Our 2 Cents

Welcome back to Our 2 Cents with Steve and Gabriel Lewit! On today's episode, the hosts share a harder part of owning a pet and the hidden costs of veterinarian practices. Then, with Independence Day coming up, they will explore what it truly means to be financially free to be able to achieve financial independence. Listen in now using a link below!The Price of Being a Pet Owner:As animal medicine becomes more high-tech, veterinarian prices increase, causing major concern for pet owners and their wallets.Uncover how private equity firms are utilizing animal hospitals in a strategic yet deceptive way.  What is Financial Freedom?:Learn the meaning of financial freedom and ways to achieve it with your budget and lifestyle choices.Discover how to spend your earnings without feeling guilty and bound by financial burdens.

After a short break, we return with another episode of Our 2 Cents with Steve and Gabriel Lewit! The hosts are excited to explore the economic effects of this heat wave and the new Illinois's DMV on-the-go program. Then, they discuss ways to manage those pesky RMDs. Listen in now using a link below!The Economic Impact of 2024 Heat Wave:As this year's scorching heat continues to increase, learn how this heat wave negatively affects economic growth and productivity for many industries.  Illinois's First Mobile DMV:Hate waiting in long lines at the DMV and wish it could just come to you? With the Illinois's 'DMV on Wheels' program, your wish is coming true. Managing RMDs Overview:Discover multiple ways to approach RMDs and reduce RMD amounts that best suit your retirement needs.Determine if a QLAC will be a helpful component in your retirement plan and what other alternatives are offered.

Welcome back to Our 2 Cents with Steve and Gabriel Lewit! The hosts begin the show with their spin on some of Yogi Berra's famous quotes, then they discuss the possible revival of a tool that had a major impact on the 2008 Housing Crisis. Listen in now using a link below!Yogi-isms and 2024 Baseball Stats:Discover legendary baseball player, Yogi Berra's "wise" words turned into financial advice including, "A nickel ain't worth a dime anymore." and "It ain't over 'til it's over." Plus, a quick check-in on how well (or not well) the White Sox, Cubs, and Yankees are performing this baseball season.  Housing-Bubble Era Comeback:June is National Homeownership Month, so let's take a look at a headline that immediately caught our attention.  History is repeating itself, as zero-down mortgages return, offering hope as well as risks.Understand the implications of a no-down-payment home loan and how to determine if it is a good choice for you.

Welcome to another great episode of Our 2 Cents with Steve and Gabriel Lewit! They are excited to share the cicada craze this year, how to not make any big financial decisions based on predictions, and their financial take on money management with some listener questions. Listen in now using a link below!Cicada Emergence 2024:Learn about the rare occurrence of two broods of cicadas appearing together at the same time this year and how they make their "lovely" screeching noises.  Morgan Stanley's Poor Predictions:A Morgan Stanley exec went back on his own word for the S&P 500 target, as he realized the market did not take a turn for the worse.Discover why it's in your best interest to not make a financial decision based a prediction.  Write-In Article Question & Listener Questions: Write-In: "Do I continue with my current financial adviser or is it time to DIY?""I'm recently divorced and have just received money in a QDRO as part of our settlement. What are my options for what I can do with this money?" - Rebecca"Should I continue with my 401k rollover or hold off since it's performing well?" - Eric"I'll be receiving a settlement from a lawsuit and have some credit card debt and car loans that could be paid off entirely with the settlement, or I could invest the money instead. Do you have a recommendation?" - Alina

We've got another new episode of Our 2 Cents for you this week! Steve and Gabriel kick things off with traveling advice you can use this summer. Then, they share some eye-opening cost comparisons underscoring the impact of inflation on our pockets. Listen in now using a link below!Summer Travel Tips:We've got the best time and destinations to travel this summer to make your vacation getaways a breeze.Learn how to travel smart through cost-effective strategies to create an enjoyable, yet affordable trip. Inflation Data in Perspective:Recent data demonstrates that inflation rates have cooled just slightly, although still not where the Fed wants to be. Can you believe this fast-food giant's price increases over the last decade? Plus, their small attempt to bring back customers.Understand 'shrinkflation' and how this country is taking a stand against such practices for the benefit of consumers. Can You Really Get Paid to Move?: Learn what a "relocation package" is and why some U.S cities are willing to pay you for moving.Discover what interesting incentives are involved in relocating to these smaller locations.

We are back this week with another episode of Our 2 Cents with Steve and Gabriel Lewit. They are excited to share how to work through the challenge of making financial decisions and the benefits of simplicity when planning for retirement. Listen in now using a link below!The Difficulty in Financial Decision-Making:Discover that people who view themselves as emotional thinkers have a more difficult time processing and making financial decisions.Learn how reframing and using more practical thinking can better your approach to making decisions with your finances. Gabriel's Quotes of the Month:"It's not who you are that holds back, it's who you think you're not." - Denis Waitley"Investing should be like watching paint dry or watching grass grow. If you want excitement, take $800 and go to Las Vegas." - Paul Samuelson The Benefits of Simplicity in Investing:Understand how diversification, patience, and time are keys to a simpler approach to investing.How the concept of Bucket Planning can help you view your investments in a simpler to understand way.While there are more complexities behind the scenes with Bucket Planning, the idea that you know the purpose and goals for each bucket can help simplify your investment decisions.

