If you’re a homeowner, how often have you been overwhelmed by home repairs and maintenance? You find a problem, like a leak, and before you can even begin hiring someone, you must research to find out who to call. But how do you know where to start? And who can you really trust in your home?

And on top of all that, there’s cost. On average, homeowners spent nearly $6,000 on home maintenance and repairs in 2022. Even the most frugal, detail-oriented, and experienced budgeters can be overwhelmed with unexpected repairs and maintenance. How many minor repairs go ignored simply because you don’t want to deal with the headache of finding someone to fix them?

These are precisely the problems that Honey Homes set out to fix. Honey Homes is a service aimed at helping homeowners stay on top of their monthly to-dos and maintenance needs. Starting as just a handyman hire, the company exploded into a success, gaining over 500 members, completing over 20,000 tasks, and taking over 10,000 appointments within two years.

We sat down with Andrew Perroy, General Manager for Honey Homes here in the Bay Area, to discuss how you can keep your home in the condition you bought it in (or better!) and save time and money. Through his incredible insights from being with Honey Homes, you can learn tips and tricks here that you can’t get anywhere else.

In this episode of A Place of Possibility, we’ll be discussing:

• The most common problems homeowners face, including minor and major home damage, how often these happen, and how much the average homeowner should set aside for home repairs.
• Inside details on everything Honey Homes provides. Hint: it’s more than just regular home maintenance.
• Special ways that Honey Homes is different than similar businesses, as well as their extensive handyman screening process.
• An in-depth look at how Honey Homes works, from their pricing model and app use to getting referrals for bigger repair projects.

And more!

As a homeowner, you do everything you can to protect and maintain what’s likely your most valuable asset - your home. But it’s a lot to keep up with knowing what work needs to be done, how often, who to call, and how much you should be budgeting. And even with the most careful planning and research, things can slip through the cracks, and repair costs can add up. This episode will help you determine better, more cost-effective ways of taking care of house repairs and maintenance.

It’s a phone call no parent wants to get. Their 18-year-old child has gone off to college, leaving the nest for the first time, and despite being the most level-headed and responsible teenager imaginable, they’ve landed in the hospital. Every parent's natural inclination is to do everything possible to help their child, but after attempting to talk with the treating physician, they’re told they cannot participate in their child’s care. After 18 years of making medical decisions on their child’s behalf, parents are now on the outside, looking in.

The reason? Passed in 1996, the Health Insurance Portability and Accountability Act (HIPAA) established a set of national standards for the protection of certain health information, but in doing so, the law also made it impossible for parents to participate or advise on their child’s medical care once they reach the age of 18 — unless that young adult has given express written permission for their parents to act as their agent in such a circumstance.

This is exactly what happened to estate planning attorney Laura Patton, our guest on the latest episode of A Place of Possibility™. Her son was off at college in Minnesota and had spent a late night playing video games with his friends. He slept in late, and after he woke up and showered, he passed out from dehydration, hitting his head on the corner of his dorm bed. His roommate took him to the emergency room and contacted Laura, who found herself absolutely terrified for her son. Even though she was an attorney, there was nothing she could do to help her child.

Her feeling of helplessness prompted Laura to seek a solution for young adults — and their parents — who could easily face this circumstance. She knew full well that consulting with an attorney to create the incapacity planning documents a young adult might need in this situation would be time-consuming and expensive. And, since most young adults haven’t amassed much in the way of financial or personal assets, creating a comprehensive estate plan for them was often overkill.

Her solution was to start Scholar Shield, an online service focused on creating customized, high-quality legal documents that are specifically geared toward young adults. Laura will chronicle her journey to coming up with this revolutionary approach to incapacity planning for young adults, as well as her own varied legal career path, and she’ll also explain the legal challenges that young adults face — challenges that HIPAA, despite its best intentions, has made more complex.

We’ll be talking about:

• The pervasive problem that faces parents whose kids are going off to college for the first time – how do they protect young adults while also encouraging their independence?
• How Laura’s own experience as a mother instilled in her a sense of urgency to come up with a solution that bridged the gap between no incapacity planning at all and traditional estate planning that is designed for asset distribution after death. 
• The cost and time-saving advantages that Scholar Shield offers over the more traditional process of consulting with an attorney. 
• When and why a family might want to explore a more comprehensive estate plan.

And more!

