The Prosperity Gap Podcast: Recent Episodes
Dave Hall
We teach you how to bridge the financial gap in your life and better prepare you for retirement. Season one was 30 episodes all about Financial Literacy. Well, season two is all about taking it to the next level with retirement. As we talk to others, we realize that over 70% of Americans have not prepared themselves for retirement, and of those who have, 68% assume they're gonna run out of money before they die. Are you ready to bridge the financial gap in your life? Let's go!
With age comes mental decline. Because of this, retired folks are preyed on more by financial scammers than any other age group.
Support the show (https://retirementriskadvisors.com)
Retirees find themselves helping family—children, grandchildren, and even their own parents as life expectancy increases. Well-planned retirement plans should take into consideration the chance of having to help family.
Support the show (https://retirementriskadvisors.com)
Health Care Needs
In retirement, folks typically spend $250,000-300,000 alone in medical expenses With scientific advances being made every day, life expectancy increases. Statistically speaking, the longer one lives, the more of a chance they are to experience medical needs—unpredictable and expected.
Support the show (https://retirementriskadvisors.com)
Public policy has a huge impact on programs such as Social Security, Medicare, and Medicaid. If major changes are made within these public policies it could cause an increase in taxes, reduction in benefits. Uncertainty is detrimental to a safe and secure retirement.
Support the show (https://retirementriskadvisors.com)
It is not secret that the Covid-19 pandemic has affected the economic climate and financial health of our world. Recovering from it will take many years. A lot of folks took advantage of the CARES Act early distribution relaxation to offset financial downturn.
Support the show (https://retirementriskadvisors.com)
Retirees often only have a 401(k) as their investment vehicle in their portfolio, especially if they do not meet with an advisor to determine other options. Knowing the risks and how the ball is majorly in your own court will help you save for a secure retirement.
Support the show (https://retirementriskadvisors.com)
Reverse mortgage allows for extra funds in retirement. This could be as a means to have for living or use for emergency or to supplement a loss with an economic downturn in retirement savings.
Support the show (https://retirementriskadvisors.com)
Retirement is a new chapter of life. Going from an era of structure, be it from work or raising a family, to an era of almost zero structure is a gigantic life adjustment. It is important to tend to your retirement portfolio and your mental portfolio just the same.
Interesting Fact: 1 in 5 retirees experience poor mental health; 2 of 5 in care homes experience depression/poor mental health
Support the show (https://retirementriskadvisors.com)
Inflation is thought of in retirement planning, but most retirees do not consider how it will continue to increase even throughout their retirement. They say there is no rest for the wicked! For example, based on life expectancy, someone retiring between 65-70 should plan to life on average another 20 years. Assuming a rate of 3%, daily costs of living could potentially double within 20-24 years.
Support the show (https://retirementriskadvisors.com)
Debunking the Top 5 Annuity Myths
Support the show (https://retirementriskadvisors.com)
In this episode of the podcast we are digging deep. We are going to talk about the fears in retirement and how to be prepared. There can be a lot of fear when discussing retirement and we are breaking this down on a very a personal level.
If you are not prepared it can cause problems, so it is all about putting a plan together and avoid the pitfalls that came in retirement.
It is about having an enjoyable retirement.
Support the show (https://retirementriskadvisors.com)
Medicare mistakes 9-16. Helping you avoid these mistakes before retirement.
Support the show (https://retirementriskadvisors.com)
Dave covers 8 out of the 16 most costly mistakes when it comes to Medicare.
Support the show (https://retirementriskadvisors.com)
Qualified Longevity Annuity Contracts - (QLAC) is a type of deferred annuity funded with an investment from a qualified retirement plan or an individual retirement account.
Support the show (https://retirementriskadvisors.com)
It's time to really understand the importance of your Social Security in retirement.
Support the show (https://cpaacademy.org)
Dave breaks down the highlights of the Secure Act 2.0
Support the show (https://retirementriskadvisors.com)
Dave shares 10 tips on helping your retirement money last longer
Support the show (https://retirementriskadvisors.com)
Dave breaks down how you can transfer from a traditional retirement account to an HSA
Support the show (https://retirementriskadvisors.com)
The best of the best with Dave Hall. Dave answers retirement questions.
Support the show (https://retirementriskadvisors.com)
Dave Hall breaks down the US financial situation and tax rate risk facing you in retirement.
Support the show (https://retirementriskadvisors.com)
Dave Hall and Podcast Producer CR Thelin talk about "Retirement Statistics" and how to fix the issues we are constantly facing.
Support the show (https://retirementriskadvisors.com)
Dave Hall and Podcast Producer CR Thelin talk about "Retirement Statistics" and how to fix the issues we are constantly facing.
"More than 22% of Americans had less than $5,000 saved for retirement and 15% had no retirement savings."
Support the show (https://retirementriskadvisors.com)
Back Door Roth Conversions and Mega Back Door Roths
Roth IRAs are becoming more popular , but some people do not qualify to contribute in to these accounts....But there is a work around and that is what I am going to talk about today.
1- Back Door Roth IRA - What you have to do to make this happen.
2- Mega Back Door Roth Conversion - Yes, there is another opportunity to get even more money into a Roth account.
Support the show (https://retirementriskadvisors.com)
When we look at our 401k plans, there's a lot of things we understand. Most of us understand the limits that go into those. But what we don't understand is how a lot of the inner workings of a 401(k). Today I'm going to cover various aspects of these 401 K's to help you better understand some of the things that you could do to maximize your benefit from these plans.
First one I want to talk about here is the employee Your contribution, most companies are going to have some type of contribution that the employer is going to put in on your behalf. Some of them are 100% of a percentage of revenue, some or maybe 50% of a percentage or revenue for a given percentage....
Support the show (https://retirementriskadvisors.com)
Want to retire early? 4 things to look into
Number one - If you already have 35 high years of earnings that you can use for yourself security benefits. Many people wait to retire because they want to be able to maximize their Social Security benefit...
Number two - If you are in a situation where you need to do large Roth conversions, because you've got too much money in your tax deferred bucket, and you would like to get those done before it increases your Medicare premiums...
Number three - If you are willing to contemplate a reverse mortgage, I do teach classes on reverse mortgages, I do believe that for a right segment of the population, they can be a great thing....
Number Four - For those of you who may be in a health position, that you want to have a few good years that you can go out and travel and do things with yourself friends or spouse.
Support the show (https://retirementriskadvisors.com)
There's three main areas that I have concerns with when I talk to people on a daily basis.
I see that many of them are not concerned at all but if it were to happen it would have a major impact on future retirement.
I want to talk about each of those and what we can do to help prepare ourselves if these events were to happen.
