Life Planning 101: Recent Episodes
Angela Robinson
Join Angela Robinson of Kennedy Financial Services for Life Planning 101. Sharing over 40 years of experience to help you with financial planning, investment planning, tax planning, estate planning, retirement planning...and much more. (To be eligible for show giveaways, please join us live each Monday morning at 8:30AM CDT on KATXRadio.com)
This week, Angela discusses the importance of estate planning to ensure family harmony after death. She shares six lessons from an estate litigator to help listeners avoid common pitfalls that lead to family conflict. The core message is that a goal without a plan is just a wish, and a good plan is essential for preserving family legacy. Key Takeaways đź’ˇ * Fair is not always equal: Treating children equally in an estate plan can be unfair, especially when one child works in the family business. Giving equal shares of a business to all children can create conflict, as the child working in the business ends up working for the others. Fairness requires considering each child's situation and role. * Clean up your messes: Leaving behind a cluttered estate or unresolved issues can cause your family to remember you for the mess rather than for who you were. It is important to organize your affairs and address any potential problems before they become burdens for your heirs. This helps preserve your legacy and family relationships. * Buy cash to solve problems: Having enough liquid cash, such as through life insurance, can prevent disputes over assets like a business. In one example, one brother received cash and another received a business, but the cash ran out and the valuation was unfair, leading to lasting family conflict. Life insurance can provide the cash needed to equalize inheritances and avoid such problems. * Involve your kids early: Involving children and other heirs in the planning process can prevent misunderstandings and ensure their wishes are considered. A father gave his daughter money to be equal with her siblings, but she actually wanted the family ranch, which her brother later sold. Talking to your children about their desires can lead to a more harmonious outcome. * Don't procrastinate: Waiting to plan can lead to missed opportunities and can stir bad blood among family members even before you die. As you age, especially with complex assets like ranches or businesses, it is critical to have a plan in place. Procrastination can result in family conflict and loss of the legacy you intended. * Use your hot air while you have it: Some aspects of your estate plan need to be explained to your family while you are still alive. For example, if you want your grandchildren to inherit your money rather than a daughter-in-law, you need to communicate that clearly. Using life insurance on your son to provide for his wife can be a solution, but only if the plan is explained and understood.
This week, Angela discusses the concept of downsizing in retirement, challenging the notion that it is always the right choice. She shares personal stories and client examples to illustrate the pitfalls of downsizing without a clear purpose, emphasizing the importance of retiring to something meaningful rather than just reducing responsibilities. She also provides practical planning activities to help listeners define their retirement goals beyond financial considerations. Key Takeaways đź’ˇ * Downsizing Pitfalls: Downsizing in retirement can be a mistake if done without a clear purpose. Many people downsize out of fear of doing nothing or because they cannot conceive of a different life, but this often leads to new obligations and costs that limit true retirement freedom. For example, a couple downsized to a ranch but found the upkeep prevented them from traveling or seeing family, and they struggled to sell it for years. * Retire to Something: Successful retirement is about retiring to something, not just from something. People who thrive in retirement have a plan for how they want to live, often focusing on relationships, community, or new passions rather than simply replacing work with similar obligations. Retirement should bring fullness to life, not just a continuation of past routines. * Life Goals Over Numbers: A 2010 Merrill Lynch survey found that 51% of retirees would have focused more on life goals than on a specific nest egg amount if they could do it over. This highlights that retirement planning should prioritize how you want to live, not just financial targets. Many people spend more time planning a vacation than their retirement, which can lead to regret. * Health and Risk: Retirees often underestimate the impact of aging on their ability to maintain properties or businesses. A rancher who downsized to a smaller operation still faced daily obligations, and health issues can derail plans. What works at 40 may not work at 60, and decisions made early in retirement can have irreversible consequences. * Planning Activities: To avoid flunking retirement, try planning activities: write down activities that gave you a sense of accomplishment, challenge your mind, and feed your soul. Create a relationship map to identify who will remain in your life and plan for new connections. Writing your obituary can also help clarify what you want to achieve in the time you have left.
This week, Angela discusses the real 80/20 rule, contrasting the commonly misapplied Pareto principle with two practical 80/20 rules for living life on purpose. She introduces a list of 80/20 rules for areas like health, wealth, and relationships, and then presents a second rule about goal achievement through iterative progress. The episode emphasizes that success comes from persistence and progress, not perfection. Key Takeaways đź’ˇ * Pareto Principle Origin: The 80/20 rule, or Pareto principle, originated from Italian economist Vilfredo Pareto in 1896. He observed that 80% of land in Italy was owned by 20% of the population, and 20% of his garden plants bore 80% of the fruit. This principle has since been widely applied to business, health, and wealth, but its original context was quite different from how it is used today. * New 80/20 Rules: Angela presents a list of practical 80/20 rules for various life areas: health is 80% eating and 20% exercising; wealth is 80% habits and 20% math; talking is 80% listening and 20% speaking; learning is 80% understanding and 20% reading; achieving is 80% doing and 20% dreaming; happiness is 80% purpose and 20% fun; relationships are 80% giving and 20% receiving; improving is 80% persistence and 20% ideas. These rules emphasize that foundational habits and actions drive outcomes. * Change is Hard: While the new 80/20 rules are motivating, implementing change is difficult. For example, improving health through diet or building wealth through habits requires sustained effort and is not an overnight fix. Defeat and failure are inevitable, but they are not final; the key is to have the courage to continue, as Winston Churchill said: 'Success is not final. Failure is not fatal. It is the courage to continue that counts.' * Progress Over Perfection: The second 80/20 rule focuses on goal achievement through iterative progress. If you achieve 80% of a goal, you can reset and aim for 80% of the remaining 20%, which adds 16% to reach 96%. Repeating this process can bring you to 99.2% of your goal. This approach emphasizes that perfection is not required; consistent progress is what matters. The key is to set a goal and start working toward it, because 80% of zero is always zero.
Angela discusses five major blunders retirees and pre-retirees often make. She emphasizes the importance of planning for retirement beyond just finances, including having a purpose and managing taxes and social security. Key Takeaways 💡 * Windfall Mentality: Many retirees, especially ranchers, farmers, and business owners, treat their first years of retirement like a windfall, overspending. This can devastate long-term stability. To avoid this, create a spending plan supported by your nest egg, an investment plan to support that spending, and a backup plan. Discipline is key to sticking to these plans. * Taxes in Retirement: A common belief is that taxes will always be low in retirement, but this can be a landmine. Early retirement years may have lower taxes, but without planning, required minimum distributions and social security can cause taxes to spike later, potentially adding over $40,000 annually plus increased Medicare premiums. The widow's penalty can also significantly impact surviving spouses. * Taking Social Security Too Soon: About one in three Americans take social security at age 62, which can cost tens or hundreds of thousands of dollars. Delaying benefits provides an 8% increase per year, and a break-even analysis based on health, life expectancy, and marital status is crucial. A personalized social security plan is essential rather than following what others do. * Investment Strategy Misconceptions: Retirees often mistakenly believe they must lower investment risk, but retirement can last as long as a career, so money still needs to grow to keep up with inflation. The sequence of returns risk—experiencing a market downturn early in retirement—can be catastrophic. Proper planning can mitigate this risk without eliminating it entirely. * Lack of Purpose in Retirement: About 20% of retirees unretire by working again, often because they focused only on retiring 'from' something, not 'to' something. Hobbies like golf or travel can lose their appeal, leading to loss of purpose, mental decline, and health issues. It's vital to plan for meaningful activities, new relationships, and continued mental and physical challenges to avoid flunking retirement.
