Beer & Money

In this episode, Ryan Burklo and Alex Collins discuss the impending changes to the Washington State estate tax, including updates to the exemption limits and tax rates. They emphasize the importance of proper estate planning to navigate these changes effectively and ensure that individuals and families can protect their assets and minimize tax liabilities. The conversation highlights the need for coordination among financial advisors, estate planning attorneys, and CPAs to create a comprehensive estate plan that addresses both state and federal tax implications. Check out our website:  beerandmoney.net For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo Below are the episodes mentioned by Ryan & Alex: Episode 274 https://beerandmoney.libsyn.com/episode-274-top-3-mistakes-of-estate-plans-with-rob-bukacek Episode 281 https://beerandmoney.libsyn.com/episode-281-traversing-the-estate-planning-maze-with-rob-bukacek Takeaways Washington State is considering changes to its estate tax. The current exemption is $2.2 million per person. Proper estate planning is crucial to avoid losing exemptions. The proposed exemption may increase to $3 million. Tax rates are set to increase significantly. Coordination between financial professionals is essential. Real estate values in Washington can quickly lead to estate tax issues. Life insurance can be subject to estate taxes depending on ownership. Individuals should act now to prepare for these changes. Understanding both state and federal estate tax implications is vital. Chapters 00:00 Introduction to Washington State Estate Tax Changes 02:57 Understanding the Current Estate Tax Exemption 06:01 Proposed Changes to Estate Tax Exemption 08:57 Impact of Increased Tax Rates 11:58 Importance of Estate Planning 15:05 Conclusion and Call to Action

In this episode of Beer and Money, Ryan Burklo and Alex Collins delve into the intricacies of index investing, particularly focusing on the S&P 500. They discuss common misconceptions about index investing, the importance of diversification, and the risks associated with over-concentration in large-cap stocks. The conversation also touches on the differences between active and passive investing strategies, emphasizing the need for a well-rounded approach to portfolio management. The hosts aim to educate listeners on making informed investment decisions and understanding the market dynamics that can impact their financial future. Check out our website:  beerandmoney.net For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo Takeaways Index investing is a passive strategy that replicates market performance. Many investors misunderstand the implications of being an index investor. The S&P 500 is heavily weighted towards a few large companies. Diversification is crucial, but not all index funds provide true diversification. Investing in smaller companies can yield higher returns over time. Market cap weighting can lead to over-concentration in a few stocks. Active investing strategies can still be relevant in today's market. Investors should be cautious of chasing past performance. Understanding the underlying assets in a portfolio is essential. A well-diversified portfolio can help mitigate risks during market downturns. Chapters 00:00 Understanding Index Investing 03:07 The S&P 500: A Closer Look 06:07 The Importance of Diversification 09:03 Active vs. Passive Investing 12:05 The Risks of Over-Concentration 14:58 Navigating Market Changes 17:50 Conclusion and Key Takeaways    

In this week's episode of Beer and Money, Ryan Burklo explains the concept of mortgage recasting — a lesser-known alternative to refinancing. He walks listeners through a scenario in how this process works. While not available through all lenders (especially federal loans), mortgage recasting can be a valuable strategy for those looking to improve cash flow or prepare for retirement without refinancing at a higher interest rate. Check out our website:  beerandmoney.net For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo Takeaways Definition of mortgage recasting Recasting provides an alternative to refinancing  Recasting keeps your interest rate intact There are restrictions depending on your individual situation Chapters 0:00 Understanding Mortgage Recasting 2:49 Practical Applications and Benefits of Recasting  

In this episode of Beer and Money, Ryan Burklo and Alex Collins discuss the valuable lessons learned from their experiences with clients over the years. They explore the importance of maintaining emotional balance, planning for both success and worst-case scenarios, and the significance of taking time for family and personal health. The conversation emphasizes the need for flexibility in financial planning and the evolving nature of personal goals. Check out our website:  beerandmoney.net For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo Takeaways Never get too high or too low in life. Plan for success but also prepare for the worst. Take opportunities to spend time with family. Health should be a priority in financial planning. Understand that goals can change over time. It's important to know what you truly want. Flexibility in finances allows for spontaneous experiences. Emotional intelligence is key in financial advising. Living today while saving for tomorrow is possible. Learning from clients' experiences enriches personal growth. Chapters 00:00 Introduction to the Conversation 01:10 Lessons Learned from Clients 05:33 Planning for Success and Flexibility 09:12 Personal Insights on Health and Values 14:27 Emotional Intelligence in Financial Planning          

In this episode of Beer and Money, Ryan Burklo and Alex Collins discuss the role of buffered ETFs in financial planning. They explore the mechanics of buffered products, including their potential for equity exposure and downside protection. The conversation delves into how these products can be integrated into financial strategies, particularly for individuals nearing retirement or already retired. The hosts emphasize the importance of understanding the risks and returns associated with buffered ETFs and how they can provide flexibility in investment decisions. Check out our website:  beerandmoney.net For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo Takeaways Buffered ETFs provide equity exposure with downside protection. Understanding caps and downside risks is crucial for investors. Buffered products can be beneficial for those nearing retirement. It's important to diversify investment strategies with buffered ETFs. Buffered ETFs can offer flexibility in retirement income planning. Investors should be aware of the fees associated with buffered products. The structure of buffered ETFs can vary significantly. Market volatility can impact the effectiveness of buffered ETFs. Buffered ETFs are not a one-size-fits-all solution. Financial advisors play a key role in guiding clients on buffered products. Chapters 00:00 Introduction to Buffered ETFs 02:48 Understanding Buffered Products 05:50 Exploring Financial Planning with Buffered ETFs 11:59 Utilizing Buffered ETFs in Retirement 15:01 The Role of Risk and Return in Financial Strategy    

In this episode, Ryan Burklo and Alex Collins discuss effective retirement planning strategies that ensure individuals are not solely dependent on market performance for their retirement income. They emphasize the importance of liquidity, market risks, and the need for a diversified approach to asset allocation. The conversation highlights various withdrawal strategies and the impact of market volatility on retirement savings, ultimately advocating for a balanced approach that mitigates risks while maximizing financial security. Check out our website:  beerandmoney.net For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo TAKEAWAYS Rate of return should not dictate retirement timing. Market performance becomes salient when it hits you. Understanding liquidity is crucial for retirement planning. Market volatility can significantly impact retirement income. Having a liquid fund can protect against market downturns. Diversifying asset allocation is key to financial security. It's important to have a strategy for withdrawals during retirement. Clients often prefer less risk for more certainty in retirement. Comparative analysis of different retirement scenarios is essential. Effective planning can lead to increased cash flow and reduced taxation. Chapters 00:00 Introduction to Retirement Planning Strategies 02:52 Understanding Market Risks and Retirement Withdrawals 06:08 The Importance of Liquidity in Retirement 09:00 Strategies for Managing Market Volatility 12:03 Comparative Analysis of Retirement Scenarios 14:57 Trade-offs in Risk and Return 18:01 Conclusion and Call to Action