The first one is the stock market
The second one is current spending by the government
The third one is tax rates
Support the show (https://retirementriskadvisors.com)
Dave spends this episode talking from the heart after the loss of his brother. He talks about retirement, planning and things we need to do to help make sure the loved ones we leave behind are taken care of.
Support the show (https://retirementriskadvisors.com)
Dave hall breaks down a Social Security article, "Three great reasons to take Social Security benefits at age 62". Find out which two are true and what item is a lie.
You know that the right time for most people to take their social security benefits is at age 70. Not for everyone, but for most people. Although most people do end up taking their benefits at age 62. It's not the right decision for them. So let's break this down.
Support the show (https://retirementriskadvisors.com)
We are talking about the three "DO" Principles on today's show.
Do the right thing
Do it at the right time
Do it with the right people (or person)
Support the show (https://retirementriskadvisors.com)
Dave Hall breaks down the changing world of retirement : Talking about some old paradigms, as they relate to how we used to work and how we used to save, especially when we go back to our parents and grandparents, and how we're doing it today and what you can do to help better prepare yourself for a safe and secure retirement.
Support the show (https://retirementriskadvisors.com)
Dave hall breaks down his must do's for a better retirement.
Support the show (https://retirementriskadvisors.com)
David M Walker Author of America in 2040: Still a Superpower? A Pathway to Success
I wanted to focus this episode on 5 recommendations he provides from a tax perspective
about the Fiscal Situation in America.
Support the show (https://retirementriskadvisors.com)
This episode is one we're going to talk about some of these mistakes we make when preparing for retirement. To start out we are talking about under estimating your life expectancy. This has become a very Big problem. For many people, we think we're going to live a lot shorter period of time than we are. Part of that could be the government's problem, government tells us that our average life expectancy is going to be somewhere around 78, or 79. And that is correct if you include infant mortality if you include accidents that happened during your working years. But once you get to retirement, those dates change, because we take all those early deaths off the table...
Support the show (https://retirementriskadvisors.com)
As we look forward to our future retirement, what we find is that we're looking at one of the longest self imposed periods of unemployment that we will ever have in our lifetime.
Today I want to do is go through 10 questions that you should ask yourself to test how ready you are for retirement. And if you're heading down the right path to get you to a safe and secure retirement.
Number 1 - Are you struggling to pay current bills?
Number 2 - Do you have high levels of debt?
Number 3 - Have you put together a plan for future major expenses?
Number 4 - Do you know what your Social Security benefit will be?
Number 5 - Do you have a current monthly financial plan?
Number 6- Do you have a long term financial plan?
Number 7 - Have you taken into consideration inflation?
Number 8 - Have you considered the cost of medical care?
Number 9 - Are you maximizing your investment dollars
Number 10 - What will you do with your time now this is not a financial question?
Support the show (https://retirementriskadvisors.com)
As you get into retirement and the years leading up to it, it is very important that you start protecting a portion of your assets. Start getting those put aside so that you know that as you get into retirement, you're going to have a set amount of money coming from these asset. If the market tanks, if you've got sequence of return issues, you're not going to end up losing all those assets you work so hard for during your working years. There is a mathematical calculation that many advisors use. I will talk about this in todays episode. Then I will talk about the benefits that come from these principal protection products that I like to use in my planning.
Support the show (https://retirementriskadvisors.com)
When we talk about life insurance retirement plan, it is something that we want to last forever, I would never recommend for anyone to get into a life insurance policy for a short period of time, because it's going to turn out to be a very bad investment.
Many people will look at life insurance retirement plans and say, Hey, they're too expensive, you should never put these plants together, there are better options. But when we look at it for what it is, if we look at it as something that we're going to have for the rest of our lifetime, what we find is that we can get them into a fee structure that will work. But before we get into those details, let me talk about some great things that life insurance retirement plan offers....
Support the show (https://retirementriskadvisors.com)
10 Retirement Tips To Help You On Your FIRE Journey
Support the show (https://retirementriskadvisors.com)
In Episode 38 Dave Hall is joined by Producer CR Thelin for a 30 minute conversation about what it takes to get ready for retirement. The question asked, "Am I ready for retirement?" We are all on a different journey to retirement, but the short answer to this question is, "Yes". You are ready for retirement. You just have to start.
Don't rely on social security alone to get you through, or your 401(k) from work. It takes much more than that. In fact if you really want to get ready you to need to make sure you are following the 3 bucket system. #retirement #401k #socialsecurity
Support the show (https://retirementriskadvisors.com)
Dave Hall shares his favorite Christmas stories that have been a big part of his life. Since Episode 37 airs on Christmas Day, it is only appropriate to rethink and prepare as we look to the new year.
Support the show (https://retirementriskadvisors.com)
Dave Hall answers several questions all about social security, medicare and reverse mortgage. CR Thelin Producer joins the show.
Support the show (https://retirementriskadvisors.com)
I have received several requests from many of you regarding bad or incorrect information found online about retirement. So I have decided to tackle some of these issues head on in my recent podcast. "Debunk Week"
To start I wanted to break down the article from the Financial Samurai entitled, "Disadvantages of a Roth IRA".
There are a lot of great resources for financial information and my job is to make sure you get the best advice for you and your retirement.
Support the show (https://retirementriskadvisors.com)
If you were to look at the retirement plans of most Americans, what you would find is that 95% of them are out of balance. 95% of these plans have the majority of their assets in the tax deferred bucket, which means the majority of their retirement is subject to tax rate risk. with federal spending skyrocketing and more baby boomers coming on to Social Security and Medicare each day.
All we have to do is look at the math to realize taxes cannot stay where they are today. And America be able to continue to meet their debts and obligations. Which is why I believe if you are one of the 95% of Americans who has their retirement assets and traditional tax deferred accounts like 401 Ks and traditional IRAs, you're overdue for a rebalancing of your assets. And the power of zero paradigm retirement planning is as simple as the three bucket system, the taxable bucket, the tax deferred bucket and the tax free bucket.
Very few people have the right amount of money in their taxable bucket, the rich, they almost always overfunded and the poor, well, they almost always underfunded, the bucket should be filled with liquid assets you can use to bail yourself out in case of an emergency. the appropriate amount you should have in this bucket when you reach retirement is about six months of basic living expenses.
Support the show (https://retirementriskadvisors.com)
I want to talk about five things that I believe we all should be grateful for as we approach retirement.
The number one thing on my list for things that I believe we should all be thankful for, especially as we approach retirement, is the Social Security program. It may seem strange that I'm thankful for a government program, but when you look at it, it’s been able to give a much better life to retirees, and it has been helping them live a more safe and secure life.
The program was brought about back in 1935 by Franklin Delano Roosevelt, and it was set up for two main purposes. The first one was to be an insurance against living too long as average life expectancy at that time was only 62, and you couldn't start getting benefits until age 65. The other one was to help alleviate poverty in retirement. At that time, about 50% of retirees were living below the poverty level, and so they put the program in place to hopefully help those individuals have a much better life....
