Money Matters With Dino

Studies are showing that some seven million Americans have a secret bank account or credit card account that their spouses know nothing about -- and most of those doing the hiding are men, according to the study…..

Financial expert Kimberly Foss says “financial infidelity is more common than people think, and if anything, it’s on the rise.” Here today to answer some of our listener questions on this surprising and intriguing topic is our TLP, Colleen McNamee of MCNAMEE MEDIATIONS.

1) It’s surprising to think that this could even happen! I mean, don’t couples pay attention to their account information and spending habits?

- Many spouses keep separate bank accounts and have 1 joint checking or savings that they operate out of

- Typical household, one spouse is in charge of the finances

- Shadier side: Spouses who have side businesses the other spouse doesn’t know about

2) Real case example: Married 27 years. Joint accounts until children were grown and out of house. Always had financial arguments throughout marriage so they separated their accounts after children were moved out. No more financial disagreements

– it was great! Years later the couple grew apart and decided they wanted to divorce. It was amicable, or so they thought……the divocre process much messier and more complicated than it ever should have been. Severely fractured their relationship forever

3) How do spouses even catch onto to this double financial life?

- Studies show that more than 90% of couple don’t discover financial infidelity in their relationship until there is a) a death in the family, or) divorce

4) What are the red flags that spouses should be looking for to prevent this problem from spiraling out of control and destroying their marriage? Red flags to look for are missing or misdirected financial statements and of course, the obvious one is if there’s missing cash in the accounts. *Trust your instincts

5) Shocking little factoids: Results from a national survey find 1 in 5 married couples have spent over $500 per year without their partners knowledge;

- Secret spending and hiding money is 50% more common among men, BUT times have changed and women are more independent with their finances now than ever before, so secret spending and hiding money is definitely on the rise.

- One source quoted "Younger women are a little bit more independent and think differently these days. They think more, in my opinion, of themselves as a separate entity."

6) Colleen, what is your expert advice to couples who think there might be some financial infidelity going on in their marriage?

So you think women don't enjoy talking about wealth strategy and finances? Well allow me to introduce you to Certified Financial Planner Maria Kutscher. Take a look at Maria's credentials:

• Certified Financial Planner
• Chartered Financial Analyst
• Chartered Retirement Planning Consultant
• Accredited Asset Management Specialist
• Founder & CEO, Allovest

Here are some of the questions Dino asked Maria on this episode:

1) What do you think is one of the biggest risks for investors this year, that they aren’t aware of?

2) So what can investors do, what are some strategies to protect the bonds in your portfolio not if, but when interest rates start to rise?

3) What’s going on with oil and should we be adding energy to our portfolios?

4) We’ve just finished 6 straight years of stock market gains… can we make it to 7 years this year?

5) Most investors have some international stocks in their portfolio…. Given what’s happening overseas, what’s the update here?

6) Mutual funds or ETF’s… What’s the difference and are investors better off with one versus other?

7) Given your experience in designing investment portfolios, what do you feel is the key to a successful long-term investing strategy?

The big mistake that people make when they start earning good money is that they work so hard to accumulate and forget about how to keep it. Unfortunately, taxes unchecked can take a massive bite out of all the money that was made. Senior VP at Trilogy Financial Services Kevin Leon made it very clear on this week’s show, how dangerous it is to stick your head in the sand regarding taxes.

Here are some of the questions he answered:

1. How can I save more on current taxes?
2. How can I save more on future taxes?
3. How can I save money on my taxes that my portfolio generates on an annual basis?
4. Is there a way to offset all of my capital gains on an annual basis?
5. What tax free investment options are out there today?
6. If I am already retired, how can I save money on taxes?
7. How can I get more tax deductions?
8. If I have highly appreciated assets and want to sell some of them, how can I do that in a tax efficient manner?
9. I typically get bonuses at year end, any strategies for that?
10. Can annuities help me with saving taxes on an annual basis?

Do you own a business and stay up late worried about being in compliance with the labor laws? There are so many new laws that business owners don't know and the ones they do know, they don't really understand. Bad news, because they've just gotten more complicated.

Human Resources expert Lorraine Bifulco owner of VantaggioHR came on to the show to give Dino all of the updates to the laws. There's some information in this show that is truly crucial to be aware of if you have your own business.

