areas of the city. Nick will also share the three main benefits of an opportunity zone so you’ll want to listen for that.
We really enjoyed this conversation today and appreciate Nick taking the time to join us. It’s not always easy to find information that’s specific to our region so we hope this has been a very valuable show.
If you want to get more information on what we discussed today in regards to opportunity zones, text PROPERTY to 81257 and we’ll send it to you.
Read more and get additional financial resources here: https://maestrowealth.com/
To learn more about our guest, click here: http://www.ltpcommercial.com/staff/nick-gonzalez/
Today's show schedule:
0:35 – We’re joined by Nick Gonzalez
1:10 – Craig has a message for listeners before we get started.
2:01 – What has Nick been hearing from business owners as they deal with COVID-19.
3:42 – What are you seeing and feeling from people in the real estate business?
5:06 – What are some of the high-growth areas and good opportunities in real estate right now?
6:53 – How worried is Nick right now about the market?
8:22 – What is an opportunity zone and how does someone benefit from this?
10:04 – 3 main benefits of an opportunity zone.
11:56 – There’s a lot of opportunity in downtown Winston-Salem.
Think about all the work around the house you’ve been doing since the quarantine started. The house is clean(ish), the yard looks great, and you’ve checked a lot of items off the to-do list.
But what about that one closet in your house where you stick random things and promise yourself you’ll get to them one day?
You know which one we’re talking about. It’s that one you probably don’t want to open because something might come crashing out. It needs to be organized but it’s going to take a little extra energy and patience to sort through everything.
Think of your financial portfolio this same way. There’s that one closet where you stick old investments and accounts that you plan to return to at some point in the future. Well, why not make that happen now? There’s not a better time to start cleaning out your finances and seeing what you have. Maybe there’s a better purpose for that money or that investment. Maybe you’re in better shape than you remembered.
On this episode of the How Money Works podcast, Craig and Jennifer will give you the tools to clean out your financial closet so you’ll be in a much stronger position once life returns to normal.
We’ll spend the show discussing the steps you can take to get the ball rolling, how to organize accounts, why you should be looking closely at your budget, and how to make sure your accounts match your goals. It’s a great discussion and one that can help you get a better grasp of your money and your future.
Plus, we’re providing you with the tools you need after the show. All you need to do is text TOOLS to 50597 and we’ll send you these three things:
- Life-planning organizer
- Budget worksheet
- Does my portfolio fit me tool
Thanks for listening to this episode. We’ll be back again next week for another show.
Get additional resources here: https://maestrowealth.com/
Today's show schedule:
1:13 – How can someone’s financial life be like a closet?
3:01 – How do we go about organizing our financial life?
4:18 – We have a life-planning organizer tool that helps clients with this.
4:47 – Start with account type.
5:56 – Group it by registration and titling.
6:53 – We can send you these financial tools.
8:22 – The next thing to get in order is a monthly budget.
10:21 – Adjustments our family is making during this quarantine.
11:44 – Budgeting prepares you for knowing how much you’ll need in retirement.
13:07 - Figure out if your accounts match your goals.
14:43 - One of the biggest cash-flow items you’ll deal with in retirement is taxation.
17:36 - How you can determine how much risk you’re willing to tolerate.
Many people try to take on financial planning without help, but one the issues you run into is making decisions based on assumptions you have about retirement.
These misbeliefs could cost you money at best and derail your retirement at worse. No one wants that to happen to them so clearing up these assumptions is our goal for this episode of the How Money Works podcast.
Craig and Jennifer Moser will take on these five retirement beliefs that you’ll often hear:
-You need a certain amount of money to retire.
-Income needs will decrease in retirement.
-That inheritance you’ll receive will cover any income gaps.
-401k retirement estimates are accurate.
-You’ll figure it out when it comes time.
Have you heard any of these before? Did you previously assume some of this was true? Many people do so you wouldn’t be alone, but we want to help inform listeners on this show and our radio show about the things we plan for to take the guessing off the table. A comprehensive plan makes all the difference because you’ll go through every aspect of your financial plan and run through all the scenarios to make sure your retirement is on track.
So join us for this show and help us clear up some misunderstandings that often come up in conversations with people.
Thanks for listening to this episode. We’ll be back again next week for another show.
Get additional resources here: https://maestrowealth.com/
Today's Show Rundown:
0:30 – The mindset that you can retire when you have a certain amount of money.
2:54 – What long-term implications does this huge stimulus plan have?
