2020-04

Ben Franklin and Partial Freedom from COVID-19

What does Ben Franklin have to do with your financial plan? He is remembered for many of his famous quotes, so we talk about the wisdom he shared that still applies today as we celebrate Tennessee's partial re-opening of the economy. 
 
Read more and get additional resources here: https://thefinancialanswer.com/podcasts/ben-franklin-and-partial-freedom-from-covid-19/ 
 
Today's show schedule: 
0:29 - Tennessee is experiencing a bit more freedom to get out of the house.
2:08 - What can we learn from Ben Franklin? 
2:30 - “Those who would give up essential liberty, to purchase a little temporary safety, deserve neither liberty nor safety.”
6:59 - Do you remember the scare of online identity theft?
8:23 - “Investment in knowledge pays the best interest.”
10:21 - Long-term bonds went down tremendously recently.
11:48 - “A penny saved is a penny earned.”
14:50 - “I’d rather go to bed without dinner than to rise in debt.”
16:45 - “There are no gains without pains.”
18:14 - “By failing to prepare, you are preparing to fail.”

Cleaning Your Financial Closet – Lockdown Edition

We’re all spending a lot more time at home right now and using this as an opportunity to get organized. So let’s clean out our own financial closet by taking care of the things you’ve probably had on your list for a while and tidying up some areas of concern.
 
Read more and get additional resources here: https://wp.me/paIiUZ-ff 
 
 
Today's show rundown:
1:15 – Understanding percentages when it comes to stock market gains and losses
2:58 – Make sure you know how your portfolio is balanced.
4:04 – Stimulus checks are rolling out this week.  
5:44 – How’s Nathan been dealing with the quarantine at home?
6:33 – Let’s clean out the financial closet during our down time.  
7:47 – What organizational tips would you give someone?
8:51 – Consolidate with one advisor.
10:03 – Review your monthly budget.
11:31 – Evaluate your portfolio and figure out if you’re taking the correct risk.
13:33 – Misunderstandings of what a budget means.
16:55 – Unemployment numbers continue to rise
18:26 – Update on how Tennessee is dealing with the health crisis.
19:32 – Incentives to return to society
20:31 – Nathan shares a story of his experience with how businesses are changing.

Coronavirus Aid - What You Need to Know About the CARES Act

With stay at home orders continuing for the foreseeable future, the government passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act to provide relief for individuals and businesses. Today we’ll look at the specific items that impact retirement, financial planning, and small businesses.
 
Read more and get additional resources here: https://wp.me/paIiUZ-f4 
 
Today's rundown: 
1:30 - We’re talking about the CARES Act today and what it means.
3:13 - Let’s start with the retirement portion. No RMDs for 2020.
5:47 - If you need to pull money out of 401k or IRA, there’s no penalty for early withdrawal.
7:43 - Now is an important time to be in touch with an advisor to reassess your plan and see what you can be doing. 
11:03 - Stimulus payments
14:24 - For small businesses, there’s a payment protection program.
15:52 - Who can apply for this relief?
17:05 - Here’s what we do know about this aid for small businesses.
18:26 - Details on what payroll costs consist of.
20:27 - Details on the forgiveness policy on these loans.
22:50 - The stimulus check is a one-time payment right now
24:18 - How long until things get back to normal?
25:34 - What are the conversations like with clients right now?