Support the show (https://retirementriskadvisors.com)
Proposed Tax Changes by Joe Biden
Everything i'm talking about is a proposed change, it has not yet happened and some or all of it may never happen. Second, we don't have all the details on how some of the proposed changes will actually work.
Support the show (https://retirementriskadvisors.com)
A self directed Roth IRA is a retirement plan that allows for alternative investments for your retirement savings. Although this type of retirement plan has been around for decades, they've struggled to gain popularity. There are many reasons for this, but the biggest one is because the big brokerage firms that spend billions of dollars marketing retirement investments have nothing to gain.
If you decide you want to do a self directed Roth IRA, self directed retirement accounts do come in various shapes and sizes. But I'm only talking about the self directed Roth IRA. I'm a strong believer that tax rates will have to be higher in the future, or the government will not be able to meet all of their liabilities. Therefore, it's in the best interest of most Americans to pay the taxes. Now, while we have historically low tax rate, rather than waiting until a time in the future, when tax rates could be double, and create major havoc on your retirement plan, it's important to know that self directed Roth IRAs are not for everyone.
Support the show (https://retirementriskadvisors.com)
I know so many of you are having issues with your retirement plans. I have decided that I'm going to be talking about why I believe you should get a prosperity advisor involved with your retirement.
Support the show (https://retirementriskadvisors.com)
The longer your retirement lasts, the more risk your retirement will face. We call this situation longevity risk.
longevity risk is any potential risks attached to the increased life expectancy of an individual.
Life is full of fears. But there's one that is outpacing any other when it comes to retirees. And that is the fear they're going to live too long. It was only a couple of years ago that their three greatest fears were death, taxes and public speaking. So why did things change? The reason is because of longevity. Retirees are realizing retirements going to be much longer than what they had originally prepared for. It's not uncommon for retirement to now last up to 35 or 40 years. As a result, 68% of retirees are afraid they're going to run out of money before they run out of retirement. And when a retiree runs out of money, it creates major issues.
Support the show (https://retirementriskadvisors.com)
If there's a retirement product out there that has gotten a bad rap because of unmet expectations, it's the reverse mortgage. Therefore, it's my plan to help you better understand what you can expect from a reverse mortgage, so you can make a better decision on whether or not a reverse mortgage is the right product for your retirement.
When you hear the word reverse mortgage, what comes to your mind? For many of you, it may be the thoughts that it's just a program created to steal your home. And then for others, you might be thinking how grateful you are for your reverse mortgage, because it has helped you have a more safe and secure retirement.
Support the show (https://retirementriskadvisors.com)
In this episode I am going to be talking about rental real estate, and the top 5 reasons why I believe you should not own rental real estate in retirement if you're trying to get to a tax free and risk free retirement. And I will end the show today by sharing my best recommendation if you decide to go against everything I tell you today, and invest in rental real estate anyway.
Support the show (https://retirementriskadvisors.com)
This week I'll be talking about the last five scams on my list. It's important to understand some of the top internet scams that exist. So hopefully you can keep yourself safe and secure.
The most popular scam of them all is what is called phishing. Now this isn't the type you do with your grandkids out of the lake, but it's called phishing starting with a ph because it resembles the other type of fishing you do with a rod and reel. Essentially fishing is cybercriminals reaching out to you in hopes that they can get you to disclose or give them access to your information...
Support the show (https://retirementriskadvisors.com)
Part 1 - The Top 10 Elderly Fraud Scams and How to Avoid Them
Every one of us here on the show is susceptible of being taken advantage of by con artists. But as we age the problem is magnified. Over the next two podcasts I'll be talking about the top 10 elder scams that exist.
Let's take a minute to talk about why scamming the elderly has become so popular. The biggest reason is because those doing the scanning have found the older segment of our population is an easy target. What these con artists have found is that they can easily manipulate this segment of the population because many of the elderly are lonely, and they're not as mentally sharp as they used to be. Both of these two weaknesses can be easily exploited by someone who does not have your best interest in mind.
Support the show (https://retirementriskadvisors.com)
What is rule 72(t) rule 72(t) is a section of the IRS code that allows for penalty free withdrawals from your traditional retirement account prior to age 59 and a half.
This means that those who are wanting to retire early or who want more freedom to transition assets out of their tax deferred bucket into their tax free bucket prior to age 59 and a half can do it without having to pay the IRS the normal 10% early withdrawal penalty.
But as with anything the IRS offers, there's a number of rules and regulations one should know before they take the plunge and start taking advantage of the loss surrounding the 72(t).
I'll be covering the top 10 things you need to know about a 72(t)
Support the show (https://retirementriskadvisors.com)
Getting to a tax free and risk free retirement may be one of the toughest things you will ever have to do, but the process will be much easier if you know the rules.
I'll be sharing with you the 12 rules of a risk free retirement plan.
1- Everyone's retirement situation is different.
2 - You're not likely to be in a lower tax bracket in retirement.
3 - There's an ideal amount to have in the taxable and tax deferred bucket in an environment where tax rates are rising.
4 - Anything above the ideal balance in the first two buckets should be systematically moved over to the tax free bucket.
5 - Anything with the word Roth in the name is your friend.
6 - The best way to deal with long term carry bed is with a life insurance retirement plan.
7 - Social Security taxation is a big deal.
8 - You will need more than just one stream of tax free income in retirement.
9 - Know your magic number.
10 - You want to have your heavy lifting done before 2026.
11 - Never annuitize your retirement at the tax deferred bucket.
12 - It's better to have help when trying to get to the zero percent tax bracket.
Support the show (https://retirementriskadvisors.com)
I'll share with you five takeaways from the power of zero paradigm. This paradigm is based upon the belief that taxes will be higher in the future and the best way we can insulate ourselves against the time of higher taxes is to do appropriate planning now, so we can eliminate tax rate risk in the future. I will provide you with a warning though, and that is that the first few takeaways are going to seem a little depressing. But if you'll stay around until the end of the show, I promise you that you will end up with some great news at the end.
Support the show (https://retirementriskadvisors.com)
In today's show, I'm going to be answering a question that far too many retirees don't know the answer to and that question is, "What is the correct withdrawal rate for my retirement?
The question regarding withdrawal rates and retirement dates back decades. Since traditional retirement plans were brought about in the 1970s people have wanted to know how much money they could withdraw from the retirement and have it last until they passed away. In the mid 1990s, it was assumed that based on life expectancy and current returns in the market, a retiree could take around 7% per year and still be okay. But there was an individually started questioning this logic. He was a native in New York who was born in 1947. He got a Bachelor of Science degree in aeronautics and astronautics from MIT. He worked for 17 years with his family owned soft-drink-bottling franchise firm in the new New York metropolitan area. The company sold in 1987, which is when he decided to become a financial advisor. His name is William Bengen. William started using what is called the Monte Carlo method to help determine the probable outcome of people's retirement plans based upon certain withdrawal rates during the mid 1990s....
