Simplifynance Podcast

During this 20th episode of the Simplifynance Podcast, host Rachel Stewart talks with Hunter Kinchen, Employee Benefits Consultant with BXS Insurance about Health Insurance Group Benefit offerings and what employees and business owners should consider when selecting their plan. Episode Highlights: -Hunter works with Business Owners to design benefits packages for their workforce as well as with employees to help understand the offerings. -Hunter publishes LinkedIn videos to help simplify complex benefit language and health insurance concepts. -He found that more people needed access to his knowledge than he was originally aware of. -Insurance products, investments, etc sometimes float around independently of one another. There’s a common broken link between High deductible plans and Health Saving Accounts. -High deductible plans require the member to meet the listed deductible BEFORE the insurance starts to cover any of the cost, known as the co-insurance. -In a copay plan, costs are more predictable and are stated as a “copay,” $25 for a physician visit for example. These costs apply towards your deductible, but you do not have to meet your deductible first before the copay applies. You are paying (with your premium for that predictability. -Hunter has 2 young children, and believes that the copay plan may work better for families with young children. -Understanding which plan is right for you depends on a number of factors: expected usage, access to plan offerings between spouses, and comfort level on predictability. -A certain plan type isn’t always “best” forever. Life may necessitate a change in plan type. -Be on the lookout for how costs are illustrated. Sometimes they are shown as the full cost (before considering the employer’s contribution), or shown as a per pay period –which could be 12, 24 or 26 times a year. Make sure you are considering apples to apples when looking at plan costs, such as your total annual cost for each option. -HSA (Health Saving Accounts) are tied to High Deductible plans. It’s not an insurance product, rather a savings vehicle. Yet, it typically gets lost between the 2. But understanding its purpose and benefits may help you utilize it to its fullest advantage. -Contributions and account growth are tax exempt when used for qualified medical expenses. -Consider contributing to your HSA if you’ve maxed out your employer’s retirement plan contribution limits as another way to save for retirement and reduce your taxable income. -An HSA is not the same as an FSA (Flexible Spending Account.) An HSA can only be tied to a High Deductible plan. An FSA can be tied to either a HDHP or a Copay plan. -You can use funds on Amazon to purchase things like sunscreen, that are HSA/FSA eligible. -FSA balances do not roll over from one year to the next. It’s a use it or lose it account. However, HSA balances will continue year after year and can even be there for you in retirement years to offset medical expenses, which make up a large amount of retirement expenses. -Oftentimes, employers will offer a contribution to HSA’s, which might be another consideration in choosing a High Deductible plan. -As a business owner, you can reach out to Hunter even if just starting your business to inquire about group benefits. You only need 2 employees to have a group. It doesn’t cost to shop the benefits. All you need are standard employee demographics and a quote can be provided. -If a business owner has an individual plan that was bought in the open marketplace, they might consider pricing out similar options in the group plan space. There might be some savings that could be uncovered. -As you’re considering benefits packages, having a comprehensive offering can help with attracted and retaining talent. It may help when employees consider employment with you or even are considering leaving employment. Outside of health insurance, vision, dental, disability, etc are all worth considering in your overall compensation package. Hunter can be reached by emailing him at hunter.kinchen@bxsi.com or by his office phone at 225-215-9472. Resources Mentioned: ● Horizon Financial Group ● Simplifynance Resources ● rachel@horizonfg.com ● hunter.kinchen@bxsi.com ● Linkedin: Hunter Kinchen ● bancorpsouth.com/insurance

