Retire Ready Too: Recent Episodes
Renee Collins
Retire Ready Too podcast is dedicated to empowering and educating Generation XY and Small Business Owners to take control of their money to save more. invest smart and build wealth.
Welcome to Retire Ready Too, the podcast dedicated to helping first-generation wealth builders achieve financial freedom and retire with confidence. Hosted by Renee Collins, CPA and financial planner, this show dives deep into the essential steps you need to take to secure your retirement. In each episode, we explore key financial strategies, common mistakes to avoid, and actionable tips for building a retirement plan that fits your unique lifestyle.
In this episode, Renee tackles the number one mistake people make when planning for retirement—failing to have a plan.
Discover why retirement planning is crucial, how it mirrors planning a dream vacation, and what questions you need to answer to ensure a comfortable and worry-free retirement.
Whether you're thinking about your starting point, envisioning your retirement lifestyle, or figuring out how to manage your investments, this podcast will guide you through the process.
Tune in to Retire Ready Too and start your journey toward a financially secure and fulfilling retirement. Your future self will thank you!
Website: www.retirereadyinc.com
SCHEDULE 30-MIN FREE STRATEGY SESSION: https://www.retirereadyinc.com/contact
Have you ever had a day that just felt like it didn't go the way you had hoped? Maybe you came home and said, "I just need to escape," and found yourself indulging in some retail therapy?
"While it can feel great in the moment, it can also come with some side effects"
This week's episode delves into how to enjoy a little bit of retail therapy without breaking the bank.
Renee, a CPA and financial planner, discusses the emotional connections tied to shopping and how it can serve as a coping mechanism for stress, sadness, or boredom. She shares personal anecdotes and highlights the cultural influences that drive our consumer behavior.
To navigate retail therapy responsibly, here are a few tips:
Create a Spending Plan: Allocate a specific amount for fun purchases at the beginning of the month.
Mindful Spending: Be intentional with your money and understand the motivations behind your purchases.
Emotional Awareness: Identify emotional triggers and find alternative ways to cope.
Set Goals: Keep your long-term financial goals in mind to avoid impulsive purchases.
Retail therapy can be a fun way to treat yourself, it is essential to to maintain balance in spending to support our financial wellbeing today and tomorrow.
Enjoy the episode and don't forget to subscribe to our channel or podcast.
Share the information with anyone who could benefit from it.
Have a wonderful week and go be great!Are you tired of the paycheck to paycheck struggle? It does not have to be this way, sign up for a FREE 30-minute strategy session, let's start a journey financial clarity and confidence: https://www.retirereadyinc.com/contact
Disclaimer: The content presented in this video is provided for informational purposes exclusively and should not be considered a source of, or substitute for, professional tax, legal, or accounting advice. We strongly recommend seeking guidance from qualified professionals in those fields to address your specific needs and concerns.
Have you ever heard that in order for you to have financial success, you need to have a healthy relationship with your money? Well, what does that mean exactly?
Join Renee Collins, CPA, financial planner, and founder of Retire Ready, as she delves into the concept of having a healthy relationship with your money and how it can transform your financial life.
In this episode, Renee provides five essential tips to help you develop a positive connection with your finances:
- Talk About It: Break the silence around money and engage in open conversations with trusted friends and family to enhance financial literacy and make smarter financial decisions.
- Be Kind to Yourself: Avoid the social media comparison game and appreciate your unique financial journey.
- Forgive Yourself: Let go of past financial mistakes and understand that you did your best with the knowledge and resources you had at the time.
- Spend Time with Yourself: Reflect on your beliefs and emotions about money to better align your financial decisions with your values and goals.
- Understand Your Environment: Recognize how your surroundings and the people you spend time with impact your financial habits, and foster relationships with those who share similar financial values.
Renee emphasizes the importance of self-awareness and creating a supportive environment to achieve financial well-being. Whether you're struggling with debt, saving for retirement, or simply looking to improve your financial habits, this episode offers valuable insights to help you on your journey.
