Wealthy Habits Podcast: Recent Episodes
Dave Elizondo
Are there some important financial questions and considerations that you've overlooked? On this show, we want to come alongside your financial and retirement journey to help you answer those questions and experience financial success.
Dave Elizondo and Drue Kampmann are Co-Founders of True Financial Partners, serving the Quad Cities. Their goal is to provide you with great information and education to help you retire with security and comfort.
As you get closer to retirement, the money choices you make become more and more critical. So make sure you're getting proper guidance and help along the way. On the Wealthy Habits Podcast, we'll cover things like social security, taxes, income planning, investments and so much more.
Reach out if you have any questions at https://www.truefinancialpartners.com/ or by calling 563-359-8783.
Spouses plan as one. Retirement paths may blur. Clear the way, find peace… Yes, that’s a haiku. In today’s episode, we’re going to help couples get on the same page in their retirement plans with the serenity of poetry.
Each haiku contains helpful bits of financial wisdom that will address some of the common ways couples mess up their retirement futures. Dave and Drue will decipher each haiku and explain the nuggets of wisdom that you can pull from each one.
Here’s some of what we discuss in this episode:
- The decisions that need to be made around your pension and why you need to be on the same page as your spouse.
- Each person's claiming age, work history, and other factors can affect the couple's total benefits, and different strategies may be more advantageous depending on the couple's specific circumstances.
- When couples fail to talk about what they want to do in retirement, they may find that their expectations and desires for this period of their lives are not aligned.
- When couples don’t manage risk collaboratively, one spouse might be overly anxious about their financial future while the other could feel too restrained if a conservative approach is taken.
Contact Dave and Drue:
Web: https://www.truefinancialpartners.com/
Email: info@truefp.biz
Phone: 877-359-8783
Sometimes it’s hard to make financial sacrifices when the reward might not be seen until several years in the future, but that’s a core principle in retirement planning. Many of the decisions you make during the planning process and the strategies you implement are done to put you in a better position when retirement rolls around. Today we'll talk about some of the situations shwere you might be inclined to take the immediate benefit, when you should really consider the delayed rewards.
Here’s some of what we discuss in this episode:
- Contributing to your 401k every month is one of the easiest ways to save for retirement.
- Why paying taxes now might benefit you much more than paying them when you pull money out of your 401k in retirement.
- Pulling money out of your emergency fund for another purpose can cause problems when unforeseen expenses pop up.
- Regular health check-ups and preventative care could help you avoid severe issues and high medical costs.
Contact Dave and Drue:
Web: https://www.truefinancialpartners.com/
Email: info@truefp.biz
Phone: 877-359-8783
In this episode, we want to provide an overview of interest rates for those who aren’t quite sure why they move the way they do. It’s a question we get a lot from people, especially with inflation up and interest rates more than doubling over the course of a year. Dave and Drue will explain the Fed’s actions and help you better understand how investing strategies change in a high interest rate environment.
Here’s some of what we discuss in this episode:
- Why the Fed has adjusted the rates so significantly in the last two years?
- How do they determine when to lower rates again?
- How does inflation fit into this conversation?
- What does it mean for individuals if rates start dropping again?
- The connection between interest rates and stocks and bonds.
- How do we work with clients on investment strategies as interest rates change?
Contact Dave and Drue:
Web: https://www.truefinancialpartners.com/
Email: info@truefp.biz
Phone: 877-359-8783
“Learn from the mistakes of others. You can’t live long enough to make them all yourself.” – Eleanor Roosevelt… Ever wish you could foresee financial missteps before they happen? In today’s episode explore some real-life stories of regret and arm yourself with the essential dos and don'ts to ensure your money works for you, not against you.
Stay tuned as Dave and Drue warn against retiring too early without a proper plan, overpaying for your children’s college tuition, overspending in your peak earning years, and more. Whether you're in your 20s or approaching retirement, this episode offers practical insights and strategies to help you make informed financial decisions and avoid common financial pitfalls.
Here’s some of what we discuss in this episode:
- Taking premature IRA withdrawals
- “Lifestyle creep” in peak earning years + the danger of overspending
- Tuition costs and supporting adult children
- Retiring too early without a proper plan
- Roth IRA advantages and the importance of financial education
Contact Dave and Drue:
Web: https://www.truefinancialpartners.com/
Email: info@truefp.biz
Phone: 877-359-8783
The retirement planning world is filled with plenty of advice and suggestions, but there are critical questions lurking in the shadows – the unasked, the overlooked. These are the questions that can help define the comfort and security of your retirement future. In this episode, we unearth and tackle these hidden, but essential questions about retirement.
How much are your tax deferred savings going to cost you in taxes in retirement? How does where you live or plan to live impact your retirement situation? Listen in as Dave and Drue tackle these commonly overlooked questions so that you can gain the clarity you need to take on your retirement years with confidence!
Here are the hidden questions that we discuss in this episode:
- How much are my tax deferred savings going to cost me in taxes in retirement?
- How much can I withdraw from my savings each year?
- Should I still have life insurance when I’m retired?
- Does where I live (or where I plan to live) greatly impact my retirement situation?
- How much am I really paying in fees and commissions?
Contact Dave and Drue:
Web: https://www.truefinancialpartners.com/
Email: info@truefp.biz
Phone: 877-359-8783
We’ve got a mailbag edition of the podcast for you today! We’ve received some excellent listener questions recently, and we’re going to dive into a few of them in this episode. We cover a wide variety of topics, ranging from 529 plans to advisor fee structures, so stick around to see what you can learn.
Rosemary asks how much is too much to spend on a forever home. Valerie asks Dave and Drue for their thoughts on combining finances after getting remarried. Stay tuned as we explore potential pitfalls and offer practical advice on navigating the complexities of retirement.
Here are some of the questions we answer in today’s show:
- I owe 21,000 on my truck, but that's my only debt. Should I make a withdrawal from my 401K to pay off the truck and be debt free?
- Should I set up a 529 plan for my grandkids or just invest on my own and give them the money when they go to school?
- How much is too much to spend on a forever home?
- I’ll likely be a widow for a significant portion of my retirement years. What sort of financial planning challenges does this create for me?
- I've talked to a few financial advisors about how they get paid and it sounds like they all have completely different models. Are there this many different fee structures or does everyone just explain it differently?
Contact Dave and Drue:
Web: https://www.truefinancialpartners.com/
Email: info@truefp.biz
Phone: 877-359-8783
Losing a spouse is an unimaginably tough life event, but the financial implications can add another layer of stress to the grieving process. In this episode, we delve deep into the most common financial issues faced by widows and widowers, from dealing with income gaps to navigating tax changes as a single filer.
We explore actionable strategies to address these problems, such as the importance of life insurance and the ins and outs of spousal pension continuation. This is the episode for you if you’re concerned with ensuring the financial well-being of your remaining family members and safeguarding your financial future and legacy in the face of loss.
Here’s some of what we discuss in this episode:
- How can an income gap be addressed after the loss of a spouse?
- What are the tax implications and changes to Social Security for surviving spouses?
- How can beneficiaries of retirement accounts avoid unexpected tax consequences?
- What is the role of trusts in estate planning?
Contact Dave and Drue:
Web: https://www.truefinancialpartners.com/
Email: info@truefp.biz
Phone: 877-359-8783
Retirement is a unique journey for each of us. The thought that there's a one-size-fits-all solution is a myth, but what if we told you there are certain universal truths that can guide every retiree? Dive deep in this episode, where we juxtapose the individuality of retirement plans with the foundational principles that remain consistent across the board.
Listen in as Dave and Drue discuss some critical topics, such as the impact of trying to time the stock market, the importance of diversification for risk management, the emotional aspects of investing, and more. Whether you're approaching retirement or planning for the future, tune in as they uncover the universal truths that can guide you toward a financially secure and fulfilling retirement.
Here’s some of what we discuss in this episode:
- Nobody can consistently time the stock market successfully
- Nobody knows how long they’re going to live
- Money sitting in cash isn’t keeping up with inflation
- Diversification is essential for risk anagement
- Emotions can be an investor's worst enemy
Contact Dave and Drue:
Web: https://www.truefinancialpartners.com/
Email: info@truefp.biz
Phone: 877-359-8783
Are you over 55 and pondering retirement? Join us as we delve into the realm of Required Minimum Distributions (RMDs). Unfortunately, RMDs can be a tad bit confusing, so in today’s episode, Dave and Drue are here to unravel the mystery and ensure you have a clear understanding of the process.
Listen in as we break down the basics of RMDs and explain how they are calculated based on your age and account balance. We’ll also share strategies to potentially avoid them and share the risks of not preparing for them in advance. And for those fortunate to not rely on RMDs for income, we'll explore impactful ways to utilize those funds.
Here’s some of what we discuss in this episode:
- What are RMDs and why do they exist?
- When should you start planning for RMDs, and what actions can you take to reduce their impact on your tax liabilities?
- What are the risks associated with not planning for RMDs in advance?
- RMDs can be redirected to charitable organizations
Contact Dave and Drue:
Web: https://www.truefinancialpartners.com/
Email: info@truefp.biz
Phone: 877-359-8783
Artificial intelligence is a revolutionary tool that is reshaping our world. You've probably heard about ChatGPT and its widespread use for various tasks like information retrieval, content creation, and even test-taking. But can you use AI for retirement planning advice?
Stay tuned as we dive into an article where artificial intelligence is pitted against a real financial advisor. When asked the same questions, how does the financial advice differ? Listen in as we unpack these answers and chat about retirement planning in the digital world.
Here’s some of what we discuss in this episode:
- AI can be a useful starting point to get general information and guidance on retirement planning topics and questions to ask advisors
- AI does not have the ability to ask you the right questions, recognize emotional nuances, and adapt to individual situations
- What role does emotional support and relationship-building play in retirement planning?
- Are there privacy and security concerns when sharing sensitive financial information with AI tools?
Check out the Fortune Article here
Contact Dave and Drue:
Web: https://www.truefinancialpartners.com/
Email: info@truefp.biz
Phone: 877-359-8783
We’re back with another mailbag edition of the podcast today! Listen in as Dave and Drue answer some recent questions they’ve received from listeners like you. From power of attorneys to long-term care and lump sum pension buyouts, we’re covering a wide variety of topics on today’s show.
Catherine asks what she can do to help set up her daughter and grandchild for success financially. Charlie asks what a reasonable amount of money is to spend on travel in retirement. Tune in to hear Dave and Drue’s responses to these questions and many more. Come see what you can learn from today’s show!
Here are a few questions we tackle in today’s show:
- My mom is 85 and because of her dementia, I have power of attorney for her. She has substantial investments, but I have no idea what to do with them. How are you supposed to invest for an 85-year-old?
- I haven't been able to find a long-term care policy that I like. Are they all extremely expensive?
- I have some stock that is now worth more than 10 times what it was when I bought it. Is there any way to sell the stock without giving so much of it to Uncle Sam?
- How much is a reasonable amount to spend on travel and retirement?
- I have a lot of major life changes coming in the next six months that I think will affect how I should be invested. Is it best to just park my money in cash until life settles down and I know what my future will look like?
Contact Dave and Drue:
Web: https://www.truefinancialpartners.com/
Email: info@truefp.biz
Phone: 877-359-8783
There are some people who don’t care at all about leaving a financial legacy, but for those who do, it’s important to eliminate some of the common estate planning mistakes.
In this episode, we cover topics ranging from poor expense planning to outdated beneficiary designations and family conflict triggers. We also shed light on some misconceptions about transferring real estate and explain the impact of tax implications on your estate. If you want to leave a legacy without regret or legal turmoil, this episode is a great starting point.
Here’s some of what we discuss in this episode:
- How we help people prepare for expenses that are unforeseen.
- The problems we’ve seen when people fail to keep their beneficiaries updated.
- Why transferring real estate while you’re living can introduce risk.
- The tax implications you need to consider.
Get in touch with Dave & Drue:
Web: https://www.truefinancialpartners.com/
Email: info@truefp.biz
Phone: 877-359-8783
Real estate can be a great tool for building wealth, but how well does it fit into a retirement plan? In this episode, we construct a helpful conversation about the role of real estate in a retirement strategy, exploring everything from rental income to reverse mortgages.
Whether you're a pre-retiree with a portfolio of properties or just curious about leveraging your home equity, this discussion offers thoughtful insights for anyone navigating the crossroads of real estate and retirement.
Here's some of what we'll talk about on today's show:
- Can you be successful with large real estate holdings and a limited amount of traditional retirement savings?
- What problems can you run into if you rely heavily on real estate?
- Dave & Drue share their real estate investing stories and challenges.
- What role can HELOCs play in a retirement strategy?
- How you approach REITs is different than brick and mortal real estate.
- Tax considerations to keep in mind for real estate vs traditional savings.
