Your Best Financial Life

When making major life transitions, it’s natural to have questions and uncertainties. When preparing for college, many parents and students are unsure of where to start, what to prioritize, and how to prepare. In today’s interview Ben Malbasa, teacher and coach, discusses how to prepare for transitioning to college, what to think about before applying, and how to think about prepping for college sports. While college can be a hyper competitive environment, there are three areas in which you can leverage yourself to be the best possible advocate. Join Scott Malbasa in this interview to learn more about how you can prepare for college as early as possible.     Show Highlights:    Ben talks about his teaching and coaching experience  Parents are often uncertain on how to prepare students to transition from high-school to college and Ben shares how his school helps prepare students  Experience in sports can help prepare students for further academic education Parents often want to protect students from failure but sometimes failure is what students need to succeed  Being able to deal with real world problems is key to developing flexibility and resilience  Having a conversation about finances can help you identify your financial objectives in supporting your children’s education Being aware of the differences in gender development is crucial for future preparation  College has become significantly more competitive over the last few years and the sooner you prepare the better  Encouraging a life-long habit of being a reader is one of the most beneficial preparations for college  The SAT and ACT are simply levers to help you pull in your college application process but they are not measures of what your best is  Establishing good habits as incoming freshman is important to keep up with academics  The real purpose of sports in school is to learn how to win with humility, lose with dignity, and learn to be part of a team  Being a part of a team presents opportunities to achieve something great  There are three levers of college admissions; academic profile, specialized skill, and revenue  Almost anyone willing to commit to a sport can compete at a college level and it can significantly elevate your college application Recruiting services can be beneficial but are not necessary  Going to college camps for your sport starting your freshman year can be extremely beneficial when applying later  Pursuing your values is important    Links:    http://scoutingohio.com   It Takes What it Takes: https://www.harpercollins.com/9780062947123/it-takes-what-it-takes/   Contact Scott: Scott@cordantwealth.com 

When making huge life transitions, we often have many questions left unanswered. If nearing retirement or newly retired, it’s likely you’re wondering what to do with your time, what benefits are available to you, and how you can stay connected.    In this interview, Ben Manny and Annette Bachmeier, from the Intel Retiree Organization, share their experiences transitioning from Intel to a member of the board of directors on the retiree committee. They discuss the variety of benefits that the IRO offers retirees and how you can get involved. Join Scott Malbasa in this super informative conversation to learn more about how you can get the most out of your experience as an Intel retiree.    Show Highlights:     Ben and Annette share what they did at Intel and what they now do during their retirement  Benefits of being part of Intel  Annette discusses what organizations within Intel inspired her to stay involved in giving to her community  Ben talks about the programs he volunteered with and how he helped other retirees get involved Ben and Annette discuss what their positions within the retiree organization are and what their current responsibilities look like  Intel is an advocate for retirees and is strongly involved in pushing for giving their concerns a voice  Intel goes out of their way to offer discounts and benefits to retirees  There is a closed Facebook group for members of the Intel retiree organization that allows retirees to share information with one another and maintain community  Retirement provides an array of opportunities to experience and get involved in new things  The IRO website is a crucial resource for retirees to get information and stay informed  People may miss a variety of discounts and opportunities by not staying updated with the IRO website  People often miss staying connected with peers if they don’t stay involved in IRO There are major losses you experience when making a major life change and staying involved in community can be a huge support during the shift of retirement  Intel is currently working on transitioning the board to be more sustainable  Succession planning has become an important aspect of maintaining stability within the organization Current employees should get informed of the IRO before retirement  Ben shares how you can join the IRO and discusses the privacy policies in place  If you’re considering retirement, the IRO is a great place to get educated about on the retirement experience    Links:    How to join the IRO: https://intelretiree.com     Contact Scott: Scott@cordantwealth.com 

As the market is changing, many of us may feel compelled to take risks and make shifts along with it. There are many factors to consider when deciding whether or not to act on that impulse. In this episode, Scott Malbasa, your host and financial advisor, shares the top questions to ask yourself when taking risks in a volatile market. He also shares a personal client story and the strategic approach he used to manage this client’s risky financial decision. Join Scott to learn how you can get to the root of your impulse and make the best financial decision for your goals.    Show Highlights:  Evaluating factors that are driving your impulse to take risks    Analyzing whether or not your feelings are grounded  Using Financial Plans to see whether or not they parallel objectives How to move forward if you can afford to take a risk  The importance of having conversations and creating a schedule to increase equities  Running a model scenario to evaluate whether or not a change is best for our finances    Links:  https://www.cordantwealth.com/team/scott-malbasa/ Scott@cordantwealth.com 

