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What the heck happened to Crypto?  Over the past couple of years, there have been many headlines around crypto.  And recently, the market, as well as various cryptocurrencies, have dropped off sharply.   Shanna Tingom starts by breaking down some numbers, and what's behind them.

We also talk about the legal troubles faced both by a big-name backer of crypto, as well as a popular trading app.   And what about taxes?   What are the tax implications for people who buy and sell cryptocurrencies?

If you'd like to reach out to Shanna Tingom and her team at Heritage Financial Strategies, find them online at https://www.heritagefinancialaz.com/

Additional Resources:

Previous podcast episode on Gamestop and "Meme Stocks:" https://makingmoneyfun.simplecast.com/episodes/explaining-the-gamestop-story

Reuters Article on Robinhood:  https://www.reuters.com/markets/us/robinhood-must-face-us-market-manipulation-claims-over-meme-stock-rally-judge-2022-08-11/

Tech Crunch Article on Voyager:  https://techcrunch.com/2022/08/11/mark-cuban-mavericks-face-lawsuit-over-crypto-voyager-ponzi-scheme/

Harvard Gazette article:What Happened to Crypto:  https://news.harvard.edu/gazette/story/2022/07/so-what-happened-to-crypto/#:~:text=Recent%20high%2Dprofile%20financial%20meltdowns,less%20than%20%24900%20billion%20today.

What is the Inflation Reduction Act, and how will it affect you?  Shanna Tingom and Jon break down this new legislation, which the President signed into law shortly before we recorded this episode.

First, this will not affect Roth conversions or so-called "back door" Roth IRA contributions.  Shanna gives us a refresher on what's involved with those strategies and moves.

We also talk about tax rates, and how the Inflation Reduction Act will affect health care and prescription drug prices. 

What about the IRS? There's been a lot of talk about increasing the number of IRS employees.  Should that scare you?

To contact Shanna Tingom and the team at Heritage Financial Strategies, visit https://www.heritagefinancialaz.com/

Additional Resources:

Investopedia ROTH IRA Rules:https://www.investopedia.com/articles/personal-finance/081615/basics-roth-ira-contribution-rules.asp

Kaiser Family Foundation:https://www.kff.org/slideshow/what-are-the-prescription-drug-provisions-in-the-inflation-reduction-act/

Tax Foundation:  https://taxfoundation.org/inflation-reduction-act/

Senate Democrats:  https://www.democrats.senate.gov/imo/media/doc/inflation_reduction_act_one_page_summary.pdf

Shannon Tingom of Heritage Financial Strategies is talking about coaches today.  Multi-millionaire athletes have them. Successful CEO's have them.  We can all use them - in various aspects of our lives.

Coaches can be hired to help solve a short-term problem, or on a longer term basis.  Shanna, in her business,  has coaches for business and personal leadership.  In the past, she's also worked with career, relationship, and even financial coaches! (Yes, you read that right.)

This leads to Shanna and Jon talking about how their respective relationships evolved in COVID, and how coaching even helped with that.

At Heritage Financial Strategies, they offer several different types of coaching relationships, and that's how they help you manage your money and plan your future.   

To reach the team at Heritage, visit them online to schedule an appointment at https://www.heritagefinancialaz.com/

And if you haven't heard the amazing story around Dana Croschere, Heritage's Financial Coach, you can check out that episode of the podcast here: https://makingmoneyfun.simplecast.com/episodes/danapart1

Chris Spear:  Website / LinkedIn

Mike Strati:  Website / LinkedIn

Roger Reitzel:  Website / LinkedIn

Chris Raup:  Website / LinkedIn

Dana Crochere and Mindful Money: Website / LinkedIn

Recently, Shanna Tingom and her family contracted COVID-19.  Fortunately, symptoms were relatively minor and everyone is OK.  However, being sick and quarantined to a hotel room really gave our podcast host some perspective.     What if something happened to her, and she wasn't around?

The last 2 1/2 years have taught us that anything can happen to anyone - whether it's a worldwide pandemic or being hit by the proverbial bus tomorrow.   Shanna realized there was part of her estate plan that even she needed to update.   But having a plan is so crucial.   You need to be able to stipulate your wishes, and not leave loved ones behind to pick up the pieces, should the unthinkable happen.

If you need help with estate planning, retirement planning, investing, or anything related to your financial future, you can contact Shanna and her team at Heritage Financial Strategies by visiting https://www.heritagefinancialaz.com/

Sorry to remind you of this, but the Phoenix Suns had a great season - until they didn't.  Everything looked great, until an epic, epic collapse in Game 7 against Dallas.   You may think you've got smooth sailing with your financial future, and then the unexpected happens.

Shanna Tingom of Heritage Financial Strategies is a huge Suns fan, and this collapse got her thinking about her role as a financial advisor.   What happens when the proverbial wheels come off?  It's her job to re-assure her clients, make adjustments if necessary, but above all, make sure they don't panic.

Need to discuss something related to your financial future?  Shanna Tingom and her team at Heritage Financial Strategies are here to help.  Find them here:

https://www.heritagefinancialaz.com/

Are we headed toward a recession?  Today, Shanna Tingom of Heritage Financial Strategies breaks down that question.

First, we define what a recession technically is.  And Shanna explains why it's not necessarily a bad thing.  And if we hit one, Shanna talks about why it will be completely different than any one we've experienced previously.  This is tied to the current job market and supply chain issues.