Welcome back to this week's episode of Our 2 Cents with Steve and Gabriel Lewit. In this episode, the hosts share saving tactics useful for all ages and how inheritance does not have to be a difficult discussion. Listen in now using a link below!Chicago Bears Update:With the debut of the new Quarterback, there is renewed hope for this upcoming season.The new Bears stadium causes uproar with mixed reviews and its use of taxpayer money.Saving Strategies at Every Age:In your 20s, develop a habit of saving in tax-free accounts and consider more aggressive investments.In your 30s, navigate career growth and family planning through managing current expenses and financial goals.In your 40s/50s, plan for the future while hitting your peak earning potential by hiring a financial planner.In your 60s, ensure a peaceful retirement by being mindful of your spending.Inheritance Conversations:Learn how an open approach to discussing inheritance can lead to clarity and harmony among family members.

We are back this week with a pensive episode of Our 2 Cents with Steve and Gabriel. They take a deep dive in discovering the magic number for retirement and explore a new AI invention that will having you thinking! Listen in now using a link below!Gabriel's Quotes of the Month:"I'm going to retire and live off my savings. What I'll do the second day, I have no idea." – Unknown "A good plan, executed now, is better than a perfect plan next week." – George PattonWhat's the Real Magic Retirement Number?:Discover that the magic retirement number is not what you may think.People tend to overestimate the amount they need to retire, and we'll share why that is.We'll discuss how you can calculate your own retirement number.Humane AI Pin:Learn about the Humane AI Pin, a new artificial intelligence (AI) product designed to potentially replace your smartphone.

Welcome back to a very "mindful" episode of Our 2 Cents with Steve and Gabriel. They are excited to explore the intriguing main topic of Money Mindfulness. Then, they offer insight into a controversial take on a question from a client. Listen in now using a link below!Money Mindfulness: Cultivating Financial Peace:Uncover practical techniques to harness the power of mindfulness in reaching your financial goals.Learn to be present in your current financial situation to embrace self-awareness and mindful investing habits.Take time to reflect and understand your feelings about your finances to achieve a prosperous wellbeing.Listener Question:"Hi Steve, what is your opinion on this 'Ask Terry' question I saw online? I used to be a fan of Terry Savage, but after seeing this response, I'm not so sure anymore." - Sharon

We are back this week with another great episode of Our 2 Cents with Steve and Gabriel. They are excited to share some quick hits with you before diving into their main topic for the remainder of the episode: Retirement Wellness. Listen in now using a link below!Monday's Moon Shadow:Those in a 115 mile path stretching across Mexico, the U.S., and Canada will get a brief glimpse at a "hole in the sky" moment on Monday. Be sure to wear your Solar Eclipse protective eyewear, and we hope you enjoy the sight!Retirement Wellness: Financial Checkup & Tips:Where to start: Checking your vital signs (a.k.a. your cash flow).Goals check-in: The progress made towards your goals.A strong immune system: Maintaining healthy saving and spending habits.Debt evaluation: Any extra debt dragging you down?Portfolio screening: Investment alignment with your risk tolerance and goals.Prescriptions: Your homework for maximizing your financial health for your next check-in.The follow-up: Regularly re-visit your retirement plan, your investment goals, and your overall financial health.

Welcome back to Our 2 Cents! Steve and Gabriel are back this week with some interesting topics, including the latest news from the Federal Reserve, the rising cost of car insurance, and the importance of staying active and engaged in retirement. What's Up? Car Insurance Costs!:Over the past 12 months car insurance costs have gone up nearly 21%. So, what gives?We'll share the three main reasons that are driving up prices.Plus, things you can consider to help keep your car insurance costs down.Working 9 to 5 'til 95?:The story of a 101-year-old woman who continues to work, but it isn't for the money.Why she says her long career has prolonged her life and happiness.The importance of staying socially connected and engaged to maintain cognitive health and overall well-being in retirement.

On today's episode of Our 2 Cents, Steve and Gabriel discuss two great topics. First is the best islands for retirement and then they pivot to common mistakes to avoid with IRAs. They share the significance of proper tax planning to maximize the benefits of IRAs and avoid potential costly mistakes.Island Living in Retirement:Retiring to an island may appeal to many retirees, and we're sharing the best scenic locales to consider.Some international islands offer incentives to retirees.Plus, a U.S. based island location that may surprise you!Deep Dive: How to Avoid IRA Mistakes:The importance of contributing to IRAs before the deadline.Consider the benefits of both Roth and traditional IRAs based on individual circumstances.Utilizing backdoor Roth IRA contributions.Exercise caution against speculative investments in IRAs, putting the wrong types of investments in IRAs, and forgetting about required minimum distributions (RMDs) for traditional IRAs.