As a parent, you encounter a mixture of emotions when your child turns 18 and leaves for college — elation that they’re on a good path, but also some sadness that they’ll no longer be under your roof. And you’ll no doubt worry about them. Yet, even if they’re as responsible as possible, unforeseen events can happen. This episode will help you look after a young adult’s best interests and ensure that you, as a parent, are involved in their care should those circumstances arise.

Creating and sticking to an investment strategy that considers our personal values and the welfare of the planet and its people might seem like a relatively new concept, but it has been around for quite some time. In fact, centuries ago, the Quaker religion not only forbade its members from enslaving people but also from investing in companies that profited from slavery.

Undoubtedly, it’s also a concept that has evolved over time — and it continues to do so. As a society, we seem to be growing more and more disparate where our values are concerned, and what might seem to be socially responsible behavior to one investor could be overly permissive — or restrictive — to another.

After all, the core idea of investing is to generate profits — a return on our cash outlay. So, is it really possible to get a competitive return for our portfolios while still holding the companies that it contains responsible for their impact on the global community?

In short, yes. Our guest on this episode of A Place of Possibility™ will explain how to achieve this balance as an investor. Richard and Angela will speak with Sam Adams, CEO and Co-Founder of Vert Asset Management. Sam not only has substantial experience in the world of sustainable investing, but he also has quite an aptitude for simplifying this often-misunderstood topic.

We’ll be talking about:

• What sustainable investing really is
• The nuances of each sustainable investing methodology — Environmental, Social, and Governance investing (ESG), Socially Responsible investing (SRI), and Impact investing
• How the information that ESG fund managers must take into consideration differs from their more conventional counterparts
• The most common mistakes that investors make when trying to build a sustainable portfolio and why some of this confusion centers not on hard data but rather their personal values
• Why a seismic change in corporate values that occurred decades ago has now created a far more pressing need for sustainable investing than ever before

And more!

Many of us tend to think that “doing good” for our planet and its inhabitants while “doing well” in our investing pursuits is difficult, if not impossible. But, as Sam will show you, with honest consideration of your own principles and some diligent research, these two values can peacefully — and profitably — coexist. 

If you think that estate planning is something that can wait until your more “mature” years, you’re not alone. Unfortunately, many people share this same impression. After all, what is there to plan for if you have no spouse, no children, and only modest assets?

Plenty!

There’s much more to estate planning than merely deciding who gets your assets and other possessions when you die — putting it off until your later years isn’t a sound approach. Change is part and parcel of living, and as we move through life, we experience changes that can thoroughly alter our circumstances and require an entirely different approach to the future.

In the newest episode of A Place of Possibility, Richard and Angela will be talking to estate planning attorney Kelly Balamuth, who, with her years of experience, is well-qualified to not only weigh in on the life changes that should trigger a thorough review of your existing estate plan but also to provide sound, real-world advice on when you should start the estate planning process in the first place. Hint: it’s earlier in life than you might think.

In her estate planning practice at Lamorinda Legal, Kelly puts an emphasis on helping families enhance their lives in the present while also guiding them toward brighter, more fulfilling futures. Her focus on trusts and estate planning is driven by a strong desire to see her clients reach these goals. Guiding her clients through the often-confusing maze of financial and legal decisions that must be made to create estate plans which best suit their needs is no easy task, but it’s one at which Kelly has proven to be particularly skillful. She’s been named Super Lawyer each year for over a decade and has also been a fixture on the Super Lawyers’ Top 50 Women Attorneys in Northern California list for multiple years.

We’ll be talking about:

• Why, estate planning is for everyone, including young adults and single people!
• The important documents that any child should complete once they’ve turned 18 — especially if they’re leaving for college.
• The various ways that having children can impact your financial planning. You’ll not only want to closely examine who you want your heirs to be but also how you leave your assets to them.
• Why getting divorced triggers a number of essential adjustments to your estate plan. You don’t have any flexibility when it comes to moving your assets around once you’re in the divorce process, but there are a number of changes you can make that could have a direct bearing on your legal, financial, and medical well-being.

And more!

Few of us actually look forward to starting or reviewing our estate plans — there’s nothing exhilarating about the process, and doing so often serves to remind us we won’t be around forever. But, as you’ll hear from Kelly in this episode, some key life stages warrant a closer look at your preparations to ensure that they still accurately reflect your wishes. And, if you’re still of the opinion that estate planning isn’t necessary until you get married or reach your golden years in life, we’re confident that Kelly will change your mind.