When hit with unexpected market shifts, there’s no need to panic. There is an array of action steps you can take to be prepared for economical downturns. With the global impacts of coronavirus emerging, there are a variety of different strategies to pay attention to and put into place in order to protect your finances.    Today’s guest, Isaac Presley, is the CEO and Director of Investments for Cordant Wealth. Isaac shares how to put a financial blueprint into place and the benefits of sticking to your financial goals. He also reveals actionable steps given the current market environment to monitor your finances and protect your assets. Join Scott Malbasa in this relevant and insightful conversation with Isaac Presley.    Show Highlights:    How the coronavirus is currently impacting the economy  Isaac shares how the current global pandemic has shifted his day-to-day life  Why it’s important to establish a plan for bear markets  Putting a financial blueprint in place to assist in future decisions  How to stick to your financial plan  The three types of bear markets and the average severity and recovery time for each General portfolio management and financial planning actions you can take during a bear market Eliminating unnecessary noise and focus on what matters in the new today   Links:    https://www.cordantwealth.com/team/scott-malbasa/   Scott@cordantwealth.com 

When great career opportunities arise, we often overlook the difficulties that accompany the transition. Today’s guest, Kristie Mann is currently the Senior Director of Products for Intel, a position she uprooted her family across the country for.  After 20 years at HP and much contemplation, Kristie transitioned into a new position with Intel. In this interview, Kristie shares what her experience settling into a new career was like and the emotional impact it had on her family. If you’re currently making a career transition or simply want to hear more about Kristie’s experience, join Scott Malbasa in this insightful conversation.  Show Highlights:  What Kristie does and how she’s gained the marketing position she has now   How Kristie’s interest in economics and customer drive compelled her to get her MBA  Kristie’s personal life and family dynamic  Biggest obstacles Kristie faced when moving in her career  How Kristie’s career shift impacted her family  Rebuilding career credibility in new positions  Why it’s important to reach out to people when experiencing low points   How career circumstances can shift parental relationships  Tips for making large-scale career shifts    Links:  https://www.cordantwealth.com/team/scott-malbasa/   Contact Kristie:  Resources:  https://hbr.org https://www.zonetowin.com

Everything comes and goes in seasons, yet we’re often not prepared or equipped with the right tools to embrace those major unexpected shifts. Today’s guest, Howard Rachinski, is the founder of Christian Copyright Licensing International, which regulates churches with a copy license in order to ensure their compliance with proper compensation for usage of music. He recently underwent a major life shift when he sold his business, which led him to write his new book Perpetual, The Secret to Finding God in your 7 Life Seasons.    Howard shares the many lessons he’s learned through various seasons of life and how he’s learned to accept and find harmony through change. He discusses ways to stabilize yourself through uncertainty and the importance of maintaining vulnerability. Join your host, Scott Malbasa, in this wisdom filled conversation with Howard Rachinski.    Show Highlights:    Learning to embrace change and identifying lessons during life seasons  Howard shares what motivated him to create a Church Copyright License and how he identified when it was time for him to transition into the next project  Maintaining discipline in seasons of questioning  Creating practical dialogue to frame future shifts  Dealing with helpless and hopelessness  5 losses you experience in transition  Embracing moments of rest and developing relationships that support you through all seasons  Identifying outlets and people that allow you space for transparency and release  Establishing relationships to allow for impartation and vulnerability  Howard's inspiration for writing a book and the topics he explores in his novel The importance of engaging with others and materials who can help you optimize the value of your assets and passions    Links:    https://www.cordantwealth.com/team/scott-malbasa/   Contact Howard:    https://howardrachinski.com   The Secret to Finding God in your 7 Life Seasons:  https://www.amazon.com/Perpetual-Secret-Finding-your-Seasons/dp/0991131169

