We’re back with another mailbag episode! We’ve received some excellent listener questions recently, and we’re going to dive into a few of them on today’s show. Stay tuned to gain valuable insights and practical solutions to real-life financial challenges and questions. In today’s episode, we’ll discuss protecting your savings and investments from current economic uncertainties, what to do once you’ve maxed out your 401(k) savings, and retiring early. We’ll also clarify the critical distinctions ...
Apr 26, 2023•23 min•Ep. 106
As most of us know, navigating Social Security can be a challenge, and unfortunately, there is a lot of misinformation about there about this important benefit. With so much confusion surrounding this topic, we’re here today to set the record straight. In this episode, we’re debunking the most common myths about Social Security and answering the questions you've been curious about. Here are the myths we’ll discuss in this episode: Myth: The Social Security Administration will help you make the b...
Apr 19, 2023•26 min•Ep. 105
Lee has been working in the financial industry for over 16 years, and during that time, has encountered a wide variety of financial planning questions. However, there is one question that seems to come up more frequently than any other: "How much do I need to retire?" Is one million enough for everyone? Although it appears to be a straightforward question, we’re going to dive into the complexities of this topic today. Here's what we'll discuss in this episode: Why the question “How much do I nee...
Apr 12, 2023•14 min•Ep. 104
As you prepare for retirement, you want to make sure you’re doing everything you can to secure your financial future. We’ve talked a lot on this podcast about strategies to help you grow your wealth for retirement, but it’s just as important to consider the risks that could wipe out your savings entirely. On today’s episode, we’re covering the two big ways that you could lose every dime you have, and how to avoid these critical mistakes. Here are some of the topics we will cover in this episode:...
Apr 05, 2023•18 min•Ep. 103
Are you tired of one-size-fits-all financial advice that doesn't quite fit your unique needs and goals? There are many types of personalities out there when it comes to financial matters, and we’ve found that most of our clients fall into one of the categories we’ll discuss today. In this episode, we’ll explore how understanding your financial personality can help you make more informed financial decisions. Here are some of the topics we will cover in this episode: The ‘victim’ who has been burn...
Mar 29, 2023•23 min•Ep. 102
Do you ever feel like your retirement planning goals are always moving? You're not alone. We’ve found that people often move the goalposts in their own retirement planning, often to their detriment. In this episode, we're diving deep into the psychology of retirement planning and the dangers of moving the goalposts. Here are some of the topics we will cover in this episode: Holding onto excess cash and not investing it could mean giving up on potential earnings. 2:15 Procrastinating with investi...
Mar 22, 2023•21 min•Ep. 101
In this episode, we’ll highlight the most common financial fears and discuss how to address them in your retirement plan. Whether you are worried about running out of money during retirement or aren’t sure how to find the best financial advisor for your situation, this episode will help you face these fears head on. Here are some of the topics we will cover in this episode: The fear of running out of money during retirement and preparing for the expense of end-of-life care 2:13 The fear of overp...
Mar 15, 2023•22 min•Ep. 100
We work with some tremendous savers who worked hard and sacrificed to build a nest egg, and that mindset isn’t easy to move away from. Many of those same savers are afraid to spend their own money once they’ve reached retirement. So what can you do to embrace that mindset shift? We’ll share a recent conversation we had about this and discuss some ways you can address the problem. Here’s some of what you’ll learn in this episode: Why is this struggle to spend money a little more prevalent in rece...
Mar 08, 2023•20 min•Ep. 99
After being discussed in Congress for nearly a year and a half, the SECURE Act 2.0 passed in January. This follows the original piece of legislation that took effect at the beginning of 2020. With a list of nearly 100 provisions, there’s too much to sort out in one show. Instead, we want to highlight a few of the planning opportunities that could affect most retirees. Here’s some of what you’ll learn in this episode: The RMD age is moving back again in 2023. 2:52 Catch-up contributions have rece...
Mar 01, 2023•21 min•Ep. 98
If you’ve been a good saver for most of your life, you might find yourself in a position at retirement where you want to try to live off the interest the money can make you rather than tapping into your nest egg. It’s a great idea and would go a long way toward protecting your money, but is it a realistic goal? In today’s episode, Lee is going to tell you why living off the interest in retirement probably won’t work. Here’s some of what you’ll learn in this episode: When did people start having ...