Contact Dave and Drue:
Web: https://www.truefinancialpartners.com/
Email: info@truefp.biz
Phone: 877-359-8783
Are you nearing “retirement age”? If so, let’s explore that pivotal question you’ll soon face: Should you retire or continue working? We’ll unravel the intricacies of this decision, addressing both financial and emotional aspects, and help you find out if you’re truly ready to retire.
This is always one of the first questions we receive so we talk through this quite a bit. We hope this episode will give you a better idea of how people typically feel about retirement and how we work with them to get them to a place where they’re confident about making that transition.
Here's some of what we'll talk about on today's show:
- The fear of the unknown often prevents people from taking that step into retirement.
- There are emotional factors on top of the financial ones that weigh on people.
- Why financial education is so important for gaining confidence in your retirement.
- How we approach the conversation with someone who wants to retire but might not be ready financially.
Contact Dave and Drue:
Web: https://www.truefinancialpartners.com/
Email: info@truefp.biz
Phone: 877-359-8783
In this episode, we're digging into the financial face-offs that make Monopoly fights look like child's play and exploring some money minefields that can test even the most solid relationships. From risk to retirement age to charitable contributions, listen in as we explore how to resolve some of the most common financial sources of tension between couples.
Here's some of what we'll talk about on today's show:
- One spouse may be more risk-averse than the other which can lead to disagreements over investment strategies.
- How to figure out when each spouse should retire.
- Figuring out where you want to live or whether you should downsize is an emotional decision.
- Different views on philanthropy can often lead to disagreements.
Contact Dave and Drue:
Web: https://www.truefinancialpartners.com/
Email: info@truefp.biz
Phone: 877-359-8783
In honor of Grandparents' Day, which is just around the corner on September 10th, we're here to delve into the profound and irreplaceable role that grandparents hold in our lives. They pass down their wisdom, share their life experiences, and instill strong work ethics, leaving an impact on us all. This episode serves as a tribute to grandparents while offering valuable insights into estate planning and financial support for future generations.
Join us as we explore the significance of getting your financial affairs in order as a grandparent, discuss the distinctions between wills and trusts, and more. We will also talk about setting up 529 savings plans and custodial accounts for your grandchildren. Tune in as we celebrate the role grandparents play in imparting financial wisdom and values to the next generation.
Here's some of what we'll talk about on today's show:
- Estate planning is a critical aspect of financial preparation for grandparents. It's essential to create wills, trusts, powers of attorney, and living wills to ensure that their assets are distributed according to their wishes and to avoid the complexities of probate.
- Grandparents can contribute to their grandchildren's financial future by setting up accounts like 529 plans or custodial accounts. Starting early can help accumulate more funds over time.
- Passing on financial knowledge to grandchildren is a valuable gift. Teaching financial literacy through games and discussions can help young generations make informed financial decisions.
- Grandparents can make a positive impact by paying off their grandchildren's student debt or helping with other financial needs while they are alive, rather than waiting until their passing to leave a legacy.
Web: https://www.truefinancialpartners.com/
Email: info@truefp.biz
Phone: 877-359-8783
Today we’re opening up the mailbag once again to find out what financial questions you have for Dave and Drue.
This episode could be very helpful if you’re looking to improve your financial situation and prepare for retirement. Some of the things we’ll discuss include investment strategies, what to do with a large amount of cash, taxes, and inheritances.
If you ever have anything you’re curious about or a scenario you need help with, we’d love to hear from you!
Here's some of what we'll talk about on today's show:
- How high is too high for a fee in an IRA?
- What is the next best investment account if you can’t put anymore into a Roth?
- What options do you have for funding a wedding if most of your money is tied up in retirement accounts?
- What can you do with a large savings account if you want it to start working for you?
How taxes on Social Security benefits are determined.
Contact Dave and Drue:
Web: https://www.truefinancialpartners.com/
Email: info@truefp.biz
Phone: 877-359-8783
The word selfish carries a negative connotation but in the case of retirement, is it okay to be ‘selfish.’ We came across an article recently that put a different angle on the typical retirement planning conversation and we thought it was worth discussing on the podcast.
So we’re going to talk about the idea of selfishness when it comes to protecting your retirement. With more and more retirees having to support their adult children and/or parents financially, this discussion is happening more and more in financial planning offices around the country.
Here's what we'll talk about on today's show:
- How do you say no to your kids?
- Is the conversation any different if you need to support your aging parents?
- Calculating your retirement budget and why the math should guide you.
- Is it more of a societal issue or an economic one for today’s generation?
Contact Dave and Drue:
Web: https://www.truefinancialpartners.com/
Email: info@truefp.biz
Phone: 877-359-8783
Scams have never been more prevalent as we’ve all become more connected through technology, and many predators are targeting your financial accounts. It happens all the time and we all have our own first-hand accounts.
In this episode, we’re going to share some of our experiences with scams, from email to phone calls to texts. Plus, we’ll talk about how we help clients protect their money and their assets.
Here's what we'll talk about on today's show:
- The different types of scams that we’ve personally seen or heard.
- Scammers play on emotion to get a response.
- What you can do if you think something might be a scam.
- Experiences we’ve had with clients that have fallen victim to scams.
Contact Dave and Drue:
Web: https://www.truefinancialpartners.com/
Email: info@truefp.biz
Phone: 877-359-8783
Welcome to part 2 of our series on mastering retirement cash flow. Last episode, we talked about expenses in your life that might drastically change in retirement. From housing and healthcare to insurance and taxes, we shared some of the expenses you need to keep an eye on.
On today’s show, we’ll talk about income and how to maximize your money. We’ll also explain why you need an income plan. If you’re feeling lost, don’t worry. We’re here to help.
Here's what we'll talk about on today's show:
- Is running out of money the biggest fear? (6:36)
- Where can your income come from? (8:57)
- How can you maximize your income? (15:51)
Web: https://www.truefinancialpartners.com/
Email: info@truefp.biz
Phone: 877-359-8783
In this episode, we’ll explore many of the expenses in your life that might drastically change (one way or another) in retirement. We’ll break those expenses down further to see which ones are the top priorities and analyze some of the other factors that impact your cash flow in retirement.
From housing and healthcare to insurance and taxes, we’re here to share some of the expenses you need to keep an eye on. You can consider questions such as: Should you downsize your house or buy a vacation home? Are you blowing your budget by acting like every day is Saturday in retirement? How much insurance do you really need? No matter the topic, we’re here for all your retirement needs.
Here's what we'll talk about on today's show:
- What is your housing situation? Is your mortgage paid off? (3:30)
- Will your expenses drop in retirement? (9:39)
- Will your taxes change in retirement? (15:49)
Contact Dave and Drue:
Web: https://www.truefinancialpartners.com/
Email: info@truefp.biz
Phone: 877-359-8783
Picture this: You're at your retirement party, finally ready to enjoy your golden years, but worries caused by some bad money habits have robbed you of fully enjoying the sweetness of the day. It happens to more people than you think, which is unfortunate because with just a little bit of modification, you can rid some of the worst money habits from your life and set yourself up for retirement success.
Throughout the years, we have witnessed some of these harmful money habits and seen how they have significantly impacted people's lives. From neglecting to review account statements to making emotional investment decisions, we’ll explore these decisions that should be avoided.
Here's what we'll talk about on today's show:
- Ignoring your account statements. (1:53)
- Investing emotionally instead of with logic. (7:04)
- Taking money out of your emergency fund for non-emergencies. (11:09)
Contact Dave and Drue:
Web: https://www.truefinancialpartners.com/
Email: info@truefp.biz
Phone: 877-359-8783
It’s time for another mailbag episode! We have an exciting lineup of topics to discuss today. Listen in as we tackle some current questions from our listeners, and you’ll likely gain some invaluable insights to help you make informed financial decisions.
This episode could be very helpful if you’re looking to improve your financial situation and prepare for retirement. We will discuss whether you should pay off your mortgage early, how to stop supporting your adult children financially, and more. You don’t want to miss this one!
Here's what we'll talk about on today's show:
- Should I pay off my house? (3:02)
- How do I cut off my adult son financially? (8:07)
- Should I take an early retirement offer? (11:30)
Contact Dave and Drue:
Web: https://www.truefinancialpartners.com/
Email: info@truefp.biz
Phone: 877-359-8783
Welcome to part 2 of our series about taking control of your finances during life's most pivotal moments. Last episode, we talked about the complex world of financial decision-making during key life events. From the excitement of marriage to the challenges of losing a loved one, we’re sharing practical tips to help you make informed decisions and maintain financial stability during life’s ups and downs.
Today we're talking about job changes, adoption, medical issues, and more. For example, if you have ever changed jobs, you know how it feels to prepare for a new paycheck, health insurance and benefits. As a reminder, it’s good to have a financial advisor on your side, especially during these crucial times. We’re here to help with these questions and more as we tackle the topic of your finances during major life events.
Here's what we'll talk about on today's show:
- How should you handle a job change financially? (2:32)
- How can you prepare for birth or child adoption? (8:32)
- What’s the best way to prepare financially for retirement? (12:20)
Contact Dave and Drue:
Web: https://www.truefinancialpartners.com/
Email: info@truefp.biz
Phone: 877-359-8783
Are you ready to take control of your finances during life's most pivotal moments? In this episode, we’ll dive into the complex world of financial decision-making during key life events. From the excitement of marriage and the joy of welcoming a new child to the challenges of divorce and the loss of a loved one, we'll provide practical tips and guidance to help you make informed decisions and maintain financial stability.
For example, if you’re getting married, there are some key questions you and your spouse need to answer together. Will you have a joint bank account? Do you want a prenup? How will you handle budgeting? We’re here to help with these questions and more as we tackle the topic of your finances during major life events.
Here's what we'll talk about on today's show:
- How to handle money in marriage. (2:48)
- How to set yourself up for success financially if you remarry. (10:13)
- Why handling money during divorce is one of the hardest things to navigate. (15:52)
Contact Dave and Drue:
Web: https://www.truefinancialpartners.com/
Email: info@truefp.biz
Phone: 877-359-8783
From time to time, we like to look at issues faced by people in other professions outside of the financial world and see what kind of retirement planning lessons we can learn from these other professions. Today, we’re seeing what we can learn from teachers and the issues they face.
For example, some teachers might enjoy giving homework assignments, but most of them just see it as a necessary evil. In retirement planning, nobody likes homework either. A few people really enjoy getting into the nitty-gritty with their investments, but most people want the process to be painless and simple. A good advisor can take a lot of that pain and annoyance out of the process for you, but the truth is that you still need to be involved.
In addition to gathering up statements and making sure you know what you have, you also need to think about your goals, dreams, and desired lifestyle and be able to articulate those to an advisor so that your plan can truly be customized to you. Listen to today’s show to hear even more examples of how teaching can teach us lessons about financial planning.
Here's what we'll talk about on today's show:
- Everybody hates homework. (4:08)
- Standardized testing isn’t ideal. (7:17)
- Everything has pros and cons. (9:19)
Contact Dave and Drue:
Web: https://www.truefinancialpartners.com/
Email: info@truefp.biz
Phone: 877-359-8783
In the complex world of retirement planning, there are countless pitfalls one could face. Today we're sharing six of the top mistakes to watch out for. Avoiding these crucial missteps can have a significant impact on the success of your retirement plan.
As you listen, take note if you are making any of these mistakes. Are you taking investing advice from friends and family? Are you relying solely on your company’s retirement plan? No matter the problem, we’ll help you recognize the errors and talk about how to correct them. Join us as we delve into these key issues and learn how to navigate them effectively when it's your turn to plan for retirement.
Here's what we'll talk about on today's show:
- Mistake: Taking advice from friends and family about investing. (3:27)
- Mistake: Relying solely on your company’s retirement plan. (6:59)
- Mistake: Not adjusting your retirement budget for inflation. (8:52)
Web: https://www.truefinancialpartners.com/
Email: info@truefp.biz
Phone: 877-359-8783
Welcome to part two of our two-part series on Social Security myths. Last week, we debunked the first five common Social Security myths. For example, are stay-at-home moms eligible for Social Security? Tune into last week’s episode for that answer and more! This week, we’ll answer five additional questions about this topic.
Can you work and get Social Security benefits at the same time? Are your benefits based on your assets? No matter what questions you have about Social Security, we are here to help guide you through this important step in your financial future. Let’s jump into part two of our two-part show on Social Security myths.
Here's what we'll talk about on today's show:
- Myth: You can’t work and get Social Security benefits at the same time. (4:22)
- Myth: If you have a pension, you can’t get Social Security. (10:27)
- Myth: Social Security benefits are based on your income and assets. (12:51)
Contact Dave and Drue:
Web: https://www.truefinancialpartners.com/
Email: info@truefp.biz
Phone: 877-359-8783
Have you ever wondered if the Social Security system will run out of money before you retire? Or if claiming benefits as soon as you're eligible is the best decision for your financial future? In this two-part series, we're debunking common myths about Social Security and answering the questions you've been curious about.