This week, Angela discusses the true meaning of success, emphasizing that it's not about money but about focusing on what matters most, like faith and family. She shares insights from a coaching program called Strategic Coach, which encourages shifting from 'have-to's' to 'want-to's' and living in gratitude. The episode concludes with a tip to multiply success by 10 times. Key Takeaways đź’ˇ * Redefining Success: Success is not about money or material gains; it's about focusing on what you truly value, such as faith, family, and passions. The key is to delegate the management of financial success to professionals so you can concentrate on living your life on purpose. Getting rid of 'have-to's' and doing more 'want-to's' is essential for true success. * The Power of Gratitude: Living in the 'gain' rather than the 'gap' is crucial. Instead of always wanting more, start each day by writing down what you're grateful for. This positive mindset moves you forward faster than focusing on what you lack. Gratitude helps put things in perspective and reduces stress. * Think About Your Thinking: Take time to reflect on your thoughts and goals. Set aside quiet time to define what success means to you and what would be unacceptable regrets in the next five years. Then, calendarize these priorities to ensure they get done. This process helps clarify your path and prevents you from staying stuck in the same place. * Who Over How: Instead of asking 'how' to achieve something, ask 'who' can help you. Delegating tasks to others allows you to focus on your strengths and priorities. This shift in thinking is a key principle from Strategic Coach and helps you become more successful while spending more time on what matters.
In this episode, Angela discusses the concept of 'preventative financial care' to avoid common financial pitfalls. She emphasizes the importance of seeking professional help early, rather than waiting until a crisis occurs. The episode outlines eight key life planning issues that serve as a baseline for proactive financial management. Key Takeaways đź’ˇ * Preventative Financial Care: Angela introduces the idea of preventative financial care, comparing it to a doctor taking baseline measurements. She argues that most people only seek help after a problem arises, but it's much easier to plan ahead. The goal is to address financial issues proactively rather than reactively. * 10,000 Hours of Mastery: Angela references Malcolm Gladwell's 'Outliers' to explain that it takes 10,000 hours of deliberate practice to master any skill. Since most people haven't spent that time on financial planning, they should seek professional help. She cites Richard Branson as an example of a successful person who is humble about what he doesn't know. * Family Support and Charitable Gifting: The first life planning issue is family support, particularly for the 'sandwich generation' caring for both children and aging parents. Angela shares a story of a couple who gave too much to their adult children, leading to financial strain when the husband developed Alzheimer's. She emphasizes the importance of learning to say no and planning for such situations. * Business Succession Planning: Angela discusses the complexities of passing a business to the next generation, especially when one child is involved and another is not. She highlights the risk of selling a business without proper protection, sharing a story of a seller who self-financed and lost everything when the buyer defaulted. Proper planning can prevent such losses. * Legacy and Insurance Issues: Legacy planning involves protecting assets from second marriages and divorces, as well as passing on values. Angela warns about insurance policies lapsing, citing a client who nearly lost a million-dollar policy on their mother. She stresses the need for annual reviews of all insurance policies to ensure they remain in force. * Liability and Tax Issues: Angela emphasizes the importance of adequate liability coverage, sharing a story of a client who faced a lawsuit after a car accident and had insufficient insurance. She notes that a cheap umbrella policy can protect assets. On taxes, she claims 99% of tax returns she reviews have opportunities to pay less, representing 'free money' lost to the government. * Investment Coordination: The final life planning issue is investments, which Angela says cannot be properly addressed without first considering the other seven issues. She uses the analogy of mixing three different cuisines into one bowl to illustrate the common mistake of failing to coordinate investments. Proper coordination ensures investments align with the client's unique situation. * The Cost of Not Knowing: Angela concludes with a story of a doctor who could have retired three years earlier but didn't know it. He died of a stroke two weeks after learning he could retire, highlighting the stress of financial uncertainty. She urges listeners to be humble about their limitations and seek help to avoid such tragedies.
This week, Angela discusses the importance of maintaining a good credit score in retirement. She explains why credit remains relevant even after paying off debts and provides strategies to keep credit active and healthy. The episode covers five reasons credit matters in retirement and five tips for preserving it. Key Takeaways đź’ˇ * Financial Flexibility: Good credit provides financial flexibility for interim loans, avoiding taxes on liquidating assets, or taking advantage of low-interest financing like 0-2% auto loans. Using credit can be cheaper than paying cash when factoring in tax liabilities on withdrawals from retirement accounts. * Managing Life Changes: Retirement often involves moving, which requires good credit for rental applications, retirement community approvals, HOA checks, and setting up utilities without deposits. Low-interest financing for appliances or other purchases can also keep cash working in high-yield savings accounts earning over 4%. * Insurance Premiums: Automobile insurance premiums are tied to credit scores. A declining credit score in retirement can lead to higher premiums, especially as age-related cognitive changes may increase accident risk, creating a double financial hit. * Employment Opportunities: Many companies run credit checks during hiring, so good credit is important for retirees who want or need to return to part-time work. Poor credit could limit job options. * Credit Card Perks: Using credit cards with rewards (travel, cash back) can provide benefits in retirement without extra cost, as most merchants do not charge different prices for cash. Choosing cards aligned with your lifestyle maximizes these perks. * Use It or Lose It: To maintain credit, keep 3-5 major credit cards (Visa, Mastercard, Amex) and use them monthly, paying off the balance in full. Dormant accounts can hurt your score, and having too few cards reduces creditworthiness. * Avoid Overuse and Abuse: Keep credit utilization below 30% of your limit (e.g., no more than $3,000 on a $10,000 card). Avoid opening and closing accounts frequently, as this can lower your score and increase utilization rates. * Monitor Credit Reports: Pull your credit report annually from annualcreditreport.com, not your credit score from gimmick sites. Check for errors, correct name usage, accurate credit limits, and signs of fraud. Use one bureau at a time for ongoing monitoring.
This week, Aaron, Kade, Sam, and Tanner discuss the recent resolution of the conflict in Iran, the opening of a key oil strait, and the market's positive reaction. They also analyze SpaceX's highly anticipated IPO, cautioning about high valuations, lockup periods, and historical post-IPO performance, while maintaining a long-term risk-controlled investment approach.
This week, Angela discusses the concept of 'life dehydration' versus living life on purpose. She draws parallels between physical dehydration and spiritual or emotional depletion caused by busyness, obligations, and overconsumption of news and social media. The episode encourages listeners to de-obligate their lives to rehydrate and focus on what truly matters: family, faith, friends, and community. Key Takeaways đź’ˇ * Signs of Life Dehydration: There are key signs of spiritual or life dehydration: being easily angered, lack of self-control, using more bad language than usual, and a lack of service to others. She notes that these symptoms are prevalent in today's chaotic world, especially post-COVID, and are indicators that one is not living life on purpose. * Busyness as Bondage: Busyness can be a form of bondage, using the acronym B-U-S-Y: 'Being Under Satan's Yoke.' She shares personal anecdotes about exhaustion, such as driving off without coffee or mistaking detergent for vitamins, to illustrate how overcommitment leads to depletion and prevents intentional living. * Information Overload and Phone Use: Angela warns against excessive phone scrolling and news consumption, which contribute to information overload and morning exhaustion. She advises putting down the phone in the evening to feel better the next day, as the brain cannot process endless input, leading to fatigue and distraction from what truly matters. * Focus on What You Can Control: Stop worrying about uncontrollable factors like government actions, politics, or investment portfolio performance. Dwelling on these things harms only oneself and sets a poor example for younger generations, who should instead see hope and light rather than cynicism and barking from the porch. * De-Obligate to Rehydrate: The core solution Angela proposes is to 'de-obligate' your life by identifying and removing unnecessary obligations that bind you. She defines obligation as bondage and notes that Americans often work to keep up with the Joneses, creating a vicious cycle. The goal is to shift from serving your money to having your money serve you, enabling focus on family, faith, friends, and community.
This week Angela discusses the importance of gratitude, especially during challenging times. She shares insights from her coach, Lee Brower, about the different levels of gratitude and how to cultivate intentional gratitude to create a positive ripple effect in the world. The episode encourages listeners to practice random acts of kindness and shift their focus from consumption to making a meaningful impact.
Did you know 70% of adults age 65 will need long-term care in their lifetime. 20% will require LTC for more than 5 years. Roger Cantu with OneAmerica join us this week as our special guest to share some shocking statistics about Long-Term Care and offers some creative solutions.
