You know those things you know you should do - eat healthy, work out every day, sleep eight hours - but struggle to get done? We all do it, and skipping over financially healthy habits is another common way to cut corners.
Overlooking seemingly small aspects of your financial life now is just like skipping floss or skimping on sleep - they don't have a huge impact immediately, but can really affect you down the road. Tuning up your financial habits is a good way to keep yourself in good shape for the long run.
On another note, we'd love to see and hear how you're listening to the podcast. Walking the dog? On your commute? Let us know!
You can find show notes and more information here: http://bit.ly/2vekwVO
There’s always more to learn when it comes to the world of finance. A great way to squeeze in some extra know-how this summer is through reading. So on this episode, we have a list of 13 great titles that you may want to add to your reading list, no matter where you are financially or what interests you have.
You can find show notes and more information by clicking here: http://bit.ly/2ukGIgu
When was the last time you asked yourself: what purchases have I made in the last month that really made me happy? It might sound like a silly question, but as we'll reveal in this episode, the answer is key to making sure you spend money in a way that supports short- and long-term happiness.
In this episode, we're switching it up a bit and giving you a rundown of one of our favorite books: Happy Money: The Science of Happier Spending. Happy Money gives you the tools to spend in ways that can help you build and sustain happiness over a lifetime. And to make it even more fun, we're talking about popular movies that align with each of the book's five principles.
You can find show notes and more information by clicking here: http://bit.ly/2tOcm2r
How you take your retirement pension can be a more consequential decision than many people realize. The debate over whether to take your pension as a lump sum or as monthly payments can be tricky.
On this episode, Chad and Michael share 5 things you should keep in mind when making decisions about your retirement pension. They cover some of the key terms you should know, and point out the importance of finding what age is the breakeven point in your calculations. Inflation is also key to factor into your decision, as well as how your pension will affect your spouse.
You can find show notes and more information by clicking here: http://bit.ly/2sBJw8f
We are so excited to welcome back Cameron Hendricks to the Financial Symmetry Podcast! He is back to discuss the journey of writing a book about financial decisions and how they affect your family dynamics. We chart his growth in thinking about financial planning and helping people achieve their financial goals.
You can find show notes and more information by clicking here: http://bit.ly/2rfNp0z
As with any financial decision, investing in real estate requires a lot of thought and planning. We've pulled together five of the most important things you should consider before you buy any time of investment property, be it residential or commercial.
You should also consider whether you're passionate enough about maintaining property to dedicate significant time and money to the endeavor. Real estate is no small undertaking, but can be fulfilling if you enjoy the process.
You can find show notes and more information by clicking here: http://bit.ly/2q5NC5T
Everyone has a unique road to financial literacy. One common trait we all share is that we hope to pass our wisdom on to the next generation, and that they will learn valuable lessons while they are young. In today’s episode, Chad and Mike share their best tips and tricks for educating your children about money.
You can find show notes and more information by clicking here: http://bit.ly/2oTSL1K
Saving for retirement often feels like the biggest and most-talked about goal of financial planning. And while there's a lot that goes into successful retirement planning - healthcare costs, keeping track of spending, and tax planning - there are some pitfalls that a comprehensive financial plan can help you avoid.
Today we're doing one of our famous Top 10 episodes and counting down the top ten retirement mistakes to avoid. We cover everything from how you should budget your spending, to unanticipated costs, to the tens of thousands you could save with intelligent tax planning.
You can find show notes and more information by clicking here: http://bit.ly/2oypJDI
Today we're talking about one of the larger purchases you might make: buying a car. 90% of consumers say that price is their most important consideration when buying a car, and that negotiating is the most painful part of the process. Big purchases can be stressful and confusing, but there's no reason your financial planner shouldn't be able to make them easier.
We walk step-by-step through the process of buying a car, beginning with determining what you can afford. You'll also have to consider the functionality of your new purchase, and what owning a car really means to you. We also cover the question of buying vs. leasing, and where to go to get independent consumer reports about cars you're considering.
You can find show notes and more information by clicking here: http://bit.ly/2nxfDAj
The word "fiduciary" is being tossed around a lot lately, largely because of the Department of Labor's oncoming regulations. We thought it would be a good idea to talk about what fiduciary advisors don't look like, so you can choose an advisor that always puts your interests first.
First we talk about what fiduciary means and why it only applies to retirement advice. Then we go through a list of five examples of non-fiduciary advice so you'll know it when you see it. We cover the importance of transparency, duty of care, and the difference between suitable and fiduciary advisors.
You can find show notes and more information by clicking here: http://bit.ly/2na4Iif
For many of us, our parents getting older is a tricky situation to navigate. How do you respectfully offer your help? Ensure they get the best care? Know what to do with their bills and other finances?
