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Your REAL personal finance questions answered by CERTIFIED FINANCIAL PLANNER™ professionals, Scott Frank and Meg Bartelt. With all of the misinformation and jargon in the financial industry, it's no wonder most people are confused about how to best manage their money. James and Meg are here to give clear answers to the important questions they hear most often. If you're ready to use your finances to create a more secure financial future, this show is for you.
- 198 - What Should You Do With Your Stock Portfolio?
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?
Scott Frank on LinkedIn Meg Bartelt on LinkedIn Stone StepsFinancialMoney 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.
Tue, 14 May 2024 - 197 - What Should You Do With Your Pile of Cash?
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?
Scott Frank on LinkedIn Meg Bartelt on LinkedIn Stone StepsFinancialMoney 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.
Mon, 13 May 2024 - 196 - Is It Possible To Actually Reach FIRE?
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?
Scott Frank on LinkedIn Meg Bartelt on LinkedIn Stone StepsFinancialMoney 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.
Fri, 10 May 2024 - 195 - How Can You Avoid Surprises Next Tax Season?
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?
Scott Frank on LinkedIn Meg Bartelt on LinkedIn Stone StepsFinancialMoney 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.
Thu, 09 May 2024 - 194 - Final Episode - How To Stay In Touch With Us!Wed, 01 Mar 2023
- 193 - How to Balance a Home Purchase with Saving for Retirement?
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
Utilizing Time EfficientlyCapital AppreciationPurchasing PowerOther issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
2:30 - Priorities
5:25 - Various Goals
8:12 - Life & Math Don't Always Match11:15 - Investment Concerns
12:30 - How Much Home Can You Afford?
16:05 - Aligning Your Financial Goals
LET'S CONNECT!
James
Scott
Wed, 22 Feb 2023 - 192 - What Should You Do If You Make Too Much To Contribute To a Roth IRA?
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:
Utilizing Time EfficientlyCapital AppreciationPurchasing PowerOther issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
2:30 - Introduction
6:17 - Phaseouts
8:13 - Roth IRAs11:05 - Aligning Your Financial Goals
LET'S CONNECT!
James
Scott
Wed, 15 Feb 2023 - 191 - The Truth About an MBA - Is It Worth It?
Scott and James discuss whether or not an MBA is worth it.
Planning Points Discussed
Utilizing Time EfficientlyCapital AppreciationPurchasing PowerOther issues (IRAs, Inflation, Financial Goals, etc.)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
Wed, 08 Feb 2023 - 190 - How Are Different Types of Investment Withdrawals Taxed?
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?
Example topic: Are withdrawals just subject to Federal taxes, or FICA taxes as well? And how / if withdrawing from retirement accounts affects eligibility / taxes you have to pay on social security?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
Utilizing Time EfficientlyCapital AppreciationPurchasing PowerOther issues (IRAs, Inflation, Financial Goals, etc.)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
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Wed, 01 Feb 2023 - 189 - How Can I Reduce Costs Inside Of My Company's 401(k)?
Scott and James discuss how to reduce costs inside of your company's 401(k).
Join the Real Personal Finance Community and click on "The Nation"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
Utilizing Time EfficientlyCapital AppreciationPurchasing PowerOther issues (IRAs, Inflation, Financial Goals, etc.)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
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Wed, 25 Jan 2023 - 188 - How Should Real Estate Factor In My Retirement Plan?
Scott and James discuss how real estate should factor into your retirement plan.
Join the Real Personal Finance Community and click on "The Nation"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
Utilizing Time EfficientlyCapital AppreciationPurchasing PowerOther issues (IRAs, Inflation, Financial Goals, etc.)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
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Wed, 18 Jan 2023 - 187 - How to Best Diversify a Concentrated Stock Holding
Scott and James discuss how to best diversify a concentrated stock holding.
Join the Real Personal Finance Community and click on "The Nation"We're on YouTube here!
Listener Question:How do I exit a concentrated stock position?
I’m an employee at a large tech company and I’ve vested RSUs over the last 4 years. Some of my stock has appreciated 4x since I was granted it. My non-company stock brokerage account value is around $700k, and on top of that my vested company stock (APPL) is worth $250k at the moment. I expect to continue to accumulate more company stock through ESPP and RSU grants over time. My current gross income is around $325k ($200k salary + $125k annual RSU stock grants). I would like to take action to diversify this position into other equities (equity index funds). The reason I would like to diversify is to reduce my portfolio risk. Having just seen some other companies like Meta take a 70% stock hit, it feels like a responsible action to take. As I’ve heard in your podcast, I should not have too much of my net worth in one stock, and the only free lunch is diversification. I can sell all $250,000 vested shares tomorrow, but then I believe I would get hit with a large tax bill for all of the gains, which seems like it could be a burden. I am thinking I could start by selling the shares that I’ve held for over a year to make sure to get the long-term gains tax rate instead of the short term tax rate. And then next year, I could sell the stock I got this year, etc. I am thinking of starting a DAF in the next couple years and gifting $10k of appreciated stock to charity (apple does 2:1 promotions where they match up to $10k, meaning I could initiate the DAF with $30k), but the rest I would like to re-invest in a more diverse way to meet my short and long-term financial goals.Planning Points Discussed
Utilizing Time EfficientlyCapital AppreciationPurchasing PowerOther issues (IRAs, Inflation, Financial Goals, etc.)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
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Wed, 11 Jan 2023 - 186 - 5 Steps to Get Your Finances Right in the New Year
Scott and James discuss how 5 things to start the new year right with your finances.
Join the Real Personal Finance Community and click on "The Nation"Planning Points Discussed
Utilizing Time EfficientlyCapital AppreciationPurchasing PowerOther issues (IRAs, Inflation, Financial Goals, etc.)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
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Wed, 04 Jan 2023 - 185 - How Should You Choose Survivor Benefits Options For Your Pension?
Scott and James discuss how you should choose your survivor benefits options for your pension.
Join the Real Personal Finance Community and click on "The Nation"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
Utilizing Time EfficientlyCapital AppreciationPurchasing PowerOther issues (IRAs, Inflation, Financial Goals, etc.)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
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Wed, 28 Dec 2022 - 184 - Misleading Financial Rules That You Should Avoid
Scott and James discuss misleading financial rules to avoid.
Join the Real Personal Finance Community and click on "The Nation"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)?
I am in a situation where my income has tripled between ages 30 and 35. As an example, let's say I had 100K saved at age 30 (1x my salary), but I'm 35 and my salary is now 300K. I don't have 900K saved in retirement, in fact, it's about half that. Am I in trouble?Planning Points Discussed
Utilizing Time EfficientlyCapital AppreciationPurchasing PowerOther issues (IRAs, Inflation, Financial Goals, etc.)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
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Wed, 21 Dec 2022 - 183 - [BIG ANNOUNCEMENT!] How to Find the Right Solution For Your Financial Needs
Scott and James discuss annuities and announce Real Personal Finance NATION!
Join the Real Personal Finance Community and click on "The Nation"Listener Question:
I've met with multiple financial advisors and all of them have 2 things in common.
1. They all say they are Fiduciary.
2. They all try and pitch me on various types of annuities to supplement or augment my portfolio.
Can you please address annuities on a show? Everything I have read online says to stay away from annuities (all types), and I am losing trust for the financial advisor industry. Are there cases where an annuity is a good move?
P.S. I asked the last guy your recommended set of questions from a previous show. He was impressed with the question I asked, "How else are you paid?" And did say insurance commissions, but also said nobody asked him that.Planning Points Discussed
Utilizing Time EfficientlyCapital AppreciationPurchasing PowerOther issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
2:30 - We're on YouTube HERE!
6:17 - Annuity Overview
14:15 - Exchanging Annuities
23:46 - Financial Advisors
29:15 - Advisor Resources
35:10 - Real Personal Finance NATION!39:30 - Aligning Your Financial Goals
LET'S CONNECT!
James
Scott
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Wed, 14 Dec 2022 - 182 - What's the Best Way for a Career Changer to Get Into the Financial Planning Industry?
Scott and James discuss the best way to enter the financial planning industry as a career changer.
Wilson Liu Financial ResourcesListener 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
Utilizing Time EfficientlyCapital AppreciationPurchasing PowerOther issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
2:30 - We're on YouTube HERE!
6:17 - Financial Resources
10:15 - Understanding Your Options
12:46 - Career Change Sample
15:55 - Characteristics Scott/James Look For23:00 - Aligning Your Financial Goals
LET'S CONNECT!
James
Scott
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Wed, 07 Dec 2022 - 181 - How Do You Know When You're on Track to be Financially Free?