This week Angela discusses the importance of long-term health care planning. She shares statistics about the likelihood of needing long-term care and the associated costs, emphasizing the need to create a comprehensive plan that goes beyond just financial aspects. Key Takeaways đź’ˇ * Medicare typically covers the first 90 days of long-term health care services, but after that, individuals are responsible for covering the costs. Medicaid is a welfare program that requires individuals to have limited income and assets, potentially putting a spouse at financial risk and forcing them to spend down their assets before qualifying for assistance. * Individuals who are 65 years old have a 48% chance of needing some type of paid long-term care services in their lifetime. Furthermore, there is a 70% chance that individuals over 65 will need some type of severe long-term health care services. * From 2013 to 2017, there was a 200% increase in early onset dementia or Alzheimer's for Americans aged 30 to 64. This statistic highlights the importance of planning for long-term care needs, as early onset Alzheimer's can be devastating for families that are unprepared. * The average length of a long-term care stay for women is 3.7 years, while for men it is 2.2 years. Medicaid pays for 42% of long-term care costs, which is less than half, meaning that individuals and families need to be prepared to cover a significant portion of these expenses. * The median annual cost for homemaker and health aide services in Texas is $115,544, while in Montana it is $193,336. The median annual cost for a private room in a nursing home facility nationwide is $116,800, so it is important to research the costs of care in your specific location. * In 2020, 41.8 million Americans provided care to a person over the age of 50, so many families are sacrificing their own well-being to support loved ones. It is important to have a plan in place so that your family has a blueprint to follow, rather than burdening them with making difficult decisions in a crisis. * When creating a long-term health care plan, it is important to address the questions of who, how, what, and where. This includes identifying who will provide care, coordinate care, and manage finances, as well as determining where care will be received and what resources will be available. * It is important to consider different situations that could arise, such as both spouses living and cognitively strong but physically unable to care for themselves, or one spouse living and not cognitively strong. Addressing these potential scenarios can help families be prepared for whatever comes.
This week Aaron Kennedy and Sam Barker discuss the current state of the market, particularly the influence of AI spending on the economy. They explore the market's reaction to earnings reports, the dominance of AI stocks, and the potential for future economic growth driven by AI productivity gains. They also touch on the implications of government debt and the potential for adjusting interest rates.
This week Angela discusses whether retirement planning is different today with the advent of artificial intelligence compared to the past. She shares her experiences from 2006 and emphasizes that while the tools and technology have evolved, the fundamental principles of successful retirement planning remain the same. Key Takeaways đź’ˇ * Retirement planning software has evolved significantly since 2006, but advisors still need to understand the underlying principles and manually adjust the software's output to create accurate plans. Relying solely on software without understanding the fundamentals can lead to incorrect plans, highlighting the importance of hands-on experience and a deep understanding of financial mechanics. * Technology can aid in communication and problem-solving, but financial advisors must possess in-depth knowledge and troubleshooting skills, similar to a car mechanic who understands how all components work together. Advisors need to understand the intricacies of financial planning and be able to adapt to unforeseen circumstances. * A successful retirement plan requires a solid and truthful budget, clear goals, a healthy risk and income plan, a plan to address potential risks, and an understanding of economic cycles. While technology and tools evolve, these core elements remain constant and essential for achieving a successful and sustainable retirement. * A truthful budget is crucial for retirement planning, and a budget with rounded numbers is a red flag that the person doesn't know where their money is going. Understanding where your dollars are going is essential, as even a small miscalculation can significantly impact your retirement outcome. * While AI and technology offer an "easy button" for retirement planning, relying solely on these tools can be risky, as a successful retirement requires a comprehensive approach that considers individual circumstances and potential risks. Taking the time to develop a well-thought-out plan, even if it means foregoing the easy button, increases the chances of a successful and sustainable retirement.
Aaron Kennedy, Sam Barker, and Brent Bible tackle America’s $38 trillion debt, questioning whether the nation can grow out of it—or if corruption makes that impossible. From government investing and sovereign wealth funds to Bitcoin, AI, and lost freedoms, they explore how financial power and politics shape our future. Tune in for a candid, thought-provoking conversation on what it really means to live in a debt-driven economy.
Aaron, Sam, and Brent recap a steady week in the markets and why “boring” can be a good sign. They discuss ongoing negativity in the media, the freight recession that began in 2022, and how failures in trucking may actually lead to healthier pricing long term. They also explore changes in shipping, automation, and technology—like drones—along with recent interest rate moves and a spike in overnight lending tied to tax season. The conversation also touches on silver and gold demand, currency mistrust, and real-world examples of price arbitrage. To wrap up, they encourage listeners to get their risk right, keep some cash ready, and stay excited about future opportunities in a changing economy.
Inflation has made everything feel tighter—but there are ways to put money back in your pocket. In this episode, Angela shares five practical strategies to help you stretch your dollars without sacrificing your lifestyle: ✅ Reevaluate home and auto insurance ✅ Use credit card rewards wisely ✅ Make your cash actually earn interest ✅ Cut interest costs on existing debt ✅ Adjust your tax planning before 2026 hits Talk is cheap—action saves money. Tune in and start putting these ideas to work today!
In this episode, Aaron, Sam, and Kade discuss the current state of the market, investment strategies, and potential opportunities amidst market fluctuations. They emphasize the importance of having a buy list, reframing down markets as opportunities, and understanding the impact of AI on various sectors. The guys also touch on the risks associated with chasing markets and the significance of aligning investments with one's risk tolerance. Key Takeaways đź’ˇ * Down markets should be viewed as buying opportunities rather than negative events, and maintaining a buy list allows investors to capitalize when prices drop. It's crucial to reframe the perception of a down market to recognize the potential for future gains, as demonstrated by the opportunities presented during the COVID-19 pandemic. * The market is currently heavily influenced by AI, with a significant portion of growth concentrated in a few major technology companies. While these companies may be overvalued, there are numerous undervalued and overlooked sectors that present exciting investment opportunities, especially considering the transformative potential of AI across various industries. * The expansion of AI necessitates increased data, computing power, and energy, creating opportunities in sectors like nuclear energy, cooling solutions, and portable power. Companies involved in providing energy and infrastructure for data centers, such as those offering small modular nuclear reactors or advanced cooling systems, are poised for growth. * The Metals Company (TMC) presents an intriguing investment opportunity by sourcing rare earth metals from the ocean floor, offering a potentially environmentally friendly alternative to traditional mining. As rare earth metals are crucial for defense and computing, this venture could become increasingly important given China's dominance in the rare earth market and its use of these resources in trade negotiations. * While the current market resembles the dot-com boom in terms of excitement and high valuations, the underlying companies driving growth are generally of higher quality and generate more cash. However, investors should exercise caution and consider allocating a portion of their portfolio to safer assets like money market funds or short-term treasuries to mitigate potential losses in case of a market correction. * It's important to align investments with one's risk tolerance to avoid panic selling during market downturns, which can lead to permanent loss of capital. Investors should avoid drastically changing their investment strategy to chase returns, as this can result in buying high and selling low, ultimately hindering long-term financial goals. * Having a consistent stream of investable funds, such as through a 401k, allows investors to take advantage of down markets by purchasing assets at lower prices. This strategy can lead to significant gains when the market recovers, highlighting the importance of maintaining a long-term perspective and viewing market dips as opportunities to accumulate assets.
