It's All About the $Money, Honey!: Recent Episodes
Victoria Woods
It's the show where fun meets finance. Join The Financial Diva, Victoria Woods, and the King of Finance, Damon King, each week for tips on how to Rock Your Retirement!
When you become a Millionaire, you won't suddenly stop trying to grow your money. However, you may find that more of your focus is on preserving it now that you've got it. Becoming wealthy is only one half of the Millionaire equation. Keeping it is where many fail. In this episode, we share 3 wealth preservation strategies that often go overlooked.
To many investors, bonds are considered outcasts. They're boring, bland, and meant for the unadventurous. But don't be fooled. Bonds can check off several key boxes for your retirement plan and if you know how they work, you can optimize their power. In this episode, we share how bonds can be used to provide growth, income, protection, and tax efficiency for your retirement portfolio.
Financially speaking, recession is about as dirty a word as you can find. Even if you don't exactly know what a recession is or how it's triggered, you know it's not good for your retirement savings. Which begs the question - can you retire in a recession? In this episode, we share why a recession shouldn't necessarily cause you to delay your retirement plans and simple strategies for playing defense with your money until the recession has passed.
For more than two decades, the Great Wealth Transfer has been discussed and dissected every which way. As Baby Boomers retire and age, their Gen X, Millennials, and Gen Z are poised to inherit their legacy. It's vital that the next generations of wealth owners prepare themselves now to manage and grow it for themselves. In this special episode, we are joined by Lisa Ward, CFP® who shares how she is serving and coaching these Aspiring Millionaires.
There is only one proven way to completely eliminate your tax bill to Uncle Sam. Stop earning income. Short of that, it's impossible to avoid all taxes. However, there are tax reduction strategies you can use in retirement to reduce and even avoid the bill Uncle Sam sends you. In this episode, we share the story of one family's retirement journey and the simple, yet effective, ways they reduced taxes throughout retirement.
Most Millionaires know the best financial plans are not complicated. They are simple, easy to understand, and easy to implement. However, just because something is simple doesn't mean it isn't effective. In fact, the fewer moving parts a plan has, the more likely it will succeed. In this episode, we share 3 simple wealth solutions Millionaires are using to become and stay wealthy.
A common misperception is that wealthy people have piles of cash laying around. However, they would tell you the majority of their wealth is tied up in non-cash assets like real estate, businesses, minerals, metals, stocks, and the like. So, how do the wealthy unleash the power of their non-cash assets to access cash flow? Through the use of leverage. In this episode, we share how lines of credit can help you access cash flow while avoiding taxes and holding on to assets you want to keep.
Everything you want to do or purchase in life requires cash flow. The best portfolio in the world means nothing if the person that owns it doesn't have enough cash in the bank to pay their bills. Cash flow is especially important in retirement, when you no longer have a steady paycheck. In this episode, we share the one question you must be able to answer before you can retire.
Money is an incredible tool, capable of creating amazing things that benefit and enrich the lives of people all over the world. Money also has a dark side that can turn loved ones against each other and rip families apart. In this episode, we share some of the financial situations you may face and how to decrease the odds that your family allows your wealth to become a weapon rather than a blessing.
The Baby Boomers are the largest generation in U.S. history and they've built up quite a tidy sum of wealth. It's estimated that between 2023 and 2045, $84 trillion in assets will pass to Generation X and Millennials from their Baby Boomer parents and grandparents. This type of wealth can be overwhelming. In this episode, we speak with Asher Allison, a finance major at the University of Oklahoma and intern with ChappelWood Financial about how younger generations can prepare for it.
When you finally become a Millionaire, and especially a multi-Millionaire, investment opportunities you might never have imagined suddenly present themselves to you. A unique real estate deal. A venture capital start up. A vineyard and winery. They all sound exciting, but if you're not careful, you could end up flushing a lot of cash down the drain. In this episode, we share some of the questions and considerations that should be part of your due diligence process when contemplating making an alternative investment.
A lot of people think about their money as an either/or issue. Either I'm going to use all my wealth to enjoy retirement or I'm going to leave most of it to my family. However, it is possible to do both well. In this episode, we are joined by Shawn Byerly and Matt Kennedy who share some of the unique ways you can leave a legacy to your family without scrimping on your own retirement dreams.
