Your Best Financial Life

A question that often comes up when talking to people that are approaching retirement is "What do I do next, and how do I evaluate the opportunities that become available to me upon retirement or the transitioning out of a role in a big corporation"?

Today's guest, John Tortorici, is going to help field these questions, and more. We're going to learn how he evaluates opportunities and how he would recommend selecting a non-profit that meshes with your experience and the type of work you like to do.

Passion is what drives him. As a father and grandfather, he loves kids and finds it heartening to see them learn and grow. He's retired 5 times, then made a move into something else that sparked his interest and his desire to see kids succeed.

John Tortorici is Chair of the Board of Directors at TechStart, a non-profit in Oregon that is dedicated to providing teacher training and student enrichment in the fields of engineering, information technology, and computer science. He is on the advisory boards for Portland Community College BioScience Department and for the Oregon Computer Science Teachers Association. John is a judge at ORTOP, a volunteer driver for the Rose Parade, a Volunteer/Mentor at the alternative Rosemary Anderson High School, and a consulting coach to a CEO of a large company and a VP of sales.

Show Highlights:

• John describes entering the business world upon leaving the US Navy.
• As a Naval officer, John learned a lot about managing people, which came in handy when he started his own business. He learned to hire the right people, train them, give them the right tools, make sure they understood the job, then got out of their way.
• He found this philosophy his something his staff loved: it provided autonomy, they could do things as they needed to, and they could solve problems.
• If you don't have complete confidence in your staff, you will want to oversee it more closely, which does not let your people grow.
• John walks us through his retirements and subsequent volunteering opportunities.
• How opportunities can reveal themselves while volunteering and networking.
• Be an agent of change: Meetings have minutes, people have action items after a meeting, and you can go from there.
• When you create a committee, every committee has a charter. The charter tells its purpose, who's on it, and what they're trying to do, and lays out a plan for the year. Then the plan turns in to a schedule. Schedules include structure, and that's what non-profits need.
• John provides more details, such as its history, mission, and vision, concerning TechStart, and various volunteering opportunities.
• Evaluating opportunities (time commitment and availability, what does the organization need, is the culture the right fit, how can I be helpful, etc.)
• There are many different committees at non-profits that provide a different opportunity for volunteering.
• The biggest need for non-profits is money if they are dependent on personal giving.
• Find an industry that is compatible and has an interest, an alignment, and a vested interest in that non-profit.
• Stay current by reading industry newsletters.

Links & Resources:

Email: [email protected]

Website: https://www.cordantwealth.com

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Podcast: https://www.cordantwealth.com/podcast/

This week's episode is an extension of a recent interview with Beth Giles, a professional organizer. Today's guest, Stephanie Malbasa is an estate planning attorney with special insight on what it looks like behind the scenes of downsizing, having recently gone through the process herself. She shares her approach to dealing with the difficulties of letting go of keepsakes, traditions, and memories that are intertwined with your current home and how to embrace a new mindset on life. Along with this, she talks about the before, during, and after progression that happens during this transitional process. Join Scott Malbasa in this interview to learn more about how to navigate downsizing.

Show Highlights:

• Recognizing a downsize needs to happen and the logistics of downsizing
• Being selective about what you keep and what you get rid of
• Fluctuating with the times and letting go of things that aren't cohesive with modern time
• Acknowledging when it's time to pass on responsibilities and embracing your family
• Dealing with the fear associated with downsizing
• Understanding the importance of connection outside of tradition
• Embracing the feeling of loss and making an attitude shift
• Preparing for moving and the process of the move itself
• Letting go of unpractical things and distributing amongst family members
• Using the desire to downsize as motivation to act on it
• The most surprising aspects of going through a downsize
• The hardest part about downsizing
• Branching out to different mediums to expand our knowledge

Links:

Contact Scott:

[email protected]

Chances are, you or somebody you know, have been offered a separation package from an employer.

Today, Scott shares with us "Rob's" story. Rob was around age 60 and planned to retire at age 65 when his long-term employer offered him an attractive separation package that would equate to about 2 and 1/2 years salary, a bonus, plus a year of paid health care. Some of Rob's concerns were getting his children through college without acquiring debt and maintaining his and his wife's current lifestyle.

Scott walks us through the objectives that need to be considered, accounting of balance sheets, reflecting on liabilities, and the probability analysis. He also goes into detail about the baseline plan: which is, what do the next 5 years look like if Rob were to take this offer? Scott analyzes the success or failure of Rob's plan. Follow along to find out Rob's decision!

Show Highlights:

• Considering objectives: Getting children through college, maintain the current lifestyle, etc.
• Having a detailed cash flow in place
• Agreement on assumptions
• Accurate accounting of balance sheets
• Reflecting on liabilities
• Probability analysis
• Concerns about paying for health care, pre-Medicare
• Covering tuition without dipping into retirement accounts
• Baseline plan - what do the next 5 years look like if you take this package?
• Some expenses would have to be paid in alternative ways
• Adding inflows and outflows, and making sure that taxes are right based on the value of separation package
• Analysis reveals the success or failure of Rob's plan
• Additional help with taxes?
• What to do with the stock?
• Flexibility in charitable contributions
• Donor-advised fund

Links & Resources:

[email protected]

Nurturing a small business to maximize its potential while dodging the risks, plus preparing a business for an exit when a business founder wants out are the topics on today's podcast.