If you are interested in setting up a 30 minute consultation. Sign up here: https://www.retirereadyinc.com/contact
If you enjoyed this episode please like and share with a friend. See you next week!
Struggle to believe wealth is possible starting from zero? Then, this episode is crafted just for you!
Renee Collins, a CPA Financial Planner, shares empowering insights on how to set your wealth-building journey into motion, even if you’re starting with nothing.
The episode is inspired by Anne-Lyse Wealth's article, How To Build Wealth When You Don’t Come From Money
https://hbr.org/2022/03/how-to-build-...
Renee introduces invaluable thoughts on overcoming financial hurdles, developing money-friendly attitudes, and reshaping financial beliefs. Remember…to build wealth you have to believe it is possible.
You have to believe that you deserve financial well-being.
In the pursuit of financial freedom and wealth building, women encounter distinct hurdles. With a landscape defined by a persistent gender wage gap, the reality of living longer, the disproportionate burden of student loan debt, and the often overlooked role as primary caregivers, the financial journey for women is complex.
In this episode, we delve into:
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The Gender Wage Gap: Unveiling how this persistent issue affects women's ability to accumulate wealth and strategies to bridge the gap.
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Longevity's Financial Implications: Women live longer, so how do we ensure that our retirement savings last?
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Student Loan Debt: Understanding the impact of being the largest holders of student loan debt on women's financial health.
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The Caregiver Challenge: Balancing the noble role of caregiving with the need to secure our financial future.
Rahkim Sabree Talks About His Path to Financial Therapy | Helping with Financial Healing
Join us in this engaging interview with Rahkim Sabree, a dedicated supporter of financial empowerment and an experienced entrepreneur in the financial services industry. Rahkim walks us through his exciting career journey, from starting as a part-time bank teller to reaching high levels in financial therapy, and introducing us to this growing field.
He discusses how he shifted from seeing financial education as the ultimate solution for financial problems to understanding the complex connection between financial behaviors and generational trauma. With his extensive experience, spanning more than a decade in finance, he now focuses on encouraging responsible money management and facilitating financial healing.We explore what financial therapy is, blending elements of mental health and financial planning. Rahkim shows how this relatively new area, though still unregulated and about 30 years old, is changing how we manage our relationship with money and our responses to the economic systems around us.
Rahkim shares powerful stories and personal insights on how he came across the idea of financial trauma while working as a financial educator, and how it interacts with cultural factors, especially within the black community. He introduces his distinctive method in financial therapy, which combines understanding of trauma and cultural sensitivity, offering a deeper connection beyond theoretical concepts.
Don't miss this important discussion where Rahkim Sabree shares his journey of merging financial understanding with emotional health, giving a new perspective on financial therapy.
In this week's podcast, our amazing guest contributor, Nia Adams reveals her incredible journey of taking control of her financial struggles and turning them into financial successes.
She opens up about the stressful times she faced as a young single mother before transforming her finances in powerful ways. From paying off $50K worth of debt to becoming a real estate investor and Certified Financial Education Instructor, she now educates and empower other women to take control of their finances to become money savvy and confident homeowners.
Nia shares 5 steps to help potential homebuyers navigate the buying process
Being a successful homeowner requires preparation and research. Even if your credit is in order, it's crucial to ensure you can afford the house that you're buying.
To prepare for home ownership there are five key steps:
- Build an emergency fund and have money for closing costs.
- Eliminate debt this can help buyers qualify for more mortgage options.
- Select the best team of professionals, research their brand and services before signing any contracts or agreements.
- Research loan products available in order to choose the best option that works for you; be aware of down payment assistance programs as they may come with certain requirements such as higher credit scores or needing to stay in the property for a set amount of time.
- Lastly, create a budget so that you are comfortably paying your current bills when taking on additional expenses like a mortgage payment.
In addition, we discuss the complexities that come with the home buying process...including down payment assistance programs, negotiating closing costs, getting a home inspection and understanding loan estimate documents – all things that are essential when buying your own property.
Listen now and take away valuable information about this crucial part of life - owning your dream abode!
