Not Just Numbers: Honest Conversations with a Financial Advisor (and Lawyer!)

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In this episode of Not Just Numbers: Honest Conversations with a Financial Advisor and Lawyer, Madison Demora and Mike Garry break down a recent Wall Street Journal article, "Paying More Tax Can Be a Smart Play" by Laura Saunders. They discuss why traditional tax-deferral strategies may backfire, especially for retirees with large tax-deferred accounts like 401(k)s and IRAs. Mike explains how proactive tax planning such as strategic Roth conversions and capital gains management can help reduce overall lifetime tax burdens. Tune in for expert insights on navigating required minimum distributions (RMDs), Medicare surcharges, and tax-efficient retirement planning.

WSJ article link: https://www.wsj.com/personal-finance/taxes/when-paying-more-tax-not-less-is-the-smart-play-bab46ee5

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In this episode of Not Just Numbers: Honest Conversations with a Financial Advisor and Lawyer, Madison and Mike discuss the fascinating story of Steve Mitchell, a Texas engineer who became determined to achieve a perfect 850 credit score. They explore Mitchell's journey, the strategies he used, and whether perfection is truly necessary when it comes to credit scores. Mike shares the importance of responsible credit habits, and when focusing on your score can become counterproductive. Tune in for practical advice on maintaining strong credit while keeping your financial health in perspective. Later in the episode, they are joined by Ryan Dittes, the owner of RDs Total Lawn, a lawn care business dedicated to exceptional customer service, employee development, and growth. Ryan shares insights on building a business that thrives through strong communication, reliability, and a focus on long-term success. From managing the challenges of a seasonal industry to fostering a positive company culture, we explore the core values that drive RD's Total Lawn. Join us for a candid conversation about the keys to running a successful business while prioritizing customer care, team development, and sustainable growth.

WSJ article: https://www.wsj.com/personal-finance/credit/perfect-credit-score-achievement-02cb2ec2

RDs Total Lawn links:
Website: https://www.rdtotallawn.com/
Instagram: https://www.instagram.com/rdtotallawn/
Facebook: https://www.facebook.com/RyansLawnCare19047
YouTube: https://www.youtube.com/@RDTotalLawn

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In this episode of Not Just Numbers: Honest Conversations with a Financial Advisor and Lawyer, hosts Madison Demora and Mike Garry break down the essentials of employer stock awards, including Restricted Stock Units (RSUs), stock options, and the key financial strategies you need to know. Learn how vesting schedules, strike prices, and cashless exercises work, and discover how to manage tax implications while maximizing your income potential. Whether you're new to stock-based compensation or looking to diversify your portfolio, this conversation will help you make informed decisions about your financial future.

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In this episode of Not Just Numbers: Honest Conversations with a Financial Advisor and Lawyer, Madison and Mike discuss the critical importance of living wills and advance directives. Inspired by a recent Wall Street Journal article, "When Making a Living Will, Talk to Your Loved Ones." If you’ve ever wondered how to ensure your medical wishes are honored or how to prepare your loved ones for difficult decisions, this episode provides practical advice to help you navigate these essential conversations. Then, we welcome Paula Zimmerman, founder of ProSonder Solutions, an HR consulting firm dedicated to helping businesses thrive through tailored HR strategies. Paula shares her journey from employment attorney to fractional HR leader, explaining how she helps business leaders focus on growth by taking HR challenges off their plates. She believes that strong HR practices are a competitive advantage and a path to creating better workplaces—and a better world. Join us for a compelling conversation about innovation, leadership, and the practical steps businesses can take to unlock their potential.

Link to WSJ article: https://www.wsj.com/personal-finance/she-signed-a-living-will-her-sister-didnt-honor-it-6ee34838

Paula Zimmerman Links: 
Paula's LinkedIn: https://www.linkedin.com/in/pjzimmerman/
ProSonder Solutions website: https://www.prosonder.com/

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In this episode of Not Just Numbers: Honest Conversations with a Financial Advisor and Lawyer, hosts Madison Demora and Mike Garry discuss the hidden financial impacts of job changes on 401(k) savings. Reviewing insights from a recent Wall Street Journal article by Anne Tergesen, they explore how job-switching can disrupt retirement planning, often leading to neglected 401(k) enrollments or lowered savings rates. Together, they discuss practical strategies to avoid common pitfalls, from maintaining steady contributions to understanding the importance of proactive planning when rolling over 401(k) funds into IRAs. Tune in to discover how to safeguard your retirement savings, even during career transitions.