Coming off the worst year for the market since the 2008 financial crisis, the year 2023 was set up to be an interesting year. Uncertainty and questions dominated the first half of the year. We got a lot of answers, but there are still lots of questions. In this episode, we ask and answer some of the big ones. Will interest rates continue going up? Will inflation continue falling? Will there be a recession in 2023? What will the market do?
It's one thing to BELIEVE you can live on a certain amount of cash flow each month during retirement. It's an entirely different thing to ACTUALLY do it. As your retirement date nears, you don't want to be surprised by a plan that doesn't meet your needs. In this episode, we share some of the key steps you should take on the Countdown to Retirement, including taking your planned cash flow budget for a test drive.
The Federal Reserve continues its plan to kill off-the-charts inflation by raising the Federal Funds Rate. As the calendar flips to 2023, it's likely going to happen a few more times, increasing the odds that our economy will slip into recession. In this episode, we share how rate increases will impact your money in both good and bad ways. Also, why are more people looking for a financial advisor?
Through Labor Day of 2022, dividend stocks far outperformed growth. There are a variety of reasons why. So, the most obvious question is "How do I choose which dividend stocks to buy?" In this episode, we share the key factors you should consider when building a dividend portfolio.
The options you have in choosing a financial advisor are overwhelming. It helps to know the specialties of the advisor you are looking to hire. It also matters if your future advisor has any conflicts of interest. In this episode, we welcome special guest Natalie Wolfsen, CEO of AssetMark, an nearly $90 billion wealth management firm. She shares her insights on what you should look for in a financial advisor and the current state of the economy and market.
Millionaires are made not just because of what they do, but also what they don't do. One thing they do better than most investors is avoid mistakes when putting their money to work. We explore 6 investing mistakes millionaires avoid. Plus, how will the new Inflation Reduction Act increase your odds of getting audited by the IRS?
When you're a Millionaire, dealing with large tax bills is an occupational hazard. On one hand, a large tax bill means you earned a lot of income, which is good. On the other hand, you have to find a way to pay that bill. In this episode, we share how your financial advisor should be helping you decide the best strategy for paying Uncle Sam. It's not as simple as it might sound. Later, we answer a question about when is the best time to apply for Social Security.
The idea of having tax-free income in retirement might seem like a fantasy, however, it it possible to do with Roth IRAs. Now could be a great time to consider converting your pre-tax Traditional IRAs into tax-free Roths. However, the window is closing to take advantage of this unique opportunity. In this episode, we share why considering a Roth conversion now might be in your best interests.
About 60 million Americans invest in their employers' 401(k) plans. The habit of setting aside a portion of your salary every month for retirement is a good one. What's not so good is not adjusting your investment strategy as you move from accumulation while working to preservation and distribution when retired. In this episode, we share how your 401(k) should change as you get closer to retirement.
With global markets in turmoil during the first half of 2022, fears of an economic recession are growing. Unsurprisingly, concern over how to prepare for and protect against an economic downturn has also grown. In this episode, we share simple tips for how to prepare for a recession now and in the future. Plus, we share how to roll over an old 401(k) from a previous employer.
If you own a fixed or indexed annuity, you will eventually need to make a decision when it comes up for renewal. Should you keep it where it is or find another opportunity that could be better? In this episode, we share the key factors to consider when making that decision including insurance company ratings, bonuses, interest rates, and ability to access your money.
Thinking about retiring can be fun, exciting, and liberating. Actually retiring can be terrifying, overwhelming, and complicated. Planning well in advance is key. The more time you give yourself to prepare the better. In this episode, we discuss some of the steps you should take years before retiring so there are few surprises. Later, we share what it means when a financial advisor is a fiduciary and why that's important to you.
In the wake of the COVID pandemic and extreme stock market volatility, a lot of investors have a ton of cash sitting on the sidelines. As interest rates creep up, safer options like CDs and fixed annuities are looking more attractive. In this episode, we discuss how to decide the best place to stash your cash. Also, should you be more aggressive when the market is down? Is the housing bubble about to burst?
If you have any money invested in the stock market right now, you've likely taken some losses, no matter how conservative you may be. You will eventually get to a point where you can no longer take the roller coaster ride. In this episode, we answer a listener question about how to protect money from any loss. Later, we discuss the rules around receiving a Social Security survivor benefit and how you can download one of our best Social Security guides.
