Saving The American Dream Podcast: Recent Episodes
Michael Schulte
Welcome to the Saving The American Dream Podcast with Financial Advisor Michael Schulte of WestPac Wealth Partners. Are taxes, market volatility, inflation and other risks threatening your pursuit of the American Dream? If you need help planning how to tackle these financial headwinds, then this is the show for you!
With pensions disappearing, the American Dream is harder than ever to achieve. We're on our own to successfully plan for our financial futures. That's why it's so important to make wise decisions with your financial plan and as you get older those decisions become more and more critical.
New episodes bi-weekly. Visit our website for show notes, resources, more information and to contact Michael at SavingTheAmericanDreamPodcast.com. Or call 702-767-4897.
When the market feels unpredictable, your plan shouldn’t be. If you’re worried about the volatility and how you’re invested, now might be the time to step back and reassess your strategies to ensure we are adequately prepared for whatever the market throws our way.
In this episode, Michael shares a structured, three-bucket approach to help investors navigate volatility and prepare for retirement with confidence. Drawing on lessons from the 2008 financial crisis and current market headwinds, we’ll explain how to allocate your assets across growth, guaranteed income, and liquidity to create a foundation that balances opportunity and protection.
Here’s some of what we discuss in this episode:
📉 Lessons from 2008 and today's volatile markets
🧠 Why emotional decisions can wreck your retirement
📊 How real diversification works — and what it’s not
🎯 Why financial success starts with a personalized plan
Learn more: https://caffeinecashflow.com/
Get in touch with Michael-
Web: https://www.westpacwealth.com/team/michael-schulte
Email: michael.schulte@westpacwealth.com
Phone: 702-767-4897
Tariffs are back in the headlines—and so is market volatility. But is this a reason to panic or just another chapter in a long financial story?
In this episode of Caffeine & Cash Flow, Michael Schulte walks through five historical periods of U.S. tariffs—from the Smoot-Hawley Act of the 1930s to recent measures under Presidents Trump and Biden—and reveals how markets performed during each era.
The good news: it’s not all doom and gloom.
Here’s some of what we discuss in this episode:
📉 What happened during the 1930s Smoot-Hawley tariffs
📈 How the market reacted under Nixon, Reagan, Trump, and Biden
📊 Real performance data across five tariff periods
🔍 Why diversification and time horizon matter more than headlines
🧠 The case for ignoring market panic and sticking to your plan
The data pulled in this episode is sourced from InteractFA.
Learn more: https://caffeinecashflow.com/
Get in touch with Michael-
Web: https://www.westpacwealth.com/team/michael-schulte
Email: michael.schulte@westpacwealth.com
Phone: 702-767-4897
You’ve heard the term “diversification” countless times—but are you actually doing it right? As the financial landscape continues to evolve, understanding how to properly diversify your investment portfolio is more crucial than ever. In this episode, we’re going to get into the investing fundamentals we consistently stick to in order to help achieve the highest probability of success.
Here’s some of what we discuss in this episode:
📊 Diversification ≠ Just owning a few different stocks
📉 Most portfolios are too heavily tilted toward large-cap tech
🏦 Own the full asset class—don’t try to pick winners
🔄 Rebalance regularly to reduce risk & stay disciplined
Learn more: https://caffeinecashflow.com/
Get in touch with Michael-
Web: https://www.westpacwealth.com/team/michael-schulte
Email: michael.schulte@westpacwealth.com
Phone: 702-767-4897
March Madness is here, and just like filling out a bracket, picking individual stocks can feel like a thrilling gamble. But the odds of winning big are slim. In fact, history shows that most stock picks, like most brackets, end up busted.
Many investors can’t resist chasing big wins, even though diversification is a smarter play. One economist, Hendrik Bessembinder, analyzed the returns of nearly a century of stock performance. Let’s compare what he found to March Madness history and uncover what March Madness can teach us about investing!
Here’s some of what we discuss in this episode:
- What Hendrik Bessembinder found from his study of 29,078 stocks
- The perfect March Madness bracket has never happened
- The odds of sustainable success are slim
- Very few teams repeatedly win
- The most familiar choice doesn’t often lead to victory
Learn more: https://caffeinecashflow.com/
Get in touch with Michael-
Web: https://www.westpacwealth.com/team/michael-schulte
Email: michael.schulte@westpacwealth.com
Phone: 702-767-4897
Today we’re going to piggyback of our conversation in the last episode by focusing in on recency bias and show you how the concept plays itself out among investors. As Michael will explain, recency bias is the tendency to give more weight to the most recent information when making decisions, which can often lead to skewed perceptions and poor financial choices.
Here’s some of what we discuss in this episode:
- A look at the numbers from stock returns since 1928.
- Treasury bill rates are indicative of what you could be receiving inside money market accounts.
- We're almost right at historical averages for mortgage rates going back to 1964.
- How we build investment strategies with these biases in mind.
See the graphs referenced in this show:
Mortgage Rates: https://caffeinecashflow.com/wp-content/uploads/2025/01/Mortgage-Rates-since-1964-LBS.pdf
Treasury Bills: https://caffeinecashflow.com/wp-content/uploads/2025/01/Treasury-Bills-historical-rates-LBS.pdf
Large Company Stocks: https://caffeinecashflow.com/wp-content/uploads/2025/01/Large-Company-Stocks-LBS.pdf
Learn more: https://caffeinecashflow.com/
Get in touch with Michael-
Web: https://www.westpacwealth.com/team/michael-schulte
Email: michael.schulte@westpacwealth.com
Phone: 702-767-4897
As we begin a new year, it’s helpful to reflect on our financial habits and the biases that may influence them. By understanding and mitigating these biases, we can make more informed decisions and set ourselves up for greater financial success. In this episode, Michael will highlight the most common cognitive biases that he sees in people, which is a topic that could reshape how you approach your financial decisions.
Here’s some of what we discuss in this episode:
- Why biases play a huge role in what we do with finances and there are actually 175 cognitive biases.
- The fear of missing out bias is amplified by social media.
- Herding bias is the phenomenon where you blindly follow what others are doing.
- Confirmation bias involves only being able to see information that supports our current position and beliefs.
- Being open to uncertainty can improve our life.
Learn more: https://caffeinecashflow.com/
Get in touch with Michael-
Web: https://www.westpacwealth.com/team/michael-schulte
Email: michael.schulte@westpacwealth.com
Phone: 702-767-4897
In this festive episode of Caffeine and Cash Flow, Michael guides you through the 12 Days of Financial Wellness. Discover essential tips on managing assets, liabilities, protection, and cash flow as you prepare your balance sheet for the new year. Whether you're planning for personal property, savings, investments, or understanding liabilities, this episode provides practical advice to enhance your financial health.
Here’s some of what we discuss in this episode:
- Protecting your balance sheet.
- The different categories of assets.
- How to view different types of debt and other liabilities.
- Understanding your cash flow and how to use that for retirement planning.
Check out the sample balance sheet here: https://caffeinecashflow.com/wp-content/uploads/2024/12/LBS-sample-client-dashboard-2024.pdf
Learn more: https://caffeinecashflow.com/
Get in touch with Michael-
Web: https://www.westpacwealth.com/team/michael-schulte
Email: michael.schulte@westpacwealth.com
Phone: 702-767-4897
As we approach the new year, it's essential to stay informed about the financial changes that could impact your retirement planning. The latest episode of the Caffeine and Cash Flow podcast will provide you with updates for 2025, focusing on pension and retirement plan contribution limits.
Here’s some of what we discuss in this episode:
- The maximum amounts you can put into different types of IRAs.
- Should you be maxing out the catch-up contributions?
- Something that’s brand new for 2025.
- Social Security COLA increase and other changes to benefits.
- The gift tax exclusion is going up as well.
Get in touch with Michael-
Web: https://www.westpacwealth.com/team/michael-schulte
Email: michael.schulte@westpacwealth.com
Phone: 702-767-4897
We’ll continue with part two of our conversation on how the economy has grown under previous presidential administrations. In the previous episode, we discussed some of the more recent administrations, but this time we’ll go back deeper into history and take a good look at older data.
Here’s some of what we discuss in this episode:
- How inflation factors into growth for certain asset classes.
- How WWII tied into the economic recovery out of the Great Depression.
- Stock markets generally stayed strong during the Depression and through the war.
- Building a portfolio that’s resistant to politics.
