When you think about the bad habits that could negatively impact your finances, things like credit card debt and overspending your budget come to mind. Those are obvious ones, but we want to shine a spotlight on some of the most common financial bad habits that many people unknowingly practice. These habits, while seemingly minor, can have a significant impact on your financial health and future.

Nick Colantuono, CFP® joins the Money Wisdom podcast this week to discuss these habits that we want to help you avoid. Check out the show to learn how to identify and break these habits to ensure a more secure financial future.

Here’s some of what we discuss in this episode:

• What you need to know about your account statements and why they can be valuable.
• Emotional decisions will often weigh you down and lead you in the wrong direction.
• It’s easy to fall back on procrastination when you don’t want to address an area of your finances.
• Long-term planning gets pushed back because it doesn’t seem necessary today, but it’s essential for protecting everything you’ve worked for.

Check out our other free financial resources here: https://johnsonbrunetti.com/financial-resources/

Contact our team: https://johnsonbrunetti.com/contact-us/ 

It’s a gold medal edition of the podcast this week as we take a unique approach to financial planning by drawing parallels with the Summer Olympics. Nick Colantuono, CFP® joins the show to share insights that can help you navigate your financial journey with the precision and skill of an Olympic athlete.

Here’s some of what we discuss in this episode:

• Why a plan has to be built to last for decades rather than years and how you can account for inflation.
• Planning for financial emergencies.
• Ways to identify the hidden fees in your portfolio.
• The foundational elements to building a successful plan.

Check out our other free financial resources here: https://johnsonbrunetti.com/financial-resources/

Contact our team: https://johnsonbrunetti.com/contact-us/ 

We’ve all had an idea that we acted on without giving it much thought. That’s fine when you’re choosing dinner or picking out new socks, but it’s not the best approach to managing your finances.

In the latest episode of the Money Wisdom podcast, Matt Pastor, RICP® tackles the topic of "half-baked" financial ideas. These are the types of decisions that might seem clever at first glance but can have significant negative consequences if not thoroughly thought through.

Here’s some of what we discuss in this episode:

• Why signing your house over to your kid(s) while you’re still alive might not be the best plan.
• Starting your Social Security as early as possible while you’re still working could cause you to lose some of your benefits.
• Converting all of your IRA money into a Roth at the same time.
• Why you might not want to cancel your life insurance once you’re retired.
• Investing your emergency fund money to get a better return.

Check out our other free financial resources here: https://johnsonbrunetti.com/financial-resources/

Contact our team: https://johnsonbrunetti.com/contact-us/ 

Inherited IRAs can be a financial lifeline, but they come with their own set of complexities, especially with the rule changes introduced in 2020. If you've recently inherited an IRA or are planning for the future, understanding these changes and how to manage your inheritance effectively is crucial. In our latest episode of Money Wisdom, we sat down with Heath Grossman, CFP® to break down the ins and outs of inherited IRAs and offer strategies to minimize your tax burden.

Here’s some of what we discuss in this episode:

• An explanation of an inherited IRA and how it’s different than a regular IRA.
• What changed with the rules around an inherited IRA in early 2020?
• What it means for Required Minimum Distributions.
• When would it be logical to withdraw the entire inherited IRA in year one?
• When would it make sense to wait as long as possible to take the money out?

Check out our other free financial resources here: https://johnsonbrunetti.com/financial-resources/

Contact our team: https://johnsonbrunetti.com/contact-us/ 

It’s human nature to want to play the comparison game to find out how you stack up, especially when it comes to your finances. All that really matters is that you’re in good shape for the life that you want to create for yourself. But the comparison game is helpful for us to better understand our clients and their needs.

In our latest episode of the Money Wisdom podcast, Heather Atkins, CFP® shared some fascinating research focused on the financial planning needs of single women. Heather has spent time meticulously gathering data on 50 of our clients, all of whom are single women—either divorced, widowed, or never married. This episode is packed with insightful revelations that can empower women in similar situations to take control of their financial futures.

Here’s some of what we discuss in this episode:

• Why Heather did this research on female clients and what she wanted to learn.
• What does the monthly income look like for this group of women?
• The exercise Heather does with clients to calculate their expenses.
• What did we find when it came to homeowners versus renters?
• Breaking down income and net worth and sharing her findings.