You will meet Jeff Kadlic, who started his career in commercial lending, then moved into institutional investing. During his time in the investment sector, he was exposed to private equity funds. He kept seeing smaller successful companies that didn't have access to capital but were overlooked by the larger investors. Today, Jeff is an advocate for small business owners, and his company, Evolution Capital Partners, dedicates itself exclusively to this market. There is lots to learn in this episode! Take a listen as Scott and Jeff chat.

Show Highlights:

• Farming system for "the big leagues"
• Target: small businesses with 500k - 3mil operating profit
• Professionalizing great small businesses to make them attractive to institutional buyers
• Maximizing potential
• Fundamentals of accurate and timely financial reporting
• Fundamentals of achievable and measurable strategic plan
• Fundamentals of aligned and experienced management team
• Fundamentals of transparent & accountable team members
• Fundamentals of effective and repeatable sales process
• When business owners want out: exit strategies
• Business is completely dependent on its founder
• Ways in which a founder hurts or adds value
• Checking your ego
• What is the business really worth?
• Start preparing at least 2 years in advance
• The importance of being emotionally balanced
• The value of most peoples net worth is tied up in their business
• How to know when it's time to sell
• Making sure business is running optimally during the sales process
• Investing in the best team that you can afford to get you to the desired result
• Financial consequences resulting from sale process
• Later consequences "representations and warranties"
• What is the importance of having a board of advisors?
• Preparing for your company exit
• Buyers generally look at last 3 years historical financials
• Some buyers also ask for 5 years projections
• Filling in the gaps where the challenges are
• Continuing to learn and push yourself every day to do better - utilizing coaches

Links & Resources:

https://fivefundamentals.com

https://evolutioncapitalpartners.com

[email protected]

Book: "Shoe Dog", by Phil Knight

It's human nature to desire stability in our lives, but we often have to overcome that drive for security to achieve our goals. Today's guest, Bob Paskins, is a successful speaker and sales consultant, but it wasn't always that way. Over the past year, Bob found the courage to transition from being a commercial insurance salesman to follow his passion. Bob talks about the fears he had to overcome in order to make this leap and the perspective shifts that he had to adopt. To hear more about Bob's story, join Scott Malbasa in this interview.

Show Highlights:

• How Bob helps people with his specific sales growth matrix program and what the program consists of
• The most prominent aspects of Bob's career and what drew him to it
• The enjoyable facets of selling insurance
• Helping people reach their goals and getting them engaged in the process
• Selling based on relationship and providing opportunities for clients
• Finding what makes you thrive
• Shifting your priorities to live out your dream
• Determining whether or not you're in the right position to make a life shift
• Overcoming initial fear and giving yourself time
• Taking ownership of your career and having freedom in your life
• The different ways life brings confirmation and affirmation when you're pursuing what you're meant to do
• The biggest struggles that accompany starting your own business
• Budgeting your time and finding the right people to hold you accountable
• Using your strengths to find your purpose

Links:

https://www.gallupstrengthscenter.com/home/en-us/strengthsfinder

Contact Bob:

https://www.bobpaskins.com

Contact Scott:

Email: [email protected]

https://www.cordantwealth.com

Incorporating philanthropy into your finances isn't a requirement, but it is fulfilling and easily achievable if you happen to be charitably inclined. Today's guest, Bill Hawke, has been a financial planner for over 38 years and actively encourages practicing philanthropy. Bill shares his top strategies to get involved in giving and how to incorporate philanthropy into your family practices. To learn more about how you can charitably give and still live according to your goals, tune into this episode of Your Best Financial Life.

Show Highlights:

• What Bill does and how he fell into his career
• What a donor advised fund is and how it works
• Instilling philanthropic ideals from childhood
• Making incremental contributions over time
• Transitioning from running a boys' home to becoming a financial planner
• Helping others find satisfaction and happiness in their lives
• Reconciling different aspects of life to fulfill all of your goals
• Getting people involved in giving by asking the right questions
• Helping charitably inclined people contribute to giving within in their comfortability
• Why a beneficiary can be a good beneficial option
• Top strategies that are put into place with new clients
• Strategies that get overlooked but can be impactful
• Sources that have positively influenced Bill

Links:

Sources Mentioned:

A Complaint Free World

Contact Bill:

https://cedarbrookfinancial.com

Real estate is a diverse market that is much more complex than commonly perceived. In today's interview with John Swagerty, Senior Vice President at Acadia Realty Trust, Scott and John dissect what goes into evaluating a property and a potential real estate investment. John covers different dynamics of the industry and uncovers focal points of the behind-the-scenes mechanics. To learn more about real estate investments and the perspective shift that's occurred in the market tune into this episode of Your Best Financial Life with Scott Malbasa.

