Financial Choices Matter
Episodes
Thursday Feb 20, 2020
Who Really Pays Income Taxes?
Thursday Feb 20, 2020
Thursday Feb 20, 2020
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 Statistics From 2016
5:12 - Top Wage Earners
7:01 - Emotions In Financial Planning
7:29 - Fear And Greed
9:59 - Invest For The Long Term
10:55 - Using Emotions For A Good Cause
12:23 - Taking Clients' Emotions Into Consideration
16:49 - Mailbag Question from Frank: "My 401 (k) got rolled over into American Funds, is this a good thing?"
Thursday Feb 06, 2020
The SECURE Act Passed - Now What?
Thursday Feb 06, 2020
Thursday Feb 06, 2020
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
3:38 - 10 Year Window Eliminated
5:36 - Multiple Beneficiaries
6:41 - Trusts Cannot Be A Contingent Beneficiary For An IRA
8:49 - Life Insurance As An Alternative Solution
14:17 - Mailbag Question from Emily: "Did 401 (k) Contributions Go Up?"
Thursday Oct 17, 2019
Retirement Constants That Affect Everyone
Thursday Oct 17, 2019
Thursday Oct 17, 2019
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 - Retirement Constant #4: Healthcare
11:54 - Mailbag Question from Sally: "Are fees and commissions the same thing?"
13:48 - Mailbag Question from Lucy: "How often should I meet with my advisor?"
15:59 - Getting To Know Charles: What is your favorite movie genre?
Thursday Oct 03, 2019
What Flying Teaches Us About Retirement
Thursday Oct 03, 2019
Thursday Oct 03, 2019
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 would you be terrible at?
Thursday Sep 19, 2019
Even Responsible Savers Make Mistakes
Thursday Sep 19, 2019
Thursday Sep 19, 2019
Even for people who have been very responsible with their money over the years, entering retirement canstill be a challenge because it’s such a different stage of life. Let’s talk about some of the missteps thateven responsible savers can make…
Show Notes:
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 Risk
7:27 - Mistake #3: Don't Forget About The Tax Time Bomb
9:09 - Mistake #4: Live A Little
11:06 - Mailbag Question from Raymond: "I haven't paid much into Social Security..."
Thursday Aug 15, 2019
Why Are You Making Excuses For Sticking With The Wrong Advisor?
Thursday Aug 15, 2019
Thursday Aug 15, 2019
Very often, we find that people wil stick with a broker or financial advisor who's doing a less than stellar job, and there's usually a handful of reasons why. Charles will poke some holes in those excuses, and give you a healthier picture of what your financial advisor should be doing for you if he or she is truly a good fit. We'll also take a look at some recent news items related to the student loan debt crisis.
Show Notes:
1:45 - In The News: Proposed solutions to student loan debt crisis
5:41 - Why Are You Making Excuses For Sticking With The Wrong Advisor?
7:42 - Common Excuses: "I get confused when there's a meeting."
11:16 - Mailbag Question from Alex: Should I take risk off the table with my 401(k)?
Thursday Aug 01, 2019
Why Should You Plan For Retirement With A Sense Of Urgency?
Thursday Aug 01, 2019
Thursday Aug 01, 2019
Some people (in fact, probably most people) find it easy to procrastinate when it comes to financial planning issues. But let’s talk about some scenarios that might cause people to have a bit more sense of urgency.
Show Notes:
1:43 - Mailbag Question from Blair: Why am I not in a lower tax bracket in retirement?
5:45 - Sense of Urgency: Scenario 1 - Loss of a job
7:09 - Sense of Urgency: Scenario 2 - Receiving a retirement buyout offer
8:39 - Sense of Urgency: Scenario 3 - Procrastination in planning for retirement
11:20 - Sense of Urgency: Scenario 4 - Death of a spouse
13:07 - Sense of Urgency: Scenario 5 - Market takes a dip
15:07 - Charles makes an important announcement about financial education
17:25 - Getting to know Charles - What area is Charles an expert in outside the financial world?
Thursday Jul 18, 2019
Exposing 401(k) Weaknesses
Thursday Jul 18, 2019
Thursday Jul 18, 2019
Your 401k can be your most powerful retirement savings tool. But it’s not perfect. Let’s talk about some of the weaknesses that you should be aware of in your 401k (or 403b, or TSP, or 457 plan).
Show Notes:
1:24 - News headline about the SECURE Act
4:33 - Exposing 401(k) weaknesses
7:43 - Charles shares a tip on moving 401(k) plans outside your company
10:36 - Mailbag Question from Angie: Are all long-term care policies this expensive?
Wednesday Jul 03, 2019
Are Tax Advantages Overrated?
Wednesday Jul 03, 2019
Wednesday Jul 03, 2019
Of course, saving money on taxes is important. But when tax advantages are being pitched as the primary benefit of an investment, should we be concerned? Charles will help us tackle the pros and cons on this week's episode. We'll also answer a question from Roberta about investing a large amount of her 401k in company stock.
Show Notes:
2:00 - Mailbag question from Roberta: Is it okay to have a majority of my 401k in company stock since I know the company well?
7:14 - Are tax advantages in investments overrated?
13:06 - Getting to know Charles: Did you ever get into any trouble when you were younger?
Thursday Jun 20, 2019
“Fake News” Impacting Your Finances
Thursday Jun 20, 2019
Thursday Jun 20, 2019
The term “fake news” has become synonymous with the political climate of the past few years. But the phenomenon has spread to other parts of our culture as well. What about fake news in the financial space? We’ll look at some recent news headlines to see if they qualify to be labeled as “fake news”.
Show Notes:
0:28 - Say "Hi" to new co-host, Marc.
2:05 - Quote of the Week from Pablo Picasso.
4:50 - Financial Fake News #1: Social Security is going broke.
8:18 - Financial Fake News #2: The crash of the dollar is imminent, so buy gold now.
10:52 - Mailbag Question from Jim: Is it OK to start Social Security while still working?