Feb 22, 2023•14 min•Ep. 97
In this episode, we want to set some well-thought-out goals that we can plan for and work hard to achieve. We’ll do that in the area of business, finance, and personal goals with the help of Lee today to give you some things to strive for in every area of life. Here’s some of what you’ll learn in this episode: What personal goals has Lee set for the year? (2:33) Relationship goals for 2023. (6:10) The goals that business owners can aim for. (8:37) How Lee prioritizes financial goals. (12:01) Sho...
Feb 15, 2023•24 min•Ep. 96
Nobody enjoys taxes, especially while they’re working because they eat into so much of our paycheck. But what about retirement? How should we be planning for taxes when we’re no longer working? That’s the topic for this episode of the podcast and we’ll dive into it by addressing four of the most common questions we get from pre-retirees or those that just recently retired. Here’s some of what you’ll learn in this episode: Will you have as many deductions in retirement as you do while you’re work...
Feb 08, 2023•18 min•Ep. 95
In this episode, we’ll cover some of the top rookie mistakes we see people make, and illustrate how to avoid them or how to fix them if you’ve already made some mistakes in your financial life. Plus, we’ll tell you about a recent trip we made to the golf course that included a hole-in-one. Here’s some of what you’ll learn in this episode: How investing without a purpose becomes a problem. (3:26) Why we often find that people don’t know how much risk they have in their portfolio. (6:45) Emotions ...
Feb 01, 2023•24 min•Ep. 94
Most folks enjoy spending money, and it’s pretty easy to do when you’re working because that paycheck gives you a safety net. But how do you spend money in retirement in a way that gives you the best chance of not running out of money? Today we’re going to give you four retirement spending strategies that you might want to consider. Here’s some of what you’ll learn in this episode: We break retirement expenses up into two categories. (1:30) The inflation-adjusted spending strategy. (4:46) The sp...
Jan 25, 2023•21 min•Ep. 93
The final two weeks of this 2022 football season have been incredible for Georgia fans, but every college football fan had to enjoy the semifinals of the College Football Playoff. As we were watching all this football during the holidays, we started to realize that there are some really great lessons we can take from the sport so many of us love. So we started compiling them over the past couple of weeks and pulled together five we wanted to share on the podcast. Here’s some of what you’ll learn...
Jan 11, 2023•18 min•Ep. 92
Have you ever opened the mailbox to see you have gotten a financial statement, just to toss it in the ‘shred’ pile? Most people have. In this episode, we will cover important parts of your financial statements so you understand what you are looking at amidst all of the fine print. Here’s some of what you’ll learn in this episode: How reliable are income projections on financial statements? (3:26) Understanding your asset allocation summary. (6:10) Are all of your fees disclosed on your statement...
Jan 04, 2023•19 min•Ep. 91
This is the time of year when everybody puts together various lists, whatever the list may be. A lot of times these lists are interesting and helpful, but others are really just marketing tactics. Last year we did an episode “22 Resolutions for 2022”. This year’s list will consist of 7 financial resolutions that apply to everyone. If you do these seven things, you should notice a difference in your financial situation in 2023. Here’s some of what you’ll learn in this episode: Do you have text al...
Dec 28, 2022•22 min•Ep. 90
Saving in your 401(k) can be an easy and painless way to build your retirement savings. But because it’s so easy and painless, it can also be easy to ignore for long periods of time, which often leads to mistakes. We’ll cover at least the top 5 mistakes people make in their 401(k)s. Here’s some of what you’ll learn in this episode: If you have changed jobs, listen here. (3:02) Are you rebalancing your 401(k)? (5:57) Are target date funds a no-brainer, or should you pass on them? (9:52) Want to s...
Dec 21, 2022•23 min•Ep. 89
We all have likes and dislikes. As we get older, many of us find more and more things we tend to not be a big fan of, and it can be easy to fall into a negativity trap. With that in mind, I decided to spend some time thinking about the things I am a big fan of. In this episode, I will be sharing some of my favorite things with you, some financial, and some not. As you listen, try to make a list of your own! Here is some of what you’ll learn on this show: Plan ahead of time so you retire while yo...
Dec 14, 2022•19 min•Ep. 88
Everyone makes poor decisions at some point in their life. Big life changes can make the chances of a mistake higher- specifically a financial mistake. Let’s explore some of the things you should be thinking about to make smart financial decisions when you encounter some of the most significant events in your life. Here is some of what you’ll learn on this show: What to do if you find yourself in a new job or career. (3:40) Here are some things you should consider when going through a divorce. (...
