Wisdom & Wealth: Financial Clarity For Families in Transition

Remember when you were a kid, always asking 'How do you know?' about everything, like why the sky is blue or where the sun goes at night? That curiosity doesn't go away as we get older; it just turns into different questions, like the ones we face when planning for retirement. Today, we’re digging into the 'How Do You Knows' of retirement planning.

Here are the points we discuss in today’s show:

0:00 – Intro

1:52 – Income in retirement

5:34 – Money in savings account

7:42 – Risks in finance

10:06 – Nest egg longevity

12:50 – Tax efficiency in retirement planning

Get additional financial information: https://sephtonfinancial.com/podcasts/

Check out the video version of the podcast: Sephton Financial - YouTube

In the second part of this two-part series, we continue to explore the important role that children and grandchildren play in shaping financial and retirement plans. If you missed our previous discussion, be sure to give it a listen! This week, we’ll explore more common financial planning scenarios and offer practical advice to help families handle their finances with ease and confidence.

Here are the points we discuss in today’s show:

0:00 – Intro

1:56 – Life insurance policies and annuities

6:46 – Cultivating financial literacy

10:18 – Finances in blended families

13:00 – Family members with special needs

14:35 – Parents lending money to kids

Get additional financial information: https://sephtonfinancial.com/podcasts/

Check out the video version of the podcast: Sephton Financial - YouTube

Kids and grandkids play a crucial role in shaping financial plans. In this two-part episode, we'll dive into the most common scenarios where future generations influence retirement planning. Whether you’re a parent with adult children still on the payroll or a grandparent wanting to help out with college education costs, we’ll explore how to balance your retirement goals with the needs of your family.

Here are the points we discuss in today’s show:

0:00 – Intro

1:58 – Adult children still on the payroll

5:00 – Parents who had kids later in life

7:54 – Grandparents who want to help with education

9:46 – Planning for aging parents

14:09 – Intentional legacy planning

Get additional financial information: https://sephtonfinancial.com/podcasts/

Check out the video version of the podcast: Sephton Financial - YouTube

We’re all guilty of telling ourselves lies from time to time. But are you telling yourself financial lies? In this episode, Donna and Jim dive into some common financial lies that could be holding you back.

Here are the points we discuss in today’s show:

0:00 – Intro

0:50 – The YOLO mentality

3:51 – Catching up after falling behind

5:48 – Cutting back on expenses

9:00 – Getting on the same page

14:15 – Tackling finances alone

Get additional financial information: https://sephtonfinancial.com/podcasts/

Check out the video version of the podcast: Sephton Financial - YouTube

Paying for college has become increasingly challenging due to rising costs, particularly for blended families. But no matter your situation, early planning for your child's or grandchild's education can make a big difference and reduce the need for excessive borrowing later on. In this episode, we’ll cover the key aspects of college financial planning from various perspectives.

Here are the points we discuss in today’s show:

0:00 – Intro

1:20 – Where do you start?

7:01 – Cutting down on college expenses

8:17 – Best saving vehicles for college

13:30 – Tax implications when gifting college funds

15:30 – The blended family factor

19:16 – Retirement considerations

Get additional financial information: https://sephtonfinancial.com/podcasts/

Check out the video version of the podcast: Sephton Financial - YouTube

Insurance- it may not be the most exciting subject, but it plays a super important role in financial planning. Listen in as Donna, Jim, and Marc discuss the value of having a safety net, especially in a blended family, where both partners bring in assets and responsibilities from previous relationships. If you haven't given much thought to your insurance policies lately, this episode will give you some great items to consider and talk about with your advisor.

Here are the points we discuss in today’s show:

0:00 – Intro

0:42 – Donna and Jim’s experience with life insurance

7:55 – Different reasons for insurance

12:57 – Insurance for blended families

Beneficiary Designations Episode

https://sephtonfinancial.com/2023/11/easy-wins-in-personal-finance-part-2/

Get additional financial information: https://sephtonfinancial.com/podcasts/

Check out the video version of the podcast: Sephton Financial - YouTube

Talking about finances in a dating relationship can be daunting, but it’s an important part of building a strong, transparent, and trusting partnership. So, when is the right time to discuss money matters with your partner? Should you discuss your financial status early on or wait until the relationship is more serious?

Donna and Jim are here to share tips from their personal experiences and a financial planning perspective.

Here are the points we discuss in today’s show:

0:00 – Intro

2:33 – Donna and Jim’s personal experience

6:24 – When and how to start talking about finances

13:10 – Icebreakers, conversation starters, and observations

18:26 – When to involve a financial professional

Get additional financial information: https://sephtonfinancial.com/podcasts/

Check out the video version of the podcast: Sephton Financial - YouTube

Choosing a financial advisor can feel daunting, especially when you're not sure what to look for or what questions to ask. In today’s episode, we’re going to cover some of the critical mistakes people make when they’re on the hunt for the perfect match. Listen in as Donna shares her personal experiences as a widow searching for a financial advisor and offers valuable insights for anyone in a similar situation!

Here are the points we discuss in today’s show:

0:00 – Intro

2:31 – Personal referrals and advisor specializations

7:00 – Asking how an advisor gets paid

11:11 – Communication style and succession plans

12:52 – Is bigger always better?

15:47 – Ethics and fiduciary responsibility

Get additional financial information: https://sephtonfinancial.com/podcasts/

Check out the video version of the podcast: Sephton Financial - YouTube

Donna and her husband, Jim, have both navigated the path of stay-at-home parenting and are no strangers to what it looks like to manage finances during family transitions. We’re excited to officially welcome Jim onto the podcast for the first time in today’s episode. Together, Donna and Jim will share their unique perspectives on the emotional and financial implications of stepping away from the workforce to be stay-at-home caregivers.

One of the episode's key takeaways is the importance of communication within relationships, particularly concerning finances. Open and honest conversations between partners are crucial whether it's discussing retirement savings or the day-to-day budgeting for a blended family. Donna and Jim's story is a testament to the fact that with the right approach and guidance, it's possible to find balance and build a solid financial foundation, even in the face of life's transitions.

Here are the points we discuss in today’s show:

0:00 – Intro

2:09 – Donna and Jim’s experiences as stay-at-home parents

5:54 – Financial awareness and communication between partners

8:41 – Jim’s time as a caregiver

14:08 – Seeking professional advice and building financial literacy

17:46 – The life-changing advice Donna took from Jim

Get additional financial information: https://sephtonfinancial.com/podcasts/

Check out the video version of the podcast: Sephton Financial - YouTube

Just like an annual checkup is important for maintaining good health, performing regular financial checkups is an essential part of planning for a healthy and successful retirement. In today’s episode, Donna gives us a glimpse at what financial wellness checkups look like at Sephton Financial.

Here are the points we discuss in today’s show:

0:00 – Intro

1:02 – Reviewing your goals

3:04 – Checking your “vitals”

5:40 – Building financial immunity

7:18 – Screening your portfolio

9:13 – Debt diagnosis

11:41 – Preventative measures

Get additional financial information: https://sephtonfinancial.com/podcasts/

Check out the video version of the podcast: Sephton Financial - YouTube