In this episode of Beer and Money, Alex Collins discusses the intricacies of converting traditional IRAs to Roth IRAs, including the types of conversions, strategies for implementation, and the tax implications involved. He emphasizes the importance of consulting with tax advisors and financial planners to navigate these decisions effectively. The conversation also covers the timing of conversions, potential costs, and unintended consequences as individuals approach retirement. Check out our website:  beerandmoney.net For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo Check out your tax rate (the site Alex mentioned): https://data.qz.com/2012/yourtaxrate/ Takeaways Conversions can be from traditional IRA to Roth IRA. Non-deductible contributions can be converted tax-free. Pre-tax conversions will incur tax liabilities. Timing conversions during low-income years is beneficial. Understanding historical income levels aids in planning. Most people remain in the same or higher tax bracket in retirement. Calculating the cost of conversions is crucial. Medicare costs can be affected by conversions. Consulting with professionals is essential for tax strategies. Unintended consequences can arise from poor planning. Chapters 00:00 Introduction to Conversions 01:24 Types of Conversions Explained 03:25 Strategies for Converting to Roth 04:40 When to Consider Conversions 07:12 Understanding Tax Implications 09:29 Calculating Costs of Conversion 11:43 Unintended Consequences Near Retirement  

In this episode of Beer and Money, Alex Collins discusses various strategies for contributing to Roth accounts, including Roth IRAs, Roth 401ks, backdoor Roths, municipal bonds, and permanent life insurance. He emphasizes the importance of consulting with tax professionals and understanding individual circumstances when choosing the best strategy for tax-free growth and withdrawals. Check out our website:  beerandmoney.net For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo Takeaways Roth accounts use after-tax dollars for contributions. Roth IRA contribution limits are $7,000 per person per year. Income limits apply for Roth IRA contributions. Roth 401k options are increasingly common in employer plans. Conversions from traditional to Roth accounts incur taxes. Municipal bonds offer tax-exempt income but vary by state. Permanent life insurance can provide tax-free access to cash value. Consulting a tax advisor is crucial for these strategies. Understanding individual financial situations is key to choosing strategies. A combination of strategies may be the best approach.   Chapters 00:00 Introduction to Roth Strategies 02:25 Exploring Roth IRA Contributions 04:14 Understanding Roth 401k Options 06:54 Utilizing Municipal Bonds for Tax Benefits 08:15 Permanent Life Insurance as a Roth Strategy

In this episode of Beer and Money, Ryan Burklo and Alex Collins discuss the nuances of Roth accounts, focusing on when to contribute to them and the importance of understanding tax brackets. They explore the differences between marginal and effective tax rates, the significance of tax diversification, and strategies for funding Roth accounts. The conversation emphasizes the need for personalized financial planning and the impact of future income on tax strategies. Check out our website:  beerandmoney.net For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo Takeaways Roth accounts can provide tax-free growth and withdrawals. Understanding your tax bracket is crucial for Roth contributions. Marginal tax rates affect how additional income is taxed. Effective tax rates give a clearer picture of overall tax burden. Tax diversification can help manage future tax liabilities. Future income predictions are essential for retirement planning. Consulting with a tax advisor is important for personalized strategies. Roth accounts can be beneficial for unexpected expenses in retirement. Funding Roth accounts requires strategic planning and foresight. Financial planning should consider the entire balance sheet, not just individual accounts. Chapters 00:00 Introduction to Roth Accounts 02:47 Understanding Tax Brackets and Rates 05:47 When to Consider Roth Contributions 08:59 The Importance of Tax Diversification 11:56 Funding Roth Accounts and Future Planning  

In this episode of Beer and Money, Ryan Burklo discusses essential aspects of retirement planning, focusing on cash flow, taxation, and the risks associated with relying solely on market returns. He emphasizes the importance of setting up a flexible balance sheet to ensure financial security in retirement, while also addressing legacy objectives and minimizing tax liabilities. Check out our website:  beerandmoney.net For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo Takeaways We care about the highest cash flow to live the life we want. We want to pay the lowest rate of tax on that cash flow. We never want to outlive or outrun our money. We want to hit legacy objectives for our family. We want to do these with minimal dependence on rate of return. Understanding tax distribution status is crucial for retirement planning. Relying solely on market returns can be risky. Setting up a flexible balance sheet is essential for financial security. Life insurance can provide both protection and cash value. It's important to consider how to turn on income streams in retirement. Chapters 00:00 Introduction to Retirement Planning 01:24 Understanding Cash Flow and Taxation 04:51 The Risks of Relying on Rate of Return 09:12 Setting Up a Flexible Balance Sheet

In this episode of Beer and Money, Ryan Burklo discusses the essential elements of retirement planning, emphasizing the importance of making informed decisions today to secure a successful retirement in the future. He outlines key factors that individuals should consider when saving for retirement, including income needs, tax implications, and the desire to leave a legacy. The episode also delves into asset allocation strategies and the use of Monte Carlo simulations to assess the risk of outliving one's savings. Ryan concludes by hinting at future discussions on cash flow strategies and retirement planning techniques. Check out our website:  beerandmoney.net For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo Takeaways We're making decisions today that will affect our lifestyle. They want the highest cash flow possible. They want to pay the lowest rate of tax. They never want to outlive their money. They want to meet any legacy objectives. Most wealth is in 401k type plans. Monte Carlo simulations help assess financial risks. A conservative portfolio can yield an average of 8%. The 4% rule is a common guideline for withdrawals. Building a flexible bucket of money is crucial. Chapters 00:00 Introduction to Retirement Planning 01:15 Key Factors in Retirement Savings 02:40 Understanding Asset Allocation 04:56 Monte Carlo Simulation Explained 06:56 Strategies to Avoid Outliving Your Money 08:53 Conclusion and Next Steps

In this episode of Beer and Money, Alex Collins shares his personal journey in the finance industry, discussing his background, the importance of financial planning, and the impact of partnerships in his career. He emphasizes the significance of helping clients achieve their financial goals and the emotional aspects of financial planning, particularly in times of loss. Check out our website:  beerandmoney.net For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo Takeaways Alex Collins has a strong foundation in finance from a young age. He combines his parents' professions to help others with money. Understanding cash flow is crucial in financial planning. Partnerships in finance can enhance client service. Alex's passion lies in helping clients realize their dreams. Financial planning can provide security in times of tragedy. The importance of communication in financial advisory is key. Alex's journey includes overcoming struggles in his career. He values the relationships built with clients over the years. Helping clients enjoy their lifestyle is a priority. Chapters 00:00 Introduction to Alex Collins and His Journey 03:01 The Intersection of Finance and Personal Goals 05:56 Building Partnerships in Financial Advisory 09:05 The Impact of Financial Planning on Lives  

In this episode of Beer and Money, Ryan Burklo shares his personal journey and professional evolution into financial advising. He discusses his background, the importance of understanding client goals, and the role of effective communication in financial planning. Ryan emphasizes that financial planning is not just about money, but about helping clients achieve their desired lifestyles and goals. Check out our website:  beerandmoney.net For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo Takeaways Ryan Burklo shares his personal story to build trust. Understanding client goals is crucial for effective advising. Cash flow is a key component of financial planning. Communication is essential in discussing financial matters. Helping clients take action is a primary focus. Financial planning should align with personal values and goals. Money is a tool to achieve desired lifestyles. Building relationships with clients enhances the advising process. Ryan's journey reflects the ups and downs of entrepreneurship. The podcast aims to provide valuable insights into personal finance. Chapters 00:00 Introduction and Personal Background 05:46 The Importance of Communication in Financial Planning  