It's very likely that you will inherit an IRA or other tax deferred account from someone at some point in your life. When you do, you'll discover there are a lot of rules to consider when choosing how to take the money. In this episode, we provide answers for one listener that is dealing with that exact issue. Plus, what should be in your business plan when you decide to start your own company?
The first half of 2022 has seen the most volatile market since the 2008 financial crisis. It seems there is new bad news screaming in your face every day. That makes it really tough to stay focused on your long-term goals. How do you tune out the noise? In this episode, we share some of the ways we are helping our Clients keep their cool. Plus, should you consider a Roth IRA conversion and what steps should you take in the last few years of working to prepare for retirement?
One of the unfortunate side effects of living is that you will eventually experience loss. Losing a parent, spouse, or other loved one is one of the most emotionally challenging events you'll ever face. It will also be one of the most financially challenging. Dealing with life insurance companies. Closing old accounts and opening new ones. Handling inheritances. Paying final medical bills. It can all be very overwhelming. In this episode, we discuss the Survivor's Checklist and share how you can get a copy. We also discuss the role annuities can play in protecting your money from loss
Volatility comes with investing in the market. That's just the price you pay to benefit from the potential for larger gains. Over long periods of time, the market grows over 90 percent of the time. However, what if you don't have as much time to recover from a major market pullback? What options do you have to build safety into your portfolio and retirement income plan? In this episode, we share how to get total protection and how to use conservative investments to your advantage.
The year 2022 will be remembered as the year that life just cost more to live. Inflation unlike we have seen in decades is pinching pocketbooks and roiling the stock market. However, there are still ways to offset the impact of skyrocketing prices. In this episode, we share some inflation-busting strategies you can consider for your money.
We just finished celebrating Tax Day in the U.S. You're probably very happy it's all over. If only that were true. Taxes don't end April 15 each year. They impact you 24 hours a day, 7 days a week, 365 days a year. Taxes run through almost every financial decision you make, sometimes where you east expect them. Managing your tax liability can be tricky if you don't know what you're doing or what to expect. In this episode, we share some sticky tax situations you might face someday and how to handle them.
It just sort of happens. You keep saving for years, decades even, and suddenly you've got a lot of money. Now, you've got needs and desires you never dreamed of before. You decide to hire a financial advisor for the first time. What expectations should you have? What questions should you ask? In this episode, we share some of the unique expectations, needs, and desires you'll want your advisor to meet in as you near and enter retirement.
As another Tax Day approaches in the United States, your thoughts are probably on how much you hate Tax Day. It's understandable. Approximately 100% of Americans do not enjoy paying income taxes. We cannot avoid paying ALL taxes, so let's stop complaining about it and start looking for ways to pay less. Believe it or not, there are ways. You just have to know where to look. In this episode, we share some simple strategies we've used to help clients lower, or even eliminate, taxes.
Being wealthy can present unique opportunities and decisions that trigger unique problems to go along with them. While it's tempting to jump at an investment opportunity or purchase that comes your way, it's important to consider the potential consequences of pursuing it. To do that, you need to know what to look for. In this episode, we share examples of unintended consequences of making financial decisions and how a financial advisor can help you handle them.
The first quarter of 2022 has been tough. The volatility that we haven't seen for the better part of 2 years has returned, and with a vengeance. The reasons for that volatility are well-documented - inflation, conflict in Europe, lingering impacts of COVID, rising interest rates, and so on. Rather than focusing on the causes of volatility, in this episode, we focus on the actions you can take to adapt to it.
Periods of extreme market volatility, like we've seen recently, are scary. They create uncertainty, which leads to fear, which leads to emotional decision making. It's at these moments that you have to remember the lessons the market teaches us. In this episode, we share key lessons we've learned from key financial strategists and our own experiences when it comes to how the market responds in volatile times.
The start of 2022 has seen the return of major volatility in the market. Conflict in Europe, stifling inflation, rising energy prices, and the threat of COVID still lurking in the background have set the stage for major upheaval in financial centers around the world. So, we know volatility is out there. How do we protect ourselves from it. In this episode, we share some very specific as well as general ways to shield yourself from extreme volatility.
Managing investments and cash flow will be perhaps your biggest challenge in retirement. However, don't neglect all the other decisions that must be made. Surviving retirement goes way beyond your investment portfolio. In this episode, we share our answers to complex questions about how to bridge the health insurance gap to Medicare, leaving money to grandchildren, and formalizing your charitable giving.
