Real Personal Finance (Scott Frank)
Explore every episode of Real Personal Finance
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| 20 Apr 2022 | 148 - Annuity vs Lump Sum - Which Pension Option Should I Select? | 00:14:36 | |||||||||||||||||||||||||
Scott and James discuss which pension option they should select, annuity or lump sum? Listener Question Hey guys! Thank you so much for the amazing podcast! I have a pension question. I am a teacher, and I am eligible to retire and begin taking my pension payments in July 2023. I have heard some people say to take the lump sum distribution, and create your own pension/annuity, but the math doesn't seem to work out right for me. I will be 51 at that point, and likely moving to a different profession with an income to add to the pension payouts. The amount that I would receive as a lump sum would be approximately $210,000. That represents all of my contributions over the 28 years I have been teaching plus 4% interest per year. It does not include the contributions from my employer, as I am not entitled to take them if I elect for the lump sum. The pension option that I would choose is the reduced amount that would continue for my wife after my death. It is $3408 monthly, which comes to nearly $41,000 per year. There is no way that I could expect to earn that much on the lump sum of $210,000 to make that a logical choice, is there? Am I doing something wrong on the math? Planning Points Discussed
Timestamps: 3:54 - Pension Overview 6:37 - How to Determine the Best Choice 9:35 - Inflation Protection 11:46 - Importance of Your Situation 13:51 - Aligning Your Financial Goals LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 16 Mar 2022 | 143 - How Much Do I Need to Retire? | 00:20:01 | |||||||||||||||||||||||||
Scott and James discuss how much you need to retire. Listener Question I'm 55 years old and currently employed with $1.1 million in 401k, $150,000.00 in annuity fund. Upon retiring I will also have a pension with medical, dental & optical coverage. My yearly income is $120,000 & I’m looking to retire at 60 years old. In your opinions does retiring comfortably in 5 years look reasonable? Planning Points Discussed
Timestamps: 3:29 - Listener Info 6:06 - Living Expenses Today 8:37 - Retirement Expenses 11:20 - Social Security 13:30 - Financial Freedom 16:05 - Tax Planning Opportunities 18:17 - Withdrawal Rates LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 15 Jul 2020 | 056 - What Is The Value of Working With a Real Financial Planner? | 00:24:47 | |||||||||||||||||||||||||
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| 20 Aug 2019 | 009 - How to Align Your Money with Life? | 00:20:01 | |||||||||||||||||||||||||
Description Scott and James discuss how to align your money with life: Focus First on What is Most Essential to You LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Sticher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 27 Jan 2021 | 084 - How Should You Know When to Use a Roth IRA vs Traditional IRA? | 00:20:09 | |||||||||||||||||||||||||
In this episode James and Scott discuss the difference between a Traditional IRA & Roth IRA and which may be ideal for you based on your individual situation. Questions discussed: Are you hoping to lower your taxable income today? Do you think your income will rise over the course of your lifetime? When does it make most sense to use a Roth IRA vs. Traditional IRA? How should I invest in my Roth IRA or Traditional IRA? Planning Points Discussed
Timestamps: 2:30 - Listener Question 4:35 - Pre-tax vs. Post-tax Contributions 7:51 - IRA vs. Roth IRA Tax Implications 9:30 - Having an Accountability Partner 10:11 - 401(k) vs. Roth 401(k) 15:50 - Aligning Your Money With Your Life
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| 22 Dec 2021 | 131 - What to Know About IRA Eligibility | 00:25:09 | |||||||||||||||||||||||||
Scott and James discuss what to know about IRA eligibility. Listener Question Question 1: I am wondering if I should open an IRA in addition to my 401k through work. My employer match in my 401k caps at $9,000. The only benefit I see of having an IRA is being able to direct the investments, but we are currently happy with the options offered by our employers. We prefer investing in ETFs and have a majority of our money in the S&P 500, with some diversification globally and in small/mid cap funds. I am 29 and my husband is 32. We both work in corporate jobs and have a combined income of nearly $300,000 with an additional $100,000 in bonuses, stock, and matching incentive pay. I have always operated of a mindset of 1/3 savings, 1/3 spending, and 1/3 taxes. We each max out our 401k’s (traditional), participate in employer stock purchase plans, and have a 529 plan for future college funds. The rest of our assets are in taxable brokerage accounts. We would like the flexibility to retire from corporate jobs in our 50’s. At some point, we may want to open our own small business. Question 2: I have a 401(k) with my current employer. If I were to get a new job (that also offers a 401k) should I roll my 401(k) into a new one with my new employer, or should I roll my 401(k) into a Roth IRA, and start a new 401(k) from scratch with my new employer? Someone told me this could be a good idea, but I have NO CLUE about investing and such so I’m not sure if this is a wise decision. PS. Please let me know if you include my answer on your show so I know when to listen! Thanks! Planning Points Discussed
Timestamps: 3:57 - Income Limits 6:02 - Backdoor Roth Conversions 11:08 - Flexibility, Control, Investment Options 14:32 - Tax Planning 18:21 - Excess Contributions 18:50 - Traditional IRA Contributions 20:04 - Roth IRA Contribution Limits 24:08 - Aligning Your Financial Goals LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play.< | |||||||||||||||||||||||||||
| 09 May 2019 | 002 - Is it Better to Invest or Pay Off Debt | 00:18:28 | |||||||||||||||||||||||||
HERE’S WHAT YOU’LL LEARN FROM THIS EPISODE: How to prioritize your debts Understanding the power of time value of money Where can you look to start saving Is the textbook answer the right answer?
LINKS WE MENTIONED ON THE SHOW:
LETS’ CONNECT! James Scott
ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Sticher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 08 May 2019 | 001 - Personal Finance Doesn’t Have to Be Confusing | 00:07:33 | |||||||||||||||||||||||||
| 04 Mar 2020 | 037 - Should I Just Own the S&P 500 Index? | 00:23:34 | |||||||||||||||||||||||||
On this week's episode: Should I Just Own the S&P 500 Index?
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| 17 Aug 2022 | 165 - How to Invest in Stocks For Beginners | 00:29:00 | |||||||||||||||||||||||||
Scott and James discuss how to invest in stocks for beginners. Listener Question Sometimes I can tend to pull the trigger on things before doing enough due diligence. If I make a stock purchase and later am not sure it was the best decision, how long should I wait before selling the shares and moving on from that company.I'm not talking about buying a company and then a week later the stock price dips a little bit and that being reason to dump shares but more fundamentally if I no longer believe that a company is worth the investment how long after that point should I wait before selling the shares? Planning Points Discussed
Timestamps: 3:00 - Not Longer Just "It Depends" 6:26 - Fundamentals 7:48 - Appreciation v. Dividend 14:34 - Types of Investments 20:12 - JP Morgan Study 26:35 - When To Sell/Buy 27:10 - Aligning Your Financial Goals LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 09 Oct 2019 | 016 - Budgeting Sucks, Do This Instead | 00:20:41 | |||||||||||||||||||||||||
In this episode: Budgeting sucks …. Do this instead Budgeting … It’s feels so negative Instead think of align your cashflow with your life Shout out to First Steps Cash Management - You can easily do this at home. Instead of thinking about cash in one bucket, break it into three buckets. Static - Past - Fixed expenses that don’t change Control - Weekly expenses that vary Dynamic - Planning for the expected and unexpected For salaried people, use the net pay from your paycheck For 1099 - Small business owners (lump in all costs of business and add a tax estimate for fed and state) Once you make your first iteration, ask yourself … is this ideal? Is there anything I can change. If you have bucket totals side by side … are you paying so much to past commitments that you cannot enjoy life while planning your future? How you can you change this? Can you reduce your static expenses? Can you increase your income? Once you know what you want, automate as much of it as you can. LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Sticher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 22 Jan 2020 | 031 - Should I Leave My Financial Advisor for Vanguard? | 00:29:01 | |||||||||||||||||||||||||
On this week's episode: Should I leave my financial advisor?