In this episode of Beer and Money, Ryan Burklo and Alex Collins discuss the importance of umbrella policies in personal finance. They explain what an umbrella policy is, how it provides an extra layer of liability insurance beyond standard policies, and why it is crucial for protecting assets and income. The conversation also covers the cost-effectiveness of these policies and how to determine the right amount of coverage needed. The hosts emphasize the importance of consulting with financial and insurance professionals to ensure adequate protection against potential lawsuits. Check out our website:  beerandmoney.net For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo Takeaways Umbrella policies are critical for financial protection. Many clients are unaware of what an umbrella policy is. An umbrella policy provides additional liability coverage. The cost of an umbrella policy is relatively low. One claim can cover the entire cost of the policy. It's essential to have enough coverage to protect your assets. Consult with insurance agents to understand your options. Insurance companies are becoming stricter with coverage limits. Communication between financial advisors and insurance agents is vital. Understanding your risk exposure is key to financial planning. Chapters 00:00 Introduction to Umbrella Policies 02:03 Understanding the Importance of Umbrella Policies 04:05 What is an Umbrella Policy? 07:58 Cost and Value of Umbrella Policies 09:48 How Much Coverage Do You Need? 11:55 Conclusion and Call to Action  

In this episode of Beer and Money, Ryan Burklo and Alex Collins discuss the concept of exchange funds, particularly for individuals with concentrated stock positions. They explore the implications of holding large amounts of stock in a single company, the tax ramifications of diversifying, and various strategies to manage risk and enhance portfolio diversification. The conversation emphasizes the importance of working with financial and tax advisors to create a tailored strategy for managing concentrated stock positions.   Check out our website:  beerandmoney.net For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo   Takeaways Exchange funds are a solution for diversifying concentrated stock positions. Concentrated stock positions can lead to significant financial risk. Tax implications are crucial when considering diversification strategies. Exchange funds require a long-term commitment, often up to seven years. Diversification can be achieved through various strategies, including options. A collared option strategy can protect against downside risk while allowing for some upside. Exchange fund replication maintains liquidity while providing diversification benefits. It's essential to coordinate with financial and tax advisors for effective planning. Investors should consider their overall portfolio strategy, not just individual investments. Creating a financial plan is vital for managing concentrated stock positions. Chapters 00:00 Introduction to Exchange Funds 02:32 Understanding Concentrated Stock Positions 05:39 Defining Exchange Funds 07:53 Strategies for Diversification 13:17 Advanced Strategies for Managing Stock Positions 16:33 Final Thoughts and Recommendations

In this episode of Beer & Money, Ryan Burklo discusses two common misunderstandings about dividends. He explains what dividends are, how they affect stock prices, and the tax implications associated with them. The episode aims to educate listeners on the nuances of dividends, emphasizing the importance of understanding their impact on investments and taxes. Check out our website:  beerandmoney.net For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo Takeaways Dividends are payments made by companies to shareholders from profits. When dividends are paid, stock prices typically decrease by the dividend amount. Dividends are taxed as ordinary income, which can be higher than capital gains tax. Long-term capital gains tax rates can be significantly lower than ordinary income tax rates. Understanding the tax implications of dividends is crucial for effective financial planning. Investors should consider both dividends and stock price appreciation in their strategies. Consulting with a CPA can help clarify individual tax situations regarding dividends. The perception of dividends can be overly positive or negative; understanding is key. Financial education is essential for making informed investment decisions. Controlling finances and understanding investments leads to better financial outcomes. Chapters 00:00 Understanding Dividends: The Basics 02:47 The Impact of Dividends on Stock Prices 06:05 Tax Implications of Dividends vs. Capital Gains

In this episode of Beer and Money, Ryan Burklo discusses the recent changes to the rules governing inherited IRAs, particularly focusing on the new 10-year rule that requires non-spouse beneficiaries to deplete inherited accounts within a decade. He explains the implications of this rule, exceptions for certain beneficiaries, and the importance of tax strategies when managing inherited funds. The episode emphasizes the need for financial planning and awareness of IRS regulations to avoid penalties and optimize tax efficiency. Check out our website:  beerandmoney.net For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo Takeaways The 10-year rule requires non-spouse beneficiaries to deplete inherited IRAs within 10 years. Prior to 2020, beneficiaries could stretch withdrawals over their lifetime. Exceptions to the 10-year rule exist for minor children and disabled individuals. Tax planning is crucial when withdrawing from inherited IRAs. Delaying withdrawals until year 10 can lead to significant tax implications. Inherited traditional IRAs are subject to ordinary income tax rates upon distribution. Understanding these rules is imperative to avoid penalties. The IRS is now enforcing these rules more strictly than before. Financial planning should consider retirement timing and income changes. Resources are available for individuals to assess their financial situation. Chapters 00:00 Introduction to Inherited IRA Rules 00:30 Understanding the 10-Year Rule 02:27 Exceptions to the 10-Year Rule 03:28 Tax Strategies for Inherited IRAs 05:21 Conclusion and Resources

In this episode of Beer and Money, Ryan Burklo discusses the importance and benefits of Health Savings Accounts (HSAs). He explains the qualifications for opening an HSA, the contribution limits, and the unique triple tax advantage that HSAs offer. Ryan emphasizes the potential for long-term growth and the importance of investing the funds within an HSA for future medical expenses, especially in retirement. He also highlights common misconceptions about HSAs and encourages listeners to take advantage of this financial tool for better health expense management. Check out our website:  beerandmoney.net For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo Takeaways Health Savings Accounts (HSAs) offer a triple tax advantage. To qualify for an HSA, you must have a high deductible health plan. You can contribute up to $4,300 annually as an individual. HSAs allow for tax-free withdrawals for qualified medical expenses. 90% of Americans do not invest their HSA funds. HSAs can be used for medical expenses in retirement. Investing in an HSA can lead to significant long-term growth. Medical expenses are a constant concern in retirement planning. It's important to understand the difference between HSAs and FSAs. Utilizing HSAs effectively can lead to better financial health.  Chapters 00:00 Introduction to Health Savings Accounts 03:14 Understanding the Triple Tax Advantage 06:03 Long-Term Benefits of HSAs  

In this episode of Beer and Money, Ryan Burklo and Alex Collins delve into the complex topic of tariffs, exploring their definition, implications, and effects on businesses and the economy. They discuss the potential benefits and drawbacks of tariffs, including their impact on consumer prices and the risk of trade wars. The conversation emphasizes the importance of understanding market dynamics and preparing for economic volatility, particularly for small businesses and investors. Check out our website:  beerandmoney.net For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo Takeaways A tariff is a tax on imported goods. Tariffs can generate revenue and potentially boost U.S. employment. Increased tariffs may lead to higher consumer prices. Trade wars can arise from tariff implementations. Smaller businesses are likely to be hit harder by tariffs. Economic models are complicated due to numerous variables. Investors should focus on long-term strategies. Maintaining liquidity is essential during volatile times. Market reactions to tariff announcements are immediate. Understanding your balance sheet is crucial for financial planning. Chapters 00:00 Understanding Tariffs: An Introduction 02:00 The Good and Bad of Tariffs 04:50 Impact on Businesses and Trade Wars 09:05 Navigating Economic Volatility and Investment Strategies    

In this episode, Ryan Burklo discusses the five essential principles of investing, emphasizing the importance of having a well-structured balance sheet, understanding risk, diversifying investments, rebalancing portfolios, and maintaining good behavioral finance practices. He highlights how these principles can help investors navigate market fluctuations and achieve long-term financial success. Check out our website:  beerandmoney.net For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo Takeaways Your balance sheet should be set up appropriately before investing. Having an emergency fund is crucial before investing in stocks or bonds. Understanding your overall risk tolerance is essential for investment success. Diversification is necessary to mitigate risks associated with market volatility. Rebalancing your portfolio helps maintain your desired risk level over time. Behavioral finance plays a significant role in investment decisions. Investing is a long-term commitment, not just a short-term strategy. Don't put all your money in the S&P 500; consider other asset classes. Market timing is risky and often leads to poor investment decisions. Consulting with a financial advisor can help you navigate complex investment strategies. Chapters 00:00 Introduction to the Five Principles of Investing 01:26 Setting Up Your Balance Sheet 03:50 Understanding Risk: Stocks vs. Bonds 06:09 The Importance of Diversification 11:41 Rebalancing Your Portfolio 14:58 Behavioral Finance: Staying the Course

