Our 2 Cents

Welcome back for another new episode of Our 2 Cents! We're talking about winning big in the lottery, another round of rate hikes by the Fed, and then we're having a lot of fun providing our perspectives on the advice of some well-known industry experts. Tune in now, and let us know what grade you'd give to some of these gurus.

1. The Mega Millions Jackpot Surges:
   • What should you do if you were to win?
   • Should you take the lump sum or opt for the payments over several years?
     
     
2. The Fed is At It Again:
   • The Federal Reserve again lifted interest rates by 0.75%.
   • Why are they doing this, and will it continue to slow down the economy?
   • What could happen at their next meeting in September?
     
     
3. Grading the Gurus & Their Advice:
   • Phil Orlando (an Equity Strategist) says the market will decline further over the summer, and he favors value stocks over growth stocks.
   • Sam Robson (a Financial Author) says the bear market is a fantastic opportunity for long-term investors; long-term being the key phrase.
   • Robert Kiyosaki (an Author) says a market crash is coming and to buy gold and silver. 
   • Grant Soliven (Columnist and Financial Advisor) says to beware of making emotional decisions in turbulent times. 
   • Chris Orestis (head of a national retirement resource organization) said if it were him and he was about to retire, he would delay it a year or two.
   • Warren Buffett (Businessman and Investor) says "The most important thing to do if you find yourself in a hole is to stop digging," and "Be fearful when others are greedy, and greedy when others are fearful."

This week's episode of Our 2 Cents covers an interesting topic impacting many Americans over recent years. What to do if you find yourself unexpectedly without a job? Whether layoffs hit your department, or you just decided you've had enough at your current job, we're discussing the challenges and opportunities that exist when you're in between work. 

Then, we're spending some time diving in-depth into three great listener questions. Click below to listen in now!

1. What To Do When You're In Between Jobs:
   • Do you tap into your retirement savings for extra money while income is slowed or stopped?
   • Should you find a new job or start your own business?
   • How could retiring earlier than expected impact your financial plan?
2. Listener Questions:
   • "I have a weird situation. I have been funding my IRAs and 401ks over the years and have close to $2 million in those accounts. But now I need cash for a home repair I wasn't expecting and only have around $5,000 in the bank. Should I take the money from my IRA and pay the penalty on it?" - Jake 
   • "I think we are at the bottom of the market and will finish way up for the year. Time to load up on stocks. Do you agree?" - Mark
   • "I'm 61 years old and have never had a financial advisor. I have made it this far on my own, so I am probably fine without an advisor, right?" - Caroline

It's time to sharpen your pencils and get ready for our retirement planning pop quiz! We'll give you the questions below, but be sure to listen in to this week's episode to hear the multiple choice options and to see if you can answer them correctly!

Plus, keep listening until the end for another "Getting to Know Steve and Gabriel" question!

1. Retirement Planning Pop Quiz:
   • At what age should people start saving for retirement?
   • Which of these is the best estimate of how much income you'll need in retirement?
   • Which of these do you find that retirees fear the most?
   • Which of these examples best represents a diversified retirement plan?
   • To make sure you don't run out of money in retirement, only withdraw _____ percent from your portfolio each year.
     
     
2. Getting to Know Steve & Gabriel:
   • What is your favorite cereal, now and when you were a kid?

Welcome back for another episode of the Our 2 Cents podcast!

We're helping you spot "red flags" when interviewing potential financial advisors, or even when reviewing your current advisor. Then we're answering some very thoughtful listener questions today. Listen in now!

1. Financial Advisor "Red Flags":
   • Biases and the way advisors think
   • Not getting what you need from who you like
   • Too much technical jargon, not enough valuable communication
   • Overconfident market predictions
   • All upside, no downside
   • Family ties
     
     
2. Listener Questions:
   • "According to Terry Savage, Suze Orman, and my tennis partner, I should be buying I Bonds. I've never done anything like this before. What do you think?" - John
   • "I am curious how Savant is fairing during this Bear Market. Is their level of diversification standing up better than most?" - Tom

• The Fed raised interest rates again in hopes to cool inflation, what does this mean for investors?
• Are we going into a recession? If we do, what could happen to the market?
• We've officially entered Bear Market territory - we'll explain what that means.

• To infinity... and beyond! The new "Lightyear" movie premiered June 16.
• Caterpillar joins Boeing by making a major move.
• From an EF-0 tornado to a heatwave, Chicago weather continues to keep us on our toes.

• "I'm interviewing and comparing a couple of different financial advisors. What metrics are most important to compare them on?" - Randall
• "I am not going to spend through my savings during my life and I'm going to end up leaving a lot to my kids. They'll probably be in their 40's or 50's and I feel like they could use the money more now. Should I start gifting them money now versus leaving them a big chunk for later?" - Ruth

• The surprising fact about your net worth
• When boredom begins to creep in
• Struggling with spending guilt
• Many years in retirement

• Are you too much of a risk-taker?
• Risk assessments: how to identify a disconnect between your feelings about risk and your portfolio
• Ways to reconcile the risk with your retirement money

• What kind of books do you like to read?

• Is the market going to go up or go down?
• Should you always pay off your house as soon as you can?
• Should you ever use credit cards?
• Are individual stocks better than buying mutual funds or ETFs?

• What are you planning to do in retirement, and how will you pay for it?
• Health insurance and ensuring there are no gaps in coverage
• Reducing or eliminating debt before retiring
• Planning your income sources and Social Security benefits

• "I am pretty much ready to retire, but I won't be old enough for Medicare for another six months. Should I just tough it out until then?" - Paul

• Based on number of listens, downloads and our growing listenership, we will share the top 3 most popular episodes

• Steve and Gabriel will share what their favorite episode so far is, and why!

• We wrap up the episode with some interesting questions that the guys didn't get to see before the show!

• "What should I do with my portfolio right now?"
• "I'm worried the market is going to go down further and a recession is coming. Should I sell to cash and ride this out?"
• "What are you doing in my portfolio right now?"
• "How much further is the market going to go down?"
• And more!

• Two things you need to do when investing in the stock market
• How to successfully navigate the persistent volatility we're experiencing
• Is this the same old story we've heard before?
• What is causing this market volatility?

• Recapping an article we found online, we're sharing things that you might be wasting money on that can really add up over time
• Ways to spot these extra costs and cut them out

• Would you rather have only green lights for the rest of your life, or never have to wait in line ever again?
• What is your cure for the hiccups?