No matter what questions you have about Social Security, we are here to help guide you through this important step in your financial future. Today’s show should give you a pretty good overview. Let’s jump into part one of our two-part show on Social Security myths, where we cover the first 5 Social Security myths.
Here's what we'll talk about on today's show:
- Myth: The Social Security Administration will help you make decisions about your benefit. (3:43)
- Myth: Social Security won’t be available if you’re a stay-at-home mom. (6:53)
- Myth: You won’t have to pay taxes on your Social Security. (10:51)
Web: https://www.truefinancialpartners.com/
Email: info@truefp.biz
Phone: 877-359-8783
It’s time for another mailbag episode! We have an exciting lineup of topics to discuss today. Listen in as we tackle some current questions from our listeners, and you’ll likely gain some invaluable insights to help you make informed financial decisions.
This episode could be very helpful if you’re looking to improve your financial situation and prepare for retirement. We will discuss whether to sell your house and rent at the beach, what to do if the market crashes further, and if you should delay retirement because you don’t feel prepared. Stay tuned to see what you can learn from these listener questions.
Here's what we'll talk about on today's show:
- Should I sell my house and rent at the beach? (2:12)
- Is the market going to crash further? (7:53)
- Should I push my retirement date back because I don’t feel prepared? (12:25)
Contact Dave and Drue:
Web: https://www.truefinancialpartners.com/
Email: info@truefp.biz
Phone: 877-359-8783
Are you aware that not all retirement accounts are created equal? It's crucial to understand the purpose and advantages of each type of account to make the best choice for your future. In this episode, we'll delve into the different types of retirement accounts, including 401(k)s, IRAs, Roths, and several other examples.
We’ll help you weigh the pros and cons of each and give you insights into the purposes they serve so that you can make an informed decision. Join us and discover why understanding the purpose of these accounts is essential for securing a comfortable retirement.
Here's what we'll talk about on today's show:
- What are 401(k)s, 403(b)s, & 457 Plans? (3:58)
- What are simple IRAs and SEPs (10:14)
- What are HSAs and FSAs (15:16)
Web: https://www.truefinancialpartners.com/
Email: info@truefp.biz
Phone: 877-359-8783
Are you tired of one-size-fits-all financial advice that doesn't quite fit your unique needs and goals? There are many types of personalities out there when it comes to financial matters, and we’ve found that most of our clients fall into one of the categories we’ll discuss today. In this episode, we'll tackle the question of whether an advisor should tailor a plan to fit your personality.
We'll discuss the pros and cons of different approaches and explore how understanding your financial personality can help you make more informed decisions. Whether you've been burned by your financial past, have trouble making financial decisions, or have differing views from your partner in terms of finances, we'll unpack some common obstacles and share how we cater financial plans to work around your needs.
Here's what we'll talk about on today's show:
- The victim has been burned and scarred by something in their financial past. (3:12)
- The over-analyzer has trouble making decisions about anything because they have to analyze every possible choice from every possible angle. (6:56)
- The Do-It-Yourselfer has managed his or her own money without help from an advisor for decades, and in many cases, he or she has done quite well. (11:48)
Web: https://www.truefinancialpartners.com/
Email: info@truefp.biz
Phone: 877-359-8783
Are you ready for retirement? We’re willing to bet there are some future expenses that you may have forgotten to plan for. Join us as we discuss the most overlooked retirement expenses and how to prepare for them.
If you’re preparing for retirement, we want to make sure you feel confident that you have every expense taken care of. From medical expenses to unexpected repairs, we’ll cover the commonly forgotten areas that could leave you vulnerable if you don't prepare the right way.
Here's what we'll talk about on today's show:
- Are you prepared for medical expenses? (6:45)
- Are you prepared to help your family financially? (11:11)
- Are you prepared for maintenance and repairs? (17:58)
Web: https://www.truefinancialpartners.com/
Email: info@truefp.biz
Phone: 877-359-8783
Do you ever feel like your retirement planning goals are always moving? You're not alone. We’ve found that people often move the goalposts in their own retirement planning, often to their detriment. In this episode, we're diving deep into the psychology of retirement planning and the dangers of moving the goalposts.
Whether you find yourself adding to your savings without acting towards investing or are always finding reasons to delay saving for retirement, we’ll discuss the common pitfalls that can prevent you from achieving your desired retirement outcome. Join us as we explore why constantly changing your retirement goals can be risky and how having a clear plan can help you secure a more flexible future.
On today’s show, here’s some of what you’ll learn:
- How much cash do I need? (2:46)
- I’ll get serious about my savings next year. (6:30)
- Why you need to reduce your risk. (10:20)
Listen to more of our conversation in the podcast or reach out to us to talk about your financial situation and goals.
Web: https://www.truefinancialpartners.com/
Email: info@truefp.biz
Phone: 877-359-8783
It’s time for another mailbag episode! We have an exciting lineup of topics to discuss today. Listen in as we tackle some current questions from our listeners, and you’ll likely gain some invaluable insights to help you make informed financial decisions.
This episode could be very helpful if you’re looking to improve your financial situation and prepare for retirement. We will discuss when to convert an IRA to a Roth, how to know if a financial advisor is trustworthy, and even how to pay for a rental property. You don’t want to miss this one!
On today’s show, here’s some of what you’ll learn:
- Should I convert my IRA to a Roth? (6:44)
- How do you know if a financial advisor is trustworthy? (14:15)
- How should I pay for a rental property? (17:38)
Contact Dave and Drue:
Web: https://www.truefinancialpartners.com/
Email: info@truefp.biz
Phone: 877-359-8783
Let’s have some fun today. We’re sharing some of our favorite quotes and how we use them regularly to help our clients with their finances. We find that these quotes are relevant for many people and most financial situations we work with.
We are excited to share this and other nuggets of wisdom on today’s show. Stay tuned to see how you can apply these wise words in your own financial life. We think you’ll really enjoy this one!
Here are a few of the quotes we’ll highlight in today’s episode:
- “Most people don’t plan to fail. They just fail to plan.” (4:01)
- “If you’re going to run out of money during your lifetime, when do you want to find out?” (5:18)
- “Be fearful when others are greedy and be greedy when others are fearful.” (13:45)
Contact Dave and Drue:
Web: https://www.truefinancialpartners.com/
Email: info@truefp.biz
Phone: 877-359-8783
We took an informal poll of listeners to find out what their biggest financial fears are. In this episode, we’ll explore the most common fears and talk about how they should be addressed in a retirement plan.
Whether it’s running out of money, paying more taxes, or not having money to pass on to your kids, we all have fears about our finances. So, what's your biggest fear, and did it make our list? Stay tuned as we talk through some ways to face these fears so that you can feel more confident in your retirement plan.
Here are some of the common financial fears we'll talk about today:
- Running out of money before you die. (8:14)
- Paying more for taxes than you need to. (13:37)
- Having to reduce your quality of life in retirement. (18:55)
Contact Dave and Drue:
Web: https://www.truefinancialpartners.com/
Email: info@truefp.biz
Phone: 877-359-8783
On today’s show, we’ll explain what you need to know and learn four ways the new changes might impact you. From Required Minimum Distributions (RMDs) to catch-up contributions, we’ll cover some of the key items in SECURE Act 2.0. This won’t cover everything, but this will give you a few items to consider when you meet with your advisor next.
On today’s show, here’s some of what you’ll learn:
- The Required Minimum Distribution age has been pushed back again. (3:44)
- What’s happening with the special catch-up contribution? (7:26)
- Now the 529 Plan has a Roth option. (11:27)
Contact Dave and Drue:
Web: https://www.truefinancialpartners.com/
Email: info@truefp.biz
Phone: 877-359-8783
It’s time for another mailbag episode, and we have some great topics to discuss. This episode could really help if you’re looking to improve your financial situation and prepare for retirement.
On today’s show, here’s some of what you’ll learn:
- Should I pay off my house or invest money and use investments to pay mortgage? (2:53)
- Should I do anything besides a 529 plan for college savings? (7:12)
- When should I withdraw from my 401k? (15:18)
Contact Dave and Drue:
Web: https://www.truefinancialpartners.com/
Email: info@truefp.biz
Phone: 877-359-8783
Today we’re addressing five common beneficiary mistakes that, unfortunately, a lot of people make. From making errors to naming minors as beneficiaries, we’ll break down some common blunders.
Are you making one of these beneficiary mistakes? If so, it could cost you and your loved ones dearly. Some of the simplest mistakes can completely spoil an otherwise well-done retirement plan.
On today’s show, here’s some of what you’ll learn:
- What is the risk in naming minors as beneficiaries? (4:18)
- Why wills and beneficiary designations need to work together. (7:57)
- Why you need a secondary beneficiary. (10:19)
Contact Dave and Drue:
Web: https://www.truefinancialpartners.com/
Email: info@truefp.biz
Phone: 877-359-8783
With every new year, many of us spend some time setting new goals, benchmarks, and desired milestones to achieve in the months ahead.
On today’s show, we’ll explore some of our business, personal and relationship goals for 2023 and explore what might be some worthwhile goals for you to add to your list. We talk so much about what we want our clients to focus on and ways in which you can improve your financial life, but now we want to turn the spotlight on us and open up with you on where we hope to improve this year.
On today’s show, here’s some of what you’ll learn:
- Our personal goals for the year, including faith and family. (4:40)
- Our relationship goals and why you need to change things up sometimes. (12:01)
- Our business goals and why education is so important. (16:59)
Contact Dave and Drue:
Web: https://www.truefinancialpartners.com/
Email: info@truefp.biz
Phone: 877-359-8783
Do you understand the basics of income planning? If not, you might not be as far along in your retirement plan as you think. Understanding how much income you need and what sources will provide it for you efficiently is critical to success over a long period of time.
We see a lot of clients, and when people first come to see us, very few have an income plan in place, but it’s important that you know this topic well and understand how it fits into your overall retirement plan.
In this episode, we’ll explain the steps that we take with clients to build their income plan and make sure you understand all the basics. You don’t want to miss the conversation.
On today’s show, here’s some of what you’ll learn:
- What percentage of clients have income plan at the beginning? (8:28)
- Are income plans complicated? (10:31)
- How can you create an income plan? (14:18)
Contact Dave and Drue:
Web: https://www.truefinancialpartners.com/
Email: info@truefp.biz
Phone: 877-359-8783
Even if you’ve been saving your money and investing for a long time it’s easy to make rookie mistakes. On this episode, we’ll cover some of the top rookie mistakes we see people make and illustrate how to avoid them or how to fix them if you’re already made some mistakes in your financial life.
We’ll explain why you need to make sure every dollar you earn has a purpose and why planning is so crucial to your financial health.
On today’s show, here’s some of what you’ll learn:
- Why to avoid investments with no purpose. (3:41)
- Why you need to understand your risk. (6:04)
- Why you need to avoid emotional decisions. (10:00)
Contact Dave and Drue:
Web: https://www.truefinancialpartners.com/
Email: info@truefp.biz
Phone: 877-359-8783
With the new year upon us, let’s run through the checklist of things you should be thinking about as it relates to your financial plans for retirement.
Let’s see how prepared you are for retirement by answering these 10 questions. The key is you need to have concrete answers for them. If you don’t know the answers, you need to think about having some critical conversations with your advisor.
On today’s show, here’s some of what you’ll learn
- Do you know exactly how much income you’ll need every month? (4:28)
- Do you know the ideal time to start taking Social Security? (7:13)
- Are you prepared to handle market volatility? (9:48)
Get Additional Information: https://www.truefinancialpartners.com/media/podcast/
It’s time for another mailbag episode, and we have some great topics to discuss. This episode could really help if you’re looking to improve your financial situation and prepare for retirement.
On today’s show, we’ll share:
- What should I do with my annuity? (3:26)
- Should you get a life insurance policy on your spouse? (6:00)
- When should you start thinking about Social Security? (8:26)
Get Additional Information: https://www.truefinancialpartners.com/media/podcast/
The end of the year (or start of a new year) probably means you’re getting a lot of financial statements in your mailbox, or inbox if you’re paperless. Ever wonder what some of those terms mean as you look at your 401(k), IRA and other account balances?
Let’s spend a little time looking over a financial statement and breaking down some of the terms you might come across.
On today’s show, we’ll share:
- How accurate are income projections? (2:54)
- Should we pay attention to disclosures and fine print? (8:07)
- Is a vested account balance important? (10:25)
Get Additional Information: https://www.truefinancialpartners.com/media/podcast/
Even if she wasn’t directly talking about money, Grandma said a lot of smart things that we can apply to our financial planning. We might not have known it then, but looking back on wisdom that was imparted to us can teach us lessons years later.
In this episode, we’ll look at some of the sayings that we all heard our grandma say growing up and see how we can apply that to our planning today.