Support the show (https://retirementriskadvisors.com)
Is Social Security really going broke? The short answer is yes. Before you go tell all of your friends I told you, so. I recommend you stick around because although Social Security is going broke, it will never be broke.
Possible solutions that can be taken to make Social Security is financially sustainable for the foreseeable future.
1- Raise the amount of taxes employees and employers are contributing into the program
2- Move full retirement age from between age 66 and 67 to age 70
3- Make all W2 earnings subject to the Social Security tax
4- Change the program into a welfare program
5- Decrease the delayed retirement credits
6- Delay eligibility from 62 to 64
7- Reduce the family benefits
8- Reduce annual COLA increases
I don't know which of the changes I've talked about today, the government will choose to implement to solve the financial issues Social Security will have in the future, but they will choose one of them or a combination of them not because they want to, but because they have to in order to stabilize the program.
Hopefully now you have a better understanding of my comment from the start of the show where I said, "Social Security is going broke, but it would never be broke". It's my belief that Social security will continue to be a critical part of a well planned out retirement and that we can count on it to be there for decades to come.
Support the show (https://retirementriskadvisors.com)
David McKnight joins Dave on the podcast to talk about tax free income for life.
Our country is facing a crisis. We're essentially on an unsustainable fiscal course and every year that goes by where Congress fails to right the ship as a means the fix on the back end is going to be just even more draconian, even more aggressive and even more uncomfortable for Americans who are likely going to have to deal with the consequences of it come 2030 and beyond.
I started to really build my own story around the fiscal condition of our country and what the 78 million baby boomers can do to protect themselves from the impact of higher taxes that will invariably result from all of the debt that we're that we're in the process of accumulating....
Support the show (https://retirementriskadvisors.com)
The fiscal gap is the difference between the unrecorded liabilities, America is responsible for the expected assets the government plans to have available when these liabilities come due. These are liabilities that are not currently included on the financial statements of the government. And when you take into consideration liabilities, such as Social Security, Medicare and the national debt, the fiscal gap is almost incomprehensible...
Support the show (https://retirementriskadvisors.com)
I will be talking about state taxes. What you can do to choose the right state in retirement to help you reduce your overall tax rate risk.
When it comes to picking a place to live in retirement taxes very seldom hit the top five reasons of any published list.
In fact, the top five reasons most people choose to live where they do in retirement are the following. Number one is neighborhood safety. Retirees want to make sure they live in a place they can feel safe. They're at a point in their life. They don't need any more drama and drama often comes with many of the unsafe neighborhoods. Number two is familiarity. retirees want to live in an area they feel comfortable getting around, and this is why most retirees will choose to retire in the same place they live during most of their working years. Number three is healthcare. As we age healthcare needs increase and we all want to make sure we're getting the best care we possibly can for the health issues we're facing. Retirees will choose to live in an area where they feel comfortable that the local health system will meet their needs. And number four is access to shopping and activities. Retirement is all about getting out and enjoying your life. Therefore retirees pick areas to live in, that have the amenities they enjoy. And number five is social opportunities. We're social beings we're created to be around other people. And retirees want to be in an environment where they're surrounded by like minded individuals. This is why there's so many retirement communities build up across the country.
Support the show (https://retirementriskadvisors.com)
In this episode we are talking about Roth Conversions and what you should consider before you do a Roth Conversion.
To get to the point..do it sooner than later.
Support the show (https://retirementriskadvisors.com)
A long term care event is one of the biggest risks most people will face in retirement. You may be asking, Is this really true? And if so, why? The answer to the first question is yes, it is true. Over 70% of retirees who lived the life expectancy will be faced with some type of long term care event. Now to question number two, the reason why.
The reason so many retirees will be faced with a long term care event is because of longevity. Now, the great news is we're living longer today than our parents or even our grandparents did. But the bad news is that this longevity isn't always because we're in great health. It often is because doctors are better trained to help keep us alive, even though our quality of life might not be as good as we would like it to be.
My goal today is to help you better understand long term Care and the effects of long term care event can have on your retirement. So you can start addressing the issues now rather than waiting where it's too late, a long term care event happens when you get to a point in your life, you can no longer perform two to three of the six basic activities needed for daily living.
These six basic activities are
1. Bathing - Bathing yourself, shaving and brushing your teeth.
2. Dressing - Dressing yourself without struggling with buttons and zippers.
3. Toileting - The ability to get on and off the toilet.
4. Transferring - Being able to move from a bed to a chair or walking without any help.
5. Continence - This is the ability to control one's bladder and bowel functions.
6. Eating - Your ability to feed oneself.
If you cannot perform two to three of these tasks, you're deemed to be in need of long term care.
Now why do I say two to three of these six basic tasks because depending on what company you're working with, to try to determine your long term care need some will use two and others will use three.
Support the show (https://retirementriskadvisors.com)
Episode 12 is all about annuities. Yes, you heard me right. I did just say one of the most hated words in all of retirement.
For those of you who have had a bad experience with annuities in the past, or have misgivings towards them, I invite you to listen to the show and give me a chance to help you better understand why even many financial planners who have been against annuities for decades are finally changing their tune. And I'll give you a hint. It has a lot to do with the fact we're all living longer than our ancestors did, and that interest rates are in the toilet...
Support the show (https://retirementriskadvisors.com)
In today's show, I'm going to be talking about 10 myths that exist regarding the US national debt. Now the general theme for this podcast was derived from a video that was done by Antony Davies of Duquesne University. It was done about two and a half years ago. But be aware that this podcast has been adapted to meet the issues that we're currently facing.
Support the show (https://retirementriskadvisors.com)
We are talking about the two main risks of Social Security today. #1 is the risk of taking your social security too early and #2 is that your social security will be taxable.
In fact today we're going to focus on the second risk that faces you regarding your Social Security and that is that your social security will be taxable.
Now, when it comes to talking about Social Security tax, this is an area that many people often say why it's one of those taxes very much like an estate tax. Why do we have to pay taxes on an estate? When we paid taxes on all the income that we earned during our lifetime that created this estate? Or maybe why do I have to pay taxes on a used vehicle that I purchased when the taxes were paid when the vehicle was sold brand new to the first person who purchased the car? When we talk about social security taxation, it brings about a lot of ways people do not understand why taxes would be applied. But hopefully as we go through the podcast today, maybe you can get a better understanding of why this is the case.
