The Chris Burns Show: Recent Episodes
Chris Burns - Dynamic Money Founder & Principal, Chris Burns - CEO of Dynamic Money, Dynamic Money
Chris is the founder and principal of Dynamic Money, a financial planning company in Atlanta, and is passionate about helping people build strong financial plans flexible enough to be effective for all of life – not just the easy parts.
The Chris Burns Show is recorded LIVE in Atlanta on 95.5 WSB to help people like you reach your dreams and understand how real headlines have a real impact on their lives.
We want you to become excited about your money, your dreams, and learn how to take real steps towards your goals even when life happens.
If you’re listening, your future is important to you and you have BIG DREAMS. Let's talk about what's been going on...
Have a question? We cover a lot of news and how it impacts YOU and it’s only natural to have questions. You ask, we respond. No question is too simple, off limits, or off-topic.
Ask your question athttp://www.dynamicmoney.com/ask
Curious about how the news impacts your dreams or want to know what Dynamic Money would say about your financial situation? Let’s talk about your financial plan and create momentum to build the future you want.
Contact the Dynamic Money Team at http://www.dynamicmoney.com/contact
Stay Connected with Dynamic Money and Chris Burns Throughout the Week:
Daily Email Updates http:///www.dynamicmoney.com/update
Facebook https://www.facebook.com/DynamicMoneyPlanning/
Chris on Twitter https://twitter.com/cwburns
If you’re listening, your future is important to you and you have BIG DREAMS. We appreciate you joining us and hope you hear something that gives you practical steps for positive change.
Have a question? We cover a lot of news and how it impacts YOU and it’s only natural to have questions. You ask, we respond. No question is too simple, off limits, or off-topic.
Ask your question athttp://www.dynamicmoney.com/ask
Curious about how the news impacts your dreams or want to know what Dynamic Money would say about your financial situation? Let’s talk about your financial plan and create momentum to build the future you want.
Contact the Dynamic Money Team athttp://www.dynamicmoney.com/contact
Stay Connected with Dynamic Money and Chris Burns Throughout the Week:
Daily Email Updateshttp:///www.dynamicmoney.com/update
Facebookhttps://www.facebook.com/DynamicMoneyPlanning/
Chris on Twitterhttps://twitter.com/cwburns
If you’re listening, your future is important to you and you have BIG DREAMS. We appreciate you joining us and hope you hear something that gives you practical steps for positive change.
Have a question? We cover a lot of news and how it impacts YOU and it’s only natural to have questions. You ask, we respond. No question is too simple, off limits, or off-topic.
Ask your question athttp://www.dynamicmoney.com/ask
Curious about how the news impacts your dreams or want to know what Dynamic Money would say about your financial situation? Let’s talk about your financial plan and create momentum to build the future you want.
Contact the Dynamic Money Team athttp://www.dynamicmoney.com/contact
Stay Connected with Dynamic Money and Chris Burns Throughout the Week:
Daily Email Updateshttp:///www.dynamicmoney.com/update
Facebookhttps://www.facebook.com/DynamicMoneyPlanning/
Chris on Twitterhttps://twitter.com/cwburns
If you’re listening, your future is important to you and you have BIG DREAMS. We appreciate you joining us and hope you hear something that gives you practical steps for positive change.
Have a question? We cover a lot of news and how it impacts YOU and it’s only natural to have questions. You ask, we respond. No question is too simple, off limits, or off-topic.
Ask your question athttp://www.dynamicmoney.com/ask
Curious about how the news impacts your dreams or want to know what Dynamic Money would say about your financial situation? Let’s talk about your financial plan and create momentum to build the future you want.
Contact the Dynamic Money Team athttp://www.dynamicmoney.com/contact
Stay Connected with Dynamic Money and Chris Burns Throughout the Week:
Daily Email Updateshttp:///www.dynamicmoney.com/update
Facebookhttps://www.facebook.com/DynamicMoneyPlanning/
Chris on Twitterhttps://twitter.com/cwburns
If you’re listening, your future is important to you and you have BIG DREAMS. We appreciate you joining us and hope you hear something that gives you practical steps for positive change.
Have a question? We cover a lot of news and how it impacts YOU and it’s only natural to have questions. You ask, we respond. No question is too simple, off limits, or off-topic.
Ask your question athttp://www.dynamicmoney.com/ask
Curious about how the news impacts your dreams or want to know what Dynamic Money would say about your financial situation? Let’s talk about your financial plan and create momentum to build the future you want.
Contact the Dynamic Money Team athttp://www.dynamicmoney.com/contact
Stay Connected with Dynamic Money and Chris Burns Throughout the Week:
Daily Email Updateshttp:///www.dynamicmoney.com/update
Facebookhttps://www.facebook.com/DynamicMoneyPlanning/
Chris on Twitterhttps://twitter.com/cwburns
If you’re listening, your future is important to you and you have BIG DREAMS. We appreciate you joining us and hope you hear something that gives you practical steps for positive change.
Have a question? We cover a lot of news and how it impacts YOU and it’s only natural to have questions. You ask, we respond. No question is too simple, off limits, or off-topic.
Ask your question athttp://www.dynamicmoney.com/ask
Curious about how the news impacts your dreams or want to know what Dynamic Money would say about your financial situation? Let’s talk about your financial plan and create momentum to build the future you want.
Contact the Dynamic Money Team athttp://www.dynamicmoney.com/contact
Stay Connected with Dynamic Money and Chris Burns Throughout the Week:
Daily Email Updateshttp:///www.dynamicmoney.com/update
Facebookhttps://www.facebook.com/DynamicMoneyPlanning/
Chris on Twitterhttps://twitter.com/cwburns
If you’re listening, your future is important to you and you have BIG DREAMS. We appreciate you joining us and hope you hear something that gives you practical steps for positive change.
Have a question? We cover a lot of news and how it impacts YOU and it’s only natural to have questions. You ask, we respond. No question is too simple, off limits, or off-topic.
Ask your question athttp://www.dynamicmoney.com/ask
Curious about how the news impacts your dreams or want to know what Dynamic Money would say about your financial situation? Let’s talk about your financial plan and create momentum to build the future you want.
Contact the Dynamic Money Team athttp://www.dynamicmoney.com/contact
Stay Connected with Dynamic Money and Chris Burns Throughout the Week:
Daily Email Updateshttp:///www.dynamicmoney.com/update
Facebookhttps://www.facebook.com/DynamicMoneyPlanning/
Chris on Twitterhttps://twitter.com/cwburns
If you’re listening, your future is important to you and you have BIG DREAMS. We appreciate you joining us and hope you hear something that gives you practical steps for positive change.
Have a question? We cover a lot of news and how it impacts YOU and it’s only natural to have questions. You ask, we respond. No question is too simple, off limits, or off-topic.
Ask your question athttp://www.dynamicmoney.com/ask
Curious about how the news impacts your dreams or want to know what Dynamic Money would say about your financial situation? Let’s talk about your financial plan and create momentum to build the future you want.
Contact the Dynamic Money Team athttp://www.dynamicmoney.com/contact
Stay Connected with Dynamic Money and Chris Burns Throughout the Week:
Daily Email Updateshttp:///www.dynamicmoney.com/update
Facebookhttps://www.facebook.com/DynamicMoneyPlanning/
Chris on Twitterhttps://twitter.com/cwburns
If you’re listening, your future is important to you and you have BIG DREAMS. We appreciate you joining us and hope you hear something that gives you practical steps for positive change.
Have a question? We cover a lot of news and how it impacts YOU and it’s only natural to have questions. You ask, we respond. No question is too simple, off limits, or off-topic.
Ask your question athttp://www.dynamicmoney.com/ask
Curious about how the news impacts your dreams or want to know what Dynamic Money would say about your financial situation? Let’s talk about your financial plan and create momentum to build the future you want.
Contact the Dynamic Money Team athttp://www.dynamicmoney.com/contact
Stay Connected with Dynamic Money and Chris Burns Throughout the Week:
Daily Email Updateshttp:///www.dynamicmoney.com/update
Facebookhttps://www.facebook.com/DynamicMoneyPlanning/
Instagramhttps://www.instagram.com/dynamic_money/
Chris on Twitterhttps://twitter.com/cwburns
If you’re listening, your future is important to you and you have BIG DREAMS. We appreciate you joining us and hope you hear something that gives you practical steps for positive change.
Have a question? We cover a lot of news and how it impacts YOU and it’s only natural to have questions. You ask, we respond. No question is too simple, off limits, or off-topic.
Ask your question athttp://www.dynamicmoney.com/ask
Curious about how the news impacts your dreams or want to know what Dynamic Money would say about your financial situation? Let’s talk about your financial plan and create momentum to build the future you want.
Contact the Dynamic Money Team athttp://www.dynamicmoney.com/contact
Stay Connected with Dynamic Money and Chris Burns Throughout the Week:
Daily Email Updateshttp:///www.dynamicmoney.com/update
Facebookhttps://www.facebook.com/DynamicMoneyPlanning/
Instagramhttps://www.instagram.com/dynamic_money/
Chris on Twitterhttps://twitter.com/cwburns
If you’re listening, your future is important to you and you have BIG DREAMS. We appreciate you joining us and hope you hear something that gives you practical steps for positive change.
Have a question? We cover a lot of news and how it impacts YOU and it’s only natural to have questions. You ask, we respond. No question is too simple, off limits, or off-topic.
Ask your question athttp://www.dynamicmoney.com/ask
Curious about how the news impacts your dreams or want to know what Dynamic Money would say about your financial situation? Let’s talk about your financial plan and create momentum to build the future you want.
Contact the Dynamic Money Team athttp://www.dynamicmoney.com/contact
Stay Connected with Dynamic Money and Chris Burns Throughout the Week:
Daily Email Updateshttp:///www.dynamicmoney.com/update
Facebookhttps://www.facebook.com/DynamicMoneyPlanning/
Instagramhttps://www.instagram.com/dynamic_money/
Chris on Twitterhttps://twitter.com/cwburns
If you’re listening, your future is important to you and you have BIG DREAMS. We appreciate you joining us and hope you hear something that gives you practical steps for positive change.
Have a question? We cover a lot of news and how it impacts YOU and it’s only natural to have questions. You ask, we respond. No question is too simple, off limits, or off-topic.
Ask your question athttp://www.dynamicmoney.com/ask
Curious about how the news impacts your dreams or want to know what Dynamic Money would say about your financial situation? Let’s talk about your financial plan and create momentum to build the future you want.
Contact the Dynamic Money Team athttp://www.dynamicmoney.com/contact
Stay Connected with Dynamic Money and Chris Burns Throughout the Week:
Daily Email Updateshttp:///www.dynamicmoney.com/update
Facebookhttps://www.facebook.com/DynamicMoneyPlanning/
Instagramhttps://www.instagram.com/dynamic_money/
Chris on Twitterhttps://twitter.com/cwburns
If you’re listening, your future is important to you and you have BIG DREAMS. We appreciate you joining us and hope you hear something that gives you practical steps for positive change.
Have a question? We cover a lot of news and how it impacts YOU and it’s only natural to have questions. You ask, we respond. No question is too simple, off limits, or off-topic.
Ask your question athttp://www.dynamicmoney.com/ask
Curious about how the news impacts your dreams or want to know what Dynamic Money would say about your financial situation? Let’s talk about your financial plan and create momentum to build the future you want.
Contact the Dynamic Money Team athttp://www.dynamicmoney.com/contact
Stay Connected with Dynamic Money and Chris Burns Throughout the Week:
Daily Email Updateshttp:///www.dynamicmoney.com/update
Facebookhttps://www.facebook.com/DynamicMoneyPlanning/
Instagramhttps://www.instagram.com/dynamic_money/
Chris on Twitterhttps://twitter.com/cwburns
If you’re listening, your future is important to you and you have BIG DREAMS. We appreciate you joining us and hope you hear something that gives you practical steps for positive change.
Have a question? We cover a lot of news and how it impacts YOU and it’s only natural to have questions. You ask, we respond. No question is too simple, off limits, or off-topic.
Ask your question at http://www.dynamicmoney.com/ask
Curious about how the news impacts your dreams or want to know what Dynamic Money would say about your financial situation? Let’s talk about your financial plan and create momentum to build the future you want.
Contact the Dynamic Money Team athttp://www.dynamicmoney.com/contact
Stay Connected with Dynamic Money and Chris Burns Throughout the Week:
Daily Email Updateshttp:///www.dynamicmoney.com/update
Facebookhttps://www.facebook.com/DynamicMoneyPlanning/
Chris on Twitterhttps://twitter.com/cwburns
If you’re listening, your future is important to you and you have BIG DREAMS. We appreciate you joining us and hope you hear something that gives you practical steps for positive change.
Have a question? We cover a lot of news and how it impacts YOU and it’s only natural to have questions. You ask, we respond. No question is too simple, off limits, or off-topic.
Ask your question at http://www.dynamicmoney.com/ask
Curious about how the news impacts your dreams or want to know what Dynamic Money would say about your financial situation? Let’s talk about your financial plan and create momentum to build the future you want.
Contact the Dynamic Money Team athttp://www.dynamicmoney.com/contact
Stay Connected with Dynamic Money and Chris Burns Throughout the Week:
Daily Email Updateshttp:///www.dynamicmoney.com/update
Facebookhttps://www.facebook.com/DynamicMoneyPlanning/
Chris on Twitterhttps://twitter.com/cwburns
If you’re listening, your future is important to you and you have BIG DREAMS. We appreciate you joining us and hope you hear something that gives you practical steps for positive change.
Have a question? We cover a lot of news and how it impacts YOU and it’s only natural to have questions. You ask, we respond. No question is too simple, off limits, or off-topic.
Ask your question at http://www.dynamicmoney.com/ask
Curious about how the news impacts your dreams or want to know what Dynamic Money would say about your financial situation? Let’s talk about your financial plan and create momentum to build the future you want.
Contact the Dynamic Money Team athttp://www.dynamicmoney.com/contact
Stay Connected with Dynamic Money and Chris Burns Throughout the Week:
Daily Email Updateshttp:///www.dynamicmoney.com/update
Facebookhttps://www.facebook.com/DynamicMoneyPlanning/
Chris on Twitterhttps://twitter.com/cwburns
If you’re listening, your future is important to you and you have BIG DREAMS. We appreciate you joining us and hope you hear something that gives you practical steps for positive change.
Have a question? We cover a lot of news and how it impacts YOU and it’s only natural to have questions. You ask, we respond. No question is too simple, off limits, or off-topic.
Ask your question athttp://www.dynamicmoney.com/ask
Curious about how the news impacts your dreams or want to know what Dynamic Money would say about your financial situation? Let’s talk about your financial plan and create momentum to build the future you want.
Contact the Dynamic Money Team athttp://www.dynamicmoney.com/contact
Stay Connected with Dynamic Money and Chris Burns Throughout the Week:
Daily Email Updateshttp:///www.dynamicmoney.com/update
Facebookhttps://www.facebook.com/DynamicMoneyPlanning/
Chris on Twitterhttps://twitter.com/cwburns
If you’re listening, your future is important to you and you have BIG DREAMS. We appreciate you joining us and hope you hear something that gives you practical steps for positive change.
Have a question? We cover a lot of news and how it impacts YOU and it’s only natural to have questions. You ask, we respond. No question is too simple, off limits, or off-topic.
Ask your question athttp://www.dynamicmoney.com/ask
Curious about how the news impacts your dreams or want to know what Dynamic Money would say about your financial situation? Let’s talk about your financial plan and create momentum to build the future you want.
Contact the Dynamic Money Team athttp://www.dynamicmoney.com/contact
Stay Connected with Dynamic Money and Chris Burns Throughout the Week:
Daily Email Updateshttp:///www.dynamicmoney.com/update
Facebookhttps://www.facebook.com/DynamicMoneyPlanning/
Chris on Twitterhttps://twitter.com/cwburns
If you’re listening, your future is important to you and you have BIG DREAMS. We appreciate you joining us and hope you hear something that gives you practical steps for positive change.
Have a question? We cover a lot of news and how it impacts YOU and it’s only natural to have questions. You ask, we respond. No question is too simple, off limits, or off-topic.
Ask your question athttp://www.dynamicmoney.com/ask
Curious about how the news impacts your dreams or want to know what Dynamic Money would say about your financial situation? Let’s talk about your financial plan and create momentum to build the future you want.
Contact the Dynamic Money Team athttp://www.dynamicmoney.com/contact
Stay Connected with Dynamic Money and Chris Burns Throughout the Week:
Daily Email Updateshttp:///www.dynamicmoney.com/update
Facebookhttps://www.facebook.com/DynamicMoneyPlanning/
Chris on Twitterhttps://twitter.com/cwburns
If you’re listening, your future is important to you and you have BIG DREAMS. We appreciate you joining us and hope you hear something that gives you practical steps for positive change.
Have a question? We cover a lot of news and how it impacts YOU and it’s only natural to have questions. You ask, we respond. No question is too simple, off limits, or off-topic.
Ask your question at http://www.dynamicmoney.com/ask
Curious about how the news impacts your dreams or want to know what Dynamic Money would say about your financial situation? Let’s talk about your financial plan and create momentum to build the future you want.
Contact the Dynamic Money Team athttp://www.dynamicmoney.com/contact
Stay Connected with Dynamic Money and Chris Burns Throughout the Week:
Daily Email Updates http:///www.dynamicmoney.com/update
Facebook https://www.facebook.com/DynamicMoneyPlanning/
Chris on Twitter https://twitter.com/cwburns
If you’re listening, your future is important to you and you have BIG DREAMS. We appreciate you joining us and hope you hear something that gives you practical steps for positive change.
Have a question? We cover a lot of news and how it impacts YOU and it’s only natural to have questions. You ask, we respond. No question is too simple, off limits, or off-topic.
Ask your question at http://www.dynamicmoney.com/ask
Curious about how the news impacts your dreams or want to know what Dynamic Money would say about your financial situation? Let’s talk about your financial plan and create momentum to build the future you want.
Contact the Dynamic Money Team at http://www.dynamicmoney.com/contact
Stay Connected with Dynamic Money and Chris Burns Throughout the Week:
Daily Email Updates http:///www.dynamicmoney.com/update
Facebook https://www.facebook.com/DynamicMoneyPlanning/
Instagram https://www.instagram.com/dynamic_money/
Chris on Twitter https://twitter.com/cwburns
If you’re listening, your future is important to you and you have BIG DREAMS. We appreciate you joining us and hope you hear something that gives you practical steps for positive change.
Have a question? We cover a lot of news and how it impacts YOU and it’s only natural to have questions. You ask, we respond. No question is too simple, off limits, or off-topic.
Ask your question at http://www.dynamicmoney.com/ask
Curious about how the news impacts your dreams or want to know what Dynamic Money would say about your financial situation? Let’s talk about your financial plan and create momentum to build the future you want.
Contact the Dynamic Money Team at http://www.dynamicmoney.com/contact
Stay Connected with Dynamic Money and Chris Burns Throughout the Week:
Daily Email Updates http:///www.dynamicmoney.com/update
Facebook https://www.facebook.com/DynamicMoneyPlanning/
Instagram https://www.instagram.com/dynamic_money/
Chris on Twitter https://twitter.com/cwburns
If you’re listening, your future is important to you and you have BIG DREAMS. We appreciate you joining us and hope you hear something that gives you practical steps for positive change.
Stay in Touch with Dynamic Money and Chris Burns:
Facebook | Twitter | Ask A Question
Don't miss our Daily Update emails, they are one of our favorite things we do! Join this community and stay informed on how the real news means real impact for your life, wallet, and dreams.
Click Here to Start Getting Chris' Daily Update Emails
Have a question? We cover a lot of news and how it impacts YOU and it’s only natural to have questions. You ask, we respond. No question is too simple, off limits, or off-topic.
Ask your question at http://www.dynamicmoney.com/ask
Curious about how the news impacts your dreams or want to know what Dynamic Money would say about your financial situation? Let’s talk about your financial plan and create momentum to build the future you want.
Contact the Dynamic Money Team at http://www.dynamicmoney.com/contact
Stay Connected with Dynamic Money and Chris Burns Throughout the Week:
Daily Email Updates http:///www.dynamicmoney.com/update
Facebook https://www.facebook.com/DynamicMoneyPlanning/
Instagram https://www.instagram.com/dynamic_money/
Chris on Twitter https://twitter.com/cwburns
If you’re listening, your future is important to you and you have BIG DREAMS. We appreciate you joining us and hope you hear something that gives you practical steps for positive change.
Have a question? We cover a lot of news and how it impacts YOU and it’s only natural to have questions. You ask, we respond. No question is too simple, off limits, or off-topic.
Ask your question at http://www.dynamicmoney.com/ask
Curious about how the news impacts your dreams or want to know what Dynamic Money would say about your financial situation? Let’s talk about your financial plan and create momentum to build the future you want.
Contact the Dynamic Money Team at http://www.dynamicmoney.com/contact
Stay Connected with Dynamic Money and Chris Burns Throughout the Week:
Daily Email Updates http:///www.dynamicmoney.com/update
Facebook https://www.facebook.com/DynamicMoneyPlanning/
Instagram https://www.instagram.com/dynamic_money/
Chris on Twitter https://twitter.com/cwburns
If you’re listening, your future is important to you and you have BIG DREAMS. We appreciate you joining us and hope you hear something that gives you practical steps for positive change.
Have a question? We cover a lot of news and how it impacts YOU and it’s only natural to have questions. You ask, we respond. No question is too simple, off limits, or off-topic.
Ask your question at http://www.dynamicmoney.com/ask
Curious about how the news impacts your dreams or want to know what Dynamic Money would say about your financial situation? Let’s talk about your financial plan and create momentum to build the future you want.
Contact the Dynamic Money Team at http://www.dynamicmoney.com/contact
Stay Connected with Dynamic Money and Chris Burns Throughout the Week:
Daily Email Updates http:///www.dynamicmoney.com/update
Facebook https://www.facebook.com/DynamicMoneyPlanning/
Instagram https://www.instagram.com/dynamic_money/
Chris on Twitter https://twitter.com/cwburns
If you’re listening, your future is important to you and you have BIG DREAMS. We appreciate you joining us and hope you hear something that gives you practical steps for positive change.
Stay in Touch with Dynamic Money and Chris Burns:
Facebook | Twitter | Ask A Question
Don't miss our Daily Update emails, they are one of our favorite things we do! Join this community and stay informed on how the real news means real impact for your life, wallet, and dreams.
Click Here to Start Getting Chris' Daily Update Emails
Have a question? We cover a lot of news and how it impacts YOU and it’s only natural to have questions. You ask, we respond. No question is too simple, off limits, or off-topic.
Ask your question at http://www.dynamicmoney.com/ask
Curious about how the news impacts your dreams or want to know what Dynamic Money would say about your financial situation? Let’s talk about your financial plan and create momentum to build the future you want.
Contact the Dynamic Money Team at http://www.dynamicmoney.com/contact
Stay Connected with Dynamic Money and Chris Burns Throughout the Week:
Daily Email Updates http:///www.dynamicmoney.com/update
Facebook https://www.facebook.com/DynamicMoneyPlanning/
Instagram https://www.instagram.com/dynamic_money/
Chris on Twitter https://twitter.com/cwburns
If you’re listening, your future is important to you and you have BIG DREAMS. We appreciate you joining us and hope you hear something that gives you practical steps for positive change.
Stay in Touch with Dynamic Money and Chris Burns:
Facebook | Twitter | Ask A Question
Don't miss our Daily Update emails, they are one of our favorite things we do! Join this community and stay informed on how the real news means real impact for your life, wallet, and dreams.
Click Here to Start Getting Chris' Daily Update Emails
Read The Sixty Trillion Dollar Man from The Atlantic.
Have a question? We cover a lot of news and how it impacts YOU and it’s only natural to have questions. You ask, we respond. No question is too simple, off limits, or off-topic.
Ask your question at http://www.dynamicmoney.com/ask
Curious about how the news impacts your dreams or want to know what Dynamic Money would say about your financial situation? Let’s talk about your financial plan and create momentum to build the future you want.
Contact the Dynamic Money Team at http://www.dynamicmoney.com/contact
Stay Connected with Dynamic Money and Chris Burns Throughout the Week:
Daily Email Updates https://dynamicmoney.com/update
Facebook https://www.facebook.com/DynamicMoneyPlanning/
Instagram https://www.instagram.com/dynamic_money/
Chris on Twitter https://twitter.com/cwburns
If you’re listening, your future is important to you and you have BIG DREAMS. We appreciate you joining us and hope you hear something that gives you practical steps for positive change.
Have a question? We cover a lot of news and how it impacts YOU and it’s only natural to have questions. You ask, we respond. No question is too simple, off limits, or off-topic.
Ask your question at http://www.dynamicmoney.com/ask
Curious about how the news impacts your dreams or want to know what Dynamic Money would say about your financial situation? Let’s talk about your financial plan and create momentum to build the future you want.
Contact the Dynamic Money Team at http://www.dynamicmoney.com/contact
Stay Connected with Dynamic Money and Chris Burns Throughout the Week:
Daily Email Updates http:///www.dynamicmoney.com/update
Facebook https://www.facebook.com/DynamicMoneyPlanning/
Instagram https://www.instagram.com/dynamic_money/
Chris on Twitter https://twitter.com/cwburns
If you’re listening, your future is important to you and you have BIG DREAMS. We appreciate you joining us and hope you hear something that gives you practical steps for positive change.
Stay in Touch with Dynamic Money and Chris Burns:
Facebook | Twitter | Ask A Question
Don't miss our Daily Update emails, they are one of our favorite things we do! Join this community and stay informed on how the real news means real impact for your life, wallet, and dreams.
Click Here to Start Getting Chris' Daily Update Emails
Have a question? We cover a lot of news and how it impacts YOU and it’s only natural to have questions. You ask, we respond. No question is too simple, off limits, or off-topic.
Ask your question at http://www.dynamicmoney.com/ask
Curious about how the news impacts your dreams or want to know what Dynamic Money would say about your financial situation? Let’s talk about your financial plan and create momentum to build the future you want.
Contact the Dynamic Money Team at http://www.dynamicmoney.com/contact
Stay Connected with Dynamic Money and Chris Burns Throughout the Week:
Daily Email Updates http:///www.dynamicmoney.com/update
Facebook https://www.facebook.com/DynamicMoneyPlanning/
Instagram https://www.instagram.com/dynamic_money/
Chris on Twitter https://twitter.com/cwburns
If you’re listening, your future is important to you and you have BIG DREAMS. We appreciate you joining us and hope you hear something that gives you practical steps for positive change.
Stay in Touch with Dynamic Money and Chris Burns:
Facebook | Twitter | Ask A Question
Don't miss our Daily Update emails, they are one of our favorite things we do! Join this community and stay informed on how the real news means real impact for your life, wallet, and dreams.
Click Here to Start Getting Chris' Daily Update Emails
Have a question? We cover a lot of news and how it impacts YOU and it’s only natural to have questions. You ask, we respond. No question is too simple, off limits, or off-topic.
Ask your question at http://www.dynamicmoney.com/ask
Curious about how the news impacts your dreams or want to know what Dynamic Money would say about your financial situation? Let’s talk about your financial plan and create momentum to build the future you want.
Contact the Dynamic Money Team at http://www.dynamicmoney.com/contact
Stay Connected with Dynamic Money and Chris Burns Throughout the Week:
Daily Email Updates http:///www.dynamicmoney.com/update
Facebook https://www.facebook.com/DynamicMoneyPlanning/
Instagram https://www.instagram.com/dynamic_money/
Chris on Twitter https://twitter.com/cwburns
If you’re listening, your future is important to you and you have BIG DREAMS. We appreciate you joining us and hope you hear something that gives you practical steps for positive change.
Stay in Touch with Dynamic Money and Chris Burns:
Facebook | Twitter | Ask A Question
Don't miss our Daily Update emails, they are one of our favorite things we do!
Join this community and stay informed on how the real news means real impact for your life, wallet, and dreams.
Click Here to Start Getting Chris' Daily Update Emails
Have a question? We cover a lot of news and how it impacts YOU and it’s only natural to have questions. You ask, we respond. No question is too simple, off limits, or off-topic.
Ask your question at http://www.dynamicmoney.com/ask
Curious about how the news impacts your dreams or want to know what Dynamic Money would say about your financial situation? Let’s talk about your financial plan and create momentum to build the future you want.
Contact the Dynamic Money Team at http://www.dynamicmoney.com/contact
Stay Connected with Dynamic Money and Chris Burns Throughout the Week:
Daily Email Updates http:///www.dynamicmoney.com/update
Facebook https://www.facebook.com/DynamicMoneyPlanning/
Instagram https://www.instagram.com/dynamic_money/
Chris on Twitter https://twitter.com/cwburns
If you’re listening, your future is important to you and you have BIG DREAMS. We appreciate you joining us and hope you hear something that gives you practical steps for positive change.
Read Jason Zweig’s article from the Wall Street Journal.
Stay in Touch with Dynamic Money and Chris Burns:
Facebook | Twitter | Ask A Question
Don't miss our Daily Update emails, they are one of our favorite things we do!
Join this community and stay informed on how the real news means real impact for your life, wallet, and dreams.
Click Here to Start Getting Chris' Daily Update Emails
Have a question? We cover a lot of news and how it impacts YOU and it’s only natural to have questions. You ask, we respond. No question is too simple, off limits, or off-topic.
Ask your question at http://www.dynamicmoney.com/ask
Curious about how the news impacts your dreams or want to know what Dynamic Money would say about your financial situation? Let’s talk about your financial plan and create momentum to build the future you want.
Contact the Dynamic Money Team at http://www.dynamicmoney.com/contact
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If you’re listening, your future is important to you and you have BIG DREAMS. We appreciate you joining us and hope you hear something that gives you practical steps for positive change.
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If you’re listening, your future is important to you and you have BIG DREAMS. We appreciate you joining us and hope you hear something that gives you practical steps for positive change.
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Have a question? We cover a lot of news and how it impacts YOU and it’s only natural to have questions. You ask, we respond. No question is too simple, off limits, or off-topic.
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If you’re listening, your future is important to you and you have BIG DREAMS. We appreciate you joining us and hope you hear something that gives you practical steps for positive change.
Giving is good... most of the time. As we approach the most wonderful/expensive time of the year and all the year-end campaigns are asking for your money, we're asking a hard question: Can it be bad to give?
THIS EPISODE CHAMPIONS HEALTHY GIVING AND INVITES US TO LEARN: what unhealthy giving looks like and how to recognize it. * why you must take care of yourself first in order to take care of others. * how to give meaningfully even when you’re financially unable.* (Wish I would have done this sooner)
MOST IMPORTANTLY - This podcast exists so you see how recent financial news affects your life, your wallet and your future. If you heard something that made you think about your personal situation or were confused by something don’t stay that way— Click here and ask our team any question. We would love to help you.
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We're ready for the angry emails from past employers and people in the financial industry. We're bracing for impact and 100% confident in our decision to put the scary truth out there!
By knowing what goes on behind the scenes, you’re able to better discern whether the financial advisor you’re working with now or whoever you sit down with in the future is a good fit.
It’s critical for you to understand exactly how your money is being managed. So take notes, ask questions, do whatever you need to do to pay attention, because you don’t want to miss this!
MOST IMPORTANTLY - This podcast exists so you see how recent financial news affects your life, your wallet and your future. If you heard something that made you think about your personal situation or were confused by something don’t stay that way— Click here and ask our team any question. We would love to help you.
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Let me tell you my story and show you: why avoidance feels comfortable but is wildly dangerous for your future. * a common story and familiar things we see people avoid financially. * how to lighten your burden and move towards peace.*
We’re bringing it up. THAT thing you have been avoiding and I want you to know it's going to be okay. When you face the hard thing, you actually find out there is hope. Let's jump in and get your finances in the light.
MOST IMPORTANTLY - This podcast exists so you see how recent financial news affects your life, your wallet and your future. If you heard something that made you think about your personal situation or were confused by something don’t stay that way— Click here and ask our team any question. We would love to help you.
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First off - Go Braves! This special episode is released on a major day in Atlanta sports history as the home team is in game 5 of the playoffs in an elimination game tonight! But, before I get too excited, I need to tell you why loyalty can kill you in investing. This is something we see far too common and most change people's thoughts on! Listen in and protect your future.
MOST IMPORTANTLY - This podcast exists so you see how recent financial news affects your life, your wallet and your future. If you heard something that made you think about your personal situation or were confused by something don’t stay that way— Click here and ask our team any question. We would love to help you.
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Interest rates are low, which benefits a lot of people, but also harms a lot of people.
Let’s take a look at low-interest rates and answer these questions: who is hurt by low-interest rates and what to do about it? * where do you go for “safe money” in today’s market? * why is the solution not one size fits all* especially for those closing on retirement?
There are three things are in play in any of the solutions to consider:
- Is your money safe?
- Is your money liquid?
- What kind of return am I getting on my investment?
And there’s going to have to be a trade-off, unfortunately, you can’t always have all three.
MOST IMPORTANTLY - This podcast exists so you see how recent financial news affects your life, your wallet and your future. If you heard something that made you think about your personal situation or were confused by something don’t stay that way— Click here and ask our team any question. We would love to help you.
