Is your cash currently sitting under your mattress, withering away with inflation? While stashing your cash seems like a safe bet, it limits your access to investment opportunities. With inflation rising, the value of your cash may not have the longevity you hoped for. If you currently have a pile of cash and are asking yourself, “Well…what now?” this week’s episode of “Real Personal Finance” guides you through aligning your resources with the life you want to lead. Scott Frank, founder of Stone...
May 13, 2024•23 min
What does being financially independent mean to you? Those chasing FIRE (Financial Independence, Retire Early) are choosing to live frugally now to achieve early retirement. FIRE is a means to unlock a life where work is optional and the freedom of choice reigns supreme. Scott Frank, founder of Stone Steps Financial, and Meg Bartelt, founder of Flow Financial Planning, LLC, discuss the movement's evolution and how people are applying FIRE principles to their daily lives. With the concept of Coas...
May 10, 2024•26 min
Does your anxiety spike every time tax season rolls around? The possibility of receiving an unexpected tax bill can bring a sense of dread to the entire month of April. We all have to pay taxes, but we don’t have to stress about them. Scott Frank, founder of Stone Steps Financial, is joined by Meg Bartelt, founder of Flow Financial Planning, LLC, to simplify conversations around money and tax planning. Conquer your tax season anxiety and avoid the shock of unexpected tax bills through Scott and ...
May 09, 2024•26 min
Scott and James thank all of the fans for years of support for listening to the podcast and review where you can find them if you're looking for customized advice when it comes to maximizing your finances. LET'S CONNECT! James YouTube | Website | Podcast Scott Facebook | Twitter | Website...
Mar 01, 2023•6 min•Ep. 193
Scott and James discuss how to balance a home purchase with saving for retirement. Listener Question: We want to stay in manhattan and want to be home owners but can’t make the math work. Our current rental 2 bed 2 bath just went up to $4400/mo. A comparable condo would sell around $1.3-$1.5m. That would put the mortgage at around $7,000 with another $2,000-$3,000 in maintainable and taxes a month. Rent does keep increasing and I don’t want to keep getting squeezed but does buying in Manhattan j...
Feb 22, 2023•15 min•Ep. 192
Scott and James discuss what to do if you make too much to contribute to a Roth IRA. Listener Question: I am currently 33 years old, single, and am nearing a $129,000 annual salary. I have been investing in a Roth IRA and realize the phaseout limits for single taxpayers are from $129k - $144k. My question is, how do I lower my income, besides contributing to my traditional 401k, so I can keep contributing the max $6000/year into my Roth IRA as my income rises over the years? Planning Points Disc...
Feb 15, 2023•13 min•Ep. 191
Scott and James discuss whether or not an MBA is worth it. Planning Points Discussed Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.) Timestamps: 2:30 - Listener Quesiton 5:30 - Why MBA? 7:46 - Pros/Cons of MBAs 8:30 - Debt v. Investing 16:05 - Aligning Your Financial Goals LET'S CONNECT! James YouTube LinkedIn Website Scott Facebook Twitter Website...
Feb 08, 2023•15 min•Ep. 190
Scott and James discuss the tax implications of withdrawing income from various accounts in retirement. Listener Question: Can you talk about how some of the main retirement accounts are taxed upon withdrawal? Example topic: Are withdrawals just subject to Federal taxes, or FICA taxes as well? And how / if withdrawing from retirement accounts affects eligibility / taxes you have to pay on social security? Can you talk about how after tax brokerage accounts are taxed both while investing and when...
Feb 01, 2023•17 min•Ep. 189
Scott and James discuss how to reduce costs inside of your company's 401(k). Join the Real Personal Finance Community and click on "The Nation" We're on YouTube here ! Listener Question: What is a good expense ratio for a retirement account? Is this something you can control with an employer sponsored plan? I want to make sure my money is working for me and I am maximizing my returns Planning Points Discussed Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, In...