Support the show (https://retirementriskadvisors.com)
We are talking about the two main risks of Social Security today. #1 is the risk of taking your social security too early and #2 is that your social security will be taxable.
In fact today we're only going to focus on one of the risks that it faces you regarding your Social Security. Next week's show will be a follow up show to address risk #2
It is very important to understand the history of Social Security.
Social Security was brought about in 1935 by President Roosevelt as part of the New Deal with America, at this time, it was a insurance against living too long. At that time, the average life expectancy was only age 62. And you could not start taking benefits until age 65. Also, at this time, we had 42 people working for every one person receiving benefits.
But if you fast forward to 2020, we see that what we've ended up with is a very expensive retirement program and instead of having 42 people working, now it's down to only having three people work for every one person receiving benefits and over the next 10 years, that number is going to drop from three down to two people working for every one person receiving benefits.
Support the show (https://retirementriskadvisors.com)
I'm here to tell you that if done correctly, life insurance can be a very important part of your retirement. And it can also be a great way to transfer assets if you want to to your beneficiaries or to some type of charity.
Well, today we're going to be talking about the life insurance retirement plan. Now what is this this is a permanent insurance policy that is put in place not net Essentially for the death benefit, although there is a death benefit available, but the primary purpose of the life insurance retirement plan is to provide tax free income during retirement, it's going to be a part of your regular income stream once you hit your retirement years.
Support the show (https://cpaacademy.org)
We're going to be talking about risks that face your retirement, I'm going to focus primarily on eight main risks.
1- Social Security Risk
2- Lack of Income Diversity Risk
3- Tax Rate Risk
4- Longevity Risk
5- Sequence of Return Risk
6- Withdrawal Rate Risk
7- Long Term Care Risk
8- Inflation Risk
So how do we solve all these risks? This is a huge laundry list of risks that are facing your retirement. Well, how do you solve These, it's by putting together a well organized plan and focusing more on getting through retirement rather than focusing on getting to retirement.
What could possibly happen to cause taxes to go up?
Here are three main things.
1- social security is one of the big ones, 2- Medicare even bigger than Social Security, and it's turning out that 3- the national debt may become bigger than any of these.
Support the show (https://retirementriskadvisors.com)
If you've been listening to any of my previous podcasts, you know that we talk about a three bucket system. Today we're going to be talking specifically about the tax free bucket.
Here is a quick review to make sure everyone understands what these three buckets are.
1st Bucket - The Taxable Bucket: This should only contain anywhere from three to six months, my recommendation is six months. Six months of income to be available for emergencies. It's liquid assets. Biggest problem with this bucket. If you have too much money inside of it, you're not going to be able to keep up with inflation. If you don't have enough money when there's a crisis, you're going to have an issue.
2nd Bucket - The Tax Deferred Bucket: and the tax deferred bucket has the majority of most people's retirement assets in it at this time. But what we want to do is make sure we adjust that bucket down to the appropriate amount. So you don't have provisional income. And so you can also get your required minimum distributions out without paying tax on those that they are under your standard deduction threshold. If you can do that, that buckets filled up correctly, and then all the other assets that we have should go into the tax free bucket.
Now, why do we want to put money into the 3rd Bucket (the Tax Free Bucket)? because we're in an environment where taxes are expected to go up, in fact, we know right now, the data set at January 1 2026. And I get a lot of kickback from other people saying if administration's change in the government, that date may get sooner and that possibly could, but we know for now that the date that's been set as January 1 2026, when we talk to people about whether they'll go higher or lower after that, the majority of the people believe the taxes are going to go higher and they could go substantially higher because of unfunded liabilities such as Social Security, Medicare and the National Debt. So today I'm going to talk about the various assets that can go into the tax free bucket. And why you want to use as many assets as you possibly can to create as many streams of tax free income as possible.
Support the show (https://retirementriskadvisors.com)
The tax deferred bucket is an interesting bucket because this is where 95% of America's retirement assets are being held. There are over $22 trillion held inside of some type of tax deferred account. When you compare that to the tax free bucket or assets that are being put into Roth IRAs, or Roth conversions or Roth 401 K's there is only about 1 trillion dollars that's being put in these tax free bucket. So it's a bucket that's been filled for a long time.
Now, why are these accounts getting funded so much? Well, a couple of reasons. One, because the government's pushing us to put money into these realizing that there is an asset that's being built inside of the governmental system for them to take advantage of at some future date. But also because many of our advisors that we've met with have encouraged us to make these contributions. If you sat down with the majority of CPAs, EAS or even professional Financial Advisors, they're going to tell you that you need to continue to find this tax deferred bucket. And why do they tell you that? Because you're getting a current deduction, and it's making them look good.
Support the show (https://retirementriskadvisors.com)
Now, in today's show, I will be talking about the taxable bucket. If you joined me on my podcast from last week, you may remember me talking about how there are millions of different investment options you can choose the fund your retirement, and that the planning process is a simple three bucket system. These three buckets are the taxable bucket, the tax deferred bucket and that magical bucket that I call the tax free bucket. Of the three available buckets the one you're probably most familiar with is the taxable Bucket. Why? Because this is the main bucket most of us have used during our lifetime. The bucket work something like this.
A new month rolls around and some type of income is deposited into the bucket, and it starts to fill up. Then the minute the money clears the bank we start taking the money out to cover monthly living expenses, and the pocket starts to go down. Now if you're lucky. When you get to the end of the month, you'll have some money left in your bucket. The money left should then be used to help make sure your taxable bucket maintains a safe level of assets, which is six months of income. Or the money should be used to invest in your tax free bucket. But unfortunately, this is not what usually happens. All too often, people decide to do one of the following with the money.
The first group. They decide to completely empty the bucket. The second group, they decided to keep growing the bucket way beyond the amount it should contain. And the third group. They take the money out and invested in the tax deferred pocket, believing they're doing the right thing for their retirement. But unfortunately, all three of these actions can create major problems with your retirement. Let me start by talking about the first group who choose to empty the bucket. All we have to do is look around us and we realize emptying are taxable bucket zero is not a good idea. In life there are way too many economic ups and downs, and we need to make sure we have a reserve to cover ourselves when these times happen....
Support the show (https://retirementriskadvisors.com)
Under the basics of the power of zero and how to transform your retirement by getting into the 0% tax bracket.
Support the show (https://retirementriskadvisors.com)
So today's show is all about the fiscal health of our country. Now, it may not seem like this should be such an important topic. When we talk about retirement planning, why are we going to cover finance, debt, and those type of things? You will see as we go through this show why it is so important that we cover this topic? Because as you look forward to your retirement, it is going to be something that will affect your retirement years greatly.