During this 19th episode of the Simplifynance Podcast, host Rachel Stewart talks with Rebecca Hinton, Special Counsel with Taylor, Porter, Brooks & Phillips in Baton Rouge. Their discussion focuses on considerations when naming minor children as beneficiaries on retirement accounts and life insurance policies.   Episode Highlights:   It’s common to wonder if naming minors as beneficiaries is a good decision Introduction of special guest, Rebecca Hinton, and description of her specialty in estate and tax planning. Having young children is often a driver of important discussions like such as will prep, potential guardians and life insurance Biggest importance is protecting the minor...from themselves and others. Deciding on WHO will handle the money before age of majority What do to TODAY if we need a placeholder before formal estate plan is in place A will would include language that lays our rules for use of funds on behalf of the child(ren) Is document setup a long and hard process? Are laws different in Louisiana vs other states?   3 Key Points: Work with an estate attorney and your financial advisor to find a custom solution that fits you and your family. In Louisiana, we have forced heirship – children are entitled to a certain percentage of assets when a parent passes away, if under age 24. Although the process is intimidating (and not fun), so many problems can be avoided with proper planning ahead of time.       Resources Mentioned: Rebecca Hinton Taylor, Porter, Brooks & Phillips

During this 18th episode of the Simplifynance Podcast, host Rachel Stewart discusses the SECURE Act, what it means, and what parts might be relevant at this stage in life.     Episode Highlights:   What is the SECURE Act and when it passed Company retirement plans now include part time employees Penalty free withdrawals for expanding families Life stage cash flow restrictions and credit card thoughts Using leftover funds from 529 plans     3 Key Points: The SECURE Act is a law that aims to strengthen someone’s ability to prepare for retirement. It’s crucial to work with an advisor BEFORE making withdrawals from retirement funds to cover newborn expenses. 529 account owners can actually withdraw up to $10,000 tax-free for to pay down qualified education loans on behalf of the beneficiaries.  

During this 17th episode of the Simplifynance Podcast, host Rachel Stewart discusses how assessing your needs, wants and emotions can be effective in making the right investment choices. What questions should you be asking yourself before moving your money around in the market?   Episode Highlights:   0:15     If you have money to invest, where do you start? 0:25     Needs, Wants & Emotions 0:37     Uncovering your risk tolerance 0:51     Developing a portfolio of assets 1:12     How to identify the things that will help determine your risk tolerance 1:38     Taking the emotion out of investing 2:10     Typical client situation 2:20     Low points in the market and feeling of defeat 2:39     Buying on sale   3 Key Take-Aways Successful results do not mean chasing results or timing entry and exit points.   Tie your investment to a specific objective or goal and set a timeframe.   All investments involve some degree of risk, some more than others.       Resources Mentioned: Simplifynance Resources   Contact Rachel Stewart    

During this 16th episode of the Simplifynance Podcast, host Rachel Stewart compares Physics’ Laws of Motion to the fluctuation of the stock market and how you can manage your exposure to that risk.   Episode Highlights:   0:19     Sir Isaac Newton’s Laws of Motion 0:25     Ups & down of the financial market 0:47     Economic & business conditions 1:07     Is your portfolio diversified? 1:18     How are your assets allocated? 1:43     There are experts to help you   3 Key Take-Aways What does up, will come down...and vice versa!   Managing risks with proper asset allocation and diversification minimizes the need to focus on market changes every single day as you remain invested for the LONG term.   Just as you turn to a doctor for your medical needs or to Newton for scientific theory, turn to a financial advisor if you need help managing your assets.       Resources Mentioned: Simplifynance Resources   Contact Rachel Stewart                          

During this 15th episode of the Simplifynance Podcast, host Rachel Stewart discusses the importance of confronting your debt head-on and the stress and strain it can cause on you if you don’t.   Episode Highlights:   0:20     Average millennial debt levels 1:10     Short term physical consequences 1:41     Attacking the root of the problem 1:50     Strategy & control 2:20     Maintaining perspective 2:46     Forgive yourself   3 Key Take-Aways   Credit Cards are considered BAD debt, and it makes up about a ¼ of what average millennials owe.   Strategize by shining a spotlight on your debt by listing out your liabilities, interest rates and monthly payments (err...Rachel said premiums, but that’s not right) all on one page.   Time to train our brains to kick in the FIGHT response and launce ourselves into action against what’s stressing us out!   Resources Mentioned: Simplifynance Resources   Contact Rachel Stewart      