Every financial strategy has a purpose. That's why it was created in the first place. What happens when a strategy that was once very helpful isn't necessary anymore? Life does change and it makes sense that the way you manage your money changes as well. In this episode, we share when you might not want to keep life insurance anymore and what happens when market losses scare you a lot more than they once did.
Once you get to a certain age, your thoughts turn from accumulating wealth to preserving it and generating income from it. There are ways to do this inside your investment portfolio. However, the strategy that many people choose to use is insurance. In this episode, we share questions about the need for life insurance in retirement to protecting a lifetime of accumulated wealth.
The start of 2022 has seen some fireworks for the market. That's not surprising considering crushing inflation, the pending rise of interest rates, political turmoil at home and around the world, and continued shortages of good and labor pressing down on the economy. In times like this, it's not uncommon we get questions about investing in gold. Is it still a good hedge against rising inflation? We also look at changes you might consider in your portfolio to prepare for rising interest rates. Finally, we examine the tax implications of receiving a large gift of cash from a family member.
Of all the investment opportunities you might consider, one that's probably high on your list is real estate. Owning a rent house, office building, condo, or even an entire city block has long been a way to generate income and wealth. However, being a landlord also comes with risks. Another way to enjoy the benefits of investing in real estate while limiting liability is a Real Estate Investment Trust, or REIT. In this episode, we discuss the pros and cons of investing in REITs. We also share why dealing with Social Security and Medicare may cause more of a headache than you think.
The most important job you and your assets will have in retirement is generating enough income to fund your desired lifestyle. While you're generating income, you'll also be generating taxes. While it might be impossible to completely eliminate taxes in retirement, there are simple strategies you can use to lower your tax burden. In this episode, we share a few of those strategies to help you keep more money in your pocket.
Should you invest in cryptocurrency? How much gold should you own? Is it better to own rental properties or flip houses? Is options trading something you should be doing? These are all tempting questions to ask; however, they don't really address the real issue. Preparing for retirement comes down to one simple question - what do you need to do to avoid running out of money? In this episode, we share other simple questions you should be asking to make sure you are best prepared to retire. We also discuss the real value a financial advisor can add to your portfolio.
We are officially in 2022! A new year causes us to look back and see how far we’ve come. It also brings new possibilities and opportunities, and gives you another chance to take more steps toward your big, hairy, audacious goals. In this episode, we recap the big financial headlines that defined 2021, focus on the year ahead and what we might expect in 2022, and provide you inspiration to chase big goals and dreams!
The end of the year can be intense. You're preparing for the biggest holidays of the year. You're also thinking about the key projects you need to finish before the calendar changes to another year. A lot of the stress comes from dealing with financial matters. Decisions need to be made. Goals need to be set. And the clock is ticking. In this episode, we share 10 surefire tax tips to end the year, a business owner's checklist, and the outlook for inflation as we head into 2022.
There is one incontrovertible truth about life and that is, it changes. Sometimes change is good, sometimes it's bad. Regardless, change forces us to be flexible and adaptable. This is certainly true for your financial plan. In this episode, we examine how a key retirement spending rule has changed, a new tax law that could change how you leave money to your family, how to handle a career change, and why a change of attitude may be exactly what you need to succeed.
As a wealth building asset, real estate checks many boxes. Income production. Appreciation in value. Potential hedge against stock market volatility. Tax shelter. Legacy planning tool. In this episode, we visit with special guest Carol Hefner, VP at Cedars Commercial Real Estate and Development in Oklahoma City, to discuss the benefits and pitfalls of investing in real estate. Carol also shares her insights and advice on how to work with your family to create wealth and pass on your values to your heirs.
As we near the end of another year, it's a great time to review the financial moves you can still make by December 31 to improve your financial situation. It's also a great time to consider how you your retirement assets are positioned for the future. In this episode, we share some of the key tax moves you can still make before year end, how to take advantage of open enrollment period, some major changes coming to Medicare in 2022, and when the next recession might happen.
It's November and while our thoughts naturally turn to the holiday season, we must also never forget Veteran's Day. The women and men throughout history that have served our nation faithfully deserve our thanks and respect. They also deserve to know the unique financial benefits available to them. In this episode, we visit with our special guest Joe Bryant, founder of Ultrathin Ribbons and Medals and a veteran of the U.S. Air Force. Joe shares his amazing experiences as a veteran and his insights into the many benefits that veterans can take advantage of as they transition into retirement.
