Money Rules Don't Rule

Dr. Marie Rice, PhD, CFE, CIA is an Assistant Professor at Siena College with nearly 20 years of experience as an anti-fraud and audit professional. Join us as we push through less than ideal audio conditions and explore fraud and the reasons why it happens. We also identify resources that both employers and individuals can lean on for support through difficult times (particularly, Employee Assistance Programs). Fraud has far reaching consequences that perpetrators don't always realize, often including the loss of their most precious relationships.    

Dr. Rice can be reached at [email protected]

While saving is important to take care of your present needs and desires, investing is important for your future choices and goals. And with time being a limited resource, compounding is the secret to success. Join us as we talk about the difference between saving and investing, why it's critical to conduct your due diligence when making any investment, and why there's never been an easier time to invest than now.

A listener wanted to know if the value and benefit of partnering with a financial advisor would exceed their fees. If they decide to hire an advisor, what should they be looking for? Copious research shows people struggle to objectively manage their personal finances. As a result, substantial amounts of money are left on the table each year due to the absence of professional help. How are the best financial advisors adding value to their clients?

A listener wanted to know when self-preparing their tax return was no longer adequate, and how to know when it's time to hire an accountant. And when they're ready to hire one, what should they be looking for? Take a look at the three-legged stool of time, interest, and expertise.

Today's guest is Dennis Mikelonis, the VP of Commercial Banking Team Lead at Idaho Trust Bank which is headquartered in Boise, Idaho. Dennis shares with us money's journey through a bank, how commercial loans differ from personal loans, and why loyalty is an asset to your financial health. Dennis invites your questions at [email protected] or you can reach him directly at (208) 985-5545. 

And thanks, Dennis, for your willingness to sit in the hotseat!

Why is the cost of an education so expensive? Tune in as we look back 100 years on the origin of higher education and what an education is today. We explore the expectations we place on 18 year olds to make decisions about debt loads that will burden them for the rest of their lives, and the basics of supply and demand as it relates to education. How does society win or lose when education is all work and no play? This episode offers more questions than answers, but we're starting the conversation.

Some of the resources mentioned include:

https://www.educatetocareer.org/

https://studentaid.gov/loan-simulator

There’s a popular misconception that because you don’t work, you can’t contribute to a retirement account. However, the spousal IRA contribution is one of the tax code loopholes that gets around this general rule and is a great way to save for retirement, in addition to building assets in the non-working spouse's name.  

What does it mean to retire, not just financially but personally?  Retirement can bring a lot of transitions into a person's life, and it can also be a time of heavy grief and loss.  Some retirees have a hard time spending money after decades of saving.  But when you have a plan for your money and how you'll spend your time in retirement, it's a lot easier to adjust to the big transitions in your life while ensuring that you're focusing on what matters most to you.

Inheritances are complicated because they can trigger the trifecta of emotional issues: money, family, and death. If you have assets, make a plan for transferring them so that there are no surprises when it's time to do so. If you don't have a plan, then the state can determine how to disburse your assets and it's often not how you intended. Have conversations with everyone involved in your estate (trustees, executors, heirs) so they each know their role and expectations. Try having these conversations sooner than later when you're not in the middle of a crisis. Let us know your experience with this and any suggestions you have to share! Email us at [email protected] or [email protected]

The Megabackoor Roth strategy allows some retirement savers to contribute significant sums of money on a Roth (after tax) basis. I'll explain why it's called the Megabackdoor Roth and who this rule applies to.  To participate in this strategy, your 401k plan must allow for after-tax contributions, as well as either in-plan Roth conversions OR in-service withdrawals.  If you're eligible, you may be able to get more than 4x the annual contribution limit of a Roth IRA growing tax-free!