The Financial Answer

Financial planning guidance from West Tennessee’s Nathan O’ Bryant.

Welcome to Retirement, Now Don’t Screw It Up

It takes a lot of hard work and dedication to finally be able to step away from working and retire. But the journey isn’t over. You’re just transitioning to the next chapter of life, which is where your mindset completely changes financially. Let’s explore the ways people commonly mess up early in retirement.

 

Show Notes: https://thefinancialanswer.com/podcasts/welcome-to-retir…dont-screw-it-up/ 

 

On This Episode: 

0:38- Getting ready for Thanksgiving.

2:32- Welcome to retirement, don’t mess it up!

3:09- Don’t make any sudden decisions.

4:40- Don’t jump into investments that you don’t understand.

6:41- Work with a professional even after retiring.

8:33- It’s a different mindset once you get into retirement.

11:16- History lesson: 219 years ago Congress met for the first time in the Capitol Building in Washington.

The Final Decade Before Retirement

In the final 10 years before you retire, what do you need to do in order to make sure you’re ready? Do you know the answers to all of these questions?

 

Show Notes: https://thefinancialanswer.com/podcasts/the-final-decade-before-retirement/ 

 

Today's Rundown: 

1:48 - In the News: President Trump changed his residence to Florida for tax reasons.

4:15 - In the ten years leading up to retirement, you need to decide what is important.

6:02 - You need to know your numbers and consider your budget.

9:51 - Get a handle on your healthcare plans for later on. 

12:52 - Understand that your needs will change over time, just like your plan.

Trying To Find The Exception To The Rule When Investing

In anything, there’s always an exception to the rule. With your financial plan, when do you chase that exception and when do you stick with what’s average? Which will be more profitable in the long run?

 

Show Notes: https://thefinancialanswer.com/podcasts/trying-to-find-the-exception-to-the-rule-when-investing/

 

Today's Rundown: 

1:01 - Jim Simons, a mathematician and hedge fund manager figured out a way to have average returns of 66% a year.

4:44 - It’s hard to know how he did so well or to have predicted this success ahead of time.

6:42 - If this was something that could be repeated, everyone would be doing it.

8:04 - Find the advisor that gets you and helps you with your plan.

9:40 - Use your drive and determination to accomplish your goals.

10:58 - Know what to expect in the market.

12:04 - Aim for what you need, before you chase what you think you could get.

Retirement Planning and Halloween

For our final Halloween-themed podcast of 2019 will look at the parallels between the holiday and financial planning. Things like costumes, being scared, and superstitions can all be tied into our retirement plan and that’s exactly what we’ll do on this episode.

 

Show Notes: https://thefinancialanswer.com/podcasts/retirement-planning-and-halloween/

 

Today's rundown: 

1:53 – We’re wrapping up our final Halloween edition with a show on lessons we can take away from the holiday.

2:17 – What’s the best costume Nathan ever wore?

3:11 – The first Halloween concept: When something appears to be something that it isn’t.

4:28 – Does anything scare Nathan on Halloween?

6:41 – When it comes to financial planning, what scares you?

8:48 – Is Nathan or his wife superstitious about anything?

10:06 – Is there anything you see people doing illogically with their money?

Scary Facts About Retirement

In the spirit of Halloween, we take a look at some of the scariest facts about retirement. From savings to the price of healthcare in retirement, these numbers will open your eyes to the realities about retirement and why it can be a challenge for many Americans

On this episode: 

0:52 – Excited for today’s show on scary facts.

3:03 – First scary fact: Congressional tax reform could severely pre-tax contributions to retirement plans.

5:34 – Nathan worries that these changes could hurt individuals because they’ll end up saving less.

6:36 – Another scary fact: A couple expect $275,000 in out-of-pocket medical expenses in retirement.

8:13 – Scary fact No. 3: 68% of Baby Boomers wish they’d saved more for retirement.

10:59 – Scary fact No. 4: 55% of retirees retired earlier than they expected - most of the time due to health issues or a job loss.

12:17 – Scary fact No. 4: 45% of Americans have saved nothing at all.

15:02 – Scary fact No. 5: 20% of Americans with a 401(k) plan take an early withdrawal or a loan against.

16:47 – Email question: Listener only has about $20K left on his vehicle until he is debt free and is considering taking money out of his 401(k) to pay that off. Is that a good idea?

18:48 – Scary fact No. 6: According to Social Security, only 77% of benefits will be promised being in 2034.