As we near the end of 2021, it's only natural to begin thinking about the year to come. What are the key factors and trends that will influence the future of the market and economy in he United States and around the world? Wil we see a recession in 2022? Why will women dictate the direction of the market? Could the next few years see the most active period for Roth conversions we've seen in a while? Why could proper estate planning be more important now than ever before?
It's complicated enough passing on easy to value assets like retirement accounts, precious metals, houses, and the like to your heirs. What about harder to value and more complex assets like family farms and mineral rights? There are right and wrong ways to pass on these valuable assets to your loved ones. In this episode, we visit with estate planning attorney Richard Winblad to discuss key things you should consider when leaving farms and minerals in your estate plan. Plus, examine how to structure a mineral lease or sale when one comes your way.
The financial decisions you make up until retirement are largely been about how to manage your 401(k) and your budget. However, in retirement, the number and complexity of decisions and questions increases dramatically. When should you apply for Social Security? Which expenses will Medicare cover, and which will it not? Should you keep your life insurance or drop it and get long term care insurance instead? How should your portfolio change? Will you run out of money? Not just any financial advisor will do in retirement. You need one that has experience with your needs in retirement. You need a RETIREMENT advisor. In this episode, we reveal the key questions you should ask when hiring a retirement advisor.
It's said that the only guarantees in life are death and taxes. Change is another guarantee. Life is ever-changing and the decisions you make need to adapt to these changes. This means the plans you make need to adapt as well. In this episode, we share examples of how we help our clients' financial plans adapt and change as their lives change.
When you become a Millionaire, more opportunities to grow your wealth will come your way. Of course, becoming a Millionaire can also present more challenges. It's just a fact of life that as your wealth grows, there are more things you have to handle. Protecting your wealth, minimizing taxes, managing cash flow, leaving a legacy, and analyzing new investment opportunities are all part of being a Millionaire. In this episode, to give you some ideas for handling your wealth, we share stories of real clients we have helped do the same.
We get questions from everywhere. Listeners of our radio show and podcast. Viewers of our television show. Guests in our educational courses and webinars. The lion's share of questions come from our clients. This week's episode features real questions from real clients. How should I handle an inheritance to be more tax efficient? Why did my Medicare premiums increase? Why could now be a good time for a Roth conversion? What's the benefit in delaying my Social Security? Plus, how your garage could be the key to entering the rental real estate business.
The current state of our world has millions of people on edge. If you're feeling a little out of sorts, you definitely are not alone. You've likely heard family and friends describe feeling unhappy, anxious, or afraid. It feels as though you have no control over anything. It's at times like these that you do the only thing you can do - control the controllables. One thing you have total power over is your money. How to save it. How to invest it. How to spend it. In this episode, we address handling an inheritance, ideas for dealing with cash from a real estate sale, setting up an inheritance plan for grandchildren, and choosing the best option for a pension.
Investing used to be relatively simple with few options. Choose a few mutual funds, focus on growth, and let it ride. Today, we have instant access to an almost limitless amount of information. Yet, it's still difficult making good investment decisions. We've gone from having too little information and guidance to having too much, causing confusion, anxiety, and frustration. In this episode, special guest, Frank Maggiora of AssetMark, Inc., one of the largest investment management platforms in the United States, shares his thoughts and insights on how investors' options have changed, the expanding role of technology, and some of the key services wealthy families are now expecting.
What decisions would you need to make to earn the worst possible return in the stock market? That's probably not a question anyone has ever asked you, or that you have ever considered. However, it could be the key to avoiding some of the biggest mistakes investors make. It's called Inversion Thinking. If you can identify the worst decisions, you can take steps to make the opposite ones. In this episode, we share how ignoring taxes, timing the market, chasing big returns, and having a short-term focus can help you become a terrible investor...and how to do the opposite.
In this short podcast, Damon King, CFP® explores whether or not the economic recession caused by the COVID-19 pandemic is over and, if so, what evidence is there to suggest that it's true.
In this short podcast, Damon King, CFP® discusses the Securing A Strong Retirement Act that is currently being debated in the Senate and House of Representatives. If passed, the new law would have significant impacts on retirement planning, and the way you save and use your money.
