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

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Madison and Mike discuss the pros and cons of Dave Ramsey’s financial advice, and how even the better parts of it have been challenged by societal and economic changes. They critiqued Ramsey's advice on debt management, car buying, and credit scores, and discussed the importance of considering individual circumstances and seeking help from financial advisors. They also explored the potential generational shift in attitudes towards debt and financial freedom, and the complexities of financial planning, including safe withdrawal rates and stock market returns. Later, Charles Barrett joins from FZ Works and FZ Creative. They discuss his businesses' services including brand marketing and design. Charles also shares his concept of opening a co-working space in response to the Covid-19 pandemic, the membership and rental options at his co-working space, and the history and evolution of his agency. The conversation also touches on the process of becoming a member at FZ Works Workspace and the concept of branding.

Link to Wall Street Journal article: https://www.wsj.com/personal-finance/dave-ramsey-tells-millions-what-to-do-with-their-money-people-under-40-say-hes-wrong-56733630?mod=Searchresults_pos1&page=1


FZ Works & FZ Creative socials and websites:

FZ Works
FZ Works website: https://www.fzworks.space/
FZ Works Instagram: https://www.instagram.com/fzworks_yardley/
FZ Works Facebook: https://www.facebook.com/fzworksyardley

FZ Creative
FZ Creative website: https://fzcreative.com/
FZ Creative Instagram: https://www.instagram.com/fzcreative/
FZ Creative Facebook: https://www.facebook.com/fzcreativedesign

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Madison and Mike discuss entrepreneurship. They emphasize the importance of investigating whether a business idea or passion can be profitable and scalable to be worth the time and money invested. They highlight the challenges of translating a talent or passion into a profitable business, the need for market research, developing a comprehensive business plan, and understanding one's target audience. They also discuss the different types of business structures, and whether someone should choose ad LLC or an S Corp. Later, Julia Gambell joins and shares her professional journey and experiences as a salon owner. She emphasizes the importance of continuous education, maintaining a personalized salon, and dealing with challenging clients. Additionally, Julia discusses the importance of scheduling and organization, her unique approach to hair extensions, the introduction of new spray tanning services, and the role of social media in showcasing her salon. She also highlights the importance of taxation for business owners, her desire to reduce her time behind the chair, and her aspirations to work on platform work. Finally, Julia discusses the unique role of stylists in their clients' lives and the importance of managing emotional situations.

Julia's Instagram: https://www.instagram.com/salonj.raine/

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Madison and Mike stress the significance and opportunity of financial planning for individuals and couples in their sixties who are in the sweet spot of being able to withdraw money without penalty from their IRAs, but don’t yet have to take Social Security or Required Minimum Distributions from their IRAs. Tax planning can make a crucial difference in how much people ultimately pay in taxes and how secure their retirement is. Maddie and Mike also discuss tax-efficient investment strategies and the tax implications of investment income. They conclude that professional financial advice is crucial for navigating these complex considerations. Later, Maureen, who is a financial advisor and a Certified Financial Planner™ Professional at Yardley Wealth Management joins them. She shares her journey of learning about the company's policies and procedures. She discusses her transition from training to taking on more responsibilities, with the aim of helping more clients. Maureen and Mike also return to the conversation on the financial challenges faced by people in their sixties preparing for retirement, emphasizing the enormous opportunity they have to plan.

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Madison and Mike discuss the differences between education savings plans and prepaid tuition plans, and the benefits of 529 college savings plans. Later, they are joined by Heather Manley from Ninja Duds, a local consignment business. Heather explains that Ninja Duds operates by taking in clothing items from consigners, which are then posted on their website. Customers can browse items based on brand, size, or style, and make purchases online and then pick them up at their headquarters in Washington Crossing. Heather, a former teacher, shares her journey of transitioning into a new career after experiencing significant life events. She identified a need for a service that could assist busy people with various tasks, including organizing and reselling gently or unused items. This led her to start a business that has been successful in helping people declutter and make some money from their unused belongings.

Ninja Duds website: https://shop.ninjaduds.com/

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Madison and Mike discuss the article "Beware the most crowded trade on Wall Street" by James Mackintosh of the Wall St. Journal and the widely held belief among investors in a forthcoming soft landing and lower interest rates. They also talk about the potential implications of the Federal Reserve's recent dovish forecast, as well as the potential impact of external factors on the likelihood of a soft landing and lower interest rates. The conversation concludes with a discussion about the importance of having a clear plan and being prepared for unpredictable issues. Later joined by Karen Lynch, Yardley Wealth Management’s COO for an employee spotlight! She shares her role and experience at the company. She emphasized the importance of mentoring colleagues and providing clients with the best experience possible.