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| 28 Oct 2020 | 071 - Better Investor Series: 10 Steps to Investment Success | 00:26:07 | |||||||||||||||||||||||||
In this episode, we explain the principles you need to understand and apply for your investment success. They are simple principles but not always obvious. It is important to understand these frameworks based on economic research to improve your chances of investment success. Timestamps:
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| 12 Jan 2022 | 134 - How to Know If You're On Track to Retire | 00:24:52 | |||||||||||||||||||||||||
Scott and James discuss how to know if you're on track to retire. Listener Question I am 26 years old and have a TSP account valued at 20k, and a variety of stock/bold portfolios that are earmarked for different priorities that total to about 40k. I get a company match of up to 5% which I utilize up to that. I currently contribute 300 in addition to maxing out my Roth IRA that is valued around 12k. Now, assuming I continue this pace what would you say is the likelihood that I’ll be able to retire off of 60-70k a year? I have hesitations with blindly trusting a “4%” rule since when the study was done it was with the 5% safe rate of return from bonds back in the 90s. Thanks for your time! Planning Points Discussed
Timestamps: 3:57 - Listener Question 6:02 - Inflation 9:30 - Employer Matching 11:40 - Time Horizon 14:18 - Lifestyle Changes 17:50 - Retirement Rules 23:22 - Aligning Your Financial Goals LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 06 May 2020 | 046 - 5 Steps to Take When the Market Tanks | 00:23:06 | |||||||||||||||||||||||||
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| 04 Dec 2019 | 024 - What Are Restricted Stock Units (RSUs)? | 00:20:33 | |||||||||||||||||||||||||
What are Restricted Stock Units (RSUs)? Stock Options vs. Restricted Stock Units (RSUs) Vesting Taxes Create a plan for your RSUs LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Sticher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 05 Oct 2022 | 172 - What Should I Do When I I Receive a Significant Bump in Income? | 00:22:48 | |||||||||||||||||||||||||
Scott and James discuss what to do when you receive a significant bump in income. Listener Question: I would like to do the more in-depth analysis you mentioned on today’s podcast if you are willing. We hope to retire in the next 5 years, at age 55/56. I am eligible to begin receiving a pension after this year, but plan to "double-dip" for the next 4-5. I have questions about 403(b) and 457 accounts, rollovers, and distributions. Planning Points Discussed
Timestamps: 2:30 - We're on YouTube HERE! 4:15 - Income Basics 10:02 - Income Raises & Planning Changes 17:38 - How Much To Save For Different Goals 20:32 - Aligning Your Financial Goals LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. | |||||||||||||||||||||||||||
| 30 Dec 2020 | 080 - What Tax Investment Strategies Should I Be Aware of When Selling Stock Options | 00:25:37 | |||||||||||||||||||||||||
In this episode of the podcast, we have a listener question: Just heard your podcast on the target date funds and really appreciate the insight as I'd just rebalanced my 401k and pulled out of them because of the fees and my level of attention to my portfolio. From a financial management perspective, I'm a DIY-er with a blend of Boglehead and FIRE, philosophically. Currently 1/3 of my wealth is concentrated in RSU/stock options from my company as part of my annual compensation package. Is there a tax strategy in regard to timing and/or amount to sell my options to ease the tax burden?What are some options that would make sense to reallocate the funds from the sales? My wife has an annuity in her 403b, which I've heard/read is not a great idea, so can you explain under what circumstances an annuity is or isn't a good option? Planning Points Discussed
Timestamps: 3:45 - Restricted Stock Units 4:19 - Tax Planning of Stock Options 10:00 - Vesting of RSU 16:06 - Deciding When Best To Sell For Your Goals 20:15 - Why Should I Invest In An Annuity?
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| 04 Aug 2021 | 111 - What's the Best Way to Invest My Portfolio In Retirement? | 00:19:36 | |||||||||||||||||||||||||
Scott and James discuss the best way to invest your portfolio throughout retirement. Planning Points Discussed
Timestamps: 1:30 - Introduction 2:45 - Target-Date Funds 4:37 - Bucket Strategy v. Total Return 8:21 - What is a Sustainable Withdrawal Rate? 11:54 - Retirement Funds Aren't All Created Equal 14:36 - What Portfolio Mix Is Right For Me? 16:25 - Benefits of Owning Multiple Funds 17:51 - Aligning Your Life With Your Financial Goals
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| 18 Sep 2019 | 013 - How Many Mutual Funds Should I Own? | 00:23:21 | |||||||||||||||||||||||||
Description: How many mutual funds should I own?
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| 29 Apr 2020 | 045 - Should I Rebalance My Portfolio | 00:20:57 | |||||||||||||||||||||||||
Should I rebalance my portfolio? Why rebalance? When should I rebalance?
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| 30 Oct 2019 | 019 - Do I Need an Emergency Fund? | 00:16:31 | |||||||||||||||||||||||||
Do I Need an Emergency Fund?
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| 04 Sep 2019 | 011 - Where Should You Invest After Maxing Out Retirement Accounts | 00:14:57 | |||||||||||||||||||||||||
Description: Where should you invest after maxing out your retirement plan?