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Mentions In The Podcast:
Nia Adams:
Certified Financial Educator
Founder: Perspectives
https://perspectiveschange.com/freehomeguide
https://www.amazon.com/Life-Short-Buy-House-Homeownership/dp/B0BHLH7Z6L
Are you dreaming of buying your own home, but feel like it’s impossible because of your credit challenges? Have you filed for bankruptcy or are still paying off student loans? Maybe you are a business owner with zero taxable income.
If you feel there are challenges stopping you from buying a home, don’t give up!
There are plenty of options and resources available if you know where to look.
This week’s episode of the Retire Ready Too podcast, our guest contributor Arlene Pryce, Branch Manager and Mortgage Consultant of Team USA Mortgage provides assistance to aspiring homeowners who thought their dream of owning a home was out of reach. With years of experience in the industry and an abundance of knowledge, she is determined to help you achieve your goal of buying a home even if you don't fit the standard borrower profile.
We discussed everything potential home buyers need to know about mortgages so that they can make an informed decision before committing themselves financially and emotionally into the home buying process. Tune in today!
Mentions In The Podcast:
Arlene Pryce, Branch Manager & Mortgage Consultant
630-439-4497
arlene.pryce@teamusamtg.com
Team USA Mortgage LLC, NMLS 234808
Illinois #031.0039298
1709 Tullamore St, Suite #D Bloomington, IL 61704
www.teamusanaperville.mymortgage-online.com/
If you have every struggled with your finances and feel that you have tried every type of budget, watched how to create the best budget on YouTube videos, checked out finance podcasts, but nothing is working.
It may be time to talk to a financial therapist. Yes, they exist!
Financial therapy is a great way to gain insight into your financial struggles and learn strategies to handle them.
Talking to a financial therapist can help give you the tools and techniques needed to stay on track with your financial ambitions.
With their expert help, you will be able to recognize issues that need addressing and gain a better understanding of your behavior, financial goals and habits.
On this week's Retire Ready Too Podcast, guest contributor Lindsay Bryan-Podvin, Financial Therapist and author (The Financial Anxiety Solution) discusses how financial therapy can lead to having a healthier relationship with money and provides guidance for navigating the holiday season without breaking the bank or losing track of what matters most.
This episode serves as an insightful resource for anyone struggling to get their finances in order.
Resources mentioned in the podcast
Lindsay Bryan-Podvin, Financial Therapist
https://www.mindmoneybalance.com/
Book: The Financial Anxiety Solution
Hey Parents! It is time to have the talk with your children around money. Even if you did not have this talk with your parents or you were raised to believe money is a taboo subject that we do not discuss.
If you do not talk to you children about money, how will they learn?
Someone will teach them.
It may be lessons learned from Hard Knocks University. No-one wants that for their children.
You may not know where to start, you may have made mistakes with your money.
It's OK.
Share your experiences with your children. They need to understand how money works.
Now is a great opportunity to have these discussions.
In this week's episode, guest presenter Clifton Corbin not only shares the why we need to talk to our kids about money, but when and how we should do it as well.
He authored his first book, Your Kids, Their Money: A Parents Guide To Raising Financially Literate Children, which focuses on providing parents with the skills and tools to teach financial literacy to their children.
He's a graduated of Niagara University with a Master's Degree in Business Administration and has spent years studying finance and is a passionate advocate for advancing the financial literacy of children and young adults.
Clifton answers the following questions in the podcast and much more....
When to have the money talk?
Do you pay an allowance or have them earn it?
How much allowance should your kids receive?
How to make managing money fun? Yes, it is possible 🤓
If you have children, you don't want to miss this episode!
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Resources mentioned in the podcast:
Clifton Corbin, Author & Financial Literacy Advocate
https://cliftoncorbin.com/
Books: Your Kids, Their Money: A Parent's Guide to Raising Financially Literate Children
The Richest Man Person in Babylon: Revised for Modern Times
Becoming a business owner is not for the faint at heart. If it were everyone would take the leap.