In this episode of Beer andMoney, Ryan Burklo discusses various tax strategies for retirement, emphasizing the importance of planning with the end in mind. He explores the implications of different income needs, the 4% withdrawal rule, and compares various tax strategies including amortization and annuities. The conversation highlights how where you place your money can significantly impact your tax bracket and overall financial health in retirement. Check out our website:  beerandmoney.net For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo Takeaways Understanding tax brackets is crucial for retirement planning. The 4% rule helps determine sustainable withdrawals. Amortization can provide a different tax strategy for income. Annuities can offer guaranteed income but have tax implications. Effective tax rates can vary significantly based on income sources. Planning with the end in mind allows for better tax strategies. Diversifying tax buckets can help control tax liabilities. Long-term planning is essential for maximizing retirement income. Where you put your money today affects future tax strategies. Engaging with financial professionals can simplify planning.  Chapters 00:00 Introduction to Tax Strategies in Retirement 02:54 Understanding Income Needs and Tax Implications 06:10 Exploring the 4% Withdrawal Rule 08:59 Amortization as a Tax Strategy 11:54 Comparing Tax Strategies: Interest-Only vs. Amortization 15:00 Annuity as a Tax Strategy 18:03 Tax Implications of Annuities 20:45 Long-Term Tax Planning Strategies 23:12 Conclusion and Call to Action  

In this episode of Beer and Money, Ryan Burklo discusses the importance of tax planning for retirement. He emphasizes the need to understand the net after-tax income and how different retirement accounts, such as traditional and Roth accounts, affect future tax liabilities. The conversation includes a visual representation of a fictitious client's financial situation, highlighting the distribution of taxable and non-taxable assets. Ryan encourages listeners to consider their own financial pie charts and the implications of their current saving strategies on future tax outcomes. Check out our website:  beerandmoney.net For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo Takeaways Tax planning is crucial for maximizing after-tax income in retirement. Understanding the difference between traditional and Roth accounts is essential. Future tax rates are uncertain, making personalized planning important. Visualizing your financial situation can help in making informed decisions. Having a balance of taxable and non-taxable assets can provide flexibility in retirement. It's important to consider the tax implications of your savings strategies now. Not all financial advice is one-size-fits-all; individual circumstances matter. The majority of assets in traditional retirement accounts can lead to higher taxes later. Planning with the end in mind can lead to better financial outcomes. Utilizing a financial scorecard can help assess your current situation. Chapters 00:00 Understanding Tax Planning for the Future 10:06 Visualizing Your Financial Future: The Importance of Tax Status  

In this episode of Beer and Money, Ryan Burklo discusses the intricacies of the tax system, focusing on the differences between marginal and effective tax rates, how bonuses are taxed, and the implications of choosing between traditional and Roth retirement accounts. He emphasizes the importance of understanding these concepts for effective tax planning and long-term financial strategy. Check out our website:  beerandmoney.net For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo Takeaways Understanding the difference between marginal and effective tax rates is crucial. Your marginal tax rate does not apply to all your income. Bonuses are taxed at your highest marginal tax rate unless you cross into a new bracket. Effective tax rate gives a clearer picture of your overall tax burden. Retirement account choices can significantly impact future tax liabilities. Traditional IRAs lower your taxes now but can lead to higher taxes later. Roth IRAs are funded with after-tax dollars, allowing for tax-free withdrawals in retirement. Tax planning should consider both current and future tax implications. Collaboration between your CPA and financial advisor is essential for effective planning. It's important to think about how current decisions affect future tax situations. Chapters 00:00 Understanding Taxes: Marginal vs Effective Tax Rates 02:49 The Taxation of Bonuses and Income Planning 06:02 Retirement Accounts: Traditional vs Roth and Tax Implications      

In this episode of Beer and Money, Ryan Burklo and Alex Collins discuss the often misunderstood concept of recovery rates in investing, particularly after market downturns. They explore the mathematical realities of recovering from losses, the importance of strategic retirement planning, and the need for a balanced approach to investing that includes both market and non-market assets. The conversation aims to debunk common myths about rate of return and emphasizes the significance of cash flow in retirement planning. Check out our website:  beerandmoney.net For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo Takeaways We often underestimate the impact of market losses on retirement planning. To recover from a 22% loss, you need more than a 22% gain. Mathematically, recovering from losses is more complex than it seems. Investors should consider both market and non-market assets for retirement. Cash flow is crucial for retirement, not just rate of return. Planning for retirement requires understanding recovery rates. Market downturns can significantly affect retirement timelines. Diversifying investments can provide more flexibility in retirement. It's essential to control your retirement timing, not just rely on market performance. Understanding financial planning can help mitigate risks associated with market fluctuations. Chapters 00:00 Introduction to Recovery Rates in Investing 02:22 Understanding Market Downturns and Recovery Rates 10:01 Strategies for Retirement Planning Post-Loss 14:56 Debunking Myths About Rate of Return and Cash Flow    

In this episode of Beer and Money, Ryan Burklo, Alex Collins, and estate planning expert Rob Bukacek discuss the intricacies of estate planning. They cover the importance of having a trust, the process of finding the right attorney, and how to prepare for meetings with legal professionals. The conversation emphasizes the need for proper documentation, the significance of choosing beneficiaries wisely, and the necessity of reviewing estate plans regularly. Listeners are encouraged to take proactive steps in their estate planning to ensure their wishes are honored and their loved ones are taken care of. Check out our website:  beerandmoney.net For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo   Takeaways Estate planning is essential for everyone, not just the wealthy. A trust can manage your assets while you're alive and incapacitated. Choosing the right attorney is crucial for effective estate planning. Prepare for your attorney meeting by knowing who will manage your finances. Consider who will inherit your assets and how to protect them. Special needs children require specific planning to maintain benefits. Review and update your estate plan regularly, especially after major life events. Having a financial advisor can help navigate the estate planning process. Communication with your attorney is key to a successful estate plan. Be proactive in your estate planning to avoid complications for your loved ones. Chapters 00:00 Introduction to Estate Planning 02:24 Understanding Trusts and Wills 06:02 The Importance of Estate Planning Documents 11:21 Finding the Right Estate Planning Attorney 16:19 Preparing for Your Attorney Meeting 20:30 Who Gets Your Stuff? Planning for Beneficiaries 24:11 Special Considerations for Children and Heirs 27:29 Reviewing and Updating Your Estate Plan 30:51 The Role of Advisors in Estate Planning    

In this episode of Beer and Money, Ryan Burklo discusses the concept of obligations that individuals actually want to have in their lives. He emphasizes the importance of understanding personal goals beyond traditional financial aspirations, such as retirement and education for children. Ryan encourages listeners to reflect on their current obligations and how they align with their desired lifestyle, particularly in relation to family time and personal health. He shares personal anecdotes about his own experiences with work-life balance and the compromises he has made, ultimately urging listeners to consider how their financial choices can better support their values and desired lifestyle. Check out our website:  beerandmoney.net For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo Takeaways Reflect on what obligations you truly want to have. Traditional goals may not reflect your true desires. Time with family is often sacrificed for work. Financial choices should align with personal values. Hiring help can free up time for family experiences. Health is a crucial aspect of a fulfilling life. Evaluate where you spend your time and money. Define what 'rich' means to you personally. Align your financial planning with your life goals. Involve family in discussions about financial obligations. Chapters 00:00 Understanding Obligations and Goals 06:02 Financial Choices and Lifestyle  