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| 02 Oct 2019 | 015 - How to Get the Most of Your Employee Benefits | 00:21:22 | |||||||||||||||||||||||||
In this episode: How to Get the Most of Your Employee Beneftis
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| 08 Jun 2022 | 155 - Should I Use an Adjustable Rate Mortgage (ARM) | 00:14:33 | |||||||||||||||||||||||||
Scott and James discuss if you should use an adjustable rate mortgage (ARM)? Planning Points Discussed
Timestamps: 1:10 - Mortgage Rate Options 4:17 - Mortgage Risk 6:38 - Payment Differences 10:27 - Additional Options 11:23 - Don't Push Debt Forward 13:45 - Aligning Your Financial Goals LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 15 Sep 2021 | 117 - Should I Pursue a Dividend and Sector Investment Strategy? | 00:23:24 | |||||||||||||||||||||||||
Scott and James discuss if you should pursue a dividend and sector investment strategy. Listener Question 1. Can we talk about dividends and dividend stocks? Is it a wise strategy to invest in those stocks that pay out dividends to shareholders? 2. I have been looking at investing in ETFs and I have seen number of ETFs under the label of Sector and Specialty ETFs (that is how Vanguard labels them). Could we talk more about these? I would be interested in investing in some of these- but I am not sure if it is wise? Planning Points Discussed
Timestamps: 1:30 - Introduction 2:16 - Dividend Stocks 4:35 - Dividend Example 6:15 - Total Return of an Investment 8:49- Downturns & Dividends 11:48 - Is It Bad If Companies Don't Pay Dividends? 15:11 - Reinvesting Dividends 18:37 - U.S. Stock Categories 20:54 - Driving Your Returns Over Time 22:36 - Strategies to Fund College 23:18 - Aligning Your Financial Goals
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| 12 Oct 2022 | 173 - Should I Dip into My Retirement Accounts to Purchase a Home? | 00:21:07 | |||||||||||||||||||||||||
Scott and James discuss if you should dip into your retirement accounts to purchase a home. Listener Question: Should I max out all of our retirement accounts and consider taking a loan against my 457b or take out contributions from my Roth IRA in order to make a sizeable down payment for this second home in the future? Or should I allocate a portion of that savings money into a brokerage account instead for 10 years to save for this down payment? I am leaning toward taking a loan/Roth contribution instead of brokerage due to 1) tax benefits 2) simplicity and 3) because I view it as essentially "diversifying" my retirement by putting that money toward a lakehouse. Planning Points Discussed
Timestamps: 2:30 - We're on YouTube HERE! 4:15 - Listener Summary 6:35 - Insurance Needs 10:32 - Different Goals & Priorities 14:30 - When To Make a Purchase 17:19 - Property Growth 20:35 - Aligning Your Financial Goals LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. | |||||||||||||||||||||||||||
| 31 Mar 2020 | 041 - How the $2 Trillion CARES Act Will Impact You | 00:29:21 | |||||||||||||||||||||||||
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| 13 Nov 2019 | 021 - Is a Real Estate a Good Investment? | 00:22:49 | |||||||||||||||||||||||||
“My parents bought a home for $300k 30 years ago now it’s worth $1mm” About 4% rate of return in this example
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| 09 Feb 2022 | 138 - How Do I Balance Retirement Savings with Debt Paydown? | 00:20:29 | |||||||||||||||||||||||||
Scott and James discuss how to balance retirement savings with debt paydown. Listener Question I'm 36 years old with a wife, a 2.5 year old and hopefully a second child in the near future. I currently have a job with a non-matched 403b but it also currently offers a pension (and hopefully still will when I retire in 25-30 years). My wife's employer offers a matching 403b. I currently contribute 15% per pay period into my 403b and my wife about 11%. I’ve been working a few years longer than her and excluding my current 403b account, I have about $75k in an IRA from previous 401k rollovers (post-college thru taking my current job in the summer of 2018). I still have about $45k remaining in principle student loans at 4.35% fixed (8 years left on a 10-year refi loan). I graduated college in 2007 and have been paying my student loans every month since then. My current min monthly payment is $575. Does it make sense to cash out my IRA/rollover account and finally just payoff my student loan, pay off a small amount of credit card debt from a trip we took to Hawaii a few years ago, and ultimately free up some cash to increase my monthly 403b contribution, and build our emergency fund back up to a healthy level, especially as the cost of living increases and we plan to add another child to our family? Or is it absolutely insane to throw away $75k saved over the previous 10 years of my career? Planning Points Discussed
Timestamps: 3:57 - Listener Question 4:56 - Pension Income 7:28 - Tax Implications 11:29- Paying Down Debt 14:18 - Refinancing Knowledge 16:22 - Unknown Expenses 19:08 - Aligning Your Financial Goals LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 02 Feb 2022 | 137 - What Do People Do For Health Insurance If They Retire Early? | 00:22:57 | |||||||||||||||||||||||||
Scott and James discuss what people do for health insurance if they retire early. Listener Question I'm a 48 year old single woman who wants to retire in my mid 50's (or sooner) I have about $400,000 in investments of which only about 12% is in after tax savings I just started a new job making with bonus about $105,000 a year previously only made 55,000 my plan is to live on half my new income. I now max out my 401k, hsa, & Roth IRa and put the rest in my after tax brokerage (which was unable to do in the past). My FIRE # is 1.5 million my question is do you feel I have good plan and what do people do for health insurance if they retire in there mid 50's? Planning Points Discussed
Timestamps: 3:57 - FIRE # 6:02 - Financial Planning Expenses 8:04 - Balancing Goals 10:25 - Early Retirement 16:54 - Time & Freedom 19:28 - Health Subsidies 22:05 - Aligning Your Financial Goals LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 01 Dec 2021 | 128 - Can I Unwind a Non-deductible IRA Contribution? | 00:19:19 | |||||||||||||||||||||||||
Scott and James discuss the new contributions limits (2022) and how that impacts our taxes. Listener Question Can I unwind a non- deductible IRA and revert it to a retail account? My CPA suggested I put 7k aside each year (I did it once) and then put it into a backdoor Roth. My income is high (we paid 51% in effective taxes last year) and I max out my 401k (no match) at work. But here is where it gets complicated- I have an IRA, Roth, SEP IRA (from a side consulting business) and now also the non deductible IRA all in Schwab in a mic of index funds and individual dividend stocks. But my employer’s 401 k plan (Transamerica) is terrible - high fees and not great fund options. I am worried about rolling my various retirement funds (about 400k for me) into Transamerica just to put 7 or 14 k into a backdoor Roth would cost le almost as luch in fees, not to mention oppty cost when forced to sell my holdings to conform to what Transamerica offers. Given this and the impending demise of the backdoor Roth, can I somehow convert my 7k back to a nonretirement holding? Planning Points Discussed
Timestamps: 3:57 - Roth IRA Backdoor Considerations 6:02 - IRS Aggregation Rule 9:30 - Partner's Income 12:40 - Self-Employed Retirement Considerations 15:01 - Required Minimum Distributions 17:36 - Tax Planning 18:22 - Aligning Your Financial Goals
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| 23 Oct 2019 | 018 - Is Now a Good Time to Refinance My Mortgage? | 00:12:32 | |||||||||||||||||||||||||
Is now a good time to refinance my mortgage?
LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Sticher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 22 Sep 2021 | 118 - How to Take Advantage of Tax Loss and Tax Gain Harvesting | 00:18:15 | |||||||||||||||||||||||||
Scott and James discuss how you can take advantage of tax loss and tax gain harvesting. Planning Points Discussed
Timestamps: 1:30 - Scott's eldest son scores a goal & James surfs! 2:42 - When Should I Start Saving / Investing? 4:10 - Tax Loss Harvesting 6:13 - Taking Advantage of Losses 6:26 - What is a Wash Sale? 8:41 - Capital Gains v. Ordinary Income 10:16 - Does Your Financial Advisor Ask For Your Tax Return? 13:00 - Tax Gain Harvesting 15:55 - Tax Gain Harvesting & Roth Conversions 17:23 - Aligning Your Financial Goals
LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 16 Feb 2022 | 139 - What's the Best Way to Become a Financial Planner? | 00:28:09 | |||||||||||||||||||||||||
Scott and James discuss the best way to become a financial planner. Listener Question I was wondering if you could talk about the career path of a financial planner, more specifically a CFP who is an independent RIA. I am a college student studying finance looking to become a CFP, there seems to be many paths to take and it is a little confusing. Any tips on how to get valuable experience whether through summer internships or part time work in school? Planning Points Discussed
Timestamps: 3:07 - Various Advisor Industries 4:40 - Scott's Introduction To Finance 7:02 - James Introduction To Finance 10:33 - It's More Than The Money 13:30 - Understanding The Textbook 16:05 - What Is An Associate Advisor? 19:51 - Who's The Right Fit? 24:30 - Transparency 27:28 - Aligining Your Financial Goals LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 10 Aug 2022 | 164 - How To Understand Your Cash Flow | 00:26:28 | |||||||||||||||||||||||||
Scott and James discuss how to understand your cash flow. Planning Points Discussed
Timestamps: 4:16 - Income 6:26 - Fundamentals 10:46 - Spending Isn't Negative 14:27 - Rules of Thumb 16:57 - Debt & Real Estate 21:12 - Tax Rates 25:45 - Aligning Your Financial Goals LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 10 Jun 2020 | 051 - What Issues Should I Consider When Buying a Home? | 00:28:52 | |||||||||||||||||||||||||
LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 27 Nov 2019 | 023 - How to Balance Short-Term vs Long-Term Goals | 00:14:57 | |||||||||||||||||||||||||
LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Sticher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 22 Jul 2020 | 057 - What Questions Should I Ask When Hiring a Financial Planner? | 00:34:25 | |||||||||||||||||||||||||
Where can you find an advisor? LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Sticher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 24 Jun 2020 | 053 - Should You Invest In Bonds with Interest Rates so Low? | 00:21:56 | |||||||||||||||||||||||||
LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Sticher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 03 Feb 2021 | 085 - GameStop, AMC & More - How to Think About Hot Stocks as an Investor | 00:20:41 | |||||||||||||||||||||||||
In this episode James and Scott discuss Gamestop Stock, AMC, Reddit, Hedge Funds, and how to think about "hot" stocks as an investor. Questions discussed: Should I invest in GameStop, AMC, etc.? When do I know it's best to buy or sell? What does the halt of trading in Robinhood mean for the financial services industry? How much of my portfolio should I allocate to investing in individual stocks? Planning Points Discussed
Timestamps: 1:30 - Investing vs. Speculation 4:12 - Wealth Accumulation: Short-Term & Long-Term 6:21 - Maximizing Wealth 8:30 - Gambling or Informed Investing: What's the Difference? 12:49 - How Likely Is One Company To Go Out Of Business? 15:50 - Aligning Your Money With Your Life 17:20 - How Investing Has Changed
LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 22 Jun 2022 | 157 - How to Best Mitigate Risk in Your Investment Strategy | 00:20:53 | |||||||||||||||||||||||||
Scott and James discuss how to best mitigate risk in your investment strategy. Planning Points Discussed
Listener Question: I'm really enjoying your podcast and generally agree with your advice. I'm 37 and a personal investor who is focused on long term investments for retirement. I have generally leveraged a higher risk strategy based on my age with index funds. My question is about the make up of the S&P 500 and specifically I’m concerned that the majority of the top stocks a large tech firms. It seems possible that we have seen the peek of these firms similar to the dot com bubble, so I’m rethinking continuing to invest due to this risk of collapse. Can you help me understand how to manage that risk? Timestamps: 3:27 - What Is An Index? 7:05 - Why We Invest 11:22- Importance of Diversification 14:15 - How Do You Enjoy Investing? 16:59 - Market Capitalization 19:25 - Aligning Your Financial Goals LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 25 Nov 2020 | 075 - What's the Best Way to Fund Large Purchases in Retirement? | 00:18:55 | |||||||||||||||||||||||||
In this podcast episode, we have a listener question: Husband/wife (70/69) both retired intending to down size. Debt free. Retirement assets are 1.7 mil (1.3 mil traditional ira/400 k Roth IRA). Monthly income before taxes (social security and pensions) is $7500. New home cost estimated at $400 k. Existing home to be sold after building new home expected to sell for $150 k. So, how do we pay for new home: cash or finance? If cash: use traditional ira or Roth? If finance: how much? Thanks. Look forward to your reply. Planning Points Discussed
LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 21 Apr 2021 | 096 - Should I Give My 4 Year Old a Credit Card? | 00:17:57 | |||||||||||||||||||||||||
Scott and James discuss whether or not you should give your 4 year old a credit card. Planning Points Discussed
Timestamps: 1:30 - Listener Question 3:05 - Determining Your Credit Score 6:20 - Credit Utilization 7:00 - 10 years vs. 34 years of Saving 9:24 - Why Credit Matters 11:11 - How To Teach Kids About Money 12:45 - Building Financial Habits 13:00 - Using "FamZoo" - Preparing Kids For Finances 15:10 - Aligning Your Financial Goals 16:30 - Overview
LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 02 Jun 2021 | 102 - Where Should You Save Your Extra Income? | 00:17:28 | |||||||||||||||||||||||||
Scott and James discuss where you should save your extra income. Planning Points Discussed
Timestamps: 1:30 - Listener Question 3:30 - Where Should I Save Extra Income? 5:45 - Long-Term v. Short-Term Savings 8:05 - Education Funding 9:47 - How To Think About "Liquidity" 12:21 - Should I Invest In A SEP IRA or Roth IRA? 13:00 - Flexibility v. Tax Benefits 19:20 - Aligning Your Financial Goals
LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 13 Oct 2021 | 121 - Overview of Important Mliestones To Be Aware Of | 00:22:39 | |||||||||||||||||||||||||
Scott and James discuss the important milestones you should be aware of. Planning Points Discussed
Timestamps: 2:00 - Introduction 4:29 - Dependent Care 5:50 - Tax Credits 6:58 - Investing v. Gambling 8:02 - UGMA / UTMA 10:25 - Kiddie Tax 12:47 - Catch-up Contributions 15:40 - Social Security Benefits 17:55 - Qualified Charitable Distributions 19:00 - Charitable Giving Strategy 20:27 - RMDs (Required Minimum Distributions) 21:51 - Aligning Your Financial Goals
LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 09 Sep 2020 | 064 - How to Navigate Open Enrollment: Stock Compensation | 00:19:56 | |||||||||||||||||||||||||
| 22 Apr 2020 | 044 - Is Now a Good Time to Buy Stocks? | 00:19:35 | |||||||||||||||||||||||||
LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Sticher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 24 Mar 2021 | 092 - [Guest Interview] Can I use income earned overseas to fund US Retirement Accounts? | 00:18:55 | |||||||||||||||||||||||||
