Retire Ready Too

Hey Parents! It is time to have the talk with your children around money.  Even if you did not have this talk with your parents or you were raised to believe money is a taboo subject that we do not discuss.

If you do not talk to you children about money, how will they learn?
 
Someone will teach them.

It may be lessons learned from Hard Knocks University. No-one wants that for their children.

 You may not know where to start, you may have made mistakes with your money.

 It's OK.

Share your experiences with your children. They need to understand how money works.

                             Now is a great opportunity to have these discussions.

In this week's episode, guest presenter Clifton Corbin not only shares the why we need to talk to our kids about money, but when and how we should do it as well.

He authored his first book, Your Kids, Their Money: A Parents Guide To Raising Financially Literate Children, which focuses on providing parents with the skills and tools to teach financial literacy to their children.

He's a graduated of Niagara University with a Master's Degree in Business Administration and has spent years studying finance and is a passionate advocate for advancing the financial literacy of children and young adults.

Clifton answers the following questions in the podcast and much more....

When to have the money talk?

Do you pay an allowance or have them earn it?

How much allowance should your kids receive?

How to make managing money fun? Yes, it is possible 🤓

If you have children, you don't want to miss this episode!

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Resources mentioned in the podcast:

Clifton Corbin, Author & Financial Literacy Advocate
https://cliftoncorbin.com/

Books: Your Kids, Their Money: A Parent's Guide to Raising Financially Literate Children
 The Richest Man Person in Babylon: Revised for Modern Times

Becoming a business owner is not for the faint at heart. If it were everyone would take the leap.

It can be a fairly scary adventure, especially if you go into it without a plan. In this week's podcast, my guest contributor Alexandra Davis, a fellow CPA, CFP® and I discuss our experiences as business owners; and the challenges we see other business owners face; and steps you can take to avoid common mistakes.  

Whether you work for yourself or for somebody else, there are a lot of things you need to consider before taking the step. Many people think starting a company sounds exciting: you are the boss, making your own hours, more freedom to do what you want.

But on the flip side of the coin is A LOT of sacrifice, long hours, lonely days and broke bank accounts.

Here are some tips we suggest as you pursue a business owners' journey:

Step 1: Develop The Right Mindset - Read self-development books, spend time with like-minded people and stay true to your why.

Step 2: Create A Plan - Remain nimble and be prepared to pivot. A plan is a helpful start, but it will change, stay open to possibilities.

Step 3: Build A Great Team - A good accountant and attorney are the key to mitigating mishaps. But building a network of other professionals will take you far.

Step 4: Develop systems - Treat your business as a legit company from day 1. Develop sound accounting systems and procedures.

Step 5: Stay The Course - No-one said it would easy, but everything you need to succeed is within you.

Resources Mentioned In the Podcast:

Alexandra Davis, CPA, CFP® - Founder, AGA Tax & Consulting Services, LLC

www.agataxservices.com 

Master The Money Game By Tony Robbins

Get Rich, Lucky Bitch By Denise Duffield-Thomas

Have you ever gone to the store to purchase one item and you left with a cart full of crap you really don’t need. Sounds familiar? Do you ever wonder why you made the choices you did?

What were you thinking about at that moment? Or perhaps you were not thinking and someone else was doing the thinking for you. Sounds a bit eerie? 

But oftentimes it is true. Let me explain. I have to take you on a historic ride to get to my point so bare with me. 

In the 1920s Americans made purchases based upon their needs. They needed shelter, clothing, and food. Luxury items and anything beyond basic needs was purchased by the well-to-do. 

After World War II, the government and manufacturers began to wonder how they would keep the economy growing during peace time since all efforts and labor had been directed towards providing for the war. 

Entering the scene is “master manipulator” Edward Bernays, a public relations pioneer and the nephew of Sigmund Freud…many of us have never heard of him. He began by helping Woodrow Wilson's presidential campaign. It was during this time that he decided to change people's buying habits by making them believe they needed something they didn't need (and also making sure they couldn't live without it).

By encouraging people to buy more stuff as “essential” to our lives, Bernays helped companies make millions—but at what cost? 

Today, we're still living with his legacy: consumer culture has taken over our lives and made us feel like if we don't buy every new product that comes along or create an Instagram-worthy life for ourselves then we are somehow less than other people who do these things.

Some studies say we are exposed to over 10,000 ads a day (wow, that seems like a lot of ads) that convince us to buy things we don't need. So when you go to the store, make a purchase and later realize you did not need it, it could be because you were being influenced by some outside force and you just did not realize it. Think about this next time you go shopping for that one item. 

The good news is that you can learn how to break free from the consumerist trap and save money. You may even find yourself being happier for it!

In this week’s episode, guest contributor & Financial Fitness Coach, Rosa Colin and I have a conversation about consumerism, the impact that it has on our mental health and what steps we can take to live happy and satisfying lives.

***************Resources Mentioned In Podcast***************

Rosa Colin - Financial Fitness Coach and Founder, Mujeres Building Abundance

Rosa is a bilingual clinician, who takes on a holistic approach in order to guide individuals to self-empowerment and self-healing. She believes in the power of caring for one’s mental health to live an abundant life. 

You can connect with her on her social media platforms:

https://www.instagram.com/mujeresbuildingabundance/

https://www.linkedin.com/in/rosa-jennifer-colin-asw-cfei/

https://www.mujeresbuildingabundance.com/resources

Books: 

The Seven Spiritual Loss of Success, Deepak Chopra

This is a continuation of last week's podcast on planning for retirement when you don't have a pension. If you are concerned about having adequate retirement savings, you are not alone, 76% of Americans do not have access to a pension. 

