Financial Choices Matter

If you really took inventory of your financial situation, you might find that you’ve been taking for granted some assets that make up a huge piece of your puzzle. Is it possible you should be putting a little more thought into some of these assets?

1:56 - Are you paying attention to your biggest assets?

2:32 - Should we be putting more thought into these assets?

3:32 - Asset #1: 401(k)

5:45 - Asset #2: House

8:54 - Asset #3: Social Security

11:15 - Asset #4: Smaller Accounts

13:38 - Mailbag: I have a lot of money in savings earning very little interest.

16:53 - Getting To Know Charles: What item would you want to be buried with?

Sometimes events happen in life that make it really important for you to carefully assess your financial situation. Let’s explain why each of these events is usually a good reason for a financial review.

2:32 - Will Rogers Quote

4:00 - Life Events Can Spark Major Changes

9:50 - Unplanned Events Of Jobs

7:31 - Serious Medical Issue

11:09 - Estate Planning

17:56 - Mailbag Rick Worries About Running Out Of Money With Recent Downturn In The Market

The Coronavirus (COVID-19) is having a dramatic impact on our daily lives and many people are taking a huge financial hit from lost wages, a volatile stock market, and general economic uncertainty. Charles will talk about his thoughts on this situation and we will briefly mention a couple elements of the new CARES Act.

1:18 - How Business Has Been For Charles

3:27 - Being Able To Help A Client With The New CARES Act

6:03 - RMDs Are Not Required For 2020

8:51 - Taxes Will Have To Go Up, Which Is Why A Roth Conversion Might Be A Good Idea Right

12:00 - Great TP Shortage

13:49 - April Fools Story

15:53 - Mailbag Lucile Wonders What The Best Way To Save For Retirement Since She Cannot Contribute To A Roth

There are many "it depends" situations in financial and retirement planning. On today's show we look at some truths we can state with confidence.

2:07 - Financial Truths

3:17 - TV Can Be A Big Enemy

5:49 - The Market Moves In Cycles

8:10 - There’s No Magic Bullet

9:30 - Why Diversification Is Important

13:04 Mailbag Tim asks “My advisor is retiring and passing on the business. Should I Find A New Advisor?"

On today's episode Charles explains why people who give investment advice without a securities license are bugging him. We also talk about how past epidemics have affected the stock market and we answer a couple email questions that have come in.

1:46 - What's Bugging Charles?

6:25 - How Past Epidemics Have Affected The Stock Market

7:46 - You Need A Plan To Help During These Pullbacks

9:35 - Mailbag Question from Conner: "How To Pay For College In Retirement?'

13:07 - Mailbag Question from Denver: "How Much Long Term Care Is Recommended?"

With the national elections in November, the parties have VERY different opinions regarding who should be paying their fair share of income taxes. But do we really know who pays what? You certainly can’t rely on either political party to give you the straight information. We also dive into a discussion on how to reasonably incorporate emotions into your financial plan.

1:32 - Who Pays Income Tax?

2:20 - Income Tax Statistics From 2016

5:12 - Top Wage Earners

7:01 - Emotions In Financial Planning

7:29 - Fear And Greed

9:59 - Invest For The Long Term

10:55 - Using Emotions For A Good Cause

12:23 - Taking Clients' Emotions Into Consideration

16:49 - Mailbag Question from Frank: "My 401 (k) got rolled over into American Funds, is this a good thing?"

After it simmered in Congress for a year, the SECURE Act is now law. If you have a retirement account of any kind, or will one day inherit a retirement account, this will affect you. Matt will hit the main points of this new bill and how it will change retirement planning.

0:58 - The SECURE Act

1:23 - Death Of The Stretch IRA

2:14 - Small Businesses And Retirement Plans

2:48 - Required Minimum Distribution Change

3:38 - 10 Year Window Eliminated

5:36 - Multiple Beneficiaries

6:41 - Trusts Cannot Be A Contingent Beneficiary For An IRA

8:49 - Life Insurance As An Alternative Solution

14:17 - Mailbag Question from Emily: "Did 401 (k) Contributions Go Up?"

Mutual funds have long been the most popular way for people to invest, but is that landscape changing?

1:45 - Financial Dictionary: Tax Loss Harvesting

5:06 - Ins And Outs Of Mutual Funds

5:19 - Point #1: What Percentage Of Clients Have Mutual Funds When They First Come To See You?

6:24 - Point #2: Expense Ratios

7:58 - Point #3: Front Load, Back Load, No Load

9:20 - Point #4: Tax Issues Mutual Funds Can Create

11:07 - Point #5: Should Mutual Funds Be Eliminated?

12:59 - Mailbag Question from Confused: "How to consolidate multiple investment accounts?"

Trustworthy. Likable. Problem-solving. Good listener. We should be describing your financial advisor or a potential advisor if you’re in the process of finding one. On today’s show, we’ll talk about why it’s so important for your advisor to embrace these kinds of characteristics. That’s the easy part. But we’ll also tackle the harder part and discuss some tangible ways how you can determine if an advisor has these characteristics or not.

1:38 - Headline: Rand Paul Bill

6:45 - Traits A Financial Advisor Must Have

7:12 - Trait #1: Trust

8:56 - Trait #2: Likability

10:03 - Trait #3: Area Of Expertise

11:17 - Trait #4: Listening Ability

13:00 - Trait #5: Problem Solver

14:58 - Mailbag Question from Norm: "How much risk to take now that I'm in retirement?"

Myths, rumors, and misunderstandings are pervasive in the world of Social Security. On this show, we’ll look to clear up the top 5 misunderstandings about Social Security.

1:33 - Mailbag Question from Randall: "Places to start investing in for retirement."

5:21 - Top 5 Social Security Misunderstandings

5:42 - Misunderstanding #1: Social Security Is Going Broke

6:43 - Misunderstanding #2: You Should Start Social Security As Early As Possible

7:31 - Misunderstanding #3: You Should Start Social Security As Late As Possible

9:25 - Misunderstanding #4: The SSA Can Help You Choose The Best Strategy When You Go And See Them

11:37 - Misunderstanding #5: You Don't Pay Taxes On Social Security Benefits

14:48 - Do You See People Often Overestimating Their Risk Tolerance?