On today’s show, we’ll share:
- “When it rains, it pours.” Good news usually comes in waves, but so does bad news. Maybe this explains why the market often behaves the way it does. (1:45)
- “You never know.” Good retirement planning is about balancing those different elements of certainty and uncertainty. (5:51)
- “A bad apple spoils the whole barrel.” That could also be true with your investments. (7:54)
Have questions? Get in touch with True Financial Partners:
https://www.truefinancialpartners.com/
info@truefp.biz
877-359-8783
Saving in your 401(k) can be an easy and painless way to build your retirement savings. But because it’s so easy and painless, it can also be easy to ignore for long periods of time, which often leads to mistakes.
In this episode, we’ll cover at least the top five mistakes people make in their 401(k)s so hopefully you avoid doing the same thing when the time comes.
On today’s show, we’ll share:
- Assuming that your fees and costs are minimal, since you never see them on your statement. (2:20)
- Failing to rebalance often enough. (4:30)
- Sticking all of your money in a target date fund and assuming that your account is now “customized” to your needs. (7:35)
Get Additional Information: https://www.truefinancialpartners.com/media/podcast/
Market volatility became the norm in 2022. Are we in for more of the same in 2023? We’ll talk about the market outlook for the next 12 months, plus share tips on how you can best prepare for potential future volatility.
On today’s show, we’ll share:
- Mergers & Acquisitions says “signs point to more market volatility in 2023.” (2:47)
- Should you change your approach during market volatility? (7:15)
- An example of what happens emotionally versus logically during volatile markets. (17:20)
Listen to more of our conversation in the podcast or reach out to us to talk about your financial situation and goals.
Get Additional Information: https://www.truefinancialpartners.com/media/podcast/
Sometimes it might seem like talking to your financial advisor feels like talking to a therapist, and that’s OK. Today we’re discussing some scenarios where it’s almost inevitable that a talk with your advisor seems like a counseling session.
Whether you’re getting a divorce or having career difficulties, your financial advisor should be there to help guide you through the financial transition.
On today’s show, we’ll share:
- How we help clients going through a divorce. (2:48)
- How we handle clients’ career difficulties. (6:20)
- How we help clients who don’t like talking about money. (8:39)
Listen to more of our conversation in the podcast or reach out to us to talk about your financial situation and goals.
Get Additional Information: https://www.truefinancialpartners.com/media/podcast/
It’s time for another mailbag episode, and we bet these questions (and our answers) will help many of you. This episode could really help if you’re looking to improve your financial situation and prepare for retirement.
We will discuss whether to pay off your mortgage, what to do about dividends, and whether to prioritize paying for college or saving for retirement. Listen to hear some of the questions our listeners have, and maybe you’ll gain some valuable knowledge from our answers!
On today’s show, we’ll share:
- Should you pay off mortgages of two rental properties? (3:52)
- Should you reinvest if you have dividends? (8:02)
- Should parents focus more on retirement or paying for college? (11:57)
Get Additional Information: https://www.truefinancialpartners.com/media/podcast/
You need to make smart decisions during major life events, and we are here to help guide you. Whether it's a job change or divorce, we recommend taking your time to work everything out.
Most people like to think that they always make decisions based on logic and facts, but the truth is that emotions usually play a role for all of us in the decision-making process. We’ll explain how to handle big changes the right way.
On today’s show, we’ll share:
- How to handle a job change. (3:14)
- How to handle a divorce. (5:52)
- How to handle an inheritance. (9:34)
Get Additional Information: https://www.truefinancialpartners.com/media/podcast/
If you’ve ever wanted to learn a little more about investing in the stock market, this episode is for you. We’re going to cover some of those terms you’ve probably heard before, but perhaps never truly knew what they meant.
From the bid-ask spread in the stock market to bull and bear markets, we’ll explain some hot topics you need to know.
On today’s show, we’ll share:
- The difference between the bid and the ask in the stock market. (2:40)
- Why we need to understand bull versus bear markets. (7:38)
- Popular trading strategies, such as buy and hold, swing, day trading, etc. (10:24)
Get Additional Information: https://www.truefinancialpartners.com/media/podcast/
It’s time for another mailbag episode, and we bet these questions (and our answers) will help many of you. This episode could really help if you’re looking to improve your financial situation and prepare for retirement.
We will discuss when you should switch from being an aggressive investor to a conservative one, what’s a good age to retire and more. Listen to hear some of the questions our other listeners have and maybe you’ll gain some valuable knowledge from our answers!
On today’s show, we’ll share:
- At what age should you become a conservative investor? (1:45)
- Should I do a Roth 401k at work? (3:25)
- Should I wait to retire at 65 or 66? (7:28)
Get Additional Information: https://www.truefinancialpartners.com/media/podcast/
As we approach the end of the year, saving money on taxes becomes a bigger focus for many people. Today we’re focusing on some of the most common retirement planning questions about taxes.
We’ll talk about mistakes to avoid and how a proper plan can significantly impact your tax savings. We’ll also explain why a tax deduction is not a dollar-for-dollar reduction.
On today’s show, we’ll share:
- Can you improve your tax situation as you approach retirement? (2:50)
- Are all retirement accounts taxed the same? (8:12)
- What tax mistakes do people make? (12:59)
Get Additional Information: https://www.truefinancialpartners.com/media/podcast/
Bonds have been a pretty hot topic this year. Oftentimes, people misunderstand how they work and what role they play in a proper financial plan. On today’s show, we’re addressing some of the misinformation and explaining why this has not been a good year for bonds.
A lot of people consider bonds to be the safe and conservative part of their portfolio. But is that the right mindset?
How are intermediate-term bonds doing this year?
On today’s show, we’ll share:
- What are bonds, and how do they work? (3:34)
- How are bond funds different from owning individual bonds? (6:10)
- How often do people have bonds and not realize it? (7:39)
Get Additional Information: https://www.truefinancialpartners.com/media/podcast/
Today we're sharing five common questions people ask when they’re forced into retirement. Hopefully you won’t be in this position, but more and more people are these days.
Others are leaving work early as part of the Great Resignation. No matter how it happens, people leaving work early is becoming more prevalent. If this scenario does come your way, it’s best to be prepared.
On today’s show, we’ll share:
- Should you accept a buyout offer to retire early? (2:01)
- Should you get a lump sum or monthly lifetime payout? (6:30)
- Should you get another job? (12:08)
Get Additional Information: https://www.truefinancialpartners.com/media/podcast/
Today we're sharing five common questions people ask when they’re forced into retirement. Hopefully you won’t be in this position, but more and more people are these days.
Others are leaving work early as part of the Great Resignation. No matter how it happens, people leaving work early is becoming more prevalent. If this scenario does come your way, it’s best to be prepared.
On today’s show, we’ll share:
- Should you accept a buyout offer to retire early? (2:01)
- Should you get a lump sum or monthly lifetime payout? (6:30)
- Should you get another job? (12:08)
Get Additional Information: https://www.truefinancialpartners.com/media/podcast/
Just like the lights on your dashboard can indicate if something is wrong with your car, like low tire pressure or leaking oil, there are indicators in your financial life that might point out that you have a problem that needs to be addressed.
On today’s show, we’ll explain why your net worth, view of retirement, and thoughts on nursing homes might be problematic.
On today’s show, we’ll share:
- Why your guess of what it takes to fund your lifestyle is probably way off. (3:26)
- Why tracking net worth or account balance should not be the only thing you care about. (6:03)
- Why you need to have a different retirement plan than your parents. (9:04)
Get Additional Information: https://www.truefinancialpartners.com/media/podcast/
Just like the lights on your dashboard can indicate if something is wrong with your car, like low tire pressure or leaking oil, there are indicators in your financial life that might point out that you have a problem that needs to be addressed.
On today’s show, we’ll explain why your net worth, view of retirement, and thoughts on nursing homes might be problematic.
On today’s show, we’ll share:
- Why your guess of what it takes to fund your lifestyle is probably way off. (3:26)
- Why tracking net worth or account balance should not be the only thing you care about. (6:03)
- Why you need to have a different retirement plan than your parents. (9:04)
Get Additional Information: https://www.truefinancialpartners.com/media/podcast/
We’re opening up the mailbag today to answer your questions. We got a lot of good feedback and had some interesting questions come in.
On today’s show, we’ll share whether you should convert money to a Roth, when not to take Social Security early and how to handle inheritance money.
On today’s show, we’ll share:
- Harold is almost 60 and doesn’t have any money in a Roth. Should he convert some? (4:11)
- Should Donald take Social Security at 62 and pay his house off sooner? (7:27)
- Elizabeth is inheriting money from her mother, but she feels guilty using it. (10:09)
Get Additional Information: https://www.truefinancialpartners.com/media/podcast/
We’re opening up the mailbag today to answer your questions. We got a lot of good feedback and had some interesting questions come in.
On today’s show, we’ll share whether you should convert money to a Roth, when not to take Social Security early and how to handle inheritance money.
On today’s show, we’ll share:
- Harold is almost 60 and doesn’t have any money in a Roth. Should he convert some? (4:11)
- Should Donald take Social Security at 62 and pay his house off sooner? (7:27)
- Elizabeth is inheriting money from her mother, but she feels guilty using it. (10:09)
Get Additional Information: https://www.truefinancialpartners.com/media/podcast/
On this episode, we’ll talk about some of the things we hear from people when they don’t pay enough attention to the fine print.
On today’s show, we’ll share:
- Why you might get a big rate increase on your long-term care insurance. (3:40)
- Why the fees with annuities can be a lot higher than you thought. (7:02)
- Why a mutual fund can tank when you get into it. (10:39)
Get Additional Information: https://www.truefinancialpartners.com/media/podcast/
Interest rates have been top of mind for a lot of us this year. It’s been impossible to ignore. So, what do we need to know about interest rates, and what should we be paying attention to when it comes to this topic?
On today’s show, we’ll explain how interest rates can affect our overall financial plan and us as investors. So, is the news all doom and gloom, or are there hopeful times ahead?
On today’s show, we’ll share:
- Why the Federal Reserve is raising rates. (4:01)
- Why the housing market will probably come to its knees. (8:24)
- How the economy continues to be impacted by interest rates. (12:41)
Get Additional Information: https://www.truefinancialpartners.com/media/podcast/
Want to know the secrets to experiencing satisfaction in retirement? We’ve discovered five key situations to which your financial plan needs to lead you.
If you can key in on these five points, you’ll have a high chance to achieve retirement satisfaction. We’ll explain why these elements are so important and how your planning process helps achieve them.
On today’s show, we’ll share:
- How you can have peace of mind regardless of what’s happening in the stock market or around the world. (3:36)
- Why you need a diversity of income streams so you’re not too reliant on any one particular source. (7:32)
- How to have confidence in your ability to spend money every month without worrying about running out of money. (9:02)
For more, visit us online: http://truefinancialpartners.com
We’re opening up the mailbag today to answer your questions. We got a lot of good feedback and had some interesting questions come in.
On today’s show, we’ll share how you can contribute to your 401k when you make differing amounts of money each month. We also discuss the pros and cons of being a very conservative investor and whether to pay off your mortgage before investing in rentals.
On today’s show, we’ll share:
- How can I contribute to a 401k when my base salary is low and I get commissions? (2:59)
- Am I hurting myself if I’m a very conservative investor? (7:22)
- Should I pay off my mortgage before I get a rental property? (10:02)
For more, visit us online: http://truefinancialpartners.com
We know we’ll have to deal with many things in retirement. We just don’t know how to predict when or to what degree.
In today’s show, we’ll share how you can construct a plan that deals with the unpredictability of these different factors. From life expectancy to future tax rates, we’ll cover the essential topics you need to know to get your retirement plan together.
On today’s show, we’ll share:
- How do you plan for retirement when you don’t know how long you’ll live? (3:10)
- Where will interest rates go in the future? How can you plan for retirement not knowing this information? (4:50)
- Current tax rates will expire pretty soon, but how you can plan not knowing where they’re headed? (7:56)
For more, visit us online: http://truefinancialpartners.com
Buckle up! We’re going against the grain today and sharing some financial advice we disagree with and why.
As advisors, our job is not to be your best friend. We share tough love and help you get where you want to be financially.
It can be hard for people to go against the grain and do something different, but it’s important to know that not all financial advice suits everyone the same.
On today’s show, we’ll share:
- The appropriate amount of risk for a retiree or pre-retiree (3:39)
- Appropriate use of life insurance (6:48)
- Whether to pay off your house (10:56)
- Appropriate use of annuities (14:22)
- How much money to have in cash (19:13)
For more, visit us online: http://truefinancialpartners.com
People have many reasons for procrastinating when it comes to putting a retirement plan together. Today we’ll explore some of those excuses, why they can be dangerous, and how to overcome them.