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).
We're both 40
We have about 900,000 in liquid assets (not including our home equity). Of that total amount, about 500k in roth, 250k in traditional ira, 130k brokerage and 20k hsa. 90/10 portfolio of just a few diversified vanguard ETFs
combined income of 300k
spend about 85k today
after tax, we save/invest about 60% and if you add employer match in total it's about 115k a year towards investments
mortgage will be paid off by 50 and kids will be in college
we'd like to forecast spending about 90-95k in todays dollars in retirement
So, in about 10 years, will we reach enough to execute our plan of having options? And how large should our brokerage account be to cover our plan of spending our 50s doing some PT work to cover expenses and then withdrawing in our mid-50s?Planning Points Discussed
Utilizing Time EfficientlyCapital AppreciationPurchasing PowerOther issues (IRAs, Inflation, Financial Goals, etc.)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
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Wed, 30 Nov 2022 - 180 - How do Individual Stocks Compare to Investing in Funds?
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
Utilizing Time EfficientlyCapital AppreciationPurchasing PowerOther issues (IRAs, Inflation, Financial Goals, etc.)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
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Wed, 23 Nov 2022 - 179 - What's the Most Effective Way to Incorporate Giving Into Your Financial Plan?
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
Utilizing Time EfficientlyCapital AppreciationPurchasing PowerOther issues (IRAs, Inflation, Financial Goals, etc.)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
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Wed, 16 Nov 2022 - 178 - Does it Ever Make Sense to Purchase a Home with All Cash Down?
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
Utilizing Time EfficientlyCapital AppreciationPurchasing PowerOther issues (IRAs, Inflation, Financial Goals, etc.)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
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Wed, 09 Nov 2022 - 177 - How Does A Pension Fit In Your Overall Retirement Plan?
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
Utilizing Time EfficientlyCapital AppreciationPurchasing PowerOther issues (IRAs, Inflation, Financial Goals, etc.)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
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Wed, 02 Nov 2022 - 176 - 120 - How To Make Sure You Aren't Leaving Free Money on the Table During Open Enrollment
Scott and James discuss how to make sure you aren't leaving free money on the table during open enrollment.
Planning Points Discussed
Retirement Planning Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
1:30 - Introduction
2:57 - Health Insurance Considerations
6:15 - HSA v. FSA
7:25 - Life Insurance
10:06 - Disability Insurance
11:48 - 401(k) Considerations
14:53 - RSUs (Restricted Stock Units)
16:35 - Tax Strategy
17:15 - Deferred Compensation
18:25 - Estate Planning
22:02- Aligning Your Financial Goals
LET'S CONNECT!
James
Scott
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Wed, 06 Oct 2021 - 175 - 175 - 5 Employee Benefits To Get Right During Annual Enrollment
Scott and James discuss the 5 employee benefits to get right during annual enrollment!
Planning Points Discussed
Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)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
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Thu, 27 Oct 2022 - 174 - 174 - Is Roth or Traditional Better for FIRE?
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
Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)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
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Wed, 19 Oct 2022 - 173 - 173 - Should I Dip into My Retirement Accounts to Purchase a Home?
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
Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)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
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Wed, 12 Oct 2022 - 172 - 172 - What Should I Do When I I Receive a Significant Bump in Income?
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
Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)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
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Wed, 05 Oct 2022 - 171 - 171 - Should I Save My Money For The Future Or Spend it Today?
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
Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)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
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Wed, 28 Sep 2022 - 170 - 170 - Where Should I Invest My Excess Income?
Scott and James discuss where to invest excess income.
Planning Points Discussed
Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)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
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Wed, 21 Sep 2022 - 169 - 169 - [New Format!] Are Your Investments Too Concentrated?
Scott and James discuss if your investments are too concentrated.
Planning Points Discussed
Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)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
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Wed, 14 Sep 2022 - 168 - 168 - How to Understand the Stock Market
Scott and James discuss how to understand the stock market.
Planning Points Discussed
Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)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
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Wed, 07 Sep 2022 - 167 - 167 - What Insurances Do I Need?
Scott and James discuss what insurances you need (and don't need).
Planning Points Discussed
Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)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
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Wed, 31 Aug 2022 - 166 - 166 - How Does This Market Impact How We Pull Funds from 529 Plans?
Scott and James discuss how this market impacts how we pull funds from 529 plans.
Planning Points Discussed
Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)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
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Wed, 24 Aug 2022 - 165 - 165 - How to Invest in Stocks For Beginners
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
Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)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
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Wed, 17 Aug 2022 - 164 - 164 - How To Understand Your Cash Flow
Scott and James discuss how to understand your cash flow.
Planning Points Discussed
Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)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
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Wed, 10 Aug 2022 - 163 - 163 - Pros & Cons of Using Dividend Investing to Create Passive Income
Scott and James discuss the pros and cons of using dividend investing to create passive income.
Planning Points Discussed
Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)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
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Wed, 03 Aug 2022 - 162 - 162 - How To Understand Your Balance Sheet
Scott and James discuss how to understand your balance sheet.
Planning Points Discussed
Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
6:17 - Having Multiple Accounts For Organization
10:08 - Goal-Based Investing Accounts
15:33 - Debt
20:25 - Net Worth Allocation
24:29 - Restrucutre Debt
26:48 - Aligning Your Financial Goals With Your Life
LET'S CONNECT!
James
Scott
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Wed, 27 Jul 2022 - 161 - 161 - How to Invest During a Bear Market
Scott and James discuss how to invest during a bear market.
Planning Points Discussed
Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
3:27 - What To Do As Investors Now
6:52 - Prices Are Reflected Today
11:03 - Averages Are In Your Favor
14:27 - Recovery Statistics
17:06 - Relatively "Normal"
17:44 - Aligning Your Financial Goals With Your Life
LET'S CONNECT!
James
Scott
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Wed, 20 Jul 2022 - 160 - 160 - How to Retire Early
Scott and James discuss how to retire early.
Planning Points Discussed
Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
2:05 - FIRE Movement
5:05 - Non-Traditional Retirement
7:25 - Social Security
10:09 - Additional Considerations
11:25 - Military Considerations
13:40 - Gap Fund
15:50 - What Will You Really Enjoy?
17:44 - Aligning Your Financial Goals With Your Life
LET'S CONNECT!
James
Scott
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Wed, 13 Jul 2022 - 159 - 159 - How Much Company Stock Ownership Is Too Much?
Scott and James discuss how much company stock ownership is too much.
Planning Points Discussed
Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Listener Question:
I'm a manager at a blue chip company and they offer up to 20% of their stock in your 401K.
Right now I have 8% of my 401K invested in company stock with the rest in target date funds. I'm wondering your thoughts on if 8% is too much or too little. I have another IRA with good mutual funds and a personal brokerage account where I pick my own stocks. Just wanted to add that in so you didn't think that this 401K is my only savings for retirement.Timestamps:
4:28 - Rules of Thumb
9:32 - Casting A Wide Net
13:47 - Risk v. Return
17:12 - Company Stock Summary
18:44 - Aligning Your Financial Goals With Your Life
LET'S CONNECT!
James
Scott
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Wed, 06 Jul 2022 - 158 - 158 - Where To Invest Cash Earmarked for a Down Payment?
Scott and James discuss where to invest cash earmarked for a down payment.
Planning Points Discussed
Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Listener Question:
My wife and I have money (in cash, ~ $150k) earmarked for a down payment on a home. There is no real urgency to buy a home other than setting down roots as our family grows as our current rental meets our needs. However, with the housing market still red hot and interest rates increasing; we're contemplating waiting until the housing market/inflation rates cool a little bit. If we decide to wait, say 1-2 years, is there something we can do with the $150k to better work for us other than have it sit in cash? Conversely, if we plan to stay in the new home we purchase for 10+ years, does the higher house cost/higher inflation rates really matter if we have the money set aside right now? I guess some of this boils down to the old "rent vs. own". (additional context - we have a separate emergency fund established, we both max out our 401ks and invest monthly in an index fund brokerage account and 529 plan)
Timestamps:
3:00 - Where To Put Cash
5:36 - Mortgage Rates
9:45 - Return On Hassle
12:47 - Volatility
15:19 - Overview Of What's In Your Control
17:05 - Alignment In Your Financial Goals
LET'S CONNECT!
James
Scott
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Wed, 29 Jun 2022 - 157 - 157 - How to Best Mitigate Risk in Your Investment Strategy
Scott and James discuss how to best mitigate risk in your investment strategy.