Learn more: https://caffeinecashflow.com/
Get in touch with Michael-
Web: https://www.westpacwealth.com/team/michael-schulte
Email: michael.schulte@westpacwealth.com
Phone: 702-767-4897
With the election behind us, we now know that former President Trump will have another four years in the White House. While that could mean policy shifts in all sorts of areas, we want to focus on how it may impact the economy so Michael will take a deep dive into the data on different economic growth factors, and what the numbers have looked like under both Republican and Democratic administrations over the years.
In part one of this two-part conversation, we’ll break down how the stock market and the economy are not necessarily the same thing, and how they don’t always go hand in hand. We’ll also discuss how the stock market has grown substantially over the last 97 years across many administrations of both parties. Then, we’ll get into specific growth numbers and what exactly they mean.
Here’s some of what we discuss in this episode:
- The stock market and the economy are not the same thing, and they’re not always hand in hand.
- The shocking growth of the stock market over the last 97 years.
- The role of risk and how it can impact expected returns.
- How different growth metrics have done across different Presidential administrations.
- Even when the market is a whole is doing well or poorly, there will still be differences in different sectors.
Learn more: https://caffeinecashflow.com/
Get in touch with Michael-
Web: https://www.westpacwealth.com/team/michael-schulte
Email: michael.schulte@westpacwealth.com
Phone: 702-767-4897
When it comes to planning for retirement, there's no shortage of advice out there. Unfortunately, much of it can be misleading or only half-true. That can be a problem for investors because they end up following guidance that doesn’t apply to their situation. Today we continue our two-part discussion on these potentially misleading statements by shedding light on some of the most common retirement half-truths and explain why they might not tell the whole story.
Here’s what we discuss in this episode:
- Half-truth #6: You should withdraw 4% annually from your retirement savings.
- Half-truth #7: Saving just enough to match your employer’s 401(k) contribution is sufficient.
- Half-truth #8: You don’t need a retirement plan if you plan to work throughout retirement.
- Half-truth #9: Medicare will take care of all your healthcare needs after retirement.
- Half-truth #10: Social Security will cover your basic expenses in retirement.
Learn more: https://caffeinecashflow.com/
Get in touch with Michael-
Web: https://www.westpacwealth.com/team/michael-schulte
Email: michael.schulte@westpacwealth.com
Phone: 702-767-4897
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.
Join us for part one of this discussion as we cover common misconceptions about market losses, portfolio fees, mortgage interest, diversification, and bonds. We’ll provide insights on why these half-truths can be misleading and how to navigate them for better financial planning.
Here’s what we discuss in this episode:
- Half-truth #1: The market always goes up in the long run, so don’t worry about individual losses.
- Half-truth #2: The fees in your portfolio are less than 1 percent.
- Half-truth #3: If you have a low interest mortgage, you’re better off investing than paying off the house early.
- Half-truth #4: Diversification is THE key to investing.
- Half-truth #5: Bonds will significantly reduce the risk in your portfolio.
Learn more: https://caffeinecashflow.com/
Get in touch with Michael-
Web: https://www.westpacwealth.com/team/michael-schulte
Email: michael.schulte@westpacwealth.com
Phone: 702-767-4897
Paying for college has become increasingly harder with rising costs. Starting early for your child's or grandchild's education can make a big difference and reduce the need for excessive borrowing later. In this two-part series, we’ll cover the key aspects of college financial planning from both the parent and grandparent perspectives.
Part one broke down the costs associated with college, how much they’ve risen, and how to determine if the value is worth it over time. Now we’re focused on the strategies for saving money to cover rising tuition costs, determining who should pay for college, and the various tools available for funding education.
Here’s some of what we discuss in this episode:
- How much and how early should you be saving?
- What are the best savings vehicles or accounts for college savings?
- Should you risk your own retirement to help fund your child’s education?
Learn more: https://caffeinecashflow.com/
Get in touch with Michael-
Web: https://www.westpacwealth.com/team/michael-schulte
Email: michael.schulte@westpacwealth.com
Phone: 702-767-4897
Paying for college has become increasingly harder with rising costs. Starting early for your child's or grandchild's education can make a big difference and reduce the need for excessive borrowing later. In this two-part series, we’ll cover the key aspects of college financial planning from both the parent and grandparent perspectives.
From understanding the true purpose of college to comparing the opportunity costs and exploring various saving methods, this first episode is packed with practical advice to help you plan effectively for one of life's biggest expenses. We’ll break down how the costs have risen significantly over time and whether it’s truly worth the price at many schools.
Here’s some of what we discuss in this episode:
- Details on tuition costs at different public and private schools and how much that’s changed over the past few decades.
- The purpose of college is to increase your future earnings but at what cost?
- The importance of strategic planning when it’s time to make your decision.
To learn more about the cost of college, visit this link: https://educationdata.org/average-cost-of-college-by-year#:~:text=In%201999%2D2000%2C%20tuition%20at,schools%2C%20from%20%244%2C975%20to%20%248%2C274.
Learn more: https://caffeinecashflow.com/
Get in touch with Michael-
Web: https://www.westpacwealth.com/team/michael-schulte
Email: michael.schulte@westpacwealth.com
Phone: 702-767-4897
In any sport, it is often the smallest, most consistent actions that make the biggest difference. In today’s episode, Michael shares insights from his experience coaching youth baseball to show that this philosophy is just as important in financial planning as it is on the field. Listen in as he shares 15 “little things” that everyone should focus on in their finances to achieve winning personal finance.
Here’s some of what we discuss in this episode:
- Do you have a clear understanding of what portion of your assets and income are protected from lawsuits?
- Do you know what percentage of your income you are currently saving and investing for the future?
- Do you understand when and how you can access the money inside your retirement account?
- Do you know how to measure the risk inside your investments and retirement accounts?
Learn more: https://caffeinecashflow.com/
Get in touch with Michael-
Web: https://www.westpacwealth.com/team/michael-schulte
Email: michael.schulte@westpacwealth.com
Phone: 702-767-4897
Are you ready to take your financial planning to the next level? In this episode of Caffeine and Cash Flow, Michael and Ben explore the timeless wisdom of legendary coach, John Wooden. Wooden's Pyramid of Success has guided countless individuals to greatness, both on and off the court, and has some powerful takeaways for your everyday life and financial planning.
Here’s some of what we discuss in this episode:
- A little background on John Wooden’s career at UCLA + his definition of success
- The foundational concepts of hard work, camaraderie, respect, loyalty, cooperation, and enthusiasm
- How self-control, alertness, initiative, and perseverance contribute to leadership and success
- Continuous skill development, humility in learning, and fostering team spirit
- Maintaining poise through any event, building genuine confidence, and aiming for competitive greatness
John Wooden's Pyramid of Success:
https://www.thewoodeneffect.com/pyramid-of-success/
Learn more: https://caffeinecashflow.com/
Get in touch with Michael-
Web: https://www.westpacwealth.com/team/michael-schulte
Email: michael.schulte@westpacwealth.com
Phone: 702-767-4897
When it comes to investing, the term 'diversification' is often tossed around, but what does it truly mean to diversify your portfolio? Is it as easy as sticking to the S&P 500 index the to achieve wealth management success? In this episode, we’ll answers these questions and dive into the latest returns by asset class to help you better understand what diversification truly means.
Here’s some of what we discuss in this episode:
- Does owning the S&P500 make you diversified? Not really.
- A look through last year’s returns by asset class along with historical returns.
- The need for constant evaluation and just consistent checkup on your portfolio.
Learn more: https://caffeinecashflow.com/
Get in touch with Michael-
Web: https://www.westpacwealth.com/team/michael-schulte
Email: michael.schulte@westpacwealth.com
Phone: 702-767-4897
Are you a business owner who's ever wondered about the best way to exit your venture when the time comes? You're not alone. Exit planning is a critical yet often overlooked aspect of entrepreneurship. Today we’ll try to help unravel the complexities of exit planning and discuss the different options most people consider when it comes time to sell the business.
Here’s some of what we discuss in this episode:
- Why exit planning is so difficult for business owners.
- Selling to a third party and what that process consists of.
- Why selling to a strategic buyer could be your best option.
- What you should consider if you want to sell to a family member or employee?
- Other creative options we discuss with clients.