During this 14th episode of the Simplifynance Podcast, host Rachel Stewart talks to Sage Roberts Foley, Executive Director of Baton Rouge Green, about how to get started with philanthropic giving.   Episode Highlights:   0:40     About Sage, her role and Baton Rouge Green - a 32-year old non-profit institution that works towards planting and sustaining the city’s urban forest. 1:35     Think of yourself as a philanthropist, and what that might mean. 2:36     Sage’s recommendations on getting started with giving 2:45     Membership programs and tax-deductible annual giving 3:23     Types of organizations to focus on 3:51     Guidestar is a great place to check out organization status 4:10     Keeping and/or request receipts 4:29     Green Up Red Stick – Friday, Nov 15th at Goodwood Library 5:02     Value of donations 6:03     If 100% tax deductibility is your goal 6:18     Considerations when itemizing vs standard deduction 6:50     Last tips: What are you passionate about? 7:43     Finding info on Green Up Red Stick – tickets & raffle     3 Key Take-Aways Anyone can be a philanthropist, regardless of wealth.   The tax-deductible portion of an event ticket is net of goods & services cost.   Research organizations and find one that speaks to you and things you enjoy and believe in personally       Resources Mentioned: Simplifynance Resources Guidestar Website Baton Rouge Green Website Green Up Red Stick   Contact Rachel Stewart Sage Roberts Foley

During this 13th episode of the Simplifynance Podcast, host Rachel Stewart discusses the ways to stabilize your financial health in your 30s. With so many things changing seemingly all at once at this stage of life, your finances can take a HUGE detour if you’re not paying attention.    Episode Highlights:   0:48     What can you do to set yourself up for success? 0:55     Managing good debt and differentiating that from bad debt. 1:38     What does it mean to max out a 401k? 2:07     Retrain your brain to plan for the things that can go wrong 3:00     When should you start financial planning? 3:24     Sleep.  Who needs sleep?!  YOU DO!   3 Key Take-Aways The only person who gets to control who separates you from your money is YOU. 3-6 months of salary is the rule of thumb for how money to keep on hand in the event of an emergency. $19,000 is the max you can contribute to a 401(k) in 2019, per IRS regulations.     Resources Mentioned: Simplifynance Resources   Contact Rachel Stewart  

During this 12th episode of the Simplifynance Podcast, host Rachel Stewart celebrates Life Insurance Month, which occurs in September, by providing practical reasons for learning more about life insurance, identifying when your needs may change, and illustrating how life insurance professionals can be of service to you.   Episode Highlights:   0:45     September is life insurance month. 1:16     What determines your life insurance need? 1:34     Don’t forget about major life events. 1:59     After researching online, a professional can help with the rest. 2:13     You’re invited to participate!   3 Key Take-Aways Life insurance is often overlooked until something crucial happens.   People can be affected on both sides of the equation if proper planning hasn’t been done in advance.   Life insurance professionals can help you assess your concerns, discus options, and help you decide on a practical solution that meets your budget.       Resources Mentioned: Simplifynance Resources   Contact Rachel Stewart

With this 11th episode of the Simplifynance Podcast, host Rachel Stewart continues her discussion about handling finances as an entrepreneur with Megan Kelly, Founder of Baton Rouge Mompreneurs.  In the last part of their series, Rachel and Megan talk about retirement prep as an entrepreneur.     Episode Highlights:   1:00     Megan feels like she’s talking to a friend, which makes it more fun. 1:19     Who is going to take care of us if we don’t take care of ourselves? 1:48     We spend our entire lives protecting our children.  Don’t stop. 2:03     Let’s figure this out together. 2:21     What type of business do you have?  How many employees do you have? 3:08     How much do you want to contribute?  It matters. 3:34     Different types of retirement plan options based on answers. 4:40     What happens if business blows up in a good way?  Can I change? 5:09     Mo money, mo problems.  5:37     Managing the accounts on your own vs with an advisor. 6:13     This is something everyone can do.  Not as complex as it sounds upfront. 6:45     No excuse to not step yourself up for success. 7:27     Join BR Momprenuers with us.     3 Key Take-Aways By saving for your retirement, you are protecting your children. The type of retirement plan you set up is based on the answers to a few simple questions an advisor can talk through with you. With all the resources available to you in this day and age, there’s no excuse to not set yourself up for success.     Resources Mentioned: Simplifynance Resources BRMomprenuers   Contact Megan Kelly Rachel Stewart  