Planning Points Discussed
Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Listener Question:
I'm really enjoying your podcast and generally agree with your advice. I'm 37 and a personal investor who is focused on long term investments for retirement. I have generally leveraged a higher risk strategy based on my age with index funds. My question is about the make up of the S&P 500 and specifically I’m concerned that the majority of the top stocks a large tech firms. It seems possible that we have seen the peek of these firms similar to the dot com bubble, so I’m rethinking continuing to invest due to this risk of collapse. Can you help me understand how to manage that risk?
Timestamps:
3:27 - What Is An Index?
7:05 - Why We Invest
11:22- Importance of Diversification
14:15 - How Do You Enjoy Investing?
16:59 - Market Capitalization
19:25 - Aligning Your Financial Goals
LET'S CONNECT!
James
Scott
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Wed, 22 Jun 2022 - 156 - 156 - Benefits of Health Savings Accounts and How to Maximize Their Impact
Scott and James discuss the benefits of Health Savings Accounts and how to maximize their impact.
Planning Points Discussed
Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Listener Question:
My question is around HSA's. Am I really missing out by not investing in this? I understand the power of tax advantage accounts, but to me having all that money that can only be used for specific things feels very limiting. Plus all the extra work of needing to track these expenses, etc.
Is that trade off really worth it, or am I fine if I'm maxing out IRA's (no 401k atm) and adding to taxable accounts.Timestamps:
2:26- HSA Overview
5:16 - Tax Benefits
9:36 - HSA or FSA
12:54 - Expense Tracking
15:54- Required Distributions
18:30 - Aligning Your Financial Goals
LET'S CONNECT!
James
Scott
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Wed, 15 Jun 2022 - 155 - 155 - Should I Use an Adjustable Rate Mortgage (ARM)
Scott and James discuss if you should use an adjustable rate mortgage (ARM)?
Planning Points Discussed
Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
1:10 - Mortgage Rate Options
4:17 - Mortgage Risk
6:38 - Payment Differences
10:27 - Additional Options
11:23 - Don't Push Debt Forward
13:45 - Aligning Your Financial Goals
LET'S CONNECT!
James
Scott
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Wed, 08 Jun 2022 - 154 - 154 - How Can I Reduce Taxes on Side Hustle Income?
Scott and James discuss how you can reduce taxes on side hustle income.
Planning Points Discussed
Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
1:10 - Listener Question
3:25 - Taxes
5:50 - Retirement Contributions
7:43 - Retirement Contribution Maximums
9:14 - Solo 401(k) v. SEP IRA
11:35 - Can My Spouse Contribute?
14:27 - Target Income & Timeframe
16:11 - Aligning Your Financial Goals
LET'S CONNECT!
James
Scott
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Wed, 01 Jun 2022 - 153 - 153 - What Planning Points Should You Consider During a Recession?
Scott and James discuss what planning points to consider during a recession.
Planning Points Discussed
Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
1:10 - What Can We Control
3:25 - Cash Flow
8:12 - Unemployment
10:13 - How To Withdraw in Retirement
14:42 - Roth Conversion
16:51 - Loss Carryover
19:33 - Aligning Your Financial Goals
LET'S CONNECT!
James
Scott
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Wed, 25 May 2022 - 152 - 152 - How to Invest In Down MarketsScott and James discuss how to invest in down markets. Listener Question
With the markets increased volatiltiy in the past few weeks, we wanted to address how you can be investing amidst current market conditions. Thank you for submitting your questions and please continue to do so and we'll look to answer them in a future episode.
Planning Points Discussed
Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
2:30 - Inflation
6:10 - Headlines
11:42 - The Best Days
15:05 - Having a Plan
18:20 - Rebalancing
20:31 - Aligning Your Financial Goals
LET'S CONNECT!
James
Scott
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Wed, 18 May 2022 - 151 - 151 - How to Account For Matching Contributions in Retirement Saving Rates
Scott and James discuss how to account for matching contributions in retirement savings rates.
Listener Question
Wanted to find what both of yours opinions are on savings rate as it relates to employer match. I am currently saving 25% of my gross income between maxing out 401k, IRA and the rest to a brokerage, I bonds and ESPP. My employer matches 15% NEC on 100% income. I have a mandatory retirement age from this career (commercial aviation) If I fall short on my 25% personal savings rate in a given year, when is it appropriate to count the 15% from the company? Or is it always counted and I’m saving 40% between the two?
Planning Points Discussed
Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
2:30 - Employer Matching
4:55 - Dollars Are Dollars
7:21 - Overfunding
9:12 - Lifestyle Goals
10:47 - Healthy Savings
11:47 - Aligning Your Financial Goals
LET'S CONNECT!
James
Scott
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Wed, 11 May 2022 - 150 - 150 - How to Give More Effectively Using Donor Advised Funds
Scott and James discuss how to give more effectively using Donor-Advised Funds.
Listener Question
Hello! I love the show. I think I’ve had a chance listened to over 100 episodes. Have y’all considered an episode on giving? I recently started use using a donor advised fund, giving away some highly appreciated assets instead of cash. Are there any more strategies that I can use to be generous? Anything out of the box?
Planning Points Discussed
Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
3:34 - Charitable Giving
5:38- Deductions
8:09 - Effective Giving
15:38 - Utilize Tax Benefits
20:35 - Aligning Your Financial Goals
LET'S CONNECT!
James
Scott
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Wed, 04 May 2022 - 149 - 149 - How to Find a Financial Professional That's Right For You
Scott and James discuss how to find a financial professional that's right for you.
Listener Question
My husband and I are both high earners. He owns his own business and I am employed full time in the health tech sector. We are in a great position where we are debt free, own our home and a rental property and have close to a million in investments. We manage our finances and taxes on our own today but are getting to the point where we'd like some advice around how to make the most of our assets, particularly from a tax perspective, as we continue to earn. We're 35 and 40 years old and have one child. We've been burned by tax accountants in the past who charge a ton but provide very little that we didn't already know. We find there are lots of resources for those starting out and many for those in the 5+ million range, but very little out there for where we are. Do you have any advice on how to find a professional who would be able to help us for a reasonable fee? I'd love to find someone we can create a relationship with who will grow with us. Thanks!
Planning Points Discussed
Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
3:54 - Retirement Goals
9:05 - Do You Need An Accountant?
11:46 - Importance of Your Situation
15:07 - Quality of Life
18:33 - Who's the Best Fit?
20:35 - Aligning Your Financial Goals
LET'S CONNECT!
James
Scott
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Wed, 27 Apr 2022 - 148 - 148 - Annuity vs Lump Sum - Which Pension Option Should I Select?
Scott and James discuss which pension option they should select, annuity or lump sum?
Listener Question
Hey guys! Thank you so much for the amazing podcast! I have a pension question. I am a teacher, and I am eligible to retire and begin taking my pension payments in July 2023. I have heard some people say to take the lump sum distribution, and create your own pension/annuity, but the math doesn't seem to work out right for me. I will be 51 at that point, and likely moving to a different profession with an income to add to the pension payouts. The amount that I would receive as a lump sum would be approximately $210,000. That represents all of my contributions over the 28 years I have been teaching plus 4% interest per year. It does not include the contributions from my employer, as I am not entitled to take them if I elect for the lump sum. The pension option that I would choose is the reduced amount that would continue for my wife after my death. It is $3408 monthly, which comes to nearly $41,000 per year. There is no way that I could expect to earn that much on the lump sum of $210,000 to make that a logical choice, is there? Am I doing something wrong on the math?
Planning Points Discussed
Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
3:54 - Pension Overview
6:37 - How to Determine the Best Choice
9:35 - Inflation Protection
11:46 - Importance of Your Situation
13:51 - Aligning Your Financial Goals
LET'S CONNECT!
James
Scott
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Wed, 20 Apr 2022 - 147 - 147 - How to Best Track Investment Returns
Scott and James discuss how to best track investment returns.
Listener Question
Does it make sense to track my investments in my 401K and Roth IRA purely off of the projected rate of return that people suggest (typically between 7-10%) or should I track my investments based on the inflation-adjusted return rate? I am asking this as a 23 year old, who sees a million dollars as a very attainable goal with a Roth and/or 401K but when you factor in inflation each year at say 3% that million dollars seems more challenging to accomplish.
Should I track my portfolio values off of this “standard” 7-10% growth rate or should I take a more conservative approach and track them off of a (4-7%) growth rate so that I can have a better understanding of what I am on track for?
Planning Points Discussed
Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
3:54 - Nominal v. Real Returns
6:37 - Investment Growth Example
9:35 - Inflation Protection
11:46 - Importance of Real Return
13:51 - Aligning Your Financial Goals
LET'S CONNECT!
