Fifteen Minute Financial Advisor

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The Fifteen Minute Financial Advisor is a place where you can find answers to your personal finance questions, with descriptions of the topic or question, why it's an important consideration and action steps you can take to address your concerns. Have a topic you want covered? Email: Topic@15minutef…

Mike Policar - Fiduciary, Financial Advisor


    • Jan 11, 2022 LATEST EPISODE
    • weekly NEW EPISODES
    • 12m AVG DURATION
    • 168 EPISODES

    Listeners of Fifteen Minute Financial Advisor that love the show mention: personal finance information, thanks mike, financially, confusing, concise, michael, plan, fast, money, clear, useful, extremely, easy, informative, tips, advice, understand, topics, highly recommend, great job.



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    Latest episodes from Fifteen Minute Financial Advisor

    Fear

    Play Episode Listen Later Jan 11, 2022 11:05

    Fear drives a lot of short term market direction. But somehow, over the long-term optimism seems to rule the markets. It's important to separate Fear from Uncertainty and Uncertainty from Risk. They're interrelated, but they're not the same thing. Don't allow fear to get in the way of making decisions that you believe to be right for you and your future.    Questions? Email me: Mike@ngpfp.com 

    Save More Money

    Play Episode Listen Later Jan 4, 2022 11:14

    The IRS has raised the limits for 401(k) and similar contribution maximums for 2022. You can now put $20,500 into a 401(k) and if you're over 50 years old, you can make an additional $6,500 catch-up contribution. It's important to take a look at what you're contributing to your 401(k) and make sure it's the right plan FOR YOU!   Questions? Email me: Mike@ngpfp.com   

    Finding Success in Failure

    Play Episode Listen Later Dec 28, 2021 10:12

    I set a goal to do 25,000 pushups in 2021. I didn't do 25,000 pushups in 2021. The year isn't quite over, but there's no way I'll get there. In failing to hit my goal, I learned a lot about myself. And more importantly, I learned that even a "failure" can be a success.   Questions? Email me: Mike@ngpfp.com   

    Fixing the Fixable with Laurie Ruettimann

    Play Episode Listen Later Dec 14, 2021 34:42

    Have you ever wanted to walk into your bosses office and just should "I QUIT" and walk out? You haven't done it, because it's not usually a great way to handle that sort of thing. But if you've ever felt like you hate your job, or you get the Sunday Scaries about going back to work on Monday, you'll want to hear what Laurie has to say.    Questions? Email me: Mike@ngpfp.com   

    Absolutely Nothing! (Bad Debt)

    Play Episode Listen Later Dec 7, 2021 12:28

    Can you afford the purchase? Or can you just afford the payment? When you're buying a car, the dealer wants to talk about the payment. Why? Because they don't want you to know how much the car costs! They just want you to know you can afford the payment. Don't let bad debt put you in a tough situation.    Questions? Email me: Mike@ngpfp.com

    Debt (What is it Good For?) Part 1

    Play Episode Listen Later Nov 30, 2021 6:48

    I'm a fan of the Edwin Starr song, so I figured the title was a nice homage. But this weeks topic is about good debt. My definition of good debt is borrowing money to buy something that will increase in value or utility over time. We talk about a few examples of good debt and a story about a prominent historic figure in American culture.   Questions? Email me: Mike@ngpfp.com 

    Inflation!

    Play Episode Listen Later Nov 23, 2021 10:36

    It's been quiet for a long time, but inflation is rearing it's head in a way not seen since the lead-up to the Global Financial Crisis and 2021 could prove to see more inflation than any single year since 1991. This week we talk about what inflation is, and a few things you can do to buffer yourself from the effects of this invisible "tax" on your lifestyle.    Questions? Email me: Mike@ngpfp.com

    It's Electric!