It can be a fairly scary adventure, especially if you go into it without a plan. In this week's podcast, my guest contributor Alexandra Davis, a fellow CPA, CFP® and I discuss our experiences as business owners; and the challenges we see other business owners face; and steps you can take to avoid common mistakes.
Whether you work for yourself or for somebody else, there are a lot of things you need to consider before taking the step. Many people think starting a company sounds exciting: you are the boss, making your own hours, more freedom to do what you want.
But on the flip side of the coin is A LOT of sacrifice, long hours, lonely days and broke bank accounts.
Here are some tips we suggest as you pursue a business owners' journey:
Step 1: Develop The Right Mindset - Read self-development books, spend time with like-minded people and stay true to your why.
Step 2: Create A Plan - Remain nimble and be prepared to pivot. A plan is a helpful start, but it will change, stay open to possibilities.
Step 3: Build A Great Team - A good accountant and attorney are the key to mitigating mishaps. But building a network of other professionals will take you far.
Step 4: Develop systems - Treat your business as a legit company from day 1. Develop sound accounting systems and procedures.
Step 5: Stay The Course - No-one said it would easy, but everything you need to succeed is within you.
Resources Mentioned In the Podcast:
Alexandra Davis, CPA, CFP® - Founder, AGA Tax & Consulting Services, LLC
www.agataxservices.com
Master The Money Game By Tony Robbins
Get Rich, Lucky Bitch By Denise Duffield-Thomas
This is a continuation of last week's podcast on planning for retirement when you don't have a pension. If you are concerned about having adequate retirement savings, you are not alone, 76% of Americans do not have access to a pension.
When 401k retirement plans hit the scene in the 1970s, they were created as a supplement to pensions provided by corporations. However, as the cost of maintaining pensions increased, corporations sought ways to trim their budgets by placing the onus of saving for retirement on their employees via defined contribution plans.
This decision has left the vast majority of Americans underprepared for retirement. The Policy of Economic Institute states, "the median family between the ages of 32 and 61 has only $5,000 saved in a retirement account, while the top 1 percent of families has a million dollars or more.
"These accounts are accidents of history that were never designed to replace pensions..."
The public sector (state and federal employers) is one of the few sectors that still provide their employees with a pension. The National Institute on Retirement states that less than 26% of American have access to a pension.
What do the remaining 74% of Americans do? How do you plan for retirement when you don't have access to a pension?
Today, I will provide some tips on planning for retirement without a pension . This is part I of a two part series, so don't forget to check back next week for additional tips.
According to the A A R P, half of Americans do not have access to a pension nor a retirement plan such as a 401k or 403(b) that's 57 million people who don't have access to a retirement plan.
The Retire Ready Two Podcast is back for season two and just in time for fall.
The goal of the podcast is to inspire, educate, empower listeners to take control of their lives and their money so that they can have a life by design. Rather than one by default.
This week our guest contributor is Yarelys Tifa, a first generation professional who is passionate about teaching and impacting others on their financial journeys.
After she became debt free in 2019, she began to use the tools and lessons she learned to help other people pursue the same. She graduated with a Bachelor's of Science and Resource Economics and a Concentration and Business management and marketing.
Yarelys is sharing her heartfelt journey from humble beginnings to leaving a toxic work environment so she can pursue a business that was in alignment with what mattered most to her and makes a difference in the community.
You can support Yarelys on her social media platforms listed below:
www.cashisqueenllc.com
info@cashisqueenllc.com
Cash is Queen
280 Route 17 North Suite 197
East Rutherford, NJ 07073
This podcast is dedicated to providing financial education to families and business owners so that they can save and invest and build wealth for today and future generations.
This is last podcast of season one...16 episodes. It has indeed been a journey. Thank you to all those who have supported this podcast!
In an effort to cool off the economy, on July 27, 2022, the Federal Reserve Board increased interest rates by .75 points. When the Federal Reserve Board increases interest rates it has a ripple effect that will eventually increase the interest rates on automobiles, mortgages and credit cards.