What we discuss today:
2:20 – Parents didn’t plan
5:21 – Who to listen to
9:55 – Stress
12:10 – Too busy
14:16 – Where to start
15:51 – Perfectionists
Get Additional Information: https://www.truefinancialpartners.com/media/podcast/
You’ve most likely heard plenty of “rules” you’re supposed to follow to retire successfully. Some of these rules are stated so confidently that you’d be crazy not to immediately accept them as fact. But we don’t mind the threat of being called crazy, so let’s dive into some of the most popular retirement “rules of thumb.”
What we discuss today:
4:09 - Rule of 100
6:04 - 75% rule
8:22 - Rule of 72
10:07 - Rule of 5
13:49 - Rule of 10
16:35 - 4% rule
Get Additional Information: https://www.truefinancialpartners.com/media/podcast/
How prepared are you for retirement? Do you know how much income you’ll need and what retirees fear the most? Today we’re testing your knowledge to see if you have what it takes to retire successfully.
What we discuss today:
2:02 – Saving for retirement
4:36 – Income estimate
8:06 – Retiree fears
10:37 – Diversification
12:44 – Withdrawals
Get Additional Information: https://www.truefinancialpartners.com/media/podcast/
Today we’re diving into the mailbag to answer questions from listeners just like you. We’re taking questions about inheritance squabbles, when to leave money to kids and Medicare.
What we discuss today:
3:11 – Inheritance
6:03 – Financial advisors
8:30 – Market jumping
12:44 – Unused leave
14:51 – Medicare
18:03 – Money for kids
Get Additional Information: https://www.truefinancialpartners.com/media/podcast/
In some ways, retirement planning was easier for past generations. On today’s show, we’ll explore how a good financial advisor can help you overcome the additional challenges facing retirees today, such as lower interest rates and longer life expectancies.
What we discuss today:
3:17 – Pensions
6:01 – Life expectancy
10:19 – Interest rates
12:48 – Information overload
16:07 – Stock market
Get Additional Information: https://www.truefinancialpartners.com/media/podcast/
Let’s see if your tolerance for risk matches your financial plan. What should you do if that balance is out of whack? What if you’re a natural risk taker, but you really shouldn’t be when it comes to your finances? We’ll explore all of these angles as we break down the role of risk in your financial and retirement plan.
What we discuss today:
1:50 – Client risk
4:49 – Portfolios
6:48 – Telltale signs
8:25 – Unnecessary risks
9:28 – Fear of missing out
Get Additional Information: https://www.truefinancialpartners.com/media/podcast/
Today we’re picking sides of some important financial debates. From paying off your mortgage early to life insurance and more, we’ll share our opinions on these hot financial topics. Find out where Dave and Drue stand on each of these planning items.
What we discuss today:
2:34 – Mortgage
7:47 – Life insurance
11:05 – Advisors
17:27 – Annuities
20:14 – Taxes
Get Additional Information: https://www.truefinancialpartners.com/media/podcast/
Numbers often drive a lot of the conversation in the financial world, and people like to see how they measure up against others. Today we’re sharing some statistics and our thoughts on whether they’re encouraging or disturbing.
What we discuss today:
2:39 – $1.04 million
6:48 – Keep working
10:10 – Increase savings
11:53 – Social Security
15:44 – Health care
Get Additional Information: https://www.truefinancialpartners.com/media/podcast/
There are plenty of external factors that often negatively influence our chances of having a successful retirement. But often, failure comes from within. On this episode, we’ll talk about some of the common ways people get in their own way when it comes to financial planning.
What we discuss today:
3:43 – Fear and greed
7:01 – Taxes
8:18 – Cash
13:36 – Overthinking
14:48 – Opinions
Get Additional Information: https://www.truefinancialpartners.com/media/podcast/
If you’re counting down the days until retirement, we have a checklist of things you need to keep in mind. We’ll help you get ready for the big day and make sure you are ready financially and otherwise.
What we discuss today:
2:20 – Getting healthy
4:37 – Free time
5:48 – Work
7:19 – Save more
9:37 – Debt
11:47 – Risk
Get Additional Information: https://www.truefinancialpartners.com/media/podcast/
Can I retire at 55? We get this question a lot, especially with the recent trend of people trying to retire earlier. Most people don’t know if they can retire early, but we can help.
What we discuss today:
2:26 – Peanut gallery
3:40 – Retire at 55?
5:09 – Social Security
8:27 – Financial advisers
10:22 – Health care
12:11 – Planning to retire early
14:20 – Comment: Pensions
16:33 – Comment: Inflation
17:56 – Comment: Savers
Get Additional Information: https://www.truefinancialpartners.com/media/podcast/
It’s always a good idea to have cash set aside for emergencies or for major purchases you might have coming up. But when is a healthy bank account actually counterproductive? With today’s challenging financial environment, we thought it would be a good idea to have the cash conversation again.
What we discuss today:
1:48 – Good reasons to have cash on hand
4:14 – How much cash should I have?
7:54 – Why it’s counterproductive to have more cash on hand
9:29 – Client example
10:28 – Ways you can invest money
12:20 – Layering risk over time
13:22 – Final thoughts
Get Additional Information: https://www.truefinancialpartners.com/media/podcast/
Should I take money out of my 401k to pay off debt? What are the tax implications of selling my mom’s house? Why are financial advisors paying more attention to my husband? These are a few of the questions we’re answering in today’s mailbag.
What we discuss today:
2:30 – 401k debt relief
7:57 – Selling mom’s house
10:25 – Ignoring the wife
11:28 – Taking Social Security
14:05 – Diversified
16:09 – Nursing home care
Get Additional Information: https://www.truefinancialpartners.com/media/podcast/
Housing is a really important topic for a lot of retirees because, for many of us, it’s the biggest asset we’ll ever own or manage. On this episode, we’ll cover some common housing questions we get from retirees.
What we discuss today:
2:51 – Interest rates
8:50 – Downsizing
10:58 – Home equity
15:03 – Sign house to kids
17:35 – Complications
Get Additional Information: https://www.truefinancialpartners.com/media/podcast/
Should you pay for an expensive college for your child? Should you budget or meet with a financial advisor first? These are a few of the questions we’re answering in today’s mailbag.
What we discuss today:
3:28 – College costs
5:31 – Budgeting
7:33 – Money in the bank
10:47 – Life insurance
12:55 – Retiring spouse
Get Additional Information: https://www.truefinancialpartners.com/media/podcast/
When you hear the words “life insurance,” what comes to mind? Some people avoid the topic or don’t understand how it works. Let’s lay out seven reasons why you should at least be considering life insurance in your portfolio.
What we discuss today:
3:02 – Income replacement
5:31 – Leveraging life insurance
8:20 – Premiums
12:35 – Businesses
14:25 – High incomes
17:32 – Long-term care
Get Additional Information: https://www.truefinancialpartners.com/media/podcast/
Today we're sharing the most important birthdays in retirement planning. We'll take you through some of the key ages, why they are important and what you should be thinking about as you approach retirement.
What we discuss today:
2:25 – Age 50
4:52 – Age 55
8:05 – Age 59.5
10:25 – Age 62
12:55 – Age 65
14:03 – Age 66-67
16:48 – Age 72
Get Additional Information: https://www.truefinancialpartners.com/media/podcast/
Every industry has its own jargon, and financial planning is no different. Today, we’re explaining some common financial jargon, what it means, and why it's important to understand.
What we discuss today:
3:20 – Diversification
7:21 – Inflation
11:50 – Volatility
13:30 – Risk tolerance
16:41 – Stocks and bonds
19:35 – Capital gains
Get Additional Information: https://www.truefinancialpartners.com/media/podcast/
When it comes to your money, you might have several different voices in your head — maybe the voice of greed, or the voice of fear, and sometimes the voice of wisdom. Let’s look at some things we might hear from the voice of greed so you know how to recognize it when you hear it.
What we discuss today:
3:20 – Investment timing
10:49 – Advice
12:29 – Couple next door
14:52 – Emergency fund
16:55 – Do it yourself
Get Additional Information: https://www.truefinancialpartners.com/media/podcast/
Most people, when trying to plan their retirement, have to guess about the answers to some important questions. Today we’re talking about some of those questions and why you need to have a better answer than just a guess.
What we discuss today:
3:12 – Monthly income
10:04 – Major purchases
13:10 – Inflation
17:30 – Health care
Get Additional Information: https://www.truefinancialpartners.com/media/podcast/
Planning for retirement is relatively complex. There are a lot of different moving parts and factors to consider. Adjusting any of these variables can impact the end result. But is there one part of the retirement planning process that’s most important?
What we discuss today:
2:06 – Deciding what you do
5:51 – Start now
7:36 – How much income?
9:44 – How much to spend?
10:31 – Proper portfolio allocation
12:50 – Making retirement fulfilling
14:07 – Picking the right advisor
Get Additional Information: https://www.truefinancialpartners.com/media/podcast/
Putting together a solid retirement plan isn’t just about dollars and cents. We need to determine what really matters to you. Today’s show is all about why values-based planning is so important.
What we discuss today:
3:17 – Family
6:53 – Career
10:01 – Education
13:50 – Charitable giving
18:09 – Fun
Get Additional Information: https://www.truefinancialpartners.com/media/podcast/
Some people feel that they’ll save money by handling their investments themselves instead of working with an advisor. Others may like the challenge of doing it themselves. Still, others just don’t know who to trust so they end up not working with anyone. We’ll share some reasons that you might need an advisor.
What we discuss today:
2:13 – Are you a procrastinator?
6:01 – Don’t know where to start
8:09 – You don’t know what you don’t know
11:07 – Advisors are on your team
15:43 – You don’t have the time
18:17 – Navigating conflicting information
Get Additional Information: https://www.truefinancialpartners.com/media/podcast/
There are some things in life you can’t predict, but you can try to plan for them. For example, when is the next market crash going to happen? We don’t know, but here’s how you can prepare for this and other things in your financial life.
What we discuss today:
2:34 – Market crashes
8:47 – Health care
12:42 – Taxes
17:08 – Life expectancy
Get Additional Information: https://www.truefinancialpartners.com/media/podcast/
At the beginning of every year, people love to make predictions and prognostications about what’s going to happen to the economy in the coming months. Let’s take a look at what the experts are saying about the economic outlook of 2022.
What we discuss today:
2:53 – GDP
9:29 – Housing market
12:43 – Inflation
17:05 – Great resignation
20:42 – Battlegrounds
24:42 – Clients’ worries
Get Additional Information: https://www.truefinancialpartners.com/media/podcast/
Time for a little fun on this episode. We’ll use some fill-in-the-blank prompts to spark a good discussion about relationships between advisors and their clients, the stock market, common planning mistakes, and much more!
What we discuss today:
3:15 – Don’t run out of money
7:45 – Stock market
13:16 – Run the other way
14:33 – Client worries
15:32 – Common mistakes
18:01 – Gratifying part of their job
Get Additional Information: https://www.truefinancialpartners.com/media/podcast/
For many parents, everything revolves around their children. That’s why today we’re talking about retirement and how your children should become part of the discussion.
What we discuss today:
4:13 – College expenses
6:44 – Living with parents
10:49 – Grandkids
12:49 – Children with special needs
17:01 – Generational wealth
Get Additional Information: https://www.truefinancialpartners.com/media/podcast/
Just like football players don’t want to fumble the ball in the red zone, you don’t want to fumble your finances as you get close to retirement. We’ll explain how to protect your finances.
What we discuss today:
3:54 – What is the financial red zone?
4:45 – Planning in retirement
7:08 – Mistakes
10:21 – Work on your plan
Read more and get additional financial resources here: https://www.truefinancialpartners.com/media/podcast/
Call Dave and Drue: 563-359-8783
We’re answering your mailbag questions, today. Dean wants to know whether to keep working or retire. Claire wonders if she should split her mortgage payments. We’ll also be answering questions on entering the market, generational wealth, and more.
What we discuss today:
1:44 – Working on retiring
3:19 – Splitting mortgage payments
8:05 – Savings rate
10:51 – New money
14:11 – Generational wealth
18:34 – Money in marriage
Get Additional Information: https://www.truefinancialpartners.com/media/podcast/
Most people realize that it’s usually best to have an estate-planning attorney helping them with their estate plan, but it’s also important for the financial advisor to be part of that conversation. On today’s show, we’ll explain why.
What we discuss today:
2:47 – Importance of financial advisor
5:59 – How people view legacy
8:37 – Helping kids
10:30 – Mistakes people make
15:54 – Examples
Get Additional Information: https://www.truefinancialpartners.com/media/podcast/
Today we're sharing five signs that you're in good financial health. It's a good checklist to measure where you stand and whether or not you're in a good position for retirement. How do you measure up?
Read more and get additional financial information: https://www.truefinancialpartners.com/ep-75-5-signs-youre-in-good-financial-health/
What we discuss today:
4:22 – Spend less than you make
8:00 – Understand taxes
11:13 – Understand your plan
14:37 – Have a retirement income plan
17:17 – Don’t worry about financial future
19:20 – Bonus sign
You might not be able to follow through on all 22 of these resolutions, but implement even just a few of these and you’ll be well on your way to a more prosperous financial life in the coming year.