Learn more: https://caffeinecashflow.com/
Get in touch with Michael-
Web: https://www.westpacwealth.com/team/michael-schulte
Email: michael.schulte@westpacwealth.com
Phone: 702-767-4897
Each generation is currently navigating a unique part of the retirement planning experience. With many Baby Boomers preparing for the transition into retirement and Generation X close behind, these two generations are asking a handful of financial planning questions.
In today’s episode, we’ll share insights into the unique concerns that echo across different age groups. These are the retirement questions that each generation is asking. We’ll continue the conversation on our next episode as we talk about the younger generations and the questions they need to be asking.
Here’s some of what we discuss in this episode:
- How do I manage the risks of market volatility as I approach retirement?
- What steps can I take to address rising healthcare costs in my retirement plan?
- Should I consider downsizing or relocating in retirement?
- How much do I need to have saved to actually retire?
- Should I pay off my mortgage before retiring
Learn more: https://caffeinecashflow.com/
Get in touch with Michael-
Web: https://www.westpacwealth.com/team/michael-schulte
Email: michael.schulte@westpacwealth.com
Phone: 702-767-4897
Have you ever considered how you’ll safeguard your financial legacy for the next generation? Today we want to dive into some of the technical aspects of estate planning and the crucial role it plays in retirement strategy. Estate planning can be as complex as it is important, but Michael will demystify the process, providing clarity on how to shield your legacy and make sure your assets flow smoothly to your heirs.
Here’s some of what we discuss in this episode:
- What are the main things you want to protect against when creating a trust?
- How to avoid probate court, which can be a long and expensive process.
- Why most people we work with benefit from a revocable trust.
- Tax strategies to consider to protect as much of your estate as you can.
Learn more: https://caffeinecashflow.com/
Get in touch with Michael-
Web: https://www.westpacwealth.com/team/michael-schulte
Email: michael.schulte@westpacwealth.com
Phone: 702-767-4897
Imagine your retirement plan as a ship sailing toward a horizon of rest and relaxation. But what if one leak could sink it all?
In today’s episode, we spotlight some of the single oversights that could send your dreams to the bottom. We'll share key strategies to plug the gaps, ensuring your financial ship stays buoyant and on course. Tune in to protect your future from the one mistake that could derail everything.
Here’s some of what we discuss in this episode:
- The possibility of outliving your money and planning strategies that help you create steady income in retirement.
- How do you address the relentless creep of inflation.
- The importance of considering long-term care costs in retirement planning.
- The potential impact of market volatility and the investment strategies to help mitigate risk.
- The threat of rising taxes on retirement.
Learn more: https://caffeinecashflow.com/
Get in touch with Michael-
Web: https://www.westpacwealth.com/team/michael-schulte
Email: michael.schulte@westpacwealth.com
Phone: 702-767-4897
Could the US elections be the market mover that investors have been fretting over, or is that just political noise clouding the bigger financial picture? It’s time to talk about the upcoming election and what it could mean for investors over the next two years. We're not just skimming the surface; we are diving into the data to see how investments have historically fared during the electoral tides, from Truman's post-war boom to the unpredictability of Trump's term.
Here’s some of what we discuss in this episode:
- The average return during election years since 1928.
- What the data shows us for the year after elections.
- A look back through past administrations and the returns during their years in office
Data courtesy of Efficient Advisors & Evidence Based Advisors
Get in touch with Michael-
Web: https://www.westpacwealth.com/team/michael-schulte
Email: michael.schulte@westpacwealth.com
Phone: 702-767-4897
Who knows what this year will bring our way, but there’s plenty of noise everywhere you look. With the election ahead and everything else happening around the world, the noise can become a distraction for your financial planning. Today we’ll breakdown why a long-term strategy is your financial compass in a sea of sensational headlines and market speculation.
Here’s some of what we discuss in this episode:
- We want to focus on strategy and tactics to make sure both are working in tandem.
- Elections years can be divisive but we don’t want that to impact our investment strategy.
- We want to build liquidity that will alow us to handle unexpected life events.
- The four core principles for wealth accumulation.
Learn more: https://caffeinecashflow.com/
Get in touch with Michael-
Web: https://www.westpacwealth.com/team/michael-schulte
Email: michael.schulte@westpacwealth.com
Phone: 702-767-4897
For those who are fortunate enough to generate significant wealth for their family, trying to preserve that wealth for multiple generations is often the much greater challenge. It takes much more than smart investing and asset management to create and sustain family wealth.
The stats tell us that just 10 percent of generational wealth lasts beyond the third generation, and you can point to a variety of reasons for that to be the case. Most people that get to this point want their family to be taken care of for decades to come, but not everyone takes the necessary steps to achieve unity to within their family.
It takes a concerted effort with effective communication, and today we’ll take you through the final six elements that you’ll want to apply to your planning process.
Here are the six elements we discuss in this episode:
- Inspire individual family members to participate for their own individual reasons.
- Train and mentor each generation.
- Facilitate the genuine transfer of leadership from generation to generation.
- Require true collaboration between your professional advisors.
- Create mechanisms for ongoing family governance
Learn more: https://caffeinecashflow.com/
Get in touch with Michael-
Web: https://www.westpacwealth.com/team/michael-schulte
Email: michael.schulte@westpacwealth.com
Phone: 702-767-4897
The stats tell us that just 10 percent of generational wealth lasts beyond the third generation, and you can point to a variety of reasons for that to be the case. Most people that get to this point want their family to be taken care of for decades to come, but not everyone takes the necessary steps to achieve unity to within their family.
Here are the six elements we discuss in this episode:
- Foster strong and effective communication and build trust between generations.
- Develop, maintain, and regularly revisit your vision for the present and future.
- Successful families meet regularly.
- The four different types of capital you need for generational wealth.
- Keep the family business separate from the business of the family.
- Identify the roles necessary for the family to be successful.
Learn more: https://caffeinecashflow.com/
Get in touch with Michael-
Web: https://www.westpacwealth.com/team/michael-schulte
Email: michael.schulte@westpacwealth.com
Phone: 702-767-4897
Ever wish you could foresee financial missteps before they happen? On today’s episode explore some real-life stories of regret and arm yourself with the essential dos and don'ts to ensure your money works for you, not against you.
A lot of the things we’re going to be talking could make you lose over the long run, but we want to share what we’ve learned over years of helping people with their planning. By learning from the mistakes of others, we can hopefully prevent doing many of these same things.
Here’s some of what we discuss in this episode:
- The penalties and taxes that you incur with early IRA withdrawals can be costly.
- Too many people increase their expenses along with a rise in their income
- What options do you have to help your kids with tuition without risking your own retirement?
- The different ways retiring too early could cost you.
- Why you should be looking into Roth options now.
Learn more: https://caffeinecashflow.com/
Get in touch with Michael-
Web: https://www.westpacwealth.com/team/michael-schulte
Email: michael.schulte@westpacwealth.com
Phone: 702-767-4897
When you’re in the middle of difficult periods of market volatility, it certainly seems like this time is different and things may never turn around. But is that true? In this episode, Michael is going to look through returns over the past century to see how the market rebounded after the worst years. While there’s never a guarantee that the future will look exactly like it has in the past, the statistics we’ll share on the show will highlight the importance of investing for the long-term.
Here’s some of what we discuss in this episode:
- How what we’re experiencing today is closer to 1973 than 1993.
- The largest yearly losses and gains took place around the Great Depression.
- What your returns would look like if you missed some of the best single-day returns during a time period.
- What the annualized rate of return was during the first decade of the 2000s.
Get in touch with Michael-
Web: https://www.westpacwealth.com/team/michael-schulte
Email: michael.schulte@westpacwealth.com
Phone: 702-767-4897
Are you nearing “retirement age”? If so, let’s explore that pivotal question you’ll soon face: Should you retire or continue working? We’ll unravel the intricacies of this decision, addressing both financial and emotional aspects, and help you find out if you’re truly ready to retire.
This is typically one of the first things someone asks about when they meet with a financial advisor, and there’s a lot to unwind in order to figure out when someone is ready to retire. And if they’re not, is it because they haven’t saved enough or is it more of an emotional block? Michael will tackle retirement readiness in this episode.
In this episode, we’ll discuss:
- The different factors involved when someone tells us they aren’t really ready to retire.
- Have you thought about what your purpose will be in retirement?
- What causes people to have a lack of confidence to retire?
- How far out should business owners be planning their exit?
- What we talk about with clients who want to retire now but aren’t financially ready.