In this episode of Beer and Money, Ryan Burklo discusses the critical distinction between inheritance and investment, drawing from a transformative conversation with a mentor. He emphasizes the importance of investing in children today rather than solely focusing on leaving an inheritance. The discussion highlights how experiences and values can shape financial education and generational wealth, ultimately leading to a more meaningful legacy. Check out our website:  beerandmoney.net For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo Takeaways Inheritance is typically received after a loved one passes away. Investment is about believing in and supporting your children today. Generational wealth should focus on experiences, not just money. Investing in children can create valuable life lessons. The relationship between money and values is crucial for children. Parents may prefer to spend time with their children rather than just leaving them money. Financial education should start early to prepare children for the future. Creating a life your children are proud of is essential. Mentorship can reshape our understanding of financial planning. Engaging with children about money can foster better financial habits. Chapters 00:00 Introduction to Inheritance vs. Investment 01:29 Defining Inheritance and Investment 03:42 The Shift in Perspective: Investing in Children 06:02 Conclusion and Call to Action

In this episode of Beer and Money, Ryan Burklo and Alex Collins discuss the five biggest factors of retirement planning, emphasizing the importance of income streams, asset location, liquidity, tax distribution status, and tax strategy. They challenge the conventional focus on accumulating a large nest egg and encourage listeners to consider how their savings will translate into cash flow during retirement. The conversation highlights the need for a comprehensive approach to retirement planning that goes beyond just investment returns. Check out our website:  beerandmoney.net For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo Takeaways Retirement planning involves more than just accumulating wealth. Income streams are crucial for a successful retirement. Asset location affects tax implications and cash flow. Liquidity is essential for taking advantage of opportunities. Tax strategy can significantly impact retirement income. Understanding tax brackets is vital for effective planning. The timing of income and tax strategies matters. Diversifying assets can reduce reliance on market performance. Planning should focus on cash flow, not just net worth. Consulting with a financial advisor can clarify retirement strategies. Chapters 00:00 Introduction to Retirement Planning Factors 03:08 The Importance of Income Streams in Retirement 06:04 Understanding Asset Location and Liquidity 09:03 Evaluating Tax Distribution Status 11:52 The Role of Tax Strategy in Retirement 25:02 Creating Cash Flow in Retirement  

In this episode of Bearing Money, Ryan Burklo and Alex Collins discuss the implications of recent election results on investment strategies. They emphasize the importance of maintaining a long-term perspective in investing, regardless of political changes. The conversation highlights the emotional aspects of investing and how fear and greed can lead to poor financial decisions. They also analyze market trends and historical data to illustrate that external factors, rather than political leadership, significantly influence market performance. The episode concludes with a call to action for listeners to reflect on their investment strategies and emotional management. Check out our website:  beerandmoney.net   For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo   Takeaways Investing should be based on data, not emotions. Long-term investing is crucial for financial success. Market reactions can be influenced by external factors. Emotional investing can lead to poor decision-making. Historical data shows market resilience across political changes. Investors should focus on their entire balance sheet. A solid investment strategy is key to financial security. Fear and greed can disrupt rational investing. Understanding market trends helps in making informed decisions. It's important to have a financial plan that withstands market volatility.   Chapters 00:00 Navigating Investment Strategies Post-Election 15:08 Understanding Market Reactions and Emotional Investing            

In this episode of Beer and Money, Ryan Burklo discusses the concept of self-insurance, exploring its relevance and practicality in various scenarios. He provides examples of when self-insurance may be beneficial, such as in auto insurance and liability coverage, while also emphasizing the importance of protecting significant financial risks. The conversation highlights the balance between saving money and ensuring financial security, ultimately guiding listeners to make informed decisions about their insurance needs. Check out our website:  beerandmoney.net   For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo   Takeaways Self-insurance involves funding potential damages out of pocket. Auto insurance has two main parts: coverage for the car and liability insurance. Liability insurance is crucial to protect against significant financial risks. Umbrella insurance can provide additional coverage for liability. Self-insurance may be suitable for smaller financial risks. Disability insurance is essential for protecting income. Evaluating your balance sheet is key to deciding on self-insurance. The cost of potential loss should be weighed against insurance premiums. Self-insuring can lead to significant financial consequences if risks materialize. Understanding what you're protecting is vital for financial planning.   Chapters 00:00 Understanding Self-Insurance 02:54 Evaluating Risks and Benefits of Self-Insurance 05:52 The Financial Implications of Self-Insurance 08:59 Conclusion and Key Takeaways  

In this episode of Beer and Money, Ryan Burklo discusses the importance of a cashflow management system, emphasizing the need for individuals to understand the purpose of their money and how to manage it effectively. He introduces the concept of a Wealth Building Account (WBA) to help listeners capture savings automatically and make informed decisions about their spending. The conversation highlights the impact of income growth on savings and encourages listeners to rethink their financial strategies for better wealth accumulation.  Check out our website:  beerandmoney.net   For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo   Takeaways Implementing a cashflow management system is crucial for building wealth. Understanding the purpose of money can lead to better financial decisions. Most people spend by default and save by decision; this should be reversed. A Wealth Building Account can help automate savings and improve financial health. Income growth should not lead to proportional increases in lifestyle expenses. Capturing even a small percentage of income can lead to significant wealth over time. It's important to have a clear process for managing incoming money. Financial awareness decreases as income increases; tracking expenses is vital. Decisions about spending should align with personal financial goals. Sharing financial knowledge can help others improve their money management.    Chapters 00:00 Introduction to Cashflow Management Systems 02:47 Understanding the Traditional Cashflow System 06:06 The Wealth Building Account Concept 11:59 The Impact of Income Growth on Savings 13:59 Conclusion and Call to Action    

In this episode of Beer and Money, Ryan Burklo and estate planning expert Rob Bukacek discuss the critical importance of estate planning, sharing personal experiences that led them to focus on this often-overlooked area of financial planning. They delve into the complexities of probate, the differences between wills and trusts, and the strategic considerations necessary for effective estate planning. The conversation highlights common mistakes individuals make in their estate plans and emphasizes the importance of retitling assets to ensure that estate plans function as intended. Listeners are encouraged to reflect on their own estate planning needs and the implications of not having a solid plan in place. Takeaways Estate planning is crucial for everyone, not just the wealthy. Probate can be a lengthy and costly process. Having a will does not avoid probate. Trusts can provide privacy and avoid court involvement. Strategic planning can protect heirs from potential issues. Many people mistakenly believe they can handle estate planning alone. Retitling assets is essential after creating a trust. Conversations about estate plans should involve family members. Understanding the implications of estate taxes is vital. Regularly reviewing and updating estate plans is necessary.  Chapters 00:00 Introduction to Estate Planning 01:03 Personal Experiences Shaping Estate Planning Focus 06:09 Understanding Probate and Its Implications 10:40 Wills vs. Trusts: Key Differences 14:32 Strategic Estate Planning for Heirs 20:23 Common Mistakes in Estate Planning 30:53 The Importance of Retitling Assets    

