Explore every episode of the podcast Real Personal Finance
| Title | Pub. Date | Duration | |
|---|---|---|---|
| Should I Rent or Should I Buy? | 05 Dec 2024 | 00:33:53 | |
To be a home owner or not to be a home owner, that is the question – and the answer is anything but simple! Tune in as we discuss when home ownership makes sense and when it may be better to rent. Ready to learn more? Money can be confusing—but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Are you ready to align your money with your ideal life? Connect with us at Stone Steps Financial or Flow Financial Planning. | |||
| When Roth Conversions Make Sense (and When They Don’t) | 21 Nov 2024 | 00:27:39 | |
Roth conversions can be a great tool for minimizing your tax burden, but you don’t want to jump in blind. If you have a 401(k) and/or an IRA, you don’t want to miss this episode. Join us as we look at the what, when and why of Roth conversions. Ready to learn more? Money can be confusing—but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Are you ready to align your money with your ideal life? Connect with us at Stone Steps Financial or Flow Financial Planning. | |||
| What Do Financial Advisors Actually Do? | 07 Nov 2024 | 00:31:04 | |
Ever wonder what exactly a financial advisor does? In our latest episode, we’re going beyond investments and insurance to look at the big picture of everything we do as advisors. Join us as we pull back the curtain on what we do, how we think about it, and how we help our clients. Ready to learn more? Money can be confusing—but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Are you ready to align your money with your ideal life? Connect with us at Stone Steps Financial or Flow Financial Planning. | |||
| How to Leverage Tax Projections to Minimize Your Tax Burden | 24 Oct 2024 | 00:30:06 | |
Sitting down to do a tax projection can make a huge impact on the amount of taxes you pay – but you have to do it before December 31! Whether you’re expecting next year to be a high- or low-income year, join us as we discuss how a tax projection can help minimize your tax burden. Ready to learn more? Money can be confusing—but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Are you ready to align your money with your ideal life? Connect with us at Stone Steps Financial or Flow Financial Planning. | |||
| Making Moves During Open Enrollment? Learn More About Life Insurance, Disability Coverage, 401(k), and More | 10 Oct 2024 | 00:30:32 | |
We’re back with another look at open enrollment decisions! This time, we’re talking life insurance, disability coverage, 401(k)s and more. Join us as we discuss which options make sense, and which you could probably ignore. Ready to learn more?
Money can be confusing—but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Are you ready to align your money with your ideal life? Connect with us at Stone Steps Financial or Flow Financial Planning. | |||
| Weighing the Benefits: How to Make a Decision on Employer-Provided Health Insurance | 26 Sep 2024 | 00:22:35 | |
Open enrollment season is almost here! Do you know what you’ll need for health insurance next year? Join us as we look at the most important factors to consider when choosing your plan. Ready to learn more?
Money can be confusing—but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Are you ready to align your money with your ideal life? Connect with us at Stone Steps Financial or Flow Financial Planning. | |||
| Embracing the Mess: How to Improve Financial Outcomes When Life Doesn’t Go as Planned | 12 Sep 2024 | 00:27:47 | |
If your financial goals always feel like they’re just out of reach, you’re not alone! In this episode, we talk about the dissonance between your financial plan and real life – and how to put your advisor’s best advice into action more consistently. Join us as we discuss the stories and strategies that make financial planning such a dynamic and important journey. Ready to learn more?
Money can be confusing—but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Are you ready to align your money with your ideal life? Connect with us at Stone Steps Financial or Flow Financial Planning. | |||
| What is an Exchange Fund (and Should You Ever Join One)? | 29 Aug 2024 | 00:26:44 | |
Should you join an exchange fund? Can they really minimize taxes? What are the potential downsides? What are your other options? Do we recommend them? Join us as we talk through the pros and cons of exchange funds, plus a few alternatives that could provide added protection without all the complexity. Ready to learn more?
Money can be confusing—but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Are you ready to align your money with your ideal life? Connect with us at Stone Steps Financial or Flow Financial Planning. | |||
| Politics and Personal Finance: Strategies for Stability During a Wild Election Season | 15 Aug 2024 | 00:24:08 | |
It’s election time again and right on cue, everything feels a little out of control. But should it? What does history have to say about market behavior around elections? Join us as we consider the influence of Democrats vs. Republicans, presidents vs. senators, the Fed vs. the DOJ, and more as we seek to find where politics and economics overlap (and where they don’t). Plus, we’ll zoom in to see how you can seek to maintain financial stability, even when the news seems hell-bent on trying to make you panic. Whether you're a retiree needing balanced asset allocation or someone in your prime earning years looking to capitalize on market dips, you’ll find relevant, actionable steps to guide you through uncertainty and help you focus on your goals. Ready to learn more?