Spring is in the air, and March Madness is right around the corner! All the upcoming bracket excitement got us thinking about the similarities between picking teams and picking investments. Plus, we'll share some helpful reminders to protect yourself against financial scams.  Money and Madness:How trying to pick the winning team out of 68 is just like trying to pick winning stocks.How personal bias and emotions can influence your picks.If you could change your picks along the way, would you? And should you?Having a game plan and sticking to it may yield the best results after all.Safeguard Your Finances Against Scams:Tips to avoid falling victim to phishing, vishing, smishing and more scams. An important lesson from one lady who lost it all.Staying hyper-vigilant in the face of advancing technology and AI scams.

The focus of today's episode of Our 2 Cents is using fear as an opportunity. Steve and Gabriel start out the show by giving a brief recap of our recent 2024 Market and Economic Update client event. Then, they dig into the idea that you can make fear a valuable tool in investing. Market & Economic Update Recap:Notable market events from 2023 that are shaping the landscape in early 2024.The 'Magnificent 7' driving most of the market growth.Some thoughts on what lies ahead for us for the remainder of this year.Harnessing Fear to Build Wealth:The importance of facing fears head-on and finding ways to alleviate them. How stress-testing your portfolio or exploring alternative options can help create investment opportunities.Common investor fears and how they can impact your decision making. 

On this episode of Our 2 Cents, Steve and Gabriel discuss the latest inflation data and its impact on consumers. They also share some fun Valentine's Day facts and then wrap up the show with a couple 'Getting to Know Us' questions. Valentine's Day Fun Facts:Did you know chocolate used to be prescribed by doctors? We didn't either!We'll warm your heart with these fun Valentine's Day facts!The Impact of the Latest Inflation Data:The CPI rose by 3.1% in January. We'll explain what that means, and break down some of the core categories.$3 for a McDonald's hashbrown? Customers have had enough of these rising prices.Inflation isn't the only problem, it's 'shrinkflation,' too.Ways to protect your quality of life in the face of rising costs.Getting to Know Steve and Gabriel:What's your favorite snack at the movies?What fictional character would you like to hang out with?

In this episode of Our 2 Cents, Steve and Gabriel discuss two interesting topics on opposite ends of the spectrum: Bitcoin and "Lazy Money." They talk about the recent approval of Bitcoin ETFs and the potential for mainstream investors to enter the Bitcoin market. Plus, they share ideas for that cash sitting idle in a savings account. Breaking Down Bitcoin ETFs:The basics: What is Bitcoin and the blockchain?The future of Bitcoin - is it a digital currency or an asset?The introduction of Bitcoin ETFsShould you consider buying Bitcoin or a Bitcoin ETF?Put Your "Lazy Money" to Work:What we mean when we say lazy money, and what makes it "lazy?"Why do people sometimes have too much money on the sidelines?What are some ideas to put that lazy money to work?

On this episode of Our 2 Cents, Steve and Gabriel discuss various financial topics, including new work benefits that employers may offer, how Social Security is taxed, and if it's possible to pay zero taxes on your benefits. They also address a couple great listener questions at the end.New Workplace Benefits to Help Increase Savings in 2024:Making student loan payments could help boost your 401(k).Accessing 401(k) money for emergencies.A 401(k) match for building emergency savings.Lowering the bar for 401(k) participation.Strategies to Pay Zero Taxes on Social Security:Just how is Social Security taxed to begin with?How contributions to certain IRA or HSA accounts can help.Implementing additional tax planning strategies can also help lower your taxable income.Listener Questions:"Gabe, Steve, I recently retired a few weeks ago and I'm feeling very uncomfortable living on income from my investments. I'm considering going back to work. Is that a normal reaction?" - Joyce"The majority of my 401(k) is invested in company stock. I know that I am not diversified but I am very confident in my company's future. I am wondering if that is okay?" - Danielle

On today's podcast episode, Steve and Gabriel are talking about their New Year's resolutions and the importance of aligning money with one's values and goals. They then shift gears to discuss the risks of investing in individual companies, highlighting several big companies that went bankrupt in 2023. Click a link below to listen in now!Your Money Resolutions for 2024:Figure out what financial wellbeing means to you.Determine what the purpose of your money is.Spend in ways that are true to who you are, not what others expect of you.Buy yourself time.Focus on what drives your values and your happiness.Well-Known Bankrupt Companies from 2023:Although filing for bankruptcy doesn't necessarily mean these business went bust, it does highlight the potential risks in investing in individual companies.We'll share seven household-name US retailers and businesses who faced a laundry list of problems in 2023.

Welcome to Our 2 Cents in 2024! We are ushering the new year with a great new episode. Today, Gabriel and Steve discuss interest rate predictions from some of the major banks on Wall Street. Then they share a couple big changes for retirement coming in 2024. Don't miss Gabriel's quote of the month to wrap up the show!2024 Interest Rate Predictions:The Fed's expected end-of-2024 interest rates.Bank of America's prediction on the likelihood of a Fed rate cut by March.Goldman Sachs' forecast on rate cuts.JPMorgan's revised interest rate outlook.UBS' expectation on a recession in 2024 and massive rate cuts.Big Retirement Changes for the New Year:Social Security's COLA for 2024.Increased Medicare expenses for the new year.New rules for 529 plans that could add an interesting layer to your retirement planning.Gabriel's Quote of the Month:"Don't let money run your life, let money help you run your life better." — John Rampton

