A lot of people assume you only need life insurance if you have kids at home. But did you know there are additional benefits to having life insurance that could impact both your life and your legacy? Check out the full show notes for today's episode by clicking here. ----more---- Here's the rundown: 0:46 - Life insurance can be used as income replacement. 3:01 - Using life insurance to transfer family wealth. 4:00 - Creating tax-free income with life insurance, even if you can’t contribute to a ...
Jul 25, 2019•10 min•Ep. 36
Are you planning for retirement but in the back of your mind also banking on a big inheritance? Is it wrong to factor that in? David answers this question from the mailbag about inheritance and gives some tips on how to best prepare for one. See the show notes and learn more about this show here. ----more---- Take a look at the full rundown for today's episode: 0:44 – Mailbag: Is it unwise to factor inheritance into retirement planning? 2:10 – Consider the assets in the inheritance and the relat...
Jul 18, 2019•11 min•Ep. 35
One of the common questions about retirement is which age you should target so that you’re maximizing your assets. It’s never too early to start discussing the options, so whether you’re in your early 50s or approaching 70, there’s important information for each age range that will help you prepare for that big day. In this episode, find out what you can be doing at each milestone age to put yourself in the best position. For full show notes, visit our website here. ----more---- Equipping Points...
Jul 11, 2019•10 min•Ep. 34
Are you trying to decide where you should contribute money toward retirement? Whether you are 20 or 60, David will talk through some of the things to consider before you decide between a Roth IRA or traditional IRA. The difference down the line is worth taking time to thoroughly consider now. Full show notes: https://coveryourassetskc.com/episode-33-should-you-contribute-to-a-roth-or-traditional-ira/ ----more---- Equipping Points: 1:25 Where do I contribute: Roth IRA or traditional IRA? The main...
Jul 03, 2019•15 min•Ep. 33
Have a few different old 401(k)s and want to simplify? Wondering if avoiding taxes is scam? Thinking about leaving an inheritance for your children? Listeners often send in their questions, so today David will answer these three questions from the mailbag. Equipping Points: 0:25 Combining old 401(k)s Michael in Lenexa has several old 401(k)s from companies he used to work for and is tired of getting the different statements. Can he combine them all and should he? David shares a story about a cou...
Jun 27, 2019•9 min•Ep. 32
These are three estate planning mistakes everyone will want to avoid. Regardless of how big or how complicated your estate is, these will impact your heirs if they are done incorrectly. Equipping Points: Not naming secondary beneficiaries 1:57 David shares about a client who named a beneficiary but not a secondary beneficiary. The result eventually led to higher taxes. These kinds of mistakes are easily avoidable. For example, this is a simple change on a form, so make sure with each account you...
Jun 20, 2019•18 min•Ep. 31
When it comes to your money, it might feel like you have several different voices in your head telling you what to do. Sometimes it’s greed, sometimes it’s fear, sometimes it’s wisdom. We’ll talk through the different ways greed might speak to you and if you should follow those impulses. Check out full show notes of this episode here: https://coveryourassetskc.com/episode-30-following-the-voice-of-greed ----more---- Equipping Points: 0:49 Greed says: The market is doing great, it’s time to inves...
Jun 13, 2019•11 min•Ep. 30
Today's Prep: When inheriting an IRA, you may have the option of a Stretch IRA. David walks us through what a stretch IRA is and how it can work for you. This is incredibly important to understand if you might inherit an IRA because it may change your options when it comes to tax strategies and building wealth. View the full show notes here: https://coveryourassetskc.com/episode-29-3-things-to-know-about-stretch-iras ----more---- Equipping Points: 0:56 What is a Stretch IRA? If you inherit an IR...
Jun 06, 2019•14 min•Ep. 29
David answers three listener questions, including one on saving for a wedding. He also tackles questions on IRAs and the tax implications of selling a stock. For in-depth exploration of this topic, check out our blog here: https://coveryourassetskc.com/episode-28-how-to-save-for-a-wedding/
May 30, 2019•10 min•Ep. 28
Have you learned the hard way your Social Security benefit could be taxed? A listener question sparked this discussion on Social Security taxation. Discover how Security taxation could affect you in retirement. For in-depth exploration of this topic, check out our blog here: https://coveryourassetskc.com/social-security-is-taxable-oops/
May 23, 2019•10 min•Ep. 27
Whether you feel like you can do-it-yourself or aren’t sure who to trust, there are a number of reasons people are hesitant to work with a financial advisor. We'll walk through a few common holdups and explain why you need the expertise of a dedicated financial planner for a successful retirement. For in-depth exploration of this topic, check out our blog here: https://coveryourassetskc.com/why-you-should-hire-a-financial-advisor/...
May 16, 2019•11 min•Ep. 26
Up, up, up! Today we look at a few things in the news that are going up including federal spending and retirement contribution limits. David discusses these recent items in the headlines and how they can impact your retirement. Then, looking down, we answer a question from the mailbag on how to prepare for a bear market. For in-depth exploration of this topic, check out our blog here: https://coveryourassetskc.com/episode-25-in-the-news-federal-spending-ira-contributions/...
May 09, 2019•18 min•Ep. 25
Different retirees have different needs, which is why everyone needs a customized financial plan. Discover whether these four financial values can help you create a value-based retirement plan. For in-depth exploration of this topic, check out our blog here: https://coveryourassetskc.com/episode-24-top-4-financial-values-in-retirement-planning/
May 02, 2019•11 min•Ep. 24
When planning for retirement there’s a lot to keep in mind. These three little missed details are easily overlooked but can have big implications on your retirement. Getting these sorted out can save you from a lot of trouble down the road. Have you addressed these three little missed details in your own plan? For in-depth exploration of this topic, check out our blog here: https://coveryourassetskc.com/episode-23-the-little-missed-details-of-retirement-planning/...