Listener Question: I'm a US citizen living abroad. I started listening to your podcast when I hit 30. Alas, it was time to get my ducks in a row. I've followed your advice to open an IRA and a few online CDs, I appreciate the gentle mindset shift your podcast has on me. Recently, when I told a friend I planned to contribute to my IRA, he warned me not to do that. He warned that if I contributed to my IRA with income earned and taxed overseas - income protected from double taxation by the foreign earned income exemption, then I would have to pay US taxes on my full income earned and taxed aboard. Can income earned and taxed overseas not be contributed to an IRA without trigger full overseas income taxation? If yes, what tax-advantaged options does a US citizen have for income earned overseas? Guest Interviewer Connect with Ashley Murphy, CFP®, AIF® Global Financial Planning Institute Planning Points Discussed
Timestamps: 2:30 - Introduction & Listener Question 4:30 - IRA vs. Roth IRA Benefits 7:00 - Retirement Planning For Your Country 9:47 - Citizen-Based Taxation 11:25 - Foreign Earned Income Exemption 12:12 - Taxation Dependent on Type of Income 13:00 - Real Estate Income v. Portfolio Income 14:17 - Tax Implications of Dual-Citizenship 15:30 - Overview
LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 05 May 2021 | 098 - Should I Move to Another State to Save Money and Retire Earlier? | 00:15:57 | |||||||||||||||||||||||||
Scott and James discuss the pros and cons of moving to another state to save money in order to retire early. Planning Points Discussed
Timestamps: 1:30 - Listener Question 2:25 - Savings Rates 3:30 - Moving For Financial Reasons 7:00 - Longevity v. Financial Impacts (short-term) 9:50 - What Do You Really Want? 11:31 - Aligning Your Financial Goals 12:45 - Building Financial Habits 13:33 - Do A "Test-Run" 14:30 - Overview
LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 04 May 2022 | 150 - How to Give More Effectively Using Donor Advised Funds | 00:18:26 | |||||||||||||||||||||||||
Scott and James discuss how to give more effectively using Donor-Advised Funds. Listener Question Hello! I love the show. I think I’ve had a chance listened to over 100 episodes. Have y’all considered an episode on giving? I recently started use using a donor advised fund, giving away some highly appreciated assets instead of cash. Are there any more strategies that I can use to be generous? Anything out of the box? Planning Points Discussed
Timestamps: 3:34 - Charitable Giving 5:38- Deductions 8:09 - Effective Giving 15:38 - Utilize Tax Benefits 20:35 - Aligning Your Financial Goals LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 19 May 2021 | 100 - 100th Episode! Reflection on the first 100 Episodes | 00:17:29 | |||||||||||||||||||||||||
Scott and James reflect on the first 100 episodes of the Real Personal Finance Podcast. Planning Points Discussed
Episodes Mentioned: Episode 83: 4 Things You Can Invest In Episode 16: Budgeting Sucks, Do This Instead Timestamps: 1:30 - Introduction 4:15 - The Magic of Compounding 5:45 - Which Episode Received The Most Downloads? 7:20 - Understanding Your Vision 9:14 - Where Do I Start With My Financial Journey? 12:02 - The Power of Automation 15:10 - How We Started The Podcast 15:45 - Thank You Listeners! LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 24 Feb 2021 | 088 - Is an MBA Worth it? And How to Prepare Financially? | 00:14:11 | |||||||||||||||||||||||||
In this episode James and Scott discuss whether or not an MBA is worth it and how best to prepare financially. Questions discussed: Is an MBA worth it? What's the best way to prepare financially for an MBA? What are the benefits of an MBA? What do I want my MBA to do for me? Planning Points Discussed
Timestamps: 2:30 - Listener Question 4:02 - Investing In Personal Education 5:00 - Is an MBA a Worthy Investment? 6:20 - Investing To Pay For an MBA 8:04 - How To View Student Loans 9:35 - How Much Debt Is Too Much Debt? 11:00 - Finding Your "MBA" Mentor 12:30 - Aligning Your Money With Your Life
LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 09 Dec 2020 | 077 - Learn How "Asset Location" Can Lower Your Tax Bill | 00:18:29 | |||||||||||||||||||||||||
In this podcast episode, we have a listener question: I just recently found your podcast when I was looking for some info on mega-backdoor roths. Thanks for all the info, you guys really are a wealth of knowledge. In an older episode, where you guys were talking about asset locations, one of you mentioned that if you have dividend-paying stocks, you should hold them in a retirement account, so you don't get messed up with paying taxes on the dividends. I have been of the understanding that investment dividends are taxed at long-term capital gains rates, so for MFJ, you would need to make over $80,000 in dividend income before you pay any taxes in 2020. If this is the case, and your dividend stock or fund paid 2% per year, you would have to hold $4,000,000 to reach that first 15% threshold. In this case, taxable accounts seem like a great place to hold dividend-paying stocks. Am I misunderstanding something about this? Planning Points Discussed:
Key Points:
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| 30 Sep 2020 | 067 - What's the Best Investment Strategy for a 5-7 Year Timeframe? | 00:18:43 | |||||||||||||||||||||||||
Today we answer questions from a listener on where to save your money in a 5-year span. From the stock market to the bond market we lay out what the probability of return is from daily to yearly and define what it means to be resilient when it comes to financial planning. Introduction - 00:10 Listener question - 00:25 How much of a gamble are you willing to take - 1:39 Probability vs. Certainty - 3:20 Putting probabilities in your favor - 4:35 Make room for error - 7:08 What is the minimum for saving for a home - 8:33 Alternatives to investing in the stock market - 9:47 Bond market - 12:05 How flexible are you with investing - 13:43 Caveat to buying a home - 14:45 LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 30 Mar 2022 | 145 - Should I Ever Borrow Money to Invest? | 00:19:54 | |||||||||||||||||||||||||
Scott and James discuss if you should borrow money to invest. Listener Question
Planning Points Discussed
Timestamps: 3:54 - Cash Flow 6:49 - HELOC Example 9:16 - RMDs (Required Minimum Distributions) 11:47 - Gross Income v. Net Income 14:18 - Retirement Savings 16:35 - Tax Optimization 19:05 - Aligning Your Financial Goals LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 27 Oct 2022 | 175 - 5 Employee Benefits To Get Right During Annual Enrollment | 00:37:03 | |||||||||||||||||||||||||
Scott and James discuss the 5 employee benefits to get right during annual enrollment! Planning Points Discussed
Timestamps: 2:30 - We're on YouTube HERE! 4:25 - Retirement Contributions 10:59 - Credit Card Interest Rates 16:26 - Healthcare Considerations 23:05 - Life Insurance Coverage 29:12 - Savings Rates 33:39 - Deferred Compensation 36:00 - Aligning Your Financial Goals LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. | |||||||||||||||||||||||||||
| 08 Dec 2021 | 129 - Should I Cancel My Existing Whole Life Policy And Buy Term Insurance? | 00:17:40 | |||||||||||||||||||||||||
Scott and James discuss if you should cancel your existing whole life policy and buy term life insurance. Listener Question I have listened to your episodes about life insurance and whether or not it’s advisable to purchase a whole life policy. However, I’d be curious to hear what you think about a whole life policy that I bought about 5 years ago. It costs me a fixed $100/ month for a $100,000 policy. I am 36 years old, single and have no children. I would like to have a family one day, but I’m not sure it makes sense to continue with a whole life policy at this time. Would it make more sense for me to continue with this policy given that it is not hurting my financially, or would it be better to collect the cash value ($6,500) to contribute it to the small amount of remaining debt that I have and get a term life policy that will likely be much less expensive? If I do get a term life policy, how much would you recommend that I purchase? Planning Points Discussed