Join us today as we remember the late Charlie Munger, a great investor, philanthropist, and businessman. Then, we're getting in the holiday spirit on this episode of Our 2 Cents with some "merry retirement facts." Finally, Steve and Gabriel share some thoughts on stock market trends and projections.Remembering Charlie Munger:If you read any business news, you probably heard of the passing of Charlie Munger.In honor of him, we're sharing some of his quotes that are our favorites.Merry Retirement Facts:We often share some of the scary stats about retirement, but today we're taking a cheerier look. The steady growth of IRA balances, increased savings among Americans, and the embrace of retirement savings by younger generations.How Elections Affect the Stock Market:While there may be some trends, it is difficult to predict market performance based on political outcomes.How much do elections actually affect the stock market? Plus, a quick recap of what the markets did over the last few election periods.Quick Market Perspectives:Vanguard's financial market projections for the next 10 years.Highlighting the expected growth rates for different asset classes.The importance of diversification and the potential for international investments to outperform US equities.

In this episode of "Our 2 Cents," Steve and Gabriel discuss the concept of delayed gratification and its impact on building wealth. But first, they're sharing quotes of the month, their thoughts on the current national debt, and some tax-friendly states for retirees.Gabriel's Quotes of the Month:"Wealth is largely the result of habit." — John Jacob Astor"The goal isn't more money, the goal is living life on your terms." — Chris BroganAmerica's National Debt - Is it Really a Problem?:How government deficits don't exactly work like household debt.The notion of "servicing" debt as opposed to paying it off in full.States That Don't Tax Your Nest Egg:Where you live and retire can have a pretty big impact on your retirement income.The states that don't tax any income, the ones that don't tax retirement income specifically, those who don't tax Social Security, and the states with no tax on pensions.The Benefits of Delaying Gratification:Not pausing your retirement savings to pay for more things today.Not saving in only tax-deferred accounts.Waiting for interest rates to go down before making big purchases.

Long-term care insurance can be complex, and some people may not fully understand what is covered and what is not. Policies vary widely, and individuals may be unsure if the coverage is worth the cost. On today's podcast, Steve and Gabriel are sharing some must-know stats about long-term care to help you make more informed decisions.Must-Know Long-Term Care Statistics:Usage of Long-Term Care: The percentage of people who will need long-term care in their lifetime, including paid services, nursing care facilities, and more.The Role of Dementia: The prevalence of Alzheimer's disease or other forms of dementia, specifically for those in nursing homes.The Cost of Care: Estimated lifetime costs of care for various care needs.Long-Term Care Insurance: Polices are changing these days, how in-demand are they, and are they worth it?Getting to Know Steve and Gabriel:What's a small thing that makes your day better?What was your favorite age growing up?

On this episode of Our 2 Cents, Steve and Gabriel discuss various end-of-year tax planning topics to consider before 2023 comes to a close. But first, they're sharing educational and festive Thanksgiving fun facts!Thanksgiving Fun Facts:Talking Turkey: The states that have towns named 'Turkey,' how many turkeys are prepared each Thanksgiving, a Butterball Turkey Talk line, and more turkey facts.History facts about this long-standing tradition that you might not know.End-of-Year Tax Planning Tips:The potential benefit of itemizing deductions, such as mortgage interest and charitable contributions, and "bunching" deductions to maximize tax savings.The benefits of tax-loss harvesting, contributing to 529 plans, and taking Required Minimum Distributions (RMDs).The advantages of Roth conversions, maximizing IRA contributions, and conducting a withholding analysis to avoid under-withholding penalties.

Retirement planning and climbing a mountain may seem like vastly different endeavors, but there are several intriguing similarities between the two. On today's podcast, Steve and Gabriel share how in both cases, setting clear goals, careful planning, perseverance, and adaptability are the keys to success. Conquering the Retirement Mountain:Preparing for the climb.The ascent to the top of the mountain.Establishing base camps.Reaching the summit.Descending safely.Adapting to the unpredictable changes.Getting to Know Steve and Gabriel:Have you ever disliked something and then changed your mind about it later?

Steve and Gabriel are embracing all things Spooky Season on today's show! They'll share with you the 10 best haunted houses around the country, plus the scariest one of them all. Then they discuss some parallels between this haunted holiday and retirement.The 10 Best Haunted Houses in the US:As voted by USA Today readers, these haunted houses were chosen for the quality of their actors, set designs, and special effects, as well as value for money.From a petrifying penitentiary to multiple fields of screams. Any Halloween enthusiast will want to hear about these haunted experiences.The Scariest Haunted House in America:This one requires a 40-page waiver, a doctor's note clearing you physically and mentally, a safe word, and more.A whopping grand prize if you complete the experience, but has anyone ever successfully finished?Retirement is Like Halloween:Both Halloween and retirement can be scary.You shouldn't navigate retirement or a haunted house alone.Both Halloween and retirement involve assuming a new identity.There are some tricks and also some treats in retirement, just like All Hallows' Eve.Having a plan can mean you get to treat yourself (with no stomachaches)!

