Money CHIC: Financial Wisdom and Advice for Single Women

When it comes to the financial industry, there can be a lot of different terms and definitions that may confuse you. On today's episode, we're going to explore some of these definitions and explain their relevance to you when planning for retirement.

A fiduciary is someone sitting on the same side of the table as you. Inflation is about how much your dollar buys you versus what it bought you a year ago. Dollar-cost averaging is spreading your money out over a period of time. Let's discuss these definitions and more on mutual funds, investment vehicles, index funds, and target-date funds.

What we discuss on the show:

1:22 – Lots of acronyms!

2:09 – Fiduciary

6:43 – Inflation

8:27 – Dollar-cost averaging

12:28 – Investment vehicles

15:13 – Mutual funds

16:59 – Index funds

17:38 – Target-date funds

20:33 – Bonds

Get additional information: https://greenwaywealthadvisory.com/podcast/

We are opening up the mailbag today to answer some of your questions. Mary has $1.4 million saved, how much can she spend yearly without running out? The rule of thumb says 4% a year, but a more detailed analysis of your plan can give you a more exact number and strategy.

Georgia has all of her money in one IRA. She is wondering whether she should move some of it someplace else? You can be diversified inside of one account; you just want to make sure that account is set up properly. We'll answer these questions and more on retirement planning.

What we discuss on the show:

1:12 – April is around the corner

2:03 – How much can I spend yearly without running out?

5:53 – I have all of my money in one IRA should I move it into another account?

7:53 – How do I reduce the risk in my portfolio?

9:55 – How does a 401(k)-rollover work?

12:22 – What can I do to convince my husband to retire?

15:49 – What is something that makes you feel old?

Get additional information: https://greenwaywealthadvisory.com/podcast/

There are some things in life you can guess at. However, when it comes to retirement planning there are some things you really shouldn't guess at. Most of us not working with an advisor may rely on guessing as a planning strategy. But what could go wrong if we do so?

When it comes to your monthly income don't make assumptions. Some pre-retirees assume they'll need less money but that's not always true. Plan out those big purchases. You don't want to dip into your emergency fund for a new car. On today's episode, we'll explore 4 areas of your retirement plan where you really shouldn't play the guessing game.

What we discuss on the show:

1:12 – Spring is coming!

2:10 – Monthly income

4:28 – Major purchases

8:41 – Inflation

13:53 – Healthcare costs

Get additional information: https://greenwaywealthadvisory.com/podcast/

Today we are exploring what financial experts are claiming to be the most important part of retirement planning and whether Shari agrees or disagrees.

A lot of people view retirement as a destination, but have you thought about what you'll do with your time once you are there? If you are starting out in your career the best time to start saving is now. Do you know how much you'd like to spend a year in retirement? How will you make your retirement fulfilling? We'll explore these important components of the planning process and see which may be the most crucial to consider.

What we discuss on the show:

1:55 – What do you want to do with your time?

3:20 – The best time to start saving is now

4:29 – Understanding how much income you need

6:28 – How much you would like to spend

7:58 – Proper portfolio and risk tolerance

9:18 – What is your objective in retirement?

10:18 – How to make your retirement fulfilling

11:30 – Picking the right plan and advisor

13:04 – What is the most important part of planning?

Get additional information: https://greenwaywealthadvisory.com/podcast/

Do you have any money biases and what could they be costing you? A recent Morning Star study revealed that most of us hold at least some financial biases. Everyone has different views on money but it's important to reflect on those views.

Do you go for immediate rewards over long-term goals? Have you overreacted to headlines before? Most of us have probably fallen to one or more of the four money biases: present bias, base rate neglect, overconfidence, or loss aversion. Research shows that people with low levels of present bias tend to do better in the long run, financially. The best thing you can do for yourself and your future is to build a money life that matches your priorities. On today's episode, we'll explore the pitfalls of these biases and how you can improve your money mindset.

What we discuss on the show:

0:52 – How was January?

2:02 – Recent Study on Morningstar

4:35 – 1. Present bias

4:52 – 2. Base rate neglect

5:57 – 3. Overconfidence

6:48 – 4. Loss aversion

7:32 – Lower biases save more money

8:50 – Higher biases have less savings

9:50 – Loss aversion leads to lower 401(k) balance

10:11 – Build a money life or financial mission statement

12:06 – Putting speed bumps for emotional reactions

13:39 – Selling a stock after a gain

14:26 – How do work through these biases?

