Your Money, Your Wealth

Joe Anderson, CFP® & Alan Clopine, CPA answer personal investing questions in episode 70 of the YMYW podcast, then welcome New York Times and USA Today bestselling author, Dr. Daniel Crosby on the show to discuss his book, The Laws of Wealth, on behavioral finance. Original publish date October 1, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed.

00:00 - Intro

01:07 - "Will I be penalized for an excess contribution to my IRA?"

02:57 - "You may or may not be able to deduct it based on your income level and if you're in another retirement plan."

08:25 - "Will the 401(k) distribution tax be offset by the loss of my section 1231 property?"

10:26 - "That qualifies for a special tax treatment because it's a business asset, it's under code section 1231 which simply means this – if you sell the rental property at a gain, you get that lower capital gains rate."

17:15 - "Once you get to know what some of the rules are, you can actually pay a lot less in taxes."

18:43 - "Should I cash out my investments or continue to invest?"

21:21 - "You can make your own dividend, which people still don't understand. A dividend is not a coupon payment."

25:16 Start of Interview with Dr. Daniel Crosby

27:36 - "People who watch more CNBC tend to have worse results. People who are monitoring every little thing that Janet Yellen does are actually getting outperformed by people doing nothing at all, so there are a lot of ways investing runs contrary to our natural human tendencies."

30:06 - "Part of the reason why I wrote the book was to try and address the delta between what the research says are the determinants of investment returns and what most people understand them to be."

30:18 - "What do you think is the biggest bias that hurts us the most?"

33:55 - "Most people are overconfident and the people who aren't overconfident tend to be depressed – there isn't a lot of middle ground."

Joe Anderson, CFP® & Alan Clopine, CPA discuss the latest statistics on who's most likely to get audited, how often it happens, and what to do if it happens to you, in episode 69 of the YMYW podcast. Original publish date October 1, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.

00:00 - Intro

00:56 - "The latest stats on how often we're being audited. Who's more likely to get audited? I'll take it one step further – what do you do if you get audited?"

09:44 - "There's such a lack of planning, and that's why we do the show."

13:30 - "The oldest baby boomers are turning 70 ½; those who were born in the first half of 1946. When they turn 70 ½ that triggers a required minimum distribution (RMD)

17:42 - "The truth is, our tax rates now are lower than most times in our history..."

22:28 "A sole proprietorship goes on your tax return on what's called schedule C. You show your income, you show your deductions, and whatever the profit is – that's what you pay income taxes and self-employment taxes on."

26:22 - "In general, corporations have a lesser chance of being audited than individuals."

34:02 - "If you have to go to an audit office, here's what you do…"

Joe Anderson, CFP® & Alan Clopine, CPA discuss the importance of properly diversifying your 401(k) in episode 68 of the YMYW podcast. Plus, should you invest in real estate or index funds? How you can determine stock loss with a non-public company? Finally, 8 financial tasks you must do by year-end. Original publish date September 24, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed.

00:00 - Intro

00:53 - "Why do I need to diversify my 401(k)?"

03:57 - "Bonds are there to even out the ride, to even out the overall portfolio."

05:57 - "When you take a long-term average of asset classes, more often than not emerging markets is either the top performing asset class."

11:05 - "Should I invest in real estate or index funds?"

15:35 - "If you are so inclined to do real estate, treat it as if it were a business, a company or another job because there's a lot to it. There are a lot of things that can go wrong."

21:32 - "How do you determine stock loss in a non-public company?"

26:42 - "When you have rental real estate and you sell that at a loss, that's considered business with a tenant and you can generally take an ordinary loss."

27:23 - "What is the best way to transfer or refinance through a quit claim?"

32:45 - "If you would like to go through a comprehensive retirement planning course, go to our website at purefinancial.com to learn about the course.

35:27 - "Rebalance your portfolio, and that could potentially create tax loss harvesting."

Joe Anderson, CFP® & Alan Clopine, CPA discuss some last-minute tax planning tips before year-end in episode 67 of the YMYW podcast. They also answer frequently asked financial questions, including whether you can roll your solo 401(k) to a simple 401(k). Original publish date September 24, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.

00:00 - Intro

04:35 - "One of the most critical elements is checking your emergency funds."

07:55 - "Take your retirement budget for a test drive and adjust your spending plan."

16:15 - "Can I convert my Individual 401(k) to a SIMPLE 401(k)?"

17:50 - "We like solo 401(k)s a little bit better, because if you're not making a lot of money you can put a lot more money into it if you want to shelter that."

22:02 - "You have to do [Roth] conversions before December 31st…you can convert any dollar amount you want to."

24:29 - "Should I be concerned about the Department of Labor scare?"

29:11 - "In some cases, the financial industry, banking industry or maybe insurance companies might feel a bit of a hit because they'd have to do things differently but I think over the long term this is good for people and the industry… in fact, this should have been done a long time ago."

30:02 - "Where should I invest my inherited money?"

35:03 - "You just have to figure out what your goal is and that will help you figure out how to invest it."