Learn more: https://caffeinecashflow.com/
Contact Michael:
https://www.westpacwealth.com/team/michael-schulte michael.schulte@westpacwealth.com 702-767-4897
Almost everyone has made investment mistakes at some point. Even the most successful investors have regrets about decisions they’ve made in the past. But like everything else in life, it’s all about how you respond to a misstep.
In this episode, we’ll talk about how to bounce back from mistakes and avoid making them again in the future. Michael will share some numbers with us and walk us through the steps you need to take to get your investment plan back on track. The good news is there’s always time to make corrections and we’ll explain that today.
In this episode, we’ll discuss:
- How we define an investment.
- How to determine the cause of your mistake by asking yourself a few specific questions.
- Let’s determine how much more you can save each month to make up for the losses.
- Recalibrating your goals and identifying areas that you can make adjustments.
- What a real plan consists of and how we help people get their future plans on track.
Learn more: https://caffeinecashflow.com/
Contact Michael:
https://www.westpacwealth.com/team/michael-schulte michael.schulte@westpacwealth.com 702-767-4897
Is there ever a right time to stop contributing to your 401k? Should you help your daughter and her boyfriend with their home purchase? What about deciding to retire at the peak of your earnings? Tune into this episode of Caffeine and Cash Flow where we tackle these questions and more.
In this episode, we’ll discuss:
- The issues that can arise when helping your daughter buy a home with her boyfriend.
- With the possibility of a recession on the horizon, does it make sense to hold off on investing for a while?
- Is it worth keeping a mortgage for the tax deductions in retirement?
- How can you know if a financial advisor is legitimate or not?
- Will you regret walking away from a career with a great paycheck to retire a little earlier?
Learn more: https://caffeinecashflow.com/
Contact Michael:
https://www.westpacwealth.com/team/michael-schulte
michael.schulte@westpacwealth.com
702-767-4897
Whether you’re close to retirement or still far from that exciting date, it’s not uncommon to wonder when you should start preparing for each aspect of it.
Tune in to find out how far away from retirement you should have answers to these pressing questions.
In this episode, we’ll discuss:
- Why you should start thinking about the option to downsize about 15 years out.
- When you and your spouse should start picking out retirement dates and whether it’s best to stagger them.
- Why Michael says you should be paying attention to your risk as much as 40 years before retirement.
- Is it realistic to have a firm grip on expenses well in advance?
Learn more: https://caffeinecashflow.com/
Contact Michael:
https://www.westpacwealth.com/team/michael-schulte
michael.schulte@westpacwealth.com
702-767-4897
Are you ready to take control of your finances during life's most pivotal moments? In this episode, we dive into the complex world of financial decision-making during key life events. From the excitement of marriage and the joy of welcoming a new child to the challenges of divorce and the loss of a loved one, we'll provide practical tips and guidance to help you make informed decisions and maintain financial stability.
In this episode, we’ll discuss:
- The four things you need to communicate about when you get married. (2:48)
- How your budget changes when you have a child. (10:51)
- What is a good approach to saving money for college? (14:49)
- Here are some of the key financial decisions that need to be made for retirement. (20:16)
Learn more: https://caffeinecashflow.com/
Contact Michael:
https://www.westpacwealth.com/team/michael-schulte
michael.schulte@westpacwealth.com
702-767-4897
It’s not just the financially uncertain who need to think carefully about their retirement plan. Even those who feel confident in their retirement savings might still have important questions to answer and decisions to make.
In this episode, we'll explore the three retirement planning mindsets: those who have no idea if they can retire, those who think they have enough money to retire, and those who know for sure they have enough money to retire.
Here are the three retirement planning mindsets we’ll discuss:
- "I have no idea if I can retire or not." (2:22)
- "I think I have enough money to retire, but I’m not sure." (6:05)
- "I know I have enough money to retire." (12:30)
Learn more: https://caffeinecashflow.com/
Contact Michael:
https://www.westpacwealth.com/team/michael-schulte
michael.schulte@westpacwealth.com
702-767-4897
Welcome to part two of our series about retirement planning mistakes. Last time, we talked about the pitfalls of ignoring tax implications, failing to diversify your investments, and procrastinating when starting your investments. On today’s show, we’ll share seven more mistakes people often make when planning their retirement.
In this episode, we’ll discuss:
- Relying solely on employer-sponsored retirement plans. (1:34)
- Not adjusting your retirement budget for inflation. (5:22)
- Assuming you won’t live a long life. (8:09)
Learn more: https://caffeinecashflow.com/
Contact Michael:
https://www.westpacwealth.com/team/michael-schulte
michael.schulte@westpacwealth.com
702-767-4897
In the complex world of retirement planning, there are countless pitfalls one could face. In part one of this two-part series, we're sharing seven of the top mistakes to watch out for. Avoiding these crucial missteps can have a significant impact on the success of your retirement plan. Join us as we delve into these key issues and learn how to navigate them effectively when it's your turn to plan for retirement.
In this episode, we’ll share:
- Are you ignoring future tax implications? (2:49)
- Are you failing to diversify your investments? (5:33)
- Are you procrastinating on your retirement savings? (12:37)
Learn more: https://caffeinecashflow.com/
Contact Michael:
https://www.westpacwealth.com/team/michael-schulte
michael.schulte@westpacwealth.com
702-767-4897
After listening to today’s episode, you’ll never attend another baseball game with the family and look at it the same way. We’re going to show you how taking some of baseball’s most basic principles can help lead to financial success in your retirement portfolio. Join us as we talk about successfully executing the financial fundamentals.
We’ll dive into the importance of liability protection, saving, and reducing debt. We’ll then share a critical part of building wealth for the future before Michael dives into a couple of listener questions from the mailbag to wrap up the episode. So, grab your peanuts and crackerjacks and let’s take the financial field!
In this episode, we’ll share:
- How to make sure you can’t be beaten backward with your money. (7:34)
- How to become a world-class saver. (11:22)*
- Why you need to build liquidity. (17:06)
*Guardian considers someone who saves at least 15 to 20% of their income to be a World-Class Saver
Learn more: https://caffeinecashflow.com/
Contact Michael:
https://www.westpacwealth.com/team/michael-schulte michael.schulte@westpacwealth.com 702-767-4897
People own a handful of gigantic companies and think their portfolio is bulletproof, but it's not, especially over a long period of time like we hope your retirement will be. Some clients gravitate towards bigger S&P 500 companies, assuming that they will remain stable for years to come. While these companies may appear to have a bright future, it is not always the best bet in the long run.
Just like a company’s success can change over the years, so can sports teams. In honor of baseball season starting up, we’ll compare World Series champions from each decade and big companies in the S&P 500 and take a look at how they have changed in this episode.
In this episode, we’ll share:
- Today’s worst baseball franchises. (4:17)
- The ten largest companies in 1980, 2000, and 2020. (12:29)
- General Electric, Exxon, and other companies’ changes over the years. (16:40)
Learn more: https://caffeinecashflow.com/
Contact Michael:
https://www.westpacwealth.com/team/michael-schulte michael.schulte@westpacwealth.com 702-767-4897
It’s a question we hear all the time: "What’s a good rate of return?" When clients invest money, they want to see it grow. But they also wonder what rates are “good” or “bad.”
It's essential to keep in mind that there's no one-size-fits-all answer to this question because everyone’s financial goals are unique. However, if you’re just looking to maximize rate of return and get rich quickly over a short period of time, that’s never a good idea. We encourage our clients to prioritize long-term wealth building over short-term gains.
Join us for an insightful conversation about this idea and gain valuable insights on maximizing your returns over the long term.
In this episode, we’ll share:
- Why you want to “get rich long,” not quick. (2:51)
- What happened during the real estate and stock bubble in Japan? (5:38)
- Why you should know some key financial moments in time. (8:32)
Learn more: https://caffeinecashflow.com/
Contact Michael:
https://www.westpacwealth.com/team/michael-schulte michael.schulte@westpacwealth.com 702-767-4897
Today we’re talking about bank runs and some of the banking failures we’ve seen over the course of our country’s history. With the recent Silicon Valley Bank collapse, bank failures have been a popular topic featured on the news recently, and many of us are wondering how this recent event will impact our lives. Will bank collapses have an impact on your portfolio and your financial plans in general? We’ll answer those and more questions on today’s show.