Jan 25, 2023•22 min•Ep. 188
Scott and James discuss how real estate should factor into your retirement plan. Join the Real Personal Finance Community and click on "The Nation" We're on YouTube here ! Listener Question: Me and my wife enjoy doing live and flip rentals and are planning on the cash flow to be part of our retirement funds. We are planning to move in a year and would like to pick up a third house to add to our portfolio when we do. How would you run the numbers to see if this is a safe investment for us. Ensure...
Jan 18, 2023•24 min•Ep. 187
Scott and James discuss how to best diversify a concentrated stock holding. Join the Real Personal Finance Community and click on "The Nation" We're on YouTube here ! Listener Question: How do I exit a concentrated stock position? I’m an employee at a large tech company and I’ve vested RSUs over the last 4 years. Some of my stock has appreciated 4x since I was granted it. My non-company stock brokerage account value is around $700k, and on top of that my vested company stock (APPL) is worth $250...
Jan 11, 2023•26 min•Ep. 186
Scott and James discuss how 5 things to start the new year right with your finances. Join the Real Personal Finance Community and click on "The Nation" We're on YouTube here ! Planning Points Discussed Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.) Timestamps: 2:30 - We're on YouTube HERE! 6:17 - Financial Goals 11:15 - Priorities in Money 24:46 - Individual Choices 30:46 - Customization is Key 33:00 - Aligning Your Financia...
Jan 04, 2023•35 min•Ep. 185
Scott and James discuss how you should choose your survivor benefits options for your pension. Join the Real Personal Finance Community and click on "The Nation" We're on YouTube here ! Listener Question: I'm not sure if this can be a whole show but I was wondering if you guys can go over how to think about choosing between the Survivor Benefit Plan (SBP) and whole or term insurance. I'm in the military and will be retiring soon. I work with a lot of members that are retiring and this choice see...
Dec 28, 2022•20 min•Ep. 184
Scott and James discuss misleading financial rules to avoid. Join the Real Personal Finance Community and click on "The Nation" We're on YouTube here ! Listener Question: How do you both think about the common wisdom that you should have a certain multiple of your income saved by a specific age (e.g. save at least 1x your salary by 30, 3x by 40, 6x by 50, 8x by 60, and 10x by 67)? I am in a situation where my income has tripled between ages 30 and 35. As an example, let's say I had 100K saved at...
Dec 21, 2022•19 min•Ep. 183
Scott and James discuss annuities and announce Real Personal Finance NATION! Join the Real Personal Finance Community and click on "The Nation" We're on YouTube here ! Listener Question: I've met with multiple financial advisors and all of them have 2 things in common. 1. They all say they are Fiduciary. 2. They all try and pitch me on various types of annuities to supplement or augment my portfolio. Can you please address annuities on a show? Everything I have read online says to stay away from...
Dec 14, 2022•43 min•Ep. 182
Scott and James discuss the best way to enter the financial planning industry as a career changer. Wilson Liu Financial Resources We're on YouTube here ! Listener Question: I really enjoy your podcast. I've had a 10-year career in nonprofit development, but I've had a passion for investing and personal finance since I was a little kid. I'm trying to pivot into wealth management. I know in a recent episode you addressed the path into the industry for someone coming out of college. I'd love to hea...
Dec 07, 2022•26 min•Ep. 181
Scott and James discuss how you can know when you're financially free. NEW: We're on YouTube here! Listener Question: If you think we can step away from work when I hit "my number" whether it be at age 49 or 54 - knowing that I would only pull approx 3% from my brokerage until I reach 59.5. My goal would be to leave FT work at age 50, and have my wife and I only work PT or consulting to cover expenses and carry healthcare - w/o withdrawing from the portfolio until we hit our number (BTW we think...
Nov 30, 2022•23 min•Ep. 180
Scott and James discuss the most how individual stocks compare to investing in funds. NEW: We're on YouTube here! Listener Question: I listen to your podcast and it has inspired me to invest however, I have invested into individual stocks and it has lost around 50% of its value so I invested money into VOO because I thought it was safer and I continue to invest $55 every two weeks im 18 and this is what I can comfortably afford how do I build my wealth for the long term should I continue to inve...
