The Financial Answer

What Weddings and Retirement Planning Have in Common

Following the wedding of Nathan’s son, we wanted to discuss the many things retirement planning and wedding planning have in common. From financial management in the planning process to preparing for the needs and wants of multiple people, there’s a lot to think about. Everybody hopes it will be perfect, but you know that life is going to throw you curveballs. Having a plan will help you prepare and having a good mindset will help you get through the tougher times in both marriage and retirement planning. 
 
Here’s what you’ll learn about on today’s show:
Financial management is required for weddings and retirement. (3:29)
The planning process involves setting goals and priorities. (6:45)
You have to consider the needs of multiple people. (10:03)
Both wedding and retirement planning can be stressful. (12:55)
Both events require a giant leap of faith. (16:19)
 
For more, visit us online: http://thefinancialanswer.com 
 

Breaking Down The Commentary After Recent Bank Collapses

After a string of recent bank collapses, should we feel comfortable with having money in the banks? What safeguards have been put in place by the government to offer some protection? A lot of talking heads have weighed in on this issue recently, so we’re going to discuss some of those quotes in today’s episode. We’ll take a closer look at what happened and what strategies you might want to consider as well.
 
Here’s what we discuss today:
What’s going on with the banks? (2:02)
“This is a crisis of some banks, not a banking crisis.” (4:34)
“If you embrace inaction in this turbulent moment, you may have it right.” (8:06)
“Investors should avoid buying the dip.” (10:03)
Should I spread my money out across multiple banks? (11:53)
 
For more, visit us online: http://thefinancialanswer.com 
 

How Age and Wisdom Impact Your Financial Planning

One of the reasons that financial planning is not a one-size-fits-all answer is that everyone’s age, goals, and experiences are different. What you needed in your 20s might look very different from what you need to do in your 50s. Today we talk through the impact both age and wisdom have when you sit down and make a financial plan with a qualified professional.
 
Here’s what you’ll learn on today’s show:
Why does age matter? (1:19)
What does wisdom mean and actually look like? (4:50)
Should you incorporate life experiences into your plan? (7:45)
Technology has changed our financial tools. (9:10)
Cultural differences can change how you invest. (11:14)
For more, visit us online: http://thefinancialanswer.com 

The Psychology of Investing In The Wake Of Historic Market Crashes

Let’s take a little crash course on the psychology behind investing. Especially when it comes to a market crash, you’ll want to understand the lasting impact that has on the decisions you make with money. In this episode, we explore how major financial events in American history have influenced people's relationships with money and how they make investment decisions and compare this information to some recent psychological studies. 
 
Here are some of the major events we cover on today’s show:
The Great Depression shaped a generation. (2:22)
Black Monday caused panic in 1987. (9:01)
The Dotcom crash hit some right before retirement. (11:28)
The Great Recession took many by surprise. (14:55)
Where are we now? (18:45)
For more, visit us online: http://thefinancialanswer.com 
 

Should An Advisor Tailor A Plan To Fit Your Personality? (Part 2)

As a continuation of our last podcast episode, we’re jumping back in to discuss some more financial personality types in today’s show. Knowing your personality type and tendencies can help you be more successful and aware of your strengths and weaknesses when it comes to financial planning. The first four personalities we talked about in the previous podcast were the victim, the over-analyzer, the DIY-er, and the ostrich. On today’s show, we discuss the next four common financial personalities.
Here are the personality types we discuss in part 2:
The silo stocker might be prepping for the worst-case scenario. (2:35)
The odd couple may face conflicting goals. (5:06)
The gambler likes taking risks. (8:57)
The model citizen does everything right but still has concerns. (12:22)
For more, visit us online: http://thefinancialanswer.com 
 

Should Your Advisor Tailor A Plan To Fit Your Personality? (Part 1)

Each person has a different and unique personality. It’s part of what makes you, you! So, when it comes to your financial plan, should a financial advisor tailor the plan for your personality? On today’s show we cover part one of the different personalities to see which one you might relate to most and how an advisor can cater to that.
 
Here are the personalities we discuss:
A victim personality might mean someone is nervous about their investments. (1:47)
The overanalyzer needs help making a decision. (5:10)
The do-it-youself-er may think they know better, until they reach retirement age. (8:35)
The ostrich may try to hide, but that doesn’t make the problem go away. (12:26)
 
For more, visit us online: http://thefinancialanswer.com 

What’s Your Biggest Financial Fear?

Everybody has fears, so we talk about some of the biggest financial fears people face. Sometimes acknowledging the fear is the best place to start. Alongside an advisor, you can strategize how to address these fears and put your mind at ease.
Nathan shares his experience in guiding people through these fears and the decisions they can make about them.
 
Here are some of the most common financial fears people have:
Running out of money. (1:44)
Losing money to a major or long-term healthcare issue. (4:16)
Paying more than you have to in taxes. (7:37)
Leaving the legacy you want to leave. (9:35)
Being forced to alter the quality of life because of inflation. (11:22)
For more, visit us online: http://thefinancialanswer.com 

Four Ways The SECURE Act 2.0 Might Impact You

On today’s show, Nathan goes over some of the key changes in the SECURE Act 2.0 that you’ll want to be aware of and discuss how to adjust accordingly. Make sure to talk with your financial advisor about what this means for your financial plan.
 
Here are some ways the Secure Act might impact you in the future:
RMD age has changed. (1:54)
Qualified charitable distributions can help. (4:53)
Special catch-up contributions were added. (9:59)
Employers can match 401(k) contributions on student loan payments. (10:21)
529 plans can transfer into a Roth IRA. (12:46)
Employers can match a Roth 401(k) contribution. (18:36)
 
For more, visit us online: http://thefinancialanswer.com 

Helpful Financial Checklist For 2023

As you make your beginning of the year checklists, we have a few financial things you’ll want to add to your list. The sooner you get a handle on these yearly things, the better. Reach out to your financial advisor if you have questions or want to revisit your goals for this year and beyond.
Here’s what we discuss today on the show:    
Do you have the right tax withholdings? (2:00)
Assess your retirement contributions. (4:39)
Start gathering your tax documents now. (6:49)
Touch base with your financial advisor. (8:19)
For more, visit us online: http://thefinancialanswer.com 

2022 in Review

Happy New Year! Before we get too far into 2023, let’s start talking about last year. We review what happened in 2022 and what kind of financial things we can learn from. Then, we consider what to do in the months to come in response. Be sure to review your financial plan and make sure you are prepared for whatever may come in the future.  
Here’s what we discuss today on the show:    
Stocks and bonds dropped double digits. (3:49)
Mortgage rates doubled. (5:59)
Bitcoin got knocked down. (7:37)
Gas prices and inflation caused a lot of shock. (12:02)
For more, visit us online: http://thefinancialanswer.com