On this episode, we’ll share:
- Current banking events and what happened with Silicon Valley Bank. (2:22)
- What happened more than 200 years ago in the banking world. (7:45)
- What happened with skyrocketing interest rates. (13:07)
Learn more: https://caffeinecashflow.com/
Contact Michael:
https://www.westpacwealth.com/team/michael-schulte michael.schulte@westpacwealth.com 702-767-4897
In this episode, we’ll explain DCA and reverse dollar cost averaging, which many people might not know about. That is the process of systematically taking money out of your portfolio and using it to pay for living expenses. That distribution period is just as important as accumulation, but people don’t spend as much time planning for it.
We’ll explain why dollar cost averaging and reverse dollar cost averaging is so important and why it’s never a good idea to try and time the market. That’s where the sequence of returns comes into play, and Michael will explain how that applies to your income plan in retirement.
On this episode, we’ll share:
- What is dollar cost averaging? (2:34)
- Why you want to use this tactic, even in down markets. (4:46)
- How does sequence of returns play a part in your retirement? (5:35)
Dollar Cost Averaging (DCA) does not assure a profit or protect against a loss in declining markets. DCA involves continuous investments over time regardless of fluctuating price levels. Investors should consider their ability to continue to invest in periods of low-price levels.
Learn more: https://caffeinecashflow.com/
Contact Michael:
https://www.westpacwealth.com/team/michael-schulte michael.schulte@westpacwealth.com 702-767-4897
We’re willing to bet there are some retirement expenses that you may have forgotten to plan for. But don’t worry, we’re here to help you see the things you might initially overlook.
On this episode, we’ll share:
- Are you prepared for medical expenses? (4:05)
- Are you prepared for parental and child assistance? (7:59)
- Are you prepared to pay taxes? (10:50)
Learn more: https://caffeinecashflow.com/
Contact Michael:
https://www.westpacwealth.com/team/michael-schulte michael.schulte@westpacwealth.com 702-767-4897
Are you confident that your financial plan is complete? Many people believe they have a solid plan in place, only to realize later that they've missed important areas. From not accounting for long-term care expenses to overlooking the impact of taxes on retirement income, there are many ways a financial plan can be incomplete.
In this episode, we'll be pointing out the most common areas people overlook when planning and provide actionable tips to ensure that your plan is as comprehensive as possible.
On this episode, we’ll share:
- The danger of a downturn in the market in the early years of your retirement, which is much worse than a market downturn in the later years of retirement. (3:00)
- The effects of inflation over time. (6:27)
- The possibility of tax increases in the future. (10:59)
Learn more: https://caffeinecashflow.com/
Contact Michael:
https://www.westpacwealth.com/team/michael-schulte michael.schulte@westpacwealth.com 702-767-4897
Are we in a recession or are we headed into one? Those are the questions on a lot of minds these days. On today’s show we’re going to make sure a recession doesn’t ruin your finances or retirement plans by taking you through the historical data.
On this episode, we’ll share:
· Are we in a recession? (1:24)
· What can the data tell us about recessions? (5:41)
· What can the S&P 500 tell us about recessions? (17:47)
See the historical returns for yourself here.
Returns Before and After a Recession
S&P 500 Returns
Learn more: https://caffeinecashflow.com/
Contact Michael:
https://www.westpacwealth.com/team/michael-schulte michael.schulte@westpacwealth.com 702-767-4897
Do you understand the basics of income planning? It’s important that you know this topic well and understand how it fits into your overall retirement plan.
Why is income planning so important for retirement? We’ll share the 10 states where $1 million in retirement savings will run out the fastest, which will show you how much it can vary for retirees. As we talk through this, we’ll also discuss what percentage of your income we recommend you save and invest. You don’t want to miss today’s show!
In this episode, we’ll share:
- How long does $1 million last in different states? (1:04)
- What percentage of clients have an income plan at the beginning? (9:13)
- How do you put together an income plan? (13:24)
Additional resources:
https://www.cnbc.com/2022/12/17/states-where-1-million-dollars-retirement-savings-runs-out-fastest.html
https://www.cnbc.com/2022/12/29/million-dollar-retirement-savings-lasts-longest-in-these-states.html
Learn more: https://caffeinecashflow.com/
Contact Michael:
https://www.westpacwealth.com/team/michael-schulte michael.schulte@westpacwealth.com 702-767-4897
Market volatility became the norm in 2022. Are we in for more of the same in 2023? On today’s show, we’ll talk about the market outlook for the next 12 months.
We’ll also share tips on how you can best prepare for potential future volatility. No matter how you handle volatility, your financial advisor should be there to help guide you through the rough patches.
On this episode, we’ll share:
- Mergers & Acquisitions says “signs point to more market volatility in 2023.” (2:25)
- How to avoid rookie mistakes, such as investments without purpose. (10:54)
- Why you don’t want to rely on “hot tips” from friends, family or coworkers. (17:39)
Learn more: https://caffeinecashflow.com/
Contact Michael:
https://www.westpacwealth.com/team/michael-schulte michael.schulte@westpacwealth.com 702-767-4897
We work with a lot of business owners, and a common question we get is about creating an exit plan for when they want to retire or sell their business. This type of financial planning often gets overlooked, but it is so crucial to get right.
There’s not a lot of planning in the financial services industry around selling your company. That’s unfortunate, because it’s typically the biggest asset on a client’s balance sheet. Today, we are here to help with this important topic.
On this episode, we’ll share:
- How to figure out what goals you should have for exiting your business. (2:18)
- How to quantify your available resources. (5:43)
- How to focus on your business value. (9:00)
Call Michael at 702-767-4897 with any of your questions or email michael.schulte@westpacwealth.com.
More Information: http://savingtheamericandreampodcast.com
As we approach the end of the year, saving money on taxes becomes a bigger focus for many people. Today we’re focusing on some of the most common retirement planning questions about taxes.
We’ll talk about mistakes to avoid and how a proper plan can make a significant difference in your tax savings. We’ll also explain why a tax deduction is not a dollar for dollar reduction.
On this episode, we’ll share:
- Am I going to have as many tax deductions in retirement? (2:54)
- Will my tax rate improve in retirement? (7:07)
- Examples of bad tax mistakes you need to avoid. (15:52)
Call Michael at 702-767-4897 with any of your questions or email michael.schulte@westpacwealth.com.
More Information: http://savingtheamericandreampodcast.com
Just like the lights on your dashboard can indicate if something is wrong with your car, like low tire pressure or leaking oil, there are indicators in your financial life that might point out that you have a problem that needs to be addressed.
On today’s show, we’ll explain why your net worth, your view of retirement and your thoughts on nursing homes might be problematic.
In this episode, we’ll share:
- Why your guess of what it takes to fund your lifestyle is probably way off. (2:10)
- Why tracking net worth or account balance should not be the only thing you care about. (5:39)
- Why you need to have a different retirement plan than your parents. (8:27)
Call Michael at 702-767-4897 with any of your questions or email michael.schulte@westpacwealth.com.
More Information: http://savingtheamericandreampodcast.com
Bonds have been a pretty hot topic this year. And, oftentimes, people misunderstand how they work and what role they play in a proper financial plan. On today’s show, we’re addressing some of the misinformation and explaining why this has not been a good year for bonds.
A lot of people consider bonds to be the safe and conservative part of their portfolio. But is that the right mindset?
In this episode, we’ll share:
- What are bonds, and how do they work? (2:02)
- How are bond funds different from owning individual bonds? (5:43)
- How are intermediate term bonds doing this year? (16:11)
Call Michael at 702-767-4897 with any of your questions or email michael.schulte@westpacwealth.com.
More Information: http://savingtheamericandreampodcast.com
Bonds have been a pretty hot topic this year. And, oftentimes, people misunderstand how they work and what role they play in a proper financial plan. On today’s show, we’re addressing some of the misinformation and explaining why this has not been a good year for bonds.
A lot of people consider bonds to be the safe and conservative part of their portfolio. But is that the right mindset?
In this episode, we’ll share:
- What are bonds, and how do they work? (2:02)
- How are bond funds different from owning individual bonds? (5:43)
- How are intermediate term bonds doing this year? (16:11)
Call Michael at 702-767-4897 with any of your questions or email michael.schulte@westpacwealth.com.
More Information: http://savingtheamericandreampodcast.com
Today we're checking out some headline news. Are the negative news stories as bad as they seem? And how should you react when you read news that could impact your finances?