James
Scott
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Wed, 13 Apr 2022 - 146 - 146 - How to Forecast and Save for College Expenses
Scott and James discuss how to forecast and save for college.
Listener Question
My wife and I are 33 and have two children, ages 1 and 3. We'd like to save enough to pay for their college costs but we're not sure how to forecast what the cost of their college will actually be. College costs can vary widely, and have historically grown at different rates at different times. We're also not sure what type of college they will choose, or how much scholarship they might receive. Ideally we would save as tax-efficiently as possible (such as through a 529), but we're concerned about saving too much in a 529 in case they choose a less-expensive school, or get significant scholarship, etc. We're currently saving some in a 529 (to get our state tax deduction) and some in a regular taxable brokerage, which could either cover college costs or be used for other purposes down the road. But we're not sure how much in total to save since we're unsure what college will actually cost in 20 or so years. Can you help us with how to best plan for our children's college expenses?
Planning Points Discussed
Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
3:54 - College Planning Overview
6:49 - Public College Planning
9:16 - How To Be On Track To Fund College
12:20 - Tax Benefits (state specific)
15:20 - Growth Example
18:31 - Funding Options
23:21 - Aligning Your Financial Goals
LET'S CONNECT!
James
Scott
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Wed, 06 Apr 2022 - 145 - 145 - Should I Ever Borrow Money to Invest?
Scott and James discuss if you should borrow money to invest.
Listener Question
Currently have a 401k company match up to 7%. They also allow us to borrow against our 401k up to $50,000. Also have a Roth IRA but not able to make the max contribution. 401k loan is a 5% note on a 60 month term (only option) but maxes out at $50k and can have multiple loans against the 401k (only pay off early option is to pay note in full). Knowing the risks of losing the job or leaving, we have a HELOC to bail us out in a pinch. Realizing we lose the compounding interest on the loan amount but taking that loan and putting it towards to Roth would offset that lost gain and help with my tax advantages when the withdrawal party starts all the while my interest payments are going back into the 401k. My thoughts are to take out a loan each year to apply towards the Roth until I either max out the loan amount or I can make the full contribution amount again. Am I crazy to think this is a good idea? Planning Points Discussed
Retirement Planning Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
3:54 - Cash Flow
6:49 - HELOC Example
9:16 - RMDs (Required Minimum Distributions)
11:47 - Gross Income v. Net Income
14:18 - Retirement Savings
16:35 - Tax Optimization
19:05 - Aligning Your Financial Goals
LET'S CONNECT!
James
Scott
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Wed, 30 Mar 2022 - 144 - 144 - Pros & Cons of Different Savings Accounts
Scott and James discuss the pros & cons of different savings accounts.
Listener Question
I'm hoping you could walk through the pros and cons of different higher-yield savings vehicles: high-yield savings accounts, money markets, and CDs. Especially how the planned federal interest rates raises may affect those.
Planning Points Discussed
Retirement Planning Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
3:57 - Bank Lending
7:23 - Bank Differences
10:33 - Savings Rates
13:30 - How Banks Make Money
15:18 - Interest Rates
17:29 - High Yield Savings Accounts
LET'S CONNECT!
James
Scott
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Wed, 23 Mar 2022 - 143 - 143 - How Much Do I Need to Retire?
Scott and James discuss how much you need to retire.
Listener Question
I'm 55 years old and currently employed with $1.1 million in 401k, $150,000.00 in annuity fund. Upon retiring I will also have a pension with medical, dental & optical coverage. My yearly income is $120,000 & I’m looking to retire at 60 years old. In your opinions does retiring comfortably in 5 years look reasonable?
Planning Points Discussed
Retirement Planning Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
3:29 - Listener Info
6:06 - Living Expenses Today
8:37 - Retirement Expenses
11:20 - Social Security
13:30 - Financial Freedom
16:05 - Tax Planning Opportunities
18:17 - Withdrawal Rates
LET'S CONNECT!
James
Scott
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Wed, 16 Mar 2022 - 142 - 142 - What Are the Tradeoffs Between Real Estate and Stock Market Investing?
Scott and James discuss the tradeoffs between investing in real estate and the stock market.
Listener Question
My wife and I just purchased our first home (30-yr fixed, low interest rate, strong housing market in suburbs of a major city). As we start a family, we realize we'll likely need a larger home in 5-8 years. Should we plan to purchase a second, larger home, while maintaining our current home as a rental property (which I assume requires less risky investments today), OR invest more aggressively today and plan to sell our current home when we upgrade (have only one house, no rental). Hoping you can provide a framework to help think through potential returns/tradeoffs of each scenario. For example, how to compare the return on a rental property (appreciation of property value and eventual sale) vs returns if the same money was invested in the market. Also, imagine there is tradeoffs between liquidity of owning a rental vs investing in market.
Our home is worth between $650-700k, interest rate 2.6%. Unclear what rent we could expect, maybe around $3k/month.Planning Points Discussed
Retirement Planning Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
3:07 - Liquidity For a Purchase
6:27 - Multiple Mortgages
9:55 - Tax-Writeoffs
12:05 - Home Prices
16:17 - Comparing Stock Market v. Real Estate
18:22 - Net Worth
21:08 - Desire For Simplicity
LET'S CONNECT!
James
Scott
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Wed, 09 Mar 2022 - 141 - 141 - How to Rebalance When Tax Implications Are Involved
Scott and James discuss how to rebalance when tax implications are involved.
Listener Question
I'm 30 years old and have close to 1/2 million in taxable brokerage accounts. While I was investing, I was not targeting a specific asset allocation, and now realize my portfolio is very heavily concentrated in domestic large cap stock funds. My question is, how do I go about rebalancing to achieve a more diversified portfolio while considering the implications of taxes and market cycles?
Planning Points Discussed
Retirement Planning Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
3:07 - Tax Planning
6:05 - Volatility Concerns
8:11 - Creative Planning
10:57 - When To Sell
13:30 - Example of Tax Implications
15:48 - Taxable Accounts
17:22 - Gifting For Tax Planning
LET'S CONNECT!
James
Scott
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Wed, 02 Mar 2022 - 140 - 140 - What Should I Do When I Receive a Large Windfall?
Scott and James discuss what to do when you receive a large windfall.
Listener Question
Can you provide (hypothetical) advice on how to handle a financial windfall? My wife and I are in our mid-thirties with one young child. She is a stay-at-home mom while I work in tech. My salary of approximately $130k covers all of our annual expenses in addition to 401k contributions (up to the amount needed to receive full employer matching). We also started contributing to a 529 plan for our son.
We recently came into possession of $2.3M in concentrated stocks and bonds with unrealized capital gains of around $1.5M. Are there any no-brainer moves to make given our new financial position.Timestamps:
3:08 - Windfall Introduction
5:16 - Cost Basis Impact
7:21 - What Matters Most?
9:48 - Life Goals
12:22 - It's Not About Perfect
16:02 - Value of Diversification
17:18 - Aligning Your Values With Your Goals
LET'S CONNECT!
James
Scott
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Wed, 23 Feb 2022 - 139 - 139 - What's the Best Way to Become a Financial Planner?
Scott and James discuss the best way to become a financial planner.
Listener Question
I was wondering if you could talk about the career path of a financial planner, more specifically a CFP who is an independent RIA. I am a college student studying finance looking to become a CFP, there seems to be many paths to take and it is a little confusing. Any tips on how to get valuable experience whether through summer internships or part time work in school?
Planning Points Discussed
Retirement Planning Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
3:07 - Various Advisor Industries
4:40 - Scott's Introduction To Finance
7:02 - James Introduction To Finance
10:33 - It's More Than The Money
13:30 - Understanding The Textbook
16:05 - What Is An Associate Advisor?
19:51 - Who's The Right Fit?
24:30 - Transparency
27:28 - Aligining Your Financial Goals
LET'S CONNECT!
James
Scott
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Wed, 16 Feb 2022 - 138 - 138 - How Do I Balance Retirement Savings with Debt Paydown?Scott and James discuss how to balance retirement savings with debt paydown.
Listener Question
I'm 36 years old with a wife, a 2.5 year old and hopefully a second child in the near future. I currently have a job with a non-matched 403b but it also currently offers a pension (and hopefully still will when I retire in 25-30 years). My wife's employer offers a matching 403b. I currently contribute 15% per pay period into my 403b and my wife about 11%. I’ve been working a few years longer than her and excluding my current 403b account, I have about $75k in an IRA from previous 401k rollovers (post-college thru taking my current job in the summer of 2018). I still have about $45k remaining in principle student loans at 4.35% fixed (8 years left on a 10-year refi loan). I graduated college in 2007 and have been paying my student loans every month since then. My current min monthly payment is $575. Does it make sense to cash out my IRA/rollover account and finally just payoff my student loan, pay off a small amount of credit card debt from a trip we took to Hawaii a few years ago, and ultimately free up some cash to increase my monthly 403b contribution, and build our emergency fund back up to a healthy level, especially as the cost of living increases and we plan to add another child to our family? Or is it absolutely insane to throw away $75k saved over the previous 10 years of my career?