Now is a time to get back to the basic money management. Here are some tips to manage your money during these uncertain times:
==> Spend with intention. Pay attention to where your money is going, spend on those things that you need and defer your wants until later in the future.
==> Add money to your emergency fund. Advisors recommend saving 3-6 months of basic living expenses. However, if you are a business owner, you may consider saving closer to 9-12 months. Decide what is best for you and your family.
==> Continue to invest in the stock market. If you are saving for a retirement that is 10+ years away and your portfolio is well diversified. Don't allow the dip in the stock market to force you into making rash decisions.
==> Look for investing opportunities. There will be investing and wealth building opportunities regardless of business cycle.
Mentions in podcast:
IBonds on YouTube
Financial Freedom Roadmap Course
The cost of college has been increasing at a rate greater than inflation for years, creating a financial challenge for college students and their families.
Not to mention college graduates are also leaving their universities with the burden of student loans averaging $30 - $37k. These debt numbers are even higher for those graduating with advanced degrees.
I believe it is fair to say that a college education is still a worthwhile endeavor. If you look at the numbers, college graduates' lifetime earnings are $2.8 million to 3.2 million with a masters degree according to US News. compared to the lifetime earnings of a highschool graduate average around $1.9 million.
In This podcast, guest contributor Francesca Sanders will discuss alternative means of getting through college without excessive debt or placing an undue financial burden on families. She will provide strategies any family can employ to make a college education affordable.
Today's podcast our guest contributor will discuss life insurance, who needs it, why and factors that should go into determining how much is needed.
Generally, the primary purpose of life insurance is income replacement for your loved ones should you pass untimely. But there are other factors that should be considered as well.
Such as final expenses, estate taxes, leaving a legacy, charitable purposes. Life insurance can assist with your estate planning goals.
Our guest contributor, Spencer Williams is a State Farm agent licensed in the states of Illinois and Indiana.
He has spent the past fifteen years helping families and individuals prepare for the unexpected and improve their financial well-being.
He also volunteers his time with Junior Achievement, a non-profit organization that teaches economic and entrepreneurial concepts to students from elementary to high school. When not running his practice or volunteering, he enjoys spending time with his family, reading or exercising.
Can you imagine waking up every day excited to start your day? Being passionate about your work?
How does the idea of doing what you want to do, when you want to do it with whomever you want to do it with sound to you?
It’s possible! It’s called Financial Freedom!
It’s not an elusive concept. More and more Americans are joining the Financial Freedom Movement to redefine the American dream, including this week’s guest contributors, Rob and Reshawn Lee.
They will be sharing how they paid off six figures in debt; left their corporate jobs; and traveled the world for twelve months visiting 6 continents and more than 25 countries.
They buck the idea of traditional retirement that many of us have been sold, go to college, work hard, stay in the 9-5 corporate job for 30-40 years, finance everything and hopefully you can retire at 65.
Not the case with Rob and Reshawn Lee, they forged their own path of what financial freedom would look like for their family. Now they're living their own definition of the American dream.
It is not as difficult as some would believe, but it does require some planning, courage and discipline. Support Rob & Reshawn on social media:
Instagram: https://www.instagram.com/learnhustlegrow/
Rob Realty Website: https://www.robtxrealtor.com/
Facebook: https://www.facebook.com/robleetxrealtor
This week's guest contributor is Donna Hartl an attorney and Certified Public Accountant.
She focuses tax planning, tax dispute work, estate planning, guardianship, probate and trust administration. Donna has also been named an Illinois Super Lawyer, and is a member of the Leading Lawyers Network, having been named in July of 2019 as one of the Top-10 attorneys for personal tax in the State of Illinois.
Donna is laying down the law regarding estate planning, what documents you need and why you don’t take the do it yourself approach to planning for your legacy, there are just too many blindspots.
This week’s episode focuses on the emotional and holistic side of money...the stories we tell ourselves about money. Stories are the messages we receive about money in childhood often from parents and reinforced in our social and cultural environments.
All these messages integrate to form thoughts, money stories and core beliefs that influence how we interact with money on a daily basis. Some of these beliefs are unconscious leading us to behave or react to money with little or no thought.