We’ll give you insight into what is portrayed in the media and what is reality. It’s so hard to get unplugged in 2022. You always have media and news at your fingertips. But we are here to help you get a handle on financial news you can use.
In this episode, we’ll share:
- How the media makes money, and why clicks are important. (2:35)
- Why things are never as bad as they seem. (7:07)
- How many years inflation has been higher than 8%. (17:32)
Call Michael at 702-767-4897 with any of your questions or email michael.schulte@westpacwealth.com.
More Information: http://savingtheamericandreampodcast.com
Today we're checking out some headline news. Are the negative news stories as bad as they seem? And how should you react when you read news that could impact your finances?
We’ll give you insight into what is portrayed in the media and what is reality. It’s so hard to get unplugged in 2022. You always have media and news at your fingertips. But we are here to help you get a handle on financial news you can use.
In this episode, we’ll share:
- How the media makes money, and why clicks are important. (2:35)
- Why things are never as bad as they seem. (7:07)
- How many years inflation has been higher than 8%. (17:32)
Call Michael at 702-767-4897 with any of your questions or email michael.schulte@westpacwealth.com.
More Information: http://savingtheamericandreampodcast.com
When the markets take a tumble, people often wonder, where is the bottom? We’ve gotten this question from clients quite a few times lately, so we wanted to address it on today’s show.
Mathematically speaking, we can tell people pretty close where the bottom of the market is for their mix of assets. There are no surprises if you dial in the math.
In this episode, we’ll share:
- Why the S&P 500 and Dow Jones are the indexes that everybody talks about, and what the historical returns show. (5:40)
- Why it’s important not to look at just the big companies when thinking about the market’s gains and losses. (11:49)
- How standard deviations can be used to look at rates of return. (14:10)
Call Michael at 702-767-4897 with any of your questions or email michael.schulte@westpacwealth.com.
More Information: http://savingtheamericandreampodcast.com
When the markets take a tumble, people often wonder, where is the bottom? We’ve gotten this question from clients quite a few times lately, so we wanted to address it on today’s show.
Mathematically speaking, we can tell people pretty close where the bottom of the market is for their mix of assets. There are no surprises if you dial in the math.
In this episode, we’ll share:
- Why the S&P 500 and Dow Jones are the indexes that everybody talks about, and what the historical returns show. (5:40)
- Why it’s important not to look at just the big companies when thinking about the market’s gains and losses. (11:49)
- How standard deviations can be used to look at rates of return. (14:10)
Call Michael at 702-767-4897 with any of your questions or email michael.schulte@westpacwealth.com.
More Information: http://savingtheamericandreampodcast.com
People have many reasons for procrastinating when it comes to putting a retirement plan together.
Today we’ll explore some of those excuses and why they can be dangerous. We’ll also share how to overcome them.
In this episode, we’ll share:
- Why you need to plan for retirement, even if your parents didn’t and they turned out “fine.” (3:01)
- What to do if you don’t know who to listen to when it comes to financial advice. (5:01)
- How to plan for the future, even if financial discussions stress you out. (7:05)
Call Michael at 702-767-4897 with any of your questions or email michael.schulte@westpacwealth.com.
More Information: http://savingtheamericandreampodcast.com
People have many reasons for procrastinating when it comes to putting a retirement plan together.
Today we’ll explore some of those excuses and why they can be dangerous. We’ll also share how to overcome them.
In this episode, we’ll share:
- Why you need to plan for retirement, even if your parents didn’t and they turned out “fine.” (3:01)
- What to do if you don’t know who to listen to when it comes to financial advice. (5:01)
- How to plan for the future, even if financial discussions stress you out. (7:05)
Call Michael at 702-767-4897 with any of your questions or email michael.schulte@westpacwealth.com.
More Information: http://savingtheamericandreampodcast.com
You’ve most likely heard plenty of “rules” you’re supposed to follow to retire successfully. Some of these rules are stated so confidently, you’d be crazy not to immediately accept them as fact. But we don’t mind the threat of being called crazy, so let’s dive into some of the most popular retirement “rules of thumb” to see if they truly lead us down the path of good financial guidance or run a chance of leading us astray.
On today’s episode, we’ll cover six of the most popular rules of thumb in retirement planning. What you’ll quickly learn is that many of these “rules” are problematic. They’re either too vague, outdated, or just flat out wrong in several instances.
Here’s a breakdown of some of the rules we’ll cover and timestamps to help you zero in on ones that might interest you the most. Have you been following some of these rules yourself? This episode is a great chance to get educated on which rules of thumb are worth following, and which ones aren’t, in retirement planning.
The Rule of 100. This one is all about risk. 100 – your age = the amount of risk you should have in your portfolio. This rule unfortunately is just too simplistic. 1:33
The 75% rule. The rule states that once you retire, you’ll need about 75% as much income as you earned while working. Note: some call this the 80% rule. 3:55
The Rule of 72. This rule is a shortcut to figure out how fast your money will double. Luckily this one isn’t an opinion, it’s just math. So the rule holds true. Michael tells you how it works. 7:40
Rule of 5. This one says, on average, we experience a bear market every five years. Michael says it’s in the ballpark of being right, but it’s really misleading. 9:39
Rule of 10. Experts have said you should have 10 times your salary saved for retirement by age 67. Michael says this one is ridiculous! 13:25
4% Rule. This is the most popular rule. It’s based off of safe withdrawal income planning. Most pre-retirees have heard of the 4% rule and used to be widely considered as a great way to draw down money in your portfolio with confidence that you probably won’t run out of money. But does this rule still hold true in 2022? 15:45
If you have any questions about how you can better prepare for your retirement future, don’t hesitate to reach out to Michael Schulte for help. He’s a Financial Advisor and Certified Business Exit Planner at WestPac Wealth Partners. His daily mission is to help families and business owners make smart financial decisions so they can live on their own terms the rest of their lives, regardless of what life events and opportunities come their way. Call Michael at 702-767-4897 with any of your questions or email michael.schulte@westpacwealth.com.
More Information: http://savingtheamericandreampodcast.com
Every industry has some dirty little secrets. Today we’re letting you in on some of the financial world’s secrets. How many of these are you familiar with?
What we discuss in this episode:
2:09 – No one knows
7:35 – Not that important
11:52 – Skill and luck
16:56 – Bold opinions
More Information: http://savingtheamericandreampodcast.com
Sometimes in life you hit a financial crossroads of crisis and opportunity. We’ll explain how to find the good when bad times are happening.
What we discuss in this episode:
2:23 – Empty nest crisis
5:07 – Bear market crisis
11:32 – Layoffs
More Information: http://savingtheamericandreampodcast.com
It’s no secret the stock market is in turmoil. We’re in a bear market and the R-word (recession) is getting thrown around daily. So, what can you do to survive bear markets like the one we’re in now? We’ve collected advice from various commentators and “experts” from across the country. You might have even heard some of this advice yourself. But should you follow it or proceed with caution? We’ll breakdown the guidance to provide some important context and perspective.
What we discuss in this episode:
2:09 – Continued declines in the market
6:27 – Bear market is a fantastic opportunity
9:10 – Silver lining in the damage
12:18 – Beware of emotional decisions
13:09 – Do not change your allocations
14:19 – Delaying retirement
16:06 – Mailbag question on market timing
More Information: http://savingtheamericandreampodcast.com
How prepared are you for retirement? Do you know how much income you’ll need and what retirees fear the most? Today we’re testing your knowledge to see if you have what it takes to retire successfully.
What we discuss in this episode:
2:36 – Start saving
8:08 – Best estimate
12:34 – Fear the most
15:37 – Diversified plan
21:30 – Withdrawing money
25:23 – Mailbag: Rate of return
More Information: http://savingtheamericandreampodcast.com
If you’re counting down the days until retirement, we have a checklist of things you need to keep in mind. We’ll help you get ready for the big day and make sure you are ready financially and otherwise.
What we discuss in this episode:
1:50 – Getting healthy
4:00 – Free time
5:54 – Work
7:17 – Save more
9:26 – Debt
11:02 – Risk
14:24 – Emotion
17:26 – Taxes
19:31 – Cash
23:07 – Overthinking
23:47 – Advice
More Information: http://savingtheamericandreampodcast.com
Can I retire at 55? We get this question a lot, especially with the recent trend of people trying to retire earlier. Most people don’t know if they can retire early, but we can help.