Angela discusses the importance of estate planning, particularly focusing on the differences between will-based and trust-based plans. She emphasizes the significance of having a well-organized estate plan to ensure that your assets are distributed according to your wishes and to avoid complications for your family after you're gone. The episode aims to demystify the concept of trusts and help listeners understand whether a trust-based plan is necessary for their specific situation. Key Takeaways đź’ˇ * Estate planning is crucial because without a proper plan, settling an estate can take months or even years due to difficulties in locating and retitling assets. Companies often have strict requirements for retitling assets, such as medallion guarantee stamps, which can be challenging to obtain. Many people mistakenly believe that having a will is sufficient, but this may not always be the case, highlighting the need for a more comprehensive estate plan. * Overcomplicating estate planning can occur in two ways: either by becoming overly dedicated and trying to do too much at once, or by doing nothing and assuming everything will work out. Doing nothing can lead to more complications than having a plan in place. It's important to find a balance and take appropriate steps to ensure your estate is in order. * A will acts like a vacuum cleaner, picking up the remaining pieces of your estate after contract property (assets with specific titling or beneficiary designations) has been distributed. Contract property, such as IRAs or bank accounts with payable on death designations, supersedes the terms of your will. It is important to understand that titling and beneficiary designations take precedence over what your will states. * Assets passing through a will need to be itemized, found, listed, and valued, then go through probate, which can range from simple and quick to cumbersome, lengthy, and expensive. Many people underestimate the complexity of their estate, assuming it's simple because they consider themselves to be simple people with not a lot of assets. However, in reality, most Americans have more complex estates than they realize. * To understand the complexity of your estate, create a list of everything you own, including cash, personal possessions, bank accounts, CDs, investment accounts, credit cards, online accounts, annuities, life insurance policies, precious metals, businesses, properties, and safety deposit boxes. For each item, determine its value and how it is titled, as well as what would happen to it upon your death. This exercise will give you a taste of the homework your executor will have to do. * Probate involves working with an attorney, potentially going to court, paying creditors, closing accounts, and retitling assets, first to the estate and then to the beneficiaries. Some states are not friendly to probate, charging hefty fees to the estate. Probate can often be avoided by ensuring your contract property is set up correctly with appropriate beneficiary designations and payable on death designations. * A living trust, when used correctly, can alleviate heartache for a grieving family by avoiding probate. With a trust-based plan, the living trust becomes your will, and a pour-over will ensures any forgotten assets are included in the trust. Assets titled in the name of the living trust or with designations to go to the trust avoid probate, making the process of finding assets, documents, and retitling much simpler. * The downside of a living trust is that people often fail to retitle assets into the trust or continue to purchase assets without titling them to the trust, negating the benefits. A good trust document should make purchasing or financing items seamless for the trust. A living trust does not change your taxes, asset protection, or privacy. While setting up a trust can be expensive, it is often less expensive to administer than probating a will-based estate.
In this episode, Angela discusses the importance of asset protection planning in today's litigious society. She emphasizes that anyone can be sued, regardless of their wealth, and highlights the need for preventative measures to safeguard one's assets. The episode aims to educate listeners on how to create a holistic asset protection plan to mitigate risks and live life on purpose. Key Takeaways đź’ˇ * There are an estimated 40 million lawsuits filed every year in the United States, highlighting the importance of being prepared for potential legal action. It's crucial to consider whether you could afford to defend yourself in a lawsuit and to understand the stress it would cause. Prevention is key, and having preventative measures in place is always a good idea. * An asset protection plan is a foundation for living life on purpose, and without it, individuals are vulnerable to financial loss. It is important to know where you stand, what is at risk, and who to call in case of a lawsuit. Preventative measures do not guarantee that you will not be sued, but they can help you know where you stand and what is at risk. * Many successful people lack a comprehensive asset protection plan, often because their existing professionals focus on their specific areas of expertise without considering the holistic picture. It's essential to have someone quarterback the plan and look at everything holistically to ensure all aspects are covered. Without a holistic asset protection plan, individuals may be exposed to significant financial risks. * Creating a good asset protection plan involves reviewing all assets, how they are titled, income, debt, and insurance policies to ensure they align properly. Many people operate under false assumptions, such as believing they have adequate umbrella insurance or that their trust provides sufficient protection. A revocable trust, for example, offers limited asset protection because the grantor can take the assets back, making them accessible to creditors. * Putting an asset protection plan in place often requires a team effort involving attorneys, insurance agents, accountants, and bankers who are all on the same page. A life planner can help facilitate communication between these advisors to ensure there are no gaps or overlaps in coverage. This holistic approach helps individuals live life on purpose by identifying and addressing potential risks to their financial well-being. * Procrastination, cost concerns, and not knowing where to start are common reasons why people don't have an asset protection plan. However, the time, cost, and stress of being sued can be far greater than the investment in a proactive plan. Planning now can prevent significant financial losses later, emphasizing the importance of taking action to protect one's assets and live LIFE on purpose.
In this episode, Angela discusses the importance of truly wanting a successful retirement and being willing to make the necessary sacrifices to achieve it. She shares a personal story about her grandparents' disciplined approach to finances and uses an analogy of an elite pianist to illustrate the dedication required for success. Key Takeaways đź’ˇ * Angela shares a story about her grandmother, who meticulously kept a budget in a little green book ever since retirement. Despite not having a lot of money, her grandmother never worried about finances because she had a clear understanding of her income and expenses, which allowed her to travel and enjoy her retirement. * Angela asks listeners to consider if they truly want a successful retirement and if they are willing to make the necessary sacrifices to achieve it. She challenges listeners to be honest with themselves about their financial habits and priorities, emphasizing the importance of aligning their actions with their retirement goals. * Angela shares a story about a pianist who, when told someone wished they could play like him, responded that they likely didn't truly want it. The pianist explained that achieving such skill requires immense dedication, sacrifice, and perseverance, implying that many people are not willing to put in the necessary effort. * Angela questions whether listeners are willing to change their lifestyle today to ensure a successful retirement, suggesting potential sacrifices such as downsizing their home, quitting expensive habits, and rearranging their priorities to save more. She stresses the importance of saving at least 20% of one's income, especially for young people, to secure their future. * Angela emphasizes the need to protect one's future through financial planning and insurance, even if it means sacrificing immediate gratification. She highlights the importance of gathering financial data and creating a plan with a financial planner, as well as being willing to implement the plan and make necessary changes. * Angela argues that most people don't truly want a successful retirement because they are not willing to do what it takes to achieve it. She points out the power of immediate gratification and how it can hinder long-term financial goals, urging listeners to examine their thinking and be honest about their priorities.
In this episode of Black and White Market Minute, Aaron Kennedy and Sam Barker discuss the current state of the market and economy. They explore whether the market is in a bubble, considering factors like investment, productivity, and historical comparisons. They also touch on the potential impact of AI and energy on future growth.
On this week's episode, Angela discusses the importance of life insurance and addresses common misconceptions about its cost and coverage. She emphasizes the need to assess whether individuals are adequately insured, especially considering that many Americans are either uninsured or underinsured. The episode aims to educate listeners on making informed decisions about life insurance to protect their families' financial futures. Key Takeaways đź’ˇ * A significant number of Americans, estimated at 42%, believe they are either uninsured or underinsured, according to a 2024 LIMRA study; however, this is a self-diagnosed statistic, suggesting the actual number of underinsured individuals may be even higher, highlighting the need for greater awareness and education about adequate life insurance coverage. * While permanent life insurance policies have their place, they are not always the best solution for everyone, and it's crucial to avoid canceling term insurance to purchase smaller permanent policies, as having the right amount of coverage is more important than the type of policy. * When determining the appropriate amount of life insurance, it's essential to consider income replacement for the surviving spouse, especially for younger families or those building towards retirement, as well as those in retirement who may need to fill gaps due to pension benefits or expected inheritances. * A million dollars in life insurance may not provide as much income as one might think, as a sustainable income that keeps pace with inflation might only yield $30,000 to $40,000 per year, emphasizing the need to consider the amount of income that would need to be replaced in the event of one's death. * Term insurance can be an inexpensive way to obtain a significant amount of coverage, and a 45-year-old man in decent health can obtain a million-dollar term policy for around $170 a month, making it a viable option for those who may have thought they could not afford adequate coverage. * When selecting a life insurance policy, it's important to consider factors beyond just the cost, such as the insurance carrier's stability and the policy's features, including the ability to convert to a permanent product or use the death benefit for chronic care, as the cheapest policy may not offer these valuable benefits. * Individuals can use the life insurance needs calculator provided by the Life Happens organization to determine how much life insurance they need, and it is important to seek professional guidance to build a holistic plan that fits their needs and goals.