The first question I have for you is do you expect taxes to be higher or lower in the future? I go across the country talking about this topic. In fact, I do a number of large webinars for CPA groups. And every time I do, we talk about this question and the main answer that we get back is the taxes will be higher. In fact, many people believe that in short of a period of time, as 10 years from now, taxes could be substantially higher, maybe even double what they are now. So if this is the case, if this is what we're facing, are your retirement assets invested in the right place?
One of the other things that we've learned as we go across the country is that 95% of people have their retirement assets placed in tax deferred accounts. Now what are these tax deferred accounts? These are your IRA, your traditional IRA. You're 401 K defined benefit plans, these are plans that you're putting together to allow you to get tax savings now but then have to pay the taxes at some future time. Now one of the important things that you need to understand about tax deferred investments is that is what they are. Many people, especially CPAs, EAs, other professionals. Will try to promote these to you as a tax deduction. Similar to maybe a home mortgage expense or property taxes, where you can take these off your tax return, reduce the amount of tax you owe and never have a future liability or the deductions that you taken. Well, retirement plans were not set up the same way. If you get a deduction on your tax return now for an IRA contribution, all you're doing is deferring that tax to a future period of time...
Support the show (https://retirementriskadvisors.com)
Welcome to Season 2 where it is all about taking it to the next level. Season 1 was all about financial literacy, and now we are going to be talking about how you can bridge the gap in retirement. We realized that over 70% of Americans have not prepared themselves for retirement, and of those who have, 68% assume they're gonna run out of money before they die.
So we wanted to focus on helping people bridge this gap to better prepare others for the future that lies ahead, and we realize that with good planning and solid information this can happen. We're gonna share with you some great tips, tools and tricks to help you get yourself prepared for the future.
Today we are talking all about the CARES Act that was passed on March 27 2020. We'll start by talking about the two main programs we get asked about the most. This is the Economic Impact Disaster Loan (EIDL) and the Paycheck Protection Program (PPP). We will also spend the first part of the show talking about the business benefits. The middle of the show, we'll talk about individual benefits. And then at the end of the show, we'll talk about some retirement benefits that this act brought forth that you can take advantage of to help put you in a better financial position.
Enjoy season 2!
Support the show (https://retirementriskadvisors.com)
Episode 30 is right in the middle of this pandemic and so we brought on Financial Coach, Kendall Berry to help us figure out how to weather the financial storm that we are facing. Remember this time is very stressful and to be gentle with yourself. There is no one right way to handle this emotionally.
Since we are in the middle of the storm here are 8 things we can be doing.
- Remain Calm - Ride things out and don’t make any rash decisions with investments or savings.
- Reduce Your Expenses - We are not going out and doing a lot. Expenses can still creep in by creating spending triggers. When we get frustrated, stressed, or bored this can push us to spend more. Cut back your expenses minus the 4 Walls: Housing, transportation, food and utilities. Make sure your 4 walls are covered and then make a list of the next most important things within your income.
- Increase Your Emergency Fund - We are in an emergency and you may be tapping into your emergency fund already. We also have the stimulus check, and tax returns coming. Cut back on expenses, because any extra money should be going to your emergency fund. The more in savings the more secure you will be. If you are getting money you don’t need, put it aside for your future.
- Stock Up on Essentials - Stocking up adds comfort to us and it is a security knowing we have enough. Put aside money in your budget to get the essentials you need because you might be sick, or might not be able to go to the store.
- Keep Cash on Hand - I normally don’t carry cash with me, but we don’t know what will happen. If something happens and you can’t get to the bank or cards stop working it is important to have cash on hand.
- Gather your important documents - This includes your passports, banking, and 401k information, wills, passwords, etc.
- Know Your Company Policy - This includes: sick time, vacation, working at home, health insurance, and know your company policies.
- Create an Emergency Action Plan With Your Family - This is your plan if an emergency happens. Make sure you are on the same page with everyone in your family even do to the finances.
Support the show (https://retirementriskadvisors.com)
Courtney from Modern FImily talks all about gamifying her financial life at home with her wife and toddler. She shares her love for traveling and how that started their journey and how life is raising a child, the costs associated with this and how she does all of this without missing out in life.
Support the show (https://retirementriskadvisors.com)
Gabe Bult is a YouTuber, Real estate agent, house hacker, and Real estate investor. He helps young people figure out and get ahead on their finances and reach financial freedom and live a better. He also loves side hustling and you can find Gabes YouTube channel below https://www.youtube.com/channel/UC3F3zZFiRElw2GLwzndp05A/videos
Support the show (https://retirementriskadvisors.com)
Jolie Viguers, Bean Counter & Financial Coach joins the podcast to share her story and to help us prepare our teenagers for a better financial future.
Financial literacy is not being taught in the high school. If they do offer a class, many of the kids are so focused on getting their requited classes they have no time for actual classes that can help them, like financial literacy.
If you can not find a way for your teen to learn about finance in school you need to do it somewhere else. Education at home or hire a financial/money coach.
There are a lot of free resources out there also from books, to podcasts, to webinars, etc. Take time to research what is best for your teen. It may change for each child you have.
"Don't decide on money, decide on what you value" - Jolie Viguers
We also talk about teens going to college. What advice Jolie has and how she makes sure every client of hers can get the exact help they need.
Support the show (https://retirementriskadvisors.com)
Ben Smith, CPA, & Senior Tax Manager from Etrends Tax & Accounting shared some amazing tax tips with us on "Rules on Home Office Deductions, and Business Travel".
Support the show (https://retirementriskadvisors.com)
Sami Womack from A Sunny Side Up Life joined the podcast to share her debt free journey from $450,000. Her story is one that you do not want to miss. She is a blogger, podcaster, motivational speaker and the sunshine you need in your day.
Her passion is inspiring women to live abundant lives through budgeting, intentional living, and positive thinking.
Support the show (https://retirementriskadvisors.com)
Sarah Brandenberger from Nerds Guide To Wellness joined the podcast to talk all about her money issues starting from 2016 with tons of debt to how she handles her marriage with only her dealing with the money. Sarah also breaks down their 4 rental properties and how that is helping her work towards her financial goals.
Support the show (https://retirementriskadvisors.com)
Ceri Payne, MEd. Organized Life Coach, joined the podcast to talk all about getting money organized. To get organized in any area you have to figure out what your priorities are and why. Why do you want to pay off debt? Why do you want to save for a vacation? And you have to be very clear in your head about the why. When it gets hard, to save money or say no to spending, or whatever your challenge is, it's the REASON behind the WHY that is going to keep you on track. Enjoy the show with guest host CR Thelin.
Support the show (https://retirementriskadvisors.com)
Kelly Gagnon from the Eff the Joneses shares how she is life hacking her way to financial independence.
After stumbling her way into the financial independence movement she began to make major shifts in her own life. She designed and created a location independent lifestyle and that included renting out her house on Airbnb to cash flow her mortgage, travel hacking, side hustles and traveling for her work-cations.
