Real Personal Finance

076 - Financial Planning Issues to Consider Before Year-End

In this week’s episode of Real Personal Finance, James and Scott discuss end of year tax planning. As the year comes to an end, we want to make sure your income and investments are in order. Whether you had a year of financial gain or financial loss we help you use that to your advantage, no matter your tax bracket. Time Stamps: 00:28 - Year-end tax planning 01:00 - Core concepts to focus on for EOY planning 01:44 - Harvesting gains or losses in your portfolio 04:30 - Tax gain harvesting 06:55 -...

075 - What's the Best Way to Fund Large Purchases in Retirement?

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 f...

074 - Should You Invest in Bitcoin?

In this episode James and Scott discuss their thoughts on Bitcoin and whether or not it belongs in your investment portfolio. They discuss: Traditional asset classes Alternative asset classes Risk vs growth potential Potential inflation hedges Considerations when adding new assets to your portfolio. LET'S CONNECT! James Facebook LinkedIn Website Scott Facebook Twitter Website ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTun...

073 - Better Investor Series: How to Tilt Your Portfolio to Increase Your Odds of Success

In the third episode of the Better Investor Series James and Scott discuss ways you invest your portfolio for better potential long-term growth. Listen in as they discuss what parts of the stock market have historically demonstrated higher returns than others. Timestamps [2:35] Different types of stocks and bonds - which do you tilt toward? [3:12] Market overview the end of 2019 - the United States stock market represented 54% of the global stock market. [5:40] Pros and cons of diversification. ...

072 - Better Investor Series: Understanding Asset Allocation

In this episode, we dive deeper into three ways on how you should think about framing asset allocation; your ability to take risks, your willingness to take risks, and your need to take risks. Listen in to learn the fundamentals that should drive your investment decisions. Timestamps: What is asset allocation [0:30] The four factors in your ability to take risk explained [2:18] How to work out investing horizons framework [3:14] Think of your income stability outside of investments you plan on m...

071 - Better Investor Series: 10 Steps to Investment Success

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: How to understand economic frameworks that help you build financial investing [1:01] Embrace market pricing- the equilibrium price [1:47] The risk of trying to outcast the market according to statistics [3:40] R...

070 - How Should You Invest in an Election Year?

We are in the election year and you’re probably wondering whether you should make changes to your portfolio, right? In this episode, we talk about election years and how they affect the market and your investment choices. Timestamps: The difference between market statistics history during the election and non-election years [1:31] Reasons why capitalism is probably going to work [2:32] Why returns in election years are the same as non-election years [4:15] Why chances of market volatility have a...

069 - Should You Use a Target Date Fund In Your 401(k) Plan?

Is a Target Date Fund right for you? To put it in simple terms, it depends. Today we explain what the appropriate course of action is when approaching a Target Date Fund. From new investors to those more well-seasoned, we discuss what factors you should consider when deciding if you should use a Target Date Fund or select your own investment mix. Time Stamps: Introduction – 00:02 Listener question – 00:25 What is a Target Date Fund – 2:00 Salsa analogy – 2:52 How do the fees work – 4:05 Is it ch...

068 - What is Mega Back Door Roth Contribution and Who Can Do It?

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...

067 - What's the Best Investment Strategy for a 5-7 Year Timeframe?

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 s...

066 - How to Teach Kids About Money Basics?

065 - How to Navigate Open Enrollment: I Hope You Have It

064 - How to Navigate Open Enrollment: Stock Compensation

063 - How to Navigate Open Enrollment: Health Insurance

062 - 10 Hidden Costs of Home Ownership

Property Taxes Closing Costs Earnest Money Paying for the Escrow Homeowner's Insurance Other Taxes Interest Rates Moving Costs Utilities Home Maintenance & Repairs LET'S CONNECT! James Facebook LinkedIn Website Scott Facebook Twitter Website 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...

061 - What do I do With My Emergency Fund with Interest Rates So Low?

High Yield Savings Account Certificate of Deposit (CD) Checking or Savings Account Taxable Investment Account Roth IRA LET'S CONNECT! James Facebook LinkedIn Website Scott Facebook Twitter Website 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...

60 - What Tax-Efficient Investment Strategies Exist After I Max My 401(k)?