With this 10th episode of the Simplifynance Podcast, host Rachel Stewart continues her discussion about handling finances as an entrepreneur with Megan Kelly, Founder of Baton Rouge Mompreneurs.  During this second part of the series, Rachel and Megan talk how to figure out how much you should pay yourself vs putting back into the business.   Episode Highlights:   1:09     At what point should an entrepreneur begin to start paying themselves? 1:22     Different people have different goals 1:32     You have got to put yourself first. 1:40     Moms tend to put themselves last. 2:08     Build a personal financial plan to determine with your personal goals to determine your need or goal. 2:52     Find someone you trust to talk through your goals and put numbers to them. 3:23     It helps you set prices based on what you know you need to bring in. 3:50     Math explosion 3:56     Struggle with focusing time on our craft vs the business components 4:23     Stronger when you surround yourself with other strong like-minded people. 5:32     It’s about the simple stuff 6:14     It’s helpful to sit down with someone who can look at things from a different perspective 6:58     Megan doesn’t look good in orange. :D 7:18     We’re doing this not just for ourselves, but for our children.    3 Key Points: Personal goals drive business goals. Connect with someone who is strong in the areas that you are not. When faced with something you don’t want to do, remember who you’re ultimately doing it for.     Resources Mentioned: Simplifynance Resources BRMomprenuers   Contact Megan Kelly Rachel Stewart

During this 9th episode of the Simplifynance Podcast, host Rachel Stewart welcomes Megan Kelly, Founder of Baton Rouge Mompreneurs.  Megan is an entrepreneur, a wife, a mother, and a fast-growing friend of Rachel. During this first part of their discussion series, Rachel and Megan lay the foundation for the discussion on getting started with finances as an entrepreneur.   Episode Highlights:   0:24     Rachel introduces her guest Megan Kelly. 1:00     Rachel lists different business topics for future discussions. 2:00     What is Meagan looking to achieve in the next 1-3 years?  3:30     Personal goals generally include better spending decisions, saving for education and retirement. 4:11     Have you written your business goals down on paper? 4:16     Megan is a part of Marie Forleo’s business school. 5:07     After you establish goals, it’s time to prioritize. 5:27     Megan’s most important personal goal is building her savings. 5:50     As an entrepreneur, business goals tend to blend with personal goals. 6:12     Take the first step is separating personal from business to provide clarity.     3 Key Take-Aways BR Mompreneurs is an organization for women in Baton Rouge, LA who run their own businesses while also running their family. Managing your personal finances is like running a business. When you write your goals out on paper, you give them life.     Resources Mentioned: Marie Forleo B-School Simplifynance Resources BRMomprenuers   Contact Megan Kelly Rachel Stewart