In this episode of Beer and Money, Ryan Burklo and Alex Collins discuss the myths surrounding tax deferral, particularly the common belief that individuals will be in a lower tax bracket during retirement. They explore the implications of income growth over a career, the importance of tax planning, and strategies for managing tax efficiency in retirement. The conversation emphasizes the need for a balanced approach to retirement planning, considering both taxable and tax-free income sources. Takeaways Tax deferral is often misunderstood; it's not a one-size-fits-all model. Many believe they will be in a lower tax bracket in retirement, but this is not always true. Income growth during working years can lead to higher taxes in retirement. It's crucial to analyze income needs and tax implications before retirement. Managing tax efficiency can significantly impact retirement income. Tax planning should include a mix of taxable and tax-free income sources. The importance of flexibility in retirement income strategies cannot be overstated. Understanding tax brackets is essential for effective retirement planning. Many people overlook the long-term tax implications of their retirement savings strategies. It's vital to measure the difference in taxes due when considering tax deferral versus tax-free options. Chapters 00:00 Introduction to Tax Deferral Myths 02:09 Understanding the Tax Deferred Model 04:03 Analyzing Income Growth and Retirement 08:15 Tax Implications of Retirement Income 10:10 Strategies for Managing Tax Efficiency 12:11 The Importance of Tax Planning 16:26 Conclusion and Future Strategies

In this episode of Beer and Money, Ryan discusses the impact of presidential elections on the stock market. He explores the presidential election theory, which suggests that U.S. stock markets perform weaker in the first two years of a presidential term and peak in the third year. Ryan emphasizes the importance of looking at the bigger picture and long-term investment strategies, rather than focusing on short-term market fluctuations. He also highlights the significance of diversification, having a financial plan, and maintaining liquidity.   Key Points: Introduction to the presidential election theory and its impact on the stock market. Historical performance of the S&P 500 during different presidential terms. The importance of long-term investment strategies and diversification. The role of financial advisors in guiding investment decisions. The need for liquidity and access to funds during market fluctuations. Chapters 00:00:01 - Introduction Welcome and episode overview. 00:00:49 - Presidential Election Theory Explanation of the theory and its implications. 00:01:15 - Historical Performance Discussion of historical S&P 500 performance during presidential terms. 00:02:26 - Long-Term Investment Strategies Importance of long-term investment and avoiding short-term market focus. 00:03:22 - Role of Financial Advisors The value of consulting with financial advisors. 00:04:07 - Market Trends and Political Parties Analysis of market trends under different political parties. 00:05:01 - Media Influence and Market Perception How media narratives can impact market perception. 00:05:43 - Diversification and Liquidity Importance of diversification and maintaining liquidity. 00:06:22 - Holistic Financial Planning The need for a comprehensive financial plan. 00:07:23 - Conclusion and Call to Action Final thoughts and invitation to reach out for financial advice.

In this episode of Beer and Money, hosts Ryan Burklo and Alex Collins welcome Joe Hegener, founder and CIO of Astrazola Management, to discuss the current economic landscape, particularly focusing on falling interest rates and their implications. Joe shares his extensive background in finance, including his experiences at BlackRock and PIMCO, and provides insights into the effects of zero interest rates, inflation dynamics, and the potential risks facing the market. The conversation also delves into portfolio management strategies and the importance of diversification in today's economic environment.   Takeaways Joe Hegener has extensive experience in finance, having worked at BlackRock and PIMCO. The current economic environment is influenced by falling interest rates and inflation dynamics. Zero interest rates have created a false sense of security in the market. The Fed's actions have a lagging effect on the economy. Inflation is driven by both supply-side and demand-side factors. There are significant risks on the horizon that could impact the market. Diversification is crucial for managing portfolio risk. Investors should consider locking in gains and de-risking their portfolios. The potential for re-accelerating inflation exists as cash is deployed into the market. It's important to build a robust portfolio that can withstand various economic scenarios.   Chapters 00:00 Introduction and Guest Introduction 02:52 Joe Hegener's Background and Experience 06:00 Insights on Interest Rates and Economic Environment 08:51 The Impact of Zero Interest Rates 12:01 Current Economic Indicators and Fed's Role 15:03 Inflation Dynamics and Future Projections 18:04 Potential Risks and Market Reactions 21:13 Portfolio Management Strategies 23:56 Final Thoughts and Future Considerations      

In this episode of Beer and Money, Ryan Burklo and Alex Collins discuss the critical topic of estate planning for parents. They explore the various challenges that arise when parents do not have proper estate planning documents in place, including tax implications, health concerns, and potential family conflicts. The hosts emphasize the importance of proactive planning and open communication between parents and their children regarding financial matters and estate planning. They also highlight the role of financial professionals in facilitating these discussions and ensuring that families are prepared for the future.   Takeaways Estate planning is essential for avoiding future complications. Tax implications can create significant burdens for heirs. Health issues can complicate financial responsibilities for children. Open communication about estate planning is crucial. Family conflicts can arise from unclear estate documents. Proactive planning can ease the emotional burden of inheritance. Financial professionals can help mediate estate planning discussions. Understanding the intent behind estate documents is vital. It's important to know where estate documents are located. Conversations about estate planning should happen early.  Chapters 00:00 Introduction to Estate Planning for Parents 01:57 Understanding the Tax Implications of Inheritance 06:09 Health Concerns and Financial Responsibilities 09:13 Avoiding Family Conflicts Over Inheritance 11:48 Initiating Conversations About Estate Planning 15:09 The Role of Financial Professionals in Estate Planning  

In this episode, Ryan Burklo discusses the concept of risk tolerance in investing, emphasizing the importance of understanding both market risks and personal financial situations. He highlights the need for a balanced approach to investments, including the role of liquidity in a balance sheet, and how these factors play a crucial role in retirement planning. The conversation also touches on the psychological aspects of investing, such as recency bias, and the necessity of having a comprehensive view of one's financial health to make informed decisions. Takeaways Risk tolerance has evolved over the decades. Bonds also carry risks that are often overlooked. Liquidity is essential for a stable balance sheet. Recency bias can lead to overconfidence in investing. Understanding true risk is crucial for investment decisions. A balanced approach includes cash, stocks, and bonds. Planning for retirement requires a shift in risk tolerance. Having funds not correlated with the market is beneficial. Focus on the entire balance sheet for effective wealth management. Flexibility in financial planning allows for better decision-making. Chapters 00:00 Understanding Risk Tolerance 02:54 The Importance of Balance in Investments 06:04 Liquidity and Balance Sheet Risk 08:59 Planning for Retirement Income 11:47 Strategies for Wealth Building

In this episode of Beer and Money, Ryan Burklo discusses the implications of the recent Fed rate cut on personal finance. He explains how the cut affects borrowing costs and savings rates, emphasizing the importance of a long-term financial strategy. Ryan introduces the concept of having three distinct financial buckets to manage money effectively, ensuring flexibility and resilience against fluctuating interest rates. The conversation highlights the need for a balanced approach to financial planning, especially in light of changing economic conditions. Takeaways The Fed rate cut lowers borrowing costs but also affects savings rates. Interest rates fluctuate over time, impacting financial planning. Building a financial plan should focus on long-term stability. Having multiple financial buckets can provide flexibility and security. Short-term buckets are essential for emergency funds and immediate needs. Investment accounts can be liquid and accessible for future opportunities. Retirement accounts should be set aside for long-term use. Different tax treatments for various buckets can optimize financial outcomes. Interest rates will continue to rise and fall, requiring adaptable strategies. A balanced financial approach helps mitigate stress and uncertainty. Chapters 00:00 Understanding the Fed Rate Cut 03:19 Building a Resilient Financial Plan 08:20 The Importance of Diversified Buckets