In this episode, Angela discusses the importance of considering taxes and inflation when evaluating investment returns. She emphasizes that ignoring these factors can significantly reduce the real rate of return and impact long-term financial planning. She also touches on the potential financial challenges facing future generations due to factors like boomer spending habits, healthcare costs, and tax implications on inherited retirement plans. Key Takeaways đź’ˇ * When evaluating investment returns, it's crucial to consider the impact of taxes and inflation to determine the real after-tax rate of return. A seemingly good return of 10% can be significantly reduced to around 2.9% when factoring in a 40% tax rate and 3% inflation, highlighting the importance of tax-efficient investment strategies. Ignoring these factors can lead to an inaccurate understanding of how much money you're actually making and whether your investments are truly keeping pace with the rising cost of living. * Even seemingly safe investments like money markets and interest-bearing instruments can result in negative real returns after accounting for taxes and inflation. For example, a 4.5% return on such investments can turn into a negative 0.29% real return when subjected to a 40% tax rate and 3% inflation, illustrating the need to consider all financial planning aspects. This underscores the importance of seeking professional advice to navigate the complexities of tax planning and investment strategies. * Boomers like to spend money, and the X and Y generations should not rely on inheriting their parents' money for retirement. Boomers may be spending more than they can sustain, and long-term healthcare costs could deplete their funds. Additionally, inherited qualified retirement plans are subject to taxes within 10 years of inheritance, which could significantly reduce the amount received. * Ignoring taxes and inflation in financial planning is a mistake, as Uncle Sam and inflation can significantly erode investment gains. However, there are strategies to mitigate these effects, such as creating tax-free investment vehicles and adjusting investment strategies. It's essential to consult with a financial professional to develop a comprehensive financial and tax plan that addresses these challenges and helps achieve long-term financial goals.
In this episode, Angela encourages listeners to reflect on their lives and consider whether they are living with purpose. She shares an unusual obituary as a starting point for reflection and challenges listeners to envision their own lives and legacies, urging them to take steps to align their actions with their desired stories. Key Takeaways đź’ˇ * Reflecting on others' lives, such as through obituaries, can provide valuable insights into our own lives and help us consider our purpose. The story of Pat Stocks, a 94-year-old woman whose obituary was shared on the podcast, serves as a reminder that life is short and encourages listeners to think about what they want their own stories to be. * It's important to periodically assess whether you are living the life you truly want and to align your actions with your values and goals. Many people get caught up in the busyness of life and fail to pause and reflect on whether they are living with purpose, often ignoring the signs that they may not be on the right path. * To gain clarity on your life's purpose, imagine yourself in your favorite place during your final days, looking back on your life and consider what you want your story to be. Then, assess whether you are currently living that story and identify any areas where you need to make changes. * We offer a tool called the "LifeScore Card" on our website (https://www.kennedy-financial.com/lifescore-card) to help individuals assess different areas of their lives and identify areas for improvement. This tool can provide a more detailed and nuanced understanding of how well you are living in alignment with your desired story. * Most people only get one chance to raise their kids, enjoy their grandkids, and experience retirement, so it's crucial to live with intention and purpose. Instead of simply going through the motions, strive to live a life that reflects your values and passions. * Writing your own obituary can be a powerful exercise to gain clarity on your priorities and identify areas where you may want to make changes in your life. This exercise can reveal discrepancies between what you consider important and how you are actually spending your time and energy. * The poem "The Dash" by Linda Ellis emphasizes that the most important aspect of a person's life is not their possessions or accomplishments, but how they lived and loved during the time represented by the dash between their birth and death dates. Listeners should reflect on whether they would be proud of how they spent their dash.
In this episode, Aaron and Kade discuss  the current market conditions, recent portfolio changes, and broader trends impacting investment decisions. Topics covered include the market’s recent lack of volatility, the influence of sentiment on bubbles, the semiconductor industry’s developments (especially Nvidia and ASML), changes in the portfolio such as selling Hershey’s and trimming Costco, and a new investment in Rolls-Royce with its innovative approach to power generation and motor leasing. The conversation provides detailed reasoning for each portfolio move and insight into current financial trends and psychology.
In this episode, Angela discusses tax planning strategies for business owners considering transitioning or selling their business. She emphasizes the importance of proactive tax planning to maximize benefits and avoid common mistakes that could negatively impact the sale and future financial security. The episode outlines three critical 'don'ts' related to tax planning when transitioning a business. Key Takeaways đź’ˇ * Business owners should not be ignorant about potential taxes when selling their business, as guessing or adding estimated taxes to the business price can deter serious buyers. Understanding the tax implications for both the seller and the buyer can create negotiating power, potentially structuring the sale in a way that benefits both parties through deductions and favorable tax avenues. * Business owners should seek professional advice to obtain accurate tax assessments, as demonstrated by an example where a second opinion significantly reduced the initial tax estimate. Many business owners incorrectly assume they cannot sell their business due to high taxes, but strategic tax planning can significantly mitigate these taxes, potentially creating tax savings during the sale and throughout retirement. * Business owners should not wait until the last minute to engage in tax planning, as some tax strategies require years of implementation to be effective. For example, Section 1202 allows an exemption of up to $10 million or 10 times the basis when selling a business, but to maximize this benefit, planning needs to start six to seven years in advance. * Business owners should not ignore estate planning when preparing to sell their business, as it presents an optimal time to mitigate estate tax risks. Gifting shares of the business to trusts or heirs can be done at a lower valuation, potentially saving millions in estate taxes and future growth. * Business owners need expert assistance to navigate the complexities of tax planning during a business sale, as most lack the experience to simultaneously mitigate taxes during the sale, afterward, and at death. A team of professionals, including accountants and tax attorneys, can provide comprehensive support and specialized knowledge to optimize tax outcomes.
In this episode, Angela discusses costly mistakes business owners make when transitioning their businesses. She emphasizes the emotional aspect of business ownership and how it can lead to poor decision-making during the transition process. The episode focuses on three common mistakes: running on empty, building a honeybee business, and prioritizing everything, and provides tips for avoiding these pitfalls to ensure a successful transition and retirement. Key Takeaways * Many business owners drive themselves too hard without planning for the future, leading to burnout, health issues, or even death, which forces them to transition their business under less than ideal circumstances. Waiting until a crisis occurs to plan for the transition often results in not getting top dollar for the business and a grimmer retirement outlook, both financially and physically. Business owners should start planning for their business transition now, regardless of their age, considering that they will eventually exit the business either vertically or horizontally. * Business owners often create a "honeybee business" where every decision and approval must go through them, making the business unattractive to potential buyers or successors. Buyers are less likely to invest in a business that heavily relies on the owner, as it poses risks of instability and loss of customers or key employees after the owner's departure. Instead, business owners should aim to create a self-managing company, like a "Christmas tree," that can sustain and grow even in their absence. * Business owners frequently prioritize everything in their business, living in the moment rather than strategically planning for the future and work-life balance. This approach can negatively impact the business, the owner's health, their family, and their future retirement. To avoid this, business owners should ensure their business is ready to transition or sell every quarter, giving them the choice to either keep growing it or sell it, and they should identify and address any gaps that prevent this from happening. * Progress starts with honesty, especially with oneself, and business owners need to acknowledge the changes they must make to prepare their business for transition. If business owners want their business to be attractive and ready for transition, leave a lasting legacy, and retire successfully, they need to take action now. There are resources available to help business owners with this process, and they should take advantage of them rather than waiting until they are burned out and forced to make hasty decisions.
If you are successful, there is a good chance you fight every year to lower your taxes. What can you be doing to accomplish this goal, give your favorite cause(s) a little more, and perhaps even keep a little more in your own pocket? Charitable planning is on purpose and by design. It isn’t for everyone, but it is something you should ask about if you want to replace Uncle Sam in your financial plan.
Sam Barker and Aaron Kennedy join us this week to talk a little about inflation, interest rates, and more. You don't want to miss this. Do you have questions or suggestions for future episodes? Feel free to reach out to us at: www.kennedy-financial.com.
Using an efficient, tax-smart approach to maximize the impact of your charitable giving has never been more important. This week we give you 12 ways to increase your giving power while potentially reducing your taxable income this year and beyond.
Sam Barker joins Aaron Kennedy this week to talk a little bit about interest rates and some Bitcoin strategies. You don't want to miss this.
