Have you heard about Roth conversions? Wonder if it’s the right thing for you? David talks through different scenarios related to Roth conversions to see if it’s something that could benefit you. Read more and get additional resources here: https://coveryourassetskc.com/episode-66-everything-you-need-to-know-about-roth-conversions/ Today's rundown: 1:38 - What is a Roth conversion? 3:37 - What benefit does a Roth conversion provide? 8:33 - What are common mistakes when it comes to Roth conversio...
Mar 05, 2020•21 min•Ep. 66
Do you want your net worth to be higher? How can you increase it? You can do it by implementing these four simple strategies. Check out the show notes and get additional resources here: https://coveryourassetskc.com/episode-65-4-simple-strategies-to-increase-your-net-worth/ Today's show rundown: 2:19 - You may know the strategies to do, but you have to take action. 3:10 - Start by knowing what your net worth is. 4:15 - Step 1: Understand your debts. 11:21 - Step 2: Cut your expenses. 13:40 - Ste...
Feb 27, 2020•25 min•Ep. 65
It’s never a great idea to make assumptions and that’s especially true when it comes to your money and your retirement. Let’s identify the common assumptions people make with their financial planning that could end up really costing you in retirement. Check out the show notes and get additional resources here: https://coveryourassetskc.com/ep-64-dont-make-these-retirement-assumptions/ Today's show rundown: 0:20 – The first retirement assumption we hear is that you’re going to spend less money on...
Feb 19, 2020•13 min•Ep. 64
Ever wonder what it is they aren’t telling you when it comes to your financial decisions? What are those dirty little secrets in the financial world? And how can you strategize accordingly? Show notes and additional resources: https://coveryourassetskc.com/episode-63-the-dirty-little-financial-secrets/ Today's rundown: 0:58 - Nobody can predict the future. 2:06 - Most of the things we argue about aren’t all that important. 4:01 - It’s difficult to differentiate between skill and luck. 5:30 - The...
Feb 13, 2020•10 min•Ep. 63
What are the rules now when you inherit an IRA? How has the SECURE Act changed things, and what was a stretch IRA? It’s the second installment of our series on the SECURE Act and what it means for your retirement. Show notes and additional resources: https://coveryourassetskc.com/episode-62-secure-act-changes-part-2-inherited-iras/ Today's rundown: 0:47 - What are inherited IRAs and how does the SECURE Act change it? 3:09 - Other than a few exceptions, you will have to clear out your inherited I...
Feb 06, 2020•15 min•Ep. 62
Are you wondering what the SECURE Act means for you? Whether you are in your childbearing years or 70 and a half, the changes will impact you and your financial plan. Read more about the SECURE Act here: https://coveryourassetskc.com/episode-61-six-key-changes-in-the-secure-act-part-1/ Today's Rundown: 1:53 - Is the SECURE Act significant? 2:41 - There is no maximum age to contribute to an IRA. 4:38 - The required minimum distribution age is now 72. 7:44 - Are you making qualified charitable ded...
Jan 30, 2020•16 min•Ep. 61
While it’s not a fun topic to consider, long term care is an important part of a financial plan. Do you know how you plan to address long term care needs? Show notes and additional resources: https://coveryourassetskc.com/episode-60-how-to-plan-for-long-term-care-needs/ Today's rundown: 0:12 - How important is long term care? 1:10 - How realistic is it for someone to self-insure? 2:30 - What are the pros and cons of long term care insurance? 4:47 - How can you protect yourself against long term ...
Jan 23, 2020•11 min•Ep. 60
Do you want the good news or the bad news first? When it comes to financial situations, you hope to not have any bad news. In these four statements, David explains why the good news to follow isn’t really enough to soften the bad news. Show notes and additional resources: https://coveryourassetskc.com/episode-59-the-good-news-and-bad-news-in-financial-situations/ Today's rundown: 0:44 - The bad news is you have a lot of debt, but the good news is some of the interest you’re paying is tax deducti...
Jan 16, 2020•11 min•Ep. 59
As you enter the new year, do you have these items on your list of resolutions and to-dos? For those over 60 years old, this list will help you gain the clarity and confidence in your financial direction. Show Notes and Additional Resources: https://coveryourassetskc.com/episode-58-5-financial-new-years-resolutions-if-youre-over-60/ Today's Rundown: 1:29 - What resolutions to follow between 50 and 60 years old. 2:54 - Calculate your net worth statement every year. 4:54 - Update your financial pl...
Jan 09, 2020•21 min•Ep. 58
If you’re under 50, this list of financial resolutions is the perfect way to start of your year. Having these financial details in place will give you a direction and peace of mind as you enter into the new decade. Show Notes and Additional Resources: https://coveryourassetskc.com/episode-57-5-financial-new-years-resolutions-if-youre-under-50/ Today's Rundown: 2:20 - Calculate a net worth statement every year. 6:39 - Eliminate bad debt. 10:50 - Increase your 401(k) contribution. 13:04 - Protect ...
