Financial Foursight: Recent Episodes
Financial Foursight
Welcome to Financial Foursight. This podcast is hosted by four fee-only CFP Professionals to help consumers understand the financial industry. Each provides candid insights on topics that matter.
The podcast is for general information and entertainment purposes only and should not be considered investment advice. Nothing contained in this podcast constitutes tax advice, a recommendation for purchase or sale of any security, or investment advisory services. The opinions expressed by the hosts and guests are solely their own and not representative of any of their respective firms.
In this episode, the guys discuss a litany of topics but finish with some of the best thoughts that have ever been shared on a podcast episode.
They kick off the episode talking about the disconnect of the market and the real economy and why that is something that is normal.
Share a tweet of the week from @mkobach that talks about borrowing ideas from other industries to bring that cross-pollination of ideas. https://twitter.com/mkobach/status/1266108989189902336
Discuss the idea of financial advisory firms taking the PPP loan funds and the issues seen with doing that.
Finally, Colin prompts one of the rawest conversations on the podcast and what we are all feelings and seeing with the impacts of COVID-19 and the civil unrest.
On this week's episode, the guys discuss big picture investment philosophy.
Morningstar Long View: Inertia Can Actually Be A Helpful Thing: https://www.morningstar.com/podcasts/the-long-view/53
Setting the Record Straight on Asset Allocation
https://blogs.cfainstitute.org/investor/2012/02/16/setting-the-record-straight-on-asset-allocation/
In this episode Colin, Ian, and Isaiah discuss the following:
The New York Times article on where consumers are spending and where they are slashing consumption in today's market. https://www.nytimes.com/interactive/2020/04/11/business/economy/coronavirus-us-economy-spending.html
We have a lively debate on investing today: Do you continue as is? Would you put a big lump sum of money in the market? What has changed and what hasn't changed?
Finally, we discuss an article by Morgan Housel on the crisis and what will be forgotten and what will be sown into the fabric of society for years to come. https://www.collaborativefund.com/blog/wounds-heal-scars-last/
In this episode, we talk about the biggest story of recent memory, which is COVID-19. We discuss the WFH (work from home) movement going to change significantly how we all work in the future? How we all work virtually and lessons learned.
The tweet of the week is one from Ryan Holiday (@RyanHoliday) and what he has learned from Tim Ferriss (@tferriss) - https://twitter.com/RyanHoliday/status/1240345479331950592
- Batch Activities Together
- Treat Everyone Like They Can Put You On The Front Page Of The New York Times
- Unreasonable Goals Drive Accomplishment
- Get a Win Every Day
- Champion Other People’s Work
- Try New Things
- Eat Right To Feel Right
In this episode, we talk through the quickest 10% loss in stock market history. Prompting the question are markets efficient. Colin, Dwight, Ian, and Isaiah all weigh in.
The impact of the coronavirus to our lives, investing, and financial planning.
Tweet of the Week - WCI on Coronavirus https://twitter.com/WCInvestor/status/1234341853756973057?s=20
Isaiah brings up a topic that was a snarky comment from LinkedIn about Cash Value Life Insurance, and it's uses. We debate and discuss and share when it "may" make sense.
https://www.growingyournetworth.com/dont-buy-fear/
In today's episode, we discuss when to hire a tax professional and when it might make sense to do it yourself. How to think about paying for tax help and when it can be a lifesaver. Dwight dives into a lot of detail, given his CPA and tax background.
- VITA - Free Tax Prep for those that qualify through the IRS - https://www.irs.gov/individuals/free-tax-return-preparation-for-you-by-volunteers
- AARP - Free Tax Help - https://www.aarp.org/money/taxes/info-2020/get-free-tax-filing-help.html
Tweet of the Week - A friend of the podcast Dan Routh talking about an analogy for fiduciary vs. suitability. https://twitter.com/DanRouthCFP/status/1225813339705675793
Finally, we share the biggest and most avoidable tax mistakes we've seen and how best to avoid them!
In this episode, Colin, Dwight, and Ian dive into Ian’s trip and talking more in-depth about life planning and what it is and why it matters to you. How does life planning help people better align their money with their values and goals in life. Ian shares his video of the trip below.
- https://www.openworldfp.com/vlog/65-2020-01-23.html
- https://www.kinderinstitute.com/
Tweet of the Week – Kobe’s Legacy Investing or Basketball
- https://twitter.com/carlquintanilla/status/1221809757666914305
Dwight shares an article called “How to Explain Anything to Anyone Four Steps To Clearer Communication”
- https://ideas.ted.com/how-to-explain-anything-to-anyone-4-steps-to-clearer-communication/
Why having habits like investing allows you to adjust your lifestyle and compound the results you ultimately want over the longer term. How goal setting is not the way to drive change in your life regardless of the goal. You must set-up habits to help allow them to take over when motivation fails you.