In most industries, you can generally rely on a legitimate professional’s opinion for guidance. But the investment industry — or more specifically, the investment PREDICTION industry — is an altogether different animal. That seems counterintuitive, doesn’t it? It sure feels like that trade would be filled with legitimate pros whose advice you could literally take to the bank. After all, we’re inundated with supposed experts each day on television, in podcasts, and in the newspapers, providing their takes on the financial road just ahead.

They must know something we don’t and are standing by, ready to alert us to the dangers — or financial renaissance — that may be just around the corner, right? Wrong!

Financial media is a BUSINESS. Those personalities on business-centric outlets like MSNBC or the Wall Street Journal aren’t plying their trade out of benevolence or a sense of service. They’re on the air to generate ratings — ratings that translate into advertising dollars.

There’s just one problem, and it’s a big one. These financial pundits are wrong much more often than you might think. In fact, there’s really no reliable evidence that anyone — regardless of their experience or education — can effectively predict the short-term direction of the stock markets. And, if you hitch your investment wagon to these predictions, it can do some serious harm to your financial future.

That sounds a little disconcerting, but it’s true. Want proof? We’ve got it in the newest episode of A Place of Possibility™.

We’ll be talking about:

• How the investment prediction industry uses sensationalistic headlines, accompanied by evocative imagery, to prey upon your intrinsic human need to want to avoid pain.
• One particular financial pundit — a household name — who is usually so off the mark with his predictions that evidence suggests you’d be better served doing the exact opposite of his recommendations.
• An ever-present faction of the investment prediction industry that’s always ready to stoke fear in our hearts and how they do it.
• The real key to successful investing that will prepare you for those tumultuous events that will always crop up to disrupt the financial markets in the short term.

And more!

We know, we know! It’s hard to turn off the tv and put the remote down, but we promise that once you do, your financial and mental health will be much better off! And if you know someone else who may be struggling with turning off the financial white noise, please share this episode with them.

The recent failure of three regional banks has been front and center on our news screens. It has caused some substantial volatility in the financial markets, though not as much as you expected, given the circumstances. After all, it’s pretty rare for FDIC-backed banks to fail, but here we are.

And when three banks collapsed rapidly, it acted as a force multiplier in the public consciousness. Especially when one of those banks is as big as Silicon Valley Bank (SVB) — with $212 billion in assets as recently as the fourth quarter of 2022. SVB represents the second-largest bank breakdown in our Country’s history, behind only Washington Mutual’s 2008 collapse, so it’s hard not to harbor concerns that we may be on the cusp of another 2008-style financial meltdown.

But are those concerns justified? Is this saga we’re currently experiencing really a case of financial “déjà vu”?

To find out what distinguishes the recent decline of these three regional banks — Silicon Valley Bank, Signature Bank, and Silver Gate Bank — from the financial chaos that erupted some 15 years ago, and why their deterioration doesn’t signify the onset of a financial Armageddon, be sure and tune in to the newest episode of A Place of Possibility™. Richard Del Monte and Angela Wright will provide a clear-eyed overview of the factors that caused these three banks to fall.

We’ll be talking about:

• The business model that all banks use to generate profits. Contrary to what some believe, banks are “for profit” ventures and do  
• need to turn a profit to stay afloat. We’ll explain how they do this.
• Why the three banks that recently fell were particularly vulnerable to interest rate increases because of their primary clientele.
• The relationship between interest rates and bond prices, and why longer-term bond prices are so sensitive to interest rate hikes.
• Dramatic financial events ultimately led to Silicon Valley Bank’s insolvency.
• The substantial differences between the circumstances surrounding the 2007-09 recession and our current situation.
• Some safe alternatives to brick-and-mortar banks that you should consider.

And more!

Most of us remember how the meltdown of 15 years ago seemed to start with just a few small missteps and then spiraled from there. But safeguards are in place now to prevent a repeat of that crisis and help keep the contagion of these most recent financial events to a minimum. So we’re confident that you’ll find this episode informative and reassuring and hope you’ll pass it along to your family, friends, and anyone else you think might benefit from it.

Inflation and interest rates.

They’ve been in the news quite a bit lately, and with good reason. Both have a profound effect on our everyday lives. We cannot help but feel inflation’s sting every time we buy groceries or fill our gas tanks. And even those seemingly trivial items we once purchased online without batting an eye cause us to think twice before hitting the “Buy Now” button.