Wall Street Journal article link: https://www.wsj.com/personal-finance/retirement/changing-jobs-can-put-a-300-000-dent-in-retirement-savings-e4b88f58

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In this episode of Not Just Numbers: Honest Conversations with a Financial Advisor and Lawyer, hosts Madison and Mike discuss the growing trend of including pets in estate planning. They explore why more people are designating guardians and funds for pets in their wills, a practice once limited to the wealthy. Key topics include the benefits and risks of including pets in estate plans, how much money to allocate for their care, the lack of legal oversight for pet guardians, and whether pet trusts, such as the one created by Leona Helmsley, are necessary. Later joined by Michael Silverman, President and CEO of Silver Lining Insurance Agency. Michael shares insights from his long career in the insurance industry, which began in 1988. He discusses his journey into the family business, partnering with his father, and founding his own agency in 2019, where he focuses on creating personalized insurance solutions. Silverman emphasizes the importance of tailoring insurance to individual needs, avoiding one-size-fits-all approaches, and understanding what each client values most. The conversation touches on key aspects of risk management, the importance of ongoing education, and the emotional impact of life insurance planning. Silverman shares personal experiences and highlights the human side of financial advising—helping families prepare for life's uncertainties with care and compassion.

Link to WSJ article: https://www.wsj.com/personal-finance/you-love-your-dog-should-she-be-in-your-will-a2af9b04


Silver Lining Insurance Agency links:

Website: https://slia.agency/
Facebook: https://www.facebook.com/SilverLiningInsurance/
LinkedIn: https://www.linkedin.com/company/silverliningins/
X: https://twitter.com/SilverLiningIns

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In this episode of Not Just Numbers: Honest Conversations with a Financial Advisor and Lawyer, hosts Madison Demora and Mike Garry dive into an article from the Wall Street Journal titled "These Mutual-Fund Holders Should Brace Themselves for a Big Tax Bill" by Daisy Maxey. They discuss the tax implications of capital gains distributions in mutual funds, why these distributions occur, and how investors can minimize the tax impact. Mike shares personal anecdotes about his connection with the article's author and provides actionable strategies for managing mutual fund investments in taxable accounts. Tune in for expert insights on how to navigate tax season and optimize your investment portfolio!

Wall Street Journal link: https://www.wsj.com/personal-finance/taxes/mutual-funds-taxes-48ea646c

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In this episode of Not Just Numbers: Honest Conversations with a Financial Advisor and Lawyer, Madison and Mike dive into the fascinating world of stock market gains. They discuss a recent article by Russ Wiles, highlighting research by Dr. Hendrik Bessembinder, which reveals that just over 4% of stocks account for all net wealth growth in the stock market over the last 100 years. Mike, a CFP® practitioner and estate planning attorney, breaks down the forces behind why such a small percentage of stocks drive long-term gains and challenges common assumptions about stock picking versus index investing. They explore the role of compounding, the challenges of identifying future high-performing stocks, and the importance of diversification for long-term success. Whether you're a seasoned investor or just getting started, this conversation offers valuable insights into the dynamics of market growth. Tune in for an honest discussion that could change how you approach your portfolio!

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In this episode of Not Just Numbers: Honest Conversations with a Financial Advisor and Lawyer, hosts Madison Demora and Mike Garry explore the complexities of managing your retirement savings. In the beginning of the episode, they tackle a listener's question on long-term care insurance. Then, dive into a Wall Street Journal article by Olivia Mitchell, discussing the pros and cons of rolling over a 401(k) into an IRA versus leaving it in an employer-sponsored plan. Mike shares expert insights on investment options, fees, fiduciary protections, and estate planning considerations. Whether you’re nearing retirement or simply planning ahead, this episode is packed with valuable advice to help you make informed decisions about your financial future.

Wall Street Journal article: https://www.wsj.com/personal-finance/retirement/what-to-do-with-401k-after-retirement-22b9b787

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Madison and Mike discuss three articles from the Wall Street Journal related to the financial industry, focusing on the implementation of a fiduciary rule, the pros and cons of interval funds, and the high fees and lack of transparency in closed-end funds. They also explore the potential risks and returns of interval funds, the importance of educating investors about complex investment products, and the missed opportunities by Bill Ackman due to not innovating with lower fees and a direct approach to individual investors. The discussion concludes with the importance of lower expenses, transparency, and liquidity in investment products, and the suggestion of a globally diversified portfolio with reasonable costs.



Wall Street Journal article links: 

Insurers Are Winning a Fight To Curb Retirement Saver Aids: https://www.wsj.com/personal-finance/retirement/the-insurance-industry-is-winning-a-fight-to-kill-new-protections-for-retirement-savers-54030e41

The Fees on These Funds Will Leave You High and Dry: https://www.wsj.com/finance/investing/the-fees-on-these-funds-will-leave-you-high-and-dry-4b556475

What Bill Ackman Got Wrong With His Bungled IPO: https://www.wsj.com/finance/investing/bill-ackman-pershing-square-psus-6b8db4fa