In this episode, Ryan Burklo and Alex Collins discuss the importance of planning with cashflow in mind. They highlight the common focus on accumulating assets and net worth, rather than considering the income generated by those assets. They emphasize the need to think with the end in mind and prioritize cashflow, taxes, and asset distribution. The conversation explores the different tax categories (fully taxable, partially taxable, and non-taxable) and the importance of having flexibility in asset allocation. The hosts encourage listeners to consider their future financial goals and reach out for personalized analysis and guidance. Takeaways Many people focus on accumulating assets and net worth, but fail to consider the income generated by those assets. Thinking with the end in mind involves prioritizing cashflow, taxes, and asset distribution. Understanding the different tax categories (fully taxable, partially taxable, and non-taxable) is crucial for effective financial planning. Having flexibility in asset allocation allows for better tax management and financial security. It is important to consider future financial goals and seek personalized analysis and guidance. Chapters 00:00 Introduction: Planning with Cashflow in Mind 03:37 The Importance of Thinking with the End in Mind 08:53 Understanding Tax Categories for Effective Financial Planning 12:53 The Role of Asset Allocation in Tax Management 15:05 Considering Future Financial Goals 16:01 Conclusion: Seeking Personalized Analysis and Guidance

In this episode, Ryan Burklo and Alex Collins discuss the topic of volatility and whether it is a friend or a foe. They explore how volatility can be beneficial during the accumulation phase, as it allows for higher rates of return. However, as retirement approaches and withdrawals are made from the portfolio, volatility can become a risk. They also emphasize the importance of diversification and having a balanced portfolio across different asset classes. The hosts use examples and a sequence of return calculator to illustrate the impact of volatility on investment returns. They conclude by encouraging listeners to view volatility as both a friend and a foe and to set up their portfolios and balance sheets accordingly. Takeaways Volatility can be a friend during the accumulation phase as it allows for higher rates of return. As retirement approaches, volatility can become a risk, especially when withdrawals are made from the portfolio. Diversification across different asset classes is crucial to mitigate the impact of volatility. Viewing volatility as both a friend and a foe can help in setting up a balanced portfolio and balance sheet. Chapters 00:00 Introduction: Is Volatility a Friend or Foe? 03:49 The Benefits of Volatility in the Accumulation Phase 06:30 The Risks of Volatility in Retirement 11:18 The Importance of Diversification 18:24 Viewing Volatility as Both a Friend and a Foe

In this episode, Ryan Burklo discusses the top reasons why people struggle financially. He emphasizes that these reasons are not meant to point fingers or judge, but rather to provide insights and reminders about making intentional financial decisions. The five main reasons discussed are: low income, spending too much on housing or rent, spending too much on a car, spending too much on debt, and taking extravagant vacations. The key takeaway is to align spending with personal values and live within one's means. Takeaways Financial struggles can happen to anyone, and it's important to approach the topic without judgment. Low income can lead to financial struggles, and it's important to find ways to increase income through side gigs or career advancement. Spending too much on housing or rent can strain finances, and it's important to consider one's lifestyle and priorities when making housing decisions. Spending too much on a car can be a financial burden, and it's important to differentiate between wants and needs when making car purchases. Having too much debt can hinder financial progress, and it's important to prioritize debt repayment and live within one's means. Taking extravagant vacations can be enjoyable, but it's important to consider the financial impact and find a balance between enjoyment and financial responsibility. The key to overcoming financial struggles is aligning spending with personal values and making intentional financial decisions. Chapters 00:00 Introduction: Understanding Financial Struggles 02:25 Chapter 1: Low Income and Financial Challenges 05:35 Chapter 3: Making Wise Choices with Car Expenses 06:59 Chapter 4: Managing Debt and Financial Stability 08:13 Chapter 5: Finding a Balance with Vacations 09:45 Conclusion: Aligning Spending with Personal Values

In this episode, Ryan Burklo and Alex Collins discuss the topic of trusts, specifically revocable and irrevocable trusts. They explain that a trust is like a folder where you can put assets that are owned by the trust rather than by you. They discuss the roles of the grantor, trustee, and beneficiary in a trust and the benefits of a revocable trust, such as probate avoidance and flexibility. They also explain the benefits of an irrevocable trust, including tax advantages and creditor protection. They emphasize the importance of regularly reviewing and updating estate plans. Takeaways A trust is like a folder where assets are owned by the trust rather than by you. Revocable trusts offer probate avoidance and flexibility, while irrevocable trusts provide tax advantages and creditor protection. Regularly review and update your estate plan to ensure it aligns with your current situation and goals. Consult with professionals, such as estate planning attorneys, financial planners, and CPAs, to create and maintain an effective estate plan. Chapters 00:00 Introduction and Overview 02:49 Understanding Trusts: Revocable vs. Irrevocable 08:03 The Benefits of Revocable Trusts 11:35 The Advantages of Irrevocable Trusts 15:13 The Importance of Regularly Reviewing Your Estate Plan

In this episode, Ryan Burklo discusses the tax status of retirement accounts and the importance of considering taxes when planning for retirement. He explains the different tax statuses of assets, including fully taxable, partially taxable, and non-taxable. Ryan emphasizes the preference for having a majority of assets in the non-taxable category. He explores strategies for shifting assets from taxable to non-taxable, such as asset shifting and cashflow shifting. Ryan also highlights the need to think with the end in mind and consider flexibility in retirement. Takeaways Consider the tax status of your retirement accounts when planning for retirement. Having a majority of assets in the non-taxable category is preferable. Strategies like asset shifting and cashflow shifting can help shift assets from taxable to non-taxable. Think with the end in mind and consider flexibility in retirement. Chapters 00:00 Introduction: Importance of Tax Status in Retirement 01:21 Tax Status of Assets: Fully Taxable, Partially Taxable, Non-Taxable 03:24 Shifting Assets: Asset Shifting and Cashflow Shifting 06:47 Thinking with the End in Mind: Flexibility in Retirement 07:42 Conclusion: Contact for Questions and Topics

In this episode, Ryan Burklo discusses the importance of protection in the form of property and casualty insurance. He highlights how these insurance policies often overlook the individual's net worth and income. Ryan explains the significance of umbrella insurance policies that provide additional liability coverage beyond the standard auto and home insurance policies. He also emphasizes the need to consider high-value items and schedule them on the home insurance policy. Lastly, Ryan suggests creating a video inventory of personal belongings to simplify the claims process in case of a disaster. Takeaways Protection of income is often overlooked but is crucial for maintaining lifestyle, goals, and dreams. Umbrella insurance policies provide additional liability coverage beyond standard auto and home insurance policies. Consider scheduling high-value items on the home insurance policy to ensure proper coverage. Create a video inventory of personal belongings to simplify the claims process in case of a disaster. Chapters 00:00 The Importance of Protecting Your Income 01:27 Understanding Umbrella Insurance Policies 05:05 Scheduling High-Value Items on Home Insurance 07:02 Creating a Video Inventory for Claims

In this episode, Ryan Burklo and Alex Collins discuss the importance of life insurance and how it can protect your family's financial future. They emphasize the need to consider how much life insurance to get based on the number of years of income you want to replace. The hosts use a hypothetical scenario to demonstrate the impact of life insurance on a couple's financial situation. They show that without adequate life insurance coverage, the surviving spouse may face a significant reduction in their standard of living. The episode concludes with a call to action for listeners to evaluate their own life insurance coverage and consider their family's financial needs. Takeaways Life insurance is essential for protecting your family's financial future Consider how many years of income you want to replace when determining the amount of life insurance coverage you need Without adequate life insurance, the surviving spouse may face a significant reduction in their standard of living Evaluate your life insurance coverage regularly to ensure it aligns with your family's financial needs Chapters 00:00 Introduction and Welcome Back 03:05 What Are You Drinking? 05:18 The Replacement of Income 08:03 Calculating the Potential Retirement Savings 13:09 The Impact of Inadequate Life Insurance 16:06 Considering Market Rates of Return 23:04 Taking Action: Evaluating Your Life Insurance Coverage

