MONEY WITHOUT MATH

Protecting family wealth is an endeavor that might include establishing trusts, insurance policies, and business succession plans. Throw in some emotional roadblocks, tough conversations, and family dynamics, and it’s not hard to see why “shirtsleeves to shirtsleeves in three generations” is an expression that can be found on multiple continents. When one advisor sensed that her third generation client didn’t fully appreciate what her grandfather and parents had built and left for her, she set out to write “The Letter.” Nicola Tomlin helped a granddaughter connect to a grandfather she never knew as well as his “spend a little, save a little, invest a little” philosophy through that letter. Nicola is a contributor to “More Than Money: Real-Life Stories of Financial Planning” and serves as Branch Principal and Senior Investment Manager at Raymond James Investment Services Hart in Hampshire, UK. In this episode we discuss her own experience working in a multi-gen business, how she is preparing her own children to be responsible with wealth, and why you might want to consider hosting a “will party.”

Why do you save and invest? The individual details may vary, but for many the common denominator is financial freedom. This might mean owning your assets outright with no debt, being financially positioned for emergencies, or no longer needing to work to earn income. Guest Stoy Hall, CEO and Founder of Black Mammoth, shares his definition of financial freedom and some of the unexpected benefits and challenges that come along with it. Whether you are already taking steps to achieve financial freedom or need some motivation to get started, take a listen and consider how you want to define it for yourself.

Where there’s cash, there’s potential for conflict. Add in family and the combinations are endless! From disputes over picking up the tab to loans and inheritances, addressing financial conflicts with family is a reality that comes in many forms. In this episode we are joined by Ashley Quamme, a certified financial therapist and a licensed marriage and family therapist. We discuss sources of conflict, how to say yes, how to say no, and how to keep the peace. As family businesses are a common source of conflict, we dive into the dynamics and how you can tackle problems before they even begin.

Congratulations, you’ve graduated! Whether from high school, trade school, or university, your next chapter includes an Intro to Adulting 101 and its companion class, Money 101. You’ll be learning more about taxes, inflation, debt, and plenty more that they probably didn’t teach you in school. In this episode, we are joined by Cary Carbonaro, CFP® Professional and author who has spoken all over the world on financial literacy. She shares her top financial advice for young adults. Take a listen and share with the new graduates in your life. 

Inflation, debt ceiling, bank failures. Financial advisors and the industry often want to talk about technicals and the crisis du jour, but is this what most clients want to discuss? What are investors most concerned about right now? Are their needs being met and how can we change this?

Guest Julie Littlechild, CEO of Absolute Engagement, will share takeaways from her recent research that addresses the disconnect between the industry and end users. We discuss how we can use these findings to help investors articulate their concerns and guide their financial advisors to shift the way they deliver advice. We’ll also address client confidence, challenges couples face, and the role an advisor can play. If you are considering hiring an advisor or want to engage on a deeper level with the right one, take a listen.

Known as the lost generation, the sandwich generation, and latchkey kids, Generation X is now aged roughly 43 – 58 years old (born between 1965-1980). We’ve been sandwiched between the 2 larger generations before and after us, the Boomers and Millennials, and we are also sandwiched between raising our children and caring for aging parents—basically we’re in a double-decker sandwich. Gen X is often characterized as independent and cynical, so it’s not surprising that many of our peers report feeling less than optimistic about retirement. But the oldest Gen Xers are only 4 years away from being eligible to begin social security, so it’s time to get real! Lazetta Rainey Braxton is a financial expert and fellow Gen Xer who joins me to discuss her own journey and share the conversations she’s having with clients rounding the corner from grinding to easing up. Now is the time to reflect not just about money, but what life holds in the next half. Take a listen to this message from 2 fellow Gen Xers, with love. 

For many small businesses to succeed, it’s important to get inventory management right. Have you ever considered doing a complete inventory of your personal life? Do you know what you have and can someone easily locate it if needed? Consider financial documents, your social media passwords, family recipes, decades of photos, medical records, emergency contacts and everything in between. Kristie Kindstrom, CEO & Founder at Your Honeycomb is a longevity expert who helps you gather, catalog, and securely store these for you and your family. In this episode she discusses the ways to be prepared for the different phases in your life in a manageable way. 

The 401(k) is a well-known retirement savings vehicle, but how well-understood is it? This episode is your intro class, geared towards helping you better understand the basics, from tax benefits, investment options, loans, to what happens when you leave your job. Tim Guilford, President of Guilford Retirement Services, works exclusively on developing and managing retirement plans. In this episode, we also discuss the recent provisions included in the SECURE Act 2.0 that allow you to pay off student loans while saving for retirement, new Roth rules, and more. If you are enrolling in a 401(k) for the first time, or want to gain a better understanding of the moving parts, take a listen to finally get clear on what your 401(k) can do for you!

Whether you are preparing to move to a smaller home or are helping your aging parents or family members, just the thought of downsizing or “rightsizing” can induce panic and anxiety. Living in the same place for decades and raising a family is typically accompanied by all the things that filled those days: clothes, books, furniture, papers, pictures, products, stuff. And attached to all that stuff are memories and emotions, making the task of cleaning out and organizing even harder. In this episode, we are joined by Mindy Godding, a Certified Professional Organizer with credentials in ADHD, hoarding, and aging issues. We dive into the physical, emotional, and financial challenges tied to clutter, how to engage our children and teach them good habits, and how to handle generational differences related to the value of our stuff. Take a listen and learn to let go with an abundance mindset.

 How many times have you heard, or said yourself, that kids should be learning financial topics in school? While that may be true, there’s more than one outlet for increasing financial literacy. Perhaps you want to initiate these conversations at home, but don’t know how. Enter Mac Gardner, author, speaker, CEO, and financial literacy advocate. His Four Money Bears initiative helps children understand the why and how behind money decisions so they can grow to practice healthy financial habits. In this episode, we discuss the 4 Money Bears rules and how we can use them to teach our kids about money.