Planning Points Discussed
Retirement Planning Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
3:57 - Listener Question
4:56 - Pension Income
7:28 - Tax Implications
11:29- Paying Down Debt
14:18 - Refinancing Knowledge
16:22 - Unknown Expenses
19:08 - Aligning Your Financial Goals
LET'S CONNECT!
James
Scott
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Wed, 09 Feb 2022 - 137 - 137 - What Do People Do For Health Insurance If They Retire Early?Scott and James discuss what people do for health insurance if they retire early.
Listener Question
I'm a 48 year old single woman who wants to retire in my mid 50's (or sooner) I have about $400,000 in investments of which only about 12% is in after tax savings I just started a new job making with bonus about $105,000 a year previously only made 55,000 my plan is to live on half my new income. I now max out my 401k, hsa, & Roth IRa and put the rest in my after tax brokerage (which was unable to do in the past). My FIRE # is 1.5 million my question is do you feel I have good plan and what do people do for health insurance if they retire in there mid 50's?
Planning Points Discussed
Retirement Planning Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
3:57 - FIRE #
6:02 - Financial Planning Expenses
8:04 - Balancing Goals
10:25 - Early Retirement
16:54 - Time & Freedom
19:28 - Health Subsidies
22:05 - Aligning Your Financial Goals
LET'S CONNECT!
James
Scott
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Wed, 02 Feb 2022 - 136 - 136 - Should I Save to a Deferred Compensation Plan After Maxing Out Everything Else?
Scott and James discuss if you should save to a Deferred Compensation Plan after maxing out everything else.
Listener Question
My question is about non-qualified deferred compensation plans. I already max out my 401(k), megaback door (while we still can), Roth backdoor conversations, HSA, FSA, ESPP plan and my wife's SEP IRA and Roth. For the remaining cash I've typically invested in taxable accounts in dividend stocks for future income, but most recently have started using my company NCDC plan for part of salary and bonus. We are 50 YO and plan to retire in 10 years and elected a 10 year payout to minimize taxes in these remaining high earning years. There is also a likely chance that I change jobs every 2-3 years at this point which would potential trigger early distributions.
What are your thoughts on NCDC plans and the distributions?
Planning Points Discussed
Retirement Planning Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
3:13 - Listener Question
7:40 - Lifestyle Goals
10:46 - Retirement Planning
14:11 - Non-Qualified Deferred Compensation
17:36 - Job Changes
20:50 - Aligning Your Financial Goals
LET'S CONNECT!
James
Scott
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Wed, 26 Jan 2022 - 135 - 135 - Newborn 101: What to Expect When You're Expecting
Scott and James discuss what to expect when you're expecting.
Listener Question
My wife and I are expecting, and I want to start planning from a financial perspective. I'm considering a 529; if I remember from a previous episode, you guys said you can start funding that before the child is born? I'm also looking into dependent care FSAs for child care expenses. If a kid is due in July, does it make sense to wait and enroll in the dependent care FSA then? Are there any other investment vehicle options to consider? Or general suggestions on cash to have on hand once a child is in the picture?
Planning Points Discussed
Retirement Planning Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
3:40 - Income Changes
6:02 - Family Updates
10:18 - Lifestyle Changes
14:02 - 529 Plans
18:12 - HSA Benefits
19:29 - Aligning Your Financial Goals
LET'S CONNECT!
James
Scott
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Wed, 19 Jan 2022 - 134 - 134 - How to Know If You're On Track to Retire
Scott and James discuss how to know if you're on track to retire.
Listener Question
I am 26 years old and have a TSP account valued at 20k, and a variety of stock/bold portfolios that are earmarked for different priorities that total to about 40k. I get a company match of up to 5% which I utilize up to that. I currently contribute 300 in addition to maxing out my Roth IRA that is valued around 12k. Now, assuming I continue this pace what would you say is the likelihood that I’ll be able to retire off of 60-70k a year? I have hesitations with blindly trusting a “4%” rule since when the study was done it was with the 5% safe rate of return from bonds back in the 90s. Thanks for your time!
Planning Points Discussed
Retirement Planning Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
3:57 - Listener Question
6:02 - Inflation
9:30 - Employer Matching
11:40 - Time Horizon
14:18 - Lifestyle Changes
17:50 - Retirement Rules
23:22 - Aligning Your Financial Goals
LET'S CONNECT!
James
Scott
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Wed, 12 Jan 2022 - 133 - 133 - How to Start the New Year Right
Scott and James discuss how to start the new year right.
Planning Points Discussed
Retirement Planning Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
3:57 - Life's Considerations
6:02 - Intentional Living
9:30 - Retirement Goals
15:01 - Dream Lifestyle
16:55 - Assets
19:24 - Saving & Investing
21:22 - Aligning Your Financial Goals
LET'S CONNECT!
James
Scott
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Wed, 05 Jan 2022 - 132 - 132 - How to Protect Against Inflation
Scott and James discuss how to protect against inflation.
Listener Question
Can y'all do an episode about inflation?
Planning Points Discussed
Retirement Planning Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
4:08 - Bond Returns
7:05 - Timing the Market
10:12 - Historical Inflation
13:34 - Bond Risk
16:23 - Downturns are Inevitable
19:04 - When should I have cash/bonds?
20:35 - Aligning Your Financial Goals
LET'S CONNECT!
James
Scott
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Wed, 29 Dec 2021 - 131 - 131 - What to Know About IRA Eligibility
Scott and James discuss what to know about IRA eligibility.
Listener Question
Question 1:
I am wondering if I should open an IRA in addition to my 401k through work. My employer match in my 401k caps at $9,000. The only benefit I see of having an IRA is being able to direct the investments, but we are currently happy with the options offered by our employers. We prefer investing in ETFs and have a majority of our money in the S&P 500, with some diversification globally and in small/mid cap funds.
I am 29 and my husband is 32. We both work in corporate jobs and have a combined income of nearly $300,000 with an additional $100,000 in bonuses, stock, and matching incentive pay. I have always operated of a mindset of 1/3 savings, 1/3 spending, and 1/3 taxes. We each max out our 401k’s (traditional), participate in employer stock purchase plans, and have a 529 plan for future college funds. The rest of our assets are in taxable brokerage accounts. We would like the flexibility to retire from corporate jobs in our 50’s. At some point, we may want to open our own small business.
Question 2:
I have a 401(k) with my current employer. If I were to get a new job (that also offers a 401k) should I roll my 401(k) into a new one with my new employer, or should I roll my 401(k) into a Roth IRA, and start a new 401(k) from scratch with my new employer? Someone told me this could be a good idea, but I have NO CLUE about investing and such so I’m not sure if this is a wise decision. PS. Please let me know if you include my answer on your show so I know when to listen! Thanks!
Planning Points Discussed
Retirement Planning Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
3:57 - Income Limits
6:02 - Backdoor Roth Conversions
11:08 - Flexibility, Control, Investment Options
14:32 - Tax Planning
18:21 - Excess Contributions
18:50 - Traditional IRA Contributions
20:04 - Roth IRA Contribution Limits
24:08 - Aligning Your Financial Goals
LET'S CONNECT!
James
Scott
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Wed, 22 Dec 2021 - 130 - 130 - Should I Do Roth Conversions in Low Income Years?
Scott and James discuss if you should do Roth Conversions in years where income is relatively low.
Listener Question
I am currently single and maxing out my 401k. In two more years I'll have been doing this and my Roth IRA for four years total. I plan on going back to training for one year and at that point it will drop me from the 37% tax bracket to 22%. My question is I currently contribute to a Roth 401(k) and I plan to stop doing that and just contribute fully to my 401(k), but in the year I earn less move everything to my Roth IRA, is this the right decision or should I keep contributing part of the Roth 401(k) and regular combined?
Planning Points Discussed
Retirement Planning Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
3:57 - Retirement Contributions
7:07 - Moving Funds To Pre-Tax
10:27 - Contribution Limits
12:40 - Additional Savings
16:51 - Roth Conversions
18:47 - Tax-Gain Harvesting
20:09 - Aligning Your Financial Goals
LET'S CONNECT!
James
Scott
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Wed, 15 Dec 2021 - 129 - 129 - Should I Cancel My Existing Whole Life Policy And Buy Term Insurance?