Those who have accumulated significant wealth face unique challenges and opportunities when planning for retirement. Do you know at what value of assets someone would be considered a high-net-worth individual? The amount may surprise you! Listen in today as Gabriel and Steve dive into the distinct strategies and factors that come into play when the wealthy plan for retirement.Getting to Know Steve and Gabriel:If you were a world famous gardener but could only plant one plant, what would it be?Do you hit the snooze button or wake up immediately?Retirement Planning Challenges for the Wealthy:What is a high-net-worth (HNW) individual?What makes a HNW plan a little more complex?How is the tax impact different for HNW individuals?Are there any differences or similarities in how higher net worth clients tend to invest their money?How do HNW individuals handle their estate planning items?What are some myths out there about retirement planning for HNW individuals?

Do you ever wish you could foresee financial missteps before they happen? On today's episode of Our 2 Cents, Steve and Gabriel are exploring some real-life stories of regrets to help you learn from the mistakes of others. Then they're answering a couple client questions they received this week.Money Mistakes to Learn From:Maybe I should have investigated opportunities for Roth IRAsI spent way too much money in my peak earning yearsI refinanced my mortgage too many timesI retired too early and now it's costing meI should have been safer with my investmentsI kept my kids on the payroll for too longQuestions from Clients:"I have the option to renew my CD for one year for 5.25%. Should I do that? - James"How does all the economic and political stuff going on in the world affect me?" - Mary

On this new episode of the Our 2 Cents podcast, Steve kicks things off by recapping his recent live interview about financial preparedness on WGN news. Then, he and Gabriel take a comprehensive look into Continuing Care Retirement Communities and how they are emerging as a noteworthy option for many retirees.Recap of Steve on the News:We hear about having money for a rainy day — how much is a good amount to have saved up?Should you prioritize saving or paying off debts?What documents should you keep protected?Why is life insurance important to have?Exploring Care Opportunities in Retirement:Why would someone want to consider a Continuing Care Retirement Community (CCRC)?What are the financial benefits and considerations with these types of facilities?What kinds of amenities are offered at CCRCs?How should the quality of care be evaluated?

We're playing a fun little game show on today's episode of Our 2 Cents. Steve and Gabriel will take sides on pressing retirement issues. Whether you're a perpetual optimist or a wary pessimist, this episode will equip you with perspectives to plan your retirement years with confidence as we ask the longstanding question, "is the glass half full or half empty?"Will a Government Shutdown Hurt Retirees?:A looming potential government shutdown has some retirees wondering if they need to be worried about the impact it could have on their daily lives.Will Social Security, Medicare, or other essential services be shut down?What delays in services could be expected?Retirement Outlook - Is the Glass Half Full or Half Empty?:The stability of Social SecurityHealthcare affordability in the futureTax rates in the next decadeLong-term care options for the futureThe next five to ten years in the stock market

We've all heard various retirement "myths" so let's talk some retirement truths instead. On this new episode of Our 2 Cents, Steve and Gabriel will discuss some universal truths that can guide every retiree. But first, they're sharing an idea to vacation in a new way to see some beautiful sights.Exciting Train Trips:Amtrack Auto Train: Sit back, relax, and pack your car along with you!Rocky Mountaineer Train: Explore the canyons and mountains at three great national parks!Alaska Railroad's Coastal Classic: Head off into the backcountry wilderness!Grand Canyon Railway: Re-create the historic voyage to the Grand Canyon!Uncovering Universal Retirement Truths:Everybody is going to age.Everybody has some form of a plan.Everybody has an advisor.Emotions can be an investors worst enemy.Nobody can consistently time the stock market successfully.Diversification is essential for reducing risk.Nobody knows how long they're going to live.Tax implications matter.

On today's episode of the Our 2 Cents podcast, Steve and Gabriel are talking about the world of Required Minimum Distributions (RMDs). They're here to help you understand the reasons behind the mandatory withdrawals from your retirement savings, strategies to avoid major tax issues, and why it is so important to plan in advance for them.Gabriel's Quotes of the Month:"You're never too old to set another goal or to dream a new dream" - Les Brown"Don't simply retire from something, have something to retire to" - Harry Emerson Fosdick"The person who doesn't know where his next dollar is coming from usually doesn't know where his last dollar went" - UnknownDemystifying RMD's - The Basics:What is an RMD?Is there anything I can do to avoid having to take them?What type of accounts do I have to take them from?At what age do I have to begin taking them?Can I take RMDs from multiple accounts?If I don't need the RMD, what can I do with the money?How can I avoid big tax issues with proper planning?

We're kicking off today's show a little differently with Getting to Know Steve and Gabriel questions first! Then they're discussing some challenges and frustrations they've heard from potential clients regarding their plans or their investments.Getting to Know Steve and Gabriel:What was your favorite TV show as a kid?If you could pick any Olympic sport to participate in, what would you choose?Revealing Retirement Plan Frustrations:My portfolio is still not yet back to breakeven from the prior all-time high of the S&P 500.I won't have enough time to make up for my market losses.The fees I'm paying are too high.I feel like I'm not getting anything for the fees I'm paying.My portfolio has losing funds in it, it should only have winners.