Here are some of the questions Dino asked:

• You mentioned that even small employers need HR help. Can you explain why?

• Many of our listeners are entrepreneurs and owners or managers of small to medium sized companies. What do they need to be paying attention to this year?
• I saw an article you wrote recently that was titled, “It now pays to get sick in California!” Can you tell our listeners what that’s all about?

• I’m sure in all the years you’ve been doing this, you have some great stories. Can you share one or two of them with our listeners?

• I know compliance is important, but business owners are busy running their companies. Is it really that important that they pay attention to every little detail regarding HR compliance – especially when some of the requirements seem like silly paperwork?
• If you had to give our listeners a couple of suggestions about the big things to watch out for in 2015, what would that be?

Credit Scores and conversations about them don’t exactly strike awe or feel super compelling…until you consider how much your credit score affects the amount of money in your bank account. Think about this, a low credit score could mean a point higher on your mortgage, which translates to a few hundred $’s more a month. Let’s add to that a higher interest on your credit cards equaling hundreds more in minimum payments a month. Ohhh and don’t forget about your car payment being maybe a $100 more a month. All together now your spending close to a $1,000 more than you should. What else could you do with that money? Do we have your attention?

Dino speaks with Credit Repair expert Derek Boyd from Credit Law Solutions. Here are some of the questions that Derek answered:

• Let’s start with can you give us a basic explanation of how credit scores are calculated?

• What are the things that create the most damage to a credit score? Is it the late payments, high revolving balances…? Cna you break it down for me?

• If a credit score is really bad, like in the 500’s are low 600’s can you get it up the magic number of 720 that so many creditor’s love and how long will that take?

• Now, I’m sure there’s a process you’ve put in place that works. What’s the very first thing that you do for a client to increase their score?

• What types of things can be removed from a credit report and what can’t?

• How long will something like a debt collection stay on a credit report?

If you’re at least 62 years old and have significant equity in your home, you might be considering a reverse mortgage loan and be wondering if it's the best option for you. You may be thinking things like, "Will my children have any inheritance if I get a reverse mortgae?" or even "Would I still own my home?"

On this episode Dino Katsiametis had the pleasure of interviewing reverse mortgage experts Robert & Renee Trommler. This insightful look into the advantages to retiring with a reverse mortgage, dispells many of the myths surrounding this type of loan. Here is sample of just a few of the questions that were answered during the show:

1. What are the differences between a reverse mortgage and a home equity loan?

1. What are the Qualifications someone needs to get a Reverse Mortgage?

1. What are the benefits of a Reverse Mortgage?

1. What is the biggest challenge to putting a Reverse Mortgage into place?

1. How much money can you get from a Reverse Mortgage? Can you take the full amount of your home’s worth?

Visit www.MoneyMattersWithDino.com to get caught up more financial news or to get a hold of Dinio.

We understand that you love your insurance company, or maybe you have no real feelings about them at all. Consider that a broker has access to many companies with even more policies and can not only find you the best prices, but the best service and the right coverage for your specific needs.

Steve Renteria from Steele Insurance Agency came on to talk about how crucial it is to have the right coverage whether your single or married with kids. He is incredibly informative and doesn’t hold back his advice on the show. These are just some of the questions you will hear Steve answer.

1. What’s the difference between a broker and a provider like a State Farm or Allstate?
2. Let’s talk about liability. This is a big one especially when you have a home and family. First, how does liability protect the homeowner? What’s covered?
3. How much liability does a family need to make sure that anything that happens in their home is covered?
4. Ok, now the main income provider is a business owner. What kind of insurance does he need to have to protect his business if it’s a service provider like a Real Estate Agency?
5. Alright, at this point the kids are getting older and that magic age of 16 hits and the oldest wants to drive. What types of coverage do you recommend for a family with multiple cars and a young driver?
6. Can you explain what uninsured motorist coverage is and why we need it so badly in California?
7. How much life insurance do you recommend that a family provider have first if he’s just married and then if it should change when he has kids?

Listen to Money Matters With Dino every week on iTunes or just go to www.MoneyMattersWithDino.com and educate yourself as Dino Katsiametis interviews professionals from various financial fields.