Often times, it goes unnoticed that leaders need leadership too. There will always be transitions, issues, and situations that individuals need guidance through, whether they’re a natural follower or leader. Jeff Spahn recognized the need and importance for this, which led him to establish his educational firm, Leaders Leading Leaders. Jeff assists leaders through major career shifts, exploring the process of self-observation, achieving higher performance, and so much more. In this episode, Jeff and Scott Malbasa have a deeply encouraging conversation about the magic of observing and how to utilize it to become a successful leader.    Show Highlights:  What influenced Jeff to pursue a career in leadership  What is collective flow and how to consistently achieve it  How leaders can stimulate collective innovation and decisiveness  Learning the skills to keep consciously choosing a success path  The traditional model of leadership and how it’s shifting  How to build self-awareness to deepen your capacity to lead yourself  4 steps a leader can take for self-observation  Utilizing the skills of self-observation in everyday life and how to further develop those skills  The importance of observation without judgment  How to know what type of leadership to implement situationally  Links:  https://www.cordantwealth.com/team/scott-malbasa/ Contact Jeff:  https://www.leadingleadersinc.com Resources:  The Essential Rumi    

Get to know the CEO and Director of Investments of Cordant Wealth Partners!  Scott sits down with Isaac Presley to discuss managing the level of risk to take in order to achieve the goals that are trying to be achieved, the common mistakes they see customers making, and much more. Listen in and see if you recognize any of these scenarios!   Show Highlights:   Isaac provides a fascinating overview of his background, his education, and his career track to Cordant Wealth. Isaac shares a couple of his life epiphanies. Scott and Isaac discuss the benefits of fee-only independent advisors for investors, as well as what’s appealing about fee-only independent advisors from the advisor perspective. Since the world changes so rapidly, there will always be something new to look at and research, but if you have a plan in place it will help filter out a lot of the noise and keep you focused. Having no plan is just as bad as having a bad one. Taking on too much risk based on past performance is a big mistake. Since risk changes over the course of time, it is difficult to evaluate your own risk. The “variable risk preference bias” is a person’s instinct to change how much risk they’re taking on, based on what the markets have done lately. As you age that bias towards changing your risk actually increases, research shows, and there are associated consequences. The “sequence of return events” says the order of your returns matter, and Isaac provides more insight as to its impact on your portfolio. There is both wisdom and discipline in figuring out what you want to optimize for, writing out your investment plan and reviewing it periodically. Markets are cyclical, so it’s helpful to look beyond the recent past. Scott and Isaac talk about red and yellow flags when looking at a new investment portfolio. The best way to capture what you’re after is a matter of picking investments that are going to work over time and maximize your odds of success, and not going all in for something that’s worked recently and then switching to something else, back and forth.          Links & Resources: Scott’s Email Scott’s Website SUBSCRIBE & SHARE! Scott’s Podcast   Suggested Book: The Geometry of Wealth: How To Shape A Life Of Money And Meaning, by Brian Portnoy

Sarala Paliwal is today’s guest. She is Senior Engineering Director at Mentor Graphics, A Siemens Business, and manages a worldwide group of software engineers and a worldwide group of quality software engineers.   Sarala also volunteers with Girls, Inc., and is on the Advisory Board that helps with their STEM (Science, Technology, Engineering, and Math) program for young girls.   Join us as we cover technology education for young women, the gaps in education and what needs to be changed, and much more!     Show Highlights:   Many people think of engineers as just being analytical and not creative, but you will often that find engineers are both. Sarala believes that educating girls in the sciences should not even be  a topic, but rather an expectation of it being part of the course material for everyone that they would take up to a certain level. It’s important that you be very good at the fundamentals, and confident in the domain. When this happens, that is going to come through. Attacking the problems, researching them, and understanding them is the key to confidence in complex issues. Sarala often sees young women (and some men) who get frustrated and want to give up on a project if they don’t understand everything about it.  Knowledge is power, and gives a sense of confidence during public speaking, such as meetings. If the fundamentals are not given more focus in the education system, there will be less people going in to the sciences. Strong core curriculums are necessary for a better education system. Investing in training for teachers and using teachers who are specialized in their fields is very important. Having a good attitude makes learning a little easier and a lot more fun. When volunteering your time in the education field, teacher training exposure to industry and bringing that in to school should be advocated. What would happen if we trained our students in science and technology as well as we train them in sports? What if parents were as involved with academics as much as they are with the sports programs? Sarala explains the programs at Girls, Inc., and her role on the Advisory Board. Sarala is seeing a lot more intersection in varying fields.           Links & Resources: Email Website   SUBSCRIBE & SHARE! Podcast   Sarala’s Suggested Podcasts Freakonomics: http://freakonomics.com/hours/ Hidden Brain: https://www.npr.org/series/423302056/hidden-brain Throughline: https://www.npr.org/podcasts/510333/throughline