Today’s guest contributor shares how her childhood experience of watching her mother struggle with money impact the financial decisions she made in her life. In early adulthood she had accumulated $55k in debt, resolved to pay it off in 5 years, but actually paid it off in 3.5 years. It is a story of awareness, understanding how the past intersects with the present and potentially the future until we make a conscious decision to change.
Kassandra Dasent is a holistic wealth advocate and a thought leader in the personal finance space, certified project manager (PMP/CSM), certified commercial credit analyst (GCC), and certified financial education instructor (CFEI).
She is also an accomplished singer-songwriter and has performed as a solo artist and as a vocalist in festivals. She has been featured in numerous media outlets including Grammy.com, Forbes, US News & World Report, Business Insider, Fast Company, Yahoo! Finance and so many more.
A twice immigrant, and fluent in French, Kassandra was born in Trinidad, West Indies, raised in Montreal, Canada.
Talking to Kassandra was like sitting on the sofa with an old friend enjoying a cup of coffee. She is real, vulnerable, fun, engaging and insightful. I am sure you will enjoy her story as much as I did.
To find out more about Kassandra and how to contact her
Website: https://www.kassandradasent.com/work-with-me/
Instagram: https://www.instagram.com/kassandradasent/
Health insurance is confusing and complicated with a language of its own...premiums, deductibles, co-pays, co-insurance, etc. If you are in the market for a policy, I suggest taking The Insurance People on that journey with you.
In this week's podcast episode guest contributor Alexandra Eidenberg helps break down health insurance basics; selecting the best policy for your unique circumstances and why having a health insurance professional assist in the decision making can save you time and money.
Alexandra Eidenberg is the Founder and President of The Insurance People, an insurance agency serving everyday families and businesses. Alexandra’s speciality is health insurance. She spends her days coordinating individual health insurance and employee benefits for small businesses, helping them access the benefits they deserve.
While helping people is something that Alexandra is passionate about. She is also a servant for her community. She founded WE WILL in 2013 to help women and children get involved in their communities and pass legislation.
Alexandra also currently serves as the IL State Chair for Vote Mama, a political organization that identifies, cultivates and motivates women with young kids to get elected and stay elected.
In addition, she is on the Executive Board of New Trier Democrats, is Co-Chair of Membership and on the Steering Committee with Invest to Elect Illinois and was Illinois Democratic Women, Woman of the Year 2020.
Alexandra is a bubbly go getter who gives 100% every day. If you don’t know her already, chances are you know someone who does.
You can find Alexandra and her company online:
https://www.insuranceppl.com/
https://www.facebook.com/Insurancepeople/
https://www.instagram.com/theinsuranceppl/
This week's podcast we are having a conversation about the $1.7 trillion gorilla in the room….called student loans. America is in a student loan crisis whether it is willing to admit it or not.
Here are a few stats to help you understand the gravity of the situation:
- 43 million Americans owe a combined $1.7 trillion in student loan debt.
- 20 years after graduating from college half of the borrowers still over $20K in outstanding debt
- 70% of graduates leave college with student loans
- In 2005 the average student loan debt was $17K, as of April 2022, the Wall Street Journal states college graduates start their careers with an average of $36K
This is problematic because it not only impacts a borrower's ability to save and invest, but it is also a drain on the economy. America really does not manufacture anything anymore, instead relying on consumption for economic expansion.
Having a significant portion of your salary allocated to student debt, means there is less money to purchase a home, spend on clothes, eat out with your friends and fully participate in the economy.
Contributing guest: Ja'net Adams
The contributing guest on this week’s podcast is Ja’Net Adams. She is an international speaker, author and CEO of EMAC consulting. Shortly after graduating, she was $50,000 in debt, but made a commitment to pay it off and she did just that within two years.
Now she takes the financial principles that she learned to teach others all over the world. As a professional motivational speaker, she speaks to universities, corporations, high schools, and not-for-profits about financial literacy.