Did you know 70% of adults age 65 will need long-term care in their lifetime. 20% will require LTC for more than 5 years. Roger Cantu with OneAmerica join us this week as our special guest to share some shocking statistics about Long-Term Care and offers some creative solutions.
Sam Barker and Aaron Kennedy join us this week to bring us a post-election podcast. They touch on government spending, regulations, Bitcoin, oil & gas, and more. You don't want to miss this.
The loss of a loved one can be a difficult time for someone. And not knowing the details associated with their loved one’s digital legacy can make an already challenging time potentially more difficult and more expensive. Kate Hufnagel, The Digital Wrangler, joins us this week to share some tips.
Have you ever thought about what it could mean for your family if you needed care? What decisions would need to be made? Who would make them? How would things look? What impact would this have on your spouse and kids? Let us help you walk through the Quality-of-Life Planning Process™ to develop a true long-term healthcare plan. It is a gift beyond any measure of value for those you love the most!
October is National Estate Planning Awareness Month. Having an estate plan ensures that your wishes for your estate are carried out when you pass away or if you become unable to make decisions for yourself. This week we’re looking at the differences between a Will and a Trust.
Aaron Kennedy and Sam Barker give us a brief market update and talk a little bit about AI, energy, the Fed, the economy, and inflation. You don't want to miss this. If you have questions, you can reach out to us on our website: www.kennedy-financial.com.
Let’s face it…No one wants to talk politics these days, but facts are facts. We are approaching a presidential election, so politics need to be top of mind. This week we look at the current tax proposal of each candidate. No matter what your political views are, be sure that you get out and vote on election day.
Have you ever looked in the mirror and thought- whoa, that can’t be right? Who is this old person staring back at me? As funny or not so funny as this may be, the fact is that life is short and it seems to hurry along faster the older we get.
Aaron Kennedy is joined by Matt Ervin and Sam Barker to talk a little bit about what's going on in the markets, economic indicators, stocks, FOMO, and more. You don't want to miss this week's episode. If you have questions/comments or ideas for future episodes, you can reach out to us online at: www.kennedy-financial.com.
The accumulation years are the easy years…if any years are really easy years. And frankly, that is when you need to start thinking and become proactive about your retirement years. Here are some things to consider.
Aaron Kennedy and Sam Barker give us a brief market update and talk a little bit about interest rates. You don't want to miss this. If you have questions, you can reach out to us on our website: www.kennedy-financial.com.
Got 17 minutes? Sam Barker and Aaron Kennedy give us a brief market update and talk a little bit about happened recently in Japan. You don't want to miss this. If you have questions, you can reach out to us on our website: www.kennedy-financial.com.
Emotionally we’re always thinking of reasons not to invest in the stock market. Is there fear today? Absolutely! Just think: What would Warren do? Well, he says, “Buy Fear!” Let these 90 years of experience help you be comfortable with exercising a good discipline to do what Warren does.
Graduation is a major step for those important young adults in our life. A parent’s goal is always to see their kids launch successfully and stay successfully launched. How do you do that? Well, we have few ideas for you. You can read the corresponding article on our website at: https://www.kennedy-financial.com/blog/life-after-graduation-what-should-your-kids-know.
Why is it that if we don’t achieve perfection, we sometimes give up? It’s really about obtaining progress…not perfection. Since 1989 we have been on a mission to help people live Life on purpose! On this week’s episode of Life Planning 101, we give you a new 80/20 rule to consider.
For many Americans, putting money back into a retirement account such as a 401(k) or traditional IRA has been their primary choice to save for retirement. The problem with this is: The IRS is going tax you…either coming or going. Here are some important things you need to consider.
Does it feel like your life is dehydrated? This week we share 3 things to consider. Life is too short to live it dehydrated. Just as you have to purposely plan ahead, remind ourselves, and occasionally have an accountability partner to stay physically hydrated, it works the same way in LIFE.
Got 12 minutes? Sam Barker and Aaron Kennedy give us a brief market update and talk a little bit about returns. You don't want to miss this. If you have questions, you can reach out to us on our website: www.kennedy-financial.com.
Can you hear it? It’s those two, ominous notes from the movie Jaws to let you know we are drawing nearer and nearer to the almost inevitable…the sunset of the Tax Cuts and Jobs Act (TCJA) of 2017. This could mean that higher income taxes and estate taxes are headed your way.
Matt Ervin, Sam Barker, and Brent Bible join Aaron Kennedy this week to talk economic data and share some things that they're looking at in the portfolios.
This week, Matt Ervin and Sam Barker join Aaron Kennedy to discuss Europe and their debt and currency...They also talk about Broad-Based Markets vs. the Equal Weight Indices. You don't want to miss this. If you have questions, please feel free to reach out to us. We would love to have a conversation with you.
This week, Matt Ervin and Sam Barker join Aaron Kennedy to discuss Tesla, NVIDIA, and Apple. You don't want to miss this. If you have questions, please feel free to reach out to us. We would love to have a conversation with you.
If the cost-of-living increase for food remains at 5% each year, that $100 worth of groceries will only be worth $56.03 just 10 years into retirement. This week we share 12 questions you need to be asking your financial professional.
This week, Aaron gives us a brief market update and he talks a little about AI. You don't want to miss this. If you have questions, please feel free to reach out to us. We would love to have a conversation with you.
What will college or education look like for your child or grandchild? This week we discuss three different funding methods and the flexibility for each. Saving for higher education can be complicated. Don’t do the job alone, we’re here to help.
We were honored to have Cori Slingerland with Mosaic Planning Group join us this week. Cori discussed the difference between a brokerage firm and a captive company. She also discussed the importance of being honest with your agent and more! You can find out more about Cori and the Mosaic Planning group at: https://mosaicplanninggroup.com/.
Aaron Kennedy and Sam Barker share more from the 2024 Berkshire Hathaway Annual Shareholders Meeting with Warren Buffett. They also give us a brief market update.
Aaron Kennedy and Sam Barker had the honor of attending the 2024 Berkshire Hathaway Annual Shareholders Meeting with Warren Buffett. They share some of their takeaways from the meeting as well as a brief market update.
Wisdom isn’t always about knowing the answers. More often than not it's about knowing the right questions to ask. Here are questions every investor should be asking. You don't want to miss this Q&A session with our in-house CFA, Aaron Kennedy. This episode originally aired in 2019, please enjoy.
Aaron Kennedy, Matt Ervin, and Sam Barker join us this week to discuss the economy, earnings, inflation, AI, and more. You don't want to miss this week's episode of Black & White Market Chatter on Life Planning 101.
In the 4th quarter of 2023, household debt reached 17.5 trillion dollars with credit card debt. Here are a few ideas to possibly help you save money for retirement.
Planning is a gift. It is a gift of peace of mind and the ability to not just survive, but to thrive. Provide your family with the tools to take care of you and your wishes with confidence because you love them. Please enjoy this gem from our archive.
Aaron, Matt, and Sam join us this week to talk about what's going on in the market, what they're looking at, and why they have confidence moving forward. You don't want to miss this week's episode.
I was honored to sit down with the Real Wealth Podcast to talk about the struggles with long-term care in the United States, how grief heightens temperament, and how having a plan isn’t enough. You don't want to miss this week's episode.
This week Aaron, Matt, and Sam join us to talk about something pretty SWEET. They also share a market update and some companies they're looking into. You don't want to miss this week's episode.
Like the title of a James Bond movie, we live in a day and age where it can seem like there is no time to die. There seems to be so many obligations that need our attention. Do you care about your family? Then you don’t want to miss this week’s episode of Life Planning 101.
Aaron, Matt, and Sam host this week’s episode to give us a market update, talk a little bit about technology, and more. You don't want to miss this week's episode of Black & White Market Chatter right here on Life Planning 101.
We're honored to have Lisa Hunter join us this week on our show. Lisa shares with us the Teepa Snow Positive Approach to Care and information about the GEMS State Model. You don't want to miss this!
Every motion you make, whether with purpose or not, is compounding toward or away from a Life lived on purpose. Your financial health should be a priority today.