Money can be confusing—but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Are you ready to align your money with your ideal life? Connect with us at Stone Steps Financial or Flow Financial Planning. | |||
| Balancing Stocks, Bonds, Cash, and Your Financial Goals | 01 Aug 2024 | 00:30:13 | |
How do financial advisors mix stocks, bonds, and cash to achieve the best returns to meet each person’s financial needs? In today’s episode, Scott Frank and Meg Bartelt discuss the unique risks and potential returns each one offers; focusing on these primary asset classes can lead to a more stable and profitable investment strategy. They dive into the various types of bonds—government, municipal, and corporate—and their role in your portfolio, while delving into the importance of credit ratings, bond maturity, and global currency risks, offering you insights on how to navigate these complexities. Scott and Meg provide tailored investment strategies for different financial goals and timeframes, whether you're saving for a short-term goal like a home down payment or a long-term objective like retirement. Learn the pitfalls of short-term stock market investments and the benefits of safer options like high-yield savings accounts for immediate needs. For long-term goals, they discuss leveraging the historical growth of the stock market while balancing intermediate-term objectives with a well-thought-out plan. Ready to learn more? Money can be confusing—but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Are you ready to align your money with your ideal life? Connect with us at Stone Steps Financial. | |||
| How to Stop Your Instincts and Biases From Ruining Your Portfolio Returns | 18 Jul 2024 | 00:20:46 | |
People say it’s just business, it’s not emotional, but that’s really not the case. In this episode of Real Personal Finance, Scott Frank, founder of Stone Steps Financial, and Meg Bartelt, founder of Flow Financial Planning, LLC, tackle the psychological minefield of investment decisions and uncover how recent trends, like the meteoric rise of big tech stocks, can warp your perspective. They delve into the cognitive biases, specifically recency bias, that often stand in the way of sound financial strategies and illustrate how structured systems can safeguard your portfolio against these mental pitfalls. Past performance, while tempting to rely on, is not a reliable predictor of future success. Learn how to use tolerance bands to maintain a balanced portfolio by adhering to timeless principles like "buy low, sell high." Ready to learn more? Money can be confusing—but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Are you ready to align your money with your ideal life? Connect with us at Stone Steps Financial. | |||
| How to Build an Emergency Plan | 04 Jul 2024 | 00:24:52 | |
How prepared are you for a financial crisis when job security feels more fragile than ever? In today's episode, Scott Frank and Meg Bartelt break down the essential steps to creating a strong emergency plan able to withstand the tech industry’s volatile job market. Learn how to navigate financial instability with actionable strategies. In order to save money, people are often advised to cut small expenses, but that’s not enough. We discuss why that practice isn’t enough and how managing major costs can protect your financial future. We provide a clear, step-by-step guide to maintaining a balanced investment mix. Tune in for these essential tips to safeguard your financial future in uncertain times. Ready to learn more? Money can be confusing—but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Are you ready to align your money with your ideal life? Connect with us at Stone Steps Financial. | |||
| How Can You Plan For An Uncertain Future? | 20 Jun 2024 | 00:22:01 | |
How do you secure your retirement against an uncertain future? In this episode of “Real Personal Finance,” Scott Frank, founder of Stone Steps Financial, and Meg Bartelt, founder of Flow Financial Planning, LLC, explore strategies to predict future expenses and ensure financial readiness, even if retirement is decades away. They address a listener question about preparing 26 years ahead, covering how to assess current expenses and plan for changing costs like mortgages. Estimating future medical expenses is crucial yet challenging, but informed planning brings peace of mind. Our discussion extends to the importance of ongoing financial reassessment, considering life's unexpected events—such as starting a business or caregiving—that impact your finances. Regularly reviewing and adjusting financial plans is key to staying on course. Join the conversation, submit questions, and engage with our community for insights that strengthen financial resilience and align with long-term goals. Ready to learn more? Money can be confusing—but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Are you ready to align your money with your ideal life? Connect with us at Stone Steps Financial. | |||
