Fifteen Minute Financial Advisor

I recently completed Shaping Wealth's "Building the Behavioral Advisor" program and it was one of the most transformative experiences of my career. My goal today is to talk with you about a few things I've learned and how they APPLY to our personal financial lives. I can't wait to share more of what I've learned and exercises to help you help yourself.   Questions? Email me: Mike@ngpfp.com

What might the stock market look like 5 years from now? If it's higher, then should you be buying or selling right now? Even if it were to go down 50% more from here, but 5 years from today it were higher, would buying be a mistake or a good decision? It's kind of an important question, isnt it?   Questions? Email me: Mike@ngpfp.com   

Of course it does. But not being able to pay your bills during an economic expansion feels a lot worse than being able to pay your bills during an economic recession. This week, we talk about recessions, the effect on US stocks, and hot dogs.    Questions? Email me: Mike@ngpfp.com 

This week I read the Declaration of Independence. This is not a political statement. I believe it's important to know how The United States of America began. We'll get back to personal finance next week.    Questions? Email me: Mike@ngpfp.com 

As we continue our conversation on planning for the event of sudden job loss, we dive into several insurance-related iems. We talk about health insurance options, like COBRA, and dive into life insurance as well. There's more to this conversation to come.    Questions? Email me: Mike@ngpfp.com

Coach Jim Mora's response to a question about making the playoffs resulted in one of the funniest post-game interviews in the NFL. As news of layoffs continues to make the front page, we discuss a few elements of your compensation package that could require some planning in case you get the dreaded pink slip.   Questions? Email me: Mike@ngpfp.com 

I'd prefer frozen in this case, but I found myself faced with a decision to liquidate hundreds of thousands of dollars of investments or borrow money. I chose the borrowing route, and while I think it was the right decision FOR ME, it doesn't come without risks and without me losing control of money.    Questions? Email me: Mike@ngpfp.com 

Media is a business, not a public service. The same is true for social media. Their goals are to extract as much profit as they can. Sensationalism sells, pragmatism doesn't. Next time you're listening to someone on TV talk about doom and gloom, remember that they don't care if you meet your goals or not. Only that you "pay" attention.   Questions? Email me: Mike@ngpfp.com 

Don't worry, this is still a personal finance podcast. Today we're talking about a phenomenon that can both help investors weather terrible downturns in stock prices, and pump-fake us into believing we're done with the selling. We've already had one such dead cat bounce in the market this year, and there could be more.    Questions? Email me: Mike@ngpfp.com

If you've got your shopping shoes on, but aren't sure whether the market has further to fall or not, you could always try using a "stink bid" to get shares of a stock you like at a price much lower than the current market price. This week, we're talking about Stink Bids and of course, some risk factors associated with this strategy.    Questions? Email me: Mike@ngpfp.com  

If you're scared of the market, or thinking about it gives you anxiety because you're uncertain about what might happen in the future, you are human. That's a normal, natural reaction to what is happening in the market. It's okay. You're okay.  Questions? Email me: Mike@ngpfp.com 

Sometimes the market just plain sucks. That's the kind of market we're in now. There are myriad reasons why, but the only thing that matters is what matters to you. How you feel and how you act will likely have more to do with YOUR reality than the market action.    Questions? Email me: Mike@ngpfp.com

It's been about 6 weeks since our last conversation, and this week I'm back to give you an idea of why I was away. We'll also talk about what train travel and investing have in common. Thanks for sticking with me through a rough time in my life!    Questions? Email me: Mike@ngpfp.com

Oil finds a way into most of our lives. The roads you drive on are paved with oil. Each tire on your electric car take about 7 gallons of oil to produce. Even your toothbrush comes from oil! It's a major part of our world and it goes largely unnoticed until the prices skyrocket like they have lately.    Questions? Email me: Mike@ngpfp.com 

This week's conversation is a quick one. Like a lot of people, from the comfort of our homes in the USA, we're watching in horror the war in Ukraine. Thanks to the folks at LPL Research, we quickly explore how US stocks have fared during times of conflict and major world events.    Questions? Email me: Mike@ngpfp.com

Hope is not a strategy. You can certainly hope that things go your way. And you should have hope for a better future, especially if you're an investor. But hope by itself is not a strategy. This week we call on three famous innovators to illustrate the point.    Questions? Email me: Mike@ngpfp.com

To get 1% better every day means you'd improve by 37x every year. It might be doable in some areas for a little while, but probably not a sustained period of time. What I think is better is to focus on incremental improvement. You get really far by taking small steps.    Questions? Email me: Mike@ngpfp.com

As Americans, we spent a lot of time thinking about money last year. More specifically, OUR money. That was evident based on the top 10 trending internet searches of 2021. We discuss those, and the difference between knowledge and wisdom as it pertains to investors.   Questions? Email me: Mike@ngpfp.com

This episode was inspired by a tweet that I responded to last week, and an investment concept that I've talked about in the past. I think it can be very helpful to view your investments as "units" rather than dollars. The dollar value will change with the whim of the markets. The number of shares you have will not.    Questions? Email me: mike@ngpfp.com

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 

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   

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   

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   

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

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 

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

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 

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   

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 

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   

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

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  

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   

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   

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

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 

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   

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 

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 

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   

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

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   

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 

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

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

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 

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 

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 

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    

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.

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