Recently I was speaking with a client about how important it is to take preventative measures in regard to health - eating right, exercising, and taking the right supplements. It is just as important that we take preventative measures in regard to our finances - planning for the worst-case and best-case scenarios, exercising good financial habits, and revisiting your plan on a regular basis to make necessary changes.
Today there are thousands of insurance carriers, tens of thousands of products and even more bells and whistles on top of that. How do you know what you truly have and if it will be there when your family really needs it? September is Life Insurance Awareness Month. This week, we share 6 things you probably didn't know about life insurance.
Changes to our tax system are not certain and are ever changing. So here we are again - a new day with new rules. Here are 5 things you need to be aware of.
Aaron Kennedy and Sam Barker join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
Are your assets protected? What good is all the hard work it took to build your success if you don’t take the time to protect it? We’re talking asset protection on this week’s episode. Here are some of the most common issues we see.
Did you know you can grow your HSA just like you grow your retirement account? This week we take a look at some things you might not know about Health Savings Accounts.
Thanks to legislation enacted over the past 5 years, you now have actual options when it comes to 529 plans. Here are some potential gems you may not know about.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
This week we take a dive into our archive for this gem. In 2021, IT expert Mike Ahern with Kennedy Computer Solutions joined us as our special guest to share some important fraud prevention tips. You don't want to miss this!
Matt and Aaron host our show this week and discuss some opportunities as well as some short-term and long-term views. You don’t want to miss this.
Allow yourself to live LIFE on purpose. Remember, life isn’t about money, it's about living. Learn to control your money so it doesn’t control you. Enjoy this episode from our archive.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened last week and share some reasons why we should keep our heads up during these tough times.
You’d almost have to live in a cave to not realize that times are tough right now. And under these uncertain conditions, people are hoping to find the perfect investment—one that’s safe, but offers an outstanding return. Our experience tells us that there is ultimately only one perfect investment—family.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
According to the Administration for Community Living, 7 out of 10 people turning 65 will need long term healthcare services in their lifetime. Imagine working and saving your entire life only to find your income cut in half when you finally retire. Chose diligence to protect the ones you love the most.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
The phrase “if you don’t use it, you will lose it” applies to more ways than one in retirement...It’s not just your health or mind – it could be your credit, too! Bottom line: There should be no expiration date for good credit. You may not need to work, but you do need to work at keeping your credit in shape. The only thing constant in life is change, so stay prepared.
Do you have it? Do you have enough? Does it cover what you think it does? Life happens. Make sure you know what you need and know what you have, then act on it. Here are 4 things to consider.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
We were honored to have Kate Hufnagel, aka The Digital Wrangler™, join us this week as our special guest. In this week’s episode, we talked about how technology — which makes our daily lives easier — has the potential to make things incredibly challenging for our loved ones, should something ever happen to us.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times. They talk AI and technology. You don't want to miss this.
With all the news about what made it in or out of the Fiscal Responsibility Act over the weekend, there is also a lot of hoopla around the IRS keeping most of its new funding. Â What does this mean for you? This week we are going to hit the refresh button on our publication from January entitled 87,000 New IRS Agents - 10 Things You Need to Know.
This week Aaron Kennedy and Matt Ervin join us to talk about the planning horizon and they talk technology, longevity, and opportunities. You don't want to miss this.
Life gets stressful sometimes, there’s no way around it. This week we give you some tools you can use to help decompress from the stress…whether its financial, business, or life.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
Too often we see people carried away by these “new money” emotions. And then they are shocked to learn that what is left after they do a little spending won’t provide what they need it to do. Find out more on this week's episode.
Cash is king in today's economy...but only if you couple it with a clear view of what the cash is for and the discipline to strategize what it needs to be. Find out more on this week's episode.
This week on Life Planning 101, Aaron and Matt join us to give a market update, talk about interest rates, and more. You don't want to miss this. If you have questions, feel free to reach out to us.
Over 35 years of working in various fields of Life Planning has shown me that most people don’t plan to fail –they just fail to plan. I encourage you to be proactive as opposed to reactive and live your life on Purpose!
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
This week we rebroadcast an episode from 2017 with special guest Scott Conley from Crump Life Insurance Services. Angela and Scott discuss the importance of having Long-Term Care Insurance as a part of your estate strategy.
The truth is that we do live in interesting times. It is also true that no one or one thing can bring you peace but yourself. Find your horizon and don’t lose sight of it.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
Special guest Bryce Gill, an Economist at First Trust joins us this week to talk about the Fed, recession issues, and more. You don't want to miss this.
Tax time is rapidly approaching. Don’t continue the grind. Do you have the right team in place to help you save all that you can? Let us help you map out your course for a potential lifetime of tax savings.
This week Aaron and Matt join us for a short podcast episode to talk about Silicon Valley Bank and The Fed. If you have questions, don't hesitate to reach out to us. We're here to help.
What do you value most? We forget that our money is a tool and it should be treated as such. Prioritize your dollars to match your values and don't delay!
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
Only 15% of US households contributed to a traditional or Roth IRA in tax year 2021. A Roth IRA is a retirement vehicle that can grow tax-free and can provide tax-free income.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
Aaron Kennedy and Matt Ervin join us this week to talk inflation and diversification. You don't want to miss this. If you have questions or feedback for our Black & White Market Minute segment, you can reach out to us online at: www.kennedy-financial.com.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
Angela was honored to be a guest on the Real Wealth podcast this week to share the benefits and pitfalls that could occur when starting a financial strategy later in life. You don't want to miss this.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened last week and share some reasons why we should keep our heads up during these tough times.
Think of your 3 favorite restaurants. Now imagine the head chef from each made his/her very best dish for you. Sounds splendid, right? Now imagine if you took a big bowl and mixed these three dishes together with a wire whisk. How does that sound? Not so good, right? So why do we do that with our money? We cut and paste every strategy that sounds good and mix it all together. No matter how superb each strategy may be, when you mix the 3 they may not mesh well together at all.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened last week and share some reasons why we should keep our heads up during these tough times.
While it may sound like the title of a James Bond movie, you need to ask yourself: Is your will alone enough to keep your estate from going through probate when you die? We’re talking legacy planning on this week’s episode. We give you 3 questions you need to ask yourself when setting up your estate.
Aaron Kennedy and Matt Ervin, along with special guest Ryan Holcombe with Hines, join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
Aaron Kennedy and Matt Ervin join us this week to share what changes they're making to portfolios right now and their thoughts on the market. You don't want to miss this.
You may have heard some say that because of the new law, an “army” of 87,000 new IRS agents will be coming to audit ordinary taxpayers. Here’s what you need to know.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
Secure Act 2.0 is here. And with it comes changes to your retirement planning. This is certainly a year in which you cannot procrastinate. This week we share some helpful tools you can use to navigate this complex topic.
As our wisdom grows so does our passionate desire to impart this wisdom on our loved ones. After all, most of our wisdom was gained by some hard knocks with good stories behind them.
Hey everyone! This week, Aaron Kennedy and Matt Ervin host the final episode of our Life Planning 101 Podcast for 2022. They take a look back over 2022 and share some things they're looking forward to in 2023.
63% of affluent 18-22 year old’s say that financial stability in retirement will depend on inheritance. Should inheritance be a retirement strategy? Find out more on this week’s episode.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
Is there a way to know that the money you donate to a charity is being used effectively? We give you some helpful tools to use for your charitable giving. You don't want to miss this week's episode of Life Planning 101!
(Episode originally aired in 2019)
We have pandemic in this nation, and for once, I am not talking about COVID-19. The pandemic is the growing need for long-term healthcare and how ill-prepared families are for it. Find out more on this week’s episode.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
Matt Ervin and Aaron Kennedy join us this week to give a market update, what we're looking at for clarity, and what we're doing in portfolios right now. You don't want to miss this.
Our world is a mess, but the cleanup can start in each of us with a simple, random act of kindness. Let’s make a family challenge - What can we do to start a ripple effect of gratitude?
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times. Hope everyone has a safe and happy Thanksgiving!
Tax season is officially over for 2022. Special guest Blake Briscoe, CPA with Briscoe & Associates, LLC joins us this week to talk about the most common Dos and Don’ts! Is there still time to plan for 2022? What do you need to watch out for in 2023?
