One For The Money

🎧 Episode 99: I Got 99 Problems, But a “B” (as in Budget) Shouldn’t Be One

📝 Episode Summary

In this episode of One for the Money, we tackle one of the most important — and misunderstood — topics in personal finance: budgeting. Whether you call it a “budget” or a “spending plan,” having a strategy for where your money goes is the difference between drifting financially and sailing toward your goals with purpose.

But budgeting isn’t about restriction — it’s about freedom. You’ll learn how to make your money work for you, avoid common pitfalls, and even hear real-life stories (from family lessons to famous fortunes lost) that drive home the power of a plan.

💡 In This Episode You’ll Learn:

• Why budgeting is the rudder of your financial life — and how to steer your money with confidence.
• The difference between a budget and a spending plan — and why the latter feels a lot better.
• How to apply the 20/50/30 Rule (and why paying yourself first changes everything).
• A smart adjustment if you’re tackling high-interest debt — the 5/50/40 method.
• The emotional and relational benefits of budgeting, including how money communication can strengthen marriages.
• Cautionary tales from high earners like Antoine Walker and Johnny Depp — proof that more money doesn’t fix bad money habits.
• A simple system to review and adjust your budget so it actually works in real life.
• The Rocks, Pebbles, and Sand analogy — your new framework for prioritizing spending.
• How to know if your budget’s off course (and how to fix it fast).

💬 Memorable Quotes

“A budget is the rudder on your financial ship. Without it, you’re just drifting — hoping the current takes you somewhere nice, preferably with Wi-Fi and low property taxes.”

“Don’t save what’s left after spending. Spend what’s left after saving.” – Warren Buffett

“Good things don’t happen to good people — they happen to people who do good planning.”

“You can have 99 problems in life, but a B — as in no Budget — shouldn’t be one.”

⚙️ Tips, Tricks & Strategies

• Automate everything you can — savings, retirement contributions, and bills.
• Review your budget regularly — weekly if you’re partnered, monthly if solo.
• Pay yourself first — even if it’s just 5%, build the habit.
• Budget for adventures, not just retirement. Life’s too short not to make memories along the way.
• Watch your “sand” spending (those small daily luxuries) so you have room for the big rocks.

🔍 Quick Budget Gut-Check

It might be time for a reset if:

• You carry credit card debt month to month,
• You lack a 3-month emergency fund,
• You’re saving less than 10–15% for retirement.

📈 Key Takeaway

Budgeting isn’t about deprivation — it’s about direction.

A well-designed budget gives you more choices, more peace, and a better life.

📚 Resources & Mentions

• Better Planning, Better Life framework
• Warren Buffett’s philosophy on saving
• Antoine Walker’s financial literacy foundation (for athletes)
• The 50/30/20 rule (and how to adapt it to 20/50/30 or 5/50/40)

🎯 Episode Challenge

Take 20 minutes this week to review your own “rudder.”

Ask yourself:

• Am I telling my money where to go, or wondering where it went?
• What’s one category I can adjust to better align with my goals?

Then, automate one new financial habit — savings, debt payment, or investment — before next payday.

🎧 Episode 98 — What's Your Plan For After You Are Gone?

📝 Episode Summary

Benjamin Franklin once said, “Nothing is certain except death and taxes.” In this episode of One for the Money, we’re tackling one of those certainties: death—and more specifically, what happens to your assets and loved ones after you pass.

While we can't answer the big question of where we go when we die, we can answer the important question of what happens to your estate. This episode covers why estate planning is not just for the wealthy, but for everyone who wants to protect their family, preserve their legacy, and avoid unnecessary legal headaches.

🔑 What You’ll Learn in This Episode

• What an estate plan actually is (and what it includes)
• The default estate plan you already have—whether you like it or not
• Why probate court is costly, slow, and public—and how to avoid it
• Real-life cautionary tales of celebrities who died without a plan
• Why women are disproportionately impacted by poor estate planning
• The 5 domains of financial planning and how estate planning fits in
• The four key benefits of having a comprehensive estate plan:
• ✅ Control
• ✅ Family protection
• ✅ Avoiding intestacy
• ✅ Incapacity planning
• The essential estate documents everyone should have
• Common benefits of trusts—privacy, speed, control, and tax efficiency
• A powerful mindset shift: think legacy, not death

💡 Tips, Tricks & Strategies Segment

In the second half of the episode, we share a critical tip:

🧠 The biggest risk of not having an estate plan isn’t legal—it's emotional.