2015 is upon us and it's time to decide what you're going to do with it. Will you make more money? Will you start a family? Will you start a new business? Will you jump out of an airplane? All are fantastic options if you decide that it's what you want. The real question becomes how will you accomplish your goal?

In this show we spoke with top business professionals that are committed to excellence in every aspect of their life and asked them how they set up the new year for success. These are the uber effective people you'll hear from:

• Jeff Motske (President) - Trilogy Financial Services

• James Perry (CEO) - Alliance Portfolio

• Nick Roshdieh (Broker) - HOM Sotheby's International Realty

For more details on these or any of other shows visit www.MoneyMattersWithDino.com or you can listen on iHeart Radio or just tune in to The Patriot KEIB AM1150 every Sunday Morning from 7-8am. Your host Dino Katsiametis talks with business professionals and asks them the questions you need the answers to.

Our signal covers, Ventura, Los Angeles, Orange County, San Bernardino, Riverside and San Diego.

2014 was a reall great year for Money Matters With Dino. We want to thank all of you who have been listening every week, by bringing you our favorite moments of the past year. These are the best moments from the best shows with our favorite guests and we really hope you enjoy it.

Here is what you can expect:

• Wing Lam/Wahoo's Fish Taco's: "Wahoo's An American Success Story" www.Wahoos.com

• Steve Renteria/Steele Insurance Agency & Vince Ferragamo/Touchdown Realty "The Value Of Choosing The Right Real Estate & Insurance Professional" https://www.linkedin.com/in/steverenteria

• Colleen McNamee/McNamee Mediations: "Divorce: Avoiding Financial Disaster and Facilitating Closure" http://www.mmediations.com/

• James Perry/Alliance Portfolio: "Alternative Investments You SHould Know About" http://allianceportfolio.com/

• Jeff Motske/Trilogy Financial Services: "Paying For Your Kids While Caring For Your Parents: The Sandwich Generation" http://www.trilogyfs.com/

• James Harnsberger/JSN & Associates: "Presenting An Offer and Compromise That The IRS Can't Refuse" http://jsntaxandfinancial.com/

For more details on these or any of other shows visit www.MoneyMattersWithDino.com or you can listen on iHeart Radio or just tune in to The Patriot KEIB AM1150 every Sunday Morning from 7-8am. Your host Dino Katsiametis talks with business professionals and asks them the questions you need the answers to.

Our signal covers, Ventura, Los Angeles, Orange County, San Bernardino, Riverside and San Diego.

We love listener questions, because we can be sure to get you the exact information you're looking for from our TLP(Trusted Local Professionals). In this show we focused on listener questions about divorce and brought on mediation expert Colleen McNamee from McNamee Mediations to answer them.

Download our Free Ebook "Are You Facing The High Cost Of Divorce?"

Some of the questions we asked Colleen:

• I have a girlfriend who has been divorced for years, the kids live 90% of the time with mom, not only does her X still take the tax deduction for the kids but he also takes it for the home that he no longer even owns! My girlfriend has no idea what to do and this has been going on for like 10 years!

• My husband and I are constantly arguing about money. He’s a frivolous spender and I just want to make sure everything’s paid on time. I still love him, but I’m fed up and ready to leave. Is it possible to mediate my way into staying married? How do I get him to see where I’m coming from?

• I’m currently going through a divorce and the lawyers are costing a fortune and creating problems where there are none. Will you work with my soon to be ex-wife’s lawyer if I were to hire you? How does that work?

• How long would a mediation take compared to if I hired a lawyer? I would like it to be over quickly and with as little hassle as possible.

• My husband makes a lot of money and now that we’re separated, he’s spoiling our kids and we haven’t even started divorce proceedings. I think he’s overcompensating, but it’s really going to cause problems. What can I do?

• How do I talk to my kids about someone that I’m dating? When is it appropriate to do so and is it a discussion that should include my ex? We’ve stayed pretty friendly.

• I have a very expensive divorce agreement and just lost my job. What happens now? Does it get suspended or re-assessed?

• My ex-wife and I have 2 young children together and she holds them hostage and won’t let me see them per our agreement, when we argue. I don’t want to go back to court. What should I do?

• My ex and I have a parenting agreement, but we didn’t go through the courts. Now we’re starting to fight about the terms. Is it time to go legal with the plan?

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