What % of income are you saving to your retirement accounts? Where to put extra $ If not fully funding retirement .... After tax contributions to 401ks Mega-backdoor Roths Backdoor Roths HSA accounts Side Income Solo 401k Taxable account If fully funding retirement Other Goals Home Purchase - Savings Account College Savings - 529 Taxable Investments Balance the present vs future LET'S CONNECT! James Facebook LinkedIn Website Scott Facebook Twitter Website ENJOY THE SHOW? Don’t miss an episode, s...

059 - What Do I Do After a Parent Passes Away?

Cash Flow Estate Settlement Insurance Taxes Investments & Assets Other Issues LET'S CONNECT! James Facebook LinkedIn Website Scott Facebook Twitter Website 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...

058 - Everything You Need to Know About 529 Plans

Who's who on a 529? Who is the best grantor? Which 529 should I choose? Incentive to invest in the in-state plan? Incentive to invest anywhere? No Incentive See what your state offers here How do you invest? Age-based Static risk-based Gifting to the account LET'S CONNECT! James Facebook LinkedIn Website Scott Facebook Twitter Website 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 a...

057 - What Questions Should I Ask When Hiring a Financial Planner?

What kind of advisor do you want? How are they compensated? What services to they provide? What types of clients to they work with? Are they a fiduciary .... ALL THE TIME? Disciplinary record with the SEC or FINRA? How will they help you reach your financial goals? What happens to your relationship with the firm is something happens to your advisor? Where can you find an advisor? NAPFA XYPN Garrett LET'S CONNECT! James Facebook LinkedIn Website Scott Facebook Twitter Website ENJOY THE SHOW? Don’...

056 - What Is The Value of Working With a Real Financial Planner?

Professional Expertise Convenience Coaching Values Alignment LET'S CONNECT! James Facebook LinkedIn Website Scott Facebook Twitter Website 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...

055 - Midyear Check Up: What To Look For In Your Insurance Policies

Health Insurance Life Insurance Disability Insurance Long-Term Care LET'S CONNECT! James Facebook LinkedIn Website Scott Facebook Twitter Website 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...

054 - LLC vs Sole Proprietorship: Which is Right For Your New Business?

Forming your company Capital Funding Tax Issues Personal Liability LET'S CONNECT! James Facebook LinkedIn Website Scott Facebook Twitter Website 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...

053 - Should You Invest In Bonds with Interest Rates so Low?

Not all bonds are created equal Bond act as a ballast in your portfolio They provide fund to rebalance when the stock market is on sale LET'S CONNECT! James Facebook LinkedIn Website Scott Facebook Twitter Website 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...

052 - What Are the Most Important Accounts to Save to First?

Foundational Savings Healthcare Savings Retirement Savings Employer Benefits & Business Owner Savings College Savings and other accounts for kids Insurance? Other accounts LET'S CONNECT! James Facebook LinkedIn Website Scott Facebook Twitter Website 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...

051 - What Issues Should I Consider When Buying a Home?

Cashflow Mortgage Downpayment & Closing Tax Planning Estate Planning Other LET'S CONNECT! James Facebook LinkedIn Website Scott Facebook Twitter Website 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...

050 - How Coronavirus Will Impact Future Social Security Benefits

Impact of Covid on Social Security - Wharton Article How will you fix Social Security? Social Security Reformer LET'S CONNECT! James Facebook LinkedIn Website Scott Facebook Twitter Website 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...

049 - How Much Do I Have?

Balance Sheet Spreadsheet LET'S CONNECT! James Facebook LinkedIn Website Scott Facebook Twitter Website 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...

048 - What Financial Issues Do I Need to Know if I Lose My Job?

What should I think about if I lose my job? Cash flow Health Insurance Assets & Debts Tax Planning Career Planning LET'S CONNECT! James Facebook LinkedIn Website Scott Facebook Twitter Website 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...

047 - Things You Didn't Know About Roth IRAs

What is a Roth IRA? How can I contribute? Contributions available for withdrawal at any time 5 Year Rule From account opening Roth Conversions Beneficiaries Backdoor Roth Conversions No Required Minimum Distributions Spousal Roth IRAs Kid Roth IRAs LET'S CONNECT! James Facebook LinkedIn Website Scott Facebook Twitter Website 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? Subm...