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There's a new payday trend that we want to explore as it's offered in 12% of companies and looks to be growing. Let’s dive into accelerated pay and find out:
- what is accelerated pay?
- is accelerated pay a good idea for me?
- and why it’s not black & white for everyone.
MOST IMPORTANTLY - This podcast exists so you see how recent financial news affects your life, your wallet and your future. If you heard something that made you think about your personal situation or were confused by something don’t stay that way — Click here and ask our team any question. We would love to help you.
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I’m here to help you figure out how to prepare yourself and your family for upcoming healthcare changes and help you find the best scenario for your situation. It’s boring, but it matters!
LET’S GET INTO THE WORLD OF HEALTHCARE AND DISCOVER: the difference between a traditional healthcare plan and a high-deductible plan * which plan may be right for you * what an HSA is and why it can be transformative*
Friends, a new study came out saying that the average cost of a family healthcare plan just passed $20,000 a year, and that’s JUST the cost of your premiums. That’s like buying a new economy car every year!
Let's make the best financial decision about this HUGE item in your budget.
MOST IMPORTANTLY - This podcast exists so you see how recent financial news affects your life, your wallet and your future. If you heard something that made you think about your personal situation or were confused by something don’t stay that way— Click here and ask our team any question. We would love to help you.
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What is your stuck? Rather than hiding from it, there is extreme power in facing it, talking about it, and making a baby step towards change. We're in this together and we believe health is contagious. Jump in with us.
MOST IMPORTANTLY - This podcast exists so you see how recent financial news affects your life, your wallet and your future. If you heard something that made you think about your personal situation or were confused by something don’t stay that way— Click here and ask our team any question. We would love to help you.
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Serving up a much needed FED-ucation covering:
- what the Fed is and why they have an important job.
- how the most boring institution in America suddenly turned into public enemy #1.
- a healthy way to handle the never-ending news cycle.
The FED and what people are saying about it's role is creating a lot of anxiety right now. Here are the basics of not only what's going on, but how you can be prepared.
MOST IMPORTANTLY - This podcast exists so you see how recent financial news affects your life, your wallet and your future. If you heard something that made you think about your personal situation or were confused by something don’t stay that way— Click here and ask our team any question. We would love to help you.
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Let me say it again, "SAVING."Do you have goosebumps, yet?
We’re convincing you how the hottest financial move is actually SAVING and not always the complex trends you want to do. Let's get a foundation in place and if you don't believe it can be the real difference maker hit play and listen up... or SAVE it for later. : )
MOST IMPORTANTLY - This podcast exists so you see how recent financial news affects your life, your wallet and your future. If you heard something that made you think about your personal situation or were confused by something don’t stay that way— Click here and ask our team any question. We would love to help you.
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If you have a question you want to ask our team click here to send over any financial question, life question, or general thoughts for our team to weigh in on as you pursue financial health in your life.
You get a deficit! And you get a deficit! Everyone gets a deficit!
Even in the midst of the largest economic expansion on record, our government has somehow figured out how to have the largest deficit on record.
NOT ONLY THAT, but we’re projected to increase those deficits every year over the next number of years.
LET’S DIVE INTO THE WORLD OF DEFICITS AND UNPACK:what’s in store for us if we keep on this spending trend
how this affects your retirement dollars
how to create a balanced and flexible plan
MOST IMPORTANTLY - This podcast exists so you see how recent financial news affects your life, your wallet and your future. If you heard something that made you think about your personal situation or were confused by something don’t stay that way— Click here and ask our team any question. We would love to help you.
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As mentioned in the intro: Make A Nomination for Give Back Week
It's the Lightning Round! We're answering your questions!
In this episode of the Dynamic Money show, we’re tackling how your financial world helps us understand how ready you are for retirement. There are so many factors and this question opens the door for us to jump in.
MOST IMPORTANTLY - This podcast exists so you see how recent financial news affects your life, your wallet and your future. If you heard something that made you think about your personal situation or were confused by something don’t stay that way— Click here and ask our team any question. We would love to help you.
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It's the lightning round! We're answering your questions!
In this episode of the Dynamic Money show, we’re revisiting the conversation about freezeing your credit, but asking about if it is still relevant for someone to freeze the credit of a deceased family member.
What financial responsibilities do you have if a family member is deceased?
This podcast exists so you see how recent financial news affects your life, your wallet and your future. If you heard something that made you think about your personal situation or were confused by something don’t stay that way— Click here and ask our team any question. We would love to help you.
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Cliff, a financial planner on our team, totally took a car salesman to school on the benefits of buying a warranty. We're sharing the free financial lesson that salesmen received with you. Do you buy warranties? When don't you? Have you had to use a warranty and had a bad experience?
There may be a better options to your warranty woes, and then some exceptions to consider. Let's dive in!
MOST IMPORTANTLY - This podcast exists so you see how recent financial news affects your life, your wallet and your future. If you heard something that made you think about your personal situation or were confused by something don’t stay that way— Click here and ask our team any question. We would love to help you.
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You have questions, we have the Lightning Round! In this excerpt from the Dynamic Money show on 95.5 WSB, we answer a very common question regarding investing.
Ben asks, "I have $600,000 in a 401k. What is the best way to invest that for retirement?" What would you say? Does it match our advice? You'll have to see...
MOST IMPORTANTLY - This podcast exists so you see how recent financial news affects your life, your wallet and your future. If you heard something that made you think about your personal situation or were confused by something don’t stay that way— Click here and ask our team any question. We would love to help you, like we helped Ben.
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In this extended episode of the Dynamic Money show, we’re reacting to the breaking news on everyone's mind as our nation and China go back and forth with tariffs. This episode is being released as soon as possible, as day-to-day news may change.
To stay informed of how each day's news may impact you subscribe to our "Daily Email Updates."
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My brother forced me to ride my first roller coaster. It wasn't a good experience.
Too many of you are on a roller coaster of the market and your experience won't end well, because you're ultimately NOT in control. In this episode of the Dynamic Money show, we’re offering a better approve to financial planning and growing wealth than playing the market. This is focused on what you can control and elements you can be confident in.
MOST IMPORTANTLY - This podcast exists so you see how recent financial news affects your life, your wallet and your future. If you heard something that made you think about your personal situation or were confused by something don’t stay that way— Click here and ask our team any question. We would love to help you.
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Investing is made too complicated. I'm going to give you two simple rules that are easy to remember:
- Good investing isn't sexy.
- The market dropping isn't always bad.
This investing conversation comes from a question focused on how to get started investing, but the truth is these are rules and principles so many people miss.
MOST IMPORTANTLY - This podcast exists so you see how recent financial news affects your life, your wallet and your future. If you heard something that made you think about your personal situation or were confused by something don’t stay that way— Click here and ask our team any question. We would love to help you.
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John Lucich is one the top cyber security experts in the country who joined the Dynamic Money show to share exactly what you and I can do to PREPARE and PROTECT our online information.
In this episode of the Dynamic Money show, we say the words "freeze your credit" a lot. We ask John all about the frightening risks that come with today's digital world and unpack his practical advice on what we can do today to protect your future.
For those interested in a notes recap, here’s what you can do right now:
- Monitor, or more importantly FREEZE, your credit!
- Make sure you have really good anti-virus software and keep it up to date.
- Keep User Access Control ON.
- Stop browsing the web at work.
- ALWAYS Use Two-Factor Authentication.
MOST IMPORTANTLY - This podcast exists so you see how recent financial news affects your life, your wallet and your future. If you heard something that made you think about your personal situation or were confused by something don’t stay that way— Click here and ask our team any question.
We would love to help you.
Show Links:
Learn More About John's Company Network Security Group Inc.
Listen to John's Podcast Talking Technologies
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Let's high five every couple that inspired us enough to record this episode! It has become a regular thing in our planning meetings to hear "But, I want to travel and see the world while we're still young."
If you've wrestled with how to disrupt traditional retirement planning and experience your dreams sooner, you're not alone. This conversation is to tell you that it is possible, and retirement today is dramatically changing. We want you to change how you think about retirement, and with that it may open up your eyes to how you can experience your dreams for your life sooner than you realize.
MOST IMPORTANTLY - This podcast exists so you see how recent financial news affects your life, your wallet and your future. If you heard something that made you think about your personal situation or were confused by something don’t stay that way— Click here and ask our team any question.
We would love to help you build a financial plan built for life based on your dreams for the future. It's what we do.
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Shout out to the man getting his haircut next to me for asking me all the questions that inspired this show. You sir, look amazing and are very helpful.
When you get your investment statement, what do you look at to measure if it is doing well?
Are you guilty of looking at the bottom line of your investments? In this episode of the Dynamic Money show, we’re talking about how advisors can and are hiding fees and costs due to the excessive growth we are seeing in the market. Listen and hear how you should never pay more than 1% and all the many other joys of monitoring your wealth.
MOST IMPORTANTLY - This podcast exists so you see how recent financial news affects your life, your wallet and your future. If you heard something that made you think about your personal situation or were confused by something don’t stay that way— Click here and ask our team any question. We would love to help you.
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Oh boy! Job loss is hard to go through, to witness, and to see end poorly.
Instead of the panicked frenzy where you feel like you have to take the first job you find, I want to talk you through how this painful reality can be something for your good! This is a mindset shift and it won't be easy. But when don't correctly, this job loss may be what puts you on a track to reach your dreams!
MOST IMPORTANTLY - This podcast exists for you! To help you see how recent financial news affects your life, your wallet and your future. We're real people who love talking with real people. If you heard something that made you think about your personal situation or were confused by something don’t stay that way— Click here and ask our team any question.
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Fail.
Oh boy. This episode is inspired by a true and recent experience of dropping the ball with a client. My recent lapse in customer care made me think of the bigger picture of how we so often let our failures beat us up. It's easy for financial failures to feel daunting, but there is truth and hope I want each of you to grab a hold of in this episode. Listen and plan to fail well.
MOST IMPORTANTLY - This podcast exists so you see how recent financial news affects your life, your wallet and your future. If you heard something that made you think about your personal situation or were confused by something don’t stay that way— Click here and ask our team any question. We would love to help you.
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You won't be able to relate to this show if you've never worried about finances or you've never had the power go out on you, We’re running strait into the buzzsaw of the recession predictions clouding our judgement and evaluating "the biggest indicator." Recession may be coming, but there are some things you can control to be ready when it does.
MOST IMPORTANTLY - This podcast exists so you see how recent financial news affects your life, your wallet and your future. If you heard something that made you think about your personal situation or were confused by something don’t stay that way— Click here and ask our team any question. We would love to help you.
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Learning these two investments tips apply to life far beyond financial growth. Honestly, I'm trying to teach my oldest son these lessons too and am not quite getting through to him. Maybe you can learn from the past month's news headlines and MAKE SOME REAL PROGRESS for your long-term investments. It's a simple mindset shift.
MOST IMPORTANTLY - This podcast exists so you see how recent financial news affects your life, your wallet and your future. If you heard something that made you think about your personal situation or were confused by something don’t stay that way— Click here and ask our team any question. We would love to help you.
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In this episode of the Dynamic Money show, we're reacting to the news around the China Trade Deal. Most interestingly, we're reacting to an article that offered an insightful "damned if you do, damned if you don't" commentary. How do you rise above the news headlines! #STOPTHEMADNESS #LetsDiscuss
MOST IMPORTANTLY - This podcast exists so you see how recent financial news affects your life, your wallet and your future. If you heard something that made you think about your personal situation or were confused by something don’t stay that way— Click here and ask our team any question. We would love to help you.
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This episode of the Dynamic Money show is for the CEO, CFO, Average Joe, and YOU because financial fears are as unifying as loving a good pizza. If you have doubts about your retirement plan, you're just like our listener who inspired this episode. We're going to give you some real practical input and transform your fear into peace. It's possible friends, I PROMISE.
MOST IMPORTANTLY - This podcast exists so you see how recent financial news affects your life, your wallet and your future. If you heard something that made you think about your personal situation or were confused by something don’t stay that way— Click here and ask our team any question. We would love to help you.
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In this episode of the Dynamic Money show, we share how the fed lowering interest rates is good news for homeowners and bad news for those nearing retirement. It's crucial to understand how to be best prepared if you are closing on your retirement years.
MOST IMPORTANTLY - This podcast exists so you see how recent financial news affects your life, your wallet and your future. If you heard something that made you think about your personal situation or were confused by something don’t stay that way— Click here and ask our team any question. We would love to help you.
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In this episode of the Dynamic Money show, we’re getting SEXY!
We're talking about the sexiest investment trend: cryptocurrency and immediately telling you how boring is best for your long-term success. But, that doesn't mean there isn't a role for Crypto to play in your investing strategy.
Here’s a healthy response to the cryptocurrency buzz and advice for good investing.
MOST IMPORTANTLY - This podcast exists so you see how recent financial news affects your life, your wallet and your future. If you heard something that made you think about your personal situation or were confused by something don’t stay that way— Click here and ask our team any question. We would love to help you.
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In this episode of the Dynamic Money show, I get mad. I meet with a lot of people who have been taken advantage of by previous “financial advisors”, and it grieves me to see the results of that.
When it comes to choosing a financial advisor, there are some very important questions you need to ask.
MOST IMPORTANTLY - This podcast exists so you see how recent financial news affects your life, your wallet and your future. If you heard something that made you think about your personal situation or were confused by something don’t stay that way— Click here and ask our team any question. We would love to help you.
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In this episode of the Dynamic Money show, we’re talking about the good, the bad, and the news. It's impossible to ignore the negative slant of today's news cycle unless you have a healthy financial foundation. We're going to address both sides of the coin and set you on a track of achievable peace in your financial plan.
MOST IMPORTANTLY - This podcast exists so you see how recent financial news affects your life, your wallet and your future. If you heard something that made you think about your personal situation or were confused by something don’t stay that way— Click here and ask our team any question. We would love to help you.
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In this episode of the Dynamic Money show, we’re talking about the Fed. We explain the role and importance of the Federal Reserve and how the current decisions they're making may have ripples into your future planning. Then we make it really personal in a slightly unexpected way... enjoy.
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Debt is a monster and surely deserves your attention, but not until you've done other key financial moves first. YES, really. I'm making the argument that real financial growth actually comes when you ignore your debt and focus on building your savings first.
Did you know that SEVEN OUT OF 10 college students have at least one credit card. According to a survey for http://CompareCards.com , 37% have made a late payment and 62% have carried a balance.
Debt isn't only an issue of the young, it is seemingly a common denominator in personal finance today. But there is a better way!
In this episode of the Dynamic Money show, we’re talking about building a financial foundation first and that the best way to break the debt cycle is to stop attacking it (for at least a short strategic season of life).
MOST IMPORTANTLY - This podcast exists so you see how recent financial news affects your life, your wallet and your future. If you heard something that made you think about your personal situation or were confused by something don’t stay that way— Click here and ask our team any question. The Dynamic Money team would love to help you.
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In this episode of the Dynamic Money show, we’re going to try and not ruin your friendships with your realtor friends. But, we are going to give you 4 great questions to ask before you start your next home hunt. This is packed with practical thoughts for every home buyers out there.
MOST IMPORTANTLY - This podcast exists so you see how recent financial news affects your life, your wallet and your future. If you heard something that made you think about your personal situation or were confused by something don’t stay that way— Click here and ask our team any question. We would love to help you.
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Do you have a question about anything financial in your world? We would love to help and maybe feature you on the Lightning Round, too.
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In this episode of the Dynamic Money show, we’re talking about how people may prefer simplicity but the financial world is complex. It doesn’t make sense to say a drop or a rise is simply good or bad! It is entirely dependent upon your situation. And if you can't embrace a more complex financial perspective than the headlines, than you may lose a lot.
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In this episode of the Dynamic Money show, we’re talking about Mr. 401k and how he plans to help people to retire (something he hasn't done yet.) We can forget that the 401k was introduced to the public in the eighties, giving soon-to-retire people some nerves. But there is a remedy we call "Advanced Income Planning" and with the right approach peace is within grasp.
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In this episode of the Dynamic Money show, we’re talking about the recent report released showing the incredibly low 3.6% unemployment rate. This wild news has practical impact on someone you know... I'll tell you how. It may just be time to give your co-workers a going away present and get your dream job. Let's jump in...
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In this episode of the Dynamic Money show, we’re giving a majorly overlooked headline some publicity. Long-term care saw major changes that have significant impact on our future (I promise), but Avengers Endgame and Joe Biden took all the big headlines. This is huge and I'll tell you why!!
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In this episode of the Dynamic Money show, we’re revisiting big banks. We've hit this topic recently, but after the earnings reports showed some wild growth in the sector largely because of them charging consumers more... I had to bring it up. There's a BIG problem with BIG banks and thankfully, there's a way out.
MOST IMPORTANTLY - This podcast exists so you see how recent financial news affects your life, your wallet and your future. If you heard something that made you think about your personal situation or were confused by something don’t stay that way— Click here and ask our team any question. We would love to help you.
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In this episode of the Dynamic Money show, we’re talking about the great feeling of a growing market and it's returns, and the empty feeling of when it drops. There is a way to prevent it and succeed no matter what the market is doing. We're going to discuss how to leverage a better grid of decision making and reach the dreams you have for the future.
MOST IMPORTANTLY - This podcast exists so you see how recent financial news affects your life, your wallet and your future. If you heard something that made you think about your personal situation or were confused by something don’t stay that way— Click here and ask our team any question. We would love to help you.
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In this episode of the Dynamic Money show, we’re introducing the class to the new kid: subscription-fee-based financial planning. Ohhhhhh exciting! I agree. This sparks some great conversations about values and motives that we'll unpack together. Enjoy.
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In this episode of the Dynamic Money show, Chris is claiming no bit of expertise other than the fact that he wants to do better as a parent training his kids in financial literacy. After weeks of research Chris has found solutions he thinks fit his and his wifes desires for their boys... hopefully they make you think about how to train and prepare your kids, grandkids, or some kid you know who knows nothing about money.
MOST IMPORTANTLY - This podcast exists so you see how recent financial news affects your life, your wallet and your future. If you heard something that made you think about your personal situation or were confused by something don’t stay that way— Click here and ask our team any question. We would love to help you.
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In this episode of the Dynamic Money show, we’re going on a hunt. We're following the trail left by incentives to peek into the sometimes ugly truth of motivation in financial planning.
MOST IMPORTANTLY - This podcast exists so you see how recent financial news affects your life, your wallet and your future. If you heard something that made you think about your personal situation or were confused by something... don’t stay that way— Click here and ask our team any question. We would love to help you.
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In this episode of the Dynamic Money show, we’re discussing if and when it's time to "retire retirement." What does it mean to retire today? Does retirement even make sense any more? Spoiler alert: yes, and it always will when you define retirement correctly.
MOST IMPORTANTLY - This podcast exists so you see how recent financial news affects your life, your wallet and your future. If you heard something that made you think about your personal situation or were confused by something don’t stay that way— Click here and ask our team any question. We would love to help you.
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MOST IMPORTANTLY - This podcast exists so you see how recent financial news affects your life, your wallet and your future. If you heard something that made you think about your personal situation or were confused by something don’t stay that way— Click here and ask our team any question. We would love to help you.
In this episode of the Dynamic Money show, we’re talking about the incredible start of 2019, and how to think of this record-breaking quarter. What's even more remarkable than how this quarter compares to the last decade, is how you can learn from it to change your next decades? Cheesy? Yes. Important? Yes.
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I am great at poker. I am passionate about great financial planning. I am not worried about running a half-marathon. (I'm bluffing on one of those.)
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In this episode of the Dynamic Money show, we’re talking about how risk in your financial planning can be extremely dangerous towards you reaching your dreams in life and retirement.
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MOST IMPORTANTLY - This is the Lightning Round where we answer your questions sent in, things we've heard asked in the office, and the real direction you need for financial peace in your world. — Click here and ask our team any question.
We would love to help you.
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MOST IMPORTANTLY - This podcast exists so you see how recent financial news affects your life, your wallet and your future. If you heard something that made you think about your personal situation or were confused by something don’t stay that way— Click here and ask our team any question. We would love to help you.
In this episode of the Dynamic Money show, we’re talking about the problem with big companies and the tension we all feel seeking to be known but not wanting to settle. Where do you fall in the spectrum? I'll wait on hold while you think.
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“I just got my first real job offer! It’s a good offer but not quite what I was hoping for. I want to negotiate for more but don’t want to jeopardize the offer — what should I do?” We love this Megan! Let's start with a backstory.
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“The market seems to be doing far better this year, but I’m within five years of retirement. I’d hate to miss the continued growth — should I be pulling back?” Great question Tony!
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MOST IMPORTANTLY - This podcast exists so you see how recent financial news affects your life, your wallet and your future. If you heard something that made you think about your personal situation or were confused by something don’t stay that way— Click here and ask our team any question. We would love to help you.
In this episode of the Dynamic Money show, we’re talking about (honestly, I don't want to tell you) estate planning and wills. But, don't go!? Everyone thinks they can ignore this topic, but it doesn't matter if you have Bryce Harper money or not, you need to think about where your riches will go when you die. Do you have a plan? Here's what you need to do and consider.
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MOST IMPORTANTLY - This podcast exists so you see how recent financial news affects your life, your wallet, and your future. If you heard something that made you think about your personal situation or were confused by something don’t stay that way— Click here and ask our team any question. We would love to help you.
In this episode of the Dynamic Money show, we’re looking at debt and the monster that he can be and introducing a fresh strategy to defeat him. What if the best way to defeat your debt was to ignore it? We're making the argument that your money needs to be invested in savings before you continue to fight off your debt payments.
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MOST IMPORTANTLY - This podcast exists so you see how recent financial news affects your life, your wallet and your future. If you heard something that made you think about your personal situation or were confused by something don’t stay that way— Click here and ask our team any question. We would love to help you.
In this episode of the Dynamic Money show, we’re talking about relationships and how to TALK ABOUT MONEY. Don't be afraid. This episode is meant for your good and we believe we can not only help end the finger-pointing but enrich your life and your relationship.
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MOST IMPORTANTLY - This podcast exists so you see how recent financial news affects your life, your wallet and your future. If you heard something that made you think about your personal situation or were confused by something don’t stay that way— Click here and ask our team any question. We would love to help you.
In this episode of the Dynamic Money show, we’re unpacking what happened to everyone's tax return. The early reports say the average refund is 8% less. There is actually more to the story and this opens up a conversation about a fresh approach to taxes that can benefit you all year.
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MOST IMPORTANTLY - This podcast exists so you see how recent financial news affects your life, your wallet and your future. If you heard something that made you think about your personal situation or were confused by something don’t stay that way— Click here and ask our team any question.
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In this episode of the Dynamic Money show, we’re talking about how the majority of us have to manage our pie in the sky wish lists with our limited resources. How do we avoid tossing money around based on our desires or gut-feelings that won’t help us build momentum? Here’s what our team sees in building a financial plan that works for daily decisions and builds traction.
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MOST IMPORTANTLY - This podcast exists so you see how recent financial news affects your life, your wallet and your future. If you heard something that made you think about your personal situation or were confused by something don’t stay that way— Click here and ask our team any question.
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In this episode of the Dynamic Money show, we’re talking about how people often get hung up on how they should be invested according to the market instead of what’s right for them. We say, forget what the market’s doing right now, pick an investing strategy and stick with it. We’ll convince you why and tell you how in this episode.
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MOST IMPORTANTLY - This podcast exists so you see how recent financial news affects your life, your wallet and your future. If you heard something that made you think about your personal situation or were confused by something don’t stay that way— Click here and ask our team any question. We would love to help you.
In this episode of the Dynamic Money show, we're going to give you three reasons small, local banks deserve your business in 2019. Bigger isn’t always better and I want you to give the local underdog a good look.
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MOST IMPORTANTLY - This podcast exists so you see how recent financial news affects your life, your wallet and your future. If you heard something that made you think about your personal situation or were confused by something don’t stay that way— Click here and ask our team any question. We would love to help you.
In this episode of the Dynamic Money show, we're talking about how your life can look drastically different if you really want it to. We're revisiting the New Year's Resolutions and dreams you set a month ago and highlighting the truth that they still matter.
We're talking about the proven ways to get back on track and find success! You’ve got this.
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If you heard something that made you think about your personal situation or were confused by something you heard -- Click here and ask our team any question. We would love to help you.
In this episode of the Dynamic Money show, we're talking about the government being back open for business — sort of -- and why it matters to all of us and what we can do to prevent a personal financial crisis. Fun times.
In all truthfulness, we deeply believe your financial plan needs to be built for life. Things happen in life that you could never expect and if your financial strategy doesn't embrace the "what if's" the rewards of your hard work could be lost unless without the right amount of financial flexibility.
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New Year’s resolutions are great (especially if they #SparkJoy) but a successful 2019 is more than measuring yourself against how much want to make, save, or sell off this year. Your RELATIONSHIP with money will be a more worthwhile focus this year than any ACCUMULATION.
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The new year often feels full of promise and optimism, but life’s (costly) curve balls are around every corner. You can’t avoid them, but you can prepare yourself to come out on top with a good plan.
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Kids Boost is an Atlanta-based organization that is dramatically multiplying the impact of a dollar. It’s all about instilling philanthropic giving while teaching entrepreneurial skills to the next generation.
Click here to donate to Kids Boost now and we will match your gift!
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Real stories from Atlanta radio personality and hosts on their childhood memories, real-life stresses, and how they've learned to love the holidays in the midst of the craziness. Merry Christmas, happy holidays, and happy new year to all!
Please take the time to connect follow and thank Tad and Ashley for joining me. They are incredible and I couldn't be more thankful for their time in the studio to share their Christmas stories and perspective.
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How your financial planner gets paid is valuable information to you and your future! KNOW IT.
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Playing it safe isn’t a financial strategy; it’s a mantra that’s most applicable when deciding to skydive, swim with sharks or getting a new girlfriend’s name tattooed on your body. A healthy amount of risk in your portfolio is the difference between driving yourself to distraction and living your life.
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It’s the time of year when cable news parades a panel of experts to “predict” how the stock market will behave in 2019. Do yourself a favor: stop torturing yourself and change the channel.
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Tax incentives for philanthropic contributions dropped this year, but the needs haven’t. Tax changes don’t make non-profits any less worthy of our charitable donations.
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All I want for Christmas is you to be financially confident. This market drop may be the wake up many of us need to do just that.
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Politics and finance do NOT run parallel. Sharing my thoughts on the matter and how I got into a bit of hot water.
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We can’t beat the hackers, but we can disrupt their game. Using credit cards in a healthy way can be to your advantage in today’s digital world.
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Our company’s name is changing to reflect what it is that we do best: create flexible financial plans built for life.
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Crystal balls, tarot cards, palms, and stock brokers… I’m going to let you in on a little trade secret: no one knows what’s going on and don’t let anyone convince you otherwise.
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What happens when family members’ circumstances change your retirement plans? The number of baby boomers caring for BOTH kids and parents is skyrocketing!
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Show Me How to Have a Dynamic Financial Plan
Giving is great but not at the risk of going broke! Ever since “THAT” Christmas, my wife and I have obeyed these 3 parameters.
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Life happens, and suddenly you have a collection of 401K souvenirs. You aren’t helping yourself by having multiple, small accounts out there. Here are the reasons why & the best thing to do next.
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Regain Control of My 401Ks and Get a Stronger Financial Plan
Does your plan have an Achilles heal or a fatal flaw that exposes it to extreme risk? Even if it “feels safe” there are no certainties in planning. Here is a better way to live.
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I want to make wise financial decisions through the lens of flexibility
Fear is powerful. It works in politics as you've seen in your mailbox, commercials and even kids' YouTube videos for these mid-term elections! C'mon! Here's how it plays out in the financial world. Be careful friends.
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Let’s talk about the most boring meeting of the year… sounds thrilling, right? But, if you can fight through it… it can make a difference. I believe in you.
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I May Be Asleep After Listening, But I Still Want To Meet About Open Enrollment/Insurance
We’re all looking for a way out. Whether we’re throwing money away at the lottery or gambling with the stock market, we all want a quick fix. Wouldn’t you rather build an intention plan that lasts instead?
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Learn A Billion Dollar Lesson & Build a Strong Plan
When you know this much about market timing you’ll be prepared to… never trust market timing again. But thankfully there is a better alternative that will give you full confidence.
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Create a Strong Financial Plan
Don’t let the market drop have power over you. Learn how to assess your risk and be ready for anything that could hit.
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Get Help & Understand Your Risk Level Before The Next DROP
We are living in a remarkable time. We’re experiencing the longest bull market and the lowest unemployment rate, which makes us wonder when is this going to end? Let's make sure you’re in a position that when the economy turns south, you’re still doing well.
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We’re experiencing a tight labor market, and this means great opportunity for everyone. Wondering how you can drive your wage up significantly in a tight labor market? Curious how long you need to keep working before retirement? Read on.
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The market isn’t good or bad, it’s just up or down. Financial success comes when you build a plan that works regardless of the market.
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Learn How to Build a Financial Plan that Works in Any Market
Save for college, retirement, and the future in the most efficient way.
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Learn How to Prevent Student Debt Together
How can I protect my credit from hackers, social media giants and other data breaches? Follow these easy steps to keep your credit file safe.
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Why is predictive analysis so dangerous? Is there a different way to plan for your future? Learn the best way to approach retirement without adding anxiety, fear or stress to your life.
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Saving is vital and should be started as early as possible, but there’s never a reason to sacrifice all fun and whimsy when planning for your dreams. Here’s how I build in fun and spontaneity for my clients.
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A college degree is sought after and valued in American society, but at what cost? Here’s how to talk to your kids about the true costs of tuition and how they’ll hold up their end of the bargain.
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Let’s explore the fancy window dressings of investments like bitcoin, fomo and why you shouldn’t be a slave to investing trends.
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When disaster strikes, don’t let determine your preparedness by the number of bottles of water you have. We’re exploring homeowners insurance and my mistakes about policy coverage.
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All good things—robust housing market included—must come to an end. We delve into the housing market and discuss scenarios for every homeowner and aspiring homeowner.
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It’s black and white— your advisor is a fiduciary or they’re not. We're going to explore the importance of fiduciaries and Merrill Lynch's recent change of heart on the subject.
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The number one reason people sit down with our team is they need investment advice. But investment knowledge is just the start of success.
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Going with the flow sometimes is great. When your retirement planning is strategy is go with the flow, we need to talk. Today we discuss auto-enrollment & why it doesn’t work.
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Let's talk about planning for the drop and how this record-breaking news impacts you. HAVE NO FEAR! There are ways to set yourself up for retirement success.
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One of my biggest pet peeves is financial companies abusing its customers. Behemoth institutions preying on and exploiting the vulnerabilities of the public is unconscionable. The blatant abuse of power is more common than you think and we're going to explore its root cause and how to protect yourself.
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The Wall Street Journal recently published a groundbreaking article detailing the current state of pensions in the U.S. Just because you don’t have a pension doesn’t mean you’re not a part of the conversation. Believe me when I tell you that what’s going on in pensions is a microcosm of what’s going on in personal finance and retirement planning.
It’s time we all shift our mindset into high gear and expect the unexpected.
Lainey's father recently passed away and left her with his IRA. How should she go about transferring that?
Kids, they grow up so fast. Tran is to truly feel this when he opened up a college saving plan for both of his kids. He asks Chris how aggressive he needs to be with these plans.
Will is a recent graduate and is just stepping into the workforce. His first job doesn't offer a 401k, but where should he be opening his own IRA?
Kimberly asks how should her and her family plan for the future when it comes to inheritance.
Julie asked, "Is it more beneficial to sell her house or turn it into a rental property for the future?"
Every week on WSB Radio Show, I get to answer some of the questions you have sent in on our lightning round. Here is a question for Charlie about whether to follow his parents' wishes or do what is best for him financially?
In this episode you'll learn:
- The challenge in today's market-driven retirement.
- How to retire in the new reality of retirement.
- The value of getting a financial coach, a financial strategy, and taking it home!
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In this episode you'll hear:
- The fine print you need to know about most bank promotion mailers.
- My frustration with most BIG bank options and how it costs you.
- Great banking options to consider.
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In our conversation with Kristen, you will hear:
- The story of a mom, entrepreneur, and dreamer who loves to inspire.
- How Kids Boost began and the sacrifices it demanded.
- The efforts to dramatically shift how kids see and engage in giving back.
- Why this Atlanta-based organization is a favorite place for our team to support.
Learn More About Kids Boost
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In this episode you'll learn:
- What is true of rock-solid investors?
- The 2 tips to investing well in a turbulent (or any) market.
- How to REALLY plan for market instability?
Ask Chris Any Question
In this episode you'll hear:
- A popular retirement/savings strategy completely debunked.
- My argument for what you should do in today's financial climate.
- A truth that EVERYONE needs to hear for their financial future.
- What to do next if you feel stressed or living paycheck to paycheck.
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Our goal is to see you live with more and live for more.
In this episode you'll hear:
- How the current Trade wars can and will affect you
- The best ways to protect yourself from market volatility
- Chris' easy-to-remember investment advice he stole from church
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Our goal is to help you live with more and live for more.