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
A lifetime of success can a feel a little overwhelming. You don’t have to do the job alone. This week we share 3 important steps to help you setup a solid foundation.
Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 8.7% in 2023. You may also have to fork over some additional cash come tax time. It will be more important than ever before to work with your tax professional to know where you land.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
This week Aaron Kennedy and Matt Ervin join us to talk a little bit about the process of investing, the 3 legged stool of risk, and much more. You don't want to miss this.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
This week on our Life Planning 101 podcast we share what could possibly be the most important strategy you can have in retirement. You don't want to miss this. Be sure to share this week's show with someone.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
This week Aaron Kennedy and Matt Ervin join us for an episode of Black & White Market Chatter to talk interest rates and commodities. They also give you some ideas you could be taking advantage of during these crazy times. You don't want to miss this.
Most of us desire our portfolios to stand the test of time – will yours? This week we share 10 pieces of financial wisdom from successful individuals.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
September is Life Insurance Awareness Month. If you died today, what would happen to your family, your business or ranch? How would everyone you love be affected? What are the reasons why NOT to buy life insurance? Find out more on this week's episode of Life Planning 101.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
Think about the people you love and care about—your spouse, kids, grandkids, siblings, parents, employees. How would they fair if you suddenly died? Do you even know? September is Life Insurance Awareness Month. Find out more on this week's episode.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
Social Security claiming strategies are much more complex than asking for your neighbor’s advice. Here are just some of the factors that could come into play with how to maximize not just your benefits, but your entire retirement.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
This week Aaron Kennedy and Matt Ervin are discussing the Fed and different behavioral biases.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
There is so much more to estate planning than having a will and telling your spouse where everything is. If you haven't made an estate plan with and for your spouse, there is still time…and we are here to help.
Matt Ervin joins us for a brief rundown of what happened this week and shares some reasons why we should keep our heads up during these tough times.
It doesn’t matter if you are retired, retiring early, retiring late, or just thinking about retiring...the fear of running out of money in retirement can turn your retirement dream into a retirement nightmare. This week we share the most valuable financial tool you can have in your retirement years.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
How you transition your 401(k) may not be as simple as it seems. There may be some crucial planning opportunities and/or pitfalls. Find out more on this week's episode.
This week Aaron Kennedy and Matt Ervin join us to discuss currency, interest rates, inflation, and economics. They also share some ways how we're positioning ourselves during these tough times.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
Don’t leave your spouse and partner with a tax nightmare. Let us help you review your situation and show you any pitfalls that may be in your current plan.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
We work with several business owners across several industries and realistically speaking? 95% of our time is spent fixing problems, not preventing them. I want to challenge you today to take care of the old you person you will be some day and address the risks you may not even know are out there. Let us help you plan for a drought.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
We may not exactly be post-COVID yet, but our world is certainly settling into a new rhythm that looks a lot more normal than the past couple of years.
Aaron Kennedy and Matt Ervin join us this week to share what’s going on in the market.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times
Trying to balance being a parent, grandparent, and parent to your parents (often while you still have a career and a life of your own), simply put, is A LOT! It can take a toll on your own life.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times
Graduation is a major step for those important young adults in our life. A parent’s goal is always to see their kids launch successfully and stay successfully launched. How do you do that? Well, we have few ideas for you.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
If the market fell apart like it did in 2008, would you be sleeping well? If not, you are taking the biggest risk of all. You are taking the risk that your emotions will managing your future. Don’t let this happen! We don’t know if a recession is on its way or if it isn’t, but either way, we are ready to weather the storm. Are you?
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
What's the most important thing you should be doing right now? Aaron Kennedy and Matt Ervin share some ideas on this week's episode.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
Inflation bites, but not as bad as our bad habits. Don’t let it be the scapegoat. You may not be able to control the price of things, but you can control the priority. Find out more on this week's episode.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
It’s no surprise to state that the markets have been rather treacherous as of recent. So, what opportunities should you be looking at right now? This week we discuss three opportunities to consider.
Aaron Kennedy and Matt Ervin join us this week to talk about the importance of looking for opportunities in this volatile market. What is the 80/80 Rule? Find out more on this week's episode.
Estate concerns are about more than just who gets what. Everyone focuses on the financial aspect of their legacy, but they forget to focus on what really matters—everything else.
Do you look at your money for what it is or do you look at it for what it is for? Plan for what your money is for. Know holistically what your money needs to be doing, plan for it, and stay disciplined.
If you love your family, you don't want to miss this week's episode. Planning is a gift. It is a gift of peace of mind and the ability to not just survive, but to thrive. Provide your family with the tools to take care of you and your wishes with confidence because you love them.
You can't delegate your time with family and friends. And you certainly can't delegate your relationship with God. You can't delegate being healthy. But as the book says, you don't have to sweat the small stuff either. Delegate it!
You have a golden opportunity right now to press the reset button on your life and your life plan. Make the decision to rethink your thinking and make sure that your future you won’t end up with any unacceptable regrets.
Aaron Kennedy and Matt Ervin join us this week for another episode of Black & White Market Chatter. This week they discuss the importance of staying invested for the long-term.
Even though you think you have everything in order and in its place, your finances won’t stay stagnant. This means your financial house gets messy without you even knowing it. This week we take a look at some ways you can get a head start on your financial spring cleaning.
Did you know you can often choose when to pay tax? By default, you can often choose how much you will pay. There is no trick. It is simply a result of understanding how taxes work for or against your situation.
If you haven’t thought about your own legacy, please do. In order to help you get off on the right foot, here are some things to consider. We call it the “Who, What, When, How, Sam and Plan Approach.
Did you know twenty percent of men die before retirement age? Is your family ready if you were killed today? Would they be taken care of the way you would want? This week we debunk some common myths about life insurance.
The only guarantee is that there are no guarantees in life. When you retire there is no guarantee what the next three years will be. And, if you are retired, there is no guarantee what the next three years will be. The key is to plan for just this.
You have great power over the destiny of your family. In fact, you have the ability save your family… or destroy it. Too many of us make all the excuses in the world to not work on our estate plan or just throw darts at an attorney, get documents in place, and say we have one. Neither of these add up to a Family Disaster Plan.
Today is a very different world than it was just two years ago. A retiree in 2022 still faces those same risks and concerns, but there are a few new ones that need to make the list—or at least require more attention.
Aaron Kennedy and Matt Ervin join us this week for another episode of Black and White Market Chatter. Aaron and Matt talk inflation, interest rates, and the Fed. You don't want to miss this!
We were honored to have a sit down interview with Blake Briscoe, CPA and Jim Kennedy to talk about their new business partnership, Briscoe & Associates, LLC. For more information, check out: briscoeandassociates.com
Refer to any news media and the headlines are teeming with news about COVID…and has been for 2 years. It is no wonder that important information about other areas of interest is getting buried. After placing a few phone calls regarding various legislation that passed at the end of 2019, I thought it might be good to revisit some important issues that may impact your planning.
As life goes on, it seems to become more and more complicated. You can keep living by default or choose to live Life on purpose. This week we talk about the toy box approach when it comes to life planning.
What is it about our minds that make us more impatient the closer we get to our goal? We all want to get where we are going “yesterday.” The problem sometimes develops that we become so focused on “getting there,” that we forget to be a human being in the midst of it. We become a human doing instead.
I believe one of the hardest things to do is find the “right fit” advisor for you and your family. Because of this, I thought I might take a minute to educate you a little about our industry.
It is that time of year - Christmas! Maybe it’s due to watching Scrooge or The Grinch for the umpteenth time, but it seems we are all inspired to give back during the holidays even in the smallest way. Here are a few ideas to give to your favorite causes and have Uncle Sam help you do it.
We were honored to have IT expert Mike Ahern with Kennedy Computer Solutions join us this week as our special guest to share some important fraud prevention tips. You don't want to miss this!
What do you need to know or, do or not do before the ball drops on 2021 and 2022 begins? Complexity is growing every day in every corner. This week we discuss 7 things you should consider before the end of the year.