Timestamps: 3:57 - What is Whole Life Insurance? 5:28 - When Do You Need Life Insurance? 9:30 - Term Life Insurance Benefits 11:32 - Growth Rates 13:47 - Why We Own Insurance 15:29 - Tax Planning 16:43 - Aligning Your Financial Goals
LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 20 Nov 2019 | 022 - How Does Our Tax System Work? | 00:16:56 | |||||||||||||||||||||||||
LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Sticher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 19 Jan 2022 | 135 - Newborn 101: What to Expect When You're Expecting | 00:21:35 | |||||||||||||||||||||||||
Scott and James discuss what to expect when you're expecting. Listener Question My wife and I are expecting, and I want to start planning from a financial perspective. I'm considering a 529; if I remember from a previous episode, you guys said you can start funding that before the child is born? I'm also looking into dependent care FSAs for child care expenses. If a kid is due in July, does it make sense to wait and enroll in the dependent care FSA then? Are there any other investment vehicle options to consider? Or general suggestions on cash to have on hand once a child is in the picture? Planning Points Discussed
Timestamps: 3:40 - Income Changes 6:02 - Family Updates 10:18 - Lifestyle Changes 14:02 - 529 Plans 18:12 - HSA Benefits 19:29 - Aligning Your Financial Goals LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 19 Aug 2020 | 061 - What do I do With My Emergency Fund with Interest Rates So Low? | 00:18:31 | |||||||||||||||||||||||||
LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 21 Jul 2021 | 109 - How to Prioritize Different Financial Strategies | 00:22:44 | |||||||||||||||||||||||||
Scott and James discuss how to prioritize conflicting financial strategies. Planning Points Discussed
Timestamps: 1:30 - Introduction 3:02 - Asset Location v. Asset Allocation 5:38 - International Investments 8:21 - Taxation of Retirement Accounts 11:04 - Retirement Account Penalties 14:36 - Focusing On Your Goals 17:31 - Municipal Bond Taxation 20:06 - Importance of Your Time Horizon 21:24 - Aligning Your Financial Goals
LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 27 Jul 2022 | 162 - How To Understand Your Balance Sheet | 00:28:21 | |||||||||||||||||||||||||
Scott and James discuss how to understand your balance sheet. Planning Points Discussed
Timestamps: 6:17 - Having Multiple Accounts For Organization 10:08 - Goal-Based Investing Accounts 15:33 - Debt 20:25 - Net Worth Allocation 24:29 - Restrucutre Debt 26:48 - Aligning Your Financial Goals With Your Life LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 09 Jun 2021 | 103 - Should I Save on Taxes Now Or In The Future? | 00:23:58 | |||||||||||||||||||||||||
Scott and James discuss whether or not you should be saving on taxes now or in the future. Planning Points Discussed
Episodes Mentioned Episode 6: To Roth or Not to Roth? Timestamps: 1:30 - Listener Question 3:30 - Should I Invest In A Roth IRA? 5:45 - How Does A Traditional IRA Work? 7:36 - How Does A Roth IRA Work? 9:47 - How Should I Invest As Tax Brackets Change? 11:27 - How Do Tax Brackets Work? 16:55 - Will I Be In A Larger Tax Bracket In The Future? 21:25- Aligning Your Financial Goals
LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 24 Nov 2021 | 127 - Should I Pay Down My Mortgage or Invest? | 00:20:52 | |||||||||||||||||||||||||
Scott and James discuss the new contributions limits (2022) and how that impacts our taxes. Listener Question My wife and I have two homes. One is our primary and the other is a weekend/getaway home. We have mortgages on each (each are 30-year fixed and below 3%). Our total monthly mortgage payment for both homes is 15.5% of our gross income. Does it make sense to take our extra cash and pay down the mortgages or to use that cash where it could earn more such as investments? Planning Points Discussed
Timestamps: 3:26 - Income Considerations 6:28 - Outside Considerations 9:05 - Interest Rates 11:30 - Opportunity Cost 15:01 - Asset Allocation 18:04 - Borrowing Debt 19:52 - Aligning Your Financial Goals
LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 14 Aug 2019 | 008 - How can I save for college? | 00:24:23 | |||||||||||||||||||||||||
Description Scott and James discuss the types of accounts you can use to save for college as well as the pros and cons of each: 529s - See if your state offers tax incentives here Education Savings Accounts Taxable accounts UGMA / UTMAs Roth IRAs LETS’ CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Sticher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 31 Aug 2022 | 167 - What Insurances Do I Need? | 00:26:39 | |||||||||||||||||||||||||
Scott and James discuss what insurances you need (and don't need). Planning Points Discussed
Timestamps: 2:30 - Insurance 7:01 - Proper Protection 10:41 - What Insurances To Avoid? 17:36 - Long-Term Care Needs 16:57 - Debt & Real Estate 25:31 - Aligning Your Financial Goals LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 01 Jan 2020 | 028 - 5 Steps to Financial Success in 2020 | 00:20:48 | |||||||||||||||||||||||||
On this week's episode:
Five Fundamentals Of Fiscal Fitness LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Sticher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 10 Mar 2021 | 090 - How Do I Determine Taxes Owed on RSUs and ESPPs? | 00:22:34 | |||||||||||||||||||||||||
In this episode James and Scott discuss how to determine taxes owed on RSUs and ESPPs. Questions discussed: What are the tax implications of my stock options? When is the best time to exercise my options? How do I maximize my options? What is the best approach for my individual situation? Planning Points Discussed
Timestamps: 2:30 - RSUs & ESPPs 3:25 - Vesting Period 5:32 - How Best To Navigate Stock Options 7:02 - "Sell to Cover" 10:20 - How To Minimize Risk 13:25 - Tax Arbitrage With Stock Options 17:15 - Tax Implications 19:33 - Aligning Goals with Your Finances
LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 26 Aug 2020 | 062 - 10 Hidden Costs of Home Ownership | 00:17:02 | |||||||||||||||||||||||||
LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 24 Aug 2022 | 166 - How Does This Market Impact How We Pull Funds from 529 Plans? | 00:23:16 | |||||||||||||||||||||||||
Scott and James discuss how this market impacts how we pull funds from 529 plans. Planning Points Discussed
Timestamps: 5:49 - Stocks & Bonds Correlation 9:58 - Cash Flow & Risk Level 14:49 - What Is A Good Rate? 18:50 - Additional Expenses 16:57 - Debt & Real Estate 21:27 - Aligning Your Financial Goals LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 28 Sep 2022 | 171 - Should I Save My Money For The Future Or Spend it Today? | 00:23:22 | |||||||||||||||||||||||||
Scott and James discuss if you should save your money for the future or spend it today. Listener Question: I am 40 years old and want to know how I am doing. I have been through a divorce and a major job change and have been saving as much as possible, but it seems like I may have gotten to a place where I may be able to save less aggressively. I would really love to be able to retire comfortably at 60 but also live my best life now without over-saving and missing out on today. I have an old 401k, current 401k, Roth IRA, HSA and brokerage account. I know my numbers very well: budget/spending, savings/savings rate, net worth, etc. Planning Points Discussed
Timestamps: 2:30 - We're on YouTube HERE! 4:15 - Summary of Goals 10:02 - Comprehensive Financial Planning 17:38 - How Much To Save/Spend Today? 22:32 - Aligning Your Financial Goals LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. | |||||||||||||||||||||||||||
| 07 Oct 2020 | 068 - What is Mega Back Door Roth Contribution and Who Can Do It? | 00:20:08 | |||||||||||||||||||||||||