She has spoken on behalf of the White House, The Department of Education and has been featured in various media outlets including Forbes, BBC, CNBC, Huffington Post, Black Enterprise Magazine, Fox Business News, USA Today.
Here is what we know about the student loan cancellation situation.
Senators Richard Burr and Thom Tillis, have recently (May 2022) introduced a bill to prevent President Biden from forgiving any student loan debt, including exemptions for programs like the Public Service Loan Forgiveness (PSLF) and Teacher Loan Forgiveness.
It is highly unlikely that President Biden will cancel $50k in student as requested by some Democrats. However, he is considering the legality of cancelling $10k for undergraduate loans for those with incomes less than $125k.
Requirements to get closer to PSFL forgiveness
I recommend anyone reading these show notes to go to the Department of Education's website for the most recent information on student loan forgiveness, the situation is very fluid and changing constantly.
At the time of podcast recording (May 2022) these were the guidelines to qualify for PSFL forgiveness:
- Employed with the government, 501(c)(3) not-for-profit, or other not-for-profit organization
- Working full time
- Previous years of student loan payments will now count towards forgiveness (must apply by October 31, 2022)
- Have Direct Student Loans (or consolidate other loans into Direct Loans)
- Make 120 qualifying payments
Federal Student Aid: https://studentaid.gov/pslf/
Our homes are one of the largest wealth building assets the majority of us own. So, it makes sense that we would do all we could to protect it. But…sometimes, we don’t know what we don’t know.
How do you know if you have adequate insurance coverage? During the pandemic families were spending more time at home so they upgraded their backyards, added decks and pools, made improvements to their basement and even started home-based businesses.
Are these upgrades covered under your current insurance policy? What about the home-based business?
We assume so, but you know what they say about assumptions 🤔.
Our contributing guest, State Farm Agent Audrey McFarlin breaks down the homeowners’ insurance terminology we need to know to make confident decisions when selecting a policy and ensure we have the right coverage for the right risk.
Whether you are purchasing as a first time homebuyer or you’ve been a homeowner for years, you don’t want to miss this week’s podcast episode.
RESOURCES:
Audrey has more than 15 years experience working with State Farm. Her agency is
licensed to advise on personal insurance lines, business insurance, life and health
insurance. You can find her at https://www.audreymcfarlin.com/?cmpid=puzg_blm_0001
FEMA Flood Insurance Map https://www.fema.gov/
Are you age 40+ with little or no retirement savings? If so, this episode will provide you with some practical steps to help you get on track to retire ready.
Fidelity’s rule of thumb for how much you should have saved for retirement based upon your age is as follows:
3 X Salary @ 40 years old
6 X Salary @ 50 years old
8 X Salary @ 60 years old
10 X Salary @ 67 years old
Don't panic if your savings don't quite meet Fidelity's guidelines. There are a number of factors that can impact how much you should save for retirement, such as where you live or your retirement lifestyle.
The bright side is you are in your prime earning years and with some "tweaks" to your finances you still have time to make a significant impact on your financial future.
So Let's Get Started!
There's been some debate questioning the cost benefit of a four year degree because of the skyrocketing cost of college and the loan burden that this place on students and their families, it's becoming a generational anxiety.
There is no doubt college costs are outpacing inflation and Middle Class Americans' wages.
This episode focuses on education planning, specifically using the 529 Savings Plan.
Now here's some things to consider when you're planning for education. What type of college do you want your child to be?
public institution or private institution, and some cases you can pay twice as much to attend a private institution than a public university.
And then how do you feel about your child attending a community college to obtain their general education credits and then transferring those credits to a four-year institution. This could save you thousands of dollars over a two year period. So think about how much can you actually contribute on an annual basis to fund your child's education, prepare a spending plan to help you determine if you can fully fund their education, if that's what you desire, or perhaps you anticipate receiving some type of financial assistance and you plan to find maybe you're only 50% or maybe 30% of their education. Will, other family members be involved in paying for college as well, such as maybe grandparents or godparents. All of these factors will be important in determining how much you can contribute to your child's college education.