| Is Giving to a Donor-Advised Fund Worth It? | 06 Jun 2024 | 00:28:26 | |
Rethink your charitable giving and maximize your tax benefits with Donor-Advised Funds. Discover how this streamlined and tax-efficient alternative to traditional donation methods might just be a game-changer to your financial strategy. Scott and Meg contrast DAFs with conventional giving methods like checks and credit cards, to paint a clearer picture of their advantages. They also address common myths surrounding DAFs, especially the idea that they're only a tool for tax avoidance. Learn from real-life examples about when a DAF is the best choice and why genuine charitable intent is crucial to take advantage of its full potential. DAFs allow you to separate the tax event from the actual act of giving. This can be particularly beneficial during high-income years, letting you maximize your tax benefits while taking the time to thoughtfully select the right charities. Scott and Meg also tackle the concept of "bunching" donations for optimal itemized deductions and discuss how DAFs can facilitate family involvement in your philanthropy, turning giving into a shared family mission. Tune in to discover how integrating DAFs into your financial planning can lead to both personal fulfillment and community support. Ready to learn more? Money can be confusing—but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Are you ready to align your money with your ideal life? Connect with us at Stone Steps Financial. | |||
| Should I Invest in My Health Savings Account? | 23 May 2024 | 00:27:16 | |
Are you using your Health Savings Account to its full potential? HSAs are great for covering immediate healthcare costs, but with careful planning, they can also become a strategic part of your long-term wealth plan. This week, Scott Frank, founder of Stone Steps Financial, and Meg Bartelt, founder of Flow Financial Planning, LLC, take on HSAs, sharing the ins and outs of eligibility, their triple tax benefits, and how it can become a vital nest egg for end-of-life care later on. HSAs were created to help offset the cost of healthcare, so start letting your account do the work! Scott and Meg’s insights help clear the confusion around HSAs, giving listeners actionable advice to help them decide on future plans. Let’s face it—the world won’t get any cheaper. Investing in an HSA is an opportunity to protect your financial future. Ready to learn more? Money can be confusing—but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Are you ready to align your money with your ideal life? Connect with us at Stone Steps Financial. | |||
| What Should You Do With Your Stock Portfolio? | 14 May 2024 | 00:25:35 | |
Deciding what to do with your stocks can prove to be a problem, challenge, and opportunity all at once. With a huge portfolio in front of you, what can you do to slim it down? This week, Scott Frank, founder of Stone Steps Financial, and Meg Bartelt, founder of Flow Financial Planning, LLC, provide insights on how to cut down on your stocks to achieve the life you’ve dreamed of. We have emotional ties to our investments—but that shouldn’t stop you from pursuing a more financially sound future. Scott and Meg swap tales of market highs and lows, illustrating why, sometimes, letting go of stock can safeguard your portfolio and your future security. This episode is more than just a discussion—it’s a blueprint for aligning your stocks with your broader financial aspirations. Ready to learn more? Money can be confusing—but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Are you ready to align your money with your ideal life? Connect with us at Stone Steps Financial. | |||
| What Should You Do With Your Pile of Cash? | 13 May 2024 | 00:23:09 | |
Is your cash currently sitting under your mattress, withering away with inflation? While stashing your cash seems like a safe bet, it limits your access to investment opportunities. With inflation rising, the value of your cash may not have the longevity you hoped for. If you currently have a pile of cash and are asking yourself, “Well…what now?” this week’s episode of “Real Personal Finance” guides you through aligning your resources with the life you want to lead. Scott Frank, founder of Stone Steps Financial, and Meg Bartelt, founder of Flow Financial Planning, LLC, share strategies that steer you clear of the hoarding trap and onto the road to smart investment. The conversation covers the “Have-To’s,” “What-To’s,” and “Need-To’s” of personal finance, giving listeners insights on how to make your cash work for you. The journey doesn't stop there; Scott and Meg address the pressing need for retirement savings, even if you're coming late to the party, and how to employ tax location strategies to invest more in your future. Don’t let your cash waste away; use it to make your ideal life possible. Ready to learn more? Money can be confusing—but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Are you ready to align your money with your ideal life? Connect with us at Stone Steps Financial. | |||