    Play Episode Listen Later Nov 16, 2021 10:33

    25 years ago, electric cars were mostly concepts and designs by engineering students. Today, electric cars seem to be the next wave of car buying. From roadsters to delivery vans, sports cars to vintage-style pickup trucks, going electric is a very strong trend among automakers and it appears to be what buyers are most interested in as well.    Questions? Email me: Mike@ngpfp.com 

    Spreadsheets and Heartbeats

    Play Episode Listen Later Nov 9, 2021 11:28

    Financial planning, whether done by a professional or done yourself, should give you confidence that you're heading in the right direction. A spreadsheet can't assure you of success, but it can go a long way to easing your anxiety about finances. This week we explore a few ideas to help relieve financial stress.    Questions? Email me: Mike@ngpfp.com   

    Year End Tax Planning

    Play Episode Listen Later Oct 26, 2021 11:32

    Any time of year is a good time to do some tax planning. There's a lot of talk about it this time of year because people, for the most part, don't want to take action on something until they have to. In our conversation, we'll cover a few things that can potentially lower your tax liability in the current year and in future years.  I am not a CPA and this is not tax advice. ALWAYS CONSULT A TAX ADVISOR.   Questions? Email me: Mike@ngpfp.com 

    Uncle Jack

    Play Episode Listen Later Oct 19, 2021 6:53

    This past weekend, we lost my uncle, Jack. He was a lot more than an uncle to me. Uncle Jack exemplified Go Out And Live. He lived life on his own terms and did it his way. Another lesson in his passing is that people will always remember how you made them feel.    Questions? Email me: Mike@ngpfp.com   

    I Chose...Poorly

    Play Episode Listen Later Oct 12, 2021 9:58

    Enrolling in your health care plan can be easy, if you're keeping everything the same. But it can be incredibly difficult if you're going it alone, or even choosing from a list of options that is vastly different than what you're used to. Also a reminder: Medicare open enrollment begins Friday October 15th, 2021 and runs through Tuesday December 7th, 2021.  Obamacare open enrollment begins Monday November 1st, and runs through Wednesday, December 15th.    Questions? Email me: Mike@ngpfp.com

    Employee Financial Wellness: Pandemic Edition

    Play Episode Listen Later Oct 5, 2021 13:02

    Accounting firm PwC conducts a study of 1,600 employees across the United States each year, to gauge the financial wellness of the American workforce. As you might imagine, financial stress has grown for many during the pandemic. This week, we look at the data and offer a few potential solutions to ease the stress on our fellow workers.    Questions? Email me: Mike@ngpfp.com  

    Roth vs. Traditional

    Play Episode Listen Later Sep 28, 2021 13:07

    If you're not sure of ALL the differences between these two tax-classifications for retirement savings, you're in good company. Which one makes the most sense for you? Just because one is the right choice one year doesn't mean it will be the right choice the next year.    Questions? Email me: Mike@ngpfp.com   

    10 Commandments of Getting a Home Loan

    Play Episode Listen Later Sep 21, 2021 34:31

    It's a competitive market to buy a home right now. I'm joined this week by my friend and mortgage expert, Greg Anderson, to talk about his 10 commandments for getting a home loan. Some of the "commandments" are no-brainer's, like don't take on new debt while you're applying for a mortgage, but some are head-scratchers.    Questions? Email me: Mike@ngpfp.com   

    That Pisses Me Off!

    Play Episode Listen Later Sep 14, 2021 12:20

    I'm hoping this will be the start of a "feature" every so often. Sort of like the Financial FAQ conversations. What's pisses me off is when any "advisor" really, but especially a FIDUCIARY advisor doesn't follow through on their duties to those they serve. It hurts people and gives the industry a bad reputation. It's time for that behavior to die.   Questions? Email me: Mike@ngpfp.com

    Employee Benefits: The Basics

    Play Episode Listen Later Sep 7, 2021 12:17

    There's a lot to think about when it comes to employee benefits. This week we cover the basics, Health Insurance, Retirement, and Life Insurance. There's a lot more to it, but hopefully this will get the wheels turning for you.    Questions? Email me: Mike@ngpfp.com 

    How Do I Start Investing?

    Play Episode Listen Later Aug 31, 2021 12:57

    No matter where you find yourself in life, it's never too late to begin your investing journey. Whether you can start with $10 or $10 million, getting started can often be the hardest part. Here's the secret: It doesn't have to be that hard.    Questions? Email me: Mike@ngpfp.com   

    Beauty in Simplicity

    Play Episode Listen Later Aug 24, 2021 8:32

    Your personal financial life doesn't have to be complex. I think a simple approach to personal finances may be better than a complex approach. Using nudges, automation, and simplifying your finances, you really can put yourself in control of money.    Questions? Email me: Mike@ngpfp.com 