Estate plans aren't just about legal documents—they're about maintaining family unity. Hear real-life stories of how families were torn apart due to poor or unclear planning, and learn how to avoid becoming a cautionary tale.

📌 Resources & References

• Kiplinger: Widows Move Forward on Their Own—But Not Alone
• Fidelity: Estate Planning Basics
• LegalZoom: 10 Famous People Who Died Without a Will

📣 Call to Action

If you don’t have an estate plan—or haven’t updated it in a while—this episode is your wake-up call. Talk to a trusted estate attorney and work with a Certified Financial Planner to ensure your family is protected and your legacy preserved.

Episode Summary

In this episode of One for the Money, we explore a common misconception that holds too many people back from reaching their full financial potential: believing that having accounts equals having a financial plan.

I share my personal financial journey — including real-life challenges, eye-opening lessons, and hard-won insights — to demonstrate why a collection of IRAs, 401(k)s, and 529s doesn’t constitute a plan.

You'll also learn about the five essential domains of financial planning, and why aligning these with your ideal life is the key to long-term success and fulfillment.

Whether you’re nearing retirement, building wealth, or just starting out, this episode will challenge the way you think about your money and help you take the first steps toward better planning and a better life.

What You'll Learn in This Episode

• Why most Americans mistake accounts for a financial plan — and the risks of doing so
• The five critical areas every true financial plan must address
• How to align your money with your life’s most important goals
• Real client stories that reveal costly — and avoidable — financial mistakes
• How to avoid being among the 60% of retirees who wish they could do it over
• One actionable strategy to kick-start your personal planning journey today

Tips, Tricks & Strategies Segment

This week’s actionable strategy:

Envision your ideal life, then build your financial plan around it.

Learn how to prioritize your goals, assess alignment with your current financial picture, and determine whether you're on the most efficient path to achieving what matters most. Spoiler alert: It starts with clarity and ends with intentional planning.

The 5 Domains of a Complete Financial Plan

1. Income – Your cash flow strategy (now and in retirement)
2. Investments – Your portfolio allocation and growth strategy
3. Insurance – Risk management and protection for your family
4. Taxes – Lifetime tax planning to maximize after-tax wealth
5. Estate Planning – Directing your legacy with wills, trusts, and powers of attorney

Memorable Quotes

“We don’t rise to the level of our dreams — we fall to the level of our planning.”

“A 401(k) is not a plan. A Roth IRA is not a plan. A bunch of accounts is not a plan.”

“Better planning leads to a better life. Especially when it’s based on your best life.”

Subscribe to One for the Money on your favorite podcast platform.

Ready to plan your ideal retirement? Schedule a free consultation with our team.

• https://BetterPlanningBetterLife.com 
• Connect with Jonny on LinkedIn

Episode 96 — Debunking Social Security Myths (Part 2)

Episode Summary

In this second installment of our two-part Social Security series, we continue busting the most common — and costly — myths surrounding Social Security.

From the misconception that Social Security alone can fund a comfortable retirement, to the idea that everyone automatically qualifies for benefits, these misunderstandings can lead to financial shortfalls that are hard to recover from.

We’ll unpack the math, explore real-life examples, and explain why personalized retirement planning is essential. We’ll also share a valuable strategy for those claiming spousal benefits — and how to avoid leaving money on the table.

Remember: Social Security is important, but it’s just one part of your retirement plan.

What You'll Learn in This Episode:

• Why contributing to Social Security isn’t the same as saving for retirement
• How much income Social Security really replaces — and for whom
• The truth about who qualifies for benefits (and who doesn't)
• Why some retirees are shocked by how little they receive
• How Australia’s retirement system compares to Social Security
• When (and when not) to claim spousal Social Security benefits

Key Takeaways:

• Social Security is not a retirement plan. It's a supplement — not a substitute — for personal savings like IRAs or 401(k)s.
• Claiming early reduces benefits, and delaying only helps if it’s your own benefit — not a spousal one.
• Spousal benefits cap out at 50% of your spouse’s full benefit and do not increase after your FRA.
• Only those who’ve paid into the system for 10+ years qualify — and even then, benefits are based on your 35 highest-earning years.
• Under-the-table wages hurt your future benefits. Report income accurately to protect your retirement.
• A holistic retirement strategy — including taxes, income sources, longevity, and goals — leads to better outcomes.

