EPISODE RESOURCES

Smart College Buyer Podcast

Connect with Jack

Optimizing Your Child's College Journey with Jack Wang

In this episode of the New Money, New Problems podcast, we interview special guest Jack Wang, a financial advisor specializing in college planning. 

Jack discusses strategies for optimizing your child's journey to college, focusing on how to maximize financial aid and minimize student debt. The conversation covers the importance of aligning extracurricular activities with intended majors, the differences between getting accepted to college and securing financial aid, and the timing of college planning. 

We also explore the advantages of less well-known but excellent colleges and the factors to consider when choosing schools. This episode is packed with valuable information for parents looking to plan their children's educational futures effectively.

00:00 Introduction: Navigating Schooling Costs
01:42 Special Guest Introduction: Jack Wang
04:06 Jack's Journey into College Aid Specialization
06:10 Understanding College Admissions and Aid
14:01 Public vs. Private School Strategies
24:33 When to Start College Planning
30:51 Creating a Realistic College List
36:33 Alternative College Options and Financial Strategies
42:13 Conclusion and Contact Information

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EPISODE RESOURCES

2025 Tax Tables and Guidelines

Essential End-of-Year Tax Planning Tips for Employees

In this episode, we delve into crucial end-of-year tax planning strategies specifically tailored for W2 employees aiming to optimize their finances before the new year. We cover the importance of proper withholding to prevent unexpected tax bills, highlights the impact of bonuses and equity compensation on taxes, and illustrates how the Social Security bonus can help mitigate underpayments. 

The episode further explores calendar year vs. tax year deadlines for retirement contributions and employee benefits, along with strategic charitable giving under recent tax law changes.

02:22 Understanding Withholding and Its Impact
04:14 Strategies for High-Income Earners
07:23 Social Security Bonus and Tax Benefits
13:11 Maximizing Charitable Contributions
18:03 Filling Up Lower Tax Brackets
20:33 The Importance of Professional Tax Help

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PAST EPISODES TO HELP

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Optimizing Debts As You Build Your Emergency Fund

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EPISODE RESOURCES

Joint Case Update

Essential Updates on Federal Student Loan Forgiveness

This episode covers significant recent updates concerning the forgiveness of federal student loans. Key highlights include the impact of the lawsuit between the American Federation of Teachers and the Department of Education on loan forgiveness processes, the phasing out of certain Income Driven Repayment plans, and the importance of timely switching from plans like the SAVE plan to income-based Repayment plans to avoid tax implications. The Department of Education's agreement to process loan cancellations under original repayment plans and to remove partial financial hardship requirements for IBR plan eligibility is also discussed. The episode concludes with a critical overview of tax considerations and the timing of loan forgiveness procedures.

01:33 Context and Background on Student Loan Forgiveness
03:00 Legal Challenges and Department of Education's Response
07:02 Joint Status Report and Its Implications
10:24 Important Deadlines and Tax Implications
15:17 Final Thoughts and Next Steps

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NASEEMA'S FAVORITE RESOURCES

Check out her platform!

Journey To Launch 

Clever Girl Finance

Choose FI

From Nursing to Financial Freedom: Naseema McElroy’s Inspiring Journey

In this episode, we explore the remarkable journey of Naseema McElroy, a nurse who turned her income into a path toward becoming a multimillionaire and a financial literacy educator. 

Naseema shares her story of growing up in Oakland with financial responsibilities from a young age, transitioning from healthcare administration to nursing, and eventually leveraging her nursing income to achieve financial freedom. 

She discusses her pivotal moment in realizing the importance of financial education, her quest for knowledge through various podcasts, and books, and her diligent effort in paying off nearly a million dollars in debt. 

Naseema also delves into the development of her Instagram platform, initially created for friends, which grew to educate and inspire hundreds of thousands. The episode covers her strategies for budgeting, investing, and setting financial goals, emphasizing her commitment to sharing knowledge as a driving force for her platform’s success.


01:46 Meeting Naseema: Oakland Beginnings
02:02 Naseema's Early Life and Financial Lessons
05:36 Transitioning to a Nursing Career
09:09 Discovering Financial Independence
12:17 The Million Dollar Debt Payoff
18:14 Building a Financial Literacy Platform
21:31 Reflecting on Financial Lessons and Success
25:14 Conclusion and Final Thoughts

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EPISODE RESOURCES

Mortgage Forbearance 101

Credit Card Assistance

#30MoneyMoves Challenge

Upwork

Navigating Financial Hardships: Practical Tips When Emergency Reserves Run Out

In this episode, we discuss strategies for managing your finances when you've planned ahead but still find yourself running out of money. We share insights from a recent conference and highlights a common challenge faced by many: even those who have thoroughly prepared with substantial emergency reserves are finding their resources depleted after prolonged periods of unemployment or financial strain. The episode provides various actionable tips for alleviating financial pressure, such as communicating with lenders for debt forbearance, utilizing balance transfer credit cards, pausing automatic contributions to investment or retirement accounts, and evaluating subscription services for potential cuts. Additionally, options for income generation through freelancing platforms like Upwork and Fiverr are explored, as well as potential avenues for accessing Roth IRA contributions, 401k loans, and leveraging non-qualified investment accounts through securities-backed lines of credit. 