Scott and James discuss if you should cancel your existing whole life policy and buy term life insurance.
Listener Question
I have listened to your episodes about life insurance and whether or not it’s advisable to purchase a whole life policy. However, I’d be curious to hear what you think about a whole life policy that I bought about 5 years ago. It costs me a fixed $100/ month for a $100,000 policy.
I am 36 years old, single and have no children. I would like to have a family one day, but I’m not sure it makes sense to continue with a whole life policy at this time. Would it make more sense for me to continue with this policy given that it is not hurting my financially, or would it be better to collect the cash value ($6,500) to contribute it to the small amount of remaining debt that I have and get a term life policy that will likely be much less expensive? If I do get a term life policy, how much would you recommend that I purchase?
Planning Points Discussed
Retirement Planning Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
3:57 - What is Whole Life Insurance?
5:28 - When Do You Need Life Insurance?
9:30 - Term Life Insurance Benefits
11:32 - Growth Rates
13:47 - Why We Own Insurance
15:29 - Tax Planning
16:43 - Aligning Your Financial Goals
LET'S CONNECT!
James
Scott
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Wed, 08 Dec 2021 - 128 - 128 - Can I Unwind a Non-deductible IRA Contribution?
Scott and James discuss the new contributions limits (2022) and how that impacts our taxes.
Listener Question
Can I unwind a non- deductible IRA and revert it to a retail account? My CPA suggested I put 7k aside each year (I did it once) and then put it into a backdoor Roth. My income is high (we paid 51% in effective taxes last year) and I max out my 401k (no match) at work. But here is where it gets complicated- I have an IRA, Roth, SEP IRA (from a side consulting business) and now also the non deductible IRA all in Schwab in a mic of index funds and individual dividend stocks. But my employer’s 401 k plan (Transamerica) is terrible - high fees and not great fund options. I am worried about rolling my various retirement funds (about 400k for me) into Transamerica just to put 7 or 14 k into a backdoor Roth would cost le almost as luch in fees, not to mention oppty cost when forced to sell my holdings to conform to what Transamerica offers.
Given this and the impending demise of the backdoor Roth, can I somehow convert my 7k back to a nonretirement holding?
Planning Points Discussed
Retirement Planning Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
3:57 - Roth IRA Backdoor Considerations
6:02 - IRS Aggregation Rule
9:30 - Partner's Income
12:40 - Self-Employed Retirement Considerations
15:01 - Required Minimum Distributions
17:36 - Tax Planning
18:22 - Aligning Your Financial Goals
LET'S CONNECT!
James
Scott
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Wed, 01 Dec 2021 - 127 - 127 - Should I Pay Down My Mortgage or Invest?
Scott and James discuss the new contributions limits (2022) and how that impacts our taxes.
Listener Question
My wife and I have two homes. One is our primary and the other is a weekend/getaway home. We have mortgages on each (each are 30-year fixed and below 3%). Our total monthly mortgage payment for both homes is 15.5% of our gross income. Does it make sense to take our extra cash and pay down the mortgages or to use that cash where it could earn more such as investments?
Planning Points Discussed
Retirement Planning Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
3:26 - Income Considerations
6:28 - Outside Considerations
9:05 - Interest Rates
11:30 - Opportunity Cost
15:01 - Asset Allocation
18:04 - Borrowing Debt
19:52 - Aligning Your Financial Goals
LET'S CONNECT!
James
Scott
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Wed, 24 Nov 2021 - 126 - 126 - How to Invest at Market All-Time Highs
Scott and James discuss how to invest at market all-time highs.
Planning Points Discussed
Retirement Planning Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
3:12 - Negative Headlines
5:21 - Market Performance
8:53 - Example of Growth
11:01 - How Can We Position Our Investments Now?
13:01 - Time Horizon of Investments
17:09 - Why We Invest
18:54 - Aligning Your Financial Goals
LET'S CONNECT!
James
Scott
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Wed, 17 Nov 2021 - 125 - 125 - Where to Invest For a Home, CD Ladders, and Contribution Rules
Scott and James discuss where to invest for a Home, CD Ladders, and Contribution Rules.
Listener Questions
- Can I max out both my Roth 401k contribution and my Roth IRA contribution in the same year? Example: I’m 57. 26 thousand plus 7 thousand = 33 thousand. Can I contribute 33 thousand to Roth retirement accounts in 2021? You have talked about saving vs investing based on time horizon and risk appetite. Im hoping you can talk more about savings options. I heard about the concept of CD ladders and thought it may be a good approach to earmark my annual property taxes and insurance bills. I am looking for advice regarding where to invest savings for a down payment for a first home. My goal is to be able to make an offer for a home in about five years. Some background about me: I am in my late 30's, debt free, married with one child and and work a decent paying corporate job. I plan continue to max out my 401K and divert all my other savings to the down payment goal (20-30 percent of after tax income). Would it make sense to put this savings into a relatively liquid real estate investment like a REIT? In other words, an investment that might track the cost of the future purchase I plan to make. If the housing market rises, so too will my investment and I will be better positioned to make this higher down payment. If the housing market tanks, the investment will look bad, but in theory I won't need as much money for a given house.
Planning Points Discussed
Retirement Planning Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
3:12 - Roth 401(k) & Roth IRA
6:00 - CD Ladders
10:09 - How To Save For A Home
12:19 - REIT Indices
15:45 - Performance
18:53 - Time Horizon
20:44 - Down Payment Goals
23:50 - Aligning Your Financial Goals
LET'S CONNECT!
James
Scott
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Wed, 10 Nov 2021 - 124 - 124 - What Are New Contributions Limits and How Does That Impact Our Taxes
Scott and James discuss the new contributions limits (2022) and how that impacts our taxes.
Listener Question
I am a new small business owner and have just begun a 401k, I have a roth ira, 529 for my child, and my own investment portfolio. I am still confused on how I should vary my allocation based on the type of fund- such as my roth versus traditional versus normal investments, in order to maximize the benefits of each separate account. I also was hoping you could do an episode solely on how taxes work and the differences between them.
Planning Points Discussed
Retirement Planning Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
3:12 - New Contributions
5:26 - IRAs & Roth IRAs
8:53 - How Taxes Work
12:57 - Cash Flow
15:01 - Order of Operations
18:04 - How Can I Maximize Tax Savings?
20:27 - 401(k) Contribution Increase
22:40 - Aligning Your Financial Goals
LET'S CONNECT!
James
Scott
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Wed, 03 Nov 2021 - 123 - 123 - Should I Invest in Whole Life Insurance After Maxing Out My 401k?
Scott and James discuss if you should invest in Whole Life insurance after maxing out your 401(k).
Listener Question
I was recently advised to get a life insurance retirement plan by my adviser. I currently max out my IRA contribution, FSA, 401k to ~56k and have extra money left over. I’m single and don’t have kids to warrant a life insurance plan per se but it sounded intriguing with the extra cash i have leftover. I comfortably have an extra 3-4 k every month leftover. I’m a bit skeptical of the adviser since he contacted me supposedly from a coworker who gave him my name.
Planning Points Discussed
Retirement Planning Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Episodes Mentioned
What Tax-Efficient Investment Strategies Exist After I Max My 401(k)?Timestamps:
1:30 - Submit Your Questions!
3:05 - Selling v. Advising
7:25 - How Are Insurance Salesman Compensated?
10:28 - Understand Your Goals First
13:43 - Self-Insured
15:37 - Opportunity Cost
16:47 - Tax-Free Loans
17:15 - After-Tax Benefits
19:32- Understanding Incentives
21:02- Aligning Your Financial Goals
LET'S CONNECT!
James
Scott
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Wed, 27 Oct 2021 - 122 - 122 - When Should I Start Redirecting Retirement Savings to Other Account Types?
Scott and James discuss when it makes sense to start redirecting retirement savings to other account types.
Listener Question
1. Currently, I'm 47 and I have been maxing out my retirement accounts. I believe that I am in good position for when I retire with the amount I have and the amount it will grow in next 15 years. My question is if it is foolish to now build up a non retirement account instead of continuing to pour money into the retirement account. I realize I'd be giving up tax benefits, but right now I have very little flexibility for the next 13 years. 95% of my net value is either in retirement accounts or my house. I do have an emergency fund for 6 months in cash. I'm thinking since my retirement funds are in good shape that I should start building some assets/brokerage account outside of retirement in case I want to retire early or work part time or want/need money for any reason before I'm 59. What's your thoughts on if there is a point that you should stop worrying about retirement accounts and their tax benefits and building for the years before retiring?