Referenced Resources:

• Listen to Episode 95 – Debunking Social Security Myths (Part 1)
• Social Security Administration Benefit Calculator: ssa.gov
• AARP: Understanding Social Security’s Progressive Benefit Formula

Subscribe to One for the Money on your favorite podcast platform.

Ready to plan your ideal retirement? Schedule a free consultation with our team.

• https://BetterPlanningBetterLife.com 
• Connect with Jonny on LinkedIn

🎯 Closing Reminder

Social Security decisions are too important to leave to guesswork or general advice. Get the facts, make a plan, and as always — remember:

A better life begins with better planning.

Thanks for listening to One for the Money!

In this episode of One for the Money, we take on one of the most misunderstood areas of retirement planning: Social Security. Despite being around for 90 years, myths and misinformation still lead people to make costly mistakes—sometimes losing hundreds of thousands of dollars in lifetime benefits.

This is Part 1 of our Social Security Myth Busters series, where we’ll tackle two of the most common myths about claiming benefits. In addition, the Tips, Tricks, & Strategies segment covers an often-overlooked opportunity with spousal and ex-spousal benefits.

• Why Social Security is such a critical piece of retirement income
• The true costs of claiming early at age 62 versus waiting until full retirement age or age 70
• Why the fear of Social Security “running out” is misleading
• The most likely fixes to secure the program’s long-term future
• A strategy for spousal and ex-spousal benefits that can add unexpected value

Myth #1: You should take Social Security at 62 because it’s available.

• Claiming early reduces benefits by about 30% for life.
• Waiting until 67—or even better, 70—can increase lifetime benefits dramatically.
• Delaying acts like a guaranteed 6–8% return per year, something most investors can’t match consistently.
• Early filing penalties apply if you’re still working.

Myth #2: Social Security is going to run out.

• While the trust fund is projected to deplete by 2034, payroll taxes will still fund about 80% of benefits.
• Likely adjustments—raising the income cap, modest tax increases, or raising the retirement age—are far more probable than eliminating benefits.
• We’ve faced this before, and reforms extended the program by decades. History suggests the same will happen again.

Divorced after a marriage that lasted 10 years or more? You may qualify for ex-spousal benefits—up to 50% of your former spouse’s benefit, or your own, whichever is greater. Your ex won’t be notified, and their benefits won’t be reduced. With the right documentation, this strategy can meaningfully improve your retirement income.

• “Claiming Social Security early isn’t just a smaller check for a few years—it’s smaller for life.”
• “Delaying benefits is the closest thing to a guaranteed return most retirees will ever see.”
• “The idea that Social Security will ‘run out’ is a myth. Adjustments will be made, just as they have in the past.”
• “Sometimes, the best retirement strategy from a marriage comes long after it ends.”

If you’re unsure about when to claim Social Security, don’t guess—or rely on casual advice. At Better Planning, Better Life, we help you make the right decision in the context of your entire financial plan. Schedule a free consultation with us today.

Subscribe to One for the Money on your favorite podcast platform.

Ready to plan your ideal retirement? Schedule a free consultation with our team.

• https://BetterPlanningBetterLife.com 
• Connect with Jonny on LinkedIn

🎧 Episode 94: How to Protect Yourself in the Retirement Danger Zone

🎙 One for the Money Podcast

💡 Episode Summary

You’ve worked, saved, and sacrificed for decades—and now retirement is finally within reach. But what happens if the market crashes just as you’re ready to cash in on all that hard work?

In this critical episode, we explore how to protect your retirement during the most financially vulnerable decade of your life: the five years before and after you retire—a period I call the Retirement Danger Zone.

You’ll learn:

• The real-world lessons from the COVID-19 market crash
• Why emotional decisions can destroy retirement plans
• The three-bucket strategy for safer, smarter retirement withdrawals
• How a rising equity glidepath can actually improve long-term outcomes
• The power of dynamic withdrawal strategies backed by over 100 years of market history
• Why delaying Social Security to age 70 is a game-changer for long-term income

Whether you’re approaching retirement or advising someone who is, this episode offers essential insights to ensure decades of planning aren’t undone by fear or poor timing.