What we discuss in this episode:
1:02 – Can I retire at 55?
3:16 – How many want to retire early?
4:00 – Social Security
5:48 – Retirement accounts
7:31 – Health care
8:41 – When to start planning
10:19 – Comment: Pensions
12:44 – Comment: Inflation
13:51 – Comment: Savers
17:34 – Question: Debt
19:14 – Question: Social Security
21:06 – Question: Nursing homes
More Information: http://savingtheamericandreampodcast.com
Is now a good time to buy Twitter stock? Should I send my child to an expensive private college? Do I have too much money in the bank? We’re answering these and other questions from our listeners today.
What we discuss in this episode:
1:52 – Invest in Twitter?
8:02 – Private college
10:20 – Financial advisors and budgets
11:24 – Crying about money
14:16 – Too much in the bank?
16:19 – Life insurance
18:43 – Husband refuses to retire
More Information: http://savingtheamericandreampodcast.com
Financial media often uses fear and pessimism when reporting. It drives ratings and sells. But watching too much of that could be harming your financial peace of mind.
What we discuss in this episode:
2:11 – Facts about financial media
5:52 – Money anxiety and Mark Cuban
9:38 – Magazine covers
13:58 – Predicting collapse
18:03 – True bottom
21:20 – A time to panic?
23:45 – Checking with clients
More Information: http://savingtheamericandreampodcast.com
https://www.westpacwealth.com/team/michael-schulte
Last episode we talked about market crashes and what they are. Today we’re sharing how you can prepare yourself for possible market crashes.
What we discuss in this episode:
1:58 – How to prepare
4:41 – Emotions
6:59 – Handling market corrections
9:10 – Downturns happen
10:45 – Help from your advisor
11:50 – Crashes can create opportunities
13:47 – When’s the next crash?
More Information: http://savingtheamericandreampodcast.com
People sometimes ask: Are we going to have another market crash soon? With Ukraine and Russia in the news, as well as inflation, people have been worried about possible World War III and their finances. We’ll share some historical background on market crashes.
What we discuss in this episode:
2:34 – What is a market crash?
5:42 – Historical rate of return
8:42 – 2000-02 tech crash
11:32 – Tech crash markets
16:25 – 2007-09 crisis
18:42 – Diversification
22:41 – Downturns and ups
More Information: http://savingtheamericandreampodcast.com
After listening to today’s episode, you’ll never attend another baseball game with the family and look at it the same way. We’re going to show you how taking some of baseball’s most basic principles can also lead to financial success in your retirement portfolio. So, grab your peanuts and crackerjacks and let’s take the financial field.
What we discuss in this episode:
4:07 – Home runs
8:29 – Moneyball
12:37 – Five-tool players
16:40 – Game plan
More Information: http://savingtheamericandreampodcast.com
The ongoing conflict between Russia and Ukraine is making news all over the world. People are concerned about the humanitarian crisis, as well as the economy. On today’s show, we’ll talk about how wars have historically affected the market.
What we discuss in this episode:
1:28 – Wars and the market
2:40 – World War II
4:03 – Korean War
4:50 – Market history
8:36 – Big picture
More Information: http://savingtheamericandreampodcast.com
Today we’re answering your mailbag questions. Should a dentist sell his building and his business? How do you prepare for divorce financially? We’ll answer these and other questions on today’s show.
What we discuss in this episode:
1:28 – The most epic way someone was fired or quit
3:43 – Dentist wants to retire
6:04 – Getting a divorce
7:17 – Whole life insurance
9:17 – Fun and travel
More Information: http://savingtheamericandreampodcast.com
There are some things in life you can’t predict, but you can try to plan for them. For example, when is the next market crash going to happen? We don’t know, but you can prepare for it. On today's episode, we'll discuss some common things we can't predict but how we can still make a plan for them anyway.
What we discuss in this episode:
1:10 – Rams going to the Superbowl!
3:35 – Headlines: IRS, New Business, Taco Bell
9:40 – Market crash
14:58 – Health care
17:17 – Taxes
20:23 – Life expectancy
More Information: http://savingtheamericandreampodcast.com
On this episode of Saving the American Dream, we’re talking about children and why they need to become part of your retirement discussion. We don't want to coddle our children by any means, but our money typically goes where our heart is, so this is an important discussion to have.
Read more and get additional finanical resources here: http://savingtheamericandreampodcast.com
What we discuss in this episode:
2:22 – College expenses
6:40 – Living with parents
8:52 – Grandkids
11:10 – Children with special needs
13:20 – Generational wealth
16:06 – Mailbag: Mom’s house
18:16 – Mailbag: Money in the bank
Just like football players don’t want to fumble the ball in the red zone, you don’t want to fumble your finances as you get close to retirement. We’ll explain how to protect your finances.
Read more and get additional financial resources here: https://savingtheamericandreampodcast.com/retirement-strategy/ep-24-dont-fumble-your-retirement-in-the-financial-red-zone/423/
What we discuss in this episode:
1:55 – What is the financial red zone?
3:25 – Why these years are crucial
7:59 – Common mistakes
9:51 – It’s not too late
10:36 – Be proactive
11:44 – Diagnose problems earlier
12:46 – Mailbag: Company stock
16:47 – Mailbag: Save more
Welcome to our final episode of 2021. On today’s show we’re talking about the importance of legacy planning and what you need to know to make your plan a success.
Read more and get additional financial resources here: https://savingtheamericandreampodcast.com/estate-planning/ep-23-sorting-out-the-importance-of-legacy-planning/403/
What we discuss in this episode:
1:21 – Inflation
4:29 – Financial advisors
6:49 – Generational wealth
8:56 – Legacy
11:31 – Mistakes
13:52 – Interesting plans
15:22 – Mailbag: Generational wealth
18:07 – Mailbag: Investing
19:40 – Mailbag: Saving income
You might not be able to follow through on all 22 of these resolutions, but implement even just a few of these and you’ll be well on your way to a more prosperous financial life in the coming year.
Read more and get additional financial resources here: https://savingtheamericandreampodcast.com/retirement-strategy/ep-22-22-money-resolutions-for-2022/242/
What we discuss in this episode:
2:54 – Reduce debt
4:31 – Boost savings
5:44 – Prepare for unexpected
7:25 – Don’t overreact
8:51 – Budget
10:29 – Meet with a financial advisor
11:49 – Tough conversations
13:39 – Audit insurance
14:25 – Refinance
15:36 – Organize
16:38 – Check credit
17:30 – Check fees
18:30 – Share knowledge
19:52 – Give back
21:10 – Review tax brackets
22:11 – Roth conversion
23:13 – Update paycheck withholdings
24:39 – Rebalance portfolio
26:10 – Transition to retirement
27:21 – Consolidate accounts
28:06 – Listen to our podcast
Are you a later bloomer when it comes to saving for retirement? Don’t worry, we’ll share some opportunities that can help you make up some lost ground.
Read more and get additional financial resources here: https://savingtheamericandreampodcast.com/retirement-strategy/ep-21-opportunities-for-retirements-late-bloomers/232/
What we discuss in this episode:
4:02 – Catch up contributions
7:20 – Expenses
10:41 – Debt
13:07 – Downsizing
15:06 – Twilight career
18:35 – Mailbag: Two brokers
20:17 – Mailbag: Budget
We all cut corners occasionally, but how can this hurt our financial plans? While we may think we can get away with cutting some corners, we will end up hurting our financial future if we do so.
Read more and get additional financial resources here: https://savingtheamericandreampodcast.com/retirement-strategy/ep-20-quit-cutting-corners-in-your-financial-plan/228/
What we discuss in this episode:
6:02 – Risk
10:05 – Legal documents
12:34 – Getting organized
14:58 – Investing
Different types of accounts have different tax consequences. Let’s talk about those advantages and disadvantages in different types of accounts and how you use them (or don’t) in your retirement planning.
Read more and get additional financial resources here: https://savingtheamericandreampodcast.com/podcast/ep-19-tax-consequences-for-different-account-types/223/
What we discuss in this episode:
5:26 – Tax-deferred accounts
9:45 – Tax-free accounts
12:05 – Taxable account
15:46 – CDs
17:45 – Life insurance
This year has been pretty rough for business owners. The pandemic has not only affected profits, but also owners’ retirement plans. Find out what advice we have for business owners who are struggling with how to handle retirement.