When you're retired, where will you live? How much will it cost? What insurance will you need? How will your portfolio change? Will you need to update your Will or Trust? As important as these questions are, you can boil retirement planning down to two key factors - cash flow and tax efficiency. Everything you want to do in retirement will either be helped or hindered by your cash flow, and that cash flow will be taxed. If you get these two things right, most everything else falls into place. In this episode, we discuss how to decide when to claim Social Security, well known tax deductions that might be costing you more than you thought, how to supercharge your protected money into an income machine, and why now could be a great time to consider a Roth conversion.
At the start of 2021, we made two bold predictions about the market. The first was that it would continue growing through the first quarter then slow down and level out as we went through the summer. The second was that we would then see the market pick up steam entering the fourth quarter and end the year strong. In this episode, we examine how we're doing on those predictions. We also share why you might want to limit your exposure to European stocks in the short term.
People procrastinate in saving for retirement for a variety of reasons. It seems overwhelming, work gets in the way, they don't feel confident in their decision making, etc. It's different for everyone. However, a recent survey by Charles Schwab identified some common factors that cause people to procrastinate MOST in saving for retirement. In this episode, we'll reveal the key factors that might be paralyzing you from taking action to save and steps you can take to overcome them.
Whether it's reading more books, watching less television, or simply staying out of debt, millionaires practice great wealth building habits. Something else millionaires do well is maintain their wealth after they build it. After all, it's not about what you earn, but what you keep. In this episode, we explore how millionaires preserve their wealth, including 6 ways they are using life insurance, unique tax deferral and avoidance strategies, and simple ways to reduce family fighting over their assets when they pass away.
Even if you're already well on your way to saving for retirement, you might not know exactly what it takes to get there. You are not alone. Fidelity Investments surveyed 1,200 Americans who were not yet retired, but had at least one retirement account. What they found was concerning – too many Americans have a lot of misconceptions about retirement, causing them to make poor decisions. In this episode, we share 5 retirement myths including how much you should have saved, how much you can safely spend, how the stock market performs over time, and the real impact of healthcare costs.
There are many factors that determine the direction of the economy. Interest rates. Inflation. Politics. Taxes. However, there is another factor that isn't as apparent or easy to measure. Women. Women control most of the wealth in the United States and make most of the purchasing decisions. Women aren't just part of the economy. They ARE the economy. In this episode, we explore the reasons women are better investors, the unique financial challenges women face, and how men can use their financial superpower to empower the women in their lives.
It's Summertime and the livin' may be easy, yet, the retirement questions keep on coming. In fact, we probably get more questions in the Summer than at any other time because people have more time on their hands to think and wonder. In this episode, we share more of the best questions we've received from Clients, listeners, and fans of our television series, including about Social Security, taxes on selling a home, and how to use hedging strategies in your investment portfolio.
Everyone understands that purchasing a vehicle is not difficult. It's all the expense and maintenance after the purchase that guarantees it will start every time you need it. The same could be said of your retirement plan. Just putting it into place isn't enough. It requires ongoing maintenance, and sometimes expense, to ensure it's ready to go when you are. In this episode, we share a portion of our 13 Point Wealth Management Inspection designed to help you keep your plan for retirement in tip-top shape.
One of the biggest questions we get from Clients and listeners of our show is "What are my options for protecting myself from market losses?" One way a lot of people choose to protect themselves is with an annuity. But, what type of annuity? There are many different options available, which leads to a lot of confusion, anxiety, and frustration. In this episode, we take a look at your annuity report card: Which type do you own? Is it built for protection or growth? How does it earn interest? Is it doing what you need and expect it to do?
Since the start of the COVID-19 pandemic in spring 2020, life has been challenging for everyone. However, signs of normal life are returning. Businesses reopening, travelers on airplanes, masks coming off faces. Still, there is much uncertainty. Fears of rising inflation, interest rates, and taxes have investors on edge, worried that the economic and market boom we're seeing now will fall apart. In this episode, we share some of the most common questions we've received from clients and listeners and provide some perspective on what's happening.
If you've ever traveled to Alcatraz Island, you likely came face to face with Al Capone, or at least the cell he is believed to have lived in during his incarceration. One of the most notorious gangsters in US history, Capone was engaged in many illicit and illegal enterprises. None of these took him. What ultimately did was tax evasion. Yes, it took the IRS to take down Scarface. However, while tax evasion is illegal, tax avoidance and reduction is not. In fact, our voluminous tax code encourages it. All you need to know is how to use it. In this episode, we share why Warren Buffett's tax rate is probably lower than yours, why you should avoid that big tax refund each year, and why the plan for spending your money could be more important than your plan for saving it.