“If it doesn’t bring me joy I am not going to do it.”
Don't miss the inspirational journey.
Support the show (https://retirementriskadvisors.com)
Mesha Griffith from Refilling My Wallet opens up about her personal debt freedom journey. She talks about the bumps in the road, moving, getting married and working to save every penny.
Support the show (https://retirementriskadvisors.com)
Imagine traveling to 30 countries by age 30 while being debt free. That is what our guest Alycia Austin from My Currency Canvas is currently on track for. She has 3 years to go and 15 countries left. She was debt free by age 26 and knows how to travel. She shares tips on the best time to travel, the best sites for deals and how to stay in budget while traveling.
She also can teach you how to become debt free on any salary.
Support the show (https://retirementriskadvisors.com)
Join Melissa and Murphy From Fit n Funds as they share their financial journey with our Host Dave Hall. They talk about their struggles in marriage and how once they started to solve their money situation it helped them get closer and saved their marriage. This powerful couple shares lessons learned, what changes they needed to make and why counseling has been a blessing for them. The best part about the show is learning how they paid off over $200,000 in debt and how they did this together. Don't miss it!
Support the show (https://retirementriskadvisors.com)
Julie, a personal finance master coach from The Money Wisdom Coach joined the podcast to share the steps on how to handle your finances to achieve prosperity and complete financial peace. As a finance coach he job is to empower people to take control of their lives and financial dreams. Learn how to get started and how to stay on course to a debt free life.
Support the show (https://retirementriskadvisors.com)
Parris Mills was in the Military and was getting a great paycheck. He also was given a credit card with a $15,000 limit and spent it all in Guam, Hong Kong, Korea and every where else he went. He has been out of the Military for a while, working and side hustling to pay off all of his debts. He is moving to a new place, sold his car for a beater Toyota and is learning how to become debt free.
Parris shares his financial journey through Instagram and how he got started.
Join us on this journey as we are just getting started.
Support the show (https://retirementriskadvisors.com)
This journey is so much more than just getting out of debt. This is Deanna Broaddus and her journey of recovering from addiction of alcohol/drugs at rock bottom all the way to the top. Along her twisty path of discovery she lost her house to foreclosure, made poor relationship choices, and racked up a lot of debt. Once she turned to faith she found healing in self discovery, a new tribe, and developed new financial habits that lead her to paying off $47,763 in debt.
Deanna is now investing towards her retirement, she lives debt free and teaches women with recovery and finances.
Support the show (https://retirementriskadvisors.com)
Clarissa Moore the Budget Queen joins the show to talk about budgets, credit scores, side hustles and so much more in the financial space. She loves everything personal finance and shares her insights with us on how she works with her clients to get them on a budget that works.
Clarissa breaks down her 10 year college journey, she talks about ways to improve your finances, using credit cards wisely, smart budgeting, saving goals, and we focus more on managing your credit scores.
"Passion comes first, check comes second" - Clarissa Moore
"If you understand what money comes into your house and what money goes out, you will better understand your credit score." - Clarissa Moore
Support the show (https://retirementriskadvisors.com)
Are you ready to learn about some of the best Side Hustles that bring Kevin in cash every month? Kevin Ha is an attorney and the blogger behind Financial Panther. His journey is about paying off $87,000 in debt in 2.5 years and how he continues to live a baseline lifestyle that brings him joy and why he chose to not live as a big shot lawyer.
Kevin is passionate about earning money using the sharing economy and you can see all the ways he makes extra income every month in his side hustle reports.
Check out this podcast and see if you get inspired like we did.
Support the show (https://retirementriskadvisors.com)
Dillon Hurt from Dixie Technical College in Southern Utah joined the Podcast to talk all about tech schools vs traditional college. And why they turn blue collar jobs into gold collar jobs.
Support the show (https://retirementriskadvisors.com)
Kat Kahanic a freelance writer and graphic designer joined us to discuss family and finances. The thing I love about our guest Kat, is how she described getting into financial literacy. She said that there was not a silver bullet, or this one moment that came to her, but it was more of an evolution. She said it was really, "a gradual awakening" that put her on the financial path to tell her story. She does also credit the fact that FinCon was also a huge boost for her to help get her story out.
When talking about finances we really have to be on the same page with our spouse. And in every relationship we usually have a saver and a spender. I am definitely the spender in my family. But we really balance each other out in the end and when we get on the same page that is where the fireworks happen. That leads to better communication in our finances and over all in our marriage and we become a force to be reckon with and debt becomes eliminated.
If you are still in this horrible cycle of trying to get out of debt and your budget is not working, you are watching what you spend, but your spouse blows your savings, then you are not on the same page and you need this podcast in your life. Not only does Kat talk about her journey to paying off debt, but she discusses her weekly budget meeting with her husband and how those meetings always didn't go so well.
Let's face it. We are all trying to get out of debt and become financially free. That means saving money for retirement, vacations, and things that sound exciting and really give us comfort knowing we have money and we are not living paycheck to paycheck. But sometimes we end up with setbacks that deplete our emergency savings and then we have to rebuild. Kat talks about this in the show and how boring it is too replenish this account after you suck it dry. And she's right. None of us like to save just for an emergency but we would rather be saving for a trip to Europe, or the somewhere exciting.
To get to the point, you and I need to make sure we are working as a team with our spouses and that is the only way we will get out of debt and on to financial freedom. Learn how Kat finds success in being a team player and how her passion for frugal living is helping her reach financial independence. Track her journey also on her financial blog, familyfiproject.com.
Support the show (https://retirementriskadvisors.com)
Curtis Olsen is an experienced Estate Planner for over 10 years and has done over a thousand estates. Curtis started in the financial planning game years ago and continues to stay close int he legal services industry.
To get started we should talk about some of the questions that will be discussed in the podcast, like is it helpful for families to actually talk about death and assigning kids to be the trustee or there's assets out there, is it wise to have discussions about it prior to passing away? Is there a process that has to do with changing the beneficiary or listing the ownership of the asset to be the trust?
Support the show (https://retirementriskadvisors.com)
David McKnight bestselling author and speaker joins Dave Hall in episode 10 to discuss how he has helped put thousands of Americans on the road to the zero percent tax bracket. During the podcast they discuss how to protect your retirement savings from the impact of rising taxes. This is a show you don't want to miss.
Support the show (https://retirementriskadvisors.com)
Jay Fleischman from MoneyWiseLaw.com and the StudentLoanShow.com podcast is here to educate you on student loan debt.
Support the show (https://cpaacademy.org)
When you hear the word frugal that can mean several things, but to Amanda Blankenship that means happiness. Amanda shares on this episode how to be happy and frugal. She recently got married, moved to Atlanta and is crushing her $90,000 of debt with over half already paid off.