Read more and get additional financial resources here: https://savingtheamericandreampodcast.com/?p=217&preview=true
What we discuss in this episode:
2:43 – Mailbag question about retirement
6:57 – Sell business or retain ownership?
9:34 – Remaining an owner
12:26 – Retaining key employees
18:53 – Third party ownership
Even if you have a solid financial plan in place, things can quickly get out of tune if you don’t make adjustments from time to time. Let’s talk about some of the areas where we often see people get out of tune in their financial plans.
Read and get additional financial information: https://savingtheamericandreampodcast.com/retirement-strategy/ep-17-is-your-your-financial-plan-out-of-tune/212/
What we discuss today:
1:24 – Headlines
10:29 – Taxes
13:10 – Life insurance
15:36 – Cash
18:13 – Risk
What do NFL quarterback battles have to do with your finances? We are going to explain how the similarities can be quite revealing. Plus, we’ll answer some of your mailbag questions about business loans and more.
Read more and get additional financial resources here: https://savingtheamericandreampodcast.com/podcast/ep-16-how-football-relates-to-your-finances/205/
What we discuss on this episode:
1:17 – NFL
3:44 – Competitive teams
4:26 – Risk vs. consistency
7:59 – Risk tolerance
16:24 – Mailbag: Business loans
18:23 – Mailbag: Trading options
19:44 – Mailbag: Roth option
Today is all about me, Michael Schulte, and what makes me tick. What is my background? Who influenced me? What frustrates me? Let’s have some fun pulling back the curtain on my thoughts, dreams and influences.
Read more and get additional financial resources here: https://savingtheamericandreampodcast.com/podcast/ep-15-what-makes-me-tick/194/
What we discuss on this episode:
1:05 – Influencers and lessons
4:00 – The financial business
9:01 – Current influencers
12:33 – Biggest frustration
14:46 – Gratifying part of his job
16:26 – Mailbag questions
Most people understand that a customized retirement plan is much better than a one-size-fits-all approach. And yet, most people don’t have a plan that’s truly customized. We’ll share some of the things that need to be considered if you’re going to build a truly customized plan.
Read more and get additional financial resources: https://savingtheamericandreampodcast.com/retirement-strategy/ep-14-retirement-plan-customization-is-king/189/
What's discussed on this episode:
1:49 – Retirement age
5:54 – Lifestyle and income needs
8:12 – Risk tolerance
12:22 – Family longevity
16:02 – Financial legacy
17:55 – Emotions
19:43 – Mailbag: Give away money now?
23:04 – Mailbag: Dividends
Are you an emotional spender or someone who loves to do research before making a purchase? No matter how you spend money, it’s helpful to know your personality type so you can best plan for retirement.
Read more and get additional financial resources here: https://savingtheamericandreampodcast.com/?p=177&preview=true
What we discuss on this episode:
1:05 – Emotional spender
3:52 – YOLO spender
5:46 – Savvy spender
11:16 – The miser
13:42 – Mailbag: IRAs
16:05 – Mailbag: Kids
Common sense is actually quite uncommon, especially when it comes to financial planning. Here are some common sense money approaches you need to know. Read more and get additional financial resources here: https://savingtheamericandreampodcast.com/podcast/ep-12-learning-through-uncommon-sense/172/
What we discuss on this episode:
2:42 – Buy low, sell high
6:20 – Don’t pay more in taxes than you have to
8:56 – Keep costs low
13:36 – Don’t put eggs in one basket
16:39 – Marketing timing
21:04 - Mailbag
Today, we’re talking about financial topics in the news, including the travel sector and campaign donations. Find out how these things can affect you and your planning process.
Read more and get additional financial resources here: https://savingtheamericandreampodcast.com/podcast/ep-11-from-travel-to-campaign-donations-financial-topics-in-the-news/166/
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What we discuss on this episode:
1:30 – Travel sector
6:18 – Campaign donations
10:42 – Market
13:07 – Economy
16:21 – Mailbag: Dream home
18:59 – Mailbag: Emergency fund
On this episode of Saving the American Dream, we’re talking about financial planning during President Biden’s administration and how you should adjust your plan to meet potential changes that are coming with the new administration.
Read more and get additional resources here: https://savingtheamericandreampodcast.com/retirement-strategy/ep-10-financial-planning-in-the-biden-administration/159/
What we discuss on this episode:
2:23 – Stimulus
5:09 – Infrastructure plan
9:57 – Capital gains tax increases
15:34 – Climate plan
Today, we’re answering your most pressing financial questions about 401ks, mutual funds and inflation. Let’s jump into the mailbag.
Read more and get additional financial resources here: https://savingtheamericandreampodcast.com/podcast/ep-9-mailbag-401ks-mutual-funds-and-inflation/152/
What we discuss on this episode:
2:06 - Can I leave 401k to son?
6:55 – Worry about inflation?
9:04 – Mutual funds
14:05 – Investing
16:54 – Max out 401k and Roth?
Pensions are not as popular as they once were. Why are they becoming extinct, and how are people now saving for retirement?
Read more and get additional financial resources here: https://savingtheamericandreampodcast.com/retirement-strategy/ep-8-why-pensions-are-becoming-a-thing-of-the-past/146/
What we discuss on this episode:
1:10 – Pensions becoming extinct
4:12 – Other sources of income
9:00 – Inflation
10:32 – Pension buyout
12:12 – Savings adjustments
Let’s talk about some of the areas of your financial life where you might be flirting with disaster and don’t even know it. Disaster and retirement are not two words you want associated with each other.
Read more and get additional financial resources here: https://savingtheamericandreampodcast.com/retirement-strategy/ep-7-are-you-flirting-with-financial-disaster/140/
What we discuss on this episode:
1:55 – Out-of-date legal documents
4:06 – Incorrect beneficiary designations
6:15 – Tax time bomb
12:50 – 60/40 portfolio
What can we learn about retirement planning from watching a basketball game? There are some fascinating similarities between the two.
Read more and get additional financial resources here: https://savingtheamericandreampodcast.com/retirement-strategy/ep-6-how-financial-planning-is-like-basketball/133/
What we discuss on this episode:
3:20 – Shot clock
9:21 – Double dribble
13:03 – Personal fouls
15:26 – Other comparisons
Is this a good time to buy bonds? Should I hire a younger financial advisor? How much should I save for retirement? Let’s dive into the mailbag and answer these and other questions.
Read more and get additional financial resources here: https://savingtheamericandreampodcast.com/investing/ep-3-mailbag-questions-bonds-retirement-savings-and-more/102/
On today's show:
1:20 – Is this a good time to buy bonds?
7:10 – What should I discuss with my financial advisor?
10:20 – Should I buy stock in my company?
14:30 – How can I retire at 55?
20:38 – Should I save 10% of my income toward retirement?
26:55 – Should I find a financial advisor who is younger?
If you’ve been around the internet long enough, you know to avoid the comment section. We slipped up and scrolled through a recent active on retirement and COVID-19. We’ll share the wide range of comments we came across and have a little fun evaluating them. Plus we’ll talk about times you say one thing and do another with your money before pulling Mark Twain quotes that provide a little financial wisdom.
Read more and get additional financial resources here: https://savingtheamericandreampodcast.com/podcast/ep-2-keyboard-warriors-saying-one-thing-but-doing-another-mark-twain-quotes/89/
Today's show schedule:
0:52 – How we got into the comment section.
2:01 – 1st comment
4:25 – 2nd comment
8:51 – 3rd comment
13:40 – 4th comment
16:42 – 5th comment
19:17 – 6th two comments
20:41 - The second topic today - saying one thing, doing another
21:27 - 1st example - Save in small ways but waste money in other ways.
21:27 - 2nd example - Saying you have a lower risk tolerance but your portfolio doesn’t reflect that.
29:18 - 3rd example - Saying you love your family but haven’t put a plan in place to protect them.
31:20 - 4th example - Wanting to retire ASAP but not taking the time to plan for it.
34:09 - Quotes from Mark Twain
36:52 - 2nd quote
38:18 - 3rd quote
40:53 - 4th quote
42:17 - 5th quote
43:22 - 6th quote
Welcome to the debut episode of Saving the American Dream, where Michael Shulte of WestPac Wealth Partners will introduce you to the show and share his vision for what this will become.
Read more about the show here: https://savingtheamericandreampodcast.com/podcast/ep-1-the-goal-of-this-podcast/23/