Think about all the services you rely on to get things done. Auto repair, restaurants, doctors, hair dressers, dry cleaners. While very different, they all have one thing in common. They cater to your very specific needs. Shouldn't your financial advisor as well? In this episode, we highlight why there is no such thing as "One Size Fits All" in retirement planning.
There is no such thing as the perfect retirement plan, because there is no one alive who can plan perfectly. Everyone has made or will make a financial mistake. There is no shame in making mistakes and there are few mistakes you can make that you cannot recover from. The real key is making sure you don't repeat them. In this episode, we share some financial mistakes we've helped people recover from, Social Security myths people believe that lead them to make poor decisions, and 401(k) mistakes that can cost you thousands of dollars.
You spend most of your life saving money in an employer retirement plan like a 401(k), 403(b), 457(b), and TSP. Regardless of the numbers and letters, they all have one key thing in common - they are tax deferred retirement plans. You reduce your taxable income today and set money aside to live on later. As popular as these plans are, they can be tricky and confusing to handle. In this episode, we discuss how your 401(k) should change as you get closer to retirement, your options after you retire, and the nightmare that could be hiding inside.
When we ask someone "How prepared are you to retire?", the answer we typically hear is, "I feel like I've saved enough, but I'm not sure." Having enough money to live on is certainly key to surviving retirement. However, it's not the only key, and possibly not even the most important. Are you emotionally prepare to retire? Have you thought about how you'll spend your time? What will you do? Whom will you see and spend time with? In this episode, we share 8 questions you should ask yourself to assess your emotional readiness for retirement.
With trillions of dollars being spent by our federal government to fight COVID-19 and expectations for significant growth in demand as the economy reopens, fears of rising hyper-inflation are growing. However, how real is the threat of a major spike in inflation in 2021 and beyond? In this episode, we examine what's driving inflation fears, why it might not happen, and how you can prepare for whatever the market and economy might throw your way.
It is April, which is usually tax time. Due to the ongoing impacts of COVID 19 and winter storms, the IRS has extended the tax filing deadline for 2021. However, we still have to talk taxes, because they run through everything, everyday. There are a handful of sneaky tax traps that can kill your retirement plans you if you don’t know how they are triggered and how to fight back. In this episode, we explore how taxes and penalties can affect your Social Security benefit, what can cause your Medicare costs to skyrocket, and how inheriting wealth can leave you with an unexpected tax bill.
Did you know that 60% of retirees in the U.S. do not believe they have saved enough money for retirement? Clearly, the fear of running out of money is the #1 fear of all retirees, including you. This means you will need to tap into your most valuable and powerful superpower - generating income. In this episode, we share why income planning is so important and how to get started with your own plan. Our special guest, Vernon Walker, CPA, will share some important tax deadlines that have changed and shed some light on the taxation of unemployment benefits and COVID stimulus payments.
The US Government has spent more than $5 trillion to fight the COVID-19 virus. This is equal to 25% of our annual economic output in a year. With so much spending, fears of rampant inflation triggering rising interest rates, and the threat of higher taxes, have a lot of investors looking for alternatives. Where do you invest your money when the stock market is too risky? In this episode, we examine some alternative investments that range from totally protected to more risky that could provide a hedge against the volatility of the stock market.
If you have ever researched or thought about retirement, you have likely run across the 4% Rule. A Rule of Thumb held as iron-clad by many, the 4% Rule states that, in retirement, you should expect to withdraw 4% of your savings in order to live on interest only and preserve principal. However, is it still valid? In this episode, we explore why the 4% Rule may be outdated, why it may be difficult to live on interest alone in, and why you might want to dip into principal in retirement.
The growth of technology and information has brought the stock market within reach of anyone that wants to access it. That ease of access also has a dark side. It's far more likely you'll make a mistake and live to regret it. We've also seen a rise in identity theft and privacy issues as more information trades hands online. To protect yourself, you need to become a better investor. In this episode, we share key principles for long-term investing from JPMorgan, an alternative to investing in Initial Public Offerings (IPOs) that is gathering steam, simple ways to protect your identity online, and why you may want to buy when the market is high.