Read more and get additional financial information: https://www.truefinancialpartners.com/ep-74-22-money-resolutions-for-2022/
What we discuss today:
2:24 – Reducing debt
3:10 – Boost savings
4:59 – Prepare for unexpected
6:15 – Don’t overreact
7:19 – Budget
8:02 – Meet with a financial advisor
9:29 – Check beneficiaries
10:57 – Tough conversations
12:07 – Audit your insurance
13:48 – Refinance
14:41 – Organize
15:29 – Check credit
16:19 – Check fees
17:58 – Share knowledge
18:56 – Give back
20:24 – Review tax brackets
21:34 – Roth conversion
22:48 – Update paycheck withholdings
24:03 – Rebalance portfolio
25:09 – Transition to retirement
26:32 – Consolidate accounts
28:55 – Listen to our podcast
Today we’re talking about something we all occasionally do in life – cutting corners. Whether we do this with our finances, exercising, etc., we’re all guilty of this sometimes. When you do this financially, it can really hurt you in the long term.
Read more and get additional financial information: https://www.truefinancialpartners.com/ep-73-quit-cutting-financial-corners/ https://www.truefinancialpartners.com
What we discuss today:
3:13 – Too much risk
6:27 – Legal documents
12:26 – Getting organized
18:26 – Ignoring investment details
22:00 – Long-term care
To successfully complete a jigsaw puzzle, there are some strategies you’ll want to keep in mind, and many of those same strategies apply to retirement planning.
Read more and get additional financial information: https://www.truefinancialpartners.com/ep-72-the-jigsaw-puzzle-of-retirement/
What we discuss today:
3:28 – Look at the big picture
6:31 – Build a framework
8:42 – Sort by color
10:23 – Have an end game in mind
13:55 – Easier with experience
In the retirement planning business, we occasionally get some unreasonable requests. We’ll explain what they are and how to set proper expectations around your retirement planning.
Read more and get additional financial information: https://www.truefinancialpartners.com/ep-71-how-we-handle-unreasonable-requests/
What we discuss today:
4:40 – Returns with no risk
9:20 – Reducing advisor fees
13:58 – Avoiding taxes
17:24 – Planning without participation
Today we’re answering your mailbag questions. Joel wants to know where to keep his emergency funds. Jackie wants to know how often she should hear from her financial advisor. We’ll also answer questions on generational attitudes, business ownership, long-term care, and helping parents.
Read more and get additional financial information: https://www.truefinancialpartners.com/ep-70-mailbag-emergency-funds-long-term-care-and-worried-about-mom/
What we discuss today:
1:41 – Emergency funds
5:34 – Advisor communication
9:48 – Money attitudes
14:56 – Sell my business?
18:28 – Long-term care
22:49 – Worried about mom
Different types of accounts have different tax consequences. Let’s talk about those advantages and disadvantages in different types of accounts and how you use them (or don’t) in your retirement planning.
Read more and get additional financial information: https://www.truefinancialpartners.com/ep-69-tax-consequences-for-different-account-types/
What we discuss today:
4:13 – Tax-deferred accounts
6:32 – Tax-free accounts
9:11 – Taxable account
13:06 – CDs
14:32 – Life insurance
You’ve probably heard the buzzword “risk-averse” before. So, what does it mean? How does this term apply to our retirement plan?
Read more and get additional financial information: https://www.truefinancialpartners.com/ep-68-are-you-risk-averse/
What we discuss today:
3:12 – What does risk-averse mean?
5:24 – Our clients’ risk types
10:39 – Retirement plan for risk-averse types
13:30 – Risk conversations
Sometimes we need to think about retirement in a non-financial way. So today, we'll move away from the financial conversations we usually have and discuss some of the non-financial retirement items we should be thinking about. Join us for this fun conversation.
Read more and get additional financial information: https://www.truefinancialpartners.com/ep-67-the-non-financial-side-of-retirement/
What we discuss today:
6:10 – How will you spend your time?
8:02 – Social life
10:13 – Food
12:54 – Activities
15:14 – Exercise
16:43 – Travel
19:49 – A moving target
How can overconfidence lead to financial issues? If you get a little too comfortable with your financial position and decisions you could be blindsided. Watch out for the pride before the fall.
Read more and get additional financial information: https://www.truefinancialpartners.com/ep-66-how-overconfidence-can-lead-to-financial-ruin/
What we discuss today:
5:07 – Stock market
9:30 – Certain amount of money
11:42 – Rules of thumb
14:54 – How certain products work
17:09 – Your own decision-making process
We often talk about the fallout from COVID-19 and how it has affected our lives in many ways. But did you know it is also affecting some people’s retirement plans? If you’re planning to retire soon or are already retired, this is information you need to know.
Read more and get additional financial information: https://www.truefinancialpartners.com/ep-65-pandemic-puts-secure-retirement-at-risk/
What we discuss today:
2:30 - Who has been affected most?
4:32 - Long-term unemployment
6:50 - Best earning years
8:00 - Retirement gap
13:22 - Retirement solutions
16:10 - Successful retirement
If you’ve ever ridden the subway in London, you’ve probably seen the “Mind the Gap” sign warning you to be aware of the gap between the train door and the station platform. Today we’re talking about minding the gaps in your retirement plan.
Read more and get additional financial information: https://www.truefinancialpartners.com/ep-64-mind-these-financial-gaps/
What we discuss today:
4:08 – Paycheck gap
7:47 – Social Security/Medicare gap
13:27 – Inflation gap
15:31 – Long-term care gap
18:15 – Widow’s gap
Even if you have a solid financial plan in place, things can quickly get out of tune if you don’t make adjustments from time to time. Let’s talk about some of the areas where we often see people get out of tune with their financial plans.
Read more and get additional financial information: https://www.truefinancialpartners.com/ep-63-is-your-financial-plan-out-of-tune/
What we discuss today:
2:20 – Taxes
5:05 – Life insurance
9:50 – Cash
11:58 – Risk
Getting spouses on the same page when it comes to their retirement plans can sometimes be challenging. Today we’re sharing some of the things that couples often mess up and how you can avoid these mistakes.
Read and get additional financial information: https://www.truefinancialpartners.com/ep-62-financial-mistakes-couples-often-make/
What we discuss today:
3:10 – Spousal benefits
7:55 – Social Security
11:09 – Investing
14:40 – Risk
17:07 – Retirement goals
Should you spend more money to have a better retirement? That’s what one article says, and today, we’re diving into this column and sharing our thoughts about everything that was written on this subject.
Read more and get additional financial resources here: https://www.truefinancialpartners.com/ep-61-spend-more-money-to-have-a-better-retirement/
Here's the article we're referencing: https://www.seattletimes.com/business/want-a-better-retirement-spend-more-of-your-money/
What we discuss on this episode:
2:12 – Spend more money
6:17 – Emotional side to money
9:20 – No spending
14:05 – Self annuitize
17:34 – Other takeaways
Today we’re answering your mailbag questions on the podcast. Over the course of the show, we’ll cover three different topics that listeners are curious about: using an IRA or loan for a business, trading options in retirement, and how to handle IRA withdrawals.
Read more and get additional financial resources here: https://www.truefinancialpartners.com/ep-60-mailbag-business-loans-investment-options-and-roths/
What we discuss on this episode:
3:47 – Baking business
5:37 – Trading options
8:31 – RMDs
12:15 – Investing
15:28 – Roth
18:43 – Running out of money
We all procrastinate from time to time, but when you do it with your finances it can create trouble down the road. We’ll tell you what financial matters people tend to put off and whether it’s okay.
Read more and get additional financial resources here: https://www.truefinancialpartners.com/ep-59-is-it-okay-to-put-off-these-financial-items/
What we discuss on this episode:
3:14 – Taxes
8:53 – Debt
13:04 – Legal and estate documents
16:22 – Social Security
22:27 – Getting a plan
We’re covering topics today that might raise red flags about your finances. Can you name your investments? How often are you meeting with your advisor? Find out if your answers to these and other questions are problematic.
Read more and get additional financial resources here: http://truefinancialpartners.com
What we discuss on this episode:
2:54 – Name your investments
6:59 – Meeting with your advisor
9:21 – Account balances
12:09 – How much income you’ll need
14:34 – Retirement plan
On this episode of the Wealthy Habits podcast, we’ll answer your mailbag questions about all things finances. Among the things we discuss are divorce, interest rates, money arguments and Social Security.
Read more and get additional financial resources here: https://www.truefinancialpartners.com/ep-57-mailbag-divorce-money-arguments-and-social-security/
What we discuss on this episode:
1:52 – Divorce
4:53 – Interest rates
7:25 – Money arguments
10:56 – Social Security
13:13 – Retirement savings
15:20 – Downsizing
SECURE Act 2.0 is on the horizon and could be signed into law later this year. We’ll explain how it could affect you.
Read more and get additional financial resources here: https://www.truefinancialpartners.com/ep-56-how-secure-act-2-0-could-affect-you/
What we discuss on this episode:
2:45 – Required minimum distribution age
7:42 – Automatic 401k enroll
10:50 – Catch-up contributions
13:16 – Student loans
15:27 – Database to find old 401ks
Fire extinguishers, airbags in your car, and smoke alarms in your house are all examples of things in life that don’t really seem to matter – until they do. There are some things in the financial world that are the same way. We’ll explain what they are.
Read more and get additional financial resources here:https://www.truefinancialpartners.com/ep-55-things-that-dont-matter-until-they-do/
What we discuss on this episode:
3:15 – Legal documents
7:56 – Long-term care
15:15 – Life insurance
20:32 – Lifetime income streams
There’s a lot of focus on accumulating money, but today we’re talking about decumulation. It’s an important part of any retirement plan, and we’ll explain what it is and why you need to know about it.
Read more and get additional financial resources here: https://www.truefinancialpartners.com/ep-54-5-things-you-must-know-about-decumulation-to-retire-successfully/
What we discuss on this episode:
2:58 – Lack of support
4:51 – Spending
8:00 – Risk
12:03 – Tax consequences
14:51 – Income streams
21:35 – Experts in decumulation
On this episode of the Wealthy Habits podcast, we’re talking about a hot topic – inflation. Whether you're watching TV, reading the newspaper, or talking finances with people, you’ll hear the word inflation a lot lately. We want try to help you understand it, what it means and how it could affect your financial planning.
Read more and get additional financial resources here: https://www.truefinancialpartners.com/ep-53-inflations-going-to-happen-heres-how-to-prepare/
What we discuss on this episode:
1:16 – Hot topic
2:25 – What causes inflation
7:25 – Inflation and the stock market
9:48 – What does this mean for me?
11:46 – Planning
13:21 – Cash
14:30 – Closing thoughts
Today, we’re answering your most pressing financial questions about how much to save for retirement, whether to buy a dream home and if you should kick your sister out of mom’s house.
Read more and get additional financial resources here: https://www.truefinancialpartners.com/ep-52-mailbag-wedding-savings-stocks-and-ira-growth/
What we discuss on this episode:
2:23 – Wedding money
4:49 – Apple stock
7:48 – IRAs
12:49 – Old 401ks
16:25 – Taxes
18:26 – Retirement for kids
Are you an emotional spender or someone who loves to do research before making a purchase? No matter how you spend money, it’s helpful to know your personality type so you can best plan for retirement.
Read more and get additional financial resources here:
https://www.truefinancialpartners.com/ep-51-whats-your-spending-personality/
What we discuss on this episode:
4:36 – Emotional spender
6:26 – YOLO spender
8:27 – Savvy spender
11:00 – The miser
Your father’s retirement plan likely looked vastly different from your own. We’ll explain how times have changed and what that means for your retirement planning process.
Read more and get additional financial resources here: https://www.truefinancialpartners.com/ep-50-this-is-not-your-fathers-retirement/
What we discuss on this episode:
1:45 – Working beyond age 65
5:23 – Expenses dropping
10:21 – Planning a portfolio that will last
12:43 – More on your plate
Common sense is actually quite uncommon, especially when it comes to financial planning. Here are some common sense money approaches you need to know.
Read more and get additional resources here: https://www.truefinancialpartners.com/ep-49-learning-through-uncommon-sense/
What we discuss on this episode:
2:52 – Buy low, sell high
6:16 – Don’t pay more taxes
8:36 – Keep costs low
10:15 - Don’t put all of your eggs in one basket
14:21 - Market timing is virtually impossible
Today, we’re answering your most pressing financial questions about how much to save for retirement, whether to buy a dream home and if you should kick your sister out of mom’s house.
Read more and get additional financial resources here: https://www.truefinancialpartners.com/ep-48-mailbag-retirement-savings-dream-home-and-moms-house/
What we discuss on this episode:
3:53 – Retire comfortably
6:54 – Mortgage in retirement
9:20 – Sister in mom’s house
12:03 – Emergency fund
13:34 – 401k
17:34 – Divorce
On this episode of the Wealthy Habits podcast, we’ll explain some valuable lessons you can learn from the world of medicine and how it applies to your financial life.