We've got a great show for you this week! Steve and Gabriel share some common estate planning mistakes and what you can do to avoid them. This episode is an important one for anyone who wants to leave a legacy free from regret or legal turmoil. Click a link below to listen in now!No Regrets! Don't Make These Estate Planning Mistakes:Failing to plan for expenses that can be foreseen—especially healthcare.Failing to update beneficiary designations.Failing to update your trust (or not having one at all).Failing to communicate your wishes and intentions.Transferring real estate while still living, instead of at death.Failing to maximize your asset amounts.

Steve and Gabriel are wrapping up their discussion on the kinds of financial stresses couples can face, and how to work your way through them together. Plus, they're sharing some financial tidbits that have been making their way through the headlines recently.Part 2: Financial Tension Between Couples:A deeper dive into some sources of debate among couples.Gabriel and Steve share some of more common ones they come across when meeting with clients, and the ways they've seen couples compromise.How having a solid financial plan in place can actually help put a lot of these stresses to rest for you.Gabriel's 'Quick Hits':Yet another interest rate hike - What possible advantages and risks exist in the current interest rate environment?U.S. debt downgraded - What does that mean? Is it a big deal?"We were wrong" - A top Wall Street strategist admits his forecast of a stock market crash was incorrect.

On the show for you today, Steve and Gabriel are discussing sources of financial stress that couples face throughout their lives and, more specifically, in retirement. They'll share ways they've helped clients better communicate and get back on the same wavelength. Then they tackle two questions from our listeners. Resolving Financial Tension Between Couples:Budgeting - agreeing on how much to spendRisk tolerance - how aggressive or conservative to be with investingRetirement age - when each spouse can or should retireHousing - where to live in retirementLifestyle - how you plan to spend your time in retirementInheritances - if you will leave money to your kids Listener Questions:"I am afraid of a recession happening, so I might stop contributing to my 401(k) for a while. Is that a good or a bad idea?" - Vicki"I've always heard I should have a mortgage when I retire because that will be the only tax deduction I'll have at that point. I've been paying extra on my house to have it paid off by the time I retire, but maybe I should slow down on that plan. What do you think?" - Rick

On today's episode of Our 2 Cents, we're focusing on 5 key steps of income planning in retirement. In order to develop a proper plan for your retirement income, these are some of the first steps to follow to begin taking charge of your retirement cash flow.Mastering Your Retirement Income Planning:Step 1: Accurate budgeting is at the core of income planningStep 2: Visualize your future and how you will live in retirementStep 3: Identify your floor income sources and any shortfallsStep 4: Create "Now," "Soon," and "Later" buckets of moneyStep 5: Utilize appropriate strategies to generate income from investments

In the spirit of July 4th, we're tackling the concept of Financial Independence on this week's episode of Our 2 Cents. We're sharing what some people strive to be independent from in retirement and how achieving these freedoms can lead to better peace-of-mind during your golden years.Winning Your Financial Independence:Independence from depending on familyIndependence from creditors and debtIndependence from employment or the need to workIndependence from worrying about the stock marketIndependence from the government and excess taxationGabriel's Quotes of the Month:"A simple fact that is hard to learn is that the time to save money is when you have some." - Joe Moore"If we command our wealth, we shall be rich and free. If our wealth commands us, we are poor indeed." - Edmund Burke

On the Our 2 Cents podcast this week, hosts Steve and Gabriel Lewit are discussing the kind of impact bad money habits can have on someone's financial life. Plus, they're answering some more 'Getting to Know You' questions. Tune in now for the fun!Bad Money Habits:Procrastinating financial decisions that need to be made.Investing emotionally instead of analytically.Living beyond your means and not willing to cut back.Pretending like the nursing home is something that will only happen to other people, not you.Constant over-saving, never spending and enjoying.Inadequately diversifying your portfolio.Getting to Know Steve and Gabriel:What is your go-to dance move?Does your family have any traditions that seem normal to you but would be weird to everybody else?What's the worst movie you've ever seen?

Money habits tend to differ with each generation, and it seems Gen X is having a more difficult time planning for retirement than their elders. Steve and Gabriel are breaking down some retirement statistics about Gen X, talking about the debt ceiling bill, and much more on Our 2 Cents.Debt Crisis Averted:A quick rundown of the bill that was signed by President Biden.The concessions made by both sides to get the votes needed.A Retirement Burden for Gen X:With retirement on the horizon, 46% of Gen Xers say they won't have enough savings to be comfortable. What steps can they take now?Why the majority of Gen X may work in retirement. Saving with no strategy? Why Gen Xers need to start creating a retirement plan now.Credit Report Complaints:Complaints sharply rose against credit reporting agencies from 2021 to 2022.What you should do to spot incorrect information on your credit report, and file a complaint if you find something wrong.

On the podcast this week, Steve and Gabriel share some home items that are worth the splurge and others that are a waste of money. Then, keeping with the theme of your home, they're discussing how everyday household tasks can serve as reminders of successful financial planning. Splurge-Worthy: Yay or Nay?:Big savers to big spenders, what's your spending personality? Are we giving a 'Yay' or a 'Nay' to these home item splurges?Instances where the upfront splurge will actually save you more money overtime.Cleaning Up Your Portfolio:Taking out the investment "trash" in your portfolio.Cleaning out the "closet" in your financial life.Periodic maintenance of your finances and portfolio.Don't procrastinate "scrubbing the bathrooms" of your investment portfolio.