In this episode you'll hear:
- How the media is going crazy and how much of it is valid
- What will Social Security look like for you?
- A real couple's experience
- What Chris suggests for your financial future
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Our goal is to help you Live With More and Live For More.
In this podcast interview, you will hear:
- How to properly guide young adults to live within their strengths.
- The dramatic cultural shifts occurring in education and work.
- How instrumental the right guidance can be in young adults most pivotal years.
- The thoughtful process that goes into assessing giftedness.
- Why recognizing young adults' passions early still holds immense value even before they are college or career ready.
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In this episode you'll hear:
- The BIGGEST problem with annuities and their bad reputation.
- The 3 types of annuity options.
- How to pick what's best for your life and to build the life of your dreams.
For much of the financial world, Annuities are a four-letter word. But what exactly are annuities and why are they so bad?
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In this episode you'll hear:
- What not to do if you're nearing retirement.
- What you NEED to do as you approach retirement.
- 3 tips to move into a smooth retirement.
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Financial advisors can be an invaluable tool for your future, but they shouldn't be able to overcharge you or treat you poorly.
In this episode you'll hear:
- One client's unbelievable experience.
- What you should pay for good advice.
- The right questions to ask to be sure your advice isn't costing you.
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In this episode, you'll hear:
- 3 Major Red Flags About Mortgage/Retirement Advice Chris Read
- The "Other Side" of Refinancing Your 30-Year Mortgage
- Why The American Dream of Paying Off Your Home Isn't A Fit In The Realities of Today
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One of the things that are most frustrating to me about the financial world is how reactionary financial experts are.
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In this interview, you will hear:
- Doug's unlikely story of rising against all odds.
- The severity of how disengaged the workplace is today.
- Our cultures tend to accept risk from afar, and the personal battle against it.
- Shocking statistics about today's workplace.
- The incredibly thoughtful process that goes into creating impactful getaways.
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If you want to feel safe and secure in your investments, don’t buy into a flashy sounding product. Buy into a financial advisor who is looking out for you and your money.
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The tax cut reminds me a lot of one of my favorite movies, Christmas Vacation. Chevy Chase thinks he’s going to get a massive Christmas bonus, so he decides to put a deposit down on a new pool. Instead, he ends up getting a Jelly of the Month subscription.
With an average increase of 1-2%, you probably feel like you got a Jelly of the Month subscription.
Now, I love jelly, so I wouldn’t mind a jelly subscription but I’d still prefer money for my bonus.
If you’re making $40,000 a year, a 1% raise would give you an extra $400 per year or $16 per paycheck. That’s not enough to blow on a new pool, but maybe you can get dinner out one night.
But if you spend your money wisely, you could end making this pay bump worth more than you think!
Ask Chris Any Question Now
"Yes, sir" and "Yes, ma'am" are great rules for most places, but the one place you don’t want to be polite is in your financial advisor’s office. In fact, your politeness could wreck your future.
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Instead of hopping on and off this market timing treadmill, buying and selling with no real plan other than your intuition, you should make a plan that can actually help you and your money.
You know that no matter what the headlines say, you can handle the changes coming your way. When is it time to get off the market timing treadmill and set a plan for the long-term?
Ask Chris Any Question Now
Contact More Than Money
A question often comes up with clients when they come in. They want to know “What is the best way to invest for retirement and how much growth they should expect?” They don’t always like my answer.
Fear sells. Let's talk about the complex relationships between fear, anxiety, and financial peace. I'll share a couple of stories.
The 10-Year Treasury Yield crossed 3% for the first time in four years. The treasury yield is a dense and complicated financial issue. It can be difficult for those outside of the financial world to understand what it means. Even articles designed to teach people about the treasury yield can be confusing. But this recent development will have an impact on you and your future.
Here are the basics of what you need to know:
- A 10-year bond is a loan given to a company or to the government, which we call the treasury.
- This is in contrast to stock, which is buying ownership in a company.
- Your yield is what the return you receive on your bond after the effects of inflation.
So as the treasury yield rises, you’ll get more money back from your bond, which is an excellent low-risk investment option compared to stocks.
How Does The Treasure Yield Affect Me? The 10-year treasury yields directly impact mortgage rates. It’s possible the yield will dip back down, but if it stays above 3% and keeps climbing, that means mortgage rates will also go up.
If you’re looking for a home now, you know, the current fixed rates are at an all-time low. There haven’t been better rates than this since the 1950s. But we can expect this to last forever and the rise of treasury yield indicates things could be changing soon.
My main concern with increased mortgage rates is that as fixed rate mortgage rates increase, more people will be tempted to choose Adjustable Rate Mortgages. With an Adjustable Rate Mortgage, or ARM, you receive an introductory rate at a fixed level for a certain number of years, traditionally five years, and then this rate will jump.
Is An ARM The Right Choice For Me? 5-year ARMs are attractive because you get low interest up front, letting you purchase a better home with less money. But since the rate after those years is usually increasing exponentially and will be unpredictable, this is really only a good idea if you’re sure you’ll be out of that house within the first five years.
The problem is you have no idea what will happen in those five years. People have all sorts of plans for their future, they plan to get a promotion or raise in the next few years, they plan to have kids, they plan to move to another city, but plans fall through all the time.
Then you’re stuck with a high-interest mortgage until you can get out, which may take longer than you’re able to support.
This is a difficult financial situation to be in and is more common than you may think. This is why I’m always cautious to recommend ARMs to my clients. ARM’s are too risky for the average homeowner, especially when the current fixed mortgage rates are so low. It’s almost always better to get a higher-rate mortgage at a fixed rate than an adjustable rate. Why would you want to take any added risk? I recently got a text from my dad, which shared with me that his Adjustable Rate Mortgage in 1981 was 15.5%, which means the fixed mortgage rate was even higher. But we have it so good right now! You can get a fixed mortgage anywhere from 3% to 5%. It’s an amazing time to buy a home, but even as things change in the future, it’s important to make decisions that are best for your future, not just for right now.
That’s where I can help! First I would love to answer your questions about anything related to your financial prosperity and quality of life. Secondly, our team enjoys helping you find the best mortgage loans and giving you the peace of mind that you can handle your loans in the long-term, regardless of how the world changes around you. We can help.
Subscribe To Our PodcastLearn How To Plan For The Long Term
Mike Sims, Executive Vice President of Vinings Bank, has decades of business banking experience that lead him to understand its history, what is important for a strong financial future, and most importantly how a relationship can tell you more about a person than only a set of numbers and data. Enter Vinings Bank.
Vinings Bank started at a difficult time to succeed in 2007, but still, today is enabling many small to medium-sized businesses and business owners to succeed in reaching their dreams.
If you've listened to the show much you've heard my long list of frustrations with big banks and this conversation is a timely breath of fresh air if you feel unknown or undervalued by your current banking partner. In this podcast interview, you will hear: * The HUGE difference between community bank solutions and big bank processes. * Mike's approach to offering capital and what his "red flags" may be. * A better option for families, businesses, and business owners making less than $75 - $100 million. * A radically simple approach to banking rooted in understanding its partners.
Listen on the More Than Money Apple Podcast
P.S. Vinings Bank doesn't charge overdraft fees. Holy cow! This is just unheard of in today's banking world. I love how differently they do things for the betterment of its partners.
Interview Highlights * Mike's Journey That Equipped Him To Lead Vinings Bank (Listen in at 5:00)
The Birthing of Vinings Bank In An Impossible Time & How It Changed Everything (Listen in at 15:00)
A Risk Profile That Considers Heart & Passion As Well As Financials (Listen in at 24:00)
The Unique Differences of Vinings Bank (Listen in at 28:00)
The Most Important Factor Vinings Bank and Mike Sims Look For When Providing Capital (Listen in at 34:30)
The BIGGEST Banking Mistake Made By Entrepreneurs (Listen in at 42:45)
A Partner's Dream and Grandma's Secret Cookie Receipt (Listen in at 47:00)
Chris' Favorite Two Questions He ALWAYS Asks (Listen in at 54:30)
Key Quotes "Many of my clients are business owners or dream of starting a business. They would love to hear this!" "We're a commercial bank, but we want to serve small, medium-sized businesses with a team of people with really BIG skills sets." "Most businesses struggle with their relationships with their banks because they don't know how to talk with their banks." "Unfortunately, larger banks are tightening things up and keeping their staff conservative in practice. Where smaller institutions are still regulated but more flexibility to have meaningful conversations." "We don't charge fees and prefer to make money on your deposits. We can't make money if you're unhappy and go somewhere else, so we fight to keep our partnerships happy." Ask Any Question to More Than Money or Lindsey Turner Ask Any Question to More Than Money or Mike Sims
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This Interview Is Part of Our More Than Money Conversation Series We are financial planners, but we don't believe money will solve the issues people often believe it will. Put simply: More money isn't the best answer to a fulfilling life.
While we are absolutely interested in the financial success of our clients and growing their wealth, we believe we have failed as an organization if we have not equally led them to a more fulfilled life. A better quality of living is so much more than excess of wealth and Mike/Vinings Bank similarly believe dreams, passion, and relationship are tells of your success more so than your balance sheet P&L statement. We invited Mike to share more about a community banking solution and just love how the conversation erupted to be something relevant for our audience to question if they are getting the best care they could receive.
We believe in "quality of life".
It is one of the greatest joys of our business to meet with clients, hear their dreams, and then see them live out a plan to achieve their goals.
We are More Than Money because we believe in you enjoying your life AND growing your wealth.
This interview hopefully reminds you to find a banker who asks questions and a bank that learns about what your money does for you, not only how much you have.
It's Vital To Have Meaningful Conversations * Think you would be a good fit for a More Than Money interview? Know someone who would have something to share? * Want to discuss your story and find a better quality of life in financial confidence? * Have something inspiring that is impacting others?
Let's talk. More Than Money exists for you and responds to all inquiries through our contact page.
Contact More Than Money
_Thank you so much for your time and insight, Mike! _
First, the president declares tariffs on Chinese goods. Then, China retaliates with tariffs of their own. Unless something changes, we could be in for a huge trade war. This will have a definite impact on business owners in America, especially farmers in the Mid-West who export to China. But, did you know this trade war could also devastate your retirement plans?
If you're like me and watch the news regularly, you've seen a lot about the recent tariffs the United States has placed on China and the resulting fall out. These tariffs and the reciprocal treatment from China will have a definite impact on our economy, but probably not for the better. So why is this happening?
Part of the reason the president has implemented these tariffs is because of what he calls a "Trade deficit." This essential means we send more money to China in exchange for their goods than they send to us. We spend around $500 billion per year on Chinese goods and China only spends $100 billion on our goods. That's a big difference! But the affect of the tariffs could hurt Americans much more than any trade deficit that may exist and the reason is simple: it's wreaking havoc with our stock market.
Unpredictable Politics Brings Market Volatility
You probably know this already, but the market is fickle. It doesn't follow rules or patterns. Instead, it's controlled by the people who buy and sell into it, and one of the biggest influence on how people buy and sell is the state of the economy. For the last nine years, our economy, on a whole, has been excellent. We're at the end of a nine year bull market and even with some of the stress earlier this year, we haven't seen a significant drop so far. Imagine, though, how that may change as tariffs from the US and from China affect businesses and the cost of goods we already use. It doesn't look good does it?
Even the threat of this trade war has been causing swings in the market in the past week. You may not think that these tariffs will have any affect on you, even if you are a business owner, but the dramatic changes its causing definitely will! If you're young, single or newlywed, with no kids, and just beginning to invest, market volatility isn't too bad. It can be stressful but you know you have plenty of time to recover if things turn south. These market swings we've seen recently allow you to easily buy in at a low price, stay in, and later sell with an excellent profit in little time.
However, if you're close to retirement and you're heavily invested, you are taking a huge risk. If the majority of your retirement income is dependent on how the market is performing, the trade war and resulting volatility could destroy your plans for the future. To put it simply: your risk level is too aggressive.
Ignorance Is NOT Bliss: Know Your Risk
More than anything else you read today, remember this: The best way to ruin your chance at retirement is not understanding your level of risk.
I have a perfect example of this through some new clients of mine. They have saved admirably and are within only two or three years of retirement. They’re definitely ready but didn’t have any guaranteed income beyond social security.
This isn’t an unusual position to be in anymore, as pension aren’t as common. This is the norm for most of my clients and it’s what I call a market-driven retirement plan. On the surface, it’s a great plan too.
So what was the problem? 90% of their funds were in equities. This is a very aggressive investment plan. When I told them this, they didn’t understand. They said they’d had great results in the last few years, so it couldn’t have been too bad. But your risk level is NOT determined by how well your portfolio has performed. Everyone’s portfolio has done well in the last few years because we’ve had an amazing market.
Your risk level is determined by the percentage of your income that’s dependent on the market.
How Low Can You Go? Fix Your Risk Level To really illustrate to this couple how much potential danger their retirement was in, we created a few different future scenarios for them based on their current plan.
If everything went as they envisioned and the market continued to grow, they were going to get a solid return for the next few years. They’d be in a great position with plenty of money available to them.
However, if there was even one significant drop in the market, like the potential drop we can expect is these tariffs go through, it would devastate them.
All the work they had done over their careers and the excellent savings they’d contributed to would be completely ruined and so would their retirement.
When it comes down to it, they were too aggressively invested and weren't thinking about the potential dangers of their investments. They were leaving themselves exposed and didn’t even realize it!
The good news is, caught this problem in time and could fix it.
The answer wasn’t that they shouldn't invest at all. Everyone should. It’s just important to know what level of risk your portfolio can handle. So, we discussed how much money they were willing to potentially lose through their investments and decide on a level of risk they were most comfortable with from there. Now, they can continue to invest with peace of mind for their retirement.
Do you think you’re an aggressive investor? If your answer is no, you’re probably wrong. Make sure you’re not needlessly exposing yourself and ruining your chance at retirement due to political forces outside of your control. Sign up for a free consultation and we'll take a good look at your complete portfolio to help you tangibly see your level of risk. We’ll make sure you have a plan to expect market volatility without risking your future.
Listen To Past PodcastsFind Out Your Risk Level
The longer I’m in the financial planning business, the more I realize how important it is to talk to our children about money. And not just our children, but our grandchildren, our pre-teens, our teens, our college students. It’s important for people of every age to understand the value of money and the reality of spending. Sharing some of the tips we have below can have a huge impact on how your children live later in life.
I have a diverse group of clients. Some of them are older couples close to retirement, but many of them are also young people, just out of college and starting their careers. When I sit down with new clients, especially my younger clients, I can always tell whose parents talked to them about money and whose didn’t.
There is some instinctual fear about talking to our children about the intimate and reveal parts of our life, but being open and honest about these topics can have a lasting effect on their futures. Money and sex are the two most important things we should teach our children to help them be successful adults, but they are also the things we avoid the most.
Teach Your Children The Value Of A Dollar Now So They Have The Build A Strong Perspective I recently had a young woman call me, she was the daughter of a long-time client I work with. She had just finished college and her parents asked me to help answer some questions she had about her future. The first thing she wanted to know is how much she should ask for her salary in her first job.
I said, “That depends. How much money do you need to live on your own?” She said, “I don’t know.”
I asked, “How much do apartments cost in your area?” She said, “I don’t know.”
I asked, “How much would food cost in your area?” She said, “I don’t know.”
This is the sign of a HUGE problem! And it started a decade ago.
If you don’t understand what your dollar can buy, you don’t know how to value it.
How can we help our children learn the value of the dollar before they get themselves in trouble? It’s not as hard as you think.
Start to help your kids understand the value of a dollar by being honest and transparent with them about your household finances. Tell them what you make. Tell them what your groceries cost.
A simple practice you can begin today is to show them your receipts at check out when they are with you and help them start to see the actual numbers associated with your quality of life.
An Unforgettable Exercise You Need To Do With Your Family This Month Everyone should try this with their family to really show your children how your expenses work.
- Take enough cash out of the bank to demonstrate how much money in hard, dollar bills, you make per month before taxes and bills are taken out. Put this money on your dining room table and let everyone get a good look.
AHHH!! I GET SO EXCITED ABOUT THIS!!!! 2. Then begin to physically show how your expenses are taken out and where your money is dispersed. Show how much is immediately taken out of your paycheck for taxes.
Show how much is taken out for your health insurance.
Show your grocery bill.
Show your utilities bills.
Show your credit card payments.
Let your children visually see how little money you really get to keep from your paycheck. I promise you this will be something they will always remember, and it won't be just a typical talk about learning to budget that goes over their head.
Now, Please Throw The Old Rule Book Out The Window
This attitude of being afraid to talk about money, even with our own family members, is deeply ingrained in our culture and I don’t understand why. Why shouldn’t your kids see how much money you make?
Sure, they could brag about it to their friends. That’s a conversation you need to have with them. But, I believe, this risk is worth it for the benefit of your children understanding how much money they truly need to live.
We need to get rid of these silly rules that say we need to hide money from our children. When you go to the grocery store, show your family the receipt. If you have debt, show your children your balance and your growing interest. If you make a mistake in your financial planning, admit it and show them the effect it has on your household.
Imagine how much your children can learn from these everyday occurrences. It’s invaluable! But so many people will shy away from these opportunities, just because of these “rules” they have about how you should act with your children. The problem is it’s crippling their children’s future.
Forget The Piggy Bank, Try The Green Light Card This is a product I learned about recently and I think it’s an amazing financial teaching tool for families. The Green Light Card is a debit card you can give to your children and completely control in a while most banks don’t allow.
Instead of just giving your children an allowance that they can spend wherever and however they want, you can put money on this card and control where they spend their money and how much of it they can spend.
For example, you can say that you child is allowed to spend $15 per month at Starbucks. Or you can say they are allowed to shop at Old Navy and Target, but not H&M and more expensive places.
Even more amazing, is you can apply interest to your children’s card so they can be better prepared for the effects interest have on loans they’ll have to take out in the future.
Our children deserve to be as prepared for the real world after school as possible. Sure, there will be challenges and problems, but teaching them the value of money and investments will help them truly understand what they need to be successful. A big part of this is financial planning.
If you’ve never had a planning session before, you can sign up for a free consultation with us and bring your family with you. It may be scary to show them the deep and darker parts of your life, but learning through you will have a dramatic impact on them in the future.
Man, I love this topic and watching the next generation begin to prepare for a better quality of life!
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A few months ago Congress has reached a 2-year budget agreement. This $1.3 trillion budget deal will make things easier for us now but pushes our national budget crisis off on future generations. This week they implemented the first part of this agreement to help keep the government open, and it goes against every piece of advice I’ve given my clients.
The Deadly Sins Of Money: Avoidance And Denial The budget decisions made in Washington are perfect examples of the way people avoid and deny their money problems until it’s too late.
Avoidance involves turning a blind eye to your money problems, hoping things will go away and solve itself before it becomes an inconvenience for you.
In our government, we can see this with the way our politicians continue to ignore government entitlement programs. These programs, such as social security, contribute to 2/3rd of our spending, but instead of addressing the broken system, lawmakers avoid addressing it, in fear of losing their seat.
We also see our politicians denying that we have a financial crisis in this country. When our solution to excessive debt is spending another $1.3 trillion dollars, you know we’re in denial. These agreements even ignore caps we put in years ago to prevent overspending just like this.
It reminds me of a family in massive debt. Instead of sitting down and making the hard choices to fix their problem, they say, “Grab the credit card. We’re going to Disney World!” WARNING! Self-Reflection Ahead... Of course, it’s easy to look at these mistakes a federal level and shake your head, but I have clients come in every day who make these same mistakes. In fact, one of the first things people say when they come in is “I’ve been thinking about doing this for a long time.”
Instead of just coming in and solving our problems, our first instinct is to push them to the back burner and hope they don’t come up again. It’s hard to sit down and look at your financial situation. The problem is that avoiding it just leads to more and more problems.
Not long ago, I had clients come in. They had a great income, were close to retirement and had a lot of debt. They were also some of the sweetest clients I’d ever worked with. That made it even more difficult when I told them they wouldn’t be able to make it through retirement with their current spending habits.
They had large monthly expenses, little assets and weren't doing enough to bring down their debt. It was definitely possible for them to be okay, but they’d have to make some big changes. I took the time to show them what sort of hard choices were coming up and the wife broke down crying. It was heartbreaking. Instead of asking questions, the husband said they had to leave and they’d be in touch.
It was clear that weren’t ready to face the reality of their financial problems. Instead, they wanted to avoid these issues, sweep them under the rug and hope they didn’t pop back up. I never heard from them again. Don't Ignore It, Fix It On the other hand, I have another couple in a very similar situation. I told them the changes they would need to make and how hard it would be. But they didn’t run away, they actually made these changes. It took time and a lot of hard work, but they came out the other side more successful and confident. They even told me that some of the changes they made had made their relationship happier and more enjoyable too.
Avoidance and denial are dangerous strategies in financial planning. They create stress and anxiety, even if it gives you short-term relief. The good news is, you don’t have to hide. Set up a free consultation with us and we’ll walk you through the changes you can make to get out of debt and unhealthy spending habits. Together, we’ll make sure you get to happier and healthier financial future.
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Lindsey Turner is a certified personal trainer and coach, ambassador of The Transform App, fitness enthusiast, and promoter of self-love.
After a storied past of coaching, Lindsey faced multiple medical professionals tell him his injuries would permanently sideline him. Lindsey discovered The Transform App by Chris and Heidi Powell and how he began rebuilding his body inside and out.
Lindsey's journey may look like a fitness success story, but it really became a career when he first began appreciating his physical self through loving his inner self. In this podcast interview, you will hear: * The surprising lack of satisfaction you'll find in ONLY getting in shape. * Lindsey's frustration with gym-timidation and how to overcome the fear. * How Lindsey's lowest moments now fuel him to coach others to new heights. * Tips for any level of fitness to set goals and make the right steps towards not only reaching their goals, but also loving yourself on the journey.
Listen on the More Than Money Apple Podcast
P.S. We meet Lindsey long before we knew him as the amazing life and fitness coach that he is today. We featured his non-profit focused on serving families with children who have special needs, ELI Project, on WSB Radio during our 2017 Organizational Spotlight. How does he do it all?!?
Interview Highlights * The Painful Journey of Staying In Shape for The Wrong Reasons (Listen in at 6:30)
The Picture from Hugh Hefner's Party That Changed Lindsey's Career Trajectory Forever (Listen in at 17:00)
The Discovery of An App That Works - The Transform App (Listen in at 32:00)
The Scientific Correlation Between What We Tell Our Mind & What It Impacts Our Reality (Listen in at 49:30)
Goal Setting On What You (And Only YOU) Need (Listen in at 53:30)
Chris' Favorite Two Questions He ALWAYS Asks (Listen in at 1:09:10)
Key Quotes "I believed that Life would become easier if I was in better shape, and that, ultimately, people would like me more." "Once I could learn to love my inner self, I could then build my physical self." "I'm a guy that loves to simplify decisions. That's one of the reasons I was drawn to The Transform App." "I made a list of things I thought about adding to the app and then somehow ended up jumping on a call with the team who built it as I am out walking my dog!" "If you save everyone around you but lose yourself, you miss the point." "Don't 'should' on me." "My greatest desire is to get to a point where I am 100% fulfilled not because of anything outside of myself." Ask Any Question to More Than Money or Lindsey Turner Ask Any Question to More Than Money or Lindsey Turner
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But Why Is This Interview On a Financial Advising Site? We are financial planners. So, why is a financial advisor not only talking about the stock market and wise investment options? Great question.
While we are absolutely interested in the financial success of our clients and growing their wealth, we believe we have failed as an organization if we have not equally led them to a more fulfilled life. A better quality of living is so much more than excess of wealth and we've witnessed too many people strive to reach their goals and ultimately feel empty. Lindsey shared how he chased success but only found satisfaction when he realigned priorities. We want to help you create the life that allows you to invest in what you love and enjoy those who matter most.
We believe in "quality of life" and that growing your wealth for the only purposes of aCQuiring more won't lead you to feeling fulfilled.
It is one of the greatest joys of our business to meet with clients, hear their dreams, and then see them live out a plan to achieve their goals.
We are More Than Money because we believe in you enjoying your life AND growing your wealth.
This interview hopefully reminds you to have an honest look at why your chasing success. In our opinion, money is a tool to reaching the future that you want, but a better quality of life for you, your family, and our community can't be fully measured by the size of your bank accounts.
We Love Having Meaningful Conversations * Think you would be a good fit for a More Than Money interview? Know someone who would have something to share? * Want to discuss your story and find a better quality of life in financial confidence? * Have something inspiring that is impacting others?
Let's talk. More Than Money exists for you and responds to all inquiries through our contact page.
Contact More Than Money
_Thank you so much for your time and honestly, Lindsey! _
In 2016, the ten biggest banks in America earned 7.5 billion dollars in overdraft fees. For one bank, the money they earned in overdraft fees was 11% of their total profits for the year. Overdrafts aren’t the only way banks nickle and dime their customers, and you don’t have to put up with it.
Listen on Apple Podcasts
Despite the many scandals that have taken place over the past few years, the largest banking institutions in the country still act as if they’re entitled to our money.
Wells Fargo just last year had a number of concerning lawsuits and violations, such as fraudulent accounts, false charges, executive abuse, but they haven’t made any changes to their fees or customer service. You’d think they’d be wanting to lower their fees to entice more people to come back to their bank, but they really don’t seem to care.
How much do you pay your bank every year in fees? Overdraft fees, operating fees, ATM fees, the list goes on and on.
Bad Banking? You're Not Alone! I had one client come to me because he was concerned about how much he was paying in fees to his bank every year. He was an entrepreneur with a small business bank account and worked hard to keep money in his account every month only to have a large percentage of it disappear.
The biggest chunk of the deductions seemed to be coming from something called an “account analysis fee.” We called his bank to see what that fee was for and they basically avoided the question but said they were allowed to take the money out before of some wording in the fine print of his contract. We also learned that if he switched to another type of business bank account in the same institution, he could avoid that fee and other fees altogether. But how would he know that on his own?
Another client came in confused about why he was getting random fees taken out of his account every month. After looking at his contract, it became apparent that he only could have a certain number of transactions every month. After that, he’d be charged a fee for each transaction. What the point of a checking account with limited use?
These are just two examples of ridiculous fees every day people get from their bank. Despite the fact that they chose to give their money to these institutions, customers are often treated as if the bank is entitled to these meaningless fees.
So what can you do to avoid them?
Don't Settle For Second Best Most people assume that these fees and the cycle of poor customer service are just the status quo for banking. They assume that this is just the way banking works. It doesn’t matter if they switched to a new institution, it would be more of the same. Additionally, it takes a lot of money to move your money around.
People think it wouldn’t be worth switching banks in the long run, but that’s not true! I’ve found two great options for anyone fed up with their bank’s nickel and dime fee schedule. 1. Ally Online Bank - Ally is a completely online institution, meaning there are no brick and mortar locations available.
They use this strategy to save their customers tons of money. There are no ATM fees, no operating fees, no minimum balances and best of all, they have a reasonable overdraft fee policy. Instead of charging a per transaction or percentage fee for overdrafts, you pay only $25 per day. They’re an open and honest banking solution with great customer service and no price gouging.
- A Local Bank - If you still prefer a brick and mortar bank that you can walk into when need be, consider a local bank instead of a national institution.
Recently, I did a podcast with the owner of a local Atlanta bank, Vinings. In talking to him, he told me about the low-cost, personal banking policy they had. They have low, reasonable fees and take their customer service seriously.
What I found most amazing about Vinings Bank was their person-by-persona loan decisions. Most banks will use a computer to make loan decisions, which can leave lots of people disappointed, but they will personally review your financial situation. Even better, if you decide to switch to Vining's from your current institution, they’ll do all the work for you to get you moved over to your new account.
Your Bank Should Care About Your Money Like You Do No matter what option you go with, make sure you don’t accept the status quo.
You can find a bank that values you and your money as much as you do. We can even help! We’ll walk you through your banking and investment decisions to help you find companies that will work for you instead of against you. Don’t be okay with giving money to people who don’t care about you.
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This week we had another increase in Federal interest rates, But This isn’t unusual. There are small, incremental increases every year. It’s easy to think this minuscule percentage Change won’t have much effect, but do you know how these regular, small increases can truly affect you?
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If you're not familiar with federal interest rates, it's important you know that the government adjusts interest rates as a way to help control inflation. If it costs more to borrow money, people don’t buy as much and there is less of a rise in inflation. Of course, inflation has a tangible effect on our everyday lives so it makes sense that interest rate increases will as well.
Federal Increases And You The first place you’ll notice these changes will be on your credit cards. You’ll immediately notice an increase in your interest rates as these are directly tied to the federal interest rates. It will only be a small increase, not a huge spike, but keep this in mind next time you swipe your card.
A place you may not expect to feel the effects of interest rate increases is through your mortgage. If you have an existing traditional mortgage then you don’t need to worry. If you have a 30-year or even a 10-year mortgage, you’re locked into your interest rate for that term.
New mortgages, will be affected the most. You can expect these rates to increase steadily, not just this year but over the upcoming years.
This shouldn’t be a surprise for you though and you can take advantage of it! Making The Most Of Your Mortgage Right now, mortgage rates are the lowest they’ll most likely ever be. In fact, rates haven’t been this low since the 1950s. On top of that, we’re in the 3rd most competitive housing market in measurable history. Homes will often go on the market one day and be gone the next.
It’s an excellent time to buy a house, but this fast-paced, low-cost market is causing people to make quick, unwise decisions as well.
Recently, I had a young couple came in. They told me they were interested in buying a home and their lender had suggested an Adjustable Rate Mortgage.
If you’re not familiar with ARMs, they’re essentially a mortgage option that locks the homeowner into a deceptively low-interest rate for 5 years and then adjusts the rate year by year, usually aggressively. There is a great benefit to ARMs as it lets homeowners purchase more home for their money and if they don’t plan on living there for longer than five years, they can move before the interest spikes.
This couple was attracted to the ARM because they wanted a bigger home and planned to have children in the next five years, so they thought this was a great option.
Here’s the problem: Life is unexpected. People often assume that whatever goal they have will definitely come to fruition and they make big, potentially dangerous decisions based on these assumptions _ . _ You may plan to have children in the next five years and need a bigger house. You may also plan to still have a job in five years. You may plan on everyone in your family being happy and healthy in that time too. None of this is guaranteed, though.
But with an ARM, you make large and expensive decisions that could come back to bite you if everything doesn't pan out. Then you’re stuck in a long-term mortgage with an outrageous and unpredictable mortgage that can change from year to year based on the federal interest rate.
Interest Rates: Get 'Em While They're Low Here is the advice I gave to this couple and, if you have children or grandchildren looking to buy a home this is advice you can give them as well: lock in the amazing interest rates available to you now.
Instead of an ARM, they could get a 30 year mortgage with the guaranteed lowest interest rate in our lifetime, purchase a more reasonable home and have the safety this mortgage term offers without making assumptions about their future. If they do end up having kids in five years and need a larger house, that’s great! They can reevaluate at that time. If everything doesn’t go as planned, they still have a low interest rate for as long as they need it.
When it comes down to it, the annual federal interest rate increases will affect your way of living, if not this year then in the upcoming years. There are ways, though, that you can take advantage of these changes to help yourself and your family out in the long-term.
If you’re unsure of how to make the best use of our current low interest rates or you’re afraid of the effect increases will have on your future, sign up for a free consultation. We’ll take a comprehensive look at your financial situation and ensure you make decisions that won’t hurt your long-term happiness.
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Finances cause conflict. This is a fact of life. There’s a reason I keep tissues in my office when I meet with clients. Arguments about money happen all the time and can even ruin marriages. How can you make sure you don’t let money destroy you and your relationship?
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Learn From Experience: Money Matters To start with, I want to share some of my story. I feel like a lot of people feel shame about their financial situation, especially when they meet with a new advisor, so I hope this will help.
I married my wife when I was 19. We quickly had two children, even though we were still in college. Money was limited. I worked a youth pastor. Our life was tight and stressful.
I had this idea in my head that if I worked really hard, I would have enough money. This was something I learned from my parents, who always wanted to make sure I was happy in the career that I chose. We never actually discussed the economics of having a job. Because of this, I assumed that every job basically made the same amount of money as long as I put the work into it.
While there is some truth to that, at the end of the day, some jobs make more than others.
It took me coming to brink of financial ruin for my eyes to open. My wife had a major medical issue, we were buried in debt, we lived with my in-laws. We hit rock bottom and we had to call a debt counselor, just so we get our heads above water. The counselor told us the only way out was to declare bankruptcy.
So I’ve been there before, trust me.
Do you think we argued about money back then? Definitely. Do you think we STILL argue about money? Definitely. You probably have arguments with your spouse about your finances too. Everyone does, but you don’t have to let it ruin your relationship.
Why Do Couples Always Argue About Money? What I see often are trends and patterns in these financial arguments that happen in my office.
I’m not a relationship counselor, but my job is to help you get your money in order, which will help ease some stress in all aspects of
your life.
One of the major trends I see is that couples will argue and fight for why they’re right without ever address what the actual problem is. Think about it in terms of football. When there’s a flag on the play, there’s usually an argument. The refs pause the game and take a moment to review the footage. By looking at everything in slow motion, they’re able to hopefully prove beyond a doubt what happened and figure how to act from there.