00:00 Introduction: Facing Financial Challenges
00:46 Personal Reflections and Industry Insights
01:10 Understanding the White Collar Recession
02:19 Emergency Financial Advice: Breaking the Glass
02:36 Caveats and Considerations
04:01 Debt Management Strategies
04:39 Exploring Forbearance Options
06:09 Credit Card Hardship Programs
07:25 Student Loan Relief Options
10:12 Balance Transfer Cards
11:13 Pausing Contributions and Evaluating Subscriptions
14:08 Leveraging Gig Economy Platforms
17:26 Accessing Retirement Funds
19:56 Non-Qualified Investments and Lines of Credit
23:31 Conclusion: Extending Your Burn Rate

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EPISODE RESOURCES

Eligible FSA Expenses

Maximizing Your Flex Spending Account: Overcome Hesitations and Save Money

In this episode, we address common fears and hesitations around signing up for Flex Spending Accounts (FSAs) during open enrollment season. The episode starts by explaining open enrollment and emphasizes the benefits of FSAs, which are often underutilized compared to Health Savings Accounts (HSAs) and Dependent Care FSAs. We dive into the practical uses of FSAs, including eligible health expenses and over-the-counter items. Additionally, we cover how to plan your contributions, manage reimbursements, and navigate plan rules to maximize your tax savings. By the end of the episode, you'll have actionable tips to seamlessly integrate FSA use into your financial planning.

00:00 Introduction to Flex Spending Accounts
00:52 Understanding Open Enrollment
01:27 Focus on Flex Spending Accounts
02:12 Benefits of Health and Dependent FSAs
02:46 Common Concerns About FSAs
03:40 Maximizing Your FSA Benefits
04:36 Eligible FSA Expenses
05:45 Planning Your FSA Contributions
06:53 Using FSA for Regular Purchases
08:23 Employer Rules and Reimbursements

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EPISODE RESOURCES

How To Donate Appreciated Stock

Donor Advised Funds 101

Maximize Your Charitable Contributions: Tax Benefits and Strategies

In this episode, we focus on unique ways to align charitable contributions with tax and investment strategies. Topics discussed include 'bunching' charitable contributions, donating appreciated assets like stocks to avoid capital gains tax, and using donor-advised funds to maximize charitable donations while benefiting from tax deductions. 

00:00 Introduction and Feedback from Last Week
01:25 Charitable Giving and Tax Benefits
02:26 Bunching Charitable Contributions
05:04 Donating Appreciated Property
10:18 Rebalancing Strategy and Charitable Contributions
12:18 Understanding Donor-Advised Funds
14:47 Conclusion and Upcoming Episodes

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EPISODE RESOURCES

NerdWallet Article on Charitable Giving

EPISODE SUMMARY
In this episode, we explore how to set a budget for charitable giving and discuss upcoming updates in 2026 that will make charitable contributions more beneficial for your tax returns. Brenton shares personal experiences from recent financial literacy events and an interview with NerdWallet, focusing on how much to give to charities, especially when religious observances are involved. Listeners are given tips on planning their charitable contributions, considering both religious and non-religious motivations, and aligning them with their overall financial plans. The episode also delves into potential tax implications and benefits, explaining new rules from the 'One Big Beautiful Bill Act' that will impact itemized deductions and above-the-line tax deductions for charitable giving starting in 2026.

00:00 Introduction to Charitable Giving and Tax Benefits
00:49 Personal Insights and Financial Literacy Events
01:22 Determining How Much to Give
02:24 Religious Contributions and Financial Impact
05:21 Creating a Giving Plan
07:18 Tax Components of Charitable Giving
09:54 Changes in Charitable Giving for 2026 and Beyond
14:34 Conclusion and Final Thoughts

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Evaluating the Quality of Financial Information

The Pyramid Of Investments

In this episode, we shares insights on evaluating the quality of financial information you consume. The episode covers the importance of scrutinizing the intent behind financial advice, the credentials of the creators, transparency in promotions, and aligning advice with your financial stage. Real-world examples and interviews with certified financial planners further underline the significance of practical and transparent financial education. Resources and key takeaways are provided to help listeners make more informed financial decisions.

00:45 Personal Updates and Recent Travels
01:44 Insights from Financial Conferences
03:14 Evaluating Financial Content Creators
04:19 Understanding Financial Products and Services
06:55 The Importance of Financial Foundations
09:18 Transparency in Financial Advice
11:35 Experience vs. Real-World Advice
14:23 Interviews with Financial Advisors

Some of Brenton's Favorites

Journey To Launch

Thomas Kopelman

Tate Esquire

Financially Intentional

Jeff Levine

So Money

Brown Ambition

The Budgetnista

Rich & Regular

The Money Guys

James Altucher

The $100 MBA Show

Building Bread

Trade and Travel

Tela Holcomb

The Happy Investor Method

Investing Uncomplicated

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