In this episode, Ryan Burklo discusses distribution tax strategies for retirement planning. He compares two different approaches: an interest-only approach and an amortization/spend-down strategy. He explains the tax implications of each strategy and demonstrates how the spend-down strategy can result in higher net after-tax income. Burklo emphasizes the importance of understanding tax strategies and the location of your money in order to make informed decisions about retirement planning. Takeaways Understanding tax strategies is crucial for maximizing net after-tax income in retirement. The interest-only approach can result in a higher risk of outliving your money. The spend-down strategy can provide higher net after-tax income, but it carries the risk of depleting your assets. The location of your money (e.g., traditional IRA, 401k) affects the tax implications of your retirement income. Having different buckets of money taxed differently allows for more tax-efficient strategies in retirement planning. Chapters 00:00 Introduction: Distribution Tax Strategies for Financial Success 02:22 Retirement Concerns: Running Out of Money and Health Expenses 06:24 The 4% Rule: A Common Approach with Low Risk of Outliving Money 08:49 The Tax Implications of the Interest-Only Approach 09:30 The Spend-Down Strategy: Amortizing Assets for Higher Income 11:31 Tax Comparison: Interest-Only Approach vs. Spend-Down Strategy 14:30 Mitigating Risk: Combining Strategies and Asset Allocation 18:02 Creating Tax-Efficient Strategies with Different Buckets of Money 18:53 Conclusion: Understanding Tax Strategies for Retirement Planning

In this episode, Ryan Burklo discusses the distribution of tax status as a factor that impacts financial success. He emphasizes the importance of understanding how your assets will be taxed when you retire and how that affects the net income you receive. He explains the concept using a sample client's financial balance sheet and discusses the different types of taxable and tax-free income. The goal is to have a balanced pie chart with a mix of partially taxable, fully taxable, and non-taxable income. Ryan encourages listeners to think with the end in mind and seek guidance from advisors who can help with long-term tax planning. To learn more about Quantified Financial Partners, please visit our website ww.beerandmoney.net Takeaways Understanding how your assets will be taxed when you retire is crucial for maximizing your net income. A balanced pie chart with a mix of partially taxable, fully taxable, and non-taxable income is ideal. CPAs are helpful for managing taxes in the present, but it's important to work with advisors who can also help with long-term tax planning. Thinking with the end in mind and considering the tax implications of your financial decisions can lead to a more stress-free and financially secure life. Chapters 00:00 Introduction and Recap of Previous Episodes 02:01 Understanding the Sample Client's Financial Balance Sheet 06:30 Considering Lifestyle and Income in Retirement 09:12 Desired Balance in the Pie Chart 10:29 The Role of Advisors in Long-Term Tax Planning 11:43 Conclusion and Call to Action  

In this episode, Ryan Burklo and Alex Collins discuss the factors that impact financial success, focusing on the location and liquidity of wealth. They explain that most people have two buckets of money: savings and retirement accounts. However, they emphasize the importance of having a midterm bucket, which provides liquidity and flexibility for life events and goals. They discuss the characteristics of each bucket and the need for balance and tax efficiency. They also introduce the concept of true liquidity, which involves having money in a separate account that is not correlated with the market. They provide examples and calculations to illustrate the benefits of having a midterm bucket and true liquidity. If you would like to learn more about Quantified Financial Partners, please visit our website www.beerandmoney.net Takeaways The location of wealth can be more important than the amount of wealth. Having multiple buckets of money with different tax treatments and liquidity levels is crucial for financial success. A midterm bucket provides liquidity and flexibility for life events and goals. True liquidity involves having money in a separate account that is not correlated with the market. Balancing risk and tax efficiency is key when allocating money across different buckets. Chapters 00:00 Introduction 01:45 The Location of Wealth 03:29 The Importance of a Midterm Bucket 04:19 Understanding True Liquidity 07:28 Balancing Risk and Tax Efficiency 11:21 Maximizing Financial Success

In this episode, Ryan Burklo and Alex Collins discuss the five factors that impact financial success. They focus on the first factor, which is the amount of wealth. While many people believe that the size of their assets is the most important factor, the hosts argue that it is actually one of the smallest factors when it comes to the efficiency of assets. They provide an example to illustrate this point, showing that the rate of return and distribution method have a greater impact on income in retirement. The hosts emphasize the importance of considering all five factors and creating financial balance. If you would like to learn more about Quantified Financial Partners, please visit our website www.beerandmoney.net Takeaways The amount of wealth is just one of the five factors that impact financial success. The rate of return and distribution method have a greater impact on income in retirement. Creating financial balance is important, considering all five factors and finding appropriate amounts for each. Legacy and the fear of running out of money are important considerations in retirement planning. Chapters 00:00 Introduction and Beer Talk 03:01 The Impact of the Amount of Wealth 07:31 Rate of Return and Income in Retirement 10:48 Guaranteed Distribution in Retirement 13:55 The Importance of the Other Four Factors 16:03 Conclusion  

In this episode, Ryan Burklo and Alex Collins discuss risk and volatility in investment portfolios. They emphasize the importance of investing for future income and the need to get the allocation and risk profile right. They explore the concept of volatility and how it relates to the movement of money in investment accounts. They also discuss the traditional two-legged stool model of investing in stocks and bonds, and the need to bring back a three-legged stool model that includes cash. They highlight the flexibility and choice that cash provides in managing unexpected expenses and investment opportunities. The episode concludes with a question for listeners about the number of legs in their financial stool. If you would like to learn more about Quantified Financial Partners, please visit our website www.beerandmoney.net Takeaways Investing is important for future income and financial security. Getting the allocation and risk profile right is crucial. Volatility refers to the movement of money in investment accounts. The traditional two-legged stool model of investing in stocks and bonds may not provide enough flexibility and choice. Including cash in the investment portfolio can provide a buffer and allow for better allocation and risk management. Having cash on hand is essential for managing unexpected expenses and investment opportunities. Chapters 00:00 Introduction and Importance of Investing 02:28 Investing in 401k and Risk Profile 07:42 Understanding Bonds and Volatility 09:34 The Importance of Cash in Allocation 13:03 Flexibility and Choice Provided by Cash 15:23 Managing Unexpected Expenses and Investment Opportunities

In this episode, Ryan Burklo and Alex Collins discuss the concept of net rate of return and its impact on investment portfolios. They explore the real rate of return, inflation, asset allocation, and the importance of balance sheet allocation. The conversation delves into the significance of understanding and combating inflation to achieve long-term financial goals. If you would like to learn more about Quantified Financial Partners, please visit our website www.beerandmoney.net Takeaways Understanding the real rate of return is crucial for evaluating the true performance of an investment portfolio. Inflation erodes the purchasing power of money, making it essential to combat inflation through strategic asset allocation. Balance sheet allocation and risk profile play a significant role in achieving a favorable rate of return. The composition of the portfolio, including promise-based assets and market-based assets, impacts the overall risk and return profile. The conversation emphasizes the importance of considering the entire balance sheet and not just individual accounts when evaluating investment strategies. Chapters 00:00 Understanding Net Rate of Return and Inflation Impact 02:51 Strategic Asset Allocation for Combatting Inflation 06:11 The Role of Balance Sheet Allocation in Rate of Return 09:05 Composition of Promise-Based and Market-Based Assets 11:56 Evaluating Investment Strategies Beyond Individual Accounts