    Maintenance Spending and Buying Time

    Play Episode Listen Later Aug 17, 2021 11:11

    We all spend our resources. Sometimes we spend money, sometimes we spend time. And sometimes we can buy time with money. And often we trade time for money. The question is: Are you making deliberate decisions about how you spend your resources? This week, we talk about a thought exercise to help discover our priorities in practice versus priorities in theory.   Questions? Email me: Mike@ngpfp.com 

    Do You

    Play Episode Listen Later Aug 10, 2021 10:19

    There are so many opinions on personal finance and investing strategies. I have many opinions, too. The one's that usually matter the most are the ones that YOU decide are right FOR YOU. It's all about being able to Do You, or own your strategy. It's easier to stick to that way.   Questions? Email me: Mike@ngpfp.com   

    Investing Olympics

    Play Episode Listen Later Aug 3, 2021 9:19

    While you're watching the 2020 Summer Olympic Games (or not) in 2021, try to think about the time and sacrifice each of the athletes put into reaching their goals. You can do it to in your own Investing Olympics! Here's my favorite part: Most of the work is simple being patient. Patience pays.    Questions? Email me: Mike@ngpfp.com

    Long Term Care Tax...Coming Your Way Soon?

    Play Episode Listen Later Jul 27, 2021 9:12

    Washington State, in January 2022, will become the first to collect a payroll tax to help offset the cost of long term care needs for eligible residents of the state. How long will it be until other states adopt something similar?      Questions? Email me: Mike@ngpfp.com   

    Step 6: Investment Planning

    Play Episode Listen Later Jul 20, 2021 11:49

    Investment planning is the final step in The 6 Steps to Starting Your Personal Financial Planning. Why? Because I think it's the top of the hierarchy of financial needs. With cash flow planning as the foundation and the rest of our steps leading to your investment plan, you're now armed with the tools to build your personal financial planning process and then Go Out And Live!   Questions? Email me: Mike@ngpfp.com 

    Step 5: Estate Planning

    Play Episode Listen Later Jul 13, 2021 13:06

    It's hard to make this a "fun" topic, but I really believe that estate planning is for almost everyone. It's not just for really rich people with millions and millions of dollars. It doesn't have to cost a lot, and it doesn't actually take THAT much work or money to get yourself set up properly.    Questions? Email me: Mike@ngpfp.com

    Step 4: Financial Independence

    Play Episode Listen Later Jul 6, 2021 10:57

    A certain unalienable right was a critical element of the Founding Documents of The United States of America. That right is the pursuit of happiness, a not-so-distant cousin of financial independence. Today, were discussing a few ways to think about making work optional.    Questions? Email me: Mike@ngpfp.com

    Step 3: Tax Planning

    Play Episode Listen Later Jun 29, 2021 13:49

    DISCLAIMER: I am not a CPA or tax advisor. Nothing in this episode should be considered tax advice. Consult a tax advisor before making decisions that involve your taxes.  This week we continue on The 6 Steps to Starting Your Personal Financial Planning. Our tax dollars do a lot of things for us, but nobody wants to pay more than their fair share. We dive into ways to help you potentially lower your current tax bill as well as future tax liabilities.  Questions? Email me: Mike@ngpfp.com 

    Step 2: Risk Management & Insurance

    Play Episode Listen Later Jun 22, 2021 15:03

    As we continue our exploration of the 6 Steps to Starting Your Personal Financial Planning, we come to insurance and risk management. The goal is not to tell you what insurance to buy or not buy, but to give you a thought process for coming to those decisions on your own.  Questions? Email me: mike@ngpfp.com  www.ngpfp.com 

    Step 1: Cash Flow Planning

    Play Episode Listen Later Jun 15, 2021 13:27

    I think conquering your cash flow is an underrated skill. I think cash flow planning is about 75%, maybe more, of the effort needed to achieve your personal financial goals. This week, we dive into the first step of the 6 Steps to Starting Your Financial Planning with Cash Flow Planning.  If you have any questions about this episode, email me and we'll be sure to answer them on a special Q & A episode!  Questions? Email me: Mike@ngpfp.com 

    6 Steps to Starting Your Personal Financial Planning

    Play Episode Listen Later Jun 8, 2021 6:45

    Financial planning is an ongoing and should be designed to adapt to changes in your life. Whether you have an advisor or you handle these things alone, I hope you find these next few episodes helpful. 6 Steps to Starting Your Personal Financial Planning: Cash Flow Planning Risk Management and Insurance Tax Planning Financial Independence Estate and Legacy Planning   Questions? Email me: Mike@ngpfp.com    