Inflation seems particularly scary when you’re on a fixed income — even if you feel that you’ve planned adequately for your retirement. Where we once experienced 2-3% inflation — and sometimes even less than that — we’re now in the neighborhood of 8%. So it’s logical for us to wonder just how much longer high inflation will continue to put a crimp in our spending power.

In its effort to curb inflation, the Fed has raised interest rates several times, which are now higher than they’ve been in quite a while. And even though they’re still not all that catastrophic from a historical perspective, this has also changed the financial landscape. It’s now more expensive to buy a home or borrow money, for example — the latter of which is a major concern for consumers and corporations alike.

If you’re like most investors and you’re wondering how best to refine your investment strategy to accommodate these changing conditions, we’ve got you covered. Richard and Angela recently collaborated with the Rossmoor Financial Forum to give an illuminating presentation on how we can all learn to ride the wave of our current financial situation – because it will happen again!

The Rossmoor Financial Forum is a diverse group seeking clarity and understanding in the world of finance. They aim to provide their members with the education and tools necessary to make informed decisions regarding their portfolios. They also work to expand their financial literacy ranging from local to international issues.

In their presentation, Richard and Angela will talk about:

• The real cause of inflation, and why the events of the past three years made inflation pretty much inevitable.
• Why the Fed’s primary tool for combating inflation is usually so effective, and what the Fed’s target number for inflation is for the future?
• Our history with recessions, what differentiates them from depressions, and why we’re so much better prepared to deal with recessions than we once were.
• Why investing based on gut instinct is the exact opposite of what you should do if you want to be successful.
• What moves should investors make in our present inflationary economy?

And more!

We hope you’ll see things aren’t necessarily as ominous as they seem. Yes, interest rates may appear high, but they’ve been much higher on many occasions. And while recessions can’t help but evoke some concern, they aren’t the cataclysmic events the media portrays them to be. So, it’s time to put knowledge on your side to quell those concerns and learn how best to set yourself up for success regardless of what the economy is doing.

More retirement changes are here, as the Secure Act 2.0 passed Congress in the waning days of 2022, almost three years to the day after version 1.0 of the Act became law. Most of us harbor enough cynicism where the government is concerned to expect little in the way of “purpose-built” legislation, so it might come as a surprise that the Secure Act 2.0, like its predecessor, addresses a boatload of important aspects of our collective retirements that no doubt needed to be examined. But don’t worry. We won’t go through all 90,000 new laws because we’d be here for hours, but we are examining the heavy hitters that impact most people.

What might come as less of a surprise is the sometimes-incomprehensible rationale and language the Act’s provisions contain — both so arcane that Richard himself jokes the Act should be referred to as the “CPA Full Employment Act” because it requires so much professional interpretation.

But why the need for this legislation in the first place? For starters, the very nature of retirement continues to change over time. We’re not only living longer, but most of us are also retaining a better level of vitality in our later years. Which makes sense, right?! So, what exactly are we looking at? Well, for starters, Required Minimum Distributions (RMDs) are bumping up the age for withdrawal to 73, and in another ten years, it will be increased again to 75. Other updates include changes to the size of catch-up contributions for older working Americans as well as some changes meant to help younger people save while paying off student debt. And then we get into some real doozies, like new laws that let you take money out of your retirement account penalty-free. And let’s just say that the rules are so loose you could claim a hangnail to get your money. 

So, with all that said, join us for the latest episode of A Place of Possibility as Richard Del Monte and Angela Wright take a close look at Secure Act 2.0. They’ll review its provisions and break down its often-byzantine wording into terms we can all understand. We’re confident that you’ll find their explanation not only very valuable but also very entertaining.

In addition to the talking points mentioned above, Richard and Angela will also touch on:

• How the Secure Act 2.0 addresses the balance of our increased life expectancy with RMD requirements and will continue to do so in the future.
• An important change to Roth 401ks that will put them on a more even footing with Roth IRAs as far as RMDs are concerned.
• How some catch-up provisions for retirement accounts have been increased pretty much across the board — with one understandable caveat for high earners.
• A variety of Secure Act 2.0 changes that make it less painful to pull from your retirement plan before turning 59.5. Some of these changes might even lead you to think that a government conspiracy is afoot to keep you working well into your later years.
• Provisions that will provide much-needed lifelines to domestic abuse victims and those suffering a terminal illness.