| Is It Possible To Actually Reach FIRE? | 10 May 2024 | 00:25:34 | |
What does being financially independent mean to you? Those chasing FIRE (Financial Independence, Retire Early) are choosing to live frugally now to achieve early retirement. FIRE is a means to unlock a life where work is optional and the freedom of choice reigns supreme. Scott Frank, founder of Stone Steps Financial, and Meg Bartelt, founder of Flow Financial Planning, LLC, discuss the movement's evolution and how people are applying FIRE principles to their daily lives. With the concept of Coast FIRE, early retirement is more attainable than it seems—even for those starting later in life. The conversation explores the spectrum of financial independence, sharing how different stages of life can strive towards obtainable goals. As you grow, your level of autonomy should move with you. Achieving your version of FIRE requires more than just an understanding of numbers and compound interest; it requires understanding the life you want to live. Ready to learn more? Money can be confusing—but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Are you ready to align your money with your ideal life? Connect with us at Stone Steps Financial. | |||
| How Can You Avoid Surprises Next Tax Season? | 09 May 2024 | 00:26:07 | |
Does your anxiety spike every time tax season rolls around? The possibility of receiving an unexpected tax bill can bring a sense of dread to the entire month of April. We all have to pay taxes, but we don’t have to stress about them. Scott Frank, founder of Stone Steps Financial, is joined by Meg Bartelt, founder of Flow Financial Planning, LLC, to simplify conversations around money and tax planning. Conquer your tax season anxiety and avoid the shock of unexpected tax bills through Scott and Meg’s insight and tips. Accurate reporting, strategic planning, and increasing your withholding rates are all steps to place you in a proactive financial mindset. The conversation explores optimizing your retirement contributions and the ins and outs of estimated tax payments, particularly after life-changing financial events. Don’t worry—you don’t have to take on next tax season alone. Scott and Meg share the importance of adding a tax professional to your team. Join the conversation as we turn the stress of taxes into a streamlined process. Ready to learn more? Money can be confusing—but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Are you ready to align your money with your ideal life? Connect with us at Stone Steps Financial. | |||
| Final Episode - How To Stay In Touch With Us! | 01 Mar 2023 | 00:06:05 | |
| How to Balance a Home Purchase with Saving for Retirement? | 22 Feb 2023 | 00:15:09 | |
Scott and James discuss how to balance a home purchase with saving for retirement. Listener Question: We want to stay in manhattan and want to be home owners but can’t make the math work. Our current rental 2 bed 2 bath just went up to $4400/mo. A comparable condo would sell around $1.3-$1.5m. That would put the mortgage at around $7,000 with another $2,000-$3,000 in maintainable and taxes a month. Rent does keep increasing and I don’t want to keep getting squeezed but does buying in Manhattan just not make sense? Planning Points Discussed
Timestamps: 2:30 - Priorities 5:25 - Various Goals 11:15 - Investment Concerns 12:30 - How Much Home Can You Afford? 16:05 - Aligning Your Financial Goals LET'S CONNECT! James Scott | |||
| What Should You Do If You Make Too Much To Contribute To a Roth IRA? | 15 Feb 2023 | 00:12:57 | |
Scott and James discuss what to do if you make too much to contribute to a Roth IRA. Listener Question: I am currently 33 years old, single, and am nearing a $129,000 annual salary. I have been investing in a Roth IRA and realize the phaseout limits for single taxpayers are from $129k - $144k. My question is, how do I lower my income, besides contributing to my traditional 401k, so I can keep contributing the max $6000/year into my Roth IRA as my income rises over the years? Planning Points Discussed:
Timestamps: 2:30 - Introduction 6:17 - Phaseouts 11:05 - Aligning Your Financial Goals LET'S CONNECT! James Scott | |||
| The Truth About an MBA - Is It Worth It? | 08 Feb 2023 | 00:14:41 | |
Scott and James discuss whether or not an MBA is worth it. Planning Points Discussed
Timestamps: 2:30 - Listener Quesiton 5:30 - Why MBA? 7:46 - Pros/Cons of MBAs 8:30 - Debt v. Investing 16:05 - Aligning Your Financial Goals LET'S CONNECT! James Scott | |||
| How Are Different Types of Investment Withdrawals Taxed? | 01 Feb 2023 | 00:17:05 | |
Scott and James discuss the tax implications of withdrawing income from various accounts in retirement. Listener Question: Can you talk about how some of the main retirement accounts are taxed upon withdrawal? Can you talk about how after tax brokerage accounts are taxed both while investing and when you start to withdraw? And what withdrawals from that look like when you are retired (whether or not you are at ‘retirement age’ or not). Planning Points Discussed