Just like with football, you need to review your financial plan.
The key to this is clear data. Our clients have the ability to pull up all of their accounts into one place: their debts, their bank accounts, their investments. Everything goes into one spot where they can view it cohesively, as well as use a budgeting tour to classify all their expenses.
I recently had a couple come into my office who couldn't’ figure out why they never had money available to spend. Since I had everything pulled together in our software, I was easily able to pull up their accounts and see what happened.
They began bickering in front of me, accusing each other of over spending. The concerning thing that we found is that neither one of them were right.
It wasn’t one big purchase that was pulling all the money from their accounts, but many small things they were both doing that shrunk their assets.
This technology is so helpful for this reason. It helps you see everything together. It can even help you learn how to compromise in your relationship. How Financial Compromises Can Help Your Marriage The key to mitigating almost every issue you have in your relationship, but especially those involving money is compromise. You can’t go into these financial discussions assuming you’re right and your spouse is going to be to blame for everything. You need to accept that both of you will have to make changes and adapt to get to the other side of financial peace.
Another couple that I’ve begun working with came in to look at their financial plan.
As in most cases, I found the husband and wife had completely different opinions about their plan. He thought they were in big trouble in the future, not saving enough and spending too much. She though they were perfectly fine and his excessive saving was affecting their quality of life.
Through our software, we looked together at all of their assets and saw they had saved so much in the last few years through being so conservative that they had an excellent emergency fund available to them. With the amount saved, it was clear they’d be ready for any potential difficulties that came their way.
At the end of our meeting, the wife looked at her husband and told him how grateful he was that he had been so frugal. It gave them great peace of mind for their future. But she also asked if, since they were already in such a good place, they could start eating out once a week.
This is a great example of a financial compromise. She saw the benefit of his conservative spending and he understood her want to enjoy life a bit more beyond their money. It was a beautiful moment to witness! If you want to see all of your money come together in one place, you need to sign up for a free consultation with us. We’re not afraid of your difficulties and conflict. What’s most important to us is that you understand your money and your spending. We hope to help you shine a light on some problem you could be having and make sure you have confidence going forward.
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Dr. Emily Shupert is a licensed professional counselor and founder of a boutique counseling and coaching company in Atlanta, Simplify Life Counseling + Coaching.
In her practice, she works with high-level executives and professional women to grow, develop and accelerate as marketplace leaders.
Recently, she’s partnered with respected businessman and innovator, Anthony Flynn to write The Happiness Map. This book was written with the executive woman in mind, offering a personalized navigation tool to find happiness in life, now. In this podcast interview, you will hear: * Emily's thoughts on how to become fearless in your work, relationships, and life. * A challenging conversation guiding you to introspectively look at your daily decisions. * A truthful look at failure and identifying barriers in your life. * Tips to overcome and jump from the point you're currently living to where you hope to be today and in the next 20 years.
Listen on the More Than Money Apple Podcast
P.S. When this intervi__ew is released Emily will be abroad with Global Health Outreach— serving the medical, dental, and spiritual needs of patients around the world. She's just completely amazing!!!
Interview Highlights * The KEY message everyone needs to hear (Listen in at 12:57)
What parents need to own and how our childhood affects our current story (Listen in at 23:07)
The "U-shaped curve of happiness" and listening to your four F's (Listen in at 31:55)
How do you make proper decisions on the next steps in life rather than the current moment you're experiencing? (Listen in at 40:35)
Breaking the grass is greener myth and living in a new reality (Listen in at 52:00)
Key Quotes "My whole goal is prevention. before students go into the workforce, let's start identifying" "Finding purpose in pain was one of the biggest motivators in my life not only to write the book but also going into counseling." "The pain of remaining the same often doesn't outway the pain of change. if you can be comfortable enough to be okay, humans will tend to remain the same." "What's next doesn't mean you sprint to the finish line, but being able to mark out a process often involves daily steps and decisions towards your destination." "What would the 80-year-old version of me say to myself?" Ask Any Question to More Than Money or Emily Shupert Ask Any Question to More Than Money or Emily Shupert
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But Why Is This Interview On a Financial Advising Site? We are financial planners. So, why is a financial advisor not only talking about my 401k, investments and retirement options? Great question.
While we are absolutely interested in the financial success of our clients and growing their wealth, we believe we have failed as an organization if we have not equally led them to a more fulfilled life. A better quality of living is so much more than excess of wealth and it is so easy to feel stuck in our lives. Emily is an incredible voice for pursuing life satisfaction and overcoming boundaries in multiple aspects to experience your greatest joys.
We believe in "quality of life" and that growing your wealth for the only purposes of acquring more won't lead you to feeling fulfilled.
It is one of the greatest joys of our business to meet with clients, hear their dreams, and then see them live our a plan to achieve their goals.
We are More Than Money because we believe in you enjoying your life AND growing your wealth.
This interview hopefully reminds you to take small steps toward the life you want and money may be a part of that for you. In our opinion, money is a tool to reaching the future that you want, but a better quality of life for you, your family, and our community can't be fully measured by the size of your bank accounts.
We Love Having Meaningful Conversations * Think you would be a good fit for a More Than Money interview? Know someone who would have something to share? * Want to discuss your story and find a better quality of life in financial confidence? * Have something inspiring that is impacting others?
Let's talk. More Than Money exists for you and responds to all inquiries through our contact page.
Contact More Than Money
Thank you so much for your time, Emily! It was truly a joy.
Thanks to the new tax plan, corporations are sitting on a lot of cash right now. Unemployment is at a low and wages are beginning to increase. Consumer confidence is high and people are spending more money. The market is doing well, so people are spending more money, but if things begin to turn bad, will you be prepared?
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The Ups And Downs Of A Volatile Market
Last year, the chairwoman of the federal reserve announced that the rate of inflation was not rising as expect and she really didn’t know why. This made a lot of people anxious and the market took a hit.
Fast forward to a year later, the rate of inflation is expected to begin to rise. Everyone is starting to get nervous about the new inflation rate and, yet again, the market is becoming volatile.
It seems like no matter what happens, people want to find a reason to be anxious.
Now, we’ve added one more unknown into the mix: tariffs.
What Do Tariffs Have To Do With The Market? Recently, the president announced that there could potentially be a new 25% tariff, which is a tax on imported goods, on all steel and aluminum. The goal is to increase production of these items within the United State, but it’s also going to cause some difficult with our international trade partners.
Products like beer, soup and soda will likely increase in price as they find the supplies for their cans increasing. Other products we buy every day will likely increase too, some that you may not even expect. And that will affect the market, whether we like it or not.
If the ongoing anxiety about the potential of inflation caused a metaphorical fire in the market, these new tariffs are only adding fuel to that fire. How To Get Ahead Of The Market We haven’t actually seen inflation yet. It is the fear of potential inflation that is making the market react.
Everything about the market makes more sense if you look at it through the lens of a toddler. It’s not always logical. It’s emotional. It’s reactive. It can get upset over nothing.
This creates a lot of fear and stress for investors, but how can you make sure you’re mentally and emotionally prepared for volatility?
We actually talk about this a lot in these posts in consultations with our clients. The only way to be mentally prepared for a unpredictable market is if you know that your investments are going to be okay no matter what happens. How is that possible?
You make a plan. An good investment plan that is flexible and reactionary will help you be mentally and emotionally prepared for anything the market can throw your way. If the market goes up, you know what your plan is. If the market goes down, you still know what your plan is.
A solid investment plan prevents you from getting anxious and stressed over every little change in the market, because you know that you, your finances and your future are going to make it through to the other side.
Don’t Let Your Fear Hold You Back I recently had a couple come into my office and talk to me about their financial situation. They had lost a lot of money during the crash in 2008. They took everything out of the market and never jumped back in during the rebound. They were too scared of losing what they had and it kept them from investing again. As such, they potentially lost out of the chance to make all of their money back.
Don’t let this happen to you.
The reality is, that we’re living in a renewed, volatile market. This means the market will go up one day and down the next.
We haven’t seen these day to day changes much in the last 9 years, but that’s not the norm. Nor should you expect it to be.
You need to make sure you’re ready for these upcoming anticipated changes in the market by creating a comprehensive investment plan.
It is an incredible thing to look at what is going on the world and in the market and know that you are going to be just fine. These drops and changes don’t have to ruin everything you worked for. If you don’t know how to create an investment plan on your own, just call or email us to set up a free consultation. We’re look through over your current strategy and build something that can help you get peace of mind for your financial security.
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It’s the perfect storm: social security has one foot out the door and pension funds are all but dead. Regardless of what happens in Washington, how do you know you won’t become the victim of crumbling social security and a nonexistent retirement plan?
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Can I Depend On Social Security?
All of us know social security is in trouble. We also know that no one in Congress wants to do anything about it. They don’t want to be the person who took away everyone’s social security payments. Who really wants to do that?
But, if we continue on as we are now, social security funds will be depleted by 2034.
If we get to that point, it’s likely everyone will see at least a 25% cut in benefits across the board. We probably won't go that long without something changing, but so far, we have no idea what that will look like.
To add to the problem, pensions, which were once a staple of retirement plans, have been nearly, if not completely dead, since the 1980s.
Why Don't I Have A Pension? If you, like most normal people, aren’t familiar with the history of pensions, here’s a quick synopsis. In the past, most American workers who had jobs with benefits had a pension plan. Pension plans were great because it was guaranteed income when you entered retirement that didn’t require you to invest your own money or really risk anything at all. You just had to stay at your job. Sounds great, right?
But in the 70’s there was a shift from pension plans to 401ks, as they were much cheaper for companies. In the long term, the pension plans weren’t sustainable, so Employers began to push for their employees to invest money in a 401k retirement plan. The problem for the worker was they had to go from knowing they had income available to putting their own money away. They had to actively save and invest wisely. With a pension, it didn’t matter if you saved or invested, you would always have that money available.
Since the shift to 401ks, less people are equipped for retirement.
We have an entire generation of people ready to retire who have saved exclusively with 401ks. With social security’s decline on top of that, your retirement could be in jeopardy.
Show Me The Money! There are two articles I recently read about the the problems those nearing retirement are facing now.
The first one was from the Wall Street Journal, and it was a debate between two experts about whether there is and or is not currently a retirement savings crisis in our country. It’s an informative read that will help you see both sides of the argument.
The second was from The Atlantic and painted a picture of what life without retirement savings may look like for you.It’s bleak, but the message is important. You’ll want to make sure you read this one!
If you don’t have time to read those now, here’s some the key statistics from both articles:
- Social security will be depleted by 2034.
- Poverty fell for populations 18 to 65 but rose for those over 65, meaning the only group whose poverty level has risen is those in or near retirement.
2/3rds of Americans don’t contribute anything to a 401k or other retirement plan. * For those 55 to 64, the median savings in their 401k is only $15,000.
The data shows that there are a growing number of people who will NOT be able to retire comfortably, if at all.
I Don’t Think I Can Retire. What Do I Do? It’s my job to make sure you’re prepared and able to achieve your dreams for the future. I want you, your parents and your children to be in a healthy place financially with a plan to retire.
So many people come into my office every day and are convinced they’re never going to be able to retire. However, there are very few situations that we’re not able to salvage together. Out of the hundreds of people I’ve helped in my career, there are only two cases I can think of that were truly hopeless.
The first was an older couple well into retirement. The husband was the only one who worked and he handled all the financials for their family. He had a large chunk of money given to a 10 year payout. He bought into the program thinking by the end of the 10 years, they’d have another way to make money or would have enough saved up to continue living the way they wanted.
Unfortunately, they were less than 3 years away from the end of the payout, but they had no money saved and the husband was no longer able to work due to his health. They had absolutely no money available for them and they had no options to get out of their situation.
The second couple was a bit younger with a large amount of money. They lived comfortably, had multiple timeshares and properties, but weren’t generating enough income to pay for everything.
After looking at their financials, I saw that they could have enough money to live on after retirement but only if they made great changes to their lifestyle, including selling their extra properties. It was obvious that if they didn’t make those changes, they would be out of money in a few years.
They broke down crying in my office and decided they weren’t willing to make the changes they needed. So I, unfortunately, wasn’t able to help them.
Okay, Now I’m Really Scared
I’m not trying to scare you. I’m trying to prepare you. These are the absolute worst case scenarios. The vast majority of people can make the changes necessary to ensure they’re prepared for retirement regardless of their current situation.
If you’ve never made a retirement plan, you need to as soon as possible. You want to make sure it is flexible that you’re confident will be able to provide you the financial security that you need. If you don’t know how to how to make your plan, come by my office for a free consultation. We’ll look over every aspect of your financial world, create an income plan and make sure you’ll be able to retire with confidence.
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It’s that time of the year again! Everyone is getting tax refunds and every marketing campaign in the country is trying to convince people to spend their refund on something new. But what is actually the best use of your refund? It’s not what you think!
Don’t Hope For a Refund This Year
I want to start off by saying this: you should not hope for a HUGE tax refund every year.
Tax refunds aren't a good thing. It’s just like going to the grocery store every week and paying an extra $5 for every gallon of milk you buy. At the end of the year, the grocery store sends you a check for the difference between the price you should have paid and what you actually paid. Why didn’t you just pay the correct price every time?
A tax refund is just a reimbursement for your overpayment on your taxes throughout the year. It isn’t new money. Instead, you should be structuring your taxes and withholdings in such a way that you don’t get a refund or as close to that as possible.
Think about it like this, do you really want the IRS holding on to your extra cash? Of course not. What if you mess up on your taxes and end up not claiming as much as you should? They’re definitely not going to send it back to you. You’re just out the money that you deserve.
What Can I Do With My Refund NOW?
Let’s say that you did get a large refund this year. We don’t want to repeat that in the future, but for now: That’s great! What should you spend the money on?
Every ad on TV and radio right now wants you to spend this extra influx of cash on cars, televisions, phones, furniture. Any and everything!
Some people may plan to do that, but most people I talk to say they plan to apply their refund towards their debt. They use it to pay off credit cards, car loans, and other places they own money. They believe this is the “smart” thing to do with this extra money.
The problem is, most people with debt don’t have any liquid savings. By continuing to apply money towards what they owe instead of building up an emergency savings fund, they’re continuing the feed into the cycle of debt.
Say you use this year’s tax return to pay off a bunch of credit card debt you accrued when you had an emergency but no savings available. You get your debt to a zero dollar balance and continue paying bills as usual. Then, later on in the year, you have another emergency and, again, have no savings to pull from to help pay for it. So you swipe your credit card again and plan to use your tax refund to pay off the debt in a few months.
If you continue on like this, you will never build up a savings account and never get out of debt!
Without 3 months of living expenses in your savings account you should not be making payments towards anything else beyond the minimum requirement. This includes applying money towards your 401k and definitely towards your Credit Card debts. How Can I Get Out Of My Cycle Of Debt?
Put your money into a liquid savings account and do not touch that account until you have at least 3 months of expenses available.
Next year, you can take any money you have leftover and, knowing that you have an emergency fund, use your refund to pay off your debts.
You wouldn’t build a house without building the foundation first, right? Your financial plan should work the same way. Start your savings first, tackle your debt second, and, lastly, put your money towards retirement and long-term savings. This is the only way you’ll get yourself out of the cycle of debt and start making a future for yourself. If you don’t know how to get started, we can help. We’ll create a plan to get your 3 months saved up before the end of the year so you can start living your best life as quickly as possible.
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Bob Rodgers serves as President and CEO of Street Grace, bringing more than 30 years of corporate and nonprofit leadership and team development experience to this role.
Street Grace is one of the pioneers in the human trafficking “space” — a $290 million illegal industry in Georgia, alone. In this podcast interview, you will hear: * Statistics that make you cringe at their existence. * How you can become a part of a solution in tangible ways. * The realities of an unknown world. * A perspective on domestic minor sex trafficking from a man who has been nationally recognized for his acumen in business, recruitment and team development.
Listen on the More Than Money Apple Podcast
P.S. This interview isn't easy to hear, but I challenge you to listen to it in its entirety and learn. You will be challenged by what you hear, and any education on this issue is further bringing it into the light.
Interview Highlights * The reality of sex trafficking today (Listen in at 10:03)
Bob retells his account of a sting operation (27:40)
The scope of Street Grace's work (35:48)
Bob shares a heart-breaking story of how he originally became involved (41:05)
Chris asks "What practical things we can do to make a change?" (44:35)
Key Quotes "I don't know if there is anything we have in common more than 'sexual issues.'" "the single most-visited porn site in the world received more than 98 billion visitors last year." "the mental health professionals have coined a phrase that eight is too late. it is critically important to educate our kids." "one of the single greatest things that can be done is give a language to this to children." "He looked up and said, 'I can sell a bag of drugs once and I can sell a 10-year-old girl 8-12 times a night." "The topic is heavy, but the state's anti-trafficking lobby day is a family event. this is a great way to get involved." But Why Is This Interview On a Financial Advising Site? We are financial planners. So, why is a financial advisor talking about something as horrific as domestic sex trafficking? Great question.
yes, we lead clients to grow their wealth, but we believe we have failed as an advisor if we haven't equally led our clients to live a better quality of life. Money is just a tool to reaching the future that you want, and a better quality of life for you, your family, and our community can't be fully measured by the size of your bank accounts.
We believe in "quality of life" and that the quality of life of our community matters.
It is one of the greatest joys of our business to meet with clients, hear their dreams, and then see them live our a plan to achieve their goals.
We are More Than Money because we believe in you enjoying your life AND growing your wealth.
This interview may have been uncomfortable for you, but we think it is essential for more and more light to be shown on this painful issue. We are so thankful for all of Street Grace's efforts to change the stories of thousands!
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Don't Miss Street Grace's Anti-Sex Trafficking Lobby Day on February 20th. Learn More
We Love Having Meaningful Conversations * Think you would be a good fit for a More Than Money interview? Know someone who would have something to share? * Want to discuss your story and find a better quality of life in financial confidence? * Have something inspiring that is impacting others?
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If you’re a new investor, in your 20s, 30s, 40s, how does the recent market drop affect you? Your portfolio can handle a larger drop, but maybe you can’t. What does that mean?
I’m 20 Years Away from Retirement, How Do I Respond To The Market Drop? Mathematically, when you’re younger, you can handle a market drop. You have plenty of time before retirement to get your portfolio back up.
In the past, people have even make the most money towards retirement during these drops. You can buy stocks for cheap and later sell them for much more. In theory, when you’re younger, you should be excited about a drop. So why are young investors discouraged?
Because, the crowd impulse - what everyone else is doing - is to get out and run. I don’t want to downplay how hard it is to run into the market while everyone else is running out. It feels counterintuitive, but just know you’ll make money in the end.
Millennials On Wall Street This week I read two articles that you, as a young investor, will find helpful.
This first one was a Bloomberg article called “Is Wall Street’s Untested Millennial Majority A Risk?”
If anyone working in wall street is under 30, they have never experienced a drop like this. In fact, 50% of professional traders fall under this category, as do half of the people who are actually investing.
In the article, there was a quote from a 29-year-old on Wall Street who said, “I haven’t worked in a different era, but who says we’re going back to the old era?”
This is a dangerous mentality to have. We would be foolish to assume that things won’t go back to the way they were. Instead, think about how to respond in the future. What can I do to make sure I’m going to be okay?
The second article was a column by Jason Zwgie, “When Investing In Stocks Make You Feel Like Throwing Up, And You Do It Anyway.”
Jason talks about his experience investing during the 2008 stock market crash. He continued to invest and throw more money into the market while it continued to fall. It felt incredibly wrong but he stuck it through and ended up making great money.
It’s hard to put money into the market when it’s dropping, even if you know, logically, it makes sense.
The key is to pick the risk you know you can stick with. No matter what that risk level is, just stay consistent.
Don’t Waste The Last Two Weeks It’s possible we’ll walk into next week and the market will stabilize and grow. We don’t know, no one does. Anyone who says they know what the market is going to do next, is lying. But say we end the year as we started, in a strong bull market.
That doesn’t mean you should forget about the last two weeks.
For young investors, this was your first experience with risk. You need to learn from it. Think of investing like a roller coaster - you know you’re not going to die when you get on Space Mountain. But some people will feel fine, even great, once they get off. Others will get sick. If you know you’re going to sick, then why would you get on the ride?
If you know you can’t survive a market drop, either emotionally or financially, then don’t put yourself in a position to experience that.
Alternatively, if you know you can handle risk and it doesn’t both you, if you didn’t even notice the drop this week, then maybe you’re being too conservative. Consider investing more aggressively.
Stocks Vs. Fixed Investments If you look on the first page of your financial statement, you’ll see a bar graph that shows your stocks and fixed investment. Think of the ratio of your bar graph like the speedometer in your car.
The higher ratio here, the faster you’ll earn and the quicker you’ll get to your goal. But if you crash, you’ll take even more damage.
Say 50% of your money is in stocks, as opposed to 90%. If there’s a crash, you’ll lose some of that half but not everything. You still have more than 50% of your savings left to lean on.
If you weren’t worried when the market dropped, you can handle a faster portfolio and you’ll be able to make more money. There’s no better time to buy in than now.
If you freaked out last week, then you should reconsider the ratio of your stocks and fixed investments and make a change. The first step, either way, after the drop we had this week is to reevaluate your financial plan and make sure you’re pointed towards where you want to go. You can set up a free consultation with me and we’ll work together to figure out what your plan is and what you should do next. You’ll figure out how much risk you can take and feel confident that your plan is taking you where you want to be.
Figure Out Your Level of Risk ToleranceLearn More About What More Than Money Can Do For Your Dreams
Over the last week we’ve experienced the largest market drop since 2008. It’s not the only correction we’ve had since then, but everyone is reacting. In fact, over the past week, $30 billion has been pulled out.
I’m Within 5 Years of Retirement or Already Retired. HELP! We entered the year with a lot of hope and optimism, coming off a year of amazing growth in the market. Then, we had a quick, steep drop that has left everyone reeling. It’s a wake-up call to remind us we don’t know what to expect.
So if you never know what to expect, then how should you respond to a correction like we just saw? The number one key to investing well, regardless of how the market is performing, is to know how you feel about risk.
Risk tolerance is sometimes overblown. Often investors use it to cover our backsides when investments go poorly, but it’s also important to inform your investment strategy.
You need to know what your plan is in case of a large market drop like we experienced in the last week and a half. Should I Stay Or Should I Go? In the first week of February, $30 billion was pulled out of the market. Is it wise to sell your stocks while they’re losing value? A lot of people would say yes, but think about it like this.
Would you sell your house as it was losing value, even if you didn’t have to move?
Of course not! That doesn’t make any sense. You want to wait until it has value.
But that’s the first reaction people have with their investments when we have a correction. If you’re close to retirement or already in retirement, though, losing this money is something you may not be able to recover from.
Hindsight Is 20/20! It’s easy for me to sit here now and give you advice about what you should have done before you experienced this drop. You see this on financial shows all the time.
People always have the best advice to tell you what you should have done, but where were they two weeks ago?
Well, here’s the advice I did actually give someone before the market drop. Two weeks before the correction, I received a letter from David. He’s 76 years old with a Vanguard Portfolio of $905,000 and is already in retirement. He wanted to know what he should do to protect his money if the market corrects.
My answer was: We’re coming into this year on the second-longest bull market in history, so we know the correction will come. It’s not a matter of if but a matter of when. The problem is no one knows when it will happen. It could be tomorrow or two years from tomorrow. Since you’re already in your retirement though, and your investments are part of your income, you need to invest as if the correction will come tomorrow.
With a plan and mindset that is prepared for the worst, regardless of what happens, you know you’re going to be okay.
“I’m Losing Money… What Do I Do?!” If the last week was a surprise for you and you’re panicking, don’t beat yourself up. There’s nothing you can do about that now. What’s important is what you’re going to do in the future. Make sure you invest knowing your level of risk.
As the market was in the middle of its drop, I received an email from Alan, who only wrote me one line: “I’m losing money… What do I do?!”
Is that how you felt too? The worst thing you can do right now is panic and sell your stocks as they’re dropping.
Remember, you haven’t actually lost money until you sell. The value has dropped, but only if you sell, have you locked in that loss.
There’s no faster way to kill your portfolio than to sell it as it’s losing value.
Don’t Get Stuck On The Treadmill The problem most people have with investing is that they’re haunted by the “What-If”s. They get stuck on a never-ending treadmill, jumping on and jumping off, depending on how they’re feeling about how the market.
They keep running, going nowhere, trying to figure out the timing of the market. It’s impossible to time the market, so don’t plan your investment strategy around it.
A record amount of new money went into the market in January, since the market had been up for so long. People saw the market going up and up, so they jumped on and bought in. Now everything is dropping and many of these people who just bought in have probably now pulled out. They bought in high and sold out low. That’s the absolute worst strategy.
You can’t make market decisions based on your gut. That’s not a way to live your life.
Instead, figure out how much risk you can take and create a plan.
How Much Risk Can Your Retirement Handle? When you’re younger, it’s important to figure out how much risk you can handle, but this is different than thinking about how much your retirement can handle. How do you do that? With our clients, we look at their total financial picture, social security, 401Ks, investments, everything. We figure out how much risk they’re currently taking and create scenarios for the future so they know what they are potentially going to lose. We also look at how much they spend every month and figure out what they’d like to leave behind for their family. Then, we adjust their portfolio and adjust it immediately.
It’s important to get your portfolio where it needs to be as soon as possible. Get your investments to your preferred place of risk and then stay there, regardless of what the market does.
Stay in your sweet spot.
Get Peace of Mind And Move Forward I can’t begin to describe to you the peace you’ll have when you have your portfolio in this great place so you don’t feel the pressure from each dip and change in the market.
You’ll know that you’re where you need to be and you can keep moving forward.
If you know you’re not in your sweet spot, in this place of peace of mind, now is the time to set up a free consultation with us. You’ll be able to get a full look at your financial situation and figure out your current level of risk. We’ll see if you’re investing too aggressively or too conservatively and plan out your next steps. Don’t let the market ruin your dreams for retirement.
Get Peace Of Mind For Your InvestmentsHow Can More Than Money Help Your Retirement?
Tonya asks "Our family has not taken a real vacation in years because my husband is a die-hard saver. Do you have any tips?"
Typically a relationship feud over a vacation is split between two parties: "the saver" and "the spender." While both parties have good reasons for how they approach finances, you don't have to be stuck fighting.
Here is the trick to going on the vacation of your dreams: Use the Foundation First program. What is "Foundation First?" It is the essential first step to moving to a better quality of life.
During our free consultation with clients, we ask a lot of questions in an effort to get to know each other and the conversation can take a thousand different turns to be sure your concerns are answered.
But without a doubt, every person we meet with is told how we believe in "Foundation First" as a philosophy to bring dramatic life change.
Foundation First is built on three steps:
- Build an emergency plan.
- Fully fund a ROTH IRA.
- THEN, look towards investments.
(Learn about "Foundation First" in more detail.)
Why Does Building A "Foundation First" Work for Vacation Planning?
- It Gives The Saver Incredible Peace of Mind The anxiety a "saver" feels is often rooted in fear. Internally, they wrestle with questions like "What will happen if we spend this money and we come back to a significant expense?" Or "Is this really worth it in the long run?"
Building your "Foundation First" gives you incredible confidence that you are on track towards reaching the goals for your life while allowing you to have a BETTER QUALITY OF LIFE today.
The first step of Foundation First is to create an emergency plan. More Than Money defines that emergency plan as enough to cover three months of expenses. With this level of protection despite what may happen in your life, your family will be prepared.
- It Gives The Spender The Freedom They Crave Making a plan can be hard for spenders, but the "spender" wants to enjoy a vacation guilt-free without counting every dollar during what they hope is an unforgettable trip. When a couple builds their Foundation First they agree to an end they can work towards.
By mutually agreeing on creating an emergency plan, the spender can prove they understand the stress and values of "the saver" and then enjoy the ability to spend money on things they both enjoy.
Show me How to build a financial foundation and enjoy more peace
P.S. You Really Do Need That Vacation You work hard. Don't only work so hard to make more deposits into your accounts, make memories too. Life moves fast.
Counter to common thinking a good plan actually allows you to live with more freedom and enjoy HOW you spend your money. Making a major expense like a vacation is easy to put off without a strong plan that gives you confidence in WHY you're spending your money.
More Than Money would love to help show you how you can live with more freedom and enjoy life today while being on track to reach your dreams for the future.
Read more about how to build your strong foundation here >> Thanks for sending your question to our team, Tonya!
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Sharon asks "My husband and I just purchased a home and are considering purchasing a home warranty, what are your thoughts?"
Please note: this answer is coming from A LOT of personal experience as well as general advice.
Theoretically, a home warranty makes sense. Let's say it costs $50 per month and if something breaks your home warranty company will come out to fix it for you.
Here are the Problems with home warranties: 1. It's going to be a terrible experience to call them and talk to a human. (Get comfortable and prepare to enjoy your hold music.) 2. They often try to suggest fixing a broken product rather than replacing it, even when replacing it could be the better decision. 3. Your money could be going to a much-needed Emergency Fund that would prepare you for everything you paying into for your home warranty!
The Alternative solution: Build A Solid Future With Your "Foundation First" If you haven't laid a proper foundation, I can understand being tempted by a home warranty policy. I always recommend building your "Foundation First" by doing these three things:
- Creating An Emergency Fund.
- Making A Full Year's Contribution to a ROTH IRA.
- Invest. This Can Be In Your 401K or Other Tools.
Read more about building a strong foundation here.
Hope you are able to hear my passionate stance on home warranties, and make the best decision for you and your husband!
Thanks for sending your question to our team, Sharon! Ask Your QuestionLearn More
Tim Asks "What is the last day you can contribute to an ira and reduce my 2017 taxes?"
When you are funding your retirement plan you are not bound by the calendar year to see the tax benefits!
Unlike your 401(k), your IRA and ROTH IRA can accept tax-deductible contributions until you file taxes for the year.
It's easy to get them confused - but now is a great time to look at contributing to your retirement fund after the holiday and new year madness.
Tim, you may also enjoy a recent show on "How to Prepare Your 2017 Taxes for the New Tax Reform."
Hope you are able to feel more confident in your plan!
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Everyday, I sit down with people from all financial situations and all walks of life to help them figure out their retirement plan. The question Is Always the same: When Can I Actually Retire?
Most of the clients who come into our firm are in their 60’s. They’ve earned a good salary their whole lives. They’ve worked for decades. But they know that once they leave their jobs they would no longer have access to their salary. The idea of missing out on that steady paycheck gives people so much anxiety that they end up staying at their job much longer than they need to.
How do you know when you’re ready to retire? It depends on what retirement means to you.
Let me explain... My dad is a pastor. He’s told me since I was a kid that he would never retire. He loves his job and feels that it’s his calling to do his work for the rest of his life. He’d never dream of retirement th way many people do.
Other people dream of having enough money to travel and pursue their passions.
Still others want to do nothing after retirement. They want to have the financial freedom to stay home and relax in a way they’ve never been able to before.
With all these different definitions of retirement and different ways to save, a lot of people have a hard time feeling confident they are ready to leave their salary behind. But, that doesn’t mean that continuing to work is always the best option. What To Know About YOUR Retirement
It all comes down to a quality of life issue.
Most people have a huge amount of anxiety about their future and it keeps them away from retirement. This anxiety matters and it is important to me that I figure out how to work my clients through it.
Recently I had a couple come into my office, Joe and Amy. They had been working and dreaming of retiring in their mid-60’s, but were already approaching their 70’s. When I asked Joe and Amy why they were still working they said they just weren’t confident they’d be safe financially.
Part of Joe and Amy’s problem is that they were comparing their financial situation and their idea of retirement to all of their friends and neighbors. One of their friends told them they participated in a dividend income strategy, which is when a company pays you a dividend for investing with them. For some people that’s great income and it’s not a bad retirement strategy at all.
The problem is that Amy had been a government employee for years and had a great pension plan. If they had retired the next day, they would have more guaranteed income every month than what they would spend.
I had to explain that they didn’t actually have an income issue at all. The real issue was with growth and a dividend wouldn’t be helpful to them.
We were able to sit down, look at their entire financial world, what level of risk they were taking and what some good opportunities for them may be. We created a grid that showed them how much they would have if they retired tomorrow or next week or next year. Our software builds in worst case scenarios into retirement plans, so you can feel confident no matter what the future holds.
This peace of mind that is so essential to helping you feel confident about retiring is only possible with a full, comprehensive retirement plan. Your Life Is About More Than Money It’s so important that people have this holistic plan for retirement. It’s great that you have money saved, but that's only really value if you don’t feel stress and anxiety about your future.
Comprehensive plans give you the freedom to live out your life the way you want. It makes you confident that you’re going to be okay, even if the worst happens.
Our goal is not to get you the biggest bank account balance possible, although that’s a nice perk. It is to enhance your quality of life. That’s why our firm is called More Than Money.
Your Plan And Your Life Matter If you want to have this confidence and peace of mind about retirement, sign up for a free consultation. I’ll sit down with you and walk you through the entire process.