Link to article on Wall Street Journal: https://www.wsj.com/finance/stocks/beware-the-most-crowded-trade-on-wall-street-next-years-soft-landing-de101f35

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Madison and Mike discuss an article about the challenges faced by financial advisors competing with large brokerage firms. The article suggested a two-pronged approach of presenting an assigned fiduciary oath and utilizing the FINRA broker check website. Maddie and Mike emphasized the importance of finding a competent and experienced financial planner and the potential advantages and drawbacks of working with a large financial services company.

USA Today article Mike is featured in: 
https://www.usatoday.com/story/money/personalfinance/2014/07/09/how-to-find-a-financial-adviser/12312291/

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Madison and Mike discuss the article Mike wrote about financial predictions, emphasizing the importance of long-term financial planning over short-term market predictions. They also discussed budgeting, financial planning, tax planning strategies, estate planning, and the importance of insurance. They stressed the need for individuals to understand their spending, income, investments, and pensions, and to have an emergency fund in a high-yield savings account. They also highlighted the importance of having proper estate planning documents in place and the potential drawbacks of relying solely on financial predictions for financial decision making.

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Madison and Mike discuss the ongoing debate between investing in individual bonds or bond mutual funds and ETFs. Mike prefers funds for ongoing investment but says that individual issues around specific savings goals make a lot of sense. The conversation also emphasized the importance of diversification, professional management, and tax implications. Towards the end, they discussed the potential safety and benefits of investing in bonds or bond funds, especially when there's a specific future need for the money.

Link to article: https://www.wsj.com/finance/investing/bonds-vs-bond-funds-how-higher-rates-are-changing-the-calculation-2dbaf8be

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Mike and Maddie discuss an article about potential losses boomers fear during their retirement due to these funds' potentially risky investments. They also touch on the shift from defined benefit plans to 401K plans and the responsibility it places on employees to manage their own retirement savings. Mike is concerned by the fact that target date funds are in practically all 401k plans but each fund company manages their funds differently and there are no standards.
Madison and Mike talk with Dan McLaughlin, one of the owners of Yardley Refillery, discussing the concept of zero-waste and the importance of reducing individual waste. Dan emphasizes the need to shift from a cycle of consuming and throwing out to one of buying and reusing. Dan also discusses their decision to open a business in Yardley, emphasizing the importance of location and the potential to revitalize the town. Dan discusses the concept and design of their store, emphasizing the importance of creating a relaxing and calming environment for customers. He highlights the store's intentional layout and the use of technology to enhance the experience, while also encouraging customers to slow down and enjoy the process of shopping. Dan shares the commitment to providing high-quality, organic products at competitive prices. Maddie and Mike talk about how they are big fans of the store and they encourage people to try it.

Link to article in beginning of episode: https://www.advisorperspectives.com/articles/2023/09/11/stocks-bonds-revenge-baby-boomers-ron-surz

Yardley Refillery website: https://www.yardleyrefillery.com/

Yardley Refillery Instagram: https://www.instagram.com/yardleyrefillery/

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Madison and Mike discuss the factors investors should consider when deciding how much cash to hold in their portfolios, the risks of excessive cash holdings, the safety of money market funds, and the importance of diversification. They also explore the role of cash in an investment portfolio.
Madison and Mike interview Anthony Tozzi, the owner of Regerts Ink, a tattoo removal company. They learned that changes in life or relationships and dissatisfaction with tattoo quality are common reasons people seek tattoo removal services. The business is doing well but faces branding and marketing challenges. Anthony also discussed the tattoo removal process, which can completely remove ink but takes time, and the prevalence of tattoos among younger people. Anthony expressed his enjoyment in helping clients with tattoo regret. Anthony recommends their website for further information.

Link to Wall Street Journal article: https://www.wsj.com/finance/investing/how-this-years-hottest-investment-could-end-up-costing-you-a4717f20?mod=hp_lead_pos1

Regerts Ink Removal Links

Regerts location: 91 S Main St, Yardley, PA 19067
Regerts phone number: (215) 666-1136
Regerts website: https://www.regertsinkremoval.com/
Regerts Instagram: https://www.instagram.com/regerts_ink_removal/
Regerts Facebook: https://www.facebook.com/regertsinkremoval