When 401k retirement plans hit the scene in the 1970s, they were created as a supplement to pensions provided by corporations. However, as the cost of maintaining pensions increased, corporations sought ways to trim their budgets by placing the onus of saving for retirement on their employees via defined contribution plans. 

This decision has left the vast majority of Americans underprepared for retirement. The Policy of Economic Institute states, "the median family between the ages of 32 and 61 has only $5,000 saved in a retirement account, while the top 1 percent of families has a million dollars or more. 

"These accounts are accidents of history that were never designed to replace pensions..." 

The public sector (state and federal employers) is one of the few sectors that still provide their employees with a pension. The National Institute on Retirement states that less than 26% of American have access to a pension.

What do the remaining  74% of Americans do? How do you plan for retirement when you don't have access to a pension?

Today, I will provide some tips on planning for retirement without a pension . This is part I of a two part series, so don't forget to check back next week for additional tips.

According to the A A R P, half of Americans do not have access to a pension nor a retirement plan such as a 401k or 403(b) that's 57 million people who don't have access to a retirement plan.

The Retire Ready Two Podcast is back for season two and just in time for fall.

The goal of the podcast is to inspire, educate, empower listeners to take control of their lives and their money so that they can have a life by design. Rather than one by default.

This week our guest contributor is Yarelys Tifa, a first generation professional who is passionate about teaching and impacting others on their financial journeys.

After she became debt free in 2019, she began to use the tools and lessons she learned to help other people pursue the same. She graduated with a Bachelor's of Science and Resource Economics and a Concentration and Business management and marketing.

Yarelys is sharing her heartfelt journey from humble beginnings to leaving a toxic work environment so she can pursue a business that was in alignment with what mattered most to her and makes a difference in the community.

You can support Yarelys on her social media platforms listed below:

 www.cashisqueenllc.com
i[email protected]

Cash is Queen
280 Route 17 North Suite 197
East Rutherford, NJ 07073

This podcast is dedicated to providing financial education to families and business owners so that they can save and invest and build wealth for today and future generations. 

This is last podcast of season one...16 episodes. It has indeed been a journey.  Thank you to all those who have supported this podcast! 

In an effort to cool off the economy, on July 27, 2022, the Federal Reserve Board increased interest rates by .75 points. When the Federal Reserve Board increases interest rates it has a ripple effect that will eventually increase the interest rates on automobiles, mortgages and credit cards. 

Now is a time to get back to the basic money management. Here are some tips to manage your money during these uncertain times:

==> Spend with intention. Pay attention to where your money is going, spend on those things that you need and defer your wants until later in the future. 

==> Add money to your emergency fund. Advisors recommend saving 3-6 months of basic living expenses. However, if you are a business owner, you may consider saving closer to 9-12 months. Decide what is best for you and your family. 

==> Continue to invest in the stock market. If you are saving for a retirement that is 10+ years away and your portfolio is well diversified. Don't allow the dip in the stock market to force you into making rash decisions. 

==> Look for investing opportunities. There will be investing and wealth building opportunities regardless of business cycle. 

Mentions in podcast:

IBonds on YouTube

Financial Freedom Roadmap Course

The cost of college has been increasing at a rate greater than inflation for years, creating a financial challenge for college students and their families. 

Not to mention college graduates are also leaving their universities with the burden of student loans averaging  $30 - $37k. These debt numbers are even higher for those graduating with advanced degrees. 

I believe it is fair to say that a college education is still a worthwhile endeavor. If you look at the numbers, college graduates' lifetime earnings are $2.8 million to 3.2 million with a masters degree according to US News. compared to the lifetime earnings of a highschool graduate average around $1.9 million. 

In This podcast, guest contributor Francesca Sanders will discuss alternative means of getting through college without excessive debt or placing an undue financial burden on families. She will provide strategies any family can employ to make a college education affordable.

Today's podcast our guest contributor will discuss  life insurance, who needs it, why and factors that should go into determining how much is needed.

Generally, the primary purpose of life insurance is income replacement for your loved ones should you pass untimely. But there are other factors that should be considered as well.

Such as final expenses, estate taxes, leaving a legacy, charitable purposes. Life insurance can assist with your estate planning goals. 

 Our guest contributor, Spencer Williams is a State Farm agent licensed in the states of Illinois and Indiana. 

He has spent the past fifteen years helping families and individuals  prepare for the unexpected and improve their financial well-being.

He also volunteers his time with Junior Achievement, a non-profit organization that teaches economic and entrepreneurial concepts to students from elementary to high school.  When not running his practice or volunteering, he enjoys spending time with his family, reading or exercising.

Can you imagine waking up every day excited to start your day? Being passionate about your work? 

How does the idea of doing what you want to do, when you want to do it with whomever you want to do it with sound to you? 

                                         It’s possible!  It’s called Financial Freedom! 

It’s not an elusive concept. More and more Americans are joining the Financial Freedom Movement to redefine the American dream, including this week’s guest contributors, Rob and Reshawn Lee.

They  will be sharing how they paid off six figures in debt; left their corporate jobs; and traveled the world for twelve months visiting 6 continents and more than 25 countries.

They buck the idea of traditional retirement that many of us have been sold, go to college, work hard, stay in the 9-5 corporate job for 30-40 years, finance everything and hopefully you can retire at 65.

Not the case with Rob and Reshawn Lee, they forged their own path of what financial freedom would look like for their family. Now they're living their own definition of the American dream.

It is not as difficult as some would believe, but it does require some planning, courage and discipline.

Support Rob & Reshawn on social media:
Instagram: https://www.instagram.com/learnhustlegrow/
Rob Realty Website: https://www.robtxrealtor.com/
Facebook: https://www.facebook.com/robleetxrealtor