We can create models to help you think through these difficult what-if scenarios and give you all the information you need to feel ready and at peace with your financial decision.
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The DOW has been growing by leaps and bounds lately. This week, it jumped from 25,000 to 26,000 in 8 trading days. While normally, a jump of a thousand in that short of a time period would be a game-changer, it’s not and that holds a dangerous truth.
The higher the DOW is, the easier it is for it to make large jumps.
I recently talked to a friend of mine about this exact situation. We were talking about how much the DOW had jumped and I said I wondered how long it will be until we see a correction. He said, “I don’t know that we’re going to see a correction. It seems like a whole new paradigm in investing.”
I’ve been waiting and also worried about someone saying this to me, because that overly optimistic mindset is exactly what we need to cautious about. Many of Us Are Falling Into A Trap (Again)
Some of us are pessimistic investors, but be careful not to swing the other way and become an optimistic investor.
The unfortunate fact is that excessively optimistic investors are the norm.
They’re average people, highly educated citizens and even financial experts. Throughout the history of investments there are always people saying we don’t have to worry about a crash because this aggressive bull market is the new normal.
For example, in 2001 there was a book written by Robert Zuccaro, who was a mutual fund manager, called, Why It’s Different This Time: DOW 30,000 by 2008.
I hate to throw him under the bus here, but it’s the perfect example of how even us experts can fall into the trap of being overly optimistic. Looking back on it, it’s laughable to see how wrong he was. You can still go through and read the reviews of this book from 2008 as everyone goes through the stock market crash. It’s easy for us to look at that book and those reviews and say that we’d never be like poor Robert Zacaro, but many of us are falling into that trap all over again.
You can also go back and look at financial columns from the 80’s and 90’s, when the market was also doing well. You have financial experts writing articles and telling people they don’t have to be worried about another big drop.
These are professionals saying we will never see the drops we’ve seen in the past ever again, and, of course, we know that didn’t end up being true. Hey, O ptimistic Investors! The Market Has To Correct.
When things are going well, we want to believe they’re going to keep going well. Just like my wife and our kids.
I’ve watched my wife give birth three times and I will never forget all the pain and effort it took for her to bring our kids into this world, but after a couple of years she seems to have forgotten entirely and is ready to have another.
We’re seeing the same problem with these optimistic investors. In the midst of all this growth, year after year, we forget that the market has to correct.
We can’t trick ourselves into thinking this is the new normal. 200% growth is not sustainable.
It isn’t a question of if the market will correct, it’s a question of when.
It may be a slow, steady correction of a few months or years, or it could be a big drop.
It could happen in six months or in six years.
You may be asking yourself now, “Okay, what can I do?” 1. Keep a level head. Watch out for the extremes in both directions: the pessimistic and optimistic. 2. Enjoy the growth. Keep investing and taking advantage of the great market we have now. 3. Put yourself in a position where you’ll be safe if we do face an aggressive correction in the near future. This is essential to your long-term success.
If you don’t know how to prepare for a drop in the market or if you want to make sure you are taking advantage of the investments available to you, feel free to reach out.
I’ll help you figure out if you’re being too aggressive or too cautious and we can figure out a way for you to be successful and make money!
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If you have an emergency tomorrow, how much liquid savings do you have available to help pay for it? This is not money in your 401K or money you would have to transfer from an account. This is liquid cash you have available immediately. How much do you have? Is it enough?
I recently read a CNN Money article that said only 40% of American have enough money in their savings to cover a $1,000 emergency.
Another 20% of Americans surveyed said they would only be able to pay for an emergency with a credit card, which we all know would only causes more stress and debt down the road.
Yet, 33% of households reported they had an unexpected major expense in the last year. That even seems like too conservative of a number by my estimation.
_Personally, I seem to have an unexpected major expense every month. Right now, I have two cars needing repairs and a kid about to turn 16. You’ve probably been in a similar boat before. _
This Isn't An Age or Stage Problem It’s easy to push this blame off on younger people, those in college and just starting out. Sure, young people don’t have as large of a savings account as those of us who have been working longer, but that doesn’t mean they’re the only ones who need to worry. In fact, I see people in their 50’s and 60’s make this same mistake all the time.
I met with a middle-aged couple not long ago that have more than a million in their 401K, but not enough in their liquid balances. If they had an emergency, they would have to pull from their retirement savings, which would require a fee, or take out a loan.
Even if you have $1,000 saved up, do you know how much you have available if you needed it right away? What level of emergency would you be able to cover?
If you’re reading this and nervous that you don’t have enough saved, there’s some great options for you. Two Recommendations You Need To Ignore 1. Find the best savings rate possible and change your savings account.
The problem is that the best rates on savings accounts right now are 1.25%. If you have less than $1000 in savings, how much would that really help you?
Say you carve out $50 a month for 12 months and have $600 in your savings account by the end of the year. With your 1.25% savings account, you’d get an additional $4 that year. Woohoo…
_ How is that going to help? _
- Continue Contributing Up To The Match In Your 401K. I’ve talked about this many times before but I’ll say it again.
If you don’t have money available for a potential emergency, how would putting money in your 401K help you?
That money is essentially locked away. Sure, you can take money out with interest or take out a loan but that doesn't solve your emergency fund issue.
3 Big Pieces of Advice That Work Towards Towards Reaching Unbelievable Financial Peace
My recommendation is that you should have 3 months of expenses in your saving account ready at any time. This is not 3 months of income or 3 months of eating ramen noodles for every meal, but 3 months of normal, everyday expenses. Very few people I meet actually have this money saved.
Then what can you do?
If you want to end this year with a comfortable savings account, here are three things you need to do: 1. Automate your savings. Part of the reason 401Ks are so successful is because they are automated by your employer. You never see that money, it is taken out of your paycheck and goes directly into your account. You can do the same thing with your savings.
Change your direct deposit settings so a small portion is put into your savings account. Don’t trust yourself to transfer it to your savings account on your own.
If it’s in your checking account, you’re probably going to spend it.
- Stop Savings Everywhere Else. And I mean everywhere else.
If you don’t have money sitting in an emergency fund, you don’t have the right to put money in a long term savings account. Without this emergency money, you’re offsetting growth you have in other funds.
This includes your 401K, your education savings plans for your kids, paying above your credit card minimums, everything. Continuing to contribute without an emergency fund only continues to create a cycle of debt. Put everything towards building your 3 months of savings, then you have the freedom to pay extra on these secondary accounts.
- Find dollars in other places. You don’t have to get a second job. You don’t have to live on water and ramen noodles. You just have to find other places in your life you can save money on things you’re already spending.
A great example is car insurance. Nerd Wallet published a study that showed the average amount of savings from shopping different car insurance plans was $800 a year.People assume that if they’ve been with one insurance company for a long period of time that they’re getting the best deal possible, but that’s just not true.
In reality, it’s more like your cable bill. You’ll get a good deal up front and every year after that they start to increase what you owe.
Shop around for new insurance plans and you’ll be surprised with how much you can save.
Once you have an emergency fund built up, you have the freedom to aggressively save towards your retirement and debt, without working 80 hours a week and without continuing your credit card swiping cycle of debt and payments.
One of my favorite things to do is work with people to help them find more money in their lives without making drastic changes. It's amazing how dramatic impact doesn't always require dramatic lifestyle changes.
If you want help with your life's finances, please take the first step. Sign up for a free consultation and together we can step back to look at your overall financial situation. We’ll create a strategy to help you get traction on your savings and get you out of that cycle of debt.
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Will inflation make a return in 2018? The rate of inflation has been way below expectations for the last couple of years. For most of us, this isn’t a problem, but you should be wary.
While I don’t want to waste too much of your time going over what specifically causes inflation, I know we’re all familiar with the idea that our money loses its value over time. Typically, inflation each year is estimated at 3%, but for the last few years it’s been under 2%. Most of us would never complain about this, because we like not having to pay an increased price for our goods and services.
Economists have no idea why this has happened, butin December, a report came out saying we can expect an uptick in the inflation rate. If we find ourselves moving back to the normal 3% rate of inflation, you need to know what impact that will have on your savings plans. There are two groups of people I worry about when it comes to planning for inflation: those near retirement with “Lazy Money” and those who are creating retirement plans.
There are two groups of people I worry about when it comes to planning for inflation: those near retirement with “Lazy Money” and those who are creating retirement plans.
If you’re nearing or in retirement now, you need to be aware of how much money is what I like to call “Lazy Money.” This is money that people have sitting in cash, a saving account or CDs. Savings that I consider part of lazy money are those that are not growing with inflation. I can give you countless stories of people who ended up not having enough money for retirement because too much of their savings was lazy money instead of investments. When the inflation rate goes up, what happens to everything sitting in your savings account? You essentially end up losing money over time, because your savings are losing their value with no growth to make up for it. I understand why people are nervous about investing their savings. They’re nervous about losing everything they’ve worked for, but you need to find a way to balance out the lazy money in your portfolio.
You essentially end up losing money over time, because your savings are losing their value with no growth to make up for it.
If you are working on your retirement plan right now, have you factored in the effect of inflation long term? Most people forget about inflation when they make their own savings plans. They create these huge, intricate spreadsheets to plan for their future, but typically leave out the expected rate of inflation. This rate affects not only how much you should save year-to-year but also how much you’ll need to draw out of your savings once you retire. If you don’t adjust your plan for inflation, you run the risk of running out of money.
This is also a big problem I see with people who have built their retirement plan with financial planners. Many financial planners will create extensive plans for their clients, give it to them with a few suggestions and send them on their way without ever speaking to them again. What’s the issue with that? This initial plan is static and just a starting point.
Many financial planners will create extensive plans for their clients, give it to them with a few suggestions and send them on their way without ever speaking to them again.
Think of it like this: remember before everyone’s phones had GPS? You have to use Mapquest or a real map to figure out how to get to a new destination. It was fine for road-by-road instructions to get where you were going, but if there was a traffic jam or road work, you didn’t know how to adjust your route. Unlike these new GPS apps like Waze, which adjust your route as you go to help you avoid traffic and get to your destination as quickly as possible. Your life isn’t like Mapquest. It’s like Waze and your financial plan should reflect that.
If you made a plan with an advisor 5 to 10 years ago, even if they calculated for inflation, make sure you take a second look at everything and update it as things change. You need to come to terms with how unexpected things, like inflation, will impact you, whether your savings are in cash and not growing or your homemade plan hasn’t been updated recently. Planning for retirement is a moving target. It can change dramatically from year to year. You have no idea what your life will look like in six years or even six months. You want to create a plan that you constantly reevaluate and change as your life evolves.
Planning for retirement is a moving target. It can change dramatically from year to year.
That’s where I can help. I’m going to be a bit of nerd and brag about the software we have available for you. It is so cool!
The first thing you see when you open up your account is absolutely everything in your portfolio: your savings account, your investments, your 401k, everything. It also has the most advanced program to create a retirement plan for you. We can go in at anytime and evaluate your plan based on how your financial situation looks at that exact moment. We update your plan as life happens to make sure it works best for you. Life isn’t static and your retirement plan should not’ be either.
You don’t have to live with concern or anxiety about your future. We’ll create a clear, specific savings plan that changes as your life does. Sign Up For A Free ConsultationGet to Know More Than Money
If you currently have a financial advisor, how much are you paying them and what are they doing to earn that money?
I recently had a new client come in because he was nervous about the risky investments his advisor had set up for him. We looked over his portfolio and discovered he had paid his advisor over $8,250 in the last year.
This is a serious problem.
Most of the financial planning industry is run on a suitability standard. This means when you sell an investment product, your advisor gets all of their commissions upfront. If they meet with you again the next year and you decide not to sell anything, they don’t get any money. The suitability standard is a bit tricky because it encourages advisors to make their customers sell before they should so they can receive a commission.
The suitability standard is a bit tricky because it encourages advisors to make their customers sell before they should so they can receive a commission.
Many advisors, myself included, instead have a management fee. My fee starts at about 1% and drops with the more money you have.
Management fees work better, because you know that your advisor’s interests are in line with yours. The more money you make, the more money I make. This client was paying his advisor a management fee of more than 1.5%, which is higher than average. The client had over $550,000 in an IRA, so the fee he paid annually close to $8,250.
Overall, that doesn’t seem like much, but that was more than he earned each month.
It was also more than he paid for any vacation that he had ever taken.
That was more than he paid on his mortgage all last year.
A fee of 1.5% sounds small but was actually a large chunk of his savings.
A fee of 1.5% sounds small but was actually a large chunk of his savings.
It Get's Worse For Him... What I found as I dug deeper into this client's accounts was even more disturbing. He was on regular, boiler plate mutual funds that he could have signed up for on his own. What’s worse is that 90% of his portfolio was sitting in stocks or in equities, even though he was nearing retirement. That’s extremely aggressive and dangerous.
Think of the percentage of your savings in equities like a speedometer. The faster you’re going, the faster you’ll get to your destination. If there is an accident though, the damage will be much worse. If something bad were to happen to his investments, he would lose almost everything he’d saved for.
He also hadn’t spoken to his advisor in about 15 months.
He had never done income planning with his advisor or even went by to see him for a review.
He was put into a basic investment plan and never adjusted.
The advisor hadn’t done much more than he could have done for himself, but was getting paid over $8000 a year. This customer was making good money from his advisor, but was also risking most of his retirement funds. The job of a good advisor is not to make the most money possible. It is to make sure their customer is set up for a comfortable retirement.
The job of a good advisor is not to make the most money possible. It is to make sure their customer is set up for a comfortable retirement.
I understand more than anyone that financial advisors need to charge fees. I have a business to run. I have a family. I want to make money and save for my future just like everyone else, but it’s important to me that my customers know what I’m doing to earn the money they give me.
Part of the problem is that people don’t realize how much they’re paying their advisors because they don’t write a check to them each month like you do for many other services. Instead, it’s taken out of the money that you earn and is in the fine print of your monthly statement. If you currently have an advisor, do you know how much you’re paying in fees? If you don’t know, you need to pull up your statement and figure it out.
I give you permission, whether you’ve been working with me or any other advisor, to ask questions during your annual review. Do not let the meeting stop with “Everything is good! We’ll see you next year.” Ask how much you paid your advisor in the last year and what they are doing to make sure you’re ready for the future.
Please let any fear that you’ll be offending your advisor melt away. It’s your money and your retirement on the line, so you have the right to ask.
I give you permission, whether you’ve been working with me or any other advisor, to ask questions during your annual review.
What Your Money Should Earn You If you are paying a financial advisor, you should expect:
- ongoing and regular meetings to monitor your progress.
- a comprehensive financial plan not only a solitary financial tool.
- a team to surround you with support.
- an invested interest in your personal success.
- explanation to how he or she is paid.
If you need a second opinion on your current retirement plan or need someone to analyze your agreement with another advisor, please reach out and take advantage of our free consultation.
We can meet in person, on GoToMeeting or over the phone to address your specific situation and the long-term goals you have for your life. Get A Second Opinion Of Your Financial PlanLearn More About More Than Money
Leeann: Our son will be a freshman in college next fall and will probably be going to school out of state, which we didn’t expect. We and his grandparents have put money into a 529 plan for him, but this will only cover a portion. Do you have any thoughts on paying for college and/or taking out loans?
This is the season for people to think about paying for college. Student loan debt is going through the roof in this country. If you want to pay for your student’s college, I have a few suggestions. IRAs and Roth IRAs can be used for education as well. If you and your husband are under 59, you know you can not take money out of your IRA without a penalty and will taxed on it. But if you’re taking money out for college and you have an IRA, you will still be taxed for this money but they will waive the penalty. If you have a Roth IRA, which is already tax free, you get those qualified educational expenses without taxes or penalty.
Danger: remember your priorities.
What is most important is that you and husband are prepared for retirement. You should be cautious about digging deep into your retirement plans. I know our kids are the most important thing in the world to us but you will not be doing your kids a favor by putting yourself in a bad situation. If you have to move in with your kids later on in life because you don’t have enough to live on your own, that doesn’t benefit them.
You can take out loans, yourself or your student.
Be cautious though of the level of debt you’re taking.
Be honest with your kid about how much you have saved.
Let them know what you can cover and what you can’t. Give clear boundaries.
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There is the potential that 401Ks can be positive for employees and employers both, but this study is saying: Wait a minute!
I recently saw a fascinating study that concluded that having a 401K leads to higher debt. The main reason for this is the move towards automatic 401K enrollment by employers. It used to be that if you joined a new company, you had to sign up if you wanted to contribute to a 401K. If you have to take action to do something, the chances of you doing it are less than if it is automatic. Companies moved to automatic enrollment because they could get having savings levels from those employees. There is the potential that 401Ks can be positive for employees and employers both, but this study is saying: Wait a minute!
These employees automatically enrolled are carrying more debt than those who are not enrolled. It’s not credit card debit, which is good, but is mostly car loans and mortgages. My experience with this is that this is because people give as much as they can to their 401K as soon as they’re able. Why is this bad? Because these people are not building a foundational savings amount before putting money into their 401K.
You should not contribute to your 401K until you’ve built a foundation.
You should not contribute to your 401K until you’ve built a foundation. When you put money into a 401K, that money is tied up in inaccessible without large penalties. Instead of building up a savings account, you have money in an account that you can’t access for decades.
How, though, does that contribute to debt? If you don’t have liquid savings in your account even if you contribute as much as you can into your 401K, what money can you use when you want to make a large purchase or have an emergency? You’ll need to take out a loan. This is okay short-term but it will cripple your long-term growth.
Ask yourself how much money you have in your savings account. Is it enough for your live comfortably on for 3 months?
I have a challenge for you this year... Figure out how much you want to put into your 401K and create a plan to do that. Then instead of starting that plan, pause. Now, ask yourself how much money you have in your savings account. Is it enough for your live comfortably on for 3 months? If the answer is no, consider stopping contributions to your 401K and get your savings account up to that level. It’s worth missing up to a year of your 401K benefits to have this emergency fund available. You’ll have more peace of mind and a better foundation going forward. You can act aggressively because you have liquid savings available on the side.
Some reading this will say: that’s great advice for my kids or grandkids, but this also applies to you! You’re right, the advice given to young people today is to get a job and start investing in your 401K as soon as possible. Again, this advice can apply to anyone who is reading.
If you have a large amount of debt but you’re still contributing to your 401K, my challenge above is great for you. Spend this year tackling your debt, building your foundation and then contribute as much as you can in the future. Without your founding, your debt will only increase.
We can help you figure out how to get you out of your stressful debt.
If you don’t know how to manage your debt and it’s overwhelming, please know you can get out of it. We are a great resource for you. You can set up a free consultation today and we can help you figure out how to get you out of your stressful debt.
It’s not rocket science but it does require a plan, which we can help you put together.
Make A Plan To Get Out Of DebtLearn More About More Than Money
Mirror, Mirror On The Wall Make 2018 The Richest of Them All This time of the year the news is full of all kinds of:
- investment tips
- money tricks and hacks
- and bold predictions for the year.
You’ll see articles predicting 2018, even books with people telling you what they think will happen in the next 12 months.
if you’re a new client and you come into my office because you want me to tell you what is going to happen in the next year, you’re going to be Disappointed.
Myself, my staff and any other financial planner has absolutely no idea what will happen in the future. We have just as much of an idea as you do. If this is why you’re interested in financial planning, you’re better off going to a fortune teller. You’ll have more fun and the odds of what they tell you being right are exactly the same.
So, How Should I Plan My Investments Without Trusting Predictions?
I want you to pause right now.
Think about your investments.
What is the basis for your investment. Are you investing based on your gut or actual market data and research? Be honest with yourself.
Most of us invest based on our gut and that’s the number one thing you want to avoid in 2018.
The worst thing you could do is trust your gut.
It’s incredibly dangerous to trust your instinct and most of us don’t even realize we’re doing it. If you make decisions about your investments based on what you think is going well, what is going poorly, what makes us anxious or even based on your personality, you’re using your gut to make financial decisions.
Being overly aggressive or too conservative based on your gut decisions can be a disaster for your financial planning.
You may not know if you fall into one of those categories, so let me explain more before I reveal my advice to have you look back on this year as one you experince incredible peace and growth.
What Does An Aggressive Investor Look Like?
There are two main kinds of aggressive investors that I get in my office: the first is the person who has no idea they’re aggressive and the second is the person who is being aggressive on purpose.
Recently I was talking to a couple in that was nearing retirement and were very laid back.
When I asked them if they considered themselves aggressive investors and they told me no. Then, I looked at their 401K and saw that a large percentage of their savings was in equities, or money from investments. It was a variety of investments and all in large companies, but it was still nearly 85% of their savings. I pointed this out to the couple and they replied, “Yes, but all our investments are pretty safe.”
This is the problem I’m seeing often.
The incredible growth we’re seeing right now is lulling people into a false sense of safety. If the market were to have a regular correction, nothing extreme, but just a balancing out from the growth we’d seen, they would be in serious trouble.
If you’re near retirement, you should worry about this high percentage as it makes your savings very volatile.
I also have people come in who are upfront about being aggressive investors, even though they are closer to retirement. They tell me they’re doing it on purpose to make up for “lost ground” when they didn’t properly invest and save in their 20s or 30s. They were is they’re not aggressive they won’t be able to retire. This is not the case and is incredibly dangerous.
If this situation applies to you, you are lucky you haven’t lost your savings already. Capture the growth you’ve had up to this point and find a way to steadily grow going forward without being too risky. Sure, the market may continue to grow in the next year but that small chance is not worth losing all you’ve saved up. It’s not worth risking your future.
What Does A Conservative Investor Look Like?
I saw an article from the Wall Street Journal recently that talked about “The Hated Bull Market.”
Right now, more than we’ve ever seen, people are trying to get out of their stocks despite that high growth. The market is still thriving and growing, but that’s because it is getting money from corporations and international investments, not from individuals. People are pulling out and feeling wary instead of buying in. They see that there is amazing growth right now and think it can’t last. This is no different than making decisions based on your gut.
If you decide to get sell out of your investments because of how you’re feeling rather than based on data, you could lose money and miss out on a more comfortable future. These aggressive investors and those who are conservative are two sides of the same coin: people who invest based on their gut.
Don’t Use Predictions. Don’t Use Your Gut. What’s Your Other Option? Investing is tied to your financial situation. I get so frustrated when I meet someone who says they spoke to a financial planner for about 15 minutes, they looked over everything and make suggestions on where that person should invest.
It’s impossible to make a valid suggestion based on such a short meeting.
The purpose of investing is not to get a huge pile of money. It is to get you where you want to be for retirement.
Recently, a couple came in, they were both nearing retirement and were worried. They asked me how much they need to have saved before they retire, but that’s not a simple answer. It’s not about the number in your 401K. Instead, we do an “MRI” of your accounts. We’re able to look at how much risk they have, based on their guaranteed income after retirement, their taxes and their estate planning. Knowing your risk tells you when you’ll be at a good place to retire.
You can have millions of dollars in savings and still not be ready to retire.The most heartbreaking conversation I’ve had in my office was with a couple that had an incredible amount of money in their 401K and thought they were in a great place to retire. When we did our “MRI” though, we found that if they continued their current lifestyle they would only be able to survive on their savings for 5 years.
The point is this: don’t invest based on your gut or predictions, do it based on the plans you have for the future. This is not a subtle difference. You need to be investing based on your total financial situation and the risk you can take. Financial planners can help you evaluate that risk and make good investment decisions.
How You Can Have The Best Financial Year
The thing I hate about most financial planners is that when new clients come in, they give them a “financial risk questionnaire”. It helps evaluate your risk tolerance, but the problem is that it’s mostly based off their clients' emotions. If the market is doing well, almost everyone is comfortable with risk, but as soon as things start to go down, their feelings change.
To me, it’s more important that we’re blunt with each other about the risk you can actually handle. It doesn’t matter how you feel about it. It’s about how much your savings can drop if you continue to invest the way you are currently. Is your risk sustainable? We can show you data and research to support our evaluation of your risk.
What’s the result? Peace in your financial future.
You know that even if things go badly, you’re still going to be okay. This is the only form of planning I’ve seen be truly successful because you know what you can handle.
If you know in your heart that you are investing with your gut, make this the year you start planning based on what you want for your future.
If you know in your heart that you are investing with your gut, make this the year you start planning based on what you want for your future. If you know how to do that, you’ll find so much more peace as you go into this year. If you don’t know where to start, we will help. We’ll evaluate your risk and see how to get you to the future you’ve dreamed about.
Find Peace Of Mind This Year
I had a client call me this week and talk to me a problem his mother was having. She’s been paying $200 a month for over 25 years for a what she thought was a permanent life insurance policy, but she received a letter in the mail saying her premium was going to increase to $600 per month or she’d lose her coverage. She doesn't have much money and this was the only way she was able to leave something for children and grandchildren.
Now she’s devastated.
This is not an isolated incident and it’s something we need to talk about.
This is not an isolated incident and it’s something we need to talk about.
Life insurance is complex. People purchase policies all the time and aren’t properly informed of what they’re buying into , or the person who sells the policy to them explains it all in detail but that was 30 years ago. How can you be expected to remember everything they said? So I’m going to give you a quick history of life insurance.
Traditionally, there was only one type of life insurance, whole life insurance. You paid one fixed amount and you had a guaranteed death benefit. The whole life insurance companies knew no matter what that one day they’d have to pay your death benefit, so there was a higher monthly cost.
The whole life insurance companies knew no matter what that one day they’d have to pay your death benefit, so there was a higher monthly cost.
Then, in the 1970s, Arthur William, a Pennsylvania gym teacher, had his father pass away unexpectedly. He had a whole life insurance policy that left his wife around $25,000. The problem is Arthur knew that was no enough for his mother to live on and realized what his father should have bought was a term life insurance policy.
Term Life insurance has a guaranteed death benefit and a guaranteed premium, just like whole life insurance, but since it’s only valid for a certain period of time , such as twenty years, the companies know they’re not likely to have to pay that death benefit out to everyone covered by them. This makes it much less expensive. Arthur began campaigning and encouraging people to purchase term life insurance with the slogan, “But term, invest the difference.” Meaning you could pay a low cost term life insurance policy and invest the money you saved compared to a whole insurance policy into the stock market. This began popular phrase at the time, mainly because people believe that no matter what, if you invested you’d become a millionaire. Of course, now we know better.
The insurance companies realized they were in trouble because they weren’t getting the same income they received from the whole life insurance. So they invented something new: universal life insurance.
Once everyone began buying into term life insurance, the insurance companies realized they were in trouble because they weren’t getting the same income they received from the whole life insurance.
So they invented something new: universal life insurance.
It’s less expensive and allows you to invest in the product. The big difference is that it’s an annually renewing policy so the price would go up exponentially as you got older. To compensate for this, they show you a chart up front and estimate a consistent price you can pay through your policy as long as the market performs as expected. You could pay $200 a month, which is much more than you need to pay when you’re younger and that extra money would be invested and applied to the higher amount you would have been required to pay when you’re older.
The problem is, the chart and estimations they made for the market growth that your $200 payment depended on assumes the market would grow at 12%. In reality, the market didn’t perform anywhere near that well. The charts were complete nonsense. Now, decades later, everyone who bought into these is finding their prices are increasing because they’ve eaten up all the money that had been invested in the past.
It’s important to me that you understand the moral of this story.
It’s okay to buy universal life insurance. There are times that it’s useful, just like any other financial tool. The problem with it is that it was sold poorly to tons of people. You need to understand what you’re buying into.
It’s okay to buy universal life insurance. There are times that it’s useful, just like any other financial tool.
If you have a life insurance policy and you don’t know how it works, read your documentation or call the company for a copy.
If you have questions you can even call me or come by for afree consultation. We’ll sit down and talk about what the best life insurance policy is for you. If you’ve bought into a policy that turned out to be something you didn’t expect, we can help too.
Don’t get put into a position like my client’s mother and put yourself and your family at risk.
Talk About Your Insurance OptionsAsk A Question Now
It’s that time of the year where financial expects make fools of themselves. Yes, it’s time for the 2018 predictions. What you really need to understand about these predictions, regardless of whether they’re positive or negative, is that they are complete and utter nonsense.
What you really need to understand about these predictions, regardless of whether they’re positive or negative, is that they are complete and utter nonsense.
Take a look at last year’s prediction in retrospect. Everyone’s predictions last year said that since Trump won the election the market would tank, but that didn’t happen. The market is thriving. The SMP is up 19% this year. Even outlets that are typically not in Trump’s favor, such as the New York Times and the Wall Street Journal have come out with articles saying the market is the best it’s been in a long time.
This year, we’re getting two polar opposite predictions: that the market will thrive or the market will be devastated. Maria Bartiromo from Fox News even went as far as to say that since the Tax Bill has passed, we can expect the market to double in 2018. I’ve had clients come to me, even those who dislike Trump, wanting to be aggressive in their investments on the assumption that the economy will continue to thrive based on these predictions.
On the opposite end of the spectrum we have people like John Malden, a well known financial expert and blogger. He published a prediction saying that there’s overwhelming evidence the stock market is heading for disaster. It’s only a matter of time and that there “Will be blood in the streets.” Obviously, this is an extreme, but it’s something people are trusting as financial advice for next year.
Obviously, this is an extreme, but it’s something people are trusting as financial advice for next year.
The truth of the matter is that absolutely no one knows what the market will do in 2018. Don’t create an investment strategy based on this nonsense. So what should you base your strategy on?
If you’re trying build a strategy for your investments in 2018, base it on the question “What can I afford to lose?” If you’re near retirement you can’t afford to lose much because you’ll be depending on that money soon. If you’re younger and have some time to bounce back, you may be able to invest more. It really matters where you are in your journey to retirement. Once you know your risk tolerance, you are ready to walk into next year no matter what. If everything goes well, you’ll going to do really well. If the market drops, it’s not going to be devastating for you because you already have a plan.
Once you know your risk tolerance, you are ready to walk into next year no matter what.
The really fun part of my job is meeting so many different people and helping them tailor a plan to reach their dream for the future. I can help you make a plan to be successful regardless of the market. It’s not just about your investments in the next year, but your entire future.
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Much to the surprise of many people, including myself, the GOP Tax Bill Passed and big changes are coming to our tax system in 2018. There’s lots of rumors and misinformation going around about what these changes will be, so let’s dig into it. This bill isn’t perfect, but there are some great benefits we can all enjoy.
Much to the surprise of many people, including myself, the GOP Tax Bill Passed and big changes are coming to our tax system in 2018.
The first most important element that will affect most people is the doubling of the standard deduction, which we’ve talked about before. With the doubling of this deduction, it’s going to make sense for most people to stop itemizing. My suggestion to those who love itemizing? Get creative this year and itemize as much as possible.
Accelerate your charitable giving. Do you give a monthly tithe to your church? Go ahead and pay for January and February before the end of the year. Your church won’t mind getting the money upfront and you’ll still be able to deduct that money for your 2017 taxes. Have you been thinking about donating your old, beat up car? Do that now! Anything you can deduct this year, take advantage of it.
Your church won’t mind getting the money upfront and you’ll still be able to deduct that money for your 2017 taxes.
This bill has increased the controversial estate and death tax as well. Previously, a married couple with an estate of over 11 million would get taxed 40% on any amount over that 11 million after their death. That limit has now been doubled to 22 million.
One of the changes I’m most excited about is the expanded use of 529 Plans. If you have children, you’re probably familiar with a this plan, which is an education savings plan that has a big tax benefit. Previously, the 529 plan could only be used for colleges, but that’s been expanded to apply to all education, including private elementary, middle and high schools. This is great because now parents and grandparents can set up these savings accounts to help their children attend better schools.
The majority of people will see a large tax cut this year which is good and bad.
Finally, the majority of people will see a large tax cut this year which is good and bad. We’ll see a benefit immediately, so what’s the problem? These tax cuts are set to run out in about ten years because we can only cut a certain amount from the national deficit to fund this, which brings us to be the elephant in the room: government entitlement programs which includes social security.
I’ve gotten a lot of flak in the past for lumping social security in with entitlement programs, especially since we all pay into social security. But overall, this program contribute to half of our deficit. The social security system we have now is failing. We as a country and as a society can’t allow it to continue on as-is. I definitely agree with and empathize with those who say that they deserve to keep the program because they’re been paying into it, but that’s the same as someone on the Titanic saying “I paid for my ticket, I deserve to get to New York.” I agree with you, it’s not fair, but the ship is going down and something going to have to give. While I doubt anyone will vote to get rid of social security completely, we do need to find a new system that works long term and that may be a conversation you can expect to see in 2018.
It’s crucial to evaluate your situation early on, because big changes are coming.
We’ve gone over just a few of the basics here, but you probably still have a lot of questions about how this bill will impact you. I encourage you to sit down with a financial planner and look over everything. It’s crucial to evaluate your situation early on, because big changes are coming.
Please know your situation. You can ask any question through the link below, and I will personally respond. You can also sign up for a free consultation with me so we can get a look at your situation.
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I’m fairly consistent in my advice that you shouldn’t invest in Bitcoin.
We’ve talked about Bitcoin before and you can read previous articles or listen to past podcasts. You’ll see that I’m fairly consistent in my advice that you shouldn’t invest in Bitcoin. This isn’t because Bitcoin is bad.