Welcome back to another episode of Our 2 Cents! This week we're discussing the 33rd Annual Retirement Confidence Survey to give you a better understanding of how your peers are feeling about various aspects of retirement. Then we're sharing some tips for planning upcoming summer vacations.The 2023 Retirement Confidence Survey:The huge gap between when workers expect to retire and when retirees say they actually did.How much has America's confidence in a comfortable retirement dropped over the years?What do people feel are the most valuable improvements to retirement savings plans?How confident are people in knowing how much to withdraw from their savings in retirement?The ways you can plan in order to have realistic expectations about retirement.Summer Travel Planning:15 top U.S. vacation destinations for 2023.The steps you should take to appropriately budget for and plan your summer vacation.Getting to Know Steve and Gabriel:Where's the funniest place you've fallen asleep?What's the best part of your day?

During this week's episode of Our 2 Cents, we dive into the complex world of financial decision-making during some of life's most pivotal moments. From exciting times to challenging ones, we share tips to help you make informed decisions during these different ages and stages of life.Financial Decisions Through the Ages & Stages:Marriage and RemarriageCombining finances or keeping them separateNew living arrangements and setting up new budgetsDivorceTurning a joint plan into new separate onesDividing assets and liabilities Job ChangesPlan changes due to unexpected layoffs and forced early retirementAssessing new job offers or increased income or benefitsBirth or AdoptionBudget changes for new expensesNeeds for life insurance, wills, trusts, guardianship plansWinning the LotterySudden windfalls of money require new ways to manage assetsWhere to put an influx of cashRetirementThe time you've been planning for all this time is finally hereHow to ensure you're putting that plan to work efficientlySevere Medical Issue or DisabilityWhat an unexpected diagnosis can do to a planImportant updates to documents and policiesDeath of a SpouseReevaluating plans, goals and budgetsWhat to do if the one who passes was the one who handled the finances

Another bank failure doesn't mean a failure of the banking system. But we are talking about the very real implications that it does have. Plus, we're sharing a listener-suggested article about how heart health should be top-of-mind as you plan for retirement.Gabriel's Quote Picks of the Month:"It's good to have money and the things that money can buy, but it's also good to check up once in a while and make sure that you haven't lost the things that money can't buy." - George Lorimer"When a man retires and time is no longer a matter of urgent importance, his colleagues generally present him with a watch, for some reason." - RC SherriffMore Unrest in the Banking Industry:At the end of last year, First Republic was the nation's 14th-largest bank. As of May 1, the bank had failed.How did the collapse of Silicon Valley Bank lead to a 97% plunge in First Republic's stock?With some larger banks attempting to save First Republic by infusing billions of dollars into it, how did it still fail?Biggest takeaway of the current uncertainty in the banking sector: diversification of deposits.A Heart-Healthy Retirement:Although a highly-prevalent cause of death in the U.S., why is heart disease under-discussed in the media?What makes retirees within a year of transitioning from work 40% more likely to have a heart attack?How having "a well-written retirement plan equals better health and wealth."

Our 2 Cents is back this week with a discussion about what's in store for Social Security in the years ahead. Plus, we're taking a closer look at Bed, Bath and Beyond's demise and lessons to learn from what happened to the once beloved retail chain.The Future of Social Security:The recent negative headlines about Social Security have some people worried about their preparedness for retirement. What are some possible solutions to ensure the fund's solvency for the long-term?How any changes made to the Social Security program could impact your claiming strategies.What risks are involved with some of the possible changes?Bed, Bath & Gone:After a long struggle to stay in business, Bed, Bath & Beyond declared bankruptcy and will be closing all its stores.What ultimately lead to the company's downward spiral?The reasons why this is another prime example of the challenges that come with picking individual stocks.

Welcome back to another great Our 2 Cents episode with Steve and Gabriel Lewit! In store for today is a thoughtful conversation about the wisdom that comes with age and experience, and how it impacts your financial planning. Plus, they're sharing fun quotes and big money regrets!Gabriel's Quote Picks of the Month:"If you're shopping for stocks, choose them the way you'd buy groceries, not the way you'd buy perfume." - Benjamin Graham"You can live to be a hundred if you give up all things that make you want to live to be a hundred." - Woody AllenThe Role of Wisdom in Financial Planning:How does age impact wisdom, and wisdom impact your financial planning?Why you should be thinking deeper about your retirement, not just surface level planning.The importance of incorporating your, and other people's, life experiences and lessons into your financial planning.Baby Boomers' Big Money Regrets:From swimming pools and recreational vehicles to lavish weddings and more! Baby Boomers are sharing what purchases they made after retiring that they regret.

