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”.Show Notes:
1:13 - Headline: 72% Of American Say They Will Prioritize Financial Planning Once Pandemic Is Over
3:15 - Classic Pre-Retiree Mis...
Step into the classroom and let’s take a look at some financial terms, define them, and find out if they’re important for the typical investor and saver to know about them.Show Notes:
3:06 - Main Topic: Financial Dictionary
3:35 - Accelerated Death Benefit
4:21 - AGI
5:28 - Fundamental Analysis
6:09 - Margin Account
7:11 - High Yield/Junk Bonds
9:31 - Sammantha Asks, “Should I Let The Kids Know About Our Plans To Leave An In...
It seems that most people don’t have a clear picture of whether they should contribute to a traditional IRA or a Roth. Let’s discuss how to determine what’s best for you.Show Notes:
1:23 - Headline: More Than 25% Of Americans Are Raiding Their Retirement Accounts Because Of COVID-19
4:16 - Traditional IRA Vs. Roth IRA - The Basic Definitions
5:10 - Why Are So Many In The Traditional Account?
6:11 - Is The Current Tax Environment ...
Let’s talk about some of the common mistakes that we see being made time and time again by retirees and pre-retirees.Show Notes:
2:24 - Bonds Are A Safe Investment
5:19 - Avoiding The Idea of Long Term Care Needs
8:43 - Guarding Against Market Declines
10:49 - Categorizing Different Investment Vehicles As Always Good, Or Always Bad
14:03 - Not Having A Plan In Place
16:06 - Beverly Asks If She Has Enough Diversification Between H...
If you really took inventory of your financial situation, you might find that you’ve been taking for granted some assets that make up a huge piece of your puzzle. Is it possible you should be putting a little more thought into some of these assets?Show Notes:
1:56 - Are you paying attention to your biggest assets?
2:32 - Should we be putting more thought into these assets?
3:32 - Asset #1: 401(k)
5:45 - Asset #2: House
8:54 - Asse...
Sometimes events happen in life that make it really important for you to carefully assess your financial situation. Let’s explain why each of these events is usually a good reason for a financial review.Show Notes:
2:32 - Will Rogers Quote
4:00 - Life Events Can Spark Major Changes
9:50 - Unplanned Events Of Jobs
7:31 - Serious Medical Issue
11:09 - Estate Planning
17:56 - Mailbag Rick Worries About Running Out Of Money With Rec...
The Coronavirus (COVID-19) is having a dramatic impact on our daily lives and many people are taking a huge financial hit from lost wages, a volatile stock market, and general economic uncertainty. Charles will talk about his thoughts on this situation and we will briefly mention a couple elements of the new CARES Act.Show Notes:
1:18 - How Business Has Been For Charles
3:27 - Being Able To Help A Client With The New CARES Act
There are many "it depends" situations in financial and retirement planning. On today's show we look at some truths we can state with confidence.Show Notes:
2:07 - Financial Truths
3:17 - TV Can Be A Big Enemy
5:49 - The Market Moves In Cycles
8:10 - There’s No Magic Bullet
9:30 - Why Diversification Is Important
13:04 Mailbag Tim asks “My advisor is retiring and passing on the business. Should I Find A New Advisor?...
On today's episode Charles explains why people who give investment advice without a securities license are bugging him. We also talk about how past epidemics have affected the stock market and we answer a couple email questions that have come in.Show Notes:
1:46 - What's Bugging Charles?
6:25 - How Past Epidemics Have Affected The Stock Market
7:46 - You Need A Plan To Help During These Pullbacks
9:35 - Mailbag Question fr...
With the national elections in November, the parties have VERY different opinions regarding who should be paying their fair share of income taxes. But do we really know who pays what? You certainly can’t rely on either political party to give you the straight information. We also dive into a discussion on how to reasonably incorporate emotions into your financial plan.Show Notes:
1:32 - Who Pays Income Tax?
2:20 - Income Tax Stati...