Jan 02, 2020•21 min•Ep. 57
Whether you are nearing retirement or already in it, you may be ready to gift some of your money to future heirs even before you die. What kind of taxable event does giving a financial gift cause? Show Notes and Additional Resources: https://coveryourassetskc.com/episode-56-understanding-the-gift-tax/ Today's Rundown: 1:31 - Debunking the estate tax problem. 4:35 - What gift amount creates a taxable amount? 7:26 - How does a gift now impact your estate tax later? 9:13 - Does anything with the gi...
Dec 19, 2019•17 min•Ep. 56
It takes a lot to get David worked up, but we found some things within the financial industry that drives him and other good advisors crazy. Let’s find out what those are on today’s episode. Show Notes and Additional Resources: https://coveryourassetskc.com/financial-things-that-drive-you-crazy/ Today's Rundown: 0:36 – When folks come in and you find all these hidden fees they knew nothing about. 2:04 – There are people in the industry that aren’t truly looking out for the best interests of thei...
Dec 12, 2019•12 min•Ep. 57
Do you feel like you have a handle on what to expect when it comes to Social Security? Are you clear on what your benefits may be and when the best time is to start taking them? If not, this is a good place to start as we review the top five common Social Security misunderstandings. Show Notes and Additional Resources: https://coveryourassetskc.com/episode-54-top-5-social-security-misunderstandings/ Today's Rundown: 2:51 - Misunderstanding #1 - Social Security is going broke. 7:28 - Misunderstan...
Dec 05, 2019•19 min•Ep. 54
Financial advisors hear a lot of crazy things when it comes to managing money. But do you want to know what they never hear? Have you said any of these things to your advisor? Show Notes and Additional Resources: https://coveryourassetskc.com/ep-53-things-nobody-says-to-their-financial-advisor/ Today's Rundown: 0:56 - “I regret putting money into my Roth IRA.” 1:45 - What are the key benefits of having a Roth IRA? 2:49 - “I should have spent more and saved less over the years.” 4:14 - “Getting a...
Nov 21, 2019•11 min•Ep. 53
Did you recently inherit an IRA? What rules do you need to know and what options do you have in order to make the best decision for you and your family? Show Notes: https://coveryourassetskc.com/episode-52-3-things-to-know-about-inherited-iras/ Today's Rundown: 1:22 - What do you need to know about a normal IRA? 2:48 - What if you inherit an IRA from a spouse? 3:47 - What happens with an inherited IRA from a parent or family member? 5:14 - How to create a beneficiary IRA. 6:06 - What are the RMD...
Nov 14, 2019•7 min•Ep. 52
Perhaps you have several different investments and mutual funds. Does that mean you have proper diversification? Not necessarily! Show Notes: https://coveryourassetskc.com/episode-51-keys-to-diversifying-your-portfolio/ Today's Rundown: 0:28 - How does the average person define diversification? 1:53 - What does diversification really look like? 3:12 - Is it possible to be too diversified? 5:00 - Three major things most people don’t have a real understanding of....
Nov 07, 2019•7 min•Ep. 51
What should you be considering when building a retirement plan? Instead of following a cookie cutter plan, know what you need to factor in to ensure your retirement plan suits your needs. Show notes: https://coveryourassetskc.com/ep-50-variables-that-shape-your-retirement-plan/ Today's rundown: 1:53 - How much income do I need in retirement? 4:50 - What will push me into a different tax bracket in retirement? 7:08 - How long will I live? 8:48 - When should I start taking Social Security? 10:58 -...
Oct 31, 2019•14 min•Ep. 50
Are you looking for an advisor and wonder what to ask? Or are you already working with a financial advisor but aren’t sure if it’s the right fit? Just what should a financial advisor be helping you with most? On this episode: 0:47 - What kind of service should you get with a financial advisor? 1:28 - Are there any warning signs to look for a new advisor? 2:12 - Is it possible to outgrow your advisor? 3:25 - What can go bad if you stay with the wrong advisor? 4:20 - How do you know if a potential...
Oct 24, 2019•8 min•Ep. 49
When you think about the next generation and your family, you might also think about your assets being passed down. From your heirloom dining room table to your financial investments, does a will cover everything? How can you make that transition process as simple as possible (and avoid probate)? On this episode: 1:24 - I’ve got a will, isn’t that enough? 2:35 - What is probate? What usually goes through probate? 3:42 - Set up a beneficiary designation on your assets. 6:21 - IRAs and 401(k)s typ...
Oct 17, 2019•17 min•Ep. 48
One of the most-used investment vehicles for retirement is the 401(k) because many employees have the option offered by their company. We want to help you understand the 401(k) by answering many of the common questions we get from contribution amounts to rollovers to investing options. On this episode: 0:20 – Let’s address some frequent 401(k) questions. 0:29 – Should employees take advantage of the free advice companies sometimes offer? 1:22 – 401(k) loans: good idea or bad idea? 2:35 – When do...