Today’s guest is actually a co-worker of mine at Cordant Wealth, Financial Advisor Scott Gerlach. I’m really happy to be introducing him to you today, and we will be covering the topic of fiduciaries. I get a lot of questions about this, such as: What does it mean to be a fiduciary? Is Cordant Wealth a fiduciary? What is the importance of a fiduciary? Scott grew up in Visalia, CA, which is a big agricultural area in Central California, attended school at the University of Oregon, where he received his degree, then moved back to San Francisco before deciding to settle in the Portland area. He has the perspective of both the agricultural scene in America, as well as the hustle and bustle of a large city like San Francisco. As if that juxtaposition weren’t enough, he can add another unique one: Scott was a middle linebacker in high school and a competitive tennis player.   Show Highlights:   There are two standards in the financial services industry that an advisor is held to: The suitability standard - whatever product you’re being sold has to be suitable for your situation. As an example, if there’s Product A and Product B, and they’re both similar, but in the advisor’s estimation Product B would be best for you, whereas Product A pays the advisor more, the advisor will probably go with Product A. The fiduciary standard - a fiduciary must act in your best interests. This eliminates the financial incentive of an advisor having to choose, as there is no compensation. There are large financial institutions that provide products and aren’t incentivized to change the way they’re working, and so money impacts what happens. It’s hard to pass legislation to shift the industry to a more fiduciary standard. When legislation was proposed for a fiduciary standard across the industry, all the big banks and institutions put a lot of time and energy into structuring how they operate. While at the same time, they put a lot of time and energy in Washington, D.C., to stop it. The way Cordant Wealth is structured, which is as a fiduciary, advisors do not get compensated for putting you in a life insurance policy, a long term care policy, or a particular mutual fund.  Scott G. says it’s nearly impossible to tell from commercials if a financial institution is a fiduciary or not. He would like to get to a point where that’s not even a question in people’s minds. While there are many good advisors that provide sound advice and can get you what you need, people are incentivized by making money, and this structure can lead advisors to not making the best decision for their clients. Scott G. doesn’t watch the stock market on a day-to-day basis, and he says you shouldn’t, either. There are systems that monitor it, and he advises to save, diversify, get out and enjoy life and don’t worry so much about it. This is because the stock market is all over the place on a day-to-day, week-to-week, and month-to-month basis. It has very little impact on your big picture. Ideally, you should be invested over the long term (10, 20, 30 years down the line). Unless you’re a day trader, you don’t need to worry about the day-to-day stock market.   Links & Resources: Email Website   SUBSCRIBE & SHARE! Podcast 