As we near Valentine's Day, many of us will be thinking of ways to show that special someone that we love them. Cards, flowers, a special night out. All are love languages we use to show we care. What about the love language of...money? We show the people we care about how much we love them by making sure they are provided for if something happens to us. In this episode, we discuss the love languages of insurance, education, and legacy planning.
It used to be that people stayed with one employer for most, if not all, of their adult lives. Pension plans were prevalent and retirement income planning seemed easier. Today, pensions have been largely replaced by 401(k) plans, which presents a new problem. We are a much more mobile and flexible society. People change jobs every few years. One of the unintended consequences of this is multiple orphaned 401(k) accounts left with old employers. In this episode, we share some of the reasons leaving an old 401(k) behind isn't a good thing, reasons why you want to take your 401(k) accounts with you, and how to do it.
Since 1995, the concept of socially responsible investing has grown exponentially. Today, it even has its own name: ESG investing. Environment, Social, and Governance investing focuses on companies whose practices and policies help improve our world. Today, $1 out of every $3 invested with professional money managers uses ESG investing, and that number will only continue to grow. In this episode, we explore in more detail what ESG investing is, some ESG funds expected to perform well in the coming years, and how you can incorporate this growing trend into your portfolio.
You've heard us say it before - the time to protect yourself is when the sun is shining. The sun is definitely shining on the market right now. With major stock indices at all time highs, it's the perfect opportunity to harvest some gains and protect a portion of your retirement nest egg. In this episode, we share what true protection is, how to use it to your advantage, and how it plays a role in helping you not run out of money.
Because there are so many chances to make a mistake in retirement planning, hiring a financial advisor for your retirement is a near necessity. Of course, recognizing that is easy. Doing it is hard. There are so many different types of "financial advisor" to choose from that it's tough knowing which is best for you. Is my advisor a fiduciary? What specialties can my advisor provide? What questions should I even be asking? In this episode, we share 7 common mistakes people make when hiring a financial advisor.
We've all been waiting for 2020 to make its exit so we can usher in 2021. It's finally happened, bringing with it renewed hope, optimism, and opportunities. In this episode, we'll share 3 financial steps you should take in the first 90 days of 2021, what has us excited for the year to come, and opportunities that will likely present themselves.
In this very special episode of It's All About the $Money, Honey!, we interview two of the most influential business and thought leaders today - Charles Payne and George Ross. Mr. Payne is the host of Making Money With Charles Payne for Fox Business and is a well-known investment and financial professional and commentator. Mr. Ross is best known as one of the lead advisors on the hit reality show, The Apprentice and served as President Donald Trump's personal coach for more than 40 years. Both gentlemen took time to share their accumulated years of wisdom, experience, and mistakes.
Long-time listeners of our show are accustomed to hearing us say "The time to protect yourself is when the sun is shining." This means the time to think about protecting a portion of your money is when the market is up and the future outlook is positive. With the market at all-time highs, that's where we find ourselves this last week of 2020. In this episode, we share what protection is and is not, why now is a great time to protect some of your money, and how protection impacts your overall income plan.
With just a few weeks left in 2020, time is running out on some of the strategies you have for lowering your tax bill for this year. As we like to say, the Tax Code taketh and giveth, so let's examine how to build your Tax Fortress – that monument to tax efficiency and only paying what you must. In this episode, we share simple steps you can take now to lower taxes on your investment accounts, how to take advantage of lower tax rates we are enjoying right now, and two key tax traps you need to know so you can try to avoid them.
The holiday season marches on and Christmas is just a few weeks away. Of course, the children of the world are excited about the arrival of Santa Claus. From an early age, we learn than there are two lists Santa uses in determining who gets what – the Nice list and the Naughty list. With a new year on the way, we wondered, will 2021 be Naughty or Nice? In this episode, we share economic perspectives from one of our top high net worth strategists, market commentary from our good friend Charles Payne with Fox Business, and how you should be positioning yourself now to withstand anything 2021 might throw at you.
Thanksgiving is almost here, which, for many of you means food, family, football, and….finances? It turns out Thanksgiving can teach us a lot about money. There are many traditions we observe and experiences we have at Thanksgiving that can apply to how you build your retirement plan. In this episode, we’ll share our favorite recipes for creating income and reducing taxes, the perfect Black Friday plan for your retirement, and how to avoid napping on the stock market.