Dec 07, 2022•22 min•Ep. 87
There is a good chance you have seen, or at least heard of, Charlie Brown. On the Thanksgiving Special, there is a moment where Charlie Brown makes a mistake but keeps repeating it as if he is expecting a different result. Unfortunately, many of us do this with our finances. Some even go as far as reaching out for help, but ultimately end up going back to their old ways. Listen to find out why and how you should avoid this. Here is some of what you’ll learn on this show: Let’s talk Thanksgiving;...
Nov 30, 2022•12 min•Ep. 86
You have questions? Well, we have answers. We have been getting a lot of listener questions the last few weeks, and many of them are questions I get from clients all of the time. We will discuss financial scenarios from having multiple mortgages to whether or not you should pay for your children’s student loans. Here is some of what you’ll learn on this show: Should I pay off my mortgages on my rental properties if I have enough invested to pay them off? (3:23) What to do when you’re paying a la...
Nov 23, 2022•22 min•Ep. 85
What is an RMD? You've probably heard the acronym but how much do you know about required minimum distributions? There tends to be a lot of confusion surrounding RMDs, so today we will go over everything you should know. The Required minimum distribution is the mandatory amount that everybody must take from their qualified accounts in the year they reach age 72. Let’s cover some of the key points to help you better understand RMDs. Here is some of what you’ll learn on this show: What is the purp...
Nov 16, 2022•17 min•Ep. 84
Just like the lights on your dashboard can indicate if something is wrong with your car (like low tire pressure or leaking oil), there are indicators in your financial life that might point out that you have a problem that needs to be addressed You might have watched your parents retire in their early 60s and think that’s how it should still be for everyone. But consider that you’ll likely live much longer than them, you probably don’t have the pension that they had, and the costs for your healt...
Nov 02, 2022•25 min•Ep. 83
We are excited to have Steve Lopez as our guest today. Steve is a journalist for the LA Times and is about to release a new book on retirement. We feel that a lot of what Steve writes about will resonate with our listeners. Steve found himself facing a fork in the road: To retire, or not to retire? This fork in the road led him to write ‘Independence Day: What I Learned About Retirement from Some Who’ve Done It and Some Who Never Will’. During this journey, he spent a year interviewing people wh...
Oct 26, 2022•49 min•Ep. 82
We always talk about the money side of financial and retirement planning. But what about the mental aspect of that big life change? Today we’ll break down an article written by a Licensed Professional Counselor (Kate Schroeder) for Psychology Today, titled The Psychological Investment In Retirement . Here is some of what you’ll learn on this show: Few people consider the consequence of walking away from a life and routine that has likely defined them for decades. (2:51) The author says that rese...
Oct 19, 2022•29 min•Ep. 81
Is owning a second home, now considered the American Dream? While it may not be an option for everyone, it seems to be a common goal for more people in the last 5-7 years. In this episode, we are going to go over some of the pros and cons of purchasing a second home. Not only has Lee been asked about purchasing a second home countless times, but he and his wife recently purchased a condo as a vacation home. Listen to hear his experience and see if it may be the right move for you, too. Here is s...
Oct 12, 2022•24 min•Ep. 80
We’re bombarded with ads each day in all forms of media. But have you ever taken a closer look at these messages? If we unpack some of these headlines and ads a little more, we can clearly understand what emotions they’re trying to elicit. More importantly, we can figure out what companies are trying to sell us. For this episode, we perused the internet for a couple of hours and kept track of various financial planning, investing and retirement ads we came across. Let’s pick apart these messages...
Oct 05, 2022•25 min•Ep. 78
Everyone’s journey to retirement tends to look a lot different, but there are still some fundamentals that everyone needs to pay attention to before taking that leap. You don’t want to be a few years from retirement before you question whether you have covered all your bases. In today’s episode, we will talk about six important steps in the retirement planning process, plus a bonus step that is often overlooked. Don’t leave anything up to chance, and make sure you actually have enough to live of...
Sep 28, 2022•17 min•Ep. 79
You’ve most likely heard plenty of “rules” you’re supposed to follow to retire successfully. Some of these rules are stated so confidently, you’d be crazy not to immediately accept them as fact. But we don’t mind the threat of being called crazy, so let’s dive into some of the most popular retirement “rules of thumb” to see if they truly lead us down the path of good financial guidance or run a chance of leading us astray. Here is some of what you’ll learn on this show: Should you follow the rul...
Sep 21, 2022•23 min•Ep. 77