Planning Points Discussed
Retirement Planning Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
2:35 - Introduction
4:15 - Optimize Your Balance Sheet
5:05 - Individual Stock Example
6:20 - Liquidity
8:26 - Rule of 55
10:06 - Tax Planning
14:23 - Flexibility Benefits of a Bridge Account
15:44 - Roth Conversions
17:23 - Supplemental Accounts
18:24 - Please keep sharing!
19:00 - Aligning Your Financial Goals
LET'S CONNECT!
James
Scott
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Wed, 20 Oct 2021 - 121 - 121 - Overview of Important Mliestones To Be Aware Of
Scott and James discuss the important milestones you should be aware of.
Planning Points Discussed
Retirement Planning Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
2:00 - Introduction
4:29 - Dependent Care
5:50 - Tax Credits
6:58 - Investing v. Gambling
8:02 - UGMA / UTMA
10:25 - Kiddie Tax
12:47 - Catch-up Contributions
15:40 - Social Security Benefits
17:55 - Qualified Charitable Distributions
19:00 - Charitable Giving Strategy
20:27 - RMDs (Required Minimum Distributions)
21:51 - Aligning Your Financial Goals
LET'S CONNECT!
James
Scott
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Tue, 12 Oct 2021 - 119 - 119 - What Should I Do When I Have Large Unrealized Gains in a Concentrated Stock Holding?
Scott and James discuss what you should do when you have large unrealized gains in a concentrated stock holding.
Listener Question
1. My wife and I have been blessed with good fortune through our ESPP and RSU programs across 4 different employers. Having always been a buy-and-hold investor, these companies now have significant unrealized capital gains and represent almost 50% of portfolio value and a strong dividend cash flow that could provide income during a job loss. We live in CA and are in top tax brackets and would like to effectively diversify without loosing over 50% to taxes.
2. I currently have around 4,500 shares of AAPL. This makes up about 54% of my total stocks. I have 2,200 shares in my investment (non-retirement) account which makes up 100% of this total. I want to reallocate some of the AAPL, but it will have serious tax implications especially with my investment account. What do you recommend?
Planning Points Discussed
Retirement Planning Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
1:30 - Introduction
3:27 - First Listener Question
5:05 - Individual Stock Example
6:58 - Investing v. Gambling
9:05- Taxes
9:43 - Cost Basis
12:15 - Stock Option Tax Planning
14:22 - Peace of Mind & Tax Strategy
17:55 - Lowest Cost Basis v. Highest Cost Basis
19:00 - Charitable Giving Strategy
21:55 - Second Listener Question
23:00 - Retirement Account Tax Benefits
24:53 - Aligning Your Financial Goals
LET'S CONNECT!
James
Scott
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Wed, 29 Sep 2021 - 118 - 118 - How to Take Advantage of Tax Loss and Tax Gain Harvesting
Scott and James discuss how you can take advantage of tax loss and tax gain harvesting.
Planning Points Discussed
Retirement Planning Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
1:30 - Scott's eldest son scores a goal & James surfs!
2:42 - When Should I Start Saving / Investing?
4:10 - Tax Loss Harvesting
6:13 - Taking Advantage of Losses
6:26 - What is a Wash Sale?
8:41 - Capital Gains v. Ordinary Income
10:16 - Does Your Financial Advisor Ask For Your Tax Return?
13:00 - Tax Gain Harvesting
15:55 - Tax Gain Harvesting & Roth Conversions
17:23 - Aligning Your Financial Goals
LET'S CONNECT!
James
Scott
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Wed, 22 Sep 2021 - 117 - 117 - Should I Pursue a Dividend and Sector Investment Strategy?
Scott and James discuss if you should pursue a dividend and sector investment strategy.
Listener Question
1. Can we talk about dividends and dividend stocks? Is it a wise strategy to invest in those stocks that pay out dividends to shareholders?
2. I have been looking at investing in ETFs and I have seen number of ETFs under the label of Sector and Specialty ETFs (that is how Vanguard labels them). Could we talk more about these? I would be interested in investing in some of these- but I am not sure if it is wise?
Planning Points Discussed
Retirement Planning Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
1:30 - Introduction
2:16 - Dividend Stocks
4:35 - Dividend Example
6:15 - Total Return of an Investment
8:49- Downturns & Dividends
11:48 - Is It Bad If Companies Don't Pay Dividends?
15:11 - Reinvesting Dividends
18:37 - U.S. Stock Categories
20:54 - Driving Your Returns Over Time
22:36 - Strategies to Fund College
23:18 - Aligning Your Financial Goals
LET'S CONNECT!
James
Scott
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Wed, 15 Sep 2021 - 116 - 116 - What Are the Key Things to Focus on When Just Getting Started?
Scott and James discuss what the key things are to focus on when you're just getting started.
Planning Points Discussed
Retirement Planning Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
1:30 - Introduction
2:42 - When Should I Start Saving / Investing?
4:30 - Why All Debt Isn't Equal
8:37 - Paying Yourself First
10:16 - Taking Advantage of Free Money (Employer Match)
12:18 - Loan Forgiveness
14:04 - Life Insurance
16:02 - How Much Do I Have To Invest To Reach $1,000,000?
17:23 - Aligning Your Financial Goals
LET'S CONNECT!
James
Scott
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Wed, 08 Sep 2021 - 115 - 115 - Mailbag Episode - Tracking 401k Contributions, ESPP Savings, and Investing After a Late Start
Scott and James discuss multiple listener questions regarding tracking 401k contributions, ESPP savings, and investing after getting a late start.
Planning Points Discussed
Retirement Planning Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
1:49 - Listener Question
2:57 - Tax Implications of Retirement Accounts
4:05 - Rollovers: 401(k)s to IRAs (and Roth!)
7:40 - ESPP (Employee Stock Purchase Plan)
10:47 - Risk & Return Correlations
12:41 - When Does It Make Sense to Diversify?
15:37- What Can You Control?
17:54 - Maximizing Social Security
20:36 - When Saving Is More Important Than Compounding
23:07 - Aligning Your Financial Goals
LET'S CONNECT!
James
Scott
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Wed, 01 Sep 2021 - 114 - 114 - How to Upsize Homes Before Selling Your Current Home
Scott and James discuss how to upsize homes before selling your current home.
Planning Points Discussed
Retirement Planning Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
1:30 - Introduction
3:28 - Finding Your Dream Home
4:43 - What Information Does A Bank Want?
9:14 - What Funds Should I Use For A Down Payment?
10:30 - Understanding Margin Calls
11:48 - What is a Mortgage Recast?
13:05 - Should I Do A Cash-Out Refi?
16:00 - Balancing Retirement Goals
19:00 - UTMA v. UGMA
22:36 - Strategies to Fund College
23:50 - Aligning Your Financial Goals
LET'S CONNECT!
James
Scott
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Wed, 25 Aug 2021 - 113 - 113 - How to Balance Retirement Income and Legacy Goals
Scott and James discuss how to balance retirement income and legacy goals.
Planning Points Discussed
Retirement Planning Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
1:30 - Introduction
2:51 - Rebalancing
6:05 - Legacy Planning
8:41 - Balancing Cash Preserves
12:19 - Asset Class Variations
18:48 - Estate Planning Opportunities
22:23 - Utilizing Leverage of Time
26:07 - Estate Tax & Gift Tax Penalties
18:54 - Diversification Benefits
30:12 - Aligning Your Financial Goals
LET'S CONNECT!
James
Scott
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Wed, 18 Aug 2021 - 112 - 112 - How Do I Incorporate Real Estate As Part of My Retirement Plan?
Scott and James discuss how to incorporate real estate as part of your retirement plan.
Planning Points Discussed
Retirement Planning Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
1:30 - Introduction
3:22 - Costs of Real Estate
5:42 - Quantifying Your Real Estate Asset
8:30 - How To Determine If You Should Incorporate Real Estate
10:50 - What Are My Expenses With Real Estate?
13:14 - Alternative Real Estate Ownership Options
16:00 - What Are Your Goals Behind Owning Real Estate?
17:39 - Taxation of Real Estate
18:54 - Diversification Benefits
20:04 - Aligning Your Financial Goals
LET'S CONNECT!
James
Scott
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Wed, 11 Aug 2021 - 111 - 111 - What's the Best Way to Invest My Portfolio In Retirement?
Scott and James discuss the best way to invest your portfolio throughout retirement.
Planning Points Discussed
Retirement Planning Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
1:30 - Introduction
2:45 - Target-Date Funds
4:37 - Bucket Strategy v. Total Return
8:21 - What is a Sustainable Withdrawal Rate?
11:54 - Retirement Funds Aren't All Created Equal
14:36 - What Portfolio Mix Is Right For Me?