Read more and get additional financial resources here: https://www.truefinancialpartners.com/ep-47-listen-to-the-money-doctor/
What we discuss on this episode:
2:40 – Get check ups
6:45 – Different specialties
9:38 – Specialists
10:52 – Second opinion
13:28 – Looking over your plan
People often have questions about life insurance. It’s not a sexy topic, but it is an important one. We’ll explain why.
Read more and get additional financial resources here: https://www.truefinancialpartners.com/ep-46-do-retirees-really-need-life-insurance/
What we discuss on this episode:
2:54 – Dirty word
5:03 – Do you need it?
7:24 – How much?
9:52 – Strategic uses
12:42 – Term, whole and universal
16:17 – Don’t set and forget
We’re coming up on the one-year anniversary of this podcast, so we’ve decided to do something different and focus today’s episode on getting to know us better. Find out what we’re like outside of the office and what things we’ll never do again.
Read more: https://www.truefinancialpartners.com/ep-45-our-hopes-and-dreams-and-what-well-never-do-again/
What we discuss on this episode:
2:03 – 10-year plan
5:09 – Something they’ll never do again
8:46 – Song or artist they like
11:52 – Luckiest moment
13:21 – What job they’d pick
With financial planning, there can be good and bad outcomes in a single situation – it’s the double edged sword of life. We’ll explain how we help clients through these predicaments.
Read more and get additional financial resources here: https://www.truefinancialpartners.com/ep-44-double-edged-sword-financial-issues-of-life/
What we discuss on this episode:
2:31 - Stocks, taxes
9:45 – Inheritance, mourning
11:30 – Roth IRA, tax deduction
14:44 – Mortgage, tax deduction
17:04 – Risk, reward
Let’s talk about some of the areas of your financial life where you might be flirting with disaster and don’t even know it. Disaster and retirement are not two words you want associated with each other.
Read more and get additional financial resources here: https://www.truefinancialpartners.com/ep-42-are-you-flirting-with-financial-disaster/
What we discuss on this episode:
2:21 – Out-of-date legal documents
4:22 – Incorrect beneficiary designations
10:42 – Tax time bomb
15:13 – Long-term care expenses
17:10 – 60/40 portfolio
Today, we’re answering your most pressing financial questions about 401ks, mutual funds and inflation. Let’s jump into the mailbag.
Read more and get additional financial resources here: https://www.truefinancialpartners.com/ep-42-mailbag-401ks-mutual-funds-and-inflation/
What we discuss on this episode:
2:07 – Can I leave 401k to son?
4:29 – Worry about inflation?
9:01 – Stock broker
11:10 – Mutual funds
13:34 – Rental property
15:18 – Does this specialty exist?
On this episode of the Wealthy Habits podcast, we’re talking about the intersection of crisis and opportunity, two words you probably don’t think of together. But sometimes a financial crisis can create opportunities for people.
Read more and get additional financial resources here: https://www.truefinancialpartners.com/ep-41-where-financial-crisis-and-opportunity-meet/
What we discuss on this episode:
3:25 – Empty nest
6:02 – Market crash
10:51 – Life insurance
13:00 – Laid off
On this episode of the Wealthy Habits podcast, we’re talking about guiding principles of finance and what we would campaign on if we ever ran for elected office, financially speaking.
Read more and get additional resources here: https://www.truefinancialpartners.com/ep-40-campaign-principles-of-financial-advisors/
What we discuss on this episode:
1:55 – Managing risk
5:53 – Finding purpose in your portfolio
8:31 – Eliminating lazy money
10:59 – Finding peace of mind with money
13:51 – More financial advice
Today we’re talking about the state of pension plans in America. How have they changed, and how can they affect your retirement?
Read more and get additional financial planning here: https://www.truefinancialpartners.com/ep-39-the-state-of-the-american-pension-plan/
What we discuss on this episode:
2:01 – How many companies have pensions
3:25 – How pensions impact planning
6:34 – Pension buyouts
10:47 – Rising inflation
You should never assume when it comes to retirement planning. You might have some wrong ideas. We’ll explain what those wrong assumptions are and why.
Read more and get additional financial resources here: https://www.truefinancialpartners.com/ep-38-dont-make-these-assumptions-about-retirement/
What we discuss on this episode:
2:32 – Spending less in retirement
5:46 – Lower taxes in retirement
8:56 – Helping children with college
11:55 – I’ll never retire
On this episode of the Wealthy Habits podcast, we answer your mailbag questions about all things finances.
Read more and get additional financial resources here: https://www.truefinancialpartners.com/ep-37-mailbag-roths-hsas-and-real-estate/
What we discuss on this episode:
2:02 – Max out Roth 401k or Roth IRA?
7:31 – HSA advice
9:55 – Pay off house or buy rental property?
12:52 – What’s the right number of funds?
14:03 – How to help someone financially
Should parents involve children in finances? Are there different rules for younger children versus older children? We’ll explain what you should and shouldn’t say to your kids about money
Read more and get additional financial resources here: https://www.truefinancialpartners.com/ep-36-how-to-teach-your-kids-about-money/
What we discuss on this episode:
2:57 – Should kids be involved?
4:06 – Younger children
7:16 – Include children in financial decisions?
11:30 – Downsides to getting kids involved
12:15 – Older children
15:53 – Dave and Drue’s parents
19:45 – Do clients bring kids?
A lot of people are talking about taxes this time of year, so we're going to help you out and give you some 2021 tax tips. We’ll look back at some big events that happened over the last year, how they might impact your taxes, and how you can prepare for that.
Read more and get additional financial resources: https://www.truefinancialpartners.com/ep-35-top-tax-tips-you-need-to-know/
What we discuss on this episode:
3:35 – Stimulus payments
6:01 – Tax brackets
7:59 – Extra charity
10:05 – Required minimum distribution
14:44 – Home office
16:30 – File taxes online or use CPA?
19:45 – File early or wait?
20:52 – Big picture
A recent survey found that nearly half of women said they defer their husbands when it comes to major financial and investment decisions. On this episode of the Wealthy Habits podcast, we’ll explain why it’s important for both men and women to be involved in financial decision-making and how women can participate more.
Read more and get additional financial resources here: https://www.truefinancialpartners.com/ep-34-four-ways-women-can-get-more-involved-in-financial-decisions/
What we discuss on this episode:
2:50 – Picture the worst-case scenario
7:05 – Take it slow
8:56 – Find balance
11:29 – Get help
Today, we're going to be introspective and look inside ourselves to help us understand how we view money, what our goals are, and where we want to go. These five questions could have a major financial impact on you.
Read more and get additional financial resources here: https://www.truefinancialpartners.com/ep-33-five-financial-questions-to-ask-yourself-today/
What we discuss on this episode:
2:29 – What financial issues keep me up at night?
4:25 – What do I desire most financially?
5:31 – Do I have any biases that affect my financial decisions?
9:56 – What did I learn about money from my parents?
12:09 – What does money really mean to me?
Today we’re sharing five important retirement stats that reveal some of the problems people face when they're getting ready to retire. Find out how you can avoid falling behind in these areas.
Read more and get additional financial resources here: https://www.truefinancialpartners.com/ep-32-five-important-retirement-stats/
What we discuss on this episode:
2:50 - Only 17% of American workers are very confident they'll have enough money to retire
5:25 - The average 65-year-old woman has a life expectancy of 20.7 more years
9:12 - 16.5% of our country's population is over the age of 65
12:07 – Average retiree will spend $295,000 on out-of-pocket medical expenses
14:29 – 90% of people over 60 say a written retirement plan is important, but only 20% have one
Today, we’re answering your most pressing financial questions, which will include Social Security, life insurance, and leaving a legacy. There's a little something in here for everyone so let’s jump into the mailbag.
Read more and get additional financial resources here: https://www.truefinancialpartners.com/ep-31-mailbag-social-security-life-insurance-and-legacies/
What we discuss on this episode:
2:08 – Start social security to pay off house?
5:48 – Use life insurance to create income
7:47 – What amount to leave to children?
11:22 – How long should I wait to reinvest?
13:10 – How much long-term care coverage do we need?
15:11 – Do I need a financial advisor?
Let’s dive into financial literacy and the three qualities of money you want inside your portfolio. Do you know what they are? On this episode of the Wealthy Habits podcast, we’ll explain the three qualities of money that you need in your portfolio. Read more and get additional financial planning resources here: https://www.truefinancialpartners.com/ep-30-three-qualities-of-money-in-financial-planning/ What we discuss on this episode: 2:44 – Three qualities of money
4:57 – Can you achieve all three?
6:19 – Cash
8:15 – Stocks, bonds, mutual funds
9:49 – Annuities
11:08 – Real estate
12:58 – What do people put too much emphasis on
What is a Roth conversion, and is it right for you? We’ll dig into the pros and cons and fill you in on everything you need to know.
Read more and get additional financial resources here: http://petersonfg.com/new-year-new-ideas-to-consider/
What we discuss on this episode:
2:19 – What is a Roth conversion?
6:42 – What if you’re 55 or older?
10:15 – High-income earners
12:00 – Mistakes people make
16:46 – Who will and won’t benefit
17:57 – Why it’s an opportunity
When you think about financial planning, what emotions come to mind? We’ll explain the top two emotions people have when dealing with their money and how to handle those feelings.
Read more and get additional financial resources here: https://www.truefinancialpartners.com/ep-28-how-to-account-for-emotions-in-your-financial-plan/
What we discuss in this episode:
2:20 – Fear and greed
5:10 – The problem with emotion
8:02 – Mistakes people make
11:03 – Emotions aren’t always bad
13:46 – Building a plan with logic and emotion
Today we’re continuing a two-part series on critical estate planning mistakes. We went through three mistakes on the first part. On this second part of the Wealthy Habits podcast, Dave and Drue talk about three more mistakes people make.
Read more and get additional financial resources here: https://www.truefinancialpartners.com/ep-27-avoid-these-critical-estate-planning-mistakes-part-2/
Check out Part 1: https://www.truefinancialpartners.com/ep-26-avoid-these-critical-estate-planning-mistakes-part-1/
What we discuss on this show:
2:18 – Transferring real estate
6:54 – Consider taxes
9:02 – Other tax considerations
13:03 – Importance of attorneys and CPAs
Over the next two episodes, we’ll be talking about critical estate planning mistakes. We have six different critical mistakes we're going to talk about over this two episode series. We'll do three today and three in the next one
Read more and get additional resources here: https://www.truefinancialpartners.com/ep-26-avoid-these-critical-estate-planning-mistakes-part-1/
What we discuss on this show:
2:48 – Why estate planning is so important
4:54 – Failing to plan for foreseen expenses
7:37 – Not updating beneficiary designations
17:36 – Avoiding conflict and litigation
Today’s episode is devoted to your questions about retirement and financial planning. How much risk is appropriate? What should I do before retiring? We’ll answer these and other questions.
Read more and get additional financial resources here: https://www.truefinancialpartners.com/ep-25-mailbag-answering-your-questions-about-retirement-risk-and-investing/
What we discuss on this show:
2:07 – I’ll be retiring in one year. What do I need to do before I walk away?
4:07 – How much risk is appropriate with my investments now that I’m retired?
7:27 – I just received a large amount of cash from my mom’s estate. I’m hesitant to invest it right now, because it seems like I’d be buying high.
9:42 – My husband’s military pension is a very nice monthly benefit, but after he dies, I don’t get a penny of it. How do we address this problem?
11:38 – I’m overwhelmed by all the accounts we have.
15:31 – Should I use a big-time advisor?
Mutual funds have long been one of the most popular ways for people to invest. Is that still the case, and is the investment landscape changing?
Read more and get additional financial resources here: https://www.truefinancialpartners.com/ep-24-the-future-of-mutual-funds/
What we discuss on this show:
2:08 – Who has mutual funds?
4:50 – What average investors don’t know about mutual funds
8:08 – Mutual fund loads
10:10 – Mutual fund options and tools
12:53 – Taxes
17:06 – Mutual fund distributions
18:43 – The future of mutual funds
On this episode of the Wealthy Habits podcast, Dave and Drue share five important questions you need to know to prepare for retirement. Let’s see how well you know your finances.
Read more and get additional financial resources here: https://www.truefinancialpartners.com/ep-23-are-you-prepared-for-retirement-take-this-quiz/
What we discuss on this show:
2:01 – Do you know how much you actually have?
6:01 – Do you know how much you’re spending?
8:22 – Do you know how much risk you actually have?
12:11 – Do you know what you’re paying in fees?
14:58 – Do you know what your retirement income stream will actually look like?
You've probably heard opinions about variable annuities, and it seems like many people aren't very big proponents of them. We’re going to find out why that is and what annuities are all about.