For our first-ever interview, we're speaking with Cheryl Theriault of LifeLinks Care, a group of nurses, social workers, care managers, and other professionals that specialize in helping families navigate elder care. We've worked with Cheryl and her team in the past, and thought she would be an excellent guest to talk about this sometimes-sensitive topic.
You can find show notes and more information by clicking here: http://bit.ly/2kBFFiW
Mike's turning 40! As he hits this milestone, they guys explore the lessons he learned over more than 17 years in the financial services industry. Mike and Chad will reflect on the top 10 lessons learned from these experiences in this week's episode of the Financial Symmetry Podcast.
Top 10 Investment Lessons Learned
Did you meet your New Year's Resolutions last year? Have you set goals for the New Year? In this episode, Chad and Mike discuss the five small steps you can take to make your resolutions attainable.
You likely would rather think about ANYTHING other than their taxes. And even though you want more tax savings, you rarely follow through with proper tax planning. Most people don’t realize the large amount of tax savings they could have by making a few simple tweaks. Instead they operate under the “penny wise, pound foolish” mantra. Missing substantial savings to save the cost of a professional. By performing professional tax planning towards the end of the year, there is often thousands in tax savings available. You can read more about our 10 tips to help you save more when filing your taxes this year.
Many people don't have a great idea of what do do with their bonus at the end of the year. Should you spend it? Invest it all immediately? Invest it over the coming year? In this week's podcast, Chad and Mike explore your options and help you decide how to end your year.
Music this week:
Celebration (Single Version) – Kool & The Gang from the Album Celebrate! (1980)
Don't Stop Believin' – Journey from the Album Greatest Hits (1988)
Used under Fair Use.
Two-thirds of people admit to procrastinating when it comes to their retirement planning. In fact, the average person spends more time planning a vacation then than do planning for retirement.
Non-urgent financial tasks love to find cracks in our to-do list, falling to the bottom fast. Mark Twain humorized this concept well with his quote, “Why do today what you can put off till tomorrow?”
Jason Zweig captured these problems in his book Your Money and Your Brain. He wrote “Unpleasant tasks often lead to pleasant results down the road. We often procrastinate the worst on things that are good for us [with] saving more in our 401(k)” being near the top. “So the problem is not that we don’t know what’s good for us. It’s just that tomorrow seems like a better time to do it than today.”
In this episode, we share some of the best reasons we’ve read, personal stories, and tips we’ve used to combat financial procrastination.
You can also check out Chad on the Stacking Benjamins Podcast on a special Halloween edition. He shared 5 horror stories we see regularly from when we first meet with people.
Can you really fail in retirement?
For most people, retirement is that time on the horizon when you get to do what you want, when you want. But surprisingly, it's not all that uncommon for people to retire only to go back to work or face other unexpected negative events that occur which people are not prepared for.
You spend a boatload of time planning the financial side of retirement (at least we hope you did). But how much time do you spend planning how you'll spend your time.
In this episode, we share ideas from an intriguing presentation given at NAPFA National 2016 where Mitch Anthony spoke about his new book The New Retirementality. He describes 10 components in the "Return on Life Index" he developed. This index details all the other areas you get a return in life that you may not regularly think about through those lenses. This includes your contribution after work, leisure, health, education, and relationship building opportunities.
Remember, you don't stop investing after you stop working. You just find different areas of your life to invest in, besides your portfolio. Take a listen to find out more of what we learned during Mitch's presentation.
New regulations for 401k regulations are putting even more responsibility on the employer. Understanding these new laws can be a complex, and time-consuming task. Join Chad and Mike as they walk through the basics of what employers need to know to ensure they are ready for the changes.
In this episode, Chad and Mike take another look at the 401k, and how important it is to your retirement plan.
Much is made about keeping our physical fitness in good shape. But what about your financial fitness? In this episode, Chad and Mike discuss why its important to regularly take a survey of your financial fitness, and how you can improve it once you do.
This week, we're back up with the conclusion of our college planning episode! Mike takes a look at financial strategies for the final few years before your child goes to school, and what you can do to maximize your funding during this time.
This week, we're covering one of Mike's favorite topics: college planning. Learn what to do during the early years of your child's life to ensure you have the resources you need to support their education.
This week, Chad brings on special guest Cameron Hendricks, CFP® to discuss his recent experience at the FPA NexGen conference, and why it is important for your financial advisors to attend conferences in general.
One thing is certain, there are always going to be panics in the market. Political turmoil, natural disasters and other factors will cause markets to move, and can make you wonder: should I sell all my investments and hope that it gets better? Chad and Mike discuss these issues to discover how you can avoid making common investment mistakes with uncertainty in the markets.
In this episode Chad and Mike discuss managing your 401k, and how to avoid common mistakes when saving in your retirement account.