In this episode of Simplifynance, host Rachel Stewart, financial advisor, welcomes her guest Stephanie Prestridge, an attorney at Lineage Law in Baton Rouge, Louisiana to discuss why we all should establish a will. Stephanie shares what new clients can expect, and why you should start sooner than later.   Show Notes:   0:14 - Why do wills get put on the back burner by clients 0:44 – Stephanie’s clients are between their mid-20s through their mid-40s 2:20 - What is the purpose of a powers of attorney 3:10 - What happens if someone passes away without a will 3:44 - How does forced heirship work 4:49 - Is it difficult to establish a will if you are uneducated about it 5:40 - How long does the process of setting up a will take 7:20 - What is the value clients have seen with Stephanie’s fee structure 8:31 - Talking about a will doesn’t mean that death is going to happen     3 Key Points: Powers of Attorney or douments that are would take effect while you’re alive and would provide for someone else to step in your shoes. If you don’t write a will, the state of Louisiana will write one for you. Lineage Law uses flat fees instead of billable hours.   Quotes: -       “When someone turns 18, take that now-adult child...and have their powers of attorney done.”  –Stephanie -       “You need to account for what happens if you live, just as much as you need to account for what happens when you die.” –Stephanie -       “A trust is “a cup.”  –Stephanie     Resources Mentioned: simplyfinance.com     Contact Information: Rachel Stewart com Stephanie Prestridge - Linkedin  

In this episode of Simplifynance, host Rachel Stewart, financial advisor, talks to Ava Grace about her expereince of investing young. Ava is only 10 years-old in the fifth grade and already has clear goals for her investments.   Show Notes:   0:40 - Ava Grace is a 10-year old investor with a financial advisor 1:25 - How did Ava decide to get an investment account 1:49 - What does Ava think is the hardest thing about investing 2:34 - What are Ava’s plans for her investments 2:56 - What has she learned about investing 3:58 - Why is it important for kids to understand investments   3 Key Points: You’re never to young to learn about investing. Buy low sell high is Ava’s takeaway from her expereince Accept that investments can fluctuant.   Tweetable Quotes: -       “One of the things I do as a Simplifynance financial advisor is encourage clients to start soon on their plans so they can hopefully finish strong in the end.”  – Rachel. -       “I have two things I want to do with it (investment account). Donate to charity, specifically Charity Water, and hopefully go to Stanford.” – Ava. -       “I have one advisor that I talk to every day, and that is my Dad. And the other one I see about every two months.” – Ava   Resources Mentioned: simplyfinance.com Contact Information: Rachel Stewart  

In this episode of Simplifynance, host Rachel Stewart and co-host Nathan Ollish discuss this year’s tax season and what we can do to prepare.   Show Notes:   1:00 – Proper documentation needed before you get started 1:20 - The role taxes play in financial planning 1:43 – 2018 Tax Reform: Taxs Cuts & Jobs Act 2:00 - Key tax changes that are going to apply, with our generation in mind 2:13 – Lowered taxed brakcets, increased standard deduction and limits to a 401k 3:30 – Health Insurance – individual mandate eliminated in 2019 4:00 - Why Nathan and Rachel choose to do their own taxes 4:30 - The benefits of having a CPA prepare your tax return for you 6:20 – Some tax forms generally don’t get mailed out until February 7:00 - Make sure you have all documentation before filing     3 Key Points: Though we can do our taxes ourselves, relying on a CPA is ideal as life gets more complex. Taxes play a big role in financial planning, but a financial planner is not to be confused with a tax professional, such as a CPA There have been major tax changes that we need to take into consideration this year.   Tweetable Quotes: -       “Sometimes as financial advisors, we can get confused with tax professionals. While we don’t specialize in tax, taxes play a huge role in planning.” –Rachel. -       “The major change with tax cut - 1. Lowered tax brackets 2. Increased standard deduction 3. Increased 401k contribution limits ” –Nathan       Resources Mentioned:   simplyfinance.com   Contact Information: Rachel Stewart Nathan Ollish, CFP

In this episode of Simplifynance, host Rachel Stewart and co-host Nathan Ollish, Financial Advisors, tell us how to tackle saving for higher education. They cover the high points to get you started, from how to determine expected costs, understanding the multiple funding options, and ultimately how to plan for the part that you’d like to cover.     Show Notes:   1:00 - When to start saving for college once you have a child. 2:03 - Planning is generally guided by your personal experiences as a student. 2:42 - Public or Private/in-state or out-of-state university – first step in the process 3:04 - The cost of education is outpacing generation inflation. 4:46 – What’s your timeline? It is important to start saving early. 6:00 - Alternatives to subsidize your child’s education outside of a 529 plan. 7:20 - Two ways to figure out how much you need to save for education     Resources Mentioned:   simplyfinance.com savingforcollege.com collegedata.com   Contact Information: Rachel Stewart Nathan Ollish, CFP  

