Money Rules Don't Rule

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We update listeners about some upcoming changes to the show.  Tune in!  

Plus, a bit of info about Estate Plans: if you have assets, you have an estate. If you have an estate, you need a plan for it. According to a recent survey, 55% of Americans who pass away do so without an estate plan. To make matters worse, nearly 72% of Americans don't have an up-to-date will.  

What is Microlending?  It was pioneered in developing countries as small loans at low interest rates.  Access to credit was now available to everyone, not just those with unblemished records.  Our guest today is Aanish Shamim, a Microloan Processor at Economic Opportunity, a program of Jannus in Boise, Idaho.  The EO Program provides access to credit to support financial resilience, especially when on hard times. Join us as we take a closer look at this largely unknown resource and how it's working to bolster communities.      

Money is a part of our relationships, all of our days.  But talking about money is hard!  In the early stages of a relationship, talking about money and your habits and expectations around it can be as helpful in deciding compatibility with someone as your shared interests.  In the middle stages, figuring out who manages daily finances can be a solo or shared task, while at end of life, knowing where the money is or having someone who can help you navigate that when a spouse dies can be immensely helpful.   Tune in to find out what our current household money conversations are about, and tricks we've learned to help us roll with the waves.

Lifestyle Creep is sneaky! It’s natural to increase your spending as your income rises. After all, we work hard to buy and do the things we love in life. However, when higher spending happens mindlessly, rather than intentionally, it becomes problematic. 

Lifestyle creep easily shows up in large purchases, like a home or nicer car, but it also materializes with smaller price tags, like eating out, buying more expensive clothing, or subscription services. It doesn’t happen overnight, so lifestyle creep can really "creep" up on you if you’re not intentionally keeping an eye out for it. To limit subscription spending, TrueBill is an example of a resource to help manage this.

We also explore how, "living paycheck to paycheck" means something different to everyone.

An entrepreneur is someone who undertakes a project, typically one that requires effort. Most people have thought about being an entrepreneur at some time in their life.  Some sources claim that nearly 71% of Americans said they'd rather be self-employed than be an employee (yet only 7% are self-employed!).

There's no right way to be an entrepreneur, but if you have an idea, are willing to take a risk, and put in the work to usher it through to the end, then you can be an entrepreneur. 

Sources include:

https://20somethingfinance.com/self-employment-poll/

Understanding how your mind can help or hinder your chances of investment success is critically important for every investor.

Humans are naturally wired to be terrible investors. Think about it…more often than not, our brain tells us to seek comfort and to avoid pain. While that tendency has helped us survive since the Stone Age, it's also a vital reason why we inevitably struggle to consistently make sound investment decisions.

Today's Guest is Ryan Rourke, your host's younger brother. In today's episode they talk about what they learned about money while growing up in the same household, how to manage the adult-sibling dynamic when money is involved, and how siblings can come together to help get their parents through their end of life.  In short: it's tricky!

Ryan is a retired professional athlete with a degree in economics from Cornell University and a law degree from Seattle University.  He advises clients in wealth management at The Smith Richards Group in Seattle, Washington.

 'Tis the season to give, so why not think about a gift that keeps on giving and provides a long-term benefit? In this episode, we share five ideas to give the gift of money and financial well-being this Holiday season.

Today's guest is Dr. Marie Rice, PhD, CFE, CIA is an Assistant Professor at Siena College with nearly 20 years of experience as an anti-fraud and audit professional. Join us as we push through less than ideal audio conditions to explore fraud and the reasons why it happens. We also identify resources that both employers and individuals can lean on for support through difficult times (particularly, Employee Assistance Programs). Fraud has far reaching consequences that perpetrators don't always realize, often including the loss of their most precious relationships.    

Dr. Rice can be reached at mrice@siena.edu

While saving is important to take care of your present needs and desires, investing is important for your future choices and goals. And with time being a limited resource, compounding is the secret to success. Join us as we talk about the difference between saving and investing, why it's critical to conduct your due diligence when making any investment, and why there's never been an easier time to invest than now. 

A listener wanted to know if the value and benefit of partnering with a financial advisor would exceed their fees. If they decide to hire an advisor, what should they be looking for? Copious research shows people struggle to objectively manage their personal finances. As a result, substantial amounts of money are left on the table each year due to the absence of professional help. How are the best financial advisors adding value to their clients? 

Episode 1:  Introductory episode Tune-in for an intentional conversation about money, wealth, and the unspoken aspects of these concepts in our lives: what is it, who has it, and why it's important to focus on the Return On Your Life (ROYL).

Episode 2:  Money rules are just that: the rules of a game.  And like all games, the rules can be manipulated, stretched, and creatively applied, depending on your unique situation, preferences, and priorities. 

Episode 3:   A Health Savings Account, or HSA, is more than what its name implies.  It is a little-known retirement asset with big upside.  

Episode 4:  Budgeting....ugh!  We know this is not a favorite topic, but they can be useful in helping to drive our behavior so we can get to where we want to go. Budgets are only as helpful as we stay disciplined to them.   

Episode 5:  The Child Tax Credit increases in 2021, and eligible taxpayers can receive an advance of this credit instead of waiting until they file their 2021 return in 2022. 

Episode 6:  Get to know your hosts! We take the hot seat and answer thoughtful questions about our individual financial perspective, experiences, hard lessons, and more. 

Episode 7:  Donor Advised Funds are an efficient way to turbocharge your charitable giving while maximizing the tax benefits of doing so.  

Episode 8:  What is wealth?  Formally, it's the money you don't spend, that you amass and acquire, to afford opportunities.  But really, it's a moving target that is constantly changing as the Fair Market Value of assets and investments change.  

Episode 9:  Life is constantly changing and our financial lives are no different. But are there any aspects of our financial life that we can control? 

Episode 10:  The tax returns of wealthy individuals were leaked to the press in June 2021. What does the public reaction to this leak tell us about ourselves and our views about money, what are some of the money rules that wealthy individuals leverage, and steps we can take to keep the needle pointed at ourselves instead of gossiping about others.  

Episode 11: The Megabackoor Roth strategy allows some retirement savers to contribute significant sums of money on a Roth (after tax) basis. If you're eligible, you may be able to get more than 4x the annual contribution limit of a Roth IRA growing tax-free!  

Episode 12:  Inheritances are complicated because they can trigger the trifecta of emotional issues: money, family, and death.  

Episode 13:  What does it mean to retire, not just financially but personally?  Having a plan for your money and how you'll spend your time in retirement helps ease the transition.

Episode 14: The spousal IRA contribution is one of the tax code loopholes that is a great way to save for retirement, in addition to building assets in the non-working spouse's name.  

Episode 15: Why is the cost of an education so expensive? Tune in as we look back 100 years on the origin of higher education and what an education is today.

Episode 16: An insightful conversation about money's journey through a bank, how commercial loans differ from personal loans, and why loyalty is an asset to your financial health. 

Episode 17: Most people hire an accountant when they no longer have the time, interest, or expertise to handle it themselves. So what should you look for in an accountant?