In this episode Mark explains how he would streamline and organize financial accounts if starting from scratch, especially to simplify finances for himself and loved ones. 

He outlines an eight step plan including: a main cash management account, an optional local checking account, a separate online savings account for goal “bucketing,” two no-fee credit cards at different institutions, a taxable brokerage account, retirement accounts (Roth IRA and/or traditional IRA), a Health Savings Account (HSA) and an optional donor-advised fund. 

Mark closes by noting he personally keeps multiple accounts and cards for research and travel rewards but would otherwise consolidate primarily at one favored institution.

Episode Links:

Mark’s Money Mind YouTube Channel

Fidelity Cash Management Account

Ally Bank

American Express Blue Cash Everyday card

Chase Freedom cards

Citi DoubleCash card

Discover It card

Fidelity Brokerage account

Fidelity Retirement accounts

Fidelity Health Savings Account (HSA)

Fidelity Charitable (Donor Advised Fund)

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In this episode, Mark discusses his recent hiatus from the podcast during a Caribbean trip and shares insights on maximizing credit card rewards. 

He provides a detailed breakdown of various credit card options for earning travel rewards, including the Capital One Venture X, Chase Sapphire Preferred and Reserve, and American Express Platinum cards. 

Mark also offers tips for beginners on building credit and using cash back cards, emphasizing the importance of paying off credit card balances in full each month to avoid interest charges. 

Additionally, he shares personal stories about travel adventures and how to use credit card points effectively for both domestic and international travel.

Episode Links:

Mark’s Money Mind YouTube Channel

Discover Credit Cards

Citi Credit Cards

Chase Freedom cards

Chase United cards

Chase Southwest cards

Chase World of Hyatt

Capital One Venture X

Chase Sapphire Reserve or Preferred

All The Hacks podcast with Chris Hutchins

Helpful Air Travel Rewards websites

The FI Collective

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Understanding Income Taxes & Key Financial Lessons on a Simple Index Card

In the concluding episode of the six-part Financial Literacy Miniseries, the focus is on income taxes and summarizing the miniseries on an index card. 

The episode begins with an overview of the W-4 form, explaining its purpose for determining withholding for federal and state taxes. Mark further discusses various tax forms one might receive, such as W-2, 1099, and others, detailing what each form reports and their relevance for filing tax returns. 

Additionally, the episode covers basic tax filing requirements, how tax brackets work, and highlights notable tax credits including education credits.

The episode wraps up the miniseries by summarizing the key financial lessons taught, down to ten key points on a simple index card. Mark ends the episode highlighting the books he will be handing out to the students this year.

Episode Links:

Mark’s Money Mind YouTube Channel

Navigating Your Tax Return and The One-Page Financial Plan | Episode 006

2025 Quick Tax Reference Guide

The Index Card

The Simple Path to Wealth by JL Collins

I Will Teach You To Be Rich by Ramit Sethi

The Psychology of Money by Morgan Housel

Taking Stock by Jordan Grumet

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As an Amazon Associate this show earns income from qualifying purchases. Affiliate links do not increase your costs, and we will only link to products or services that we are familiar with and that we feel may deliver value to you. The modest income received from affiliate links helps support the cost of running and managing this show.

Protecting Yourself from Financial Loss: Insurance, Identity Theft, and Fraud Prevention

In part five of the financial literacy miniseries, Mark delves into strategies for protecting oneself from financial loss through insurance, identity theft prevention, and fraud avoidance. 

Mark covers the four primary risk management techniques: risk avoidance, risk reduction, risk retention, and risk transfer. He discusses various types of insurance, including health, homeowners, renters, auto, and life insurance, outlining their importance and the details of how they function. 

Additionally, Mark provides strategies to protect against identity theft and common fraud schemes, emphasizing vigilance in monitoring financial activities and securing personal information. 

The episode concludes with a preview of the final part of the miniseries, which will cover income taxes and provide a summary of the top 10 financial lessons from the miniseries in an easy-to-remember format.

Episode Links:

Mark’s Money Mind YouTube Channel

My Social Security Account

Official Annual Credit Report website

Experian Credit Freeze

Equifax Credit Freeze

TransUnion Credit Freeze

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The Power of Compounding and Understanding Credit Reports and Credit Scores

In this episode, host Mark Trautman explores the topics of compounding, credit reports and credit scores. He begins with an engaging riddle that demonstrates the astonishing impact of compounding to illustrate its significance. Then using historical data and examples, Mark explains how starting early with investments can result in significant financial growth over time. 