In the 3rd episode of Simplifynance, host Rachel Stewart, Financial Advisor, discusses your company retirement plan and the 6 key players in the space.     Show Notes:   :44----Introduction to topic of your Company Retirement Plan. 1:26-- There are 6 Major players in the retirement plan game 2:16-- 1. A plans financial advisor is the first major part of retirement plans 3:14-- 2. Third party administrator 3:43-- 3. Participant (you) are responsible for enrolling 4:10-- 4. Plans record keeper (wherever you log on for your account) 4:37-- 5. Your employer. 5:14-- 6. Mutual fund companies who provide their product to you through mutual funds   3 Key Points: Introduction of company retirement plans. There are 6 key players in the retirement space that you can use as resources to learn more. Reach out to these contacts to learn more about plans. There is a retirement guide on the Simplifynance website.   Tweetable Quotes: -       “ I want to go over the major players in the game so you know who to reach out to. There are a total of 6 contacts.” –Rachel. -       “Not all plans have an administrator.” –Rachel. -       “If you do not have an advisor on your retirement plan that you feel comfortable reaching out to, you can reach out to anyone on the simplifynance team” –Rachel.         Resources Mentioned:   simplyfinance.com   Contact Information: Rachel Stewart

In the 2nd episode of Simplifynance, host Rachel Stewart, Financial Advisor, introduces Guest Nate Ollish, Financial Advisor and Simplifynance advisor. The two discuss finances for  the next generation.     Show Notes:   :44----Introduction of guest Nate Ollish. 1:52---Why the next generation of finance is important 2:10---There is a lot of power in starting early 2:44---There is a huge educational piece missing in the next generation of finance 3:15---What does it mean to be a Certified Financial Planner (CFP)? 4:40---What to look forward to in Simplifynance 5:17---Balance is an important part of life and good finances   3 Key Points: Introduction to Simplifynance community advisor Nate Ollish. Nate is happy to be a part of the community and looks forward to discussing finance with the next generation. He believes starting early is key. Balance is a key part of financial success.   Tweetable Quotes: -       “There is a lot of power in starting early.” –Nate. -       “I am at the same stage of life of my clients.” –Rachel. -       “Maintaining your finances in order is just one piece o the puzzle to having a successful life and maintianing balance in life” –Nate.         Resources Mentioned:   simplyfinance.com   Contact Information: Rachel Stewart Nate Ollish

In the 1st episode of Simplifynance, host  Bill Bush, Advisor at the Horizon Financial Group, introduces Simplifynance and its lead advisor Rachel Stewart. The two discuss what Simplifynance will cover.   Show Notes:   01:00---Introduction of Simplifynance and Key Advisor Rachel Stewart. 02:00--- Simplifynance is mainly three things: Bringing a comprehensive full picture to clients, the financial plan has a digital pulse (it is working and being monitored), and a same generation advisor. 4:00---Range in topics for Simplifynance: education, success stories, guest speakers, answer questions of this Next generation. 5:30--- This podcast will be easy to understand financial adivising advice. It is about the advice not a product.     3 Key Points: Simplifynance is a podcast that discusses finance for the next generation. It will stay short and easy to digest while focusing on the advice not the products. Topics the podcast covers will be focused on education, success stories, and guest speakers to answer the Next Gen´s financial advising questions.   Tweetable Quotes: -       “Simplifynance is delivering a comprehensive full picture to clients that focus on a different stage of life (ages 35-40).” –Rachel. -       “I am at the same stage of life of my clients.” –Rachel.       Resources Mentioned simplyfinance.com Contact Information: Rachel Stewart