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Financial Symmetry: Balancing Today with Retirement

When considering retirement, do you wonder what financial opportunities you may be missing? Busy lives take over and years pass without taking advantage. In this retirement podcast, Chad Smith and Mike Eklund unveil financial opportunities, to help you balance enjoying today so you are ready to retire later. By day, they are fiduciary fee-only financial advisors who answer questions about tax savings, investment decisions, and how to save more. If you’ve been putting off your financial to-do list or are just not sure what you’ve been missing, subscribe to the show and learn more at www.financialsymmetry.com. Financial Symmetry is a Raleigh Financial Advisor. Proudly serving clients in the Triangle of North Carolina for over 20 years.
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Now displaying: January, 2018
Jan 29, 2018

Studies show that most women don't think of themselves as having financial savvy. Honestly, it's a very sad situation but one that is improving as years go by. In this conversation, you will hear some of the latest statistics about the improving state of women's finances, the causes behind these improvements, and what any woman can do to grow to be savvier when it comes to financial planning.  But the Financial Symmetry team isn't going to stop there. Allison Berger and Grace Kvantas present their Top 10 Financial Tips For Women and explain why each one is important.

If there are women listening who have a goal to increase their financial savvy, this is the episode they should listen to.

Women Face Financial Challenges Men Don't

It's not an exaggeration at all to say that women face unique challenges when it comes to building wealth and managing their finances in a way that leads toward a secure retirement. In this conversation, Allison and Grace highlight 3 challenges women face that men do not. First, nationwide, women tend to be paid less than men. Second, women tend to live longer which means the finances needed over their lifetime and retirement is greater than that of men.  Third, women have the opportunity to become mothers, which means time out of the workforce that men don't experience. Don't miss this insightful episode that highlights how women can address the challenges effectively and increase their financial savvy.

Analysis Paralysis: Road Block to Wealth Building for Women

We are coming out of a cultural period when women were not typically encouraged or expected to be very savvy when it comes to finances. That leftover mindset has caused many women to feel overwhelmed at the thought of understanding or managing finances which in turn, causes analysis paralysis to set in. But the good news is that women don't have to be paralyzed with overwhelming fear when it comes to building wealth and planning for a secure future. This episode highlights 10 of the first steps women can take to grow their financial knowledge, so be sure you take the time to listen.

Struggling With Guilt

Many women struggle with guilt regarding finances: “If I have less, someone else will have more.” The reality is that the opposite is almost always true. In general, women tend to be empathetic and helpful toward the people in their lives. That wonderful trait can take a bad turn though when it causes them to believe that making a meager living will enable someone else to have more. That is an entirely false belief in light of the facts. Building wealth for yourself and your family enables you to have the resources to be a benefit to the people who truly have needs. Being wealthy doesn't take from others, it enables you to be a blessing. Find out more about this backward mindset and how to reverse it, on this episode.

Tracking Cash Flow is Vital

Knowing what your earning and spending allows for more control. It's one of the basic principles of budgeting and money-management but many women are not diligent about doing it: Track your cash flow. You can't grow to be savvy when managing your finances if you don't know what is coming in and what is going out. In this conversation, Allison and Grace provide a number of financial tips for women in hopes that the things that keep them from being confident about building wealth and a secure future can be overcome through practical steps that anyone can accomplish. You will enjoy the practical and common sense approach they take on this episode.

What You’ll Learn In This Episode

  • [2:13] The alarming stats surrounding women and wealth
  • [3:33] 3 particular challenges for women when it comes to building wealth
  • [7:06] Underconfidence bias: how it impacts women building wealth
  • [8:52] Characteristics of women investors and societal trends that impact wealth building
  • [17:21] Stats that demonstrate the problem women face when attempting to build wealth
  • [18:57] Things are changing in culture, education, and earnings
  • [21:58] The benefits of having a 3rd party in a couple’s financial conversations
  • [25:33] 10 Tips for women when it comes to finances

Links Mentioned In The Show

The Top 10 Financial Tips for Women

  1. Get started today - don’t wait for a crisis to force you into it
  2. Have a way to view all of your accounts and account statements
  3. Know your benefits: it’s not only up to your spouse, become informed
  4. Make sure you have your name on at least one account (checking and credit cards)
  5. Think long term: investing your money, investing in yourself, planning for success
  6. Track your cash flow: know what’s coming in and what’s going out
  7. Drop the ball: let go of the expectation that you have to do everything
  8. Don’t be afraid to ask questions or to ask for help
  9. Maintain your network. You’ll need it throughout your life
  10. Know your estate scenarios: What will happen if someone passes away?

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Jan 15, 2018

Checklists make life easier. Research has demonstrated the value of checklists in all industries from medicine to construction. Often our financial to-do lists are scattered tasks we think about often but struggle to complete due to the multiple steps involved. Most of us start the year with hope that this year will be different from this perspective. How much easier could tackling these tasks be if we had a checklist to follow?

In this episode, we’ve compiled 12 steps to make sure you are starting the year on the right foot. We also discuss how powerful these things can be longer-term due to the value of compounding. Albert Einstein knew this, calling compound interest the eigth wonder of the world.  But how much does compounding matter in other financial areas outside of strictly math. Tune in to assure you have worked through this checklist, and if not, find ways to get help.

What You’ll Learn in This Episode

  • The connection between compounding and habits.
  • Your habits produce more compounding
  • Quote: “People often overestimate what they can accomplish in one year, but they greatly underestimate what can be accomplished in five years.” Peter Drucker.
  • Quote: “The one thing we can always control in this unpredictable life is our effort. Effort creates action, action creates momentum, and momentum creates success.” Dwayne “The Rock” Johnson.
  • 12 Useful Steps for your New Year financial checklist.

Check out the detailed show notes here: https://wp.me/p6NrVS-2UR

 

Jan 4, 2018

As we approach year end, we now have the first major tax overhaul in over 30 years, which became effective January 1, 2018. As financial planners, we are focusing a great deal of our attention on the changes that are coming and how they are going to affect each of our clients in the coming years. The reform creates new opportunities for some, and closes the door on others. So, what are the major changes that are coming and how do they affect you? Join us in this episode as we discuss the biggest likely impacts that will influence your personal situation.

Some of the biggest changes are in these areas:

  • Tax Cuts for Most
  • Increased Standard Deduction
  • Key Itemized Deductions Changes and Limitations
  • IRA Recharacterizations
  • Child Tax Credit Expansion
  • 529 Plan Usage Expanded
  • Home Office Deduction Elimination
  • AMT Changes

Read more detail in the show notes here: https://wp.me/p6NrVS-2UU

 

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