Timestamps: 2:30 - Introduction 6:17 - Accounts Aren't Equal 11:15 - Tax Overview 14:46 - Maximizing Your Finances 16:05 - Aligning Your Financial Goals LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. | |||
| How Can I Reduce Costs Inside Of My Company's 401(k)? | 25 Jan 2023 | 00:21:30 | |
Scott and James discuss how to reduce costs inside of your company's 401(k). Listener Question: What is a good expense ratio for a retirement account? Is this something you can control with an employer sponsored plan? I want to make sure my money is working for me and I am maximizing my returns Planning Points Discussed
Timestamps: 2:30 - We're on YouTube HERE! 6:17 - Expense Overview 11:15 - Planning Options 14:46 - Individual Choices 16:55 - Business Size 21:05 - Aligning Your Financial Goals LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. | |||
| How Should Real Estate Factor In My Retirement Plan? | 18 Jan 2023 | 00:23:45 | |
Scott and James discuss how real estate should factor into your retirement plan. Listener Question: Me and my wife enjoy doing live and flip rentals and are planning on the cash flow to be part of our retirement funds. We are planning to move in a year and would like to pick up a third house to add to our portfolio when we do. How would you run the numbers to see if this is a safe investment for us. Ensure we are not taking on too much risk to expand. Planning Points Discussed
Timestamps: 2:30 - We're on YouTube HERE! 6:17 - Rental Overview 11:15 - Understanding Real Estate 14:46 - Income Understanding 16:46 - Customization is Key 19:00 - Aligning Your Financial Goals LET'S CONNECT! James Scott ENJOY THE SHOW? | |||
| How to Best Diversify a Concentrated Stock Holding | 11 Jan 2023 | 00:26:06 | |
Scott and James discuss how to best diversify a concentrated stock holding. We're on YouTube here! How do I exit a concentrated stock position? Planning Points Discussed
Timestamps: 2:30 - We're on YouTube HERE! 5:58 - Tax Consequences 9:16 - Stock Vesting 13:45 - Minimize Your Taxes 16:56 - Best Stocks 25:30 - Aligning Your Financial Goals LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. | |||
| 5 Steps to Get Your Finances Right in the New Year | 04 Jan 2023 | 00:35:13 | |
Scott and James discuss how 5 things to start the new year right with your finances. Planning Points Discussed
Timestamps: 2:30 - We're on YouTube HERE! 6:17 - Financial Goals 11:15 - Priorities in Money 24:46 - Individual Choices 30:46 - Customization is Key 33:00 - Aligning Your Financial Goals LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. | |||
| How Should You Choose Survivor Benefits Options For Your Pension? | 28 Dec 2022 | 00:19:42 | |
Scott and James discuss how you should choose your survivor benefits options for your pension. Listener Question: I'm not sure if this can be a whole show but I was wondering if you guys can go over how to think about choosing between the Survivor Benefit Plan (SBP) and whole or term insurance. I'm in the military and will be retiring soon. I work with a lot of members that are retiring and this choice seems like a coin flip or they simple go off of what someone else did. I know this decision is different for everyone so I was hoping you guys could go over a framework of how to compare the two. I would love to be able to point people to a podcast that walks them through the process of comparing the two. Planning Points Discussed
Timestamps: 2:30 - We're on YouTube HERE! 6:17 - Pension Overview 11:15 - Understanding Your Options 14:46 - Individual Choices 16:46 - Customization is Key 19:00 - Aligning Your Financial Goals LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. | |||
| Misleading Financial Rules That You Should Avoid | 21 Dec 2022 | 00:18:58 | |
Scott and James discuss misleading financial rules to avoid. Listener Question: How do you both think about the common wisdom that you should have a certain multiple of your income saved by a specific age (e.g. save at least 1x your salary by 30, 3x by 40, 6x by 50, 8x by 60, and 10x by 67)? Planning Points Discussed
Timestamps: 2:30 - We're on YouTube HERE! 6:17 - How Much Do I Need To Save? 8:52 - How Much Money Do I Need? 12:54 - Portfolio Changes 14:45 - Income Diversification 18:21 - Aligning Your Financial Goals LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. | |||
| [BIG ANNOUNCEMENT!] How to Find the Right Solution For Your Financial Needs | 14 Dec 2022 | 00:43:09 | |
Scott and James discuss annuities and announce Real Personal Finance NATION! Listener Question: I've met with multiple financial advisors and all of them have 2 things in common. Planning Points Discussed
Timestamps: 2:30 - We're on YouTube HERE! 6:17 - Annuity Overview 14:15 - Exchanging Annuities 23:46 - Financial Advisors 29:15 - Advisor Resources 39:30 - Aligning Your Financial Goals LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. | |||