What do you do when you have fully maxed out your 401k contributions? This is where the Mega Backdoor Roth contributions may come into play. In this episode, we explain the mechanics behind a Mega Backdoor Roth contribution and how to approach this move strategically so you never have to pay taxes on that contribution again. Time Stamps: Introduction - 00:05 Listener question – 00:55 What is a Mega Backdoor Roth – 01:18 Does this make sense for you – 3:00 How do you drive down taxable income – 4:02 What is the quality of your 401k plan – 5:50 The mechanics of a Mega Backdoor Roth – 8:02 How much can you contribute to after-tax contributions – 10:13 The two components of after-tax buckets – 11:33 Where the Mega Backdoor Roth comes in – 12:43 In service Roth conversion – 13:03 Plans that allow in-service distributions – 14:18 Plans that do in-service conversions – 14:43 Conclusion – 17:23
LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 23 Jun 2021 | 105 - What Do All the Different Indexes Mean? | 00:22:09 | |||||||||||||||||||||||||
Scott and James discuss different indexes, both what they mean and why they're important to you as an investor. Planning Points Discussed
Timestamps: 1:30 - Listener Question 3:30 - What Makes Up The Global Market? 5:35 - What Does It Mean To Invest In "The Market"? 6:15 - How Is A Value Of A Company Determined? 10:11 - Russell 2000 vs. Russell 3000 - What's Different? 14:47 - How Do I Invest In The Developed Markets? 18:37 - What Are The Core Indexes? 19:55 - Aligning Your Financials With Your Goals
LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 25 Sep 2019 | 014 - Do I Need Life Insurance? | 00:21:32 | |||||||||||||||||||||||||
In this episode:
LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Sticher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 11 Aug 2021 | 112 - How Do I Incorporate Real Estate As Part of My Retirement Plan? | 00:20:49 | |||||||||||||||||||||||||
Scott and James discuss how to incorporate real estate as part of your retirement plan. Planning Points Discussed
Timestamps: 1:30 - Introduction 3:22 - Costs of Real Estate 5:42 - Quantifying Your Real Estate Asset 8:30 - How To Determine If You Should Incorporate Real Estate 10:50 - What Are My Expenses With Real Estate? 13:14 - Alternative Real Estate Ownership Options 16:00 - What Are Your Goals Behind Owning Real Estate? 17:39 - Taxation of Real Estate 18:54 - Diversification Benefits 20:04 - Aligning Your Financial Goals
LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 02 Mar 2022 | 141 - How to Rebalance When Tax Implications Are Involved | 00:18:56 | |||||||||||||||||||||||||
Scott and James discuss how to rebalance when tax implications are involved. Listener Question I'm 30 years old and have close to 1/2 million in taxable brokerage accounts. While I was investing, I was not targeting a specific asset allocation, and now realize my portfolio is very heavily concentrated in domestic large cap stock funds. My question is, how do I go about rebalancing to achieve a more diversified portfolio while considering the implications of taxes and market cycles? Planning Points Discussed
Timestamps: 3:07 - Tax Planning 6:05 - Volatility Concerns 8:11 - Creative Planning 10:57 - When To Sell 13:30 - Example of Tax Implications 15:48 - Taxable Accounts 17:22 - Gifting For Tax Planning LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 11 Dec 2019 | 025 - How Can I Best Use My Employee Stock Purchase Plan (ESPP)? | 00:21:12 | |||||||||||||||||||||||||
LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Sticher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 01 Sep 2021 | 115 - Mailbag Episode - Tracking 401k Contributions, ESPP Savings, and Investing After a Late Start | 00:24:44 | |||||||||||||||||||||||||
Scott and James discuss multiple listener questions regarding tracking 401k contributions, ESPP savings, and investing after getting a late start. Planning Points Discussed
Timestamps: 1:49 - Listener Question 2:57 - Tax Implications of Retirement Accounts 4:05 - Rollovers: 401(k)s to IRAs (and Roth!) 7:40 - ESPP (Employee Stock Purchase Plan) 10:47 - Risk & Return Correlations 12:41 - When Does It Make Sense to Diversify? 15:37- What Can You Control? 17:54 - Maximizing Social Security 20:36 - When Saving Is More Important Than Compounding 23:07 - Aligning Your Financial Goals
LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 22 Jul 2019 | 005 - How Much Do I Need To Retire? | 00:23:47 | |||||||||||||||||||||||||
Description HERE’S WHAT YOU’LL LEARN FROM THIS EPISODE: Start with the end in mind Know your income sources in retirement Calculate how much you need to have in your investment accounts Other factors to keep in mind LINKS WE MENTIONED ON THE SHOW: JP Morgan's Guide to Retirement
LETS’ CONNECT! James Scott
ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Sticher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here
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| 31 Mar 2021 | 093 - Should I Front Load Retirement Accounts When I'm Young? | 00:16:51 | |||||||||||||||||||||||||
Scott and James discuss whether or not you should front load retirement accounts while you're young. Planning Points Discussed
Timestamps: 1:30 - Listener Question 3:30 - Retirement Accounts 5:45 - Front-Loading Retirement Accounts 7:00 - 10 years vs. 34 years of Saving 10:10 - Non-Financial Compounding 12:05 - Aligning Your Financial Goals 13:00 - Overview of Opportunity Costs 15:10 - Understanding Your Expenses
LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 03 Mar 2021 | 089 - Is it Possible to Overfund Retirement? | 00:19:22 | |||||||||||||||||||||||||
In this episode James and Scott discuss whether or not it's possible to overfund retirement, and what you can do to avoid doing so. Questions discussed: How much is enough when it comes to funding for retirement? When can I stop funding for retirement? What is the best approach for my individual situation? Planning Points Discussed
Timestamps: 2:30 - Listener Question 4:00 - Should I Max Out My Retirement Accounts? 6:13 - How Much Is Too Much For Retirement? 7:30 - Historical Performance: Lump-Sum vs. Dollar-Cost Averaging 10:20 - Importance of Balance Sheet 13:25 - How To Use RMDs In Retirement 15:25 - Aligning Goals with Your Finances
LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 16 Jun 2021 | 104 - How Does This Political Climate Impact Our Investments? | 00:20:20 | |||||||||||||||||||||||||
Scott and James discuss how this political climate impacts our investments. Planning Points Discussed
Timestamps: 1:30 - Listener Question 3:30 - How Should Politics Impact My Investment Strategy? 6:04 - Why Are We Investing? 8:35 - The Power of The S&P 500 12:18 - What Crises Tell Us About Investing 14:47 - What Is A Risk Premium? 16:54 - What Do I Need To Focus On? 18:55 - Aligning Your Financial Goals
LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 10 Nov 2021 | 125 - Where to Invest For a Home, CD Ladders, and Contribution Rules | 00:25:00 | |||||||||||||||||||||||||
Scott and James discuss where to invest for a Home, CD Ladders, and Contribution Rules. Listener Questions
Planning Points Discussed
Timestamps: 3:12 - Roth 401(k) & Roth IRA 6:00 - CD Ladders 10:09 - How To Save For A Home 12:19 - REIT Indices 15:45 - Performance 18:53 - Time Horizon 20:44 - Down Payment Goals 23:50 - Aligning Your Financial Goals
LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? | |||||||||||||||||||||||||||
| 06 Jan 2021 | 081 - What Should I Do When I Receive a Windfall? | 00:14:37 | |||||||||||||||||||||||||
In this episode of the podcast, we have a listener question: I am about to come into a decent sum of money from selling a rental property. I’m 30 years old, invest 22 percent into my 401k (that has a balance of 45k currently). My plan was to invest this money in a total market index fund and an international index fund. Is this my best option? I also have a house that I owe about 215k on. Thank you in advance! Planning Points Discussed