And more!

Strap in, folks, because this is an information-packed episode, and we don’t want you to miss any updates you might need to make. And if you know someone else who might benefit, we hope you’ll pass this show along!

“If something sounds too good to be true, it probably is.” This axiom has been drilled into our heads — often since our youth — and most of the time, it’s absolutely true. But, like many of the adages we’ve grown up with, there are exceptions.

With its austere, “cut and dried” sensibilities, the IRS tax code would seem to be the last place you would find these exceptions. The agency itself has an almost mythically ominous aura to it. In its more than 160 years of existence, the IRS has forged a reputation so fearsome that, come tax time, if you’re like most people, you tend to navigate the process with the utmost conservatism. Yet, we’re all familiar with those tax time “fish stories” told by friends and family — tales of minimizing tax liability through methods that, at best, seem a little “iffy” and, at worst, seem downright illegal.

But are they? Join us for the latest episode of A Place of Possibility as Richard and Angela shine a light on ten different financial strategies that, at face value, may seem illegal but aren’t! A number of these approaches are so obscure that you’ve probably never even heard of them before — let alone have had the opportunity to consider them for yourself. And, of course, there are some caveats, but as you’ll see, in some cases, you can also make the necessary financial moves to conform to these caveats and take full advantage of the substantial benefit these strategies have to offer.

We’ll be talking about:

• How, if you’re self-employed and file in certain tax categories, hiring your children, parents, or spouse can yield some serious tax advantages.
• How parents can start their children on home ownership without adding to their tax burden.
• Why a little-known take on a 401k account may provide tax advantages over the SEP IRA that your CPA might still be recommended for self-employed people.
• A workaround that will allow you to contribute to a Roth IRA, even if you’re well over the IRS’s income limits for Roth contributions.
• How to “superfund” your 401k, reap the rewards at tax time, then shield your contributions from taxes for the long term.

And more!

Having a healthy concern for staying within the rules of the IRS is understandable. There can be serious consequences for taking certain liberties with the tax code. But paying more taxes than necessary leaves money on the table and detracts from your ability to build the life you want to lead in the years to come. Join us for this episode of A Place of Possibility as Richard and Angela examine these little-known methods of minimizing tax liability while building a brighter financial future.

Many of us — if not most of us — have had it drilled into our heads since we were old enough to become consumers that carrying any debt, regardless of what kind of debt it is, should be avoided whenever possible. We see this belief constantly reinforced via shelves of financial “self-help” books, as well as on television and radio. The most notable of the latter has to be Dave Ramsey, whose callers are given free rein to celebrate wiping out all of their debts, usually their home mortgage, while chronicling the financial sacrifices they made to get to that point.

But is debt always a bad thing? Aren’t there times when it makes more sense to carry a home mortgage vs. scrimping and saving to get that loan off the books as soon as possible? The overarching answer is . . . that really depends, but we’re not being evasive here. There’s a very strong distinction between amassing debt to embellish one’s lifestyle and provide temporary gratification vs. taking on debt that, even upon closer inspection, actually makes a lot of financial sense.

What does this distinction entail? Then join us for the latest episode of A Place of Possibility™, as Richard and Angela provide you with a roadmap to determine what types of debt you’ll really want to avoid, while highlighting situations where taking on debt is not only a good thing, but can provide an effective return on investment that you won’t likely achieve when you stick to a “cash is king” mentality.

And, because so many of us tend to associate carrying debt with a thoroughly compromised credit rating, they’ll also provide a clearer picture of how credit ratings are calculated, what you can do to maximize your credit rating, and, if you find yourself in more challenging financial circumstances, the steps you should consider in order to dig yourself out of the hole.

Some other talking points we will touch on include:

• What constitutes wise uses of debt vs. the types of debt that should be avoided to ensure your financial well-being.
• Examples where borrowing money can provide a substantially better accelerated rate of return than paying only with cash.
• Why debt, if taken on prudently and used for the right purpose, can actually be a hedge against today’s prevalent inflation.
• What you should do as a matter of regular practice to ensure your credit health, as well as the steps you should consider if your debt level is becoming unmanageable.
•  

And more!

Our goal with this episode is to help you better understand why you shouldn’t automatically fear debt and how debt can be a helpful tool to increase your net worth when it’s used wisely.