We share our lists of items we’d like to accomplish in 2020 and the things we are working on personally.
http://nautil.us/blog/the-problem-with-smart-new-years-goals
https://jamesclear.com/habits-fail
Emmanuel Kant’s Perfect Formula for a dinner party with friends is the Tweet of the Week.
https://twitter.com/danielcrosby/status/1211434551303647232?s=12
An update on the SECURE ACT and the impact it may have on you and your loved ones.
In today's episode, the guys discuss a family fable and why it's important to not forget why you truly are doing things and why we often overlook those important factors. S/O to Jeremy Walter for the post. https://calibratingcapital.com/a-50-family-fable/
The Tweet of the Week - https://twitter.com/DanaSchwartzzz/status/1196130242139578370
"Here's a thing I've learned: The terrible thing about [publishing a book/getting your dream job/starting a new relationship] is you wake up the next morning and you're still you. If you're not happy where you're at, no external accomplishment is going to change that. I spent a lot of time with a "diet starts on Monday" mentality for happiness: I'll be happy/clean my room/start keeping track of my finances/start exercising as soon as....... fill in the blank of a new "fresh start" accomplishment. I wasted a lot of time."
Finally, we discuss investing and why capital gains are so important and it's what you keep not what you earn. Ensure you know what you own and why you own it. ETFs are on average much more tax-efficient in non-retirement accounts. https://twitter.com/IDFinancial/status/1194747644477878273
On this episode, Colin, Dwight, Ian, and Isaiah discuss the following
Colin's recent video on asking a financial advisor for client referrals when doing due diligence.
Colin's Post - https://twitter.com/advizewealth/status/1190265474153623552?s=20
Daily Routines of famous creatives over time - https://twitter.com/danielcrosby/status/1193890527512543232 & https://podio.com/site/creative-routines
Finally, tying in how Thanksgiving and how it applies to financial behaviors and planning from all four hosts.
In today's show we chat on an article looking at why people are refinancing mortgages with the yield curve inversion.
https://blairbellecurve.com/yield-curve-inversion-in-the-mortgage-market/
The Tweet of the Week: https://twitter.com/behaviorgap/status/1164671595522056192
The flawed investment measure that is commonly shown is from the Dalbar study. We discuss a recent article and others discussing the issues with how the data is the presented.
https://www.advisorperspectives.com/articles/2014/06/17/a-simple-explanation-for-dalbar-s-misleading-results
Podcast reference about Josh Brown ://open.spotify.com/episode/2QwBy6RJNpMHPKNjs26HQw
The Dalbar study in the JP Morgan Guide to the Markets ://am.jpmorgan.com/us/en/asset-management/gim/adv/insights/guide-to-the-markets
More Dalbar Articles: https://thefinancebuff.com/dalbar-study-overstates-investors-bad-timing.html & https://jasonzweig.com/just-how-dumb-are-investors/
On today's show, Colin, Dwight, Ian, and Isaiah discuss why finding meaningful work is so important to our generation. What is passive income and how to grow your personal income? Finally, they all discuss the annoying sometimes true aspects of the financial services industry,
Links:
https://moretothat.com/pointless-job/
https://www.amazon.com/Start-Why-Leaders-Inspire-Everyone/dp/1591842808/ref=tmm_hrd_swatch_0?_encoding=UTF8&qid=&sr=
In this episode, Dwight, Ian, and Isaiah discuss the following:
The shift of fee models in the financial advice world and why that’s a good thing. The profession is moving from just sales. The idea of being a specialist as well.
Tweet of the Week: The problem with social media trolls and direct messaging nasty-grams. Do better!
Finally, why choosing a financial advisor based on an awards list is often not the wisest choice. Ensure you understand how these awards are given, and the inheritant conflicts in how they are awarded.
On today's show, Colin, Dwight, Ian, and Isaiah all share their biggest personal financial mistakes in hopes you can learn from their errors.
Colin's - Learned about being a 1099 employee that doesn't pay quarterly taxes...OUCH!
Dwight's - Buying a motorcycle with a credit card
Ian's - Using a portion of an inheritance to buy a new car. Joining a network marketing company.
Isaiah's - Investing by buying a story stock, without having any "true" knowledge on the company or why you should buy it.