    How Crypto Gets Hacked: with The Wookiee Index

    Play Episode Listen Later Jun 1, 2021 16:05

    It's important to know what you're getting yourself, or your money, into when new "asset classes" drift toward your portfolio. I'm joined by a Finance-Twitter rising star, @wookieeindex, who has written enlightening blog posts about how crypto gets hacked.  Read blogs at furballfinancial.substack.com  Questions? Email me: Mike@ngpfp.com   Disclaimer: Nothing in this podcast is a recommendation to buy or sell any security or asset mentioned herein. Companies/assets mentioned are NOT endorsements.

    Financial FAQs

    Play Episode Listen Later May 25, 2021 13:14

    Two questions that I've heard a lot in the last few weeks:  1. Should I pay off (or pay down) my mortgage?  2. Crypto is crashing, is now a good time to buy?  Per usual, the answers depend on the situation of the people asking them, but I think these sorts of things are on the minds of a lot of people. If you have questions you'd like to have answered on the podcast, email them to FAQ@ngpfp.com   

    Do I Own Too Much Company Stock?

    Play Episode Listen Later May 18, 2021 9:45

    If you work for a publicly traded company and part of your compensation comes in the form of stock awards, whether that's RSUs, options (ISOs or NSOs), you might wonder if you own too much. Today I walk through a few reasons why I think "rules of thumb" are dangerous when posited as blanket advice.    Questions? Email me: Mike@ngpfp.com 

    Your Brain on Math

    Play Episode Listen Later May 11, 2021 9:57

    Should you optimize your investments for math and statistics? Or should you optimize your investments for psychology? Today we're looking at the age-old debate of: Is dollar-cost-averaging better than lump-sum investing? We also go over a little experiment to gauge your emotions when you lose money.    Questions? Email me: Mike@ngpfp.com 

    Buy High, Sell Higher

    Play Episode Listen Later May 4, 2021 9:18

    It's hard to feel great about buying something at a price it has only recently risen to. It's even harder to "buy the dip" when the market seems to be in free-fall. It's a strange investing phenomenon that the easiest time to buy is when the market is in "meh" territory. But the research is very clear, buying at or near all time highs is NOT a bad strategy.    Questions? Email me: Mike@ngpfp.com

    Zero Federal Income Tax

    Play Episode Listen Later Apr 27, 2021 7:16

    This week we talk about a client who's 2020 tax bill was ZERO on a federal level. They owed a little bit of state taxes, but otherwise they're loving not owing a dime to Uncle Sam! Their CPA is too! This is the result of planning that was started in 2017 (maybe earlier) and is really paying off now. It pays to plan!   Questions? Email me: Mike@ngpfp.com 

    The Fifteen Minute Financial Planner

    Play Episode Listen Later Apr 20, 2021 11:32

    When you are solely focused on one thing, you can get a lot done in a short amount of time. This week, we examine three pretty significant personal financial planning elements that you can do in no more than 15 minutes a week. I truly believe that dedicating JUST 15 minutes every week to your personal financial situation can vastly improve things for you in a year.    Questions? Email me: Mike@ngpfp.com 

    3 Lessons in My First 3 Months

    Play Episode Listen Later Apr 13, 2021 12:35

    I've been running NGP Financial Planning for 3 months now. I took some time to reflect on what I've experienced, and came up with three lessons from running a business that apply to personal finances and life in general.  I'd love your feedback or to hear any questions you have for me.    Questions? Email me: mike@ngpfp.com

    When Average Wins

    Play Episode Listen Later Apr 6, 2021 10:44

    There's a narrative in our world that seems to demand excellence, or even perfection from human beings. Some people do extraordinary things and we hear their stories of success. Most of us, though, are average. What I want you to know is that being average can be great in life and investing.    Questions? Email me: Mike@ngpfp.com

    Oh, Ship!