16:25 - Benefits of Owning Multiple Funds
17:51 - Aligning Your Life With Your Financial Goals
LET'S CONNECT!
James
Scott
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Wed, 04 Aug 2021 - 110 - 110 - How Much Should Your Net Worth Increase Each Year?
Scott and James discuss how to view your entire financial picture and how you can align it with your financial goals.
Planning Points Discussed
Retirement Planning Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
1:30 - Introduction
2:30 - Understanding Your Net Worth
6:45 - Stock Market Volatility
9:07 - What Metrics Should I Focus On?
11:18 - Should I Decrease My Net Worth Intentionally?
13:40 - Utilizing Debt
14:09 - Inputs v. Outputs
16:15 - Aligning Your Financial Goals
LET'S CONNECT!
James
Scott
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Wed, 28 Jul 2021 - 109 - 109 - How to Prioritize Different Financial Strategies
Scott and James discuss how to prioritize conflicting financial strategies.
Planning Points Discussed
Retirement Planning Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
1:30 - Introduction
3:02 - Asset Location v. Asset Allocation
5:38 - International Investments
8:21 - Taxation of Retirement Accounts
11:04 - Retirement Account Penalties
14:36 - Focusing On Your Goals
17:31 - Municipal Bond Taxation
20:06 - Importance of Your Time Horizon
21:24 - Aligning Your Financial Goals
LET'S CONNECT!
James
Scott
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Wed, 21 Jul 2021 - 108 - 108 - Should I Add Real Estate To My Portfolio After I’ve Maxed Everything Else Out?
Scott and James discuss how to invest after maxing everything else out.
Planning Points Discussed
Retirement Planning Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
1:30 - Introduction
3:52 - Investing In Real Estate
4:45 - How To Use Your Balance Sheet To Achieve Your Goals
8:30 - What Is A Great Rate of Return?
12:15 - What Is Passive Real Estate Investing?
14:30 - Aspects of Real Estate Investing
16:00 - Using Leverage For Real Estate
16:54 - What Are The Risks Of Investing In Real Estate?
20:44 - How To Invest Your Time, Energy & Talent
25:31 - Aligning Your Financial Goals
LET'S CONNECT!
James
Scott
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Wed, 14 Jul 2021 - 107 - 107 - How to Plan When You Got a Late Start
Scott and James discuss how how to plan for your goals when you got a late start.
Planning Points Discussed
Retirement Planning Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
1:30 - Listener Question
4:53 - Investing In The Market
6:20 - What Is My Time-Horizon?
7:20 - The Power of Consistent Saving
12:34 - Am I Too Old To Invest Aggressively?
15:35 - What Other Assets Can I Use To Retire?
19:00 - Retirement Expenses Example In Retirement
20:51 - Aligning Your Financial Goals
LET'S CONNECT!
James
Scott
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Wed, 07 Jul 2021 - 106 - 106 - What Are Your Numbers?
Scott and James discuss how to view your entire financial picture and how you can align it with your financial goals.
Planning Points Discussed
Retirement Planning Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
1:30 - Introduction
2:30 - Gross Income v. Net Income
5:49 - What Percentage Are You Saving?
7:10 - How To Save For Your Different Goals
9:07 - What Is My Saving Rate?
12:18 - Living vs. Spending
14:47 - How To View Your Taxes
16:54 - What Do I Need To Focus On?
18:55 - Aligning Your Financial Goals
LET'S CONNECT!
James
Scott
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Wed, 30 Jun 2021 - 105 - 105 - What Do All the Different Indexes Mean?
Scott and James discuss different indexes, both what they mean and why they're important to you as an investor.
Planning Points Discussed
Retirement Planning Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
1:30 - Listener Question
3:30 - What Makes Up The Global Market?
5:35 - What Does It Mean To Invest In "The Market"?
6:15 - How Is A Value Of A Company Determined?
10:11 - Russell 2000 vs. Russell 3000 - What's Different?
14:47 - How Do I Invest In The Developed Markets?
18:37 - What Are The Core Indexes?
19:55 - Aligning Your Financials With Your Goals
LET'S CONNECT!
James
Scott
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Wed, 23 Jun 2021 - 104 - 104 - How Does This Political Climate Impact Our Investments?
Scott and James discuss how this political climate impacts our investments.
Planning Points Discussed
Retirement Planning Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
1:30 - Listener Question
3:30 - How Should Politics Impact My Investment Strategy?
6:04 - Why Are We Investing?
8:35 - The Power of The S&P 500
12:18 - What Crises Tell Us About Investing
14:47 - What Is A Risk Premium?
16:54 - What Do I Need To Focus On?
18:55 - Aligning Your Financial Goals
LET'S CONNECT!
James
Scott
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Wed, 16 Jun 2021 - 103 - 103 - Should I Save on Taxes Now Or In The Future?
Scott and James discuss whether or not you should be saving on taxes now or in the future.
Planning Points Discussed
Retirement Planning Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Episodes Mentioned
Episode 6: To Roth or Not to Roth?
Timestamps:
1:30 - Listener Question
3:30 - Should I Invest In A Roth IRA?
5:45 - How Does A Traditional IRA Work?
7:36 - How Does A Roth IRA Work?
9:47 - How Should I Invest As Tax Brackets Change?
11:27 - How Do Tax Brackets Work?
16:55 - Will I Be In A Larger Tax Bracket In The Future?
21:25- Aligning Your Financial Goals
LET'S CONNECT!
James
Scott
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Wed, 09 Jun 2021 - 102 - 102 - Where Should You Save Your Extra Income?
Scott and James discuss where you should save your extra income.
Planning Points Discussed
Retirement Planning Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
1:30 - Listener Question
3:30 - Where Should I Save Extra Income?
5:45 - Long-Term v. Short-Term Savings
8:05 - Education Funding
9:47 - How To Think About "Liquidity"
12:21 - Should I Invest In A SEP IRA or Roth IRA?
13:00 - Flexibility v. Tax Benefits
19:20 - Aligning Your Financial Goals
LET'S CONNECT!
James
Scott
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Wed, 02 Jun 2021 - 101 - 101 - How to Balance Cash Savings and Long-Term Investing
Scott and James discuss how to balance cash savings & long-term investing.
Planning Points Discussed
Retirement Planning Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
1:30 - Introduction
3:40 - How To Allocate To Different Goals
7:15 - Should I Invest For Short-Term Goals?
8:24 - Importance of Different Accounts
13:58 - Portfolio Diversification
19:32 - How Do I Maximize Returns?
25:06 - Understanding Why We Invest
26:15 - Aligning Your Finances With Your Life
LET'S CONNECT!
James
Scott
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Wed, 26 May 2021 - 100 - 100 - 100th Episode! Reflection on the first 100 Episodes
Scott and James reflect on the first 100 episodes of the Real Personal Finance Podcast.
Planning Points Discussed
Retirement Planning Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Episodes Mentioned:
Episode 83: 4 Things You Can Invest In
Episode 16: Budgeting Sucks, Do This Instead
Timestamps:
1:30 - Introduction
4:15 - The Magic of Compounding
5:45 - Which Episode Received The Most Downloads?
7:20 - Understanding Your Vision
9:14 - Where Do I Start With My Financial Journey?
12:02 - The Power of Automation
15:10 - How We Started The Podcast
15:45 - Thank You Listeners!
LET'S CONNECT!
James
Scott
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Wed, 19 May 2021 - 99 - 099 - How To Save For a Home in This Crazy Real Estate Market
Scott and James discuss how to save for a home in this crazy real estate market.
Planning Points Discussed
Retirement Planning Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
1:30 - Listener Question
3:30 - Retirement Accounts
5:25 - Cost Basis Example
7:50 - Diversification of Investing
10:20 - Cash v. Bonds
13:00 - Diversification Benefits
15:10 - Understanding Costs of Home Ownership
17:50 - What Mortgage Can You Afford?
20:00 - Aligning Your Financial Goals
LET'S CONNECT!
James
Scott
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Wed, 12 May 2021 - 98 - 098 - Should I Move to Another State to Save Money and Retire Earlier?
Scott and James discuss the pros and cons of moving to another state to save money in order to retire early.
Planning Points Discussed
Retirement Planning Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:
1:30 - Listener Question
2:25 - Savings Rates
3:30 - Moving For Financial Reasons
7:00 - Longevity v. Financial Impacts (short-term)
9:50 - What Do You Really Want?
11:31 - Aligning Your Financial Goals
12:45 - Building Financial Habits
13:33 - Do A "Test-Run"
14:30 - Overview
LET'S CONNECT!
James
Scott
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Wed, 05 May 2021
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