Jon asks Shanna the, no pun intended, million dollar question.  Are we headed to a recession? Her answer may surprise you.  She doesn't think so, and she explains the data behind this assumption.

So what does this mean for your investments?  Shanna and Jon explain.

Need to discuss something related to these topics or anything about your financial future?  Shanna Tingom and her team at Heritage Financial Strategies are here to help.  Find them here:

https://www.heritagefinancialaz.com/

Today, Alden Rowe is back with Jon Gay to talk about 529 savings plans - used for educational expenses.

While some details vary between states, a 529 plan has special tax savings on the way in, and on its growth (similar to a Roth), as long as that money is being used for educational expenses.  Sure, that includes tuition and room & board.  But it can be applied to a number of other things, like textbooks, computers, off-campus housing (within reason), and even primary education up through grade 12.  They can also be applied to trade school education.

Different relatives can contribute to a 529 plan for a single beneficiary, and if that beneficiary doesn't use the money, it can be transferred to another beneficiary (in many cases). And of course, if the money isn't spent on qualified educational expenses, Alden explains the penalties involved.

How much should you put in to a 529 plan?  Of course that depends.  Alden talks about some of the different factors to consider in that decision.

Finally, some states limit which plans you can participate in.  But these plans can be used for schools in any state.

For more info on 529 plans, or anything related to your financial future, contact Alden, Shanna Tingom, and the team at Heritage Financial Strategies.  https://www.heritagefinancialaz.com/ or  (480) 397-1184

The team at Heritage Financial Strategies really takes a family approach to helping you with your finances.  Today, we take that approach quite literally. Alden Rowe brings in his dad, Tom Rowe, who used work in a college's financial aid office.

Going to college can be daunting enough, without figuring out how to pay for it.  Tom walks us through the process, starting with the FAFSA - the Free Application for Federal Student Aid.  The FAFSA can be found on FAFSA.gov, which redirects you to https://studentaid.gov.   There are scammers out there, so be sure your URL ends with .gov.  And it's FREE - don't be scammed by someone who wants you to pay for it.

Fill out the FAFSA with your student in the fall of their senior year of high school.  In the spring, when they are narrowing their list to specific schools, many will have their own calculators to look at as well.

Financial aid comes in three forms - loans, grants (usually from the federal or state government), and scholarships.  You'll need to figure out what combination these will come in for your student when figuring out your out of pocket expense.  You'll also want to start a 529 savings plan as early as possible - Alden and Jon will get into that in our next episode.

Finally, Tom mentions that college isn't for everyone.  It's often too expensive a proposition for someone who's not sure what they want to do.  There are many other options out there to start highly successful careers.  We cover some of those as well.

Need more help with this topic, or anything related to your financial future?  Contact Alden Rowe, Shanna Tingom, and the team at Heritage Financial Strategies.   Shanna Tingom and her team at Heritage Financial Strategies are here to help.  Find them here:

https://www.heritagefinancialaz.com/

Or  (480) 397-1184.

There are bills currently pending in Washington that can really affect you as both an investor and an employee.  Today, Shanna Tingom of Heritage Financial Strategies breaks them down to what you need to know.

The first is what's being called The SECURE Act 2.0.  You may remember that the original SECURE Act was passed by Congress in November 2019, shortly before the pandemic.  Among other changes, it raised the age on RMD's - required minimum distributions.

After dealing with COVID, the legislature has now gone back to addressing retirement accounts.  Shanna breaks down the different aspects of SECURE 2.0, including another RMD age jump, auto enrollment in workplace savings plans, more employer contributions to these plans, and employer contributions to match student loan payments.   

It's important to remember two things here.  1) The government is trying to make sure Americans do a better job saving for retirement.  2) The government needs more money in retirement accounts to that it can make more money in taxes.   For a detailed breakdown, you can read the following article:

Secure Act 2.0:  https://www.kiplinger.com/retirement/retirement-plans/602821/secure-act-2

The other piece of legislation Shanna addresses is what's known as the "Pro Act."  On its face, it's designed to make it easier for employees to unionize and protect themselves.  However, the result will be many 1099 employees becoming W2 employees.  This, in turn, will cost employers more and may drive up the prices of their services, in Shanna's opinion.  We walk through this potential new law, and offer this article for more info.

Pro Act:  https://www.uschamber.com/employment-law/unions/labors-litany-of-dangerous-ideas-the-pro-act-updated

Have questions about SECURE Act 2 or the Pro Act?  Or need to discuss anything related to your retirement or financial future?  Shanna Tingom and her team at Heritage Financial Strategies are here to help.  Find them here:

https://www.heritagefinancialaz.com/

Shanna Tingom of Heritage Financial Strategies rejoins Jon Gay today to talk about the three driving forces that contributed to market volatility in the first quarter of 2022.

The Russian Invasion of Ukraine

Rising Interest Rates

Global Supply Chain issues 

Shanna and Jon break down how each of these forces are affecting the market and your investments, and show why its as important as ever to stay diversified in your portfolio.  We may know who the winners have been in the past - but we just can't know for the future.

Here's a link to the Jellybean Chart Shanna references in this episode: https://novelinvestor.com/asset-class-returns/

Heritage Financial Website: https://heritagefinancialaz.com/