| What's the Best Way for a Career Changer to Get Into the Financial Planning Industry? | 07 Dec 2022 | 00:26:13 | |
Scott and James discuss the best way to enter the financial planning industry as a career changer. Listener Question: I really enjoy your podcast. I've had a 10-year career in nonprofit development, but I've had a passion for investing and personal finance since I was a little kid. I'm trying to pivot into wealth management. I know in a recent episode you addressed the path into the industry for someone coming out of college. I'd love to hear if you have any insight for someone making a pivot mid-career. Maybe the pathway is the same, but it would be great to hear what you think. Planning Points Discussed
Timestamps: 2:30 - We're on YouTube HERE! 6:17 - Financial Resources 10:15 - Understanding Your Options 12:46 - Career Change Sample 23:00 - Aligning Your Financial Goals LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. | |||
| How Do You Know When You're on Track to be Financially Free? | 30 Nov 2022 | 00:23:03 | |
Scott and James discuss how you can know when you're financially free. Listener Question: If you think we can step away from work when I hit "my number" whether it be at age 49 or 54 - knowing that I would only pull approx 3% from my brokerage until I reach 59.5. My goal would be to leave FT work at age 50, and have my wife and I only work PT or consulting to cover expenses and carry healthcare - w/o withdrawing from the portfolio until we hit our number (BTW we think total number is about 3.5M). Planning Points Discussed
Timestamps: 2:30 - We're on YouTube HERE! 6:17 - Listener Question 10:30 - Truth of Investing 13:16 - Financial Freedom 18:20 - Tax Planning 20:53 - Risk Management 23:00 - Aligning Your Financial Goals LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. | |||
| How do Individual Stocks Compare to Investing in Funds? | 23 Nov 2022 | 00:34:05 | |
Scott and James discuss the most how individual stocks compare to investing in funds. Listener Question: I listen to your podcast and it has inspired me to invest however, I have invested into individual stocks and it has lost around 50% of its value so I invested money into VOO because I thought it was safer and I continue to invest $55 every two weeks im 18 and this is what I can comfortably afford how do I build my wealth for the long term should I continue to invest in the S and P or is there another thing you recommend? Planning Points Discussed
Timestamps: 2:30 - We're on YouTube HERE! 6:17 - Individual Stocks 10:30 - Truth of Money 13:16 - Funds Overview 18:20 - Financial Planning 20:53 - Stock Investing 26:49 - Growth Mindset 33:00 - Aligning Your Financial Goals LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. | |||
| What's the Most Effective Way to Incorporate Giving Into Your Financial Plan? | 16 Nov 2022 | 00:26:54 | |
Scott and James discuss the most effective way to incorporate giving into your financial plan. Listener Question: Am I on track to retire at 52? Am I over-investing in retirement at the expense of more freedom now? How would you recommend incorporating pension plans into overall retirement planning (ideal year:pension percentage break-even point?)? Planning Points Discussed
Timestamps: 2:30 - We're on YouTube HERE! 6:17 - Redefining Giving 10:30 - Truth of Money 13:16 - 503(c) organizations 18:20 - Tax Planning 20:53 - Life Insurance 22:49 - Business Assets 26:00 - Aligning Your Financial Goals LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. | |||
| Does it Ever Make Sense to Purchase a Home with All Cash Down? | 09 Nov 2022 | 00:27:58 | |
Scott and James discuss if you should ever purchase your home fully in cash. Listener Question: I’m 27 and my goal is to have a paid for house by the time I'm 45. In the next 18 years, if I save and invest aggressively will I have potentially have enough to pay in cash or is it better to get the mortgage when I'm able to and pay the interest because house prices will go up more than what I could earn in interest in the stock market? To me, it seems that any appreciation the house might gain will be lost in the interest I'm paying to the bank for the mortgage. I don't want to pay interest and since I can't even get a loan for enough to buy a house in my area I'm wondering if it's not a better idea to save in an investment account and once the account reaches the right number, use that money to buy the house without a mortgage. Planning Points Discussed
Timestamps: 2:30 - We're on YouTube HERE! 5:02 - Assumptions 10:30 - Understanding Interest 14:14 - Personal Finance is Personal 18:20 - Subjective & Objective Personal Finance 23:00 - Aligning Your Financial Goals LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. | |||
| How Does A Pension Fit In Your Overall Retirement Plan? | 02 Nov 2022 | 00:23:26 | |