    Play Episode Listen Later Mar 30, 2021 6:58

    There are always "reasons," caused by things beyond our control, for why you shouldn't invest. Or reasons you should take your money out of the market. But those reasons are usually short-term, or flat-out ignorant. Have a plan, stick to your plan, and don't worry about the things you can't control.    Questions? Email me: Mike@ngpfp.com

    Annual Return is Meaningless

    Play Episode Listen Later Mar 23, 2021 10:39

    Not totally meaningless, but focusing on or talking about your "annual return" won't do much for you as an individual. Something I think is valuable is to think about your investments in terms of decades, not in terms of days, weeks, months, or even years.    Questions? Email me: Mike@ngpfp.com

    Compound Your Face Off

    Play Episode Listen Later Mar 16, 2021 10:43

    This is one of my favorite concepts when it comes to personal finance. Compounding, as Albert Einstein allegedly stated, is the 8th wonder of the world. It can be hard to keep it top of mind, since the first 20 years of compounding don't seem to move the needle compared to the next 20. One important element of compounding? DON'T INTERRUPT IT!   Questions? Email me: Mike@ngpfp.com  

    (Don't) File Your Taxes ASAP!

    Play Episode Listen Later Mar 9, 2021 8:21

    First of all: This is NOT tax advice. Seek the counsel of a tax attorney or CPA before you make any decisions regarding your tax situation.  If someone paid you $1,400 to file an extension on your taxes, would you do it? What if it was $2,800 or more? Well the US Government is doing just that with the latest proposed bill that recently passed in the Senate and will be voted on today by the House.    Questions? Email me: Mike@ngpfp.com

    A "Healthy" Correction Can Make You Feel Sick

    Play Episode Listen Later Mar 2, 2021 8:10

    A good time to think about a correction is when markets are behaving well. After the crash, it can be too late, and rash decisions can end up compounding the problems facing your financial well being. If you're like me, a friendly reminder is a welcome thing while we're within 1.5% of the all time highs.    Questions? Email me: mike@ngpfp.com

    Not Everyone Needs an Advisor

    Play Episode Listen Later Feb 23, 2021 7:59

    You don't need a financial advisor until you need a financial advisor. Some people want an advisor, so they hire one. Others plan and prepare their financial futures on their own. One way is not better or worse than the other. The only thing that matters is what YOU want in your life.    Questions? Email me: mp@ngpfp.com

    3 "Super" Personal Finance Lessons from Patrick and Tom

    Play Episode Listen Later Feb 9, 2021 11:03

    On February 7th, 2021, we saw one of the oldest and most decorated NFL quarterbacks dismantle the favorite to win the NFL Championship. We also saw the most exciting young quarterback attempt to defend his 2019 championship. I found three personal finance lessons in that game that you can apply to your journey and claim your own championship.    Questions? Email me: Podcast@ngpfp.com

    Tendies, Diamond Hands and Risk Controls

    Play Episode Listen Later Feb 2, 2021 8:08

    I'll be the first person to tell you it's okay to gamble a little bit in the markets, and it's okay to have a little fun with those gambling dollars. But know that it's not investing. One of the most expensive lessons in the markets is thinking you've somehow "beaten the system." The market humbles many participants, but you don't hear about it because they just disappear.   Questions? Email me: mp@ngpfp.com  

    COBRA High

    Play Episode Listen Later Jan 26, 2021 9:34

    If you lose a job, or leave a job, or find yourself suddenly without healthcare, the COBRA legislation from 1985 is there to "help"...for a price. As we kick off the new podcast, we discuss some thoughts for poring over your options for choosing a healthcare plan.    Questions? Email me: mp@ngpfp.com

    Coming Soon!

    Play Episode Listen Later Jan 15, 2021 2:51

    New Name. New Brand. Same focus on educating and empowering YOU!  Do you have a topic you want covered? Email me.  Do you have any questions you want answered? Email me. Financial Planning isn't about money, it's about everything else that isn't money. Let's Go Out And Live!   Email: MP@NGPFP.com  

    Your Age Matters

    Play Episode Listen Later Jan 5, 2021 10:50

    There's basically a personal finance planning element that can relate to any age. But there are some ages where planning opportunities are more important than others. This week, we explore those ages, those opportunities and even some warnings.    Questions? Email me: Mpolicar@hightoweradvisors.com  

    Scared of the Stock Market

    Play Episode Listen Later Dec 29, 2020 11:16

    There are always tons of reasons NOT to invest. Being afraid of the stock market is a natural fear. That fear should not keep people from participating in the markets, in my opinion, however. If you or someone you know is afraid of the stock market, have them read about it a little bit. Or watch a short video. Become familiar with it, and the fear subsides.    Questions? Email me: Mpolicar@hightoweradvisors.com 

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