It went grew to over 11,000 this week, which means one Bitcoin is work $11,000 American Dollars. It dropped soon after but is still hovering over $10,000. Overall this year the Bitcoin has grown by over 900%. That’s great, and when you see those numbers alone it’s tempting to want to buy in. However, investing in Bitcoin is what I like to call Powerball Investing.
Think of when you’re driving down the highway and see that Powerball billboard showing that the jackpot is over 100 million dollars. So you call your brother, your coworkers and your friend and you all buy tickets. The potential of that big win is too exciting for you to pass up, but you forget that the more people who buy tickets the less likely you are to win. It’s a similar problem with any kind of cryptocurrency like Bitcoin. You see that the value is over $11,000 and want to buy in, but that’s when everyone else wants to buy in as well. The system is then flooded with new money and it loses value again.
You see that the value is over $11,000 and want to buy in, but that’s when everyone else wants to buy in as well.
Here’s why it’s really dangerous: it’s not a diverse investment. I believe in wide, massive diversification. For example, I have the option in investing in the Coca-Cola company or I can invest in 500 companies like Coke. Why should I chose the 500? The upside of both of these are similar. You won’t usually see a massive difference in the growth. The difference is in the downside.
Coke could have a scandal so no one is buying Coke. That could cause the stock to tank. Now I’ve lost all my investment. That’s a big risk. If one of the companies similar to Coke tank, I only lose part of my investment. Investing is all about risk management and you shouldn’t take unnecessary risks. Putting large amounts of money in Bitcoin is taking an unnecessary risk.
Investing is all about risk management and you shouldn’t take unnecessary risks.
Now, there is a practical strategy for investing in Bitcoin for those who want to. You can use an amount of money that is not part of your retirement. In that case, your investment in Bitcoin is a hobby instead of a source of income. It must be an amount of money you’re okay with losing, like a money you take on your trip to Las Vegas. Your retirement fund, though, needs to be diversified. Your future is not a risk you want to take.
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Overall, this has been a strange year in the stock market. We've set records for the amount of time gone without any drops in stocks. No one’s complaining, but it’s not normal and you shouldn’t expect it to continue. This week was a great reminder of that.
In the last week the market has gone up and down in a way we haven’t seen in awhile.
In the last week the market has gone up and down in a way we haven’t seen in awhile. Thursday, stocks shot up. This was mostly due to the expectation and optimism of the tax plan being passed. Then, on Friday, as Michael Flynn pleaded guilty, it dropped from the anticipated turmoil in the White House. It rose again on Saturday as the tax plan was passed and the market settled.
You may have whiplash, but here’s what you should have learn from this week. It’s easy to forget how quickly it can pivot, especially when you look back at the great year we’ve been having. We’d like to think the market is based on statistics, but it’s more like my 2 year old: reactive. This week has taught many the danger of assuming the pattern we’ve seen this year is the new normal.
This is especially dangerous if you’re getting close to retirement. Many clients I talk to don’t think they can fall into this trap, but most I meet with are aggressive in their investments because of the lack of volatility in the market. This can be dangerous if we hit another drop sometime soon. It’s important that you don’t be conservative in your investments, but take smart risks.
We can help you make sure you’re taking those smart risks.
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Although many people, myself included, doubted it would happen, the Senate passed the Tax Cut Bill. Big changes are coming to the tax system, although all the details still need to be hammered out. These changes will affect billions of Americans and it will affect all of us either positively or negatively.
It’s impossible to walk through every possible scenario, but there are two main groups that will lose out the most from these proposed changes.
Big changes are coming to the tax system, although all the details still need to be hammered out.
The main change we can expect is that the standard deduction will be doubled. You’ll notice if you look at your previous tax returns, that you either take a standard deduction or use itemize deductions. The average married couple right now can deduct $12,000 from their income, and with this new plan they could deduct $24,000. This means most people won’t take itemized deductions, such as gifts, tithes, mortgages and student loan interest in the future, as they'll get more money back by taking their standard deduction.
The first group most affected by these changes are those worried about not being able to deduct mortgage interest, including realtors, home builders, mortgage lenders and others in that industry. This group doesn’t worry me very much. Deducting your mortgage interest won’t affect the average person, as you still benefit from the higher standard deduction. The main reason this doesn’t concern me is that you should never be purchasing a house for the tax benefits. Always purchase a home you can afford and let the deductions be a fringe benefit.
The second group affected by this change in deduction, though, makes me worry. People often use charity donations,tithes and similar expenses to itemize their deductions and increase their tax returns. Without the incentive of these deductions, will people give as freely to charities now? Traditional conservatives don’t believe the private sector needs an incentive to donate, but history suggests otherwise.
Without the incentive of these deductions, will people give as freely to charities now?
I want to believe we’ll see just as many donations if not more in the upcoming year despite these changes. Many of my favorite clients are those who come to me not because they want to get as much money as possible, but because they want to know how to use their wealth effectively to help the world around them. They’re not always wealthy clients either. I recently had a middle class couple who was just barely saving money, but came to me to see how they could find a way they could use what little extra funds they had to give more to others.
I can help you do the same with your money and together we can ensure our local charities and organizations don't suffer under this new tax code. We can discuss not just how to make you money, but how to help you give the way you’ve dreamed.
Help Me Give GenerouslyAsk A Question
Life insurance coverage has been a debate that’s gone on for decades. Need proof? Ask your parents their opinion.
In this episode of our "Lightning Round," Kyle asks why it seems that his parents are being scammed by their “permanent” life insurance. How can something "permanent" suddenly disappear?
Life insurance wrongly becomes oversimplified into two main categories: right and wrong. This just isn't the case. Don't allow yourself to oversimplify this tool as a black and white decision of what you need for your financial portfolio. Life insurance has grown to be increasingly complex.
The conversation around the "right" coverage for you is much bigger than it used to be, and the rules of the game are in the fine print.
There are a variety of life insurance options with details that can be easy to miss. Take a minute to make sure you know the exact terms of your insurance policy, or ask someone to help you know before you have to find out the truth the hard way.
It's not worth waiting and hoping you got it right.
Spend four minutes to listen to Kyle's question and how we advice him to approach the situation his parents have found themselves in.
Ask a Question About My Situation
In this Lightning Round, Amy asks the begging question: "If there is bad debt, does that mean there is good debt?" The answer is simple, yes. In the 5 minute clip above, I highlight a common mistake in regards to paying off personal debt. D on't assume all debt is bad.
Homeowners - pay attention, friends!
Sure, we can all agree on the obvious bad debts like credit cards, high-interest personal loans, etc. The majority of people I meet with will agree that there are good debts, too. Do you realize the great debt people often overlook today?
Homeowners are sitting on top of some great debt in this historical season of low-interest rates!
We're living in the lowest home interest rate environment ever - hovering around 4%! If you have a high mortgage, pay it off. But most of you reading this have a great rate, and I wouldn't advise you to aggressively get rid of it because it is labeled as "debt."
Listen, right now you can probably beat your interest rate with investments over time! It's crazy. Many of you should wisely investigate paying your mortgage, enjoying your home increase in value, and taking the additional money you would have put toward your home re-direct it toward investments.
Don't forget that while everything else in the world is getting more expensive, your 30-year fixed mortgage is actually net becoming less expensive every year with inflation.
_ CAUTION: Like most financial products we discuss, these comments on debt aren't always black and white. This must be addressed in the larger context of your personal situation, but please (unless your emotionally fixated on your home debt) consider a different approach._
Ask A Question About My Situation
Meet, Andy Cook.
Well, actually meet Andy, Martha, and more kids than most kids can count! But, we're going to hear more about these beautiful people from Andy.
Andy is the President and CEO of Promise686, an organization that assists families and churches to care for vulnerable children by providing financial assistance, community support, and adoptive and foster care related education. (You probably know about our partnership with Promise686.)
Andy shares the story of receiving a daring text from his wife that changed his life forever, the systems in place around foster care, the holidays for a family of twelve and how life is full of incredible hope when it is rooted around family.
Take the time to listen in and hear an incredibly moving story that speaks to the truths and misconceptions around foster care in georgia.
Key Quotes:
"We want to give people as many opportunities for engagement, even small engagement, as we can so that they get hooked. We want these children to capture their hearts. We want to see hundreds of families wanting to step in to take care of foster care children."> > "We look at the church community and think we need to help get them out of their pew, and put them in a place where they can serve. They need a road map to get there and some tools to make it work, and we can help"> > "The foster care conversation has historically been about becoming a foster parent, but there are all these other roles. We target communities and invite them to serve. First of all you can do research on your own."> > "My baby girl is not a number. She is not a statistic. Someone advocated for her. It wasn't about let's fix the foster care problem in Georgia. It's about actual kids."
Links to Learn More: * FosterGeorgia.com * Promise686.org * Stay Informed on Promise686 News
There are some abuses in the financial world that you, as the consumer, have no control over. For example, with the Equifax breach, consumers had no control over the company’s security. However, what you can do in those cases is take steps to protect yourself, like freezing your credit.
RELATED: SHOULD YOU REALLY FREEZE YOUR CREDIT?
The question is, how do you protect yourself from people using abusive practices? TIAA-CREF, which cares for close to a trillion dollars in assets, has been in the news lately for using abusive sales practices. When training their employees, their motto supposedly was, “If they cry, they buy.” This means that if they can scare a consumer about the future of his or her finances, there’s a good chance they can convince him or her to buy whatever product they’re selling.
Now CREF says this isn’t true, because their employees don’t work on commission. Which sounds legitimate, but is it actually the case?
Employees at CREF do have incentives, like bonuses, to sell higher-priced funds. Most importantly, when clients have no knowledge of those of incentives, this leads to abusive practices in the financial industry.
How can you identify the incentives? Upon first meeting a potential client, I always make a point to have a straightforward discussion about every way we get paid. This may feel like over-sharing at first, but clients need to know if their goals and the company’s incentives match up.
Is your financial planner getting paid a flat fee or a percentage when you choose to invest in a fund? How much is the commission when you sign up for a new insurance plan? These are the kinds of questions you need answered before you should make a decision.
Remember, The best financial advice happens when the clients' and companies' incentives align. Listen to the Full Show: Check out this 13-minute segment from the More Than Money show on WSB Radio to learn more tips on identifying and avoiding abusive practices in the financial industry.
Get An Answer to My Situation Now
I’m about to share some controversial advice with you. So take a minute and hear me out.
Some of you reading may need to stop investing in your 401k.
Again, just wait a second and listen. It could be vital to your financial plan.
The 401k is the sacred cow of American finance—and for good reason. 401k’s offer amazing benefits such as special tax treatment, forced/automated savings, and free money when your employer matches your contribution. Sounds great, right?
Why in the world should anyone stop investing in it?
Last week, I was working with two clients in completely different phases of life. One of which was a young man in his 20s just beginning his career and the other was woman who’s approaching retirement. Both of my clients were, per the advice of almost everyone in society, investing every spare dollar into their 401k.
When looking closer at their situation, what I found was that both clients had two problems, credit card debt and no emergency fund.
You’re probably thinking, a little credit card debt, what’s the big deal? Everyone has some debt. Well, let’s look at the numbers.
The normal interest rate for a credit card is somewhere around 15-16%.
The normal interest rate over time for a 401k is somewhere between 8-10%.
this means your credit card debt is accumulating higher and faster than the money you’re saving. While it might feel good to be saving money for retirement, if your debt is compounding more interest faster than your 401k will make in the long run, does it really make sense?
In the full episode, I’ll give you my three-step plan for getting on the right track and how to build a foundation that allows you to start saving aggressively. (Listen in at 6:55)
KEY QUOTES:
"With your first dollars you need to build a foundation and then you can truly grow like you’ve never imagined."> > "To get to this place, you’re going to have to do something a little outside of your comfort zone."> > "Once your debt is paid down you’ll have a foundation for real, aggressive growth." Ask A Question About My Situation Now
The short answer is: don't.
The Tax Reform bill has passed the House, but it still must get through the Senate. You can depend on Congress as much as you can depend on my 2-year-old. I’ve had several clients come to my office either excited about the potential changes to the tax code or terrified of what it would mean for their finances. Regardless of where you fall on the issue, the fact remains that everything is up in the air.
The best way you can prepare is to make sure you have your house in order.
However, as we come to the end of the calendar year and especially as we get into the excitement of the Holidays, the best way you can prepare is to make sure you have your house in order. You need to make decisions now, no matter what goes on in Congress, to make sure you don’t overpay to the IRS.
For example, I have a client who enjoys giving to charities around the holidays and makes a point to invest in her retirement plan as much as possible. That means we must be strategic with her filing, but it can result in great savings for her. She was unsure how to estimate what she needed to contribute to her retirement savings and consulted her accountant. He told her, “Don’t worry about that now. You don’t have to make these decisions until we file in April.”
Here’s where he’s wrong: it depends on if she has an IRA or 401k. If she has an individual retirement plan, or an IRA, she could contribute until she files in April, giving her some leeway in her planning. Although, she has a group retirement plan, or a 401k, and the last day she can contribute and claim that total towards her tax return is on December 31st. Without consulting our team, she could have lost thousands of dollars in refunds.
Don’t get caught in a situation like this. Make sure you know all the decisions you need to make before 2018. This is how you can best prepare your taxes this season, even with the chaos in Congress. We would love to help. We provide free consultations, which allow us to get a look at your overall situation and ensure you’re capturing all the returns available to you .
We provide free consultations, which allow us to get a look at your overall situation
Talk To Someone About Getting A Free ConsultationAsk a question about your specific situation
This mini-episode comes directly from a question sent to our teamand is part of the show's Lightning Round where we answer your questions.
Do You Divide Inheritance Among Assets?
First off, I'm sorry. I can only assume this question comes at a painful time in your life.
A divorce is one of the hardest things you may walk through for many reasons, but certainly it is the case financially. How you split an inheritance depends on the state you live in to exactly how your assets will be divided.
This quickly becomes a legal issue rather than only a financial issue. As long as a couple of things are clear that I'll discuss on the show, you will likely be able to make a case to receive a full inheritance.
This mini-episode comes directly from a question sent to our teamand is part of the show's Lightning Round where we answer your questions.
Does An IRA Still Work Even If You Don't Work? This question comes in from Lisa, who may have received bad advice from the bank.
The truth is: anyone who is working can open an IRA - an individual retirement account, but there's more to it.
If your spouse is working, and making at least $13,000 of taxable income annually, you should BOTH be able to open up the account. I'll explain it fully in this mini-episode where we answer your questions.
Ask Your Question Now
This mini-episode comes directly from a question sent to our teamand is part of the show's Lightning Round where we answer your questions.
Terry asks Chris about the value of long-term care insurance.
What do you need to consider as you plan for retirement?
Over 90% of insurance companies have increased the costs of long-term care coverage. Listen in to hear how to better understand your costs & create a plan to protect your future Chris helps Terry learn how to protect herself from the risk of needing long-term care coverage and what options she needs to consider.
Listen on Apple itunes
The BIG Takeaway:
Trends show healthcare beginning to include long-term care coverage. Meaning you could be investing in something for years that may soon be given away - be careful.
Insurance companies saw this coming years ago and created a great solution to look into.
The right life insurance policy can provide you with a fixed cost and carry all the provisions for long-term care, but with added flexibility. The most important thing is choosing the best life insurance policy to fit your needs.
Ask My Question Now
This mini-episode comes directly from a question sent to our teamand is part of the show's Lightning Round where we answer your questions.
Listen In & Hear the Answer Context is everything here, but this answer is relevant for anyone with or without a 401K employer match. We dive into if the 401k is the best use of your personal finances.
Here are the Foundational Things You Need To Do Before You Invest In A 401K 1. Do You Have An Emergency Fund? We recommend building three months of liquid savings.
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Open A ROTH IRA A 401K is pre-taxed. A fully funded ROTH IRA gives you a bigger pile of liquid funds and allows you to withdrawal without penalty.
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Time to Consider a 401K But, if you're not getting a match... there still could be better options.
:: This is the plan we recommend to all of our clients seeking financial peace and confidence :: Helpful Links to Learn More: * The 401k is Under Attack * Certain Bank Specials Can Ruin Your Retirement Dreams * Where You Should Invest if You're In Your 20's, 30's or 40's
Ask My Question Now
Forget Everything You Know About Insurance & Healthcare Before You Go Any Farther Will Hall has a passion for life and wants to see individuals live healthier, more fulfilled lives. This is an incredibly refreshing message to hear and one that has been desperately missing in the healthcare and insurance world!
As the CEO of HIPnation, Will brings a healthcare model that is rooted in INNOVATION and SIMPLICITY to create a better solution for physicians and patients. Will has been involved in healthcare in a variety of positions, from serving as lead Physical Therapist for the inaugural Cardiac Transplant Team at North Carolina Baptist Hospital to leading more than 150 clinics as Regional Vice President of a national healthcare provider.
Who isHIPnation? We think you'll enjoy finding out. Listen to the Full Interview with Will Hall: Listen on Apple Itunes
Key Quotes
"You will not believe the savings, when we remove insurance from what it shouldn't cover and only use it for what it should cover."
"We're not insurance, but can be ACA compliant."
"You can argue over the politics of insurance all you want. We're talking about taking care of people. Let's do healthcare, and let's do healthcare really well. Taking great care of patients is apolitical."
"Our country spends more per capita on healthcare costs than anywhere else and we get poorer outcomes. It's a broken system, and it needs to be radically different."
"If we can help you be healthy, help you thrive, you will be a better person. You have to be healthy."
Want to Learn More About HIPnation? * HIPnation Wins Amazing Entrepreneur Contest * HIPnation Enrollment * HIPnationfor Individuals * HIPnationfor Employers
Thank You, Will! look for the more than money team when you are sitting on I-85 enjoying the Atlanta rush-hour traffic. Enjoy Your Life. Grow Your Wealth.
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How Much Is Enough for (YOUR) Retirement? What is the basis for knowing that you will be okay in retirement?
I'll always remember one of my wealthiest clients who was a top-level CEO for many years. We sat down for dinner, just the two of us. He looked at me before the meal arrived, and said: "Chris, are you saying I'm really going to be okay? I just don't know."
That moment was powerful. It was a lesson for me. It affirmed that confidence in retirement isn't a number. It isn't a status. It is a plan.
Anxiety is not a symptom of how much you've made or how much you've saved. If You're Feeling Anxious About Your Retirement... 1. Create A Detailed Income Plan
An income plan to the depth you need is more than a home-made Excel Spreadsheet.
I have many clients that can create amazing worksheets to project their income, but despite their Excel resume, they can't deliver the depth they need for retirement planning. Why?Because the average person, and many financial advisors, don't have the intelligent software to factor in:
Taxes
Inflation
Early Death in the Family
Social Security Changes
Long-Term Care Issues
There is actually software that allows you to illustrate the reality of what will happen exactly if any of the "could happens" become a reality and see how it will affect your financial picture.
- Make Your Plan Ready To Shift Things change. You hear it all the time, "Life Happens." It's why the Waze app is amazing and my clutch for Atlanta traffic!
Yes, your plan needs to be ready for your current dreams, but also it needs to be ready for the life that hasn't happened yet. Life moves fast, and your plan needs to be able to change.
It's funny, some life decisions that can change your financial picture are obvious, but I even had a client call me and ask what would be the long-term impact of him purchasing a new boat!
Listen to The Full Show: This eight-minute segment from the More than Money show on WSB Radio unpacks how confidence in your financial future is found in details and adaptability. Hear client stories and more on an area we are so passionate about - planning that improves your life.
Key Quotes:
"Our team just invested a ton of time and resources to upgrade our financial projection software from last year to be the most updated tool available."> "Client after client is now living without anxiety."> "Be confident you are moving in the right direction, even when life happens."
Get An Answer to My Situation Now
GREAT LINKs To LEARN MORE: * How Much Is Enough for Retirement? * Retirement Strategy for Entrepreneurs * Counter Intuitive Financial Wisdom That Works
will everything be o(k) ? If the proposed massive tax cuts are approved the government will need to find a solution to make up for the extreme loss in revenue. Where do they turn? Well, 2/3 of American workers have access to 401(k) plans, and just when we thought it was safe... it may be on the table.
republicans must solve the revenue gap tax cuts will create. 401(k)s are a sweet place for the government to look as half of Americans are investing in a 401(k) plan. There are THREE BIG QUESTIONS TO ADDRESS:
1. Are 401(k) changes going to happen? Nobody knows if this is going to happen, but when it was even rumored to be a potential change it sparked OUTRAGE!
401(k) is pre-taxed money. The government is considering if they lower the amount you can contribute in PRE-TAX dollars i.e. money we lose revenue on this year.
Imagine the $18,000 contribution (Or $24,000 if you're over 65) limit being reduced to $2,400.
Answer: Legislators appear to be very unwilling to endorse the 401(k) changes. I think it is very unlikely that these proposed shifts to the 401(k) contribution limits will happen.
2. If change Does Happen - What Should you Do? If you have a high salary that is taxed. This is significant.
If traditional 401(k) contributions are reduced it affects those who view it as a significant tax reductions.
ANSWER: You would need to consider after tax saving options like a ROTH IRA. sure, there will be tax changes, but it won't stop you for saving for retirement.
3. Am I rightly thinking about My 401(K)? Your 401(k) is not your plan for retirement.
A 401(k) is a tool. It is a "part" of a good plan. Not the plan itself.
The government can not wreck your retirement by lowering 401(k) contributions, YOU can wreck your retirement by not saving any more. YOU can wreck your future by not having a strong plan that accounts for life changing.
ANSWER: If something changes to the 401(k), your plan for retirement should be strong enough to stay on track. your 401(k) is a piece of your overall plan and not the absolute towards retirement success.
Listen to The Full Show: 401(k)s can be complex. Listen in to understand exactly what we believe is coming down the pipeline, how your 401(k) is a "part" of your financial plan, and most importantly how to build a STRONG plan to reach your goals_._
Key Quotes:
"The fact the President Trump tweeted about it Monday shows the level of outrage people feel."> > "The government can not wreck your retirement by lowering 401(k) contributions, YOU can wreck your retirement by not saving any more. YOU can wreck your future by not having a strong plan that accounts for life changing."> > "A lot of people I meet with have elevated 401(k)'s to be the end all. It is a great tool. Financial products are all tools. I love 401(k)'s, but we too often make them the most important thing."
Get An Answer to My Situation Now
GREAT LINKs To LEARN MORE: * How Much Is Enough for Retirement? * Retirement Strategy for Entrepreneurs * Counter Intuitive Financial Wisdom That Works
Tax reform is coming very soon and can affect you.
In case you missed it, we touched on what this could mean on last week's show.
Any fans of the Rocky movies out there? Remember how before the fights there was all this boasting, yelling, and a lot of hype? None of it meant anything until they got in the ring.
That's a little bit like what's been happening between the Senate and the House, Democrats and Republicans. There's been a lot of hype, a lot of tweeting, but now we get to see what's actually going to happen.
There are two things that could happen: 1. Massive amounts of programs from the government are cut. This means programs such as social security, welfare, medicare, medicaid. 2. 401K contributions could be cut. The government loses a lot of revenue through 401Ks each year. When you put money in your 401K, it's PRE-TAX. That means the government doesn't get paid from that immediately. They get paid long-term, when you take the money out. So now, they're thinking of cutting the amount of pre-tax savings you're allowed to do. We're talking from $18,500 to $2,000 (rumored).
There will be changes legislatively and life changes. Is your plan built to handle change?
If your plan can't handle change, then your plan isn't built well. Let's look at an example.
Say you're saving for long-term care. The average cost is up to $8,000 a year now. The cost of long-term care continues to sky-rocket! Suppose you start investing into long-term care insurance. You continue to pay into it, but eventually the government takes over and says it's just part of general medicare coverage now for anyone in retirement age. You just wasted all that money! I looked at this example with a client recently. Our solution? We decided to purchase a life insurance policy that contained long-term care benefits. This is a huge advantage because it's, you guessed it, flexible.
Your plan needs to be a living, breathing document that changes over time. If you don't feel like your plan is where it should be, I'd love to meet with you for a free consultation and see where we can improve.
Listen to The Full Show: Listen in for tips on how you can prepare for the impending tax reform. Plus, what you should be looking for in a financial planner. (Listen in at 7:42).
Key Quotes:
"There will be changes legislatively and other changes that come along throughout your life. Is your plan built to handle change?"> > "We're about to see whether tax reform can be passed. If it is, it can be the most remarkable change to the tax system in 30 years."
Get An Answer to My Situation Now
GREAT LINKs To LEARN MORE: * What You Need to Know About the Tax Reform, Plus Who It Hurts * Every Angle of The Major Healthcare Changes
We are breaking lots of records right now. The S&P hasn't had more than a 3% drop in months now, the longest streak ever.
Volatility isn't a bad thing. It's normal to have ups and downs in the market, so it is particularly strange to go this long without a drop. It's giving a false sense of security.
Think of the long game.
If you're younger (20's, 30's or 40's), now is the time to invest. You have to drop this idea of market timing. Jump in now!
In an article titled, "Millennials Think Now Is the Right Time to Invest, and They're Right", Mark Matson says, "Market timing, whether you get in or out at the right time is the most destructive thing you could possibly do."
The only way to really have success long-term is to pick a risk you can handle, get in, and stay in. When the market drops, view that as an opportunity. Historically, after every significant drop, we see explosive growth. That is the way you win with long-term investing.
Listen to The Full Show: Listen in for tips that will help you stay in the market even when it drops. Hear how you can know your risk, stick with it, and see long-term growth (Listen in at 8:09).
Key Quotes:
"Don’t avoid the market just because it’s up. Be sure you’re willing to stay in when it drops. "> > "So much of my job is coaching, helping you stay in when the market drops, when it doesn’t feel good emotionally, but we know we’re on the cusp of great growth if we just stick with it."> > "The only way to really have success long-term is to pick a risk you can handle, get in, and stay in."
Get An Answer to My Situation Now
GREAT LINKs To LEARN MORE: * Why "Peace" May Be The Biggest Financial Foe of Today * Counter Intuitive Financial Wisdom That Works
Don't put all your bitcoins into one basket. Bitcoin is up 900% from a year ago. With that crazy amount of growth, it sounds sexy and exciting. Who doesn't want to get rich quick? It's hard not to feel like you're missing out.
"You could be a millionaire in 6 months!" and "You could turn $100 into a retirement fortune!"
These are all things people trying to get you to invest in Bitcoin have said. In fact, three of my clients this week have called to ask about it. I'm not surprised.
Beware. It sounds exciting, but it can be dangerous.
What are You Missing Out on? Instead of taking a large chunk of your money and investing it into one thing (i.e. Bitcoin), spread your investments across the whole market.
Good investing requires diversification. This lowers your risk without having to sacrifice returns.
Be balanced. It's ok to have some fun money. If you follow the "Foundation First" principle, build an emergency fund, put away what you need to for retirement every year and do that consistently,
it's fine to take some money and go have fun with it. Just make sure the amount of money you take, you're willing to lose. And remember: The real power is in diversified investing over time.
The power of compounding interest over time is incredible. It's not as exciting to make 7% or 8% over time, but it works. And that's how you build true wealth. Listen to The Full Show: Hear Chris explain the danger behind jumping on the Bitcoin bandwagon. Listen in for how to grow true wealth and live out your dreams. (Listen in at 6:24).
Key Quotes:
"The power of long-term investing over time is like a miracle. It's incredible. People make fortunes, they make their retirements because of it. And yet, it's not doubling your money next year."> > "What happens when the Bitcoin bubble bursts? You lose a lot of money."> "Don't take risks you don't need to take."
Get An Answer to My Situation Now
Money Management Doesn't Always Feel Good We like to think we always make decisions based on logic and reason, but it is important to realize emotions can sometimes get in the way.
FACT: emotions have the ability to drive our decisions. Often what prompts your financial judgments is based on the comfort, insecurities, or feelings within ourselves. Instincts are powerful, and not always bad. However, if your instincts are negatively affecting your future, it may be time to change your plan.
The latest Nobel Peace Prize winner, Richard Thaler, would emphasize there is a gap between rational economic decisions and human psychology. The important takeaway from Thaler's findings, is to make sure you do not fall in that gap.
How Does understanding your behavior Impact Your future?
Sound investing is counter-intuitive to our emotions. Buying stocks when they are low and selling them when they are high may sound great, but it's one of the hardest things to do.
Up front, your financial planner is responsible for helping you make a plan, but long-term, your planner should help you stick to it. A solid financial plan won't always feel good, which is exactly why a financial planner should be someone to coach you through it.
It's time for you to challenge yourself. Be uncomfortable for a moment. Ask yourself, "What financial decisions am I making, or avoiding, based on how it makes me feel?"
Coaching our clients is a role we embrace at More Than Money and something you must demand of your financial planner.
Listen to The Full Show: Get the full story on the ways your emotions could be creeping into your financial decision making. You may feel secure, but you will be shocked by the examples we witness all the time (Listen in at 5:52). The last thing we want is for you to fall victim to your emotions' sneaky ways.
Key Quotes:
"Having sat down with hundreds of people, I have learned how people make decisions. I hate to see people make emotional decisions that have a painful impact on their future."> "That's where my job really comes into play. It's not when you are sitting in my air-conditioned office and you're telling me how you theoretically want to be invested. It matters when you are watching the TV telling you the market is going to drop."
"I sit. I coach. We say hard things to each other. Then, you know what? You get to a point where you reach your dreams for the future."
Get An Answer to My Situation Now
GREAT LINKs To LEARN MORE: * Richard Thaler books on Amazon * Richard Thaler Wins the Prize in Economic Sciences 2017
If You Love Taxes Stop Reading Not liking taxes is something everyone can universally get behind. Despite having disagreements about the fine print, everyone mutually hates taxes.
Republicans have put out an aggressive agenda, and if it can happen it would be the first time since 1986! This reform is more than just the long-term impact on you; Congress feels like they have to do something here as the Republicans are in control of the House, the Senate, and the Presidency.
While there still isn't clarity, we can predict who needs to start paying attention.
What If The Tax Reform Passes? How Will It Impact You?
The overall changes that are coming are vague. For instance: the proposal will simplify tax brackets, but we don't know how the income brackets will be structured.
Who stands to lose the most as we currently understand the tax reform?
- Real Estate Agents Should Pay attention (Listen in at 3:30) The tax reform won't take away with the mortgage interest deduction, but a doubling of the standard deduction. The increased standard deduction means a far smaller group of people will choose to itemize their expenses, which may cause people to buy real estate less frequently.
There are ways this could be a good thing despite the frustrations that real estate agents may feel.
- Charities/non-profits Should pay attention (Listen in at 6:54) A lot of people choose to give, tithe, or donate with the incentive to have a tax deduction. If the reform doubles the standard deduction, there is less incentive to give.
There are also talks about repealing the estate tax, which would be another hit for charities.
Listen to The Full Show: For most individuals outside of those two groups, you may be asking what I should do? We talk about how every individual can prepare for tax season now and take an in-depth look at how you can save money and change your tax picture.
Regardless of what goes through Congress. You need to look at your taxes right now.
Key Quotes:
"I would not make any assumptions on what will go through right now. It only takes a few votes to tank legislation passing."> "When you pay too much in taxes, you're giving the government extra money all year. It's nice to get that money back, but it never needed to go to them. I'd rather you have the money and be able to grow it."
"If you don't know how to change your taxes, maximize your savings, or want professional input, we offer a free consultation to sit down and talk about your life."
Get An Answer to My Situation Now
Let's Face the Equifax Two-thirds of all Americans with credit reports had their information accessed during the Equifax 'data breach.' That is insane.
By now you've heard how the scandal is compromising millions of Americans' personal data. Richard Smith, CEO of Equifax, testified in front of Congress that Equifax "...didn't really understand the severity of the breach and did everything they could."
Beyond this being unacceptable for so many reasons, it brings up a conversation around protecting yourself in today's digital age.
How Does This Data Breach Impact You & Your Future?
It's time to freeze your credit.
It's not up to anyone but yourself to protect your most important information.
YOu HAVE TO BE THE ONE TO TAKE RESPONSIBILITY FOR YOUR digital SAFETY. You are the victim. I am the victim. We're the ones left worrying about identity theft even years from today.
Freezing Your Credit Is Simple. I had a client come in recently worried that freezing his credit would affect his credit score and credit tracking. It won't.
Freezing your credit stops all new credit from being taken out unless you provide your unique PIN. Freezing it stops anyone who may have your information from creating new credit in your name.
The minor inconvenience of providing a PIN dramatically outweighs the risk of having your assets and identity compromised.
Click Here to Freeze Your Credit Today
Listen to The Full Show: Hear Chris unpack this major scandal that puts you at risk. The Equifax data breach should open our eyes to a new frontier of risk exposure. Listen for what steps you can take to protect yourself. (Listen in at 5:52).
Key Quotes:
"A year before the hack, an independent study by MSCI gave Equifax a score of ZERO for privacy and data security. If we couldn't see this coming, Equifax definitely should have."> "The people who advise against freezing your credit are likely lenders and their mouthpieces."
"Don’t rely on Equifax or anyone else for your security."