Richard Branson's Virgin Orbit (VORB) collapsed last week and Steve and Gabriel are here to discuss what lead to its demise, and the inherent risks involved with picking individual stocks. Plus, they're sharing details on I bonds, answering listener questions, and more on today's show!VORB Goes Bust:Everything has pros and cons and a proper place in your planning, but we like to take a Core + Satellite approach when considering investment options.How does the collapse of VORB showcase the risk of speculative investing?The "Mansion Tax":Los Angeles recently introduced an extra tax on homes sold over $5 Million and $10 Million in the county.We're discussing why making smart tax moves can have a major impact on your wealth.I Bond Updates:I bonds gained popularity last year, but what are they? And how are the interest rates calculated?There's been an update to the fixed rate component of these bonds, what does that mean for investors?There are limits on how much you can buy, we'll share how it works.Listener Questions:"I'm retiring in about five years and I'm currently maxing out my 401(k), but not adding any other savings. Should I be saving anywhere else even if that means putting less in my 401(k)?" - John"I have a REIT that I purchased several years ago and it's done nothing but lose money. I'm told that I can't cash it out but I got a letter from a company offering to buy it from me. Is this worth exploring?" - Amy

The Fed's efforts to curb inflation have continued this week, and that's our first segment on this new episode of Our 2 Cents. Then, Steve and Gabriel are taking a look at some major shifts in the vacation rental industry and wrapping up the show with listener questions.Rate Hike Déjà Vu:What does this latest move by the Fed indicate about the banking industry?What do the continued rising rates mean for consumers?Are there any positive benefits to rising interest rates?"Airbnbust":Vacation rentals are facing new challenges, even as the industry continues to grow.An oversaturated market is hurting individual owners/hosts while short-term rental demand has never been higher.We'll explain what could have caused the run up in costs and the oversupply in the market.Plus, the unique impacts being felt across communities and neighborhoods.Listener Questions: "I just paid my last tuition payment, so my kids are officially off the payroll. Is it safe to cancel my life insurance at this point? - Tom"I'm not retiring for another five years, so I don't feel the need to be ultra-conservative with my money, but my wife keeps insisting that she wants to be more secure. Just how secure do I need to be at this stage?" - Jim

Steve and Gabriel start off today's show by sharing their thoughts on the recent collapse of Silicon Valley Bank and what it could mean for you. Then, they switch gears to wrap up our Part 2 of different investor personalities. Listen in now to this new episode of the Our 2 Cents podcast!The SVB Collapse:The 10-step timeline of events that led up to the SVB failure.Thoughts on what this means for investors and the broader banking industry as a whole.Understanding Investor Personalities - Part 2:The Doomsday Prepper: When you're always concerned that the worst is going to happen.The Odd Couple: When your financial views and goals are misaligned with your partner's.The Trend Follower: When the "fear of missing out" forces you to hop on the bandwagon.The Googler: When you're searching all corners of the internet for information and become overwhelmed.The Model Citizen: When you've diligently saved money all your life but don't spend it or enjoy it.

Have you ever noticed certain personality traits in yourself when it comes to your financial matters? In Part 1 of a 2-part series, Steve and Gabriel explore the world of investor personality types and how, as advisors, they've learned to work with and help all kinds of investors.Understanding Investor Personalities:The Burned One: When trusting just doesn't come very easily to you anymore.The Do-It-Yourselfer: When you've got it all handled by yourself and don't need any outside help.The Price Shopper: When finding the best deal at the lowest possible price out there is your top priority.The Over-Analyzer: When "analysis paralysis" tends to take over control of your decision making.The Ostrich: When you catch a case of "hope-itis" and cross your fingers that it will all just work out.

It's the first week of March and we have spring fever on the Our 2 Cents podcast! Today, Steve and Gabriel are sharing some spring cleaning tips for your finances and diving a bit deeper into asset allocation. Plus, we have a couple other fun segments on the show, too! Gabriel's Quote Picks of the Month:"The best way to teach kids about taxes is by eating 30% of their ice cream" - Bill Murray"The world is divided into two groups—the people who do things and the people who get the credit" - Dwight MorrowSpring Cleaning for Your Finances:Budget and cash flow reviewConsolidate financial accountsReview asset allocation to ensure alignmentOrganize insurancesReupdate your overall financial planA Bit More on Asset Allocation:"Vanguard Sees Global Equities Trouncing U.S. Stocks Over Next Decade"An overview of these capital market assumptions and forward looking projectionsThis prediction would mean a major shift in where growth will be coming fromWhy all this makes diversification so importantGetting to Know Steve and Gabriel:Would you rather have a personal maid or a personal chef?What's the worst haircut you've ever had?

Continuing from last week's conversation about Monte Carlo simulations, we're sharing our preferred income planning techniques and why we feel they provide enhanced benefits, both financially and emotionally. But first, we're flipping the script and starting the show with listener questions! Listener Questions:"I've talked to a financial advisor and I like him a lot. But how do you know if someone is trustworthy or not?" - Wayne"I've been stressed at work for a long time, and honestly would have left years ago. However, each year I receive a sizable retention bonus so then I decide to stick it out until I end up frustrated again, right before my next bonus. It feels like a viscous cycle. When should I walk away from this without feeling stupid?" - LarissaDifferent Income Planning Ideas:How "worst-case scenario planning" and stress-testing sets the table for a good income planThe Bucket Planning ApproachThe Flooring MethodHybrid PlanningWhy we feel these planning methods are better than a Monte Carlo simulation and also offer greater peace-of-mind