Scott and James discuss how a pension fits into your overall retirement plan. Listener Question: Am I on track to retire at 52? Am I over-investing in retirement at the expense of more freedom now? How would you recommend incorporating pension plans into overall retirement planning (ideal year:pension percentage break-even point?)? Planning Points Discussed
Timestamps: 2:30 - We're on YouTube HERE! 5:02 - Assumptions 10:30 - Retirement Planning 14:14 - Pension Considerations 18:20 - Subjective & Objective Personal Finance 20:53 - Life Insurance 22:11 - Optimizing Finances 23:00 - Aligning Your Financial Goals LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. | |||
| 175 - 5 Employee Benefits To Get Right During Annual Enrollment | 27 Oct 2022 | 00:37:03 | |
Scott and James discuss the 5 employee benefits to get right during annual enrollment! Planning Points Discussed
Timestamps: 2:30 - We're on YouTube HERE! 4:25 - Retirement Contributions 10:59 - Credit Card Interest Rates 16:26 - Healthcare Considerations 23:05 - Life Insurance Coverage 29:12 - Savings Rates 33:39 - Deferred Compensation 36:00 - Aligning Your Financial Goals LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. | |||
| 174 - Is Roth or Traditional Better for FIRE? | 19 Oct 2022 | 00:26:57 | |
Scott and James discuss if Roth or Traditional is better for FIRE (Financial Independence, Retire Early). Listener Question: I’m wondering if I should change my 401k strategy from traditional to roth? I’m a 35 year old high earner making around $175k a year plus bonus. I’m currently maxing my traditional 401k plus a 5% match from my employer. I need to work another 7 year to hit my FI number ($2.5M) and I have $160k in my traditional 401k right now. When I run the numbers on compounding interest, I show that I’ll have somewhere between and $1.2M - $2M in traditional when I hit 59 1/2 if I just continue getting my match (no more personal contributions). I feel like if I continue to contribute to traditional 401k, I will have a huge tax bill when I hit 59 1/2 and I'm worried about RMDs. What should I do? Do I continue to take the tax deduction now since I’m a high earner or transition to roth to create more tax diversification? On a side note, I’m already performing a roth ira conversion each year ($6k), maxing my HSA ($7.3k), and contributing to a brokerage account monthly ($1.5k).Planning Points Discussed
Timestamps: 2:30 - We're on YouTube HERE! 4:35 - Listener Question Summary 8:37 - Tax Basics 13:47 - 401(k) Maximum 18:20 - Optimize Income & Savings 21:57 - Savings Rates 24:22 - Personal Capital 26:00 - Aligning Your Financial Goals LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. | |||
| 173 - Should I Dip into My Retirement Accounts to Purchase a Home? | 12 Oct 2022 | 00:21:07 | |
Scott and James discuss if you should dip into your retirement accounts to purchase a home. Listener Question: Should I max out all of our retirement accounts and consider taking a loan against my 457b or take out contributions from my Roth IRA in order to make a sizeable down payment for this second home in the future? Or should I allocate a portion of that savings money into a brokerage account instead for 10 years to save for this down payment? I am leaning toward taking a loan/Roth contribution instead of brokerage due to 1) tax benefits 2) simplicity and 3) because I view it as essentially "diversifying" my retirement by putting that money toward a lakehouse.Planning Points Discussed
Timestamps: 2:30 - We're on YouTube HERE! 4:15 - Listener Summary 6:35 - Insurance Needs 10:32 - Different Goals & Priorities 14:30 - When To Make a Purchase 17:19 - Property Growth 20:35 - Aligning Your Financial Goals LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. | |||
| 172 - What Should I Do When I I Receive a Significant Bump in Income? | 05 Oct 2022 | 00:22:48 | |
Scott and James discuss what to do when you receive a significant bump in income. Listener Question: I would like to do the more in-depth analysis you mentioned on today’s podcast if you are willing. We hope to retire in the next 5 years, at age 55/56. I am eligible to begin receiving a pension after this year, but plan to "double-dip" for the next 4-5. I have questions about 403(b) and 457 accounts, rollovers, and distributions.Planning Points Discussed
Timestamps: 2:30 - We're on YouTube HERE! 4:15 - Income Basics 10:02 - Income Raises & Planning Changes 17:38 - How Much To Save For Different Goals 20:32 - Aligning Your Financial Goals LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. | |||
| 171 - Should I Save My Money For The Future Or Spend it Today? | 28 Sep 2022 | 00:23:22 | |