Get An Answer to My Situation Now
A GREAT LINK To LEARN MORE: * A Guide to Freezing Your Credit
What In the Health Is Going On? Republicans have been laboring for reforms to health care since President Trump was elected, and have repeatedly failed -- often in dramatic fashion.
President Trump made two huge announcements to change the way healthcare looks moving forward. The government announced they are:
- Opening More Healthcare Options for Individuals and Businesses.
- Ending Subsidy Payments to Health Insurers. How Does This Impact You?
The foundation of the Affordable Care Act ("Obamacare") is rooted in everyone "paying in" to keep costs manageable. Suddenly, the exit sign is on for the "healthy" to shop cheaper options, which means the price for the sick, or those with pre-existing conditions, may skyrocket.
If you are young or healthy MAKE SURE YOU LOOK AT ALL YOUR OPTIONS. Costs will be higher through a traditional exchange, but there are some creative, competitive options we discuss on the show (Listen in at 15:20).
If you have a significant pre-existing condition, you should make plans to find the best coverage fit that suits your needs and matches your budget. I would love to talk with you about how to be prepared for pricing that will likely come in 2019 and beyond.
If none of this applies to you because you receive your insurance through your employer, don't tune out just yet! Make sure you know whether a traditional policy or a high deductible health plan is better for you; I discuss the primary differences in the last segment of the podcast.
Listen to The Full Show: Get the full picture on what these changes mean to you, your family and your wallet for the upcoming years. More healthcare reform may come, and we will be here to help you make the best decision for your life.
Key Quotes:
"Why is it that health insurance companies always come out immediately against any changes to Obamacare? Health insurance companies stocks have shot through the roof! They have destroyed the S&P 500."> "Costs have to go up and it falls on the folks paying premiums in the exchanges."
"Even if a creative option will save you money, it might be better for you to choose a traditional plan if you aren't willing to handle a little extra work."
Get An Answer to My Situation Now
A GREAT LINK To LEARN MORE: * It’s Open-Enrollment Time: What Health Plan Should I Pick?
It's been ten years since the big recession. It may still hurt like it is a wound from yesterday, but a decade separates us from the last major market drop.
Now, we sit on top of the market again. Is it time to brace for a catastrophic global recession?
Well, the big drop isn't actually as concerning as another danger that you need to focus on: peace.
There Is Incredible Danger In The Current Financial Peace You May Be Experiencing The danger today is different than in 2008. We don't appear to be walking toward global recession (even though we didn't feel that way in 2007 either... stay with me.).
"The danger is that investors are complacent to an extraordinary degree - lulled into a false sense of security by the extraordinarily calm markets. There is no margin of error. And, if the investors turn out to be wrong, it will be a nasty shock." _ - James Mackintosh_
Today's Financial Snapshot * Measures of volatility are at historic lows. * Inflation is historically low. * Economists are baffled by everything doing so well. * Profit margins are high. * Everything looks pretty good.
And that reality is troublesome... why? Namely, because it is subtle and offers a false sense of security and safety.
Let's Say A "Normal" Market Correction Occurs It is possible that a 20% drop today could be just as devastating as the major drop in 2008 if you've been lulled into complacency.
Some of you, especially those nearing retirement, need to evaluate your level of risk. How will your portfolio handle a typical correction?
I believe the possible gain of staying aggressive in the market is overshadowed by the amount of risk in one market drop. this could change the next 20 years of your life. If you are anywhere close to retirement the #1 risk is that you can be lulled into a false sense of security.
We know the market will drop. If you're 35 it's okay, and it actually creates opportunity. But if you are within 10 - 15 years of retirement and everything has worked well recently, you need to evaluate what will happen if and when a correction occurs.
It's Time to Wake Up From The Lull of Peace! If you want to ask a question about your specific situation and measure the risk in your portfolio, we can measure if you are at the correct level for your amount of retirement preparation.
There are concrete changes you can make to prepare for drops and stay on track for your retirement. It's how we walk customers from hopeful anxiety to peacefully confident.
Don't let the market acting NORMAL throw off your future. Fight back against peace. It's extremely dangerous to your future.
Banks are beginning to feel like used car dealerships. If your bank is caught offering a "special," take caution before you trust the promotion to move you closer to retirement. A.K.A. RUN.
Trust me, I know and love bankers. But the reality is banks are not looking out for your best interest the way a financial planner is legally obligated to -- and therein lies the problem we're going to reveal in today's show.
(Plus, hear me share how I would avoid people seeing how UGLY my first car was.)
The banks up-sold her a product and her money was essentially doing nothing. A few weeks ago I met with a woman, Jamie, who became the latest victim of trusting the banks.
She was sold a product, at a promotional rate and in her excitement, she moved her extra available fund to a money market account. Jamie then proceeded to "save" and aggressively put money away for her future -- and her hard earned money was doing nothing for her.
Her hard earned money was doing nothing for her.
Banks Are Built With Different DNA Than Financial Advisors Bankers are encouraged to open new accounts and move products.
Bankers are not fiduciaries; They are working with the bank's best interest in mind.
Don't Be Another Jamie Jamie and I met for coffee at a local spot that opened up recently in Peachtree Corners called the Black Walnut! So good. It was that morning she realized her mistake -- and it made me so mad when I learned about this.
Jamie, like so many, trusted a banker to advise her on how to invest for the future, and a perfect "product" happened to be available at a "SPECIAL RATE."
Related Post: Your Financial Advisor Is Really A Salesman & You Need to Run
It was a three-month promotional rate money market account! Then it dropped to point God knows what.
Who reads the fine print anymore? She was consistently making contributions and assumed it was growing on its own, but in reality, it was not in the market for the past two years that has been growing at a record breaking pace.
Jamie's money sat on the sidelines while the market exploded with incredible growth. She could afford to be in the market, but instead, she was sold a product.
Related Post: Do You Know If Your Advisor Has Your Best Interest In Mind?
A financial planner thinks about your long-term stability. Legally, because of the fiduciary rule, a financial planner is obliged to act in your best interest, educate you and give you the best advice for your benefit.
Find a financial planner you can trust. question any advice given to you by anyone, not just bankers, that isn't a fiduciary.
Free advice on your finances is a click away. Ask a question and I'll respond directly.
Remember: Please don't take anything a bank advises at face value without seeking a second opinion. Your dreams matter and a strong plan will keep you on track.
Get An Answer To Your QuestionMessage Chris + Schedule a Consultation
Without reason, we have all witnessed harrowing acts happening around the world and in our country over the past weeks. It has been tragic.
We've been forced to deal with dark realities of pain and loss. While we hate to see others deeply affected and think of our comfort, dreams, and plans for the future, I can tell you how many people reached out to me with questions.
I have repeatedly been asked about the impact of the terrorist attacks on your financial future. I talk about it + practical action on this week's show. Listen in:
The Two Biggest Takeaways From the Past Weeks (Focused on Your Personal Financial Future.) 1. I don't think anything we've seen in the previous two weeks will be majorly devastating for the future of the markets. Yes, everything has been down of late, but it is okay to have volatility when there is a crisis in the world.
The clicks on these negative headlines are surging as they project a fearful future. There has been a drop, but it isn't unexpected and won't derail the great market growth we are experiencing.
- It's time to ask the hard questions. When is the last time you thought about the impact of a crisis on your finances? We are shocked at the events as they unfold - rightly so. But are any of us surprised by a crisis occurring? We shouldn't be.
Yes, of course, we don't want a crisis to happen, but we have to prepare for it! When you assume crisis is going to happen, a level of peace follows that directly impacts your quality of life today.
It is almost counter-intuitive that peace comes by walking through a plan for a crisis, but I see it consistently with my clients.
Plus, when you plan for a crisis, you no longer have to see your dreams impacted.
When you assume crisis is going to happen, a level of peace follows that directly impacts your quality of life today.
Now, let's step back and think about how to prepare for the next one. What does it look like to prepare for a crisis?
(And note: This isn't only talking national and global crisis. What if a family member passed away? What if an expensive sickness arises? Personal crisis and domestic crisis can both demand proper planning.)
My advice is simple: 1. Talk about it. Despite the difficulties and discomfort to plan for a family member's death or a national crisis, it is essential. Without focusing on the financial impact, begin a conversation with your spouse about why you have a hard time discussing some component of loss, and what could come in the future.
Then once you've been able to listen to each other's concerns, the conversation can move toward financial planning.
- Get professional financial advice to fit your circumstances as Larry and Jennifer did. (Listen at 7:25 to hear their story.) Giving broad information isn't easy. Even if you read strong advice or hear something that resonates as a "good plan." Remember, every individual is different. You need financial advice tailored to your circumstances, your goals and your unique situation.
As much as I would love to give you the perfect formula, if I did, there would be no way to guarantee it was right for you. The More Than Money team will be happy to hear your story and set up a convenient time to connect.
- Live in a place of peace during a crisis. Once you have a plan in place, you will experience peace not only during a crisis but also during the calm, normal daily routines.
Life is meant to be enjoyed and a constant distraction of money will pull you away from other things that matter. A healthy plan provides peace.
Ask Any QuestionSchedule Time to Talk With Chris
Paul was in a conversation with a friend who told him to save 15% more than he expects he'll need for retirement. He sent us a question asking if his friend was right.
The core of the question is this:
How do you know if you'll have enough money for retirement?
The problem is there is no easy way to know your "number" because it's tied to your life and what you dream for the future.
- How much do you save?
- How much do you spend?
- Do you want your money to sit in the market or a pension?
- What is your bent towards investing?
- What is the life you dream for in retirement?
Do you have a plan built specifically for you and your future?
It's easy to show you what it looks like using some simple tools. Here are some of my favorite blogs for you to read more, or you can reach out to our team and we can discuss your specific plan.
We work with a lot of entrepreneurs and here is the deal:
If you are an entrepreneur you might be wasting money right now.
I'm amazed when I meet with entrepreneurs and see how much money is consistently being given away. A lot of entrepreneurs are missing out on their taxes they don't even know about. But, I'm distracted before I even get started.
As an entrepreneur, hiring an employee changes a lot in regards to taxes and retirement planning.
BEFORE: Without an employee, entrepreneurs can open a solo 401k and can make a full $18,000 contribution and the company can contribute an additional $34,000 (totallying $52,000 to put away towards retirement - BIG ADVANTAGE if you can afford that lifestyle.)
AFTER: When you hire someone you can no longer use a solo 401k and you have to transition to a traditional 401k. (NOTE: if the employee is full-time.)
In short, if you are an entrepreneur and are thinking about hiring a full time employee, note that there may be dramatic changes to your retirement strategy. However, don't scrap your business model just yet! You can still win by having a plan that accounts for the change in structure, while maximizing the benefits of being and entrepreneur.
Be sure you're taking advantage of all the tax savings you can as an entrepreneur experiencing growth!
Yes, a lot of people are looking to work at least until 65, but many are planning for 70. This common thought is based a lot on the crash and thinking how they can meaningfully reach what they need.
A lot of people assume they have to keep going forever. Despite the common belief, that isn't true unless you've run some actual tests!
The only way to know what your exact retirement will look like is to plug your information into some of our predictive tools to create a full picture of your plan in its reality.
We walk through a process that uses a software using historical norms over the past 70 years and allows us to change variables and factors in real-time.
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How does retiring at 65 or 67 appear?
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What will working part time look like in retirement?
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How will inflation impact your plan?
Now, time for a little true or false. I recently had a client that was strongly considering working an additional three years before retirement.
So, True or false, does extending your career by a few years strongly benefit your retirement? Answer: it depends entirely on your situation. For this specific client, it turned out that working an extra three years made no impact on his savings before retirement. That was incredible for him to consider. Why work until you are 67 if you can retire comfortably at 64? The only way of knowing how your retirement will play out is to make an honest assessment, using tools that give you flexibility and options.
Most people don't talk about end-of-life planning enough, and it shouldn't be treated as a taboo topic. The first step is to have the conversation.
When you pass away, you can leave behind an inheritance or family conflict.
The realities around end-of-life aren't easy, but communication is key. Listen in to hear where you should focus and plan.
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End of Life is Expensive (Listen in at 3:14) It's important to know the current situation, but understand that the last years of life are often the most expensive. Healthcare cost can become astronomical and creating financial flexibility is important.
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Be Careful About How You Receive An Inheritance (Listen in at 3:52) It can be the best or worst tax treatment for you.
If you receive funds from a retirement plan, that money will owe full income tax on it! If you take it as a lump sum you will pay taxes on it as though it were income.
The key is to communicate with your family prior to needing end-of-life care. Think of what you want to leave to the ones you love most. Lastly, talk with a financial planner you trust before giving or receiving any funds.
It's better to give your family a good starting point for healthy conversations than leave them an inheritance of assets entangled with stress.
Here's the state of retirement planning today:
- The baby boomers are preparing for retirement.
- Social security is in trouble. (We basically become insolvent in 2034)
- The median household has a little more than $100k saved.
The combination of these things isn't exactly a winning formula. Are we going to be okay and, either way, how can you know what to expect in retirement? Listen in as we explore the deeper reality here.
There Been A Historic Shift in Retirement Strategy We've literally never seen a generation retire on the 401k and it's about to happen.
My grandfather and maybe yours too received a pension and social security. Every single month they receive a paycheck in retirement - guaranteed income. Any savings they had outside of their core income strategy was for additional expenses like traveling.
But, that isn't true today.
So... why did the retirement shift happen? Perspective is important. Companies in the late 70's and early 80's were making long term pensions and they realized they could feasibly continue to give out guaranteed income. Especially as life expectancy continued to increase.
At the same time, the IRS came out with code 401k as a way for the wealthy to put aside extra money for the future. It was never intended to be a tool for saving for retirement.
The 401k was never intended to be a tool for retirement.
Within a few months, 401k's took over as companies saw a way to get out of guaranteed pension rates. And it was a perfect storm.
Instead of guaranteeing you funds, we will match what you put into a 401k and you will have a stack of cash for the future. And the market took off! Everyone wanted to have their money in the market instead of a pension fund. It was celebrated until the market crashed.
Now, A Generation Prepares to Retire as the First Group to Rely on a 401k. No group before this generation has ever needed to trust the market for their success.
Here's my challenge: if you are willing to diversify your income streams, you can create a ton of flexibility to succeed in the future. Listen in to the audio above at 9:25 to hear how this strategy works to make sure anyone about to retire can create multiple revenue streams and be well positioned for retirement. Yes, there is a retirement crisis. But there is a number of options that allow you to take control of your future by building a customized plan.
If you want to set up a time for a free consultation to talk about your specific situation and create the reality you want just click below, and we can craft a strategy that works.
I want to feel confident about my retirementAsk Any Question Now
The current headlines are full of drama, and it's easy to forget that we're doing pretty well in three major areas to gauge growth.
- The market is up BIG. We are sitting on the seconds largest bull market in history.
- Housing values are up! It's the third fastest growth in home values in recorded history.
- Unemployment is at a historically low level. How do you make the most of this state of financial prosperity? The answer for long-term success is actually counter-intuitive to what most people think and what nearly all of us do. Listen in:
It May Feel Backwards And It's Not Easy When we experience something for any length of time, we can be tempted to treat it as a new normal.
You can't assume the current market pace and financial reality can continue.
I was talking to someone who was given projections for the next ten years based on the past five years. You can't believe that we can maintain this trend. Actually, you need to believe and act as if it will not last.
If things are going well right now, you need to focus on when they will be going poorly. Are you using this time of security to set aside money for when things are not going great?
On the flip side, when things are going badly and you want to curl up in a ball, is really the time to buy and invest -- investment options are at a discount.
Are you enjoying the current state of the market, or are you aggressively focused on a strong foundation and the worst of circumstance? If you are sitting right now without a strong foundation you are putting yourself in a vulnerable spot.
Is it possible for your specific situation? Yes. If you don't know how to prepare for the worst and establish a good financial foundation, I can help. You can have confidence in your financial future.
Create A Strong Foundation StrategyAsk a Question
Is the healthcare conversation over? Trump's tweet hours after the vote of the "Skinny Repeal" would say it is not...
3 Republicans and 48 Democrats let the American people down. As I said from the beginning, let ObamaCare implode, then deal. Watch!
— Donald J. Trump (@realDonaldTrump) July 28, 2017
Trump believes that if we let the system fail, change will emerge. But, what role could Trump and the executive branch play in helping it fall apart?
- Could Trump find a way not to force the individual mandate? And remove the consequence?
- What if the government slows down or stops making significant payments to insurance companies?
Listen to how this all impacts you and what options you have to find a good healthcare plan for your family.
If you have the option to create flexibility now is the time to do it.
Insurance companies feel insecure and they're starting to pull back from health care exchanges. There is so much uncertainty. Not knowing what is coming next I highly recommend two options for you and your family:
1. Flex Spending Account You can put money away for healthcare that is tax-free and you have to use it within the year.
2. Health Savings Account If you have a high deductible health plan and qualify, you put tax deductible money in for healthcare and it rolls over year over year.
It will keep building and you can invest it while you wait.
This is a great tax advantage and gives you money that keeps growing over time.
The instability is not over. You must prepare flexibility in your plan.
A Third Option: Medi-Share Was A Good Solution for My Family Last week I shared about Medi-Share and why it was the best fit for my family.
After I shared the Medi-Share recommendation I had a client email me a story he saw on WSB. This is a big deal.
Here's what happened: A woman goes into the hospital with cancer. She shows her Medi-Share card. And the hospital tells her she is covered.
Now listen to her quote: "I'm sitting there with a needle in my arm receiving chemo therapy, and they're telling us we are not going to be able to leave the hospital until we pay them $41,000 dollars." Get this.
The hospital calls her in her patient room and tells her the opposite of what the said early. How out of touch with reality are these healthcare professionals?!?
Here's The Bigger Thing - What Does This Mean For Co-Ops
The hospital claimed Medi-Share was underpaying the hospital. But after research that was proved untrue. Medi-Share actually wired the funds that day to handle the situation. Can you imagine anyone else doing that?
There are a number of co-ops you can consider. And I think it's a great option to consider as a consumer. But, do your research.
- Find a co-op that is still considered health care through Obamacare.
- Understand that it will take more work as you may have to submit claims yourself.
The narrative around co-ops is likely going to gain momentum and you need to explore what makes sense for you and your family.
If you have questions about your healthcare, your plan for flexibility, or general financial wisdom, I would love to sit down with you and talk about your specific situation. So much is changing and it can feel overwhelming.
Our team can help you live with less anxiety and stay on track to reach your goals for your life. Ask Chris A QuestionSchedule A Time To Talk
Right now the housing market has been through the roof!
2012 was actually the bottom of the housing market and since then it has been the third fastest growth in housing markets ever!
If you are someone who is thinking about buying or selling, it's important to know these simple guidelines. Here Are 3 Practical Guidelines For TheHousing Market Today: 1. If Your Home Is Valued Over $500,000 You Need To Rethink Moving Homes valued over $500K are actually stagnant and sitting for a long time. Don't just assume every home is moving quickly right now because the data is proving that to be true of homes under the $500,000 threshold.
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If You Are Looking To Move (Fairly) Laterally You Will See A Wash You may sell for 10% more and buy for 10% more. When that happens if you are moving up in the quality of your home, you may lose a little bit. But that is fairly normal as you move up and the home market fluctuates.
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If You Are Looking To Buy Your First Home Or A Second Home... You Need To Wait If you have the option of waiting, I would strongly suggest you give it time. Most experts agree there is no way this growth can be sustained. You really can win if you can wait a year or two.
Remember: One Advantage In All Situations Is You Can Grab Very Low-Interest Rates! (it's Just one factor to consider.) Now, What Are You Going To Do Next? The answer isn't always as black and white as the situations laid out above.
If you still need clarity. Our team can offer practical advice and share our thoughts on all the factors that need to contribute to your decision.
Ask A Question About Your Situation
We are bringing back the "Lightning Round." Every week we answer so many great financial questions that are sent in online or brought up in conversations.
There are four topics we heard over the past week that make this episode of the show. Listen in to hear how we answered them. We hope you find this advice helpful if you've thought similar questions.
Find The Financial Advice You Want Listen in at 2:29 For 529 Accounts.
Jess asks about 529 accounts and the best way to save for her one-year-old daughter's college.
Listen in at 7:39 for the "Financial Gray" A listener named Chris asks Chris Burns if he has a money pet peeve. Chris shares his thoughts on having black and white thoughts around financial planning, and his passion for educating people on how specific situations demand custom plans. Living in the "financial gray" is often a better-charted course of action.
Listen in at 9:50 for Children's Credit Advice How and when do you establish good credit for your children? When is it the best time to start?
Listen in at 13:28 for Trusted Financial Resources Where should you go to stay on top of the financial news? What are some good trusted resources? Chris shares some of his favorite websites to frequent.
Ask A QuestionContact Chris + Schedule a Consultation
What does it mean for your personal finances when the market breaks another record? It seems like we keep hearing of MASSIVE record-breaking success. When should you care?
Listen to the entire Podcast or read some of the highlights below.
Another Breaking Record... So, Now What? When the market breaks a record all it means is we've reached a new high, but...
All that should matter to you is where you started. If the market breaks a record and you jump in today. Today is your zero. Tomorrow's new "record" will affect your growth.
The record breaking news simply means the three major indexes used to measure the market are going up.
Be Careful - Here's The Biggest Threat With These Records There is a massive danger with the market going up so much is that it can give us a sense we should be more aggressive.
If we looked back at the years of market records, you would laugh.
The last year before 2013 to break major records was 2007 - right before the crash. I'm not saying everything is about to drop, but I am recommending that you invest as if the market crash is going to be tomorrow!
I meet with so many people that live with so much anxiety as they try to time being aggressive and worry about the constant market drop.
If you have an investment portfolio that plans for the worst, you have a plan that can handle another record-breaking day and a tragic market crash. There is incredible peace in that. When you meet with our team, we focus on building a plan that is ready for great things and can endure a drop so that you don't lose more than you can afford.
If confidence and peace are something you want. I invite you to ask a question or schedule a time to meet together.
Ask A Question About My FinancesContact Chris
This healthcare bill is facing a massive battle. At the core of the fight is simply this: Are we the kind of society that is okay letting people fail?
Let's make the healthcare bill simple, explain the two schools of thought and then share what I found as a surprising solution one year ago that works for my family. _Listen along to the whole show or read a brief overview below! _
Let's Make This Healthcare Bill Simple. Ready? Are we the kind of society that is okay with letting people fail?
That's ultimately the question we are answering. And t here are two ways to answer:
- Yes - And If we can accept that reality as a society, we will give people the choice to accept healthcare.
- no - then, we need to find the balance of giving coverage if you are sick, but not forcing everyone to pay into it. Republican leadership is trying to make everyone happy and that will not work. You can't have both young people opting out and then offer reasonably rpcied premiums to the sick.
"You can't have young people opt out and offer reasonable premiums to the sick."
Of course, if we offer cheaper plans super healthy people will buy them. And no fund will be able to offset that.
This will be fascinating to watch what comes from this.
Next week is the vote on the healthcare bill... so we will have a lot to talk about soon. Here's Some Practical Feedback for You And Your Family's Finances Let me share my healthcare experience.
We were paying $1,100 per month with a $7,000 premium. This was completely unsustainable for our family, understanding we would be out of pocket $19,000.
We investigated Medi-Share.
Medi-Share has been in business for more than 20 years now and claims to never miss a claim.
We now pay about $350 per month with a $10,000 deductible. And now, there is 100% coverage. It seemed like the right move for our family.
Medi-share isn't right for everyone, but it helped us. The most important questions you have to answer when shopping for Medi-Share or similar coverage are:
Am I going to be charged a penalty for not having healthcare? (Some co-op's are not considered health care and you will have to pay a large fine on your taxes. Medishare and many others do qualify - be sure you check.)
Will it work? And what's the catch? (Historically they are proven to work. It does ask you to take on a little more work when you have a doctors appointment, but it may make sense for the savings it could bring.)
Consider Health Savings Accounts! Health Savings Accounts (HSA) are different than an FSA and a flex-spending account.
If you put money into an HSA it is a deduction that year, and it's a tax-free use of the money long term, AND it does not expire at the end of the year like an FSA.
It will sit and grow year over year forever.
The only way you are offered that is if you have a high deductible health plan.
This not only helps with your taxes but also it grows tax-free money for medical use while growing year over year. This gives you incredible flexibility.We not know what is going to happen with the healthcare bill.
Ask A Question About Your SituationContact Chris + Learn More About Living With Peace
The stock market is up double digits. It has been now for years.
We've seen a jump of more than 300% since 2009! It's insane. But, are you seeing similar numbers of growth in your account?
If you haven't seen the growth you think is possible in the second longest bull market in history -- maybe you should be more aggressive with your finances. We discuss this more live from the radio show. Listen in.
It's Important To Track The Right Growth - Here's Where It Matters Most Go jump on your employer benefits website and see how the growth in your 401k for the year to date measurement. The S&P went up 14%. What did you do?
If it's not 14% -- that's okay, because if you are only tracking against the SMP, you're measuring the wrong thing.
To make the full 14% the S&P experienced, you have to be willing to accept 100% of the risk. What does that mean? From the high in 2007 to the low of 2008 there were over 50% in losses.
You can earn 14% returns... if you're okay with the risks.
If You're Under 40 You Can Afford To Be Aggressive - You'll Be Better In The Long Run. If you have at least two decades until retirement a big loss would allow you to buy more and maximize your growth.
We love to encourage young people to be aggressive (With the right plan in place). If you are over 40 you need to grow as much as possible while not hurting your long-term plan. The short term growth is not worth the long-term risk.
Know Your Total Financial Picture Don't just look at your investments. It's about...
your income,
your risks,
your assets,
your protection,
and so many other pieces of the bigger picture.
We have access to tools that have just recently existed to predict your retirement. It's amazing. It's not about how much you are making or how much you are saving.
Your progress towards retirement is a bigger picture than just a number. Did you know there is a way for your 401(k) and your life insurance to work together to help you reach the dreams for the future?
There is a way your home owner's insurance and those stocks you received from your grandfather to work together in a strategy that gives you what you need for retirement.
Don't accept growth apart from strategy. You have to think BIGGER. This is the reality, friends!
It's Time to Check Your Financial Junk Drawer A lot of your financial lives resemble that drawer you avoid in your kitchen. Don't worry I have one too. We all do.
But, it doesn't have to be that way with your financial plan.
My client who wanted to make 14% is now happy to make 6% over the year because her plan includes a strategy. She is on her way to a successful retirement while not stressing over every week's headlines.
Connect With Chris + Create A Financial Plan To Reach Your Dreams
We want you to feel more confident about your plans. Maybe that is through simple advice, showing you some financial tools, or a free consultation.
You can text your name to 855 224-3526 and we can begin to work to answer your question and address your personal financial concerns.
You deserve to reach your dreams and live in peace. Learn More + Schedule a consultationGet An Answer To My Financial Question (Free)
A lot has happened in the global economy over the past week.
The U.K.'s vote to leave the European Union can drastically impact the U.S. economic market.
There are two clear takeaways you can apply after we break down all that has happened in this week's global economy.
The Exit of Brexit? It's To Be Seen... Brexit, the declaration of Great Britain to leave the European Union, was changing the established order. And even though the vote for Great Britain to leave happened, the negotiations haven't happened yet.
Theresa May, the Prime Minster of Great Britain wanted to be in the strongest position possible heading into negotiations. Spoiler alert: that didn't happen.
All of the experts predicted Theresa May would win in a landslide! They called her party to pick up more seats in parliament, and she would enjoy a win by a margin of 20%.
But, what actually happened was quite the opposite.
Theresa May's party lost seats and she may not even continue to be the Prime Minister.
Now, what does this mean for Brexit and the future of its global economic ripples?
What we know is there is a lot we don't know.
2 Things Anyone Can Learn From This Week's Headline Financial News - Listen Up! There is uncertainty in the market, and there will likely be volatility. Is your financial plan ready for jumps and drops? Do you know how you will respond?
- You have to expect volatility in the market.
- You have to stop trusting expert predictions. Do you remember what the experts predicted about Brexit? Trump? Theresa May?
Let me remind you -- Wrong. Wrong. And, wrong again.
Friends, please learn the lesson now. Let these headlines teach you that you can't find someone to correctly predict what is coming up. No one knows what is going to happen in the market.
If no one knows what is going to come, how can you effectively plan?
It's been proven time and time again that don't win by predicting correctly, you win by planning well. A good plan is built with one thing in mind: the worst.
When you plan to endure the worse market drop, a significant life change, or unplanned devastation -- you are confident that nothing will stop you from reaching the future.
Has your life been exactly what you thought it would be? Life is constantly changing. Your plan has to be built to handle change.
Please create a plan that can handle life rather than solely trusting an expert forecaster. I'd love to sit down together and gift you a free financial consultation. Show you how much risk you need to embrace and where to invest so that no drop slows you down from living the life of your dreams.
Give Me Peace of Mind + Confidence In My MoneyGet An Answer To A Financial Question
How do you know if your good at your job? How are you graded?
Financial advisors today have it easy if they are only responsible is to make you money. The market is unbelievably good. They could make you money and give you terrible financial counsel.
Here's one major thing you need to be sure you are hearing from your advisor today outside of growing your wealth:
Making Money Is A Good Thing. But, Keeping It Safe Is A REALLY Good Thing.
I have a HUGE pet peeve about financial advisors role. This is a mountain top, that I'll stand on and shout until my voice is gone. So, many people get it mixed up when evaluating if they're with a good financial advisor.
Before you answer the question "How?" you need to answer "Why?". How do you feel about your current advisor? Chances are you've been with them for some time and likely feel pretty good.
The better question is why do you feel how you do.
Do you like your financial advisor because:
- You've seen good returns on your investment?
- You feel like you can trust them?
- Your family and friends use the same person?
If you're getting a good return on your investment, that's not enough to be happy with your investor! Everyone is having HUGE returns!
Your golden retriever could have picked a good portfolio over the past few years.
So, What Matters When Choosing The Right Financial Advisor Today Most importantly they must be a fiduciary. You have to know the motivation behind their advice.
Check out: "How To Know If Your Advisor Has Your Best Interest In Mind" for the scoop on fiduciaries.
If your advisor today isn't prepping you for a drop -- you need to be concerned.
Not everyone will agree with me, but, in today's economic circumstances, you should base your opinion of your advisor on how well they are preparing you for the bad times not the good. If the market dropped tomorrow can you tell me how much you would lose?
We're sitting at the top. And it's a nice view, but we have to accept the reality of what is coming. That is the job of your advisor.
Your financial advisor needs to be guiding you (and you need to be asking them) about what is coming and how to prepare for a drop. Don't let circumstances give you a false sense of security.
It's an incredibly important time to be ready. Go and have the hard conversation with your advisor.
I Don't have An Advisor And Want To Meet
One of the more common reasons I hear people want to switch from their advisor are the fees... We've talked about this before.
Fees? Are another pet peeve of mine that I will touch on briefly.
I recently met with someone and they were paying 1.5% fees to their advisor. Plus, the mutual funds they were invest in were class C mutual funds.
That means this person was paying over 3% in annual fees -- killing the growth of their portfolio.
Don't Overpay for Good Advice. Don't Accept Bad Advice. Don't Equate More Money With Good Advice. Ask a Question About My FinancesLearn More About Getting Good Financial Advice + Meet Up
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The market had the biggest drop of the year last Wednesday.
And even though all economic data is positive with strong reports of growth, President Trump is unpredictable. This is not a political statement this is a financial reality.
Here's what you need to realize about retirement today whether you are close to retirement or just beginning to invest:
How Will The Drama in Washington And Market Fluctuation Impact You? My financial advice is different if you are nearing retirement or if you are a young family starting to invest in your future goals.
Let's break it down, before the next new controversy pops up.
My Investing Advice If You are Close To Retirement Of the clients I meet with, the most common flawed thinking is a version of market timing. If you've asked:
- When will the market crash?
- Should I wait to change my investments?
- Why would I adjust my portfolio now, it's doing so well?
You are guilty of relying on market timing, and this will more than likely end poorly. You have to assume the market will drop tomorrow.
If the market actually did drop tomorrow, how much would you lose? Or, if it dropped, how reliant are you on the money in the market for your future income? If most of your money is in a 401K or IRA and the market were to drop, you would be in trouble.
Although, the market is one component to look at when we evaluate your investments and retirement strategy. It's more about your whole situation.
How can you invest to be sure your plan for the future is not destroyed by a market drop?
I help people in every stage of financial preparedness create a comprehensive plan that looks at every factor of your finances so that you can feel confident in your plan for the future. This is a plan that works when the market is up and when it is down. It is based on how much risk/loss you can handle to meet your goals.
Financial stress is a choice and you can choose to live without it. Let's talk, especially if you are nearing retirement within the next 15 years.
Now, Financial Advice for Younger People! What Should You Know About Planning For Retirement Today? My biggest piece of advice is to use your greatest asset to your advantage: time.
Most young people are afraid to be aggressive with their investments. Why? You're planning for a goal 30 years from now, not three years from now.
The #1 advantage to being young is compounding interest! If you are under 35 years old, God's investing gift to you is capitalizing on compound interest.
Your retirement account could drop by 40%, and it won't matter if you are invested in a healthy diversified portfolio.