A question that often comes up when talking to people that are approaching retirement is “What do I do next, and how do I evaluate the opportunities that become available to me upon retirement or the transitioning out of a role in a big corporation”? Today’s guest, John Tortorici, is going to help field these questions, and more. We’re going to learn how he evaluates opportunities and how he would recommend selecting a non-profit that meshes with your experience and the type of work you like to do. Passion is what drives him. As a father and grandfather, he loves kids and finds it heartening to see them learn and grow. He’s retired 5 times, then made a move into something else that sparked his interest and his desire to see kids succeed. John Tortorici is Chair of the Board of Directors at TechStart, a non-profit in Oregon that is dedicated to providing teacher training and student enrichment in the fields of engineering, information technology, and computer science. He is on the advisory boards for Portland Community College BioScience Department and for the Oregon Computer Science Teachers Association. John is a judge at ORTOP, a volunteer driver for the Rose Parade, a Volunteer/Mentor at the alternative Rosemary Anderson High School, and a consulting coach to a CEO of a large company and a VP of sales.   Show Highlights:  John describes entering the business world upon leaving the US Navy.  As a Naval officer, John learned a lot about managing people, which came in handy when he started his own business. He learned to hire the right people, train them, give them the right tools, make sure they understood the job, then got out of their way.  He found this philosophy his something his staff loved: it provided autonomy, they could do things as they needed to, and they could solve problems. If you don’t have complete confidence in your staff, you will want to oversee it more closely, which does not let your people grow. John walks us through his retirements and subsequent volunteering opportunities. How opportunities can reveal themselves while volunteering and networking. Be an agent of change: Meetings have minutes, people have action items after a meeting, and you can go from there. When you create a committee, every committee has a charter. The charter tells its purpose, who’s on it, and what they’re trying to do, and lays out a plan for the year. Then the plan turns in to a schedule. Schedules include structure, and that’s what non-profits need. John provides more details, such as its history, mission, and vision, concerning TechStart, and various volunteering opportunities. Evaluating opportunities (time commitment and availability, what does the organization need, is the culture the right fit, how can I be helpful, etc.) There are many different committees at non-profits that provide a different opportunity for volunteering. The biggest need for non-profits is money if they are dependent on personal giving.  Find an industry that is compatible and has an interest, an alignment, and a vested interest in that non-profit.  Stay current by reading industry newsletters.   Links & Resources: Email: Scott@CordantWealth.com Website: https://www.cordantwealth.com SUBSCRIBE & SHARE! Podcast: https://www.cordantwealth.com/podcast/ 

This week’s episode is an extension of a recent interview with Beth Giles, a professional organizer. Today’s guest, Stephanie Malbasa is an estate planning attorney with special insight on what it looks like behind the scenes of downsizing, having recently gone through the process herself. She shares her approach to dealing with the difficulties of letting go of keepsakes, traditions, and memories that are intertwined with your current home and how to embrace a new mindset on life. Along with this, she talks about the before, during, and after progression that happens during this transitional process. Join Scott Malbasa in this interview to learn more about how to navigate downsizing.    Show Highlights:  Recognizing a downsize needs to happen and the logistics of downsizing  Being selective about what you keep and what you get rid of  Fluctuating with the times and letting go of things that aren’t cohesive with modern time Acknowledging when it’s time to pass on responsibilities and embracing your family  Dealing with the fear associated with downsizing Understanding the importance of connection outside of tradition  Embracing the feeling of loss and making an attitude shift  Preparing for moving and the process of the move itself  Letting go of unpractical things and distributing amongst family members  Using the desire to downsize as motivation to act on it  The most surprising aspects of going through a downsize  The hardest part about downsizing  Branching out to different mediums to expand our knowledge    Links:  Contact Scott: Scott@cordantwealth.com

Chances are, you or somebody you know, have been offered a separation package from an employer. Today, Scott shares with us “Rob’s” story. Rob was around age 60 and planned to retire at age 65 when his long-term employer offered him an attractive separation package that would equate to about 2 and 1/2 years salary, a bonus, plus a year of paid health care. Some of Rob’s concerns were getting his children through college without acquiring debt and maintaining his and his wife’s current lifestyle. Scott walks us through the objectives that need to be considered, accounting of balance sheets, reflecting on liabilities, and the probability analysis. He also goes into detail about the baseline plan: which is, what do the next 5 years look like if Rob were to take this offer? Scott analyzes the success or failure of Rob’s plan. Follow along to find out Rob’s decision! Show Highlights:  Considering objectives: Getting children through college, maintain the current lifestyle, etc. Having a detailed cash flow in place Agreement on assumptions Accurate accounting of balance sheets Reflecting on liabilities Probability analysis  Concerns about paying for health care, pre-Medicare Covering tuition without dipping into retirement accounts Baseline plan - what do the next 5 years look like if you take this package? Some expenses would have to be paid in alternative ways Adding inflows and outflows, and making sure that taxes are right based on the value of separation package Analysis reveals the success or failure of Rob’s plan Additional help with taxes? What to do with the stock? Flexibility in charitable contributions Donor-advised fund   Links & Resources: Scott@CordantWealth.com