Nov 23, 2022•34 min•Ep. 179
Scott and James discuss the most effective way to incorporate giving into your financial plan. NEW: We're on YouTube here! Listener Question: Am I on track to retire at 52? Am I over-investing in retirement at the expense of more freedom now? How would you recommend incorporating pension plans into overall retirement planning (ideal year:pension percentage break-even point?)? Planning Points Discussed Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation,...
Nov 16, 2022•27 min•Ep. 178
Scott and James discuss if you should ever purchase your home fully in cash. NEW: We're on YouTube here! Listener Question: I’m 27 and my goal is to have a paid for house by the time I'm 45. In the next 18 years, if I save and invest aggressively will I have potentially have enough to pay in cash or is it better to get the mortgage when I'm able to and pay the interest because house prices will go up more than what I could earn in interest in the stock market? To me, it seems that any appreciati...
Nov 09, 2022•28 min•Ep. 177
Scott and James discuss how a pension fits into your overall retirement plan. NEW: We're on YouTube here! Listener Question: Am I on track to retire at 52? Am I over-investing in retirement at the expense of more freedom now? How would you recommend incorporating pension plans into overall retirement planning (ideal year:pension percentage break-even point?)? Planning Points Discussed Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals,...
Nov 02, 2022•23 min•Ep. 176
Scott and James discuss the 5 employee benefits to get right during annual enrollment! NEW: We're on YouTube here! Planning Points Discussed Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.) 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 - Align...
Oct 27, 2022•37 min
Scott and James discuss if Roth or Traditional is better for FIRE (Financial Independence, Retire Early). NEW: We're on YouTube here! Listener Question: I’m wondering if I should change my 401k strategy from traditional to roth? I’m a 35 year old high earner making around $175k a year plus bonus. I’m currently maxing my traditional 401k plus a 5% match from my employer. I need to work another 7 year to hit my FI number ($2.5M) and I have $160k in my traditional 401k right now. When I run the num...
Oct 19, 2022•27 min
Scott and James discuss if you should dip into your retirement accounts to purchase a home. NEW: We're on YouTube here! 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 ...
Oct 12, 2022•21 min
Scott and James discuss what to do when you receive a significant bump in income. NEW: We're on YouTube here! 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 Utilizing Ti...
Oct 05, 2022•23 min
Scott and James discuss if you should save your money for the future or spend it today. NEW: We're on YouTube here! 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...
Sep 28, 2022•23 min
Scott and James discuss where to invest excess income. NEW: We're on YouTube here! Planning Points Discussed Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.) 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 YouTube LinkedIn Website Scott Facebook Twitter Website ENJ...
Sep 21, 2022•28 min
Scott and James discuss if your investments are too concentrated. NEW: We're on YouTube here! Planning Points Discussed Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.) Timestamps: 2:30 - We're on YouTube HERE! 5:03 - Individual Context 7:32 - Budgeting 13:45 - Importance of Tracking Efficiently 19:32 - Index Fund Advantages 25:11 - Aligning Your Financial Goals LET'S CONNECT! James YouTube LinkedIn Website Scott Facebook Twit...
Sep 14, 2022•27 min
Scott and James discuss how to understand the stock market. NEW: We're on YouTube here! Planning Points Discussed Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.) Timestamps: 2:30 - We're on YouTube HERE! 6:31 - What is the "market"? 10:28 - Investing in the "winners" 18:09 - What % Are The Major Companies? 23:11 - Aligning Your Financial Goals LET'S CONNECT! James YouTube LinkedIn Website Scott Facebook Twitter Website ENJOY ...
Sep 07, 2022•24 min
Scott and James discuss what insurances you need (and don't need). Planning Points Discussed Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.) 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 YouTube LinkedIn Website Scott Facebook Twitter Website ENJOY THE SHOW? Don’t mis...
Aug 31, 2022•27 min