🛠 Tips, Tricks & Strategies Segment

In this episode’s bonus segment, I reveal the truth about a financial product often sold to retirees under the guise of “safety”: annuities.

• Why fixed index annuities may cost more than they’re worth
• How they limit your upside, lock up your funds, and come with steep surrender charges
• Why salespeople love them—and why I don’t recommend them for my clients

🔑 Key Takeaways

• The Retirement Danger Zone is a 10-year window (5 years before and after retirement) where financial decisions have outsized consequences
• Market downturns during this period can have a permanent impact if you’re not prepared
• A well-designed plan using investment segmentation, dynamic spending, and delayed guaranteed income can make your retirement more secure and flexible
• Annuities are not a substitute for planning—and often benefit the seller far more than the buyer

📘 Resources & Mentions

• Episode 93: Why Your First Year of Retirement Is the Most Important
• Rudyard Kipling’s If— (poem referenced)
• Fidelity data on investor behavior during the COVID crash
• Research on rising equity glidepaths (Michael Kitces, et al.)

👉 Subscribe to One for the Money on your favorite podcast platform.

👉 Ready to plan your ideal retirement? Schedule a free consultation with our team.

• https://BetterPlanningBetterLife.com 
• Connect with Jonny on LinkedIn

Episode 93: Why Your First Year of Retirement Matters Most

In this episode of the One for the Money podcast, we explore why your first 12 months of retirement are critical in shaping your long-term financial, emotional, and lifestyle success.

✅ What you’ll learn:

• Why the first year sets the tone for your entire retirement
• The six key ingredients for a fulfilling retirement
• Common mistakes new retirees make — and how to avoid them
• How to align your spending, purpose, and habits early on
• Why boredom, not just money, drives many retirees back to work

💡 Tips, Tricks & Strategies Segment:

Discover how travel planning can ease your transition and bring joy, structure, and anticipation to your early retirement experience.

🎙️ Whether you’re newly retired or preparing for it soon, this episode will help you approach retirement’s first year with intention and clarity

Referenced article: Kiplinger: The First Year of Retirement Rule

Episode 92: The Swiss Army Knife of Investment Accounts

💡 Episode Summary:

When it comes to financial freedom — especially for early retirees — there’s one unsung hero in the investment world: the non-retirement brokerage account. In this episode, we explore why this versatile, often overlooked account deserves a permanent place in your financial toolkit.

Using the metaphor of a childhood favorite (yes, the trusty Swiss Army knife), we’ll break down the three major reasons this type of account is invaluable — not just for early retirees, but for anyone who wants flexibility, tax efficiency, and freedom with their investments.

Whether you're planning to retire in your 40s, 50s, or beyond, this episode gives you the clarity to make smarter decisions about where your money goes.

🧭 What You’ll Learn:

✅ What a non-retirement (brokerage) account actually is

✅ Why it’s the ultimate flexible investment account

✅ The surprising tax advantages that rival even retirement accounts

✅ A comparison between Roth IRAs and brokerage accounts

✅ The true cost (and limits) of accessing retirement funds early

✅ Exceptions to the 59½ rule — including the Rule of 55 and 72(t)

✅ A simple funding order strategy based on your retirement timeline

✅ Why early retirees must consider non-retirement accounts in their plan

🛠️ Tips, Tricks & Strategies:

• When should you invest in a brokerage account over a 401(k)?
• How much should you save if you're planning to retire in your 40s?
• Why an HSA might be your secret early retirement weapon
• How to avoid taxes on six-figure gains with the right planning

📚 Resources Mentioned:

• Episode 81 – What to Tackle Before You Start Investing

🧠 Quote of the Episode:

"A non-retirement account is like the Swiss Army knife of investing — you may not think you need it until you really, really do."

🎧 Episode 91: The 5 Domains of Better Financial Planning

🔍 Episode Overview

In this episode of One for the Money, we explore the Five Domains of Better Financial Planning—a framework that, when fully addressed, helps individuals and families live with greater financial confidence, clarity, and purpose.

Drawing parallels from real-life stories and even lessons from a classic hunting book, this episode delivers powerful metaphors and cautionary tales that illustrate what can happen when you ignore or neglect key areas of your financial life.