Nurturing a small business to maximize its potential while dodging the risks, plus preparing a business for an exit when a business founder wants out are the topics on today’s podcast.  You will meet Jeff Kadlic, who started his career in commercial lending, then moved into institutional investing. During his time in the investment sector, he was exposed to private equity funds. He kept seeing smaller successful companies that didn’t have access to capital but were overlooked by the larger investors. Today, Jeff is an advocate for small business owners, and his company, Evolution Capital Partners, dedicates itself exclusively to this market. There is lots to learn in this episode! Take a listen as Scott and Jeff chat. Show Highlights:  Farming system for “the big leagues” Target: small businesses with 500k - 3mil operating profit Professionalizing great small businesses to make them attractive to institutional buyers Maximizing potential Fundamentals of accurate and timely financial reporting Fundamentals of achievable and measurable strategic plan Fundamentals of aligned and experienced management team Fundamentals of transparent & accountable team members Fundamentals of effective and repeatable sales process When business owners want out: exit strategies Business is completely dependent on its founder Ways in which a founder hurts or adds value Checking your ego What is the business really worth? Start preparing at least 2 years in advance The importance of being emotionally balanced The value of most peoples net worth is tied up in their business How to know when it’s time to sell Making sure business is running optimally during the sales process Investing in the best team that you can afford to get you to the desired result Financial consequences resulting from sale process Later consequences “representations and warranties” What is the importance of having a board of advisors? Preparing for your company exit Buyers generally look at last 3 years historical financials  Some buyers also ask for 5 years projections  Filling in the gaps where the challenges are Continuing to learn and push yourself every day to do better - utilizing coaches Links & Resources:   https://fivefundamentals.com   https://evolutioncapitalpartners.com   Scott@CordantWealth.com   Book: “Shoe Dog”, by Phil Knight  

It’s human nature to desire stability in our lives, but we often have to overcome that drive for security to achieve our goals. Today’s guest, Bob Paskins, is a successful speaker and sales consultant, but it wasn’t always that way. Over the past year, Bob found the courage to transition from being a commercial insurance salesman to follow his passion. Bob talks about the fears he had to overcome in order to make this leap and the perspective shifts that he had to adopt. To hear more about Bob’s story, join Scott Malbasa in this interview.  Show Highlights:  How Bob helps people with his specific sales growth matrix program and what the program consists of  The most prominent aspects of Bob’s career and what drew him to it  The enjoyable facets of selling insurance Helping people reach their goals and getting them engaged in the process  Selling based on relationship and providing opportunities for clients Finding what makes you thrive Shifting your priorities to live out your dream  Determining whether or not you’re in the right position to make a life shift  Overcoming initial fear and giving yourself time  Taking ownership of your career and having freedom in your life  The different ways life brings confirmation and affirmation when you’re pursuing what you’re meant to do  The biggest struggles that accompany starting your own business  Budgeting your time and finding the right people to hold you accountable  Using your strengths to find your purpose    Links:  https://www.gallupstrengthscenter.com/home/en-us/strengthsfinder Contact Bob:  https://www.bobpaskins.com Contact Scott:  Email: Scott@cordantwealth.com  https://www.cordantwealth.com

Incorporating philanthropy into your finances isn’t a requirement, but it is fulfilling and easily achievable if you happen to be charitably inclined. Today's guest, Bill Hawke, has been a financial planner for over 38 years and actively encourages practicing philanthropy. Bill shares his top strategies to get involved in giving and how to incorporate philanthropy into your family practices. To learn more about how you can charitably give and still live according to your goals, tune into this episode of Your Best Financial Life.  Show Highlights:  What Bill does and how he fell into his career  What a donor advised fund is and how it works  Instilling philanthropic ideals from childhood   Making incremental contributions over time  Transitioning from running a boys’ home to becoming a financial planner  Helping others find satisfaction and happiness in their lives  Reconciling different aspects of life to fulfill all of your goals Getting people involved in giving by asking the right questions  Helping charitably inclined people contribute to giving within in their comfortability  Why a beneficiary can be a good beneficial option  Top strategies that are put into place with new clients  Strategies that get overlooked but can be impactful  Sources that have positively influenced Bill    Links:  Sources Mentioned:  A Complaint Free World   Contact Bill:  https://cedarbrookfinancial.com