Oct 10, 2019•10 min•Ep. 47
As we enter into the fourth quarter of the year, you may be surprised to learn there are things you can do right now that have an impact on your taxes. Here are four strategies to implement right now. Show Notes: https://coveryourassetskc.com/ep-46-4-important-tax-strategies-to-implement-before-the-end-of-the-year/ 1:05 - Why now? Do we really have enough time to implement these tax strategies this year? 2:48 - #1 Tax strategy: Max out your 401(k) plan or at least up to the match. 6:07 - #2 Tax ...
Oct 03, 2019•19 min•Ep. 46
Maybe you’ve heard differences between a Roth and traditional IRA in the past, but how do you determine if a Roth is right for you? What are the short-term vs. long-term benefits? On this episode: 0:33 - What’s the difference between a traditional IRA and a Roth IRA? 2:11 - Why do so many people contribute more to traditional IRAs? 3:14 - Why can a Roth be powerful for someone saving for retirement? 4:45 - Who should contribute to a Roth instead of a traditional IRA? 5:50 - Who should contribute...
Sep 26, 2019•10 min•Ep. 45
Have you created a retirement plan that covers all of the basics? More than just where your money is invested, do you have goals and a plan in place that accomplishes what you want it to? The seven-step retirement plan is something you can do to make sure you are headed in the right direction. This is part two of the series. On this episode: 1:09 - Recap of steps 1 through 4 of the seven step retirement plan. 2:39 - Step 5: Understand your catastrophic risks. Am I properly insured? 6:04 - Step 6...
Sep 19, 2019•14 min•Ep. 44
When creating a retirement plan, where do you start? And where are you headed? These seven simple steps will guide you through the process of building a retirement plan that works for you. This is part one of that series. Today's rundown: 1:33 - Introducing this first part of a series covering the seven step retirement plan. 1:55 - The four questions you need to ask yourself before starting the retirement plan. 2:50 - Step 1: Create an annual statement of net worth so you can measure your progre...
Sep 12, 2019•14 min•Ep. 43
Do you follow through on your investment plans and goals? Maybe you think and say one thing, but then never get around to making it happen. Does your retirement plan reflect you and your values? Let’s make sure your goals and actions are aligned in this episode. Check out the full show notes by clicking here.----more---- Today's rundown: 0:48 - When the meticulous saver and coupon cutter doesn’t pay any attention to investment fees. 2:15 - When someone has a low risk tolerance but they have no i...
Sep 05, 2019•9 min•Ep. 42
Have you considered doing a Roth conversion? Or did you even know they were an option? Here are four reasons to consider a Roth conversion and how they might fit in your tax strategy in the future. Check out full show notes for this episode by clicking here. ----more---- Today's rundown: 1:05 - What is a Roth IRA, again? 2:58 - Reason #1: All conversions come out tax-free. 6:42 - Reason #2: Unlike an IRA, there are no RMDs. 8:01 - Reason #3: Roths can be inherited tax-free by heirs. 9:40 - Reaso...
Aug 29, 2019•17 min•Ep. 41
What are the traits of a genius? And do they apply to you? How about your financial plan, is that the work of a genius? Learn how you too can think and act like a financial genius. Check out the full show notes by clicking here. ----more---- Today's rundown: 0:42 - Geniuses are highly adaptable and able to adjust to whatever situation. 1:27 - When a spouse dies unexpectedly, your financial plan has to be adjusted. 2:50 - Geniuses can admit, “I don’t know.” 4:16 - Sometimes when people own annuit...
Aug 22, 2019•9 min•Ep. 40
Some say “if” but most likely “when” tax rates increase, are you prepared to take a hit? What are some strategies you can implement now to prepare for a future increase in tax rates? These two strategies are sure to soften the blow later on. Check out the full show notes by clicking here .----more---- Today's rundown: 1:23 - Why might tax rates be higher in the future? 3:03 - In 2015, a memo sent to the Speaker of the House said that our tax rates will need to double to cover expenses. 4:08 - Wh...
Aug 15, 2019•17 min•Ep. 39
Money is one of the top stressors in a marriage, so how do you handle it together successfully? Or, what happens to your retirement savings when you get a divorce? David answers these questions from the mailbag. See the full show notes by clicking here.----more---- Take a look at the rundown below. 0:21 - Mailbag: After 30 years of marriage, is it better to get half of a 401(k) or pension in the divorce? 2:22 - Mailbag: If interest rates go back up, should I change the way I am saving? 3:20 - Hi...
Aug 08, 2019•9 min•Ep. 38
Do you prefer mutual funds or ETFs? To figure out which is better, first you’ve got to know what each does. Then you can determine how they fit into your financial strategy. We'll help you do that in this episode. Make sure you check out the show notes by clicking here. Here's the rundown for this episode: 1:45 - What is a mutual fund? 3:48 - Mutual funds provide an easy route to diversification. 4:17 - What are ETFs? 8:00 - Which is better, mutual funds or ETFs? 9:09 - The difference between an...
Aug 01, 2019•16 min•Ep. 37