Mark then transitions to the second segment, where he breaks down the intricacies of credit reports and scores. He discusses what factors influence credit scores, the importance of maintaining a good payment history and minimizing credit utilization. Mark then covers the various implications of different credit score ranges. He also provides practical advice on accessing and monitoring your credit report and credit score. 

This episode is part four of the financial literacy miniseries designed to help listeners improve their financial knowledge, avoid common financial pitfalls and achieve financial freedom.

Episode Links:

Mark’s Money Mind YouTube Channel

Official Annual Credit Report website

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Understanding Liabilities and Calculating Net Worth

In this episode, Mark continues the financial literacy miniseries by focusing on liabilities and how to calculate net worth. He explains various short-term and long-term liabilities, including credit cards, student loans, auto loans, and home mortgages. 

Mark emphasizes the importance of managing credit card debt and understanding the implications of student loans. Additionally, he discusses the structure of auto loans and mortgages and their impact on financial health. 

The episode concludes with a step-by-step guide on calculating net worth.

Episode Links:

Mark’s Money Mind YouTube Channel

Federal Student Aid website

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Understanding Your Net Worth Statement: Assets Unveiled

In this episode Mark guides listeners through the asset side of the net worth statement. Building on the last episode's discussion on tracking income and expenses with a money journal, Mark explains the importance of categorizing assets into cash and cash equivalents, investments, and use assets. 

He delves into the specifics of each category, offering practical advice on how to compile and assess these assets for your financial snapshot. From understanding different types of accounts to recognizing the value of personal property and investments, this episode serves as a comprehensive guide to mastering the asset side of your net worth statement. 

Tune in next time for the next part of the mini-series, where liabilities and calculating net worth will be discussed.

Episode Links:

Mark’s Money Mind YouTube Channel

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Kickstarting Financial Literacy: Tracking Income and Expenses

In this episode Mark introduces a special miniseries aimed at the high school seniors of Crested Butte Community School. Mark outlines his plan for making financial literacy accessible through podcast episodes that parallel his classroom lessons. 

He delves into the key components of the first lesson: tracking income and expenses. Mark discusses setting up a ‘Money Journal,' understanding paychecks, categorizing expenses, and prioritizing savings. He emphasizes the importance of living within your means and avoiding 'lifestyle creep.' 

Tune in to explore actionable steps towards financial freedom and learn about tools and techniques to maintain a healthy financial life.

Episode Links:

Mark’s Money Mind YouTube Channel

Spending Tracker App (iPhone)

Spending Tracker App (Google)

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In this episode Mark delves into the intricacies of ACA subsidies and the significant changes expected in 2026, including the return of the subsidy cliff and increases in Expected Premium Contribution levels based on household Federal Poverty Level guidelines. 

He also shares insights from the new book 'Tax Planning To and Through Early Retirement' by Cody Garrett, CFP and Sean Mullaney, CPA which challenges his current approach to Roth IRA conversions.

Mark also discusses his personal financial planning strategy for 2026 while offering listeners insight on how to navigate the evolving healthcare landscape.

The episode concludes with a light-hearted note about Halloween preparations.

Episode Links:

Mark’s Money Mind YouTube Channel

Beyond the Basics ACA Subsidy Reference Chart - Coverage Year 2025

Beyond the Basics ACA Subsidy Reference Chart - Coverage Year 2026

Tax Planning To and Through Early Retirement

Timestamps:

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As an Amazon Associate this show earns income from qualifying purchases. Affiliate links do not increase your costs, and we will only link to products or services that we are familiar with and that we feel may deliver value to you. The modest income received from affiliate links helps support the cost of running and managing this show.

In this episode Mark shares his personal approach to fourth quarter income and tax planning. He explains the benefit of using a one-page financial plan and discusses strategies for Roth IRA conversions, tax planning, handling required minimum distributions (RMDs), and navigating the Affordable Care Act's (ACA) advanced premium tax credits. 

Mark provides detailed insights into social security benefits for survivors, including his own experience claiming benefits at age 60. He also touches on maintaining liquidity, setting up automatic monthly 'paychecks' from investment accounts, and the implications of income on Medicare insurance premiums. 

This comprehensive episode is a great listen for anyone looking to optimize their financial situation as we head toward year’s end.

Episode Links:

Mark’s Money Mind YouTube Channel

DinkyTown Tax Calculator

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