📌 What You’ll Learn

• What the Five Domains of financial planning are and why they matter
• How each domain contributes to a more complete, resilient financial strategy
• Real-world examples of what can go wrong when a domain is ignored
• How financial ignorance or carelessness in any of these areas can have lasting consequences
• A suggested order for tackling these domains, based on life stage and financial priorities

💡 The 5 Domains of Financial Planning

1. Investments – Building and managing your wealth through proper asset allocation.
2. Income – Managing cash flow through salary, pensions, investments, and more.
3. Insurance – Protecting your financial well-being through risk management.
4. Taxes – Minimizing your lifetime tax burden through proactive strategies.
5. Estate Planning – Ensuring your wishes are honored and loved ones are protected.

🔁 Tips, Tricks, & Strategies Segment

Wondering where to start? In the second half of the episode, we break down the optimal order to address each domain:

1. Insurance (especially for those with dependents)
2. Income and Cash Flow
3. Investments and Allocations
4. Tax Planning Strategies
5. Estate Planning (especially critical after age 60)

📖 Episode Highlights & Quotes

• “Financial planning isn’t a single plan—it’s five smaller plans working in harmony.”
• “Like a hunter misjudging a lion, financial ignorance can be fatal to your future.”
• “A GoFundMe page is not a financial plan.”
• “Taxes and estate planning are often the most neglected—and the most costly—if ignored.”
• “The real purpose of estate planning is preserving family legacy—not just avoiding probate.”

📚 Mentioned in This Episode

• Book: Killers in Africa by Alexander Lake
• (Used for metaphorical lessons about ignorance and carelessness in decision-making.)

🧠 Call to Action

If you haven't addressed all five domains in your financial plan—or if you’re not sure where to begin—we’re here to help. Schedule a free consultation with us at Better Planning Better Life and take the first step toward a more secure and confident financial future.

✅ Subscribe & Review

If you enjoyed this episode, please consider:

• Subscribing to One for the Money on your favorite podcast platform
• Leaving a 5-star review to help others discover the show
• Sharing it with a friend or family member who might benefit

🎙️ Episode 90 — The Case for Concern: Understanding and Responding to the U.S. Debt Crisis

Welcome to episode 90 of the One for the Money podcast! In this important installment, we flip the script from optimism to realism. While there’s much to be hopeful about, it’s equally vital to acknowledge the financial risks facing our country—particularly the growing national debt and its long-term implications.

📉 In this episode, we break down:

• Why optimism about humanity’s future is warranted (Episode 89 recap)
• The alarming rise in U.S. federal debt and spending trends
• The impact of over $1 trillion/year in interest payments
• The bipartisan nature of overspending
• Real-life analogies to explain the scale of the debt crisis
• How these issues may affect taxes and future economic growth

📌 We also explore:

• Past episodes that discussed tax planning and deficit concerns
• A powerful analogy from The Pied Piper of Hamelin—and what it means for our kids
• Practical, actionable steps you can take to protect your financial future

💡 Tips, Tricks, and Strategies Segment:

• Why now is the time to engage in proactive tax planning
• Tax-saving strategies including Roth conversions, defined benefit plans, tax-loss/gain harvesting, and more
• The power of using tools like the Augusta Rule, Health Savings Accounts, and strategic charitable giving

🧠 Featured Past Episodes Mentioned:

• Episode 1 – Roth & 401(k) contributions
• Episode 2 – Health Savings Accounts
• Episodes 6, 12, 26 – Roth IRAs & Roth conversions
• Episodes 8–9 – The Augusta Rule
• Episode 7 – Defined Benefit Plans
• Episode 26 – Tax gain harvesting
• Episode 29 – HSA strategies
• Episode 33 – Time to Pay the Piper

🔜 Coming Next:

A deep dive into NUA (Net Unrealized Appreciation)—a significant but underutilized tax-saving opportunity hidden in many 401(k)s.

📢 Call to Action:

1. Get involved in your local primaries. Fiscal discipline should be a priority—regardless of political party.
2. Start tax planning now. Don’t wait for Congress to act—because they probably won’t until they’re forced to.

🔗 Resources Mentioned:

• USDebtClock.org
• Learn more about David Bahnsen’s proposals on fiscal reform
• IRS information on Roth IRAs, HSAs, and tax strategies