How much should I have saved? If you’ve ever asked that question, this episode might give you the insight you’re looking for. Join us as we explain the difference between the average and median, and then tell you how much experts think you should have saved in your 30s, 40s, 50s, and at retirement.

Read more and get additional financial resources here: https://wp.me/paQKv1-et  

Watch the video podcast: https://youtu.be/dTJWFIgSm_I 

What we discuss on this show: 

1:10 – What we’re talking about on the show  

2:24 – News headline: Bangkok cat cafe

4:45 – Election impact

8:04 – The difference between average and median  

10:02 – Why most experts only talk about averages

10:56 – Where you should be at each decade of your life starting with 30s.

13:19 – In your 40s 

15:42 – When you reach your 50s

17:01 – What you should have when you reach retirement

20:25 – How do you get to these savings goals?

23:00 – Think about tax considerations on accounts

24:28 – Final thoughts on this conversation

We all need insurance, but do you know what you’re paying for? Why is insurance so important? We dive into the things you really need to know about protecting yourself and your assets.

Read more and get additional financial resources here: https://wp.me/paQKv1-eo 

Watch the video podcast: https://youtu.be/pFCFqtIuJmk 

What we discuss on this show:

0:34 - Robert introduces our important and interesting topic.

2:31 - In the News: Is your toilet talking to you?

5:01 - What kind of insurance do you need? 

6:40 - What’s the premise of insurance?

8:04 - What does full coverage car insurance mean?

9:42 - What’s the importance of uninsured motorist coverage?

11:43 - What are your liability limits?

14:29 - What about property damage liability?

16:18 - What discounts should you look for in auto insurance? 

18:18 - What’s the most important reason to have renter’s insurance?

19:56 - What kind of medical insurance do you get on renter’s insurance?

21:40 - With a condo, what is loss assessment coverage?

23:17 - Should you increase your home insurance?

24:09 - What property insurance discounts should you look for?

26:03 - Are you doing an insurance review? 

Today’s episode is a change of pace from what we usually cover on this show but we really wanted to sit down and talk with Melvin Young of Modewealth Advisors. He has a unique approach that centers around entrepreneurship, purpose, and humanity. There’s a lot to learn from Young during this conversation and we think it might even change your way of thinking.

Read more and get additional financial resources here: https://wp.me/paQKv1-e8 

Connect with our guest: https://www.modewealthadvisors.com/ 

What we discuss on the show: 

0:55 – Background on our conversation

2:36 – Beginning of interview

4:28 – Background on our guest

7:45 – How long have you been in this industry?

10:24 – Not in the wealth management business

11:47 – Job security isn’t what most people think

17:03 – How he teaches the steps to success.

19:45 – Is insurance and finance still good industries to enter?

22:49 – The mantra of purpose over opinion

27:12 – His experiences as a black business owner.  

36:09 – What is your purpose in life?      

40:58 – His feelings on reparations

50:10 – Do you consider yourself to have a superpower?

52:48 – A final message for everyone

Are you up to the challenge? Brian takes on the FINRA Investor Knowledge quiz on today’s podcast.

Read more and get additional financial resources here: https://wp.me/paQKv1-e2 

Watch the video podcast: https://youtu.be/hfQTvy7PAyQ

What we discuss on the show: 

0:58 - Brian from the Denver office joins us today.

2:04 - A recent 4-H event meant Brian bought a goat.

4:47 - Today we’re going to quiz Brian on FINRA’s Investor Knowledge quiz.

5:57 - In the News: AARP says backyard chicken industry is booming.

10:18 - What is the FINRA Investor quiz?

11:47 - If you buy a company’s stock, what does that mean?

12:30 - If you buy a company’s bond, what does that mean?

13:52 - Which type of bond is the safest?

14:49 - If interest rates go down, where do bond prices go?

15:48 - What is the definition of a junk bond?

17:05 - A no-load mutual fund carries what?

19:13 - Do investments that are riskier provide higher returns?

21:05 - Should we all be investing more in risky investments?

21:50 - Which organization insures you against your losses in the stock market?

22:54 - What happens if a company files for bankruptcy?

23:43 - Why do many municipal bonds payer lower than government bonds?

24:33 - If you buy on margin, what does your investment yield?

26:07 - What’s the best definition of selling short?

26:56 - Are the rules for hedge funds and mutual funds the same?

27:39 - What’s the difference between mutual fund share classes?

28:23 - A 529 plan is used for what?

A lack of financial education faces many people as they begin their working careers and start saving towards retirement. This leads to bad decision-making and a lack of awareness for how to best manage your money. On today’s show, we’re going to present a 6-question financial literacy test that the majority of Americans don’t pass. Let’s find out how you do.

Read more and get additional financial resources here: https://wp.me/paQKv1-dU

Watch the video podcast: https://youtu.be/H5Sx6zI-cN0 

On today's show: 

0:53 –  An update on where Brian is.

2:24 – Some background on this literacy test.  

2:54 – Listener question on choosing a life insurance policy..

7:50 – In the news: Now you can dine out with dummies

9:37 – Why do we need to be financially literate?

11:36 – Financial Literacy Question #1

13:10 – Financial Literacy Question #2

14:47 – Financial Literacy Question #3

17:06 – Financial Literacy Question #4

19:33 – Financial Literacy Question #5

21:27 – Financial Literacy Question #6

Today we’re covering three different things that will all benefit you financially no matter where you are in the planning process and how you’re dealing with the coronavirus. Plus, we’re introducing a 30-day challenge that will help you track your spending.

Read more and get additional financial resources here: https://wp.me/paQKv1-dy 

Watch the video podcast here: https://youtu.be/hGMkCIXEg9g 

Today's show schedule: 

1:49 – How is Brian adapting to the current environment?