After it simmered in Congress for a year, the SECURE Act is now law. If you have a retirement account of any kind, or will one day inherit a retirement account, this will affect you. Matt will hit the main points of this new bill and how it will change retirement planning.Show Notes:
0:58 - The SECURE Act
1:23 - Death Of The Stretch IRA
2:14 - Small Businesses And Retirement Plans
2:48 - Required Minimum Distribution Change
Mutual funds have long been the most popular way for people to invest, but is that landscape changing?Show Notes:
1:45 - Financial Dictionary: Tax Loss Harvesting
5:06 - Ins And Outs Of Mutual Funds
5:19 - Point #1: What Percentage Of Clients Have Mutual Funds When They First Come To See You?
6:24 - Point #2: Expense Ratios
7:58 - Point #3: Front Load, Back Load, No Load
9:20 - Point #4: Tax Issues Mutual Funds Can Create
11:07 - ...
Trustworthy. Likable. Problem-solving. Good listener. We should be describing your financial advisor or a potential advisor if you’re in the process of finding one. On today’s show, we’ll talk about why it’s so important for your advisor to embrace these kinds of characteristics. That’s the easy part. But we’ll also tackle the harder part and discuss some tangible ways how you can determine if an advisor has these characteristics o...
Myths, rumors, and misunderstandings are pervasive in the world of Social Security. On this show, we’ll look to clear up the top 5 misunderstandings about Social Security.Show Notes:
1:33 - Mailbag Question from Randall: "Places to start investing in for retirement."
5:21 - Top 5 Social Security Misunderstandings
5:42 - Misunderstanding #1: Social Security Is Going Broke
6:43 - Misunderstanding #2: You Should Start Social ...
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.Show Notes:
0:56 - In The News: How the stock market might react to the result of the upcoming election
5:27 - Avoiding Critical Estate Planning Mistakes
5:43 - Mistake #1: Not Planning Your Expenses In Retirement
7:17 - Mistake #2: Beneficiary Designations
Sometimes being a good financial advisor means having uncomfortable conversations. We’ll take a look at how advisors should help clients navigate various tricky situations.Show Notes:
0:48 - Story Time: Tax Planning
3:48 - It's Good To Have Awkward Conversations
4:30 - Conversation #1: Death Of A Spouse
6:11 - Conversation #2: Nursing Home Care
8:50 - Conversation #3: Working Longer Than Expected
12:01 - Conversation #4: Legac...
While there are some factors that are different for everyone in retirement planning (variables), there are also constants that affect everyone, no matter the specifics of your situation. How do we plan around these constants?Show Notes:
2:13 - Retirement Constants That Affect Everyone
2:34 - Retirement Constant #1: Inflation
4:45 - Retirement Constant #2: Rising Taxes
6:37 - Retirement Constant #3: Market Volatility
9:15 - Retirem...
There are some important lessons that flying can teach us about retirement planning. So check your luggage, strap into your seat and let's take a trip with Charles.Show Notes:
0:56 - What Flying Teaches Us About Retirement
2:11 - Lesson #1: Flight Plan
4:26 - Lesson #2: Turbulence
7:31 - Lesson #3: Air Traffic Control
11:13 - Mailbag Question from Tom: Term vs. Whole Life Insurance
13:41 - Getting To Know Charles: What job wou...
Even for people who have been very responsible with their money over the years, entering retirement can
still be a challenge because it’s such a different stage of life. Let’s talk about some of the missteps that
even responsible savers can make…
1:16 - In The News: Wedding Loans
3:53 - Even Responsible Savers Make Mistakes
4:24 - Mistake #1: Don't Get Too Enamored With Cash
5:57 - Mistake #2: Don't Take Too Much ...
Today’s episode is simple. We’ll look at some of the most widely believed financial myths and try to bust them wide open. The scary thing is that a lot of people base their financial plans on some of these myths.Show Notes:
2:17 Helping clients understand how their financial jigsaw puzzle fits together
5:58 Myth 1: Shifting from stocks to bonds removes the volatility from your portfolio
7:32 Myth 2: Once you've retired, life i...