Apr 25, 2019•14 min•Ep. 23
We’re always talking about market crashes on this show because everyone is scared of being in the middle of one. Today we’ll talk about the big crashes of the past and what caused them. Which crash do you remember? For in-depth exploration of this topic, check out our blog here: https://coveryourassetskc.com/market-crash-hall-of-fame/
Apr 18, 2019•10 min•Ep. 22
Retirement might seem far away when you are in your 20s and 30s, but these five steps will help you retire well off when the time comes. All of them are easy; it’s just a matter of putting them in place. For in-depth exploration of this topic, check out our blog here: https://coveryourassetskc.com/episode-21-the-foolproof-way-to-retire-well-off/
Apr 11, 2019•23 min•Ep. 21
Socrates said, “The unexamined life is not worth living.” When it comes to financial planning, it’s important to occasionally be introspective. We'll examine common questions and discover the key to obtaining financial security. For in-depth exploration of this topic, check out our blog here: https://coveryourassetskc.com/episode-20-know-thyself-and-thy-finances/
Apr 04, 2019•9 min•Ep. 20
Understanding risk tolerance and what it means in your portfolio is crucial to building the right plan for you. But what in the world is risk tolerance? David walks us through this financial buzzword so you can create a portfolio that suits you and your risk tolerance appropriately. For in-depth exploration of this topic, check out our blog here: https://coveryourassetskc.com/episode-19-know-that-buzzword-risk-tolerance/...
Mar 28, 2019•15 min•Ep. 19
Throughout your life you are likely to face one or more of these financial crises. But perhaps a crisis is really an opportunity. To write the Chinese word for “crisis,” you combine elements of two different Chinese characters. One character means “danger” while the other one means “opportunity.” Translated into English, it means “opportunity riding on a dangerous wind.” Here’s how you can pivot and plan for your future amidst a crisis turned opportunity. For in-depth exploration of this topic, ...
Mar 21, 2019•12 min•Ep. 18
To plan for retirement, you need to be asking the right kind of financial questions. But what if you have it all wrong? David takes some of the questions he hears most and tells you what kind of questions you really should ask when it comes to saving and preparing for retirement. For in-depth exploration of this topic, check out our blog here: https://coveryourassetskc.com/episode-17-are-you-asking-the-wrong-financial-questions/...
Mar 14, 2019•14 min•Ep. 17
You might be flirting with financial disaster and not even realize it. If you find yourself in any of the following scenarios, you'll want to visit with your financial advisor as soon as possible. For in-depth exploration of this topic, check out our blog here: https://coveryourassetskc.com/are-you-flirting-with-disaster/
Mar 07, 2019•15 min•Ep. 16
Most people think their advisor's primary job is picking investments. However, your advisor should primarily engage in problem-solving. Discover real situations that became less about investing and more about problem-solving. For in-depth exploration of this topic, check out our blog here: https://coveryourassetskc.com/real-advising-is-problem-solving/
Feb 28, 2019•14 min•Ep. 15
Most of your financial decisions will produce both positive and negative consequences. David examines the double-edged sword of investing. For in-depth exploration of this topic, check out our blog here: https://coveryourassetskc.com/episode-14-double-edged-sword/
Feb 21, 2019•11 min•Ep. 14
We recently began a series outlining the good and bad elements of certain investment strategies and products. We continue and tackle the topic of annuities. For in-depth exploration of this topic, check out our blog here: https://coveryourassetskc.com/episode-13-good-or-bad-annuities/
Feb 14, 2019•12 min•Ep. 13
Many people guess at the answers to important questions in retirement. Discover why your best guess might not be good enough. For in-depth exploration of this topic, check out our blog here: https://coveryourassetskc.com/episode-12-guessing-gone-wrong/
Feb 07, 2019•11 min•Ep. 12
We begin our series on the benefits and drawbacks of various financial strategies. Join us as we begin by comparing term and permanent life insurance. For in-depth exploration of this topic, check out our blog here: https://coveryourassetskc.com/episode-11-term-versus-permanent-life-insurance/
Jan 31, 2019•16 min•Ep. 11
There's no easy way out in retirement planning. You need a comprehensive plan to take you through retirement. Cutting corners will only lead to trouble. For in-depth exploration of this topic, check out our blog here: https://coveryourassetskc.com/episode-10-cutting-financial-corners/
Jan 24, 2019•14 min•Ep. 10
We hear a lot about debt in the media. Some argue there's a place for good debt, but the term carries a negative connotation as well. David explains. For in-depth exploration of this topic, check out our blog here: https://coveryourassetskc.com/episode-9-debt-retirement/
Jan 17, 2019•13 min•Ep. 9
You can't possibly prepare for every scenario in retirement. Life has many uncertainties. Learn how to make the best decisions amidst financial uncertainty. For in-depth exploration of this topic, check out our blog here: https://coveryourassetskc.com/episode-8-retirement-uncertainties/
Jan 10, 2019•11 min•Ep. 8
401(k) rollovers are useful tools. However, they're tricky to execute. Get a proper understanding of a rollover and whether this strategy is right for you. For in-depth exploration of this topic, check out our blog here: https://coveryourassetskc.com/401k-rollovers/
Jan 03, 2019•13 min•Ep. 7