2:42 – Still doing a lot of Zoom meetings with clients.

3:22 – A book Robert has been reading talks about 3 areas people spend significantly more than they thought they did.

3:52 – First area: Your car

7:16 – Second area: Grabbing a bite to eat

8:21 – Third area: The little stuff

9:06 – 30 Day Tracking Challenge

12:10 – Detours from our retirement planning. 

13:21 – You need a map and a destination, much like financial planning.

14:56 – Just because detours get in the way, your destination doesn’t change.

16:29 – Last thing we want to talk about is emergency funds.

17:26 – What is truly an emergency?

20:45 – We think 3 months is better than focusing on 9 or 12 months.

22:05 - Tips for each of these financial mistakes.   

Today we’re joined by Taylor Jade, an independent business woman making it on her own in Los Angeles. We talk about the journey, how to chase your dreams, her business strategies, and the financial lessons she applies to her life.

Read more and get additional resources here: https://wp.me/paQKv1-do 

Watch the video podcast here: https://youtu.be/xxvLzbdH-cs 

Check out Taylor Jade and her work here: https://www.instagram.com/tayloredgin/ and https://www.instagram.com/jadeddirections/

Today's show schedule: 

0:49 – Robert’s daughter, Taylor Jade, is our guest today to discuss growing a business.

2:52 – A little background on Taylor Jade.

5:06 – Moving from in front of the camera to behind the camera.

6:45 – She’s always wanted to run her own business.

7:41 – How do you get clients and what do you do for them?

10:03 – What do you to continue improving your skills?

10:56 – Reading fiction sparks creativity.

13:40 – How planning plays a role in her life.

16:11 – How important is a guaranteed paycheck?

19:26 – How do you deal with income fluctuations and expenses?

21:01 – How has the quarantine impacted work and finding clients?

22:06 – Saving over spending

23:31 – Her generation’s view on debt.

25:26 – Being raised thinking about money played an important role. 

28:16 – What financial lessons have you held onto?

30:11 – What encouragement would you give young people thinking about starting a business?

31:39 - How to connect socially with Taylor.

It’s time to finish up our two-part series on the 6 P’s of financial success. Last episode we focused on improving yourself first. Now we turn to the final 3 P’s, which are all external – plan, preserve, and protect.

Check out part 1 here: https://yourmoneypuzzle.com/podcast/ep-53-the-6-ps-of-financial-success-part-1-the-internal-ps/ 

Check out the video podcast here: https://youtu.be/x1IuZkXMlIw 

Read more on this topic and get additional resources here: https://wp.me/paQKv1-d8 

Today's show schedule: 

1:21 – Are you glad to be back in the office again?

3:02 – Back into the conversation on the 6 Ps of Finance.  

3:45 – This week’s news article

6:07 – Today’s hot topic. 1st P: Plan.

8:37 – Another example of why it’s so important to have a plan.  

9:56 – What should you plan?

12:06 – Actions steps for creating a plan.

14:35 – 2nd P: Preserve

17:35 – What are the things that we need to preserve?

18:40 – Action steps to preserve your family’s lifestyle.

21:03 – 3rd P: Protect

25:31 – What are the biggest assets that you need to protect?

26:30 – Actions steps for Protect

The search for financial wisdom will lead you down a never-ending rabbit hole with all kinds of answers and tips, but we subscribe to the idea that financial success can be boiled down to six simple P’s. On part one, we’re looking at the first three, which are all about improving yourself first.

Read more and get additional resources here: https://wp.me/paQKv1-cO 

Check out our videos: https://www.youtube.com/channel/UCn9CFQ9hPFerEevW7fiSkUA/

Today's show schedule: 

0:54 – Things are beginning to get back to normal.  

1:46 – 6 P’s to financial success

2:30 – Preparation is the key to coming out of this crisis successfully.  

4:53 – Let’s talk about the 6 P’s and what they are.

6:27 – 1st P: Your Person

9:01 – Do you know the 80/20 rule?

11:12 – How do you improve yourself?

14:54 – Put in 10 minutes a day to

16:17 – 2nd P: Your Peers

23:14 – 3rd P: Your Process

25:12 – Schedule your tomorrows today.

27:48 – An app Robert is using for improving his processes.

28:36 – Previewing part two with the external P’s.

The long bull run made a lot of people forget about the feeling of losing money but these turbulent times have reminded us that sometimes zero is your friend. Let’s talk the stats surrounding a correction and a bear market and what strategies you can incorporate into your financial plan to limit losses.

Read more and get additional resources here: https://wp.me/paQKv1-cB 

Watch the podcast video: https://youtu.be/5ze47X4QnaE 

Today's show schedule: 

1:46 – What we’re talking about on today’s show.

2:06 – Robert and Brian share something new they’ve done during quarantine.

7:12 – No one wants to lose money but it’s just as important to minimize losses as it is to grab gains.

9:27 – Correction vs Bear Market

10:55 – Markets have always recovered after a down period but what’s the duration?

13:24 - What are Warren Buffett’s two rules of investing?

13:55 - Buffett’s last big loss

14:45 - It’s a paper loss until you sell out.

16:12 - What percentage do you need to gain in order to get back to even? Let’s do some math.

19:09 - Why your allocation is so important once your’e in the retirement redzone.

21:34 - How have investors performed vs the S&P 500?

23:58 - Investor behaviors is what drives underperformance.

25:10 - Strategies you can utilize to improve investing.

26:31 - Rebalance your account every 6-12 months.

27:28 - Using the bucket strategy

29:26 - Adjusting your portfolio as you get older. The rule of 100.

30:27 - Diversification strategy

31:59 - Working with someone that can spot-check your work.

32:29 - How to get in touch with us with any questions.