4:01 – Why a comprehensive plan makes a difference.
6:05 – A common belief is that our income needs will decrease once we retire.
7:49 – Get a second opinion to find out if you’re expectations are accurate.
9:22 – The assumption that an inheritance will make up for an income gap.
11:24 – Two key things to remember about inheritances.
13:26 – Income estimates on 401k statements are taken too literally.
14:53 – Other things to think about when you’re planning.
16:42 – Don’t assume you’re going to figure things out when you need to.
19:29 – We see people without a plan that are living day to day because they don’t know how much they can be spending.
We understand how difficult this time can be for individuals and small business owners. The uncertainty of the coronavirus and what the ultimate impact on the economy will be has put a huge financial burden on everyone.
The government has responded with the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which is a record-setting stimulus package aimed to provide help to everyone. We’ve heard quite a bit about the payments being sent out to individuals, but we want to focus on the impact this will have on small businesses.
So we’ll discuss two of the main provisions that owners should be considering. The first are emergency economic disaster loans and the second is the payroll protection plan. Beyond what we talk about on the show, we’ll also provide you with a six-page document listing all of the important details of the CARES Act. All you need to do to receive it is text CARES to 50597.
Following that conversation, we’re going to take a bit of a lighter approach to a phrase we’re hearing over and over again, and that’s social distancing. What if we took the idea of keeping space and staying separated to maintain our physical health and applied that to investing and planning to protect our financial health.
We’ll pull out four different examples of things your should be keeping separated in your plan and help you understand why it’s important to do so.
Thanks for listening to this episode. We’ll be back again next week for another show.
Read more and get additional resources here: https://maestrowealth.com/
Today's rundown:
2:41 – We’re talking about the CARES Act and it’s important for people to pay attention to.
3:44 – Small businesses are classified as fewer than 500 employees but there are some key benefits.
5:27 – This Act does two main things - loans and payroll protection.
6:43 – Business owners are concerned about how to operate in this current environment but you’re not alone. That’s why the CARES Act is important.
8:04 – Fun fact of the week dealing with Corona.
8:20 – Quote of the week
9:10 – Congress has really pulled together to help employers and employees.
10:56 – Social Distancing as it pertains to finance. First up is your emergency fund and stock market fund.
14:02 – Next two are life insurance and your investments.
16:35 - High turnover investment strategies vs after-tax brokerage accounts
19:30 - That last thing to keep separated is our emotions and our investment decisions.
As the coronavirus pandemic spreads across the country, it’s getting more and more difficult to find someone not affected by this emotionally or financially.
The market has shown some signs of bouncing back as March came to a close, but we’re still down around 30% with some companies down significantly more. Those sharp declines have led to many investors losing quite a bit of value in their retirement accounts, and that can cause a lot of worry.
We’ve been talking with our clients about this downturn but this is also the time where you can confidently rely on the plan you’ve built with your advisor. Now that we’ve seen what could be the worst of the selloff, it’s important to evaluate where you are and figure out your next steps.
On this episode of How Money Works, Craig and Jennifer will address this unprecedented time we’re living in and discuss the considerations you should be making as we move through this. Hopefully these are all things you took care of before things went south, but this is still an opportunity to prepare yourself for the next downturn when it happens again.
So we’ll talk about a few key aspects of your financial plan that you need to address now and also take you through that planning process. What are the things we talk with clients about? How do we determine your income needs? Are you still in a good position if taxes go up significantly over time?
These are just some of the questions we’ll answer on this first episode of the podcast. We would have liked to start on a more positive topic but we’ll get back to that point eventually. In the meantime, take care of your portfolio and protect the money you have until this clears.
Thanks for listening to this episode. We’ll be back again next week for another show.
Visit our site: https://maestrowealth.com
Today's rundown:
0:36 – How are Craig and Jennifer doing through all of this?
2:50 – Let’s talk about the coronavirus and the market.
3:36 – Emergency fund - here’s what we recommend
4:57 – How are you allocated? Does it match your risk tolerance?
7:06 – How long does it take to recover your losses?
8:16 – Why investing is like football.
9:32 – If you’ve never built a plan, it’s essential to do so.
10:20 – Here’s the process for developing your plan.
12:31 – What if tax rates go up? This is a serious consideration with this latest stimulus package.
14:55 - We also look at Social Security and current portfolios with clients.
15:56 - What wisdom would Craig give someone that’s deciding what to do with their portfolio right now?
18:54 - How to contact us if you want to get a second opinion on your plan.