Check out our other free financial resources here: https://johnsonbrunetti.com/financial-resources/

Contact our team: https://johnsonbrunetti.com/contact-us/ 

Have you ever dreamed of spending your golden years in a country abroad? The idea is becoming increasingly popular, but it comes with its own set of challenges and considerations. Luckily, we have the one and only Eric Hogarth, CFP®, here with us today to talk about some of the practical steps you’ll need to take to make this exciting idea a reality.

Here’s some of what we discuss in this episode:

• The financial and legal considerations of living in a new country
• Researching and experiencing the day-to-day living conditions
• Renting in your desired location for an extended period before committing
• Having conversations with your partner about what you want to do in retirement

Check out our other free financial resources here: https://johnsonbrunetti.com/financial-resources/

Contact our team: https://johnsonbrunetti.com/contact-us/ 

When people compare financial firms, they often focus on getting the best return on their investments. While that's certainly important, what they really need to be paying attention to is the big picture. While many firms focus only on investment management- handling stocks, bonds, and mutual funds- our approach extends to include insurance planning, investment strategy, legacy planning, and tax planning. In this week’s episode of Money Wisdom, Nicholas Colantuono, CFP®, joins us to talk about the role of tax planning in a comprehensive financial strategy.

Here’s some of what we discuss in this episode:

• The importance of comprehensive financial planning beyond investment management
• The three types of accounts from a tax perspective: taxable, tax-deferred, and tax-free
• Strategies and pitfalls associated with each type of financial account
• Considerations for tax-efficient retirement planning, including the impact on income, Medicare premiums, and future tax rate changes

Check out our other free financial resources here: https://johnsonbrunetti.com/financial-resources/

Contact our team: https://johnsonbrunetti.com/contact-us/ 

Are you familiar with the term ‘moving the goalposts’? It happens when people change or adjust their targets after they’ve already been established, which is something that happens all the time with finances. Many people set financial goals or deadlines, only to find themselves shifting those targets, often to their detriment. This episode of the Money Wisdom Podcast with Jake Doser, CFP®, CPWA® sheds light on why it's essential to establish a solid financial plan and stick to it.

Here’s some of what we discuss in this episode:

• What we tell people who set goals for cash but keep changing the amount they set aside.
• Pushing your savings goals back to prioritize other things then you don’t have a plan.
• Greed often drives us to take on more risk when we’ve already established goals to scale back at a certain point.

Check out our other free financial resources here: https://johnsonbrunetti.com/financial-resources/

Contact our team: https://johnsonbrunetti.com/contact-us/ 

Financial planning is intricate and filled with potential pitfalls and mistakes that can have long-lasting impacts on your future. In the latest episode of the Money Wisdom podcast, Matt Pastor, RICP® breaks down the most common ways people make financial mistakes and provides valuable insights on how to avoid them.

Here’s some of what we discuss in this episode:

• People who don’t seek out help when they should have, especially for big financial decisions like pensions and Social Security.
• Examples of how listening to the wrong people can lead you astray.
• Don’t make decisions too quickly without thinking through the options and consequences.
• Procrastination and dragging your feet on decisions can be costly as well.

Check out our other free financial resources here: https://johnsonbrunetti.com/financial-resources/

Contact our team: https://johnsonbrunetti.com/contact-us/ 

Life is full of unexpected twists and turns, and some of these can have a significant impact on our financial well-being. Whether it's changing jobs, going through a divorce, receiving an inheritance, or dealing with the death of a spouse, each of these major life events requires careful financial planning. Heath Grossman, CFP® joins the Money Wisdom podcast to explore the essential financial considerations for these pivotal moments.

Here’s some of what we discuss in this episode:

• When you change jobs, you should pay attention to decisions about health insurance, retirement accounts, and rollovers.
• Why a Rollover IRA is usually a good decision for old accounts.
• What you need to be thinking about financially if you go through a divorce.
• Receiving an inheritance comes with some tax implications you should know about.
• The biggest financial challenges that you deal with after the loss of a spouse.

Check out our other free financial resources here: https://johnsonbrunetti.com/financial-resources/

Contact our team: https://johnsonbrunetti.com/contact-us/