Show Highlights:

• How John got involved in real estate and what drew him to it
• The math and numbers that go into real estate
• How real estate has transitioned over the years and the perspective shift
• The central focus when evaluating assets and properties
• The day-to-day ins-and-outs of real estate investing
• The difference between stable and value add investments
• What needs to be considered in a small vs. large property
• Evaluating the busy-ness of the market
• Creating relationships with tenets and collecting market data
• Applying real estate knowledge to buying a house
• What makes investing exciting and fun

Links:

Acadia Realty Trust

https://itunes.apple.com/us/podcast/your-best-financial-life/id1449443683?mt=2

A home is one of the biggest purchases you'll make in your lifetime, so why do people know so little about it? Todays' guest, Kim Bean, has been a mortgage loan officer for decades and has seen the ups, downs, and behind the scenes of the industry.

Today, Kim shares tips on things like how to improve your credit score, analyzes options to consider when looking at your mortgage, and offers advice on how to go about your own process. To learn how you can apply these insightful tricks to your own financial life tune into this episode of Your Best Financial Life with Scott Malbasa.

Show Highlights:

• What Kim does and how she got into the business
• Different hats mortgage loan officers wear
• Being on a team with underwriters and mapping out the process
• Making deals make sense and supporting that
• How things differed before and after 2008
• The process clients go through for a mortgage
• Tips for raising your credit score
• The "what if" scenario
• Keeping up with your history of past credit
• Going through the process of unfreezing credit and Equifax
• Consumer credit score vs. the mortgage credit report
• Evaluating the down-payment and different scenarios
• Factors that apply outside of the mortgage and the interest rate
• Analyzing common scenarios and having two mortgages
• Overlooking pre-approval and rushing the process
• Bridging the gap between buying a new home and selling the old one
• Understanding what risks clients are comfortable with
• Approaching the process of building a house
• Keeping an eye on interest rates and locking it in on permanent financing
• Keeping up with multiple clients
• What changes in the mortgage world as rates increase
• The process that occurs when a child is the primary buyer with parental support
• Determining mortgages for retired individuals
• Conservatively balancing funds and setting up payments
• The biggest reoccurring surprises
• Being educated on your finances
• Tools to get transparency in your credit
• Checking your statements and evaluating your amount to live comfortably

Links:

Retirement doesn't have to mean stagnation or mark the end of pursuing dreams. In fact, many people aspire and start up their own personal businesses after retirement. One notable person who successfully began her own business after retirement is Kim Netting.

Kim Netting noticed a lack of products that targeted people with allergens, specifically gluten intolerance, and started up a company producing ice cream sandwiches to satisfy those customers. In today's conversation, Kim talks about what inspired her, the most rewarding elements of starting a business, and what the process of building a business looks like. To hear more about the behind the scenes of creating a business after retirement tune into this episode of Your Best Financial Life with your host, Scott Malbasa.

Show Highlights:

• Where Kim started in her career and what motivated her to move forward
• What inspired Kim to start her own personal business
• How Kim went about creating her product
• Getting her own commercial kitchen to avoid cross contamination
• The natural progression of the business
• Perceived risks of starting a business
• Figuring out a way to manufacture for mass marketing
• Bringing over past experience to future endeavors
• Communicating and setting boundaries with clients
• Sacrifices that come with owning your own business
• The most fulfilling parts of having a business that serves people
• What influenced Kim to not expand
• Finding customers to meet profit margins
• Downsizing vs. quitting business completely
• How age impacts commitment
• Making investment decisions and getting loans
• Why contracts aren't always a smart business idea
• What the process of shutting down looked like
• Delivering until the end
• How to transport merchandise
• The most satisfying parts of building a business from the ground
• How small-scale companies make money
• Tips for starting your own business after retirement
• Hiring trustworthy employees
• The most relieving parts of completely retiring
• Advice for gaining insight

Links:

https://itunes.apple.com/us/podcast/your-best-financial-life/id1449443683?mt=2

https://www.cordantwealth.com

Everyone wants to be more organized in life, and most need to downsize their belongings along the journey. Today's guest will help you with these goals. Beth Giles is the Professional Organizer/Senior Move Manager at NW Organizing Solutions, LLC. Beth works with people and their possessions and their systems of life - helping them to flow more smoothly. Often people wait too long to organize their lives and they become overwhelmed. Join us and learn how we can keep our lives organized and we've got some great tools to share with you too!

Show Highlights:

• Background on Beth's company and what it does for people
• What systems of life are
• What drew Beth to this line of work
• How each person thinks differently and 9 things Beth has each person organize to get a feel how they organize
• Home downsizing and why it can be an issue for so many people
• Why organizing/downsizing can be so hard for some people
• Example of final goals in this industry
• How to go through old pictures
• The wonderful feeling after downsizing
• What weighs people down
• Resources to help you
• Setting deadlines for yourself
• How to start preparing for the process of downsizing
• Example of the most difficult job she had complete

Resources:

Beth Giles Website

National Association of Productivity & Organizing Website