15:39 – Think about your money personality

Get additional information: https://greenwaywealthadvisory.com/podcast/

There are a lot of terms and terminology surrounding the financial industry that can be confusing. So, on today's episode, we are going to break down some of these terms and what they mean to you and your financial plan. Depending on where you are in the country there can be different terms for the same product or strategy. You don't want regional linguistic differences to confuse you when it comes to your retirement plan.

Do you know what a junk bond is versus a high yield bond? Do you say stocks or equities? High yield bonds may sound better, but they are the same thing! Don't let names or common sayings overwhelm you and don't be afraid to ask your advisor questions when you need to. We'll have some fun on today's episode and see how linguistics are a little different around the country. How do you say it?

What we discuss on the show:

1:26 – Tennis shoes or sneakers?

2:37 – Junk bond or high-yield bond?

5:56 – Fireflies or lightning bugs?

6:38 – Stocks or equities?

7:55 – Financial advisor or financial planner?

9:36 – Clients or customers?

11:29 – Water fountain or drinking fountain?

12:38 – Soda or pop?

12:50 – Market correction or market crash?

Get additional information: https://greenwaywealthadvisory.com/podcast/

We are all going to get to retirement eventually, but our journeys may look very different getting there. There are a lot of risks women face when it comes to saving for retirement. In a male-dominated field like the financial industry, it can feel like their risks are not discussed enough.

The wage gap, less time in the workforce in order to raise children, and taking care of the family are all risks women may face while saving for retirement. There are solutions though, you can frontload your retirement in your late 20s or delay your Social Security when you are full retirement age. On today's episode, we are going to discuss the risks women face and what we can do to better prepare ourselves for the future.

CNBC Article: https://www.cnbc.com/select/why-women-and-men-should-save-differently-for-retirement/

What we discuss on the show:

0:59 – Happy New Year!

1:31 – CNBC Article

2:38 – The gender gap

3:47 – The risks women face

5:57 – What can be done?

8:55 – Utilize a spousal IRA

9:31 – Delaying Social Security

11:29 – Taking advantage of Roth IRAs

12:53 – Where do you start?

Get Additional Information: https://greenwaywealthadvisory.com/podcast/

We are continuing our 22 money resolutions for 2022 today. Have you checked your credit lately? It's a quick and easy process. Now might be the best time to audit your subscriptions by printing out your credit card report. Are you thinking about taxes? Don't wait until tax season to start planning. Join us for our last episode of the year as we discuss these resolutions and more!

Read and get additional financial information: https://greenwaywealthadvisory.com/ep-17-22-money-resolutions-for-2022-part-2/

What we discuss on the show:

1:08 – A few days before Christmas!

2:17 – Check your credit

2:57 – Check your fees

4:02 – Share your knowledge

5:26 – Donation opportunities

6:08 – Review your tax brackets

7:17 – Think about a Roth conversion

8:39 – Update your paycheck withholdings

9:41 – Rebalance your portfolio

11:24 – Plan out your transition strategy

13:24 – Consolidate your accounts

14:43 – Listen to more episodes!

As we approach the end of the year it's a great time to think about resolutions. Over the next two shows, we will be going over 22 money resolutions for 2022. Let's have a great financial year! On today's episode, we will discuss reducing debt, retirement accounts, emergency funds, and more. Some of these are quick tips while others involve working with an advisor, but all are valuable considerations to make as we ring in 2022.

Read and get additional financial information: https://greenwaywealthadvisory.com/episode-16-22-money-resolutions-for-2022-part-1/

What we discuss on the show:

1:01 – The holiday season!

2:38 – Reduce our debt

3:35 – Boost retirement accounts

4:43 – Emergency fund

6:14 – Don't overreact to headlines

7:44 – Track your spending

9:12 – Meet with an advisor

10:53 – Check your beneficiaries

11:42 – Have the tough conversations

13:39 – Audit your insurance

15:17 – Think about refinancing

15:56 – Get organized

If you feel like you are behind on your retirement savings you may be in better standing than you realize. As you reach 50, you'll want to really start thinking about retirement and whether you need to be saving more as you reach retirement age. On today's show, we will discuss some ways you can catch up on saving for retirement if you feel like a "late bloomer."

Read and get additional financial information: https://greenwaywealthadvisory.com/ep-15-opportunities-for-retirements-late-bloomers/

What we discuss on the show:

0:50 – Happy Thanksgiving!

2:26 – People who feel they are behind

4:30 – Catch up contributions

6:51 – Kids are off the payroll

9:41 – Disappearing debt

11:16 – House downsizing

14:00 – Working into retirement