If you are able to take a little more risk and invest wisely, it can pay off BIG in the long run. But, you can't just invest without knowing what you are doing.
My team uses scientific measurements to maximize your portfolio over time. My recommended strategy, just like those nearing retirement, focuses on understanding your risk. You have to embrace a mindset that accepts the "what if" a drop hits and sticks to the plan when it does.
If you can hold onto a risk level for a period of time you will win in the end.
My approach to financial principles are proven to work historically, and some simple coaching can significantly help you succeed.
Reach Out And Schedule A Free Consultation
Is Your Financial Portfolio Ready? Regardless of where you are and how you feel about the health of your finances, you need to be sure a drop in the market won't wreck your plan.
You deserve to feel confident in your financial strategy.
Much of life's stresses are rooted in financial uncertainty. I believe you miss out on life when your finances are in chaos. But when life is being enjoyed most, and you aren't anxiously monitoring your wealth, you're often in a place of financial peace.
Life is about more than money and we can help you feel confident in your financial plan to reach retirement. Ask A Question About My FinancesMeet With Chris + Schedule Time
There is a different way to approach finances. It's what motivates us to meet with clients.
You have to have control of your finances to have control of your life.
Where You Start Is Important. Start By Identifying What Matters Most To You For me, it's my family. It's investing in them and shaping who they become.
The reason we talk about finances isn't so you can get the highest return on your bank accounts. Money is a tool towards the life you want.
The life you want may be, like me, more time with your family, more traveling, more rest.
A lot of life is full of conflict, and much of the stress comes from finances.
I get this. It's my story too. When I was first married, my wife became very sick, to the point of where she nearly passed away.
We bounced from doctor to doctor with medical bills stacking up against us as we felt like everything was falling apart. The amount of stress was the hardest thing we've experienced. I felt crippled by a job in a non-profit not being able to bring in enough money.
It felt like nothing was ever enough.
If you are living in stress, or anxiety and not able to live the life you want, I get it.
That's why I started and believe in More than Money.
When I meet with people, my goal isn't to make them feel irresponsible or unprepared.
My goal is to provide clarity and confidence for your financial world. I do this through understanding your goals and what matters to you, then building a plan that is custom made for your specific circumstances.
I don't want to lecture you.
Because when I was in the midst of financial stress, I was my toughest critic. You likely are being hard on yourself already. You need help, not discipline. I want to help you feel confident about where you are going.
If You Feel Stressed About Meeting With An Advisor, You Need To Meet With An Advisor Who Truly Cares No matter where you are, the first step towards getting rid of financial stress is finding the solution that works for you.
I know you are tired of being anxious and the other side of hardship holds a great deal of freedom. I can come alongside you.
If you are feeling stress that stems from your finances, know there is a solution. Let us help you build that solution, stopping the stress for once and for all. Life is about more than the stress you are feeling. Life is more than money.
My favorite part of what I do is helping people build confidence for their future, which brings peace of mind for today.
The Stress-Free Solution Is Waiting For You Get Honest, Judgment-Free HelpAsk A Question About My Finances
The two biggest expenses facing most Americans are healthcare and taxes. The status of both are up in the air and causing a great amount of stress for millions holding there breathe awaiting what is going to happen.
In short, there are a lot of question marks on healthcare and taxes. How do you plan for what you don't know? Here's how you can create financial stability in a time of uncertainty.
A Great Financial Plan Today Has To Be Flexible Above All Else How you make a strong financial plan when you don't know what is coming, is accounting for flexibility.
You can't control what is going to happen.
But you can control your financial foundation you build your life upon. It's essential you build it right.
This is relevant for anyone that is 23 or 53!
First Thing You Need To Do Is - Create An Emergency Fund! This is the foundation in creating financial confidence. Get this done first, and do it correctly, and you will dramatically reduce the stress of your life.
How much should you put in an emergency fund?
A strong emergency fund has at least three months of income. It is money that you put in a boring, fully-liquid savings account before you direct a dollar anywhere else.
If you are worried about all that is happening in Washington, D.C. Here's how you take a step towards financial peace of mind.
Are you prepared for your taxes changing?
Or, have you been considering your healthcare costs?
What about the realities of life? Sickness? Job loss?
This 3-month foundation makes all of those changes easier and shifts the control to your court.
That's the first step.
Next, It's Time For You To Open Up A ROTH IRA ROTH IRA's are after tax accounts. The contributions you put in it is still liquid and it exists as an extension to your savings accounts.
This means that not only will you have three months of income, but also a fully funded ROTH that is an extension. You can't access the growth of your ROTH but you can quickly pull this money whenever you may need it.
On top of your foundation, you now have additional layers of security and growth.
Finally, The Last Step To Being Prepared For Any Financial Headline - Put Your Money Towards Paying Off Debt! Start paying off your debt before you save anything else.
The road to financial freedom has never been more important.
Washington and the President may decide to make a number of changes on healthcare, taxes and retirement savings plans.
You can control your future.
Want to talk about your specific situation? After a brief talk or coffee together, you can have peace in your financial situation.
I would love to help.
Ask A Question About My FinancesSchedule Time With Chris
Right now you can lock in a crazy interest rate but is the rush of buying a home forcing you to overpay?
The housing market is crazy right now if you are looking to sell, and dangerous if you are wanting to buy. Listen in to my advice to home buyers.
Have you watched houses in your neighborhood fly off the market? Home prices are up 40% since 2012. It's the third fastest growth of home rates since the 1890's. Some of you right now are tempted to make rash decisions because of the reality of this housing market - multiple above-price offers, adding cash to the deal, or even waiving the home inspection.
These mistakes hurt you in the long-run.
Don't let the housing market pressure you into making a financially regrettably decision you wish you would have approached with more wisdom.
The Key Question To Ask In This Insane Home Market Is This:
Why Am I Buying? Mortgage rates are great right now. It is a great time to buy in terms of the interest, but only if you are able to find a good deal that doesn't lead to reckless decision making.
The risk you face when buying a home today is the home value likely won't go up much.
If you are buying, you have to be careful. You are buying at the top of the market.
Be sure you understand your motives and have the self-control to make a financially-wise decision that helps you reach your dreams.
I Have A Question About My Finances
No matter what you think about Trump we all agree on one thing that he is unpredictable.
The markets have responded to his unpredictable announcements.
Here we sit, 100 days into his Presidency. What happened? What will happen? How can you be best prepared so that your future looks how you dream it will?
Trump's Presidency has industry leaders looking for advice. I had a financial advisor call and ask me for help on how to invest his clients with the market right now. The issue was he continued to deal with is that he was looking at the current market.
He wanted to see his client's do well and was nervous about the timing of the next drop and if his clients would experience a severe loss. That's the wrong perspective to win in the long-term and has client's won't feel peace in their financial plan.
To win in your personal finances during Trump's presidency, it is about understanding your risk and risk tolerance. Not only will you be on track to grow your wealth, but you will have incredible peace in your life.
Do You Know Your Risk Tolerance?
Understanding your risk tolerance is the first thing we do with our clients to be sure no drop in the market puts your dreams out of reach. In the radio episode/ podcast above, we share Amy and Andy's story and how we adjusted their portfolio to help them reach their goals for retirement.
Now they have a plan that is structured for any market drop, they're prepared if one of them were to pass away and they know exactly what to do to succeed.
It's about the quality of life you live with every day. Don't live in stress during these volitale times. Everything could continue to do amazingly, but the only way to be confident in your finances is to first understand the amount of risk you can endure.
Tell Me My Risk TOleranceI have A Question And Want Advice
Trump's proposed tax plan is both incredibly remarkable and disruptive.
A few things about Trump's tax plan stand out. Here are three main keys to understanding how it impacts your financial future and personal savings plan.
Let's Start With My Favorite Criticism of Trump's Proposed Tax Plan
The Wall Street Journal quoted Lilly Batchelder, a former Obama Administration aide who now teaches at New York saying, "This plan could have been written on a napkin and the changes could have been written on the business card. This is an effort to create some buzz in the first 100 days but not propose any meaningful differences to the tax plans."
But, I find relief hearing the plan is simple and more straight forward.
Today, you have to spend years studying taxes to hold a basic tax job.
And still, 10 different accountants can each have a different situation to approach taxes. Why are we making taxes so complicated all the time? There's a problem here.
Here's a simple explanation to a very simple plan. The 3 Big Keys To Understand What Trump Is Suggesting In The New Tax Plan: 1. This tax plan would reduce income tax brackets down to three unique brackets. 2. The plan would repeal the estate tax. 3. The plan would cut the tax on businesses to 15%.(Currently at 40%.) (If you want further explanations on what this means the audio file from the show expands on this at 3:40 - Listen above.)
Maybe that doesn't Sound that simple, yet. Here's what it means for your finances.
Most businesses will see an 11% drop in the taxes they pay.
The belief is that if the United States dramatically reduces business taxes, businesses will hire more people and an increased amount of jobs will come back to the U.S.
While businesses/business owners will see an immediate benefit, if you are working in a job getting a W2, you probably won't see a big change. You'll likely be in the same bracket you are in now.
The Flip Side: By cutting taxes, The country's revenue is decreasing which means we are growing our national deficit.
This is true - we are spending money we don't have but, we can't solve the national deficit by being the highest taxed country in the world. More than 50% of our country's budget goes toward government programs that nobody is willing to touch.
Legislative changes are coming and this is where the tax plan impacts you the most. because There is more to come...
Your Personal Financial Plan & The Legislative Changes That Are Coming...
There is a BIGGER takeaway than wrapping your head around the new tax plan.
Today's successful financial planners will build in flexibility. Legislative changes will come along and change the whole picture of financial planning. This tax plan is a good change and it still will impact how you plan for the future.
A lot of you have spent a lot of time and money in creating a financial portfolio that may suddenly be obsolete or dramatically changed.
Even now, congress is talking about doing away with pre-taxed 401K contributions. You have to build a plan that works if the legislation stays the same and will continue to work even if legislation changes.
Now, What Do You Do Next?
We know there are significant changes coming.
Ask yourself, "Is your financial portfolio ready for dynamic changes in legislation?"
If you want to grab a coffee, jump on skype or have a phone conversation with a professional personal financial planner, our team would love to give you honest feedback.
We love to to review financial plans and help individuals and families be prepared for tax changes and larger scope legislation shifts. Our goal is to help people enjoy their life more and focus less on the worry around money.
Reach out below to begin a conversation.
Learn More About Having Confidence In My PlanAsk A Question
If you are stressed to make it month to month on your income, or you just are on the spectrum of worry and want some advice, this two-step solution will bring you immediate peace of mind.
This is how I, Chris Burns and More Than Money, advise my clients to eliminate financial stress and live a better quality of life.
Sometimes it just helps to hear someone else's story that you can identify with who is willing to say that life can be hard. I recently met with a couple by every appearance was successful, but then they bared all and very openly shared their financial struggles.
This client's story may feel too real to many of you.
They are the couple that appeared to have it all.
He had a great job.
They had a great family.
They had sent their kids to college.
They had a beautiful home.
They even had money in retirement savings.
By every outward aspect, they looked like they were living the dream.
But, listen to the wife's words from when I recently sat down in their kitchen together.
"We've been married for more than 30 years. But, we have been stressed over our finances every single month. We're constantly worried. We've almost lost our marriage because of the stress we feel. We're desperate." Some of you know that when you go home you'll have a fight about money... AGAIN! It's tireless and overwhelming.
How can you break out of that cycle!?! Is there hope?
Yes, you can break the crushing financial cycle of stress.
If you are stressed all the time or you're on the spectrum of being worried at all during your month, this is how you can live with financial peace.
Here's what every family is ready for: First Step - Build A Liquid Emergency Fund
You have to lay a foundation first.
Now, cue the collective gasp. Yes. I'm a retirement planner telling you you're not ready for retirement planning.
Before you put a dollar into your savings and 401K, you have to fund an immediate account for when life happens. This needs to be liquid (accessible) money.
Your plan for the future can't be wrecked by life happening.
Having money ready to access in an emergency fund, will keep you focused on your plan. Emergency funds should be three months of income. It's a lot of money - I know. It's essential to grow your retirement in the long-run.
CAN YOU BELIEVE THIS? A recently published research study uncovered that 25% of individuals reporting between $100,000 - $125,000 annual net salary couldn't afford to pay for a $2,000 emergency.
If you are somebody who is putting money into retirement savings but are still stressed about your future that most likely means you haven't laid the proper groundwork to actually focus on your retirement savings yet.
Step 2 - Grow Your Money But Keep It Within Reach
Now that you have a 3-month emergency fund of liquid funds, it's time you build savings that are also liquid.
Savings in a ROTH IRA are fully liquid and you can access it whenever you want. The growth of a ROTH IRA account however, you can't access but if you need to pull out money for any reason of what you are depositing - you can!
Here lies your buffer for life and your biggest tool to living without worry. Now, the next crisis won't break you. You can wake up tomorrow feeling confident in your financial security.
That's It - All You Need For More Peace In Your Life
No, you won't suddenly make more money, but you'll change the way you save it. This two-step plan will work for any family and any budget.
If you think you can't make this work, or it's not possible for your unique situation... you're wrong.
These are the first two steps I advise all of my clients to set up their personal finances. This creates the freedom and flexibility to reach your investment goals and stop worrying through life.
Do You Still Feel Overwhlemed? I'll personally show you how you can live differently and remove the stress from your life. This is what we do and bringing more joy to your life is invaluable. Don't worry another month away, but take the steps to live with peace.
The steps that come after these are for individuals that really want to focus on reaching financial dreams from three years to thirty years from now. If you would like to talk about a strategy that fits your goals, let's jump on a call or meet for coffee.
Ask A Quick Money Question NowI Have Dreams For The Future I Want To REach
Is social security going to be there when you reach retirement? This is easily one of the most common questions I get when I meet with clients.
The data on this is scary. The social security trust fund is in massive trouble.
Social Security Is In Big Trouble
We have 32 trillion dollars in unfunded liabilities and it will be exhausted by 2034. When that goes away we are relying on tax dollars.
Something is going to have to give.
No matter what ends up happening, we know social security is going to change. It has to. It's our job to be ready regardless of what social security looks like because you cannot plan for the current scenario to remain true when you reach retirement.
To replace social security in your plan, you have to understand its full benefits.
What does social security do for your retirement planning? Most importantly it guarantees you income every month.
Now, to account for a plan without social security, you must find a way to secure guaranteed income.
You can create guaranteed income if you are able to create a pension that isn't tied to the market or social security. Of course every personal financial plan is different, but there are situations where a portion of your money can go toward an immediate annuity (aka. an income annuity.)
There are lots of types of annuities, but this guarantees you a life-time income. This creates liquid funds for when life happens, and give you peace that exists outside of market performance.
Bottom line: You have to look into different ways to access guaranteed income, because social security isn't going to be the same tomorrow as it is today.
Some popular options to create income outside of social security include:
- Income Annuities
- Rental Property Income
- Dividends
You can't rely on money in the market.
You can't rely on social security.
You have to have a plan that creates income.
Your retirement shouldn't be full of anxiety. That isn't why you are working so hard today. Do you have diversified income as part of your financial plan for retirement? If not, you need to find ways to create income outside of social security.
I'd love to talk about your plan for income and how easy it is to have a plan that gives you financial peace.
You deserve to have confidence in your plan and know that you have multiple options to help you reach the retirement of your dreams.
This is the highest level of intensity we've seen in over a decade. From North Korea to Russia, to Iran the market is forced to respond. But, what does that mean for your personal finances and staying on track to reach your investment goals?
We break down the number one key to financially succeeding during this volatile season in this episode of More Than Money. When volatility looks to be on the horizon, we see people shovel money from "risky" assets like stock into safer things like gold, bonds, treasuries etc. And no surprise... it's happening again. So, should you look to move your investments to "safe money"?
You'll hate my answer but, "Yes and No."
Here's why it's both, and it depends on your situation:
Before I can advise you on what to do you have to know how much risk you are taking.
Understanding your risk is the first step.
If you can't say at how you are invested you need to look right now. Before even finishing this blog. This is essential to your success.
Maybe you understand your risk and you're still wanting to move to safer money. We understand the temptation but read this first. This is exactly what we call market timing. And, honestly, it doesn't work.
Market timing will make you feel good immediately, and leave you full of regret in the long term. Back in November, we were sitting on the second longest bull market in history and all the market indicators predicted a stock market tank if Donald Trump were to become the next president.
But, out of all the client calls I received on the election day, I had one client who didn't reach out to me in haste. He told me I could share his story of him reacting on his own accord.
One of my clients decided to go against my advising and change his 401K allocation. Here's what happened... He was embarrassed to admit it to me because we had the discussion before.
He adjusted everything to be super conservative and he sold a lot of his stock to go into safe money and missed a HUGE chunk of growth forcing him to buy back in at a higher level.
Honestly, how often has everybody predicted the market and it hasn't been true? Market timing is a dangerous game the will land you in the middle of trouble.
The reason you should look at your allocations is not because we believe in market timing, but it is because we have to live in a place that matches your risk tolerance.
Financial success isn't about hitting big on a feeling. It's about being in a great position to succeed no matter what happens in the market. Market timing loses consistently. Strong planning will win every time.
If you have not looked at your portfolio you need to make changes. NOW.
The key to being financially successful is knowing your risk tolerance and making every decision based on the amount of risk you can handle. I Don't Know My Risk ToleranceI Have a Question + I Want Confidence In My Financail Plan
Oh man. Is there a better feeling than finding out you're right? The answer is yes. Because in this case it's helped hundreds of my clients and now not only am I right but also they get to reap the rewards.
I'm referring to a 15-years study that broke this week and released years of data looking at mutual funds and their cost and benefits.
This is HUGE because the far majority of my clients have 401K's composed of mutual funds and some simple, small changes will equal BIG long-term rewards.
(I apologize for the cheesy walking-on-a-path-fading-in-the-distance investment metaphor photo.)
First off financial basics. What are mutual funds? And am I invested in them? Obviously, we haven't met, but yes. Most people are invested in mutual funds.
Mutual funds are a grouped collection of stocks.
The thinking is simple: rather than investing in one company's success in the stock market, mutual funds allow you to diversify your portfolio and spread your investment/risk across many companies.
but There's been a debate in the investment world between financial nerds over the years arguing if active mutual funds or passive mutual funds (index funds) yield the stronger return for clients.
The debate is finally over. There is proof.
A Deeper Look Before The Big Mutual Fund Reveal On The One Hand, You Have Active Mutual Funds Active mutual funds have professional investors on the payroll with the responsibility of choosing what to invest in and picking stocks they have researched. Real humans making your investment decisions.
On The Other Hand, You Have Passive Mutual Funds (Index Funds)
Passive mutual funds track a market index like the SMP 500 to buy and sell stocks without having to pay the salaries of professional. It's essentially a computer that runs algorithms to invest your money.
A 15-year study just cemented which mutual fund investment is best... and it is...
The Passive Mutual Funds! Passive Mutual Funds are the way to go. They win far more often over time (plus, they cost less.) The study showed that 82% of the top active funds trailed the passive benchmarks.
Many people are invested in active funds. Are you?
If your 401K investment is tracking an index it is passive - you're good. If your 401K investment reads "Large Cap A" or "Mid Cap A" it is active - you need to run. The financial nerds found proof that it costs more to invest in active mutual funds and it actually is not near as successful.
It feels pretty great to see a long-term study support what we continual advise our partners. Now to stop patting our backs and see how we can help more people like you.
Be sure you know exactly what you are paying for and why you are paying it! your 401k may need to be adjusted.
How does dropping the largest non-nuclear bomb in U.S. history impact your finances? Let's get practical and look at what you need to know and how you can best respond.
A quick recap of the huge global news happening over the past weeks! * There is incredible tension in Russia because of the U.S. bombings in Syria. * The tension between the United States and North Korea continues as North Korea experiments with their nuclear capabilities. * Trump has met with China, and he continues to say that the U.S. is willing to consider military action in North Korea if nuclear testing proceeds.
On multiple fronts, there is tension and possible military action looming. Let's get practical with how this impacts you and your financial future.
But after last Thursday's massive bomb drop, we saw only a SMALL market drop. How will the global landscape impact my financial future? There were only small changes to the market, but where we did see a significant difference is the volatility index.
The volatility index measures the concern of the market and its certainty within the next 30 days. The volatility index spiked 27% last week. There are concerns, but nothing concrete has happened, yet.
That reality creates a lot of uncertainty.
What can you do to bring peace to your finances and conqueror uncertainty?
Here's what I see most often:
When people feel uncertainty, it's easy to be reactive. High tension can lead to big impulse decisions.
If there is a drop in the market over the next 30-days, your knee-jerk reaction may be to pull your money out in response, but you can't act emotionally.
Reactive decisions will only hurt you in the long run!
The best thing you can do is to immediately create a plan that is prepared for a drop. If you knew right now that the drop in the market would hit in 3-weeks what would you change about your portfolio? I met with William. We did an MRI to deeply measure his amount of risk and exposure. After we did this, we learned if the drop would have hit he would have lost a significant amount of his portfolio.
We moved William down to about 60% in stocks but needed 40% to be safer.
William immediately felt more confident in his financial plan.
But, then we took it a step further. This is where not only William lives with peace of mind today but also has a plan that gives him confidence in his future.
William and our team set up a plan to regularly rebalance his portfolio. Now, no change in the market will impact the likelihood of him reaching his dreams for the future. How do you feel about your future? Are you more like William before our conversation or after when he had full financial confidence in his plan? These big headlines point towards big volatility in the market. Be ready.
Sure you are paying interest to yourself by taking a loan out this way, but there is a lot more to consider than that one positive.
A 401k loan is not "free money" and here's everything you need to know before you pull out a loan.
When you pull money from your 401K you are taking tax-deferred long-term compound growth and stopping your growth. In really simple terms, 401k loans are not good loans.
They are different from collateralized loans (Think home equity).
If a collateralized loan functioned like a 401k loan the bank would come and break apart a room from your house and you would never get it back. There are significant losses.
You have to consider the bigger picture of how much borrowing against your 401k hurts your long-term growth.
Step back and evaluate how a 401k loan impacts everything you're doing.
Look at your whole life.
Loans, savings, insurance and goals all have to be considered before puling your money out from a 401k loan.
Stop waiting.
Don't let this special offer go away.
Banks are pulling out all the advertising stunts they can to open more savings accounts and CD's, but it's at your expense.
If you are looking for long-term saving solutions listen to find out why there are better solutions.
Banks Are Advertising CD's Like They Are What Your Retirement Dreams Are Made From You likely already have a checking account with your bank so when they offered you a certificate of deposit or savings account you agreed.
Obviously, you want to save your money, right - why not do it all in one place?
I was in the bank this week and saw a sign I couldn't believe. What hit me hardest is knowing so many people believe the ad to be true without knowing better options. A print ad sign said "Great rates to help you get your savings going." selling a five-year CD. WHAT?!? You can earn 1,000x more investing that money better places.
Banks are scaring people into opening CD's and saving accounts!!
What rate do you get on your CD? 2%.
What is the historical reality of inflation? 3%.
If you are taking this "GREAT" deal... you are losing money every year!
Banks Are Scaring You To Park Your Money With Them! And It's Working... You don't need anything more than an emergency fund in a bank. (3 months of income)
CD's have a place in retirement plans, but they way banks are selling them is taking advantage of people! Look at its limitations 1. you can't access your money when you want it and 2. you are earning less than 1% interest on it when you could be earning so much more!
If it's so bad, then why is this working in so many banks? Well, it's important to remember how those bank employees are incentivized. The more accounts they open, the better reward they get.
It's a rewards incentive campaign so they can manage and disperse more of YOUR money.
You have to beat inflation over time and CD's won't cut it.
Your plan may include CD's but don't buy into this BIG promotional push to be the savior of retirement plans everywhere.
Friends, don't believe it! Think first. If you ever think an advertisement or promotion you see has a different motivation or isn't telling the whole story, give me a call for honest feedback and advice. I'll return your call as soon as possible and give you good, trustworthy financial advice.
What Does It Look Like to Retire And Plan For Retirement During The Trump Presidency? The game has changed. If you are looking to retire in the next eight years, or if you're in your 50's this so important to your retirement.
Here Are 3 Big Must-Know Things That Have Changed About Retirement Today 1. Now, Plans Are More Important Than Products
Your parents and your grandparents played according to different rules for their retirement savings plan. Their realities just aren't true today.
Previous generations relied on financial pensions and rarely touched investments. Can you imagine having a product that guaranteed lifetime income?
Because the financial world has changed, anyone retiring in the next few years has to plan to combine multiple products at once. You have to have a plan and a plan that is more than a 401k and/or an IRA. Those things can be a part of a plan but aren't enough to rely on if you want to have the retirement of your dreams.
A single financial tool will not cut it anymore.
- Interest Rates Are Going Up. Are You Ready For It? How much did your first job pay?
How much did you pay for your first home?
Too many people I talk to don't know how to handle inflation! We are seeing and will continue to see rising inflation rates - so let's learn how to win against it rather than losing money.
Inflation is real and powerful.
The market is a great place to beat inflation over time and build in inflation protection.
It's important to remember that you can adjust your core income to be sure your money is growing in the market and offset inflation.
_ A Common Mistake: Too often I meet with people trusting Social Security to keep up with inflation. Social Security does account for building in inflation, but it DOES NOT KEEP UP with actual inflation rates._
And friends, as Social Security becomes more and more troubled and budget cuts will be called upon to fix it, the inflation rate adjustment is likely going to be an early victim.
- Your New Retirement Plan Has To Be Able To Handle A Significant Drop In The First Few Years of Retiring All signs give me, and the top financial experts, significant reason to believe a market drop is coming, and the second-longest bull market in history will soon come to an end.
Can I predict there will be a drop? No. Can I predict that you absolutely need to be prepared for what I believe is coming? Yes. You might have everything set up correctly, but if you are not bracing for a major drop in the market in today's current times then you may soon be in trouble.
It's time to adjust your risk and the tools you are using to be ready for the market.
Retirement Has Changed Under The Trump Administration Has Your Plan Changed? Our team wants your financial plan to accomplish two major things: 1. Prepare you for the goals you hope to see in life, and 2. Relieve you from all stress now and allow you the freedom to enjoy life today. We believe financial plans should focus on your life today as much as in 30 years.
Reach out to our team if you would like to talk over any of these steps more, ask questions about your financial plan, or to confirm your existing retirement plan doesn't demand any further changes.
Your dreams matter.
Get Peace In Your Finances + Talk To More Than MoneyAsk Any Money Question You want
The absolute worst feeling in the world is writing that tax check. (If you're getting a refund it's another story you need to read.)
What if you are paying too much in income taxes? We share a story of a man I just worked with and the practical tax advice that comes out of that conversation.
If You've Paid Big In Taxes For Years - That's A Red Flag I just met with a partner recently over lunch. He has owned a business for over a decade. He is doing very well.
But, he's missing a ton of tax sheltering! He and his accountant have missed it for years! We jumped on a conference call with his accountant and asked why they've ignored these big cost savings?
Her answer? She thought it put them at a higher risk for an audit.
True, but you can't let the fear of an audit make you avoid deductions that are rightfully yours!
He, and maybe you, are giving away thousands of dollars to the IRS that he doesn't need to based on advice from someone who made the decision for him.
He didn't even know what was happening to his hard-earned money. There are legal ways to move your money out from taxes.
Now, what's your situation?...
Are You Giving Away Too Much on your taxes?
Don't write the check until you're absolutely sure you've really looked at your tax return.
If you are writing a check every year there, it's time to talk to someone about your options and some creative solutions. I would love to talk practically about your situation. I can give you my advice and even point you to some accountants I respect for confirmation on best plan for savings.
Claim your money and sit down with me for a free consultation
First a quick snapshot of today's market: Donald Trump's Presidency means the financial market and your money's future is going to experience c hanges - major ups & downs.
In financial terms: market volatility is coming. ... and capitalizing on this is key.
Just look at March: we saw a record amount of money flow into the market.
Then... a drop. And billions of dollars flooded out of the market.
The problem is that's not how to win big earnings. Listen to this practical advice and start growing your wealth stress-free. _Want the quick takeaway? _
Begin listening at 3:00 in the clip above.
If you can overcome the swell of emotional financial investing, you will see HUGE growth.
When the market drops people run. It's natural and it will never change for the masses, but if you can embrace a different perspective it will mean your financial future will be what you want. Your dreams can be within reach.
Here Is The Two-Step Market Strategy To Multiplying Your Money STEP 1. Get A Money-Building Rebel Mindset. You can't adopt this rebellious way of thinking and change back and forth to experience the real growth.
The best earners decide that they are going to buy when everyone else is running away. At the sign of a drop, you have to lean into the same risk that is scaring away the masses.
Drops are coming. And millennials are so early into their retirement planning that they can afford the market adjustments.
Getting advice to do this well is wise. Our team can help you identify the right amount of risk to take and how to invest it strategically for your objectives.
Easy right? Step 1 - commit to buy low and not waiver.
STEP 2. Take Yourself Out of The Equation Automation is your best friend.
This strategy isn't easy in the moment, but there are ways that you can automate all the transactions to your benefit.
Rebalancing is often done once a year. But, More Than Money offers our partners a chance to enroll in automatic buying that occurs quarterly.
If you are young you have time to use this strategy for HUGE gains!
Note: If you are close to retirement this strategy can work, but you have to honestly evaluate your risk tolerance and how much you can afford to lose before retirement.
It's Hard. It's Unusual. It Absolutely Works. Are you in for counter-thinking market strategy and big rewards?
This strategy isn't fit for all, but for most anyone in their 20's, 30's or 40's - this is the best advice I can give you to start growing your wealth.
Maybe your situation is unique. Or, you have a dream for what your lifestyle will be in 30 years from today. If that is the case, then consider discussing your financial plan one on one.
We love to help individuals in every stage of life reach their financial dreams. Show Me The Best Financial Plan For MeAsk More Than Money Any Question
We just saw one of the longest market drops in over a decade. If it would have gone just one more day it would have been the worst we've seen since the 70's. Why did it happen? Trump's failure to pass the health care bill.
But more importantly, what does this point to? And what does it teach you moving forward?
Last week points to one thing: market volatility. The reality is this dip wasn't catastrophic. It was a slight correction and a little drop. But, that won't always be true.
Are you prepared for how Trump's Presidency will affect the market?
Maybe your story is like Barry. Barry and I met a couple years ago. He was in his 60's and nearing retirement. We got along great!
After we met over dinner, discussed his dreams for the future and talked about his portfolio; we agreed to adjust his risk.
We majorly adjusted his risk.
Over 90% of his portfolio was in the market and in a majority of SMP 500.
Barry, like many clients I see today, was confident he was invested in strong companies and not holding a severely aggressive amount of exposure.
But make no mistake it was aggressive. And it was even more of a HUGE risk because of how close he was to nearing retirement.
Remember: this was a couple years ago. Recently, Barry called me again.
He called me and was questioning what we were doing, saying "We're missing out on big growth here."
And the thing is he's right.
Barry would have more money in his account if he would have continued to stay aggressive. But, as a person in his 60's, the additional wealth is nowhere near as important as the possible devastation he would feel in his retirement if volatility had struck sooner.
Barry is currently growing his wealth at a rate with a risk-tolerance that matches his goals for the future. Could he be growing his wealth faster? Yes. Is he able to have peace about his future? Yes.
What Are Your Goals for the Future? If your holdings are in equities or stock, you need to immediately address your risk.
This week has been a pain-free lesson in market volatility, but the next lecture may not be quite as kind of a teacher. This is not to scare you but to prepare you.
We can determine the precise amount of risk level that benefits you. Our team can offer you a plan that gives you immediate confidence and peace of mind rather than living with stress and worry. Get practical financial advice about your situation by reaching out below.
Learn More About Protecting Your Portfolio + FutureAsk Any Question Now
I spoke with a man this week who has managed to do the impossible over the last handful of years - lose $100,000.
The market has been at historic heights. Not many people are losing money on that scale, but then he asked me a question that revealed a tragic flaw in his thinking.
The man loved gimmicks.
Don't Buy Into Financial Gimmicks Or "Systems" Instead Trust Proven Principles
Bad Financial advisors use a system. You don't need a gimmick, you need to do what works.
The same financial principles that have worked for years, still work.
Gimmicks and systems will fail you.
Rather Than Invent The More Than Money "Cool name" solution... Here's what we do:
1 - We look at your situation.
2 - Shop all the tools available in the financial world.
3 - Give you what fits you.
What's crazy, is it works!
How foolish would it be if a construction company only used hammers? That's what too many people accept for their financial security. This often happens with a life insurance and annuities sales. It sounds so sexy and exciting to "sell," but it will ultimately fail you because it is only part of the whole solution.
Almost every tool exists in the financial world for a reason and for some type of person. This perspective, helps you understand that variable annuities, stocks, dividends, life insurance are all tools.
The issue is never the tool. The nail isn't the problem... it's that the situation needed a wood screw.
Let's talk about your specific situation and discover which combination of the many financial tools is best for you. We do things differently. We don't have a system. We listen to your needs and react.
Get all the tools of the financial world working for your success.