Connect with us on Twitter
Colin -https://twitter.com/advizewealth
Dwight -https://twitter.com/WindingTrailFin
Ian -https://twitter.com/IanHBloom
Isaiah - https://twitter.com/IDFinancial
In this episode, Colin, Dwight, Ian, and Isaiah are all together to chat on the topic of The American Dream per an article that Dwight found.
https://www.wsj.com/articles/your-parents-financial-advice-is-kind-of-wrong-11568367000
Tweet of The Week: https://twitter.com/Wealth_Theory/status/1166210963277848576
The final topic is one on the high cost of living areas vs. lower cost better know as "Location Arbitrage."
https://www.kitces.com/blog/weekend-reading-for-financial-planners-sep-14-15-2/?utm_source=rss&utm_medium=rss&utm_campaign=weekend-reading-for-financial-planners-sep-14-15-2&utm_source=Nerd%E2%80%99s+Eye+View+%7C+Kitces.com&utm_campaign=3e2e13e3df-NEV_MAILCHIMP_LIST&utm_medium=email&utm_term=0_4c81298299-3e2e13e3df-57259798
In today's episode we tackle Long Term Care (LTC) Insurance and the big misunderstanding that are associated with the products. The advances and changes to what's in the marketplace. Why it's important whether it's for you or a family member. The actual amount of most US retirees will spend on LTC. The issues with relying on Medicaid to provide care.
- https://www.ltctree.com/activities-of-daily-living-and-long-term-care-insurance/
- https://www.genworth.com/aging-and-you/finances/cost-of-care.html
- http://coulsonelderlaw.com/understanding-medicaid-lookback-transfer-penalty-rules/
Isaiah's Tweet of the Week - https://twitter.com/danielcrosby/status/1157024372160380928
Finally, Colin brings up a great point on insurance commissions that sparks a debate on how and where those funds should go.
In today's episode we chat on a piece from Ben Carlson https://awealthofcommonsense.com/2019/08/this-is-what-happens-as-societies-become-wealthier/
Tweet of the Week - https://bpsandpieces.com/2019/07/03/portfolio-appendectomy/
S&P 500 Returns have crushed everything and why the last ten years are not indicative of the past.
What's been the last performer in the last 20 years? The answer will surprises you.
On Today's show we discuss an article that talks about the "resulting" and the issues that are associated with that thinking.
https://www.forbes.com/sites/ryanfrailich/2019/01/25/how-resulting-impacts-your-personal-finances/#3cbb25733ee5
We also discuss a better way to buy a car and how to remove the emotion and poor judgement we all have or will make.
https://twitter.com/KaliRoberge/status/1153310198012022786
https://momanddadmoney.com/how-to-negotiate-with-the-dealers/
On today's show we talk about what does the alphabet soup of financial designations mean?
CFP®, CFA®, CPA, CPWA, and CDFA + the 100's of others...
https://www.finra.org/investors/highlights/3-things-know-about-financial-designations
https://www.finra.org/investors/professional-designations
https://www.wsj.com/articles/SB10001424052748703927504575540582361440848
CPA: https://www.finra.org/investors/professional-designations/cpa
CFA: https://www.finra.org/investors/professional-designations/cfa
CFP®: https://www.finra.org/investors/professional-designations/cfp
CDFA: https://www.finra.org/investors/professional-designations/cdfa
NAPFA Consumer Resources: https://www.napfa.org/financial-planning/consumer-resources
TR401 Tweet https://twitter.com/TR401/status/1150766858846556161
Alex Chalekian Tweet - https://twitter.com/AlexChalekian/status/1150456972883329025
On today's show we discuss
How you were raised, how money was treated in your family, and your parent's job affect how you view your finances.
Article Link: https://www.forbes.com/sites/riankadorsainvil/2019/06/28/why-we-cant-talk-about-money-without-talking-about-culture/#5b1cf3dd5e8d
Isaiah's Podcast Recommendation Financial Education for Family's: https://podcasts.apple.com/us/podcast/frazer-rice-financial-education-for-all-net-worths/id1331238711?i=1000430137877
The issues with our connected lives and Facebook's challenges.
AP Report out that 25% of American's don't plan to retire. We discuss the absurdity the people who are thinking this way.
Article Link: https://finance.yahoo.com/news/poll-1-4-dont-plan-121750754.html
On today's show we talk about the MarketWatch article about by driving a older car you are on the "road to riches"
Article Link
https://twitter.com/beyondfinances/status/1140665525556645897
Tweet of the Week
Colin brings up a question he continues to hear which is, "I need to diversify my income sources." We discuss why and how this makes sense and when it doesn't.