Learn her secrets to making a frugal life work with no spend challenges each quarter, weekly budgeting meetings, and how to get your spouse on the savings train. This episode is packed with tips and you will learn that being frugal is a sacrifice, but that doesn't mean you are going to end up miserable.
Get ready to be inspired.
Support the show (https://retirementriskadvisors.com)
It's time to hear one of the most honest and open conversations about money and emotions with Byanna Dee. She is a Success Coach, Master NLP Practitioner & Clinical Hypnotherapist. She is also the host of the Shadowlight Podcast, a speaker, a writer and she can help anyone master their mindset and transform their life from the inside out.
Support the show (https://retirementriskadvisors.com)
Are you ready to have your mind blown? We are talking all about side hustles on this episode with the talented Daniella Flores from Iliketodabble.com
Side Hustles are born out of a need for more money, a crappy job or just because you need something to do with your extra time. Daniella is no exception. She said, "side hustling came from spending too much and over compensating, because I kind of had a spending problem". Don’t we all? We all find ourselves going through cycles where we get our budget in order and then we spend and spend. We end up paying for it or it forces us to improvise and that is where side hustles come in.
Now if you create the wrong side hustle for you it will cost a lot of money to get started. You really need to look for little out of pocket money from the beginning. Start by putting time, effort and products you already have to get some money coming in.
You can start out by using your phone and working with brands, maybe even a copywriter, or get paid to read books, or do some voiceovers if you have a great studio set up. Whatever you choose to do you can make money from your hobbies that can turn into passive income.
Some people never want to leave their full-time job and they do side hustles to make extra money to make sure they are working toward financial freedom which is Planning for the future with investing and retirement. Others just hate their job so badly that they just need to get away and do something else. You can find enough work with driving for Uber, doordash or even Rover (a dog watching app) that you can supplement your full-time income and make ends meet. It is all about the hustle, but don’t fall into side hustles that will burn you out if you are not thinking about the future.
The best way we can do as we are focused on growing in this area, is to self educate ourselves. That means we take time to invest in our selves with education. Webinars, conferences, skills, all of these can add value to us and help us gain more sellable skills in the end.
In order to be successful in any of this you need an accountability partner. Someone who can help push you and someone that can be there for you when things don't come as fast. Because reality will hit and you struggle. Daniella said, “I suffer with that, it is hard to fight burnout when you're working a lot. My roadmap is, I've been doing this for two and a half years. I'm still working my full time job."
It takes time to pay off debt, it takes time to start a good business, it takes time to build up followers for your brand, and it takes time to generate the money from side hustles to make you happy. In the meantime here are 4 things to help you get out of debt and to make sure you are saving your money you are making on the side.
1- Educate yourself
2- Get your mind right
3- Once you understand it, make better decisions
4- Working together and make commitments
Support the show (https://retirementriskadvisors.com)
How do you create a company that has generated over $6 million in revenue and over 2000 media segments with less than $500 in paid ads? We are not talking about an instant Amazon selling machine. We are talking about helping people save money on anything from their grocery bill, to travel, to cell phones, to you name it, with less than $500. I bet you are telling yourself that this has to be some sort of scam. Think again, this is all about building a formula that was born out of trial and error.
Josh Elledge, Founder of SavingsAngel.com and UpMyInfluence.com has made all the financial mistakes from foreclosure to bankruptcy and is now a leader in the financial and influencer space. How is this possible? I can see that you are a little more interested, so let's continue.
Robert Stevens, Founder of Geek Squad said, "Advertising is the price you pay for being unremarkable". Josh figured out how to make his mark as an influencer and package it. But this is just the beginning. Josh said, "We have to have meaning it what we do, money is important but when you wake up in the morning and all you're thinking about is that salary or your profits or your commissions, or who can I sell to?" We need to have purpose in what we are trying to accomplish.
I ask you, where is your purpose in life? Josh has this figured out and it is about changing your mindset, just like creating a new way of advertising instead of dropping money on paid ads. Josh said, "The faster you can get to a mindset where you're thinking what is the value I can bring? How can I make someone else's life better? How can I inspire somebody today to live better?"
Life is just easier when you focus on your purpose, your values, your mission, and why do you do what you do.
This leads us to where the podcast really explodes. I am talking hold onto your seat because things get crah-hazy.
You will get Josh's secret to cutting your grocery bill in half, you will find out how to save more than ever on even your cell phone bill. The information that is packed into this show will leave you craving for more savings and that is a good thing, because Josh has an entire podcast dedicated to helping you save more. Josh said, "if you listen to 30+ shows you are going to be in a completely different position with your money, and that's kind of the goal is by the way."
Support the show (https://retirementriskadvisors.com)
Steven Donovan from Even Steven Money paid off over $100,000 in debt and shares his story of how we crushed the debt after he found his why and is now a successful Money Coach.
Support the show (https://retirementriskadvisors.com)
Gabriela Benitez, a Senior Benefit Consultant at Diversified Insurance Group talks openly about what health insurance is right for your family.
There are many plans and options for health insurance. How do we pick the best one? There are 3 things to look at:
1- Look at the deductibles
2- Maximum out-of-pocket
3- Your premiums
Tell me about HSA
HSA is a Health Savings Account (High deductible health plan) certain plans if they have at least a $1500 deductible are considered an HSA plan. Everything is subject to that deductible before the insurance carrier will pay for any services other than preventive. (Preventive services in-network would be paid at 100% because of health care reform)
An HSA can be set up so you can put money in to an account to pay co-pays, deductibles, etc. on a medical side. The HSA is set up to give you a tax deduction (you will not pay tax on the money that goes in there).
You will be able to offset some of those medical costs by using an HSA. You will not become rich off of the account. It is collecting interest, you get the tax benefits, and you can carry it over year after year.
(If you have a high deductible plan this will help you save money and put some money back in your pocket that you would be giving Uncle Sam)
Learn more...
Support the show (https://retirementriskadvisors.com)
Thomas Walsh, Crypto Instructor joins The Prosperity Gap to discuss Crypto Currency.
What is Crypto Currency? Is there still opportunities to make money in crypto currency? What do you invision for the next 10 years for Crypto?
In Crypto we have a nickname for Puerto Rico. We call it Crypto island. The windfall from Crypto will come and they are currently looking to move to a place where they will not be heavily taxed but still be in the US. The island is building a utopia for Crypto communities.
“Good people with good money do good things” there is a great future for those that invest in Crypto and a better life for people that they can help.
You are going to hear a lot from friends and family and they are not professional investors or advisors and they are listening to the media. It is not too late, or used for illegal activity. Learn and get your feet wet by doing just a little.
Support the show (https://retirementriskadvisors.com)