Timestamps: 1:00 - Shoutout to the Listener Question 5:00 - When Should I Start Investing After Receiving A Large Sum? 6:20 - When Does A 1031 Exchange Make Most Sense? 7:35 - Where To Start When Making An Investment Plan? 8:18 - Refinancing Your Home & Interest Rates 12:05 - Having An Emergency Plan LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 29 Jun 2022 | 158 - Where To Invest Cash Earmarked for a Down Payment? | 00:17:49 | |||||||||||||||||||||||||
Scott and James discuss where to invest cash earmarked for a down payment. Planning Points Discussed
Listener Question: My wife and I have money (in cash, ~ $150k) earmarked for a down payment on a home. There is no real urgency to buy a home other than setting down roots as our family grows as our current rental meets our needs. However, with the housing market still red hot and interest rates increasing; we're contemplating waiting until the housing market/inflation rates cool a little bit. If we decide to wait, say 1-2 years, is there something we can do with the $150k to better work for us other than have it sit in cash? Conversely, if we plan to stay in the new home we purchase for 10+ years, does the higher house cost/higher inflation rates really matter if we have the money set aside right now? I guess some of this boils down to the old "rent vs. own". (additional context - we have a separate emergency fund established, we both max out our 401ks and invest monthly in an index fund brokerage account and 529 plan) Timestamps: 3:00 - Where To Put Cash 5:36 - Mortgage Rates 9:45 - Return On Hassle 12:47 - Volatility 15:19 - Overview Of What's In Your Control 17:05 - Alignment In Your Financial Goals LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 25 Aug 2021 | 114 - How to Upsize Homes Before Selling Your Current Home | 00:24:52 | |||||||||||||||||||||||||
Scott and James discuss how to upsize homes before selling your current home. Planning Points Discussed
Timestamps: 1:30 - Introduction 3:28 - Finding Your Dream Home 4:43 - What Information Does A Bank Want? 9:14 - What Funds Should I Use For A Down Payment? 10:30 - Understanding Margin Calls 11:48 - What is a Mortgage Recast? 13:05 - Should I Do A Cash-Out Refi? 16:00 - Balancing Retirement Goals 19:00 - UTMA v. UGMA 22:36 - Strategies to Fund College 23:50 - Aligning Your Financial Goals
LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 08 Apr 2020 | 042 - College Savings Options When College Isn't Far Away | 00:20:23 | |||||||||||||||||||||||||
| 16 Sep 2020 | 065 - How to Navigate Open Enrollment: I Hope You Have It | 00:15:15 | |||||||||||||||||||||||||
| 27 May 2020 | 049 - How Much Do I Have? | 00:29:53 | |||||||||||||||||||||||||
LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Sticher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 21 Sep 2022 | 170 - Where Should I Invest My Excess Income? | 00:27:36 | |||||||||||||||||||||||||
Scott and James discuss where to invest excess income. Planning Points Discussed
Timestamps: 2:30 - We're on YouTube HERE! 4:19 - Anonymous Example 10:02 - Cash Flow 17:38 - Roth Contributions 22:41 - Risk Tolerance & Income Needs 25:37 - Aligning Your Financial Goals LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 18 Mar 2020 | 039 - What Are The Best Retirement Plan Options for Small Businesses? | 00:28:51 | |||||||||||||||||||||||||
On this week's episode: What are the best retirement options for small businesses?
LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 08 Jan 2020 | 029 - How to Maintain a Good Credit Score and Why It Matters | 00:22:04 | |||||||||||||||||||||||||
On this week's episode:
LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Sticher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 16 Oct 2019 | 017 - What to Look For When Selecting a Financial Advisor | 00:22:13 | |||||||||||||||||||||||||
In this episode:
LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Sticher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 11 Mar 2020 | 038 - Scary Markets - What Should I Do? | 00:20:05 | |||||||||||||||||||||||||
On this week's episode: Scary Markets - What should I do?
LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 12 May 2021 | 099 - How To Save For a Home in This Crazy Real Estate Market | 00:21:14 | |||||||||||||||||||||||||
Scott and James discuss how to save for a home in this crazy real estate market. Planning Points Discussed
Timestamps: 1:30 - Listener Question 3:30 - Retirement Accounts 5:25 - Cost Basis Example 7:50 - Diversification of Investing 10:20 - Cash v. Bonds 13:00 - Diversification Benefits 15:10 - Understanding Costs of Home Ownership 17:50 - What Mortgage Can You Afford? 20:00 - Aligning Your Financial Goals LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 26 Feb 2020 | 036 - How to Navigate Mortgage Rates, Points, and Other Important Factors | 00:17:33 | |||||||||||||||||||||||||
On this week's episode: A deeper dive on refinancing
LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 13 Apr 2022 | 147 - How to Best Track Investment Returns | 00:15:30 | |||||||||||||||||||||||||
Scott and James discuss how to best track investment returns. Listener Question Does it make sense to track my investments in my 401K and Roth IRA purely off of the projected rate of return that people suggest (typically between 7-10%) or should I track my investments based on the inflation-adjusted return rate? I am asking this as a 23 year old, who sees a million dollars as a very attainable goal with a Roth and/or 401K but when you factor in inflation each year at say 3% that million dollars seems more challenging to accomplish. Should I track my portfolio values off of this “standard” 7-10% growth rate or should I take a more conservative approach and track them off of a (4-7%) growth rate so that I can have a better understanding of what I am on track for? Planning Points Discussed
Timestamps: 3:54 - Nominal v. Real Returns 6:37 - Investment Growth Example 9:35 - Inflation Protection 11:46 - Importance of Real Return 13:51 - Aligning Your Financial Goals LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 05 Jan 2022 | 133 - How to Start the New Year Right | 00:22:55 | |||||||||||||||||||||||||
Scott and James discuss how to start the new year right. Planning Points Discussed
Timestamps: 3:57 - Life's Considerations 6:02 - Intentional Living 9:30 - Retirement Goals 15:01 - Dream Lifestyle 16:55 - Assets 19:24 - Saving & Investing 21:22 - Aligning Your Financial Goals LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||
| 27 Apr 2022 | 149 - How to Find a Financial Professional That's Right For You | 00:21:54 | |||||||||||||||||||||||||
Scott and James discuss how to find a financial professional that's right for you. Listener Question My husband and I are both high earners. He owns his own business and I am employed full time in the health tech sector. We are in a great position where we are debt free, own our home and a rental property and have close to a million in investments. We manage our finances and taxes on our own today but are getting to the point where we'd like some advice around how to make the most of our assets, particularly from a tax perspective, as we continue to earn. We're 35 and 40 years old and have one child. We've been burned by tax accountants in the past who charge a ton but provide very little that we didn't already know. We find there are lots of resources for those starting out and many for those in the 5+ million range, but very little out there for where we are. Do you have any advice on how to find a professional who would be able to help us for a reasonable fee? I'd love to find someone we can create a relationship with who will grow with us. Thanks! Planning Points Discussed
Timestamps: 3:54 - Retirement Goals 9:05 - Do You Need An Accountant? 11:46 - Importance of Your Situation 15:07 - Quality of Life 18:33 - Who's the Best Fit? 20:35 - Aligning Your Financial Goals LET'S CONNECT! James Scott ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here | |||||||||||||||||||||||||||