Scott and James discuss if you should save your money for the future or spend it today. Listener Question: I am 40 years old and want to know how I am doing. I have been through a divorce and a major job change and have been saving as much as possible, but it seems like I may have gotten to a place where I may be able to save less aggressively. I would really love to be able to retire comfortably at 60 but also live my best life now without over-saving and missing out on today. I have an old 401k, current 401k, Roth IRA, HSA and brokerage account. I know my numbers very well: budget/spending, savings/savings rate, net worth, etc. Planning Points Discussed
Timestamps: 2:30 - We're on YouTube HERE! 4:15 - Summary of Goals 10:02 - Comprehensive Financial Planning 17:38 - How Much To Save/Spend Today? 22:32 - Aligning Your Financial Goals LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. | |||
| 170 - Where Should I Invest My Excess Income? | 21 Sep 2022 | 00:27:36 | |
Scott and James discuss where to invest excess income. Planning Points Discussed
Timestamps: 2:30 - We're on YouTube HERE! 4:19 - Anonymous Example 10:02 - Cash Flow 17:38 - Roth Contributions 22:41 - Risk Tolerance & Income Needs 25:37 - Aligning Your Financial Goals LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||
| 169 - [New Format!] Are Your Investments Too Concentrated? | 14 Sep 2022 | 00:26:43 | |
Scott and James discuss if your investments are too concentrated. Planning Points Discussed
Timestamps: 2:30 - We're on YouTube HERE! 5:03 - Individual Context 7:32 - Budgeting 13:45 - Importance of Tracking Efficiently 19:32 - Index Fund Advantages 25:11 - Aligning Your Financial Goals LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||
| 168 - How to Understand the Stock Market | 07 Sep 2022 | 00:23:33 | |
Scott and James discuss how to understand the stock market. Planning Points Discussed
Timestamps: 2:30 - We're on YouTube HERE! 6:31 - What is the "market"? 10:28 - Investing in the "winners" 18:09 - What % Are The Major Companies? 23:11 - Aligning Your Financial Goals LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||
| 167 - What Insurances Do I Need? | 31 Aug 2022 | 00:26:39 | |
Scott and James discuss what insurances you need (and don't need). Planning Points Discussed
Timestamps: 2:30 - Insurance 7:01 - Proper Protection 10:41 - What Insurances To Avoid? 17:36 - Long-Term Care Needs 16:57 - Debt & Real Estate 25:31 - Aligning Your Financial Goals LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||
| 166 - How Does This Market Impact How We Pull Funds from 529 Plans? | 24 Aug 2022 | 00:23:16 | |
Scott and James discuss how this market impacts how we pull funds from 529 plans. Planning Points Discussed
Timestamps: 5:49 - Stocks & Bonds Correlation 9:58 - Cash Flow & Risk Level 14:49 - What Is A Good Rate? 18:50 - Additional Expenses 16:57 - Debt & Real Estate 21:27 - Aligning Your Financial Goals LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||
| 165 - How to Invest in Stocks For Beginners | 17 Aug 2022 | 00:29:00 | |
Scott and James discuss how to invest in stocks for beginners. Listener Question Sometimes I can tend to pull the trigger on things before doing enough due diligence. If I make a stock purchase and later am not sure it was the best decision, how long should I wait before selling the shares and moving on from that company.I'm not talking about buying a company and then a week later the stock price dips a little bit and that being reason to dump shares but more fundamentally if I no longer believe that a company is worth the investment how long after that point should I wait before selling the shares? Planning Points Discussed
Timestamps: 3:00 - Not Longer Just "It Depends" 6:26 - Fundamentals 7:48 - Appreciation v. Dividend 14:34 - Types of Investments 20:12 - JP Morgan Study 26:35 - When To Sell/Buy 27:10 - Aligning Your Financial Goals LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||
| 164 - How To Understand Your Cash Flow | 10 Aug 2022 | 00:26:28 | |
Scott and James discuss how to understand your cash flow. Planning Points Discussed
Timestamps: 4:16 - Income 6:26 - Fundamentals 10:46 - Spending Isn't Negative 14:27 - Rules of Thumb 16:57 - Debt & Real Estate 21:12 - Tax Rates 25:45 - Aligning Your Financial Goals LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||
| 163 - Pros & Cons of Using Dividend Investing to Create Passive Income | 03 Aug 2022 | 00:22:44 | |
Scott and James discuss the pros and cons of using dividend investing to create passive income. Planning Points Discussed
Listener Question: What is your stance on dividend investing, with the goal of reaching a point where one can live off of "passive" income from dividend ETFs? I have been reading a lot on the dividend subreddit where people are sharing their spreadsheets and screenshots of investments, and it seems like a very compelling strategy. What are the pros and cons of investing heavily in dividend ETFs with the hope of building a passive income stream? Timestamps: 4:16 - Dividend Yield 7:27 - The Feeling Behind Dividends 10:19 - Dividends During Recessions 14:27 - Don't Just Focus On Dividends 18:52 - Total Return 21:12 - Dividend v. Capital Appreciation LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||