On today's show Ian shares an articles from fellow XYPN member David Rae: Money and Happiness & from Nature: Happiness, income satiation and turning points around the world
https://www.forbes.com/sites/davidrae/2019/06/10/lgbt-community-happy/#37cc3ebf5fa8
https://www.nature.com/articles/s41562-017-0277-0
Isaiah's Tweet of the Week - You are taking the Stairs Tim Ferriss & Julie Rice
The boring big news out from the Security and Exchange Committee's Regulation Best Interest - Why it matters and a simplified breakdown. Reference article https://www.financial-planning.com/opinion/the-secs-regulation-best-interest-and-new-form-crs-are-disappointing-even-shocking
Check to see if you work with a Broker https://brokercheck.finra.org/
Blog Article Explaining some key difference https://www.growingyournetworth.com/is-financial-advice-an-asset-or-liability-part-1-whats-your-title/
Colin and Ian talked about this trip to FPA NextGEN and the future of financial planning. What they've learn and how the industry of financial advice is changing.
Dwight's tweet of the week going meta with the talking about, " What we die from, what we worry about dieing from and what the media tells us we die from. "
Link: https://twitter.com/iand/status/1134113358758776832
Isaiah talks about a recent article from Rick Ferri talking about his experience "Free" Retirement Dinner and the financial salesperson hosting the meal and presentation.
Annuity Sales Statistics "64.8% of total sales last year were sold into retirement plans". :
http://www.irionline.org/research/research-detail-view/iri-issues-2018-fourth-quarter-annuity-sales-report
In this episode we chat about when does holding more cash make sense? When is it a poor decision? Did you know that the best performing asset class in 2018 was cash?
Tweet of the Week: Dr. Daniel Crosby's crack at trying to decipher the fundamental building blocks of good investor behavior.
- Accept Responsibility
- Embrace Pain
- Develop Patience
- Welcome Uncertainty
- Relish Simplicity
- Measure by Purpose
Why do employer benefits get so overlooked by financial advisors? The items to look for and think about when digging into your employee benefits at work.
Disability Blog Post: https://www.growingyournetworth.com/six-critical-features-of-a-rock-solid-disability-policy/
For all episode show notes visit: https://coverweg1.wixsite.com/financialfoursight/articles
In this episode we discuss is buying a home better than renting? Is a house an investment? Why we all three own homes.
https://www.usatoday.com/story/money/columnist/2018/03/04/hear-you-but-your-home-still-lousy-investment/388540002/
https://twitter.com/charliebilello/status/1102316373500407808
https://www.businessinsider.com/reasons-not-to-buy-a-home-financial-planner-2018-7
https://www.businessinsider.com/cost-to-buy-a-house-in-every-state-ranked-2018-8
Tweet of the Week: Financial Literacy and Money Spent - https://twitter.com/ReformedBroker/status/1127565807553216519
Bitcoin is rising again, are Cryptoassets worth owning? Why Colin owns it and when he bought.
Our suggestion for the best follow on Twitter for an honest take on Crypto - Tyrone Ross - https://twitter.com/TR401
For all episode show notes visit: https://coverweg1.wixsite.com/financialfoursight/articles
Warning: Game of Thrones Spoiler mentioned
On this week's show we talk about:
Uber's IPO and IPO's in general. Why they often aren't a purchase worth making. The challenges of investing at the IPO and more.
Resources: https://awealthofcommonsense.com/2017/03/the-downfall-of-the-popular-ipo/ &
https://www.investopedia.com/ask/answer/12/ipo-lockup-period.asp
Tweet of the Week: https://twitter.com/justglew/status/1104648009415966721?s=12
Schwab's Modern Wealth Survey: https://www.bloomberg.com/news/articles/2019-05-13/how-much-money-do-you-need-to-be-wealthy-in-america
Resources Referenced: Sudden Wealth - Susan Bradley
We chat about the following
- Investing at all-time highs
- Why the investment news is not a positive for your investment allocation
- The boring nature of an asset allocation portfolio
- Is there differences from Financial Freedom & Financial Independence?
- Why Schwab's new offering is good for advisors and consumers
Show Notes at https://coverweg1.wixsite.com/financialfoursight
Tweet of the week article
https://www.physicianonfire.com/financial-independence-versus-financial-freedom/
Colin’s shameless plug to video blog about investing during market highs
https://www.youtube.com/watch?v=cmZO369ITfc
Tired of boring financial podcasts? So were we...so we decided to have a little fun and create something that provides content that someone can learn from and still enjoy.
Take a listen and let us know your thoughts at financialfoursight@gmail.com or check out https://coverweg1.wixsite.com/financialfoursight
To follow us on Twitter:
Ian Bloom - https://twitter.com/IanHBloom
Dwight Dettloff - https://twitter.com/WindingTrailFin
Isaiah Douglass - https://twitter.com/IDFinancial
Colin Overweg - https://twitter.com/advizewealth