Read more and get additional financial planning resources here: https://www.truefinancialpartners.com/ep-22-whats-the-truth-about-variable-annuities/
What we discuss on this show:
2:23 – Why do so many people dislike variable annuities?
4:18 – What are annuities?
6:35 – Why do so many people have variable annuities?
8:00 – Do people not know they’re invested in variable annuities?
10:47 – How can you tell what type of annuity you have?
13:05 – What should I do if I have a variable annuity?
On this episode of the Wealthy Habits podcast, Dave and Drue explain how to pick the right financial advisor. You might be surprised how little time people invest in this crucial process.
Read more and get additional financial resources here: https://www.truefinancialpartners.com/ep-21-how-to-pick-the-right-financial-advisor/
What we discuss on this show:
4:32 – How to find the right advisor
7:51 – Warning signs
10:33 – When an advisor doesn’t fit you anymore
13:50 – What could go wrong?
14:45 – What to look for when choosing an advisor
Most people have a 401K or other retirement plan, but it’s not as simple as contributing money and collecting it when you retire. There are a lot of decisions you can make about investments, loans, rollovers and more. On this episode of the Wealthy Habits podcast, Dave and Drue answer some frequently asked questions about 401Ks.
Read more and get additional financial resources here: https://www.truefinancialpartners.com/ep-20-frequently-asked-questions-about-401ks/
What we discuss on this show:
2:21 – Should I accept 401K advice from my company?
5:23 – Should I take out a 401K loan?
8:41 – Are 401K rollovers a good idea?
14:14 – Should I use target date funds?
17:09 – Should I take my company match or contribute more?
21:48 – Should I do a Roth 401K?
Today we’re talking about estate planning, specifically wills and trusts. Find out what’s right for you, how much it costs and more.
Read more and get additional financial resources here: https://www.truefinancialpartners.com/ep-19-what-you-should-know-about-wills-and-trusts/
What we discuss on this show:
2:20 – Why estate planning is so important
3:29 – Will or trust?
8:10 – When you might not need a will
10:05 – You don’t need a lot of assets for a trust
11:46 – Be aware of costs and fees
13:00 – How quickly you can settle a will versus a trust
14:25 – Financial adviser’s role
Major life events can change the way we plan for and think about our future. Find out what five life changes are most likely to affect you financially and how you should deal with them.
Read more and get additional financial resources here: https://www.truefinancialpartners.com/ep-18-5-life-events-that-spark-major-financial-changes/
What we discuss on this show:
2:27 – Changing jobs
4:53 – Being fired, furloughed, or laid off
7:15 – Inheritance
11:43 – Serious medical conditions
14:03 – Losing a spouse
Friends, family and others often have the best intentions when giving you financial advice, but beware – it’s not always a good idea to follow their lead.
Read more and get additional financial resources here: https://www.truefinancialpartners.com/ep-17-best-intentions-dont-always-lead-to-good-advice/
What we discuss on this show:
3:13 – Family
5:35 – Friends/coworkers
9:06 – CPAs
12:54 – Media
The COVID-19 pandemic has caused chaos and financial uncertainty for many people, but should you tap into your retirement accounts early? The government has approved different provisions that loosen some of the retirement rules, but Dave and Drue explain why it should be a last resort.
Read more and get additional financial resources here: https://www.truefinancialpartners.com/ep-16-should-you-tap-into-retirement-accounts-early/
What we discuss on this show:
2:07 – Up to 100,000 without paying early withdraw from retirement accounts
3:56 – Importance of an emergency fund
7:02 – Difficult to replenish 401K
8:20 – Hardship withdraw
10:44 – Increased 401K loan amounts
13:44 – Changes to required minimum distributions
18:34 – Overall thoughts on changes
20:03 – Little financial decisions can have big impact
Today’s episode is all about the coronavirus. How has it affected the market so far, and what changes might lie ahead?
Read more and get additional financial planning resources here: https://www.truefinancialpartners.com/ep-15-coronavirus-impact-on-financial-planning/
What we discuss on this show:
2:59 – How have things changed since March?
5:40 – Will the rest of the year be volatile?
8:00 – How clients have handled pandemic
9:42 – What adjustments can people make?
11:25 – Election uncertainty
14:50 – Worried about another wave of shutdowns?
It’s not uncommon to get financially sidetracked on your way to retirement. Dave and Drue explain what to do if you’re lost and how to get back on track.
Read more and get additional financial resources here: https://www.truefinancialpartners.com/ep-14-are-you-getting-lost-on-the-way-to-retirement/
What we discuss on this show:
2:34 – Bad tools
5:58 – Bad directions
8:39 – Not paying attention
12:48 – How to get back on track
14:12 – How to help someone who’s lost
17:37 – Ask for help
Everybody likes to have cash, but is there a time when it’s good or bad? Dave and Drue explain the pros and cons of having more cash on hand.
Read more and get additional financial resources here: https://www.truefinancialpartners.com/ep-13-pros-and-cons-of-having-more-cash-on-hand/
What we discuss on this episode:
2:30 – Good reasons to have cash on hand
5:07 – How much cash should I have?
6:05 – Why it’s counterproductive to have more cash on hand
7:24 – Having cash gives you security
8:39 – Money not working for you
11:13 – Ways you can invest money
What’s the difference between a will and a trust, and which one should I choose? Dave and Drue explain why they are so important and which one you might need.
Read more and get additional financial resources here: https://www.truefinancialpartners.com/ep-12-will-vs-trust-whats-right-for-me/
On today's show:
2:31 – Difference between wills and trusts
4:25 - Three purposes of a trust
6:52 – How wills and trusts affect retirement accounts
8:04 – Who chooses wills and trusts
11:34 – Power of attorney
Step into the classroom as Dave and Drue explain some financial buzzwords. How do these words impact you, and what do they mean? We'll tell you today.
Read more and get additional financial resources here: https://www.truefinancialpartners.com/ep-11-what-do-these-financial-buzzwords-mean/
On today's show:
3:54 – Full retirement age
7:12 – Tax deferred
14:04 – Diversification and asset allocation
16:04 – Lump sum
You’ve heard advice about how to improve your finances and prepare for retirement, but what about mistakes? Today, Dave and Drue share five ways you could be ruining your retirement.
Read more and get additional financial resources here: https://www.truefinancialpartners.com/ep-10-5-ways-to-ruin-retirement/
On today's show:
2:17 – Treating retirement as a destination
5:17 – Believing retirement will solve all your problems
7:52 – Assuming your monthly spending habits will be same
10:40 – Not staying active in retirement
11:59 – Investing like you’re 35 years old
15:26 – Mailbag: Which of my accounts should I withdraw from first?
What are the steps to building a strong financial house? Dave and Drue give you step-by-step instructions to create a solid foundation and flourish with your finances.
Read more and get additional financial resources here: https://www.truefinancialpartners.com/ep-9-how-to-build-a-strong-financial-house/
On today's show:
2:07 – The foundation = Your income plan
5:15 – The walls = Your investment plan
9:11 – The roof = Your insurance protections
12:26 – The finishing touches – Your estate plan
15:32 – Creating a blueprint
16:45 – Mailbag question about finances in second marriages
We often find that people are clinging to ideas or beliefs that end up giving them a false sense of hope about their retirement. That’s a very dangerous position to be in. Let’s explore some of that faulty thinking and why it leaves people underprepared for retirement.
Read more and get additional financial resources here: https://www.truefinancialpartners.com/ep-8-are-you-clinging-to-false-hope-for-retirement/
Today's show schedule:
0:53 – Drue and his family just returned from vacation.
2:41 – The mindset that you’ll be ready to retire once you hit a certain number in your savings
6:57 – The belief that your income needs will drastically decrease once you retire
9:04 – Assuming that an inheritance will make up for any shortfalls in savings.
10:18 – The idea that you can just figure it out once you reach retirement.
12:51 – Assuming that the income estimate on your 401k statement is accurate.
There are some financial planning blunders that are interesting to talk about but are quite rare in reality. On the other hand, there are some financial planning mistakes that happen far too often. Let’s talk about the mistakes so many people have made in the past it has made them “classic”.
Read more and get additional financial resources here: https://www.truefinancialpartners.com/ep-7-5-classic-pre-retiree-mistakes/
Today's show schedule:
2:42 – 1st mistake: Investing at age 59 the same way you did at 39.
7:10 – 2nd mistake: No plan or strategy for claiming Social Security.
11:20 – 3rd mistake: Focused on tax preparation but not tax planning.
14:01 – 4th mistake: Assuming that all your healthcare needs will be covered by Medicare.
15:45 – 5th mistake: Taking on more risk to make up for lost time.
There’s a lot of confusion out there about annuities, probably because there are different types of annuities that do different things. So we’ll give you each of these types of annuities, you explain how they work and how they might be used in someone’s financial plan.
Read more and get additional financial resources here: https://www.truefinancialpartners.com/3116-2/
Today's show schedule:
0:55 – How clients are handling the slow return to normal.
1:57 – What we plan to talk about today.
2:15 – What is the Immediate Annuity?
3:37 – The Fixed Annuity
4:23 – Variable Annuities
6:11 - Fixed Indexed Annuity
9:23 – Do you utilize annuities with your clients?
11:00 – An example of how they’ve used these with a client.
14:42 – Are annuities more popular now with the volatility we’re experiencing?
Many people to think too far ahead when it comes to Social Security, but it’s a chunk of your income that you’ll depend on in retirement. Make sure you get it right by steering clear of these five myths about the program.
Read more and get additional financial resources here: https://www.truefinancialpartners.com/podcast/
Today's show schedule:
1:45 – Myth 1: The Social Security Administration is going to help you make the best decision to when you should start your benefit.
4:52 – Myth 2: Stay-at-home parents won’t receive any benefits since they didn’t work enough outside of the home.
7:09 – Myth 3: You won’t pay taxes on Social Security because you’ve been paying taxes on that money throughout your life as you paid into the system.
8:49 – Myth 4: There won’t be any Social Security money left by the time you retire.
9:39 – Three significant changes to Social Security since it began.
14:26 – Myth 5: Claim your benefit as soon as you’re eligible.
Do you have a Roth IRA right now? Should you? Today we talk about the differences between a traditional and Roth IRA and how they can benefit you in the future.
Get additional financial resources here: https://www.truefinancialpartners.com/podcast
Timestamps:
2:04 - What is the definition of a traditional and Roth IRA?
4:45 - Why have people leaned toward the traditional account over the Roth?
6:32 - What questions should you ask regarding your options?
7:40 - How can a Roth IRA be a powerful tool for retirement?
11:27 - Most people don’t look at taxes the right way.
12:56 - When should you choose a Roth IRA over a traditional IRA?
13:45 - Who would benefit more from the traditional IRA over the Roth?
No matter how well you’ve built your financial plan, a critical mistake along the way can ruin everything you’ve worked for. On this episode, we’ll give you five errors investors will make on their way to retirement that can cause significant damage to their portfolio.
Get additional financial resources here: https://www.truefinancialpartners.com/
Today's show schedule:
1:04 – Will virtual meetings become a bigger part of the business?
3:31 – What we’re discussing today and why.
4:01 – Believing that bonds will always be a safe investment.
7:30 – Not planning for long-term care needs.
10:40 – Failing to protect your portfolio against market decline.
14:20 – Assuming one financial product will always be good or always be bad.
16:32 – Failing to have a plan at all.
19:27 – How many people don’t have a plan for after retirement?
If you’re like most people, you probably have some financial accounts that you haven’t paid much attention to for a while. The statements are filed away somewhere collecting dust, but they might actually be hidden gems that could be put to much better use. Let’s talk about some of the accounts that people tend to ignore for too long.
Get additional financial resources here: https://www.truefinancialpartners.com/
Today's show schedule:
1:31 – How has COVID-19 impacted the business?
4:05 – This time has given people a chance to look closely at their finances.
5:10 – Let’s start with old 401k accounts.
12:01 – Next place to look is life insurance policies.
16:20 – Look at your savings account or money market account. Could there be to much cash?
18:51 – Our last one is pension funds.
Welcome to the debut episode of the Wealthy Habits podcast. Before we get rolling on financial topics and retirement planning discussion, let’s introduce you to the voices you’ll be hearing on every show. Join us as we get to know Dave Elizondo and Drue Kampmann, their business, and the goals for the podcast.
Get additional financial resources here: https://www.truefinancialpartners.com/
Today's show schedule:
1:24 – What does being a financial planner mean to you?
3:12 – How did they become partners and start working together?
4:00 – What does the financial planning process look like for clients?
5:31 – One thing you want listeners to know about each of you.
6:11 – What do you like most about the Quad Cities?
7:55 – What does a typical weekend look like for you?
8:57 – What’s the last place you visited?
10:35 – The reason why you decided to launch a podcast.
12:50 – What are some of the topics we can expect to talk about on the podcast?
13:42 – The ideal listener to the podcast.
16:50 – How to connect with Dave and Drue.