21:18 - We have to make sure we have investments that are outpacing inflation in retirement.

Show notes and additional resources: https://thefinancialanswer.com/podcasts/scary-facts-about-retirement/

Halloween Spending and Retirement

Halloween is rapidly approaching and it’s a holiday that generates a lot of spending in our country. We’ll take a look at the numbers behind the holiday and how it impacts our economy. Of course it will all tie back into retirement planning and BOOdgeting budgeting

On this episode: 

0:47 – Nathan is back from vacation.

1:47 – Halloween is approaching so that’ll be the theme for the show.

3:23 – We have seven facts that show how Halloween boosts the economy.  

4:33 – How much we spend on average on Halloween and how much that adds up to.  

5:19 – 2018 we saw fewer people celebrating but a higher average spend.  

5:57 – The average American says they don’t have enough in savings to cover a $500 emergency yet we set aside $100 for Halloween.

7:19 – The top five candies.

8:45 – Make sure you think about your plan when you’re budgeting for holidays.

10:53 – Do you recommend clients practice budgeting for retirement before they get there.

12:28 – You’ll have to adjust your budget in retirement because of inflation and other factors.  

Show notes: https://thefinancialanswer.com/podcasts/halloween-spending-and-retirement/

4 Types of Spenders

Do you spend like there’s no tomorrow? Or do you hoard more money than you could possibly need? Or are you somewhere in the middle? Find out which type of spender you are and what to look out for.

Show Noteshttps://thefinancialanswer.com/podcasts/4-types-of-spenders/

0:55 - What kind of spender are you?

1:20 - Type #1 - The emotional spender.

3:35 - This can translate into emotional investing, which may cause a shift in goals or decisions.

5:31 - Type #2 - YOLO! You only live once, so let’s spend it all while I’m here.

5:57 - This type of spending can get you into a lot of debt.

7:37 - Type #3 - The savvy spender.

10:38 - Type #4 - The miser.

11:10 - This type feels like they will never have enough and cut corner to hoard it.

Planning The Ultimate Road Trip: Your Retirement

Believe it or not, planning for retirement is a bit like going on a road trip. Are you ready to rock out to some tunes and hit the road? Or are you stuck in the planning process or facing roadblocks? Find out how you can plan the best route possible on your way to retirement.

Today's rundown:

4:54 - Decide where you want to go. What do you want retirement to look like? 

7:09 - How do you get there?

9:36 - What happens if your plans fail? 

10:47 - What are you listening to along the way? What are your sources of information?

14:30 - When is it time to turn off the cruise control on your way to retirement?

Get the full show notes and additional resources by clicking here: https://thefinancialanswer.com/podcasts/planning-the-ultimate-road-trip-your-retirement/

Reading Between the Lines Of Financial Fake News

Ever read a headline and think, “Is that true?” There are several headlines that make their way into the news from the financial world, but before you get in a panic, let’s look at them logically to figure out if they are real or fake.

On today's show:

1:29 - In the News: Jim Cramer, host of Mad Money, is shifting more toward education on his show and now agrees with the value of index funds.

5:59 - Fake News: Social Security going broke. But does that mean you will stop receiving funds?

8:47 - Fake News: The dollar will crash--buy gold now!

11:33 - Fake News: Recession is coming.

13:16 - Every few months we see market fluctuations.

16:05 - You can’t let a headline throw off your retirement plan.

Get the show notes and additional resources here: https://wp.me/paIiUZ-cl

Decision-Making Roadblocks in Financial Planning

No matter how hard we try to stay on top of our finances, we’re sure to come across roadblocks that interfere with our decision-making process. Does this sound familiar? Let’s talk about the common scenarios we see in retirement planning and how you can deal with them. 

Today's rundown:

0:58 – In the news: What’s going on with small cap stocks?

2:50 – How to check your mutual fund to see what investment style it uses.

3:55 – Should you be making changes to your portfolio?

5:10 – Confidence Corner: Decision-making roadblocks.

6:00 – Roadblock: too many decisions to make.

8:31 – Roadblock: Doing research yourself can overwhelm you in a hurry.

10:14 – You need someone that can hold your feet to the fire.

12:19 – Experience is the main educator that we have.

14:22 – Roadblock: You just don’t like talking about money.  

16:58 – Roadblock: Traumatic life events.

20:18 – Fun fact of the week.

Get the full show notes and additional resources by clicking here. 

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