Finerate

2020 has been a difficult year for most, and also an incredible year of change. As a practice in the abundance mindset, Bill and Anastasia read messages of gratitude in the past year from listeners and discuss what they are thankful for in a year that has thrown many curve balls.

A special thanks to those who contributed a message, and to the many frontline workers and countless others who have made sacrifices to help their neighbors stay safe, healthy, and connected.

For questions and comments, you can email us at [email protected].

What should you be doing to manage your 401(k)? How does active vs. passive investing apply to your retirement accounts? Bill provides some historical context for the rise of the 401(k) plan and a few important takeaways when it comes to saving for retirement. Anastasia discusses the various employer sponsored 401(k) presentations she's sat through and Bill gives his thoughts on the oft recommended "target date fund."

For questions and comments, you can email us at [email protected].

Bill and Anastasia answer a listener question about credit reports before diving into a free-form discussion based on financial and lifestyle tips from famous experts known for their financial prowess. Bill talks about his career and finally achieving a role he loved. They discuss how hard work early in a career can open up opportunities later in life. Anastasia connects the Great British Bake-Off to the power of positive mindset. And of course, Yoda.

For questions and comments, you can email us at [email protected].

When should we focus on paying off debt and when can we start investing? Are there certain loans you need to pay down before you can really start putting money away towards investments? Bill and Anastasia discuss a common sentiment expressed by younger generations who are eager to build wealth and how to figure out what to prioritize. Bill mentions what the debt experts have to say on the topic. Anastasia relates what she learned helping friends through budgeting.

If you haven't yet, be sure to check out other related episodes - Intro to Investing, Investing in Common Stock Part One and Part Two.

For questions and comments, you can email us at [email protected].

How important is thinking positively when it comes to creating wealth? How can you retrain your brain to think abundantly? In this follow-up to the third episode, "Having an Abundance Mentality," Bill and Anastasia discuss what it takes to think positively about your finances. Bill mentions examples of negative thoughts you or family members may have about wealth and how to address them. Anastasia suggests negative news can influence how you view wealth creation and admits that social media ads have sometimes worked on her.

For questions and comments, you can email us at [email protected].

What kind of insurance policies can you buy and why should you have them? Are there policies you should avoid, or insurance that is only needed at certain points in your life? Both Bill and Anastasia share anecdotes from their careers. Anastasia somewhat reluctantly shares why she is glad she had wedding ring insurance and discusses the Taber curse.

For questions and comments, you can email us at [email protected].

What does risk tolerance mean and how important is it in forming your investment strategy? What should you keep in mind as you start to invest? How do you know when to listen to your gut feeling about an investment decision and when not to? Bill discusses at what point after the 2008-2009 financial crisis that he knew the financial markets were about to improve. Anastasia compares risk tolerance to the entertaining documentary, Class Action Park.

For questions and comments, you can email us at [email protected].

How does Bill advise his clients when it comes to paying for adult children? What are the pros and cons of continuing to financially support children into adulthood? And for children, how important is it to discuss finances with parents, and when should that discussion begin? On the other hand, how do parents instill a sense of financial independence if their children know they can afford to pay for them without risking financial hardship? Bill provides anecdotes from his career and Anastasia compares the effects of family wealth on children to the fictional family depicted in the HBO show Succession.

For questions and comments, you can email us at [email protected].

Which should you focus more on for wealth creation: Spending less money, or making more money? Bill and Anastasia discuss an example of buying a used car, as depicted in The Millionaire Next Door by Thomas J. Stanley. How important is it to learn how to spend less money? What are some examples of simple ways to save money? On the other hand, can you be too focused on saving money? Bill provides context to these questions from advising clients over the years.

What are the benefits of paying with a credit card vs. paying with cash? As society transitions to more and more cashless based transactions, what are some important things to keep in mind as a consumer? Bill gives a brief overview of the history of the credit card industry, discusses the pros and cons of using credit cards, and Anastasia mentions what one of her favorite science fiction writers, Margaret Atwood, has to say about living in a cashless society.