Real estate is a diverse market that is much more complex than commonly perceived. In today’s interview with John Swagerty, Senior Vice President at Acadia Realty Trust, Scott and John dissect what goes into evaluating a property and a potential real estate investment. John covers different dynamics of the industry and uncovers focal points of the behind-the-scenes mechanics. To learn more about real estate investments and the perspective shift that’s occurred in the market tune into this episode of Your Best Financial Life with Scott Malbasa.  Show Highlights:  How John got involved in real estate and what drew him to it  The math and numbers that go into real estate  How real estate has transitioned over the years and the perspective shift  The central focus when evaluating assets and properties  The day-to-day ins-and-outs of real estate investing The difference between stable and value add investments  What needs to be considered in a small vs. large property  Evaluating the busy-ness of the market  Creating relationships with tenets and collecting market data  Applying real estate knowledge to buying a house  What makes investing exciting and fun  Links:  Acadia Realty Trust https://itunes.apple.com/us/podcast/your-best-financial-life/id1449443683?mt=2

A home is one of the biggest purchases you’ll make in your lifetime, so why do people know so little about it? Todays’ guest, Kim Bean, has been a mortgage loan officer for decades and has seen the ups, downs, and behind the scenes of the industry.  Today, Kim shares tips on things like how to improve your credit score, analyzes options to consider when looking at your mortgage, and offers advice on how to go about your own process. To learn how you can apply these insightful tricks to your own financial life tune into this episode of Your Best Financial Life with Scott Malbasa. Show Highlights:  What Kim does and how she got into the business  Different hats mortgage loan officers wear  Being on a team with underwriters and mapping out the process  Making deals make sense and supporting that  How things differed before and after 2008   The process clients go through for a mortgage  Tips for raising your credit score  The “what if” scenario  Keeping up with your history of past credit  Going through the process of unfreezing credit and Equifax  Consumer credit score vs. the mortgage credit report  Evaluating the down-payment and different scenarios  Factors that apply outside of the mortgage and the interest rate  Analyzing common scenarios and having two mortgages  Overlooking pre-approval and rushing the process  Bridging the gap between buying a new home and selling the old one  Understanding what risks clients are comfortable with  Approaching the process of building a house  Keeping an eye on interest rates and locking it in on permanent financing  Keeping up with multiple clients  What changes in the mortgage world as rates increase The process that occurs when a child is the primary buyer with parental support  Determining mortgages for retired individuals  Conservatively balancing funds and setting up payments  The biggest reoccurring surprises  Being educated on your finances  Tools to get transparency in your credit  Checking your statements and evaluating your amount to live comfortably  Links: https://go-summit.com/info/kimberly-bean/  

Retirement doesn’t have to mean stagnation or mark the end of pursuing dreams. In fact, many people aspire and start up their own personal businesses after retirement. One notable person who successfully began her own business after retirement is Kim Netting.   Kim Netting noticed a lack of products that targeted people with allergens, specifically gluten intolerance, and started up a company producing ice cream sandwiches to satisfy those customers. In today’s conversation, Kim talks about what inspired her, the most rewarding elements of starting a business, and what the process of building a business looks like. To hear more about the behind the scenes of creating a business after retirement tune into this episode of Your Best Financial Life with your host, Scott Malbasa.    Show Highlights:    Where Kim started in her career and what motivated her to move forward  What inspired Kim to start her own personal business  How Kim went about creating her product  Getting her own commercial kitchen to avoid cross contamination  The natural progression of the business  Perceived risks of starting a business  Figuring out a way to manufacture for mass marketing  Bringing over past experience to future endeavors  Communicating and setting boundaries with clients  Sacrifices that come with owning your own business  The most fulfilling parts of having a business that serves people  What influenced Kim to not expand  Finding customers to meet profit margins  Downsizing vs. quitting business completely  How age impacts commitment  Making investment decisions and getting loans  Why contracts aren’t always a smart business idea  What the process of shutting down looked like  Delivering until the end  How to transport merchandise The most satisfying parts of building a business from the ground  How small-scale companies make money  Tips for starting your own business after retirement  Hiring trustworthy employees  The most relieving parts of completely retiring  Advice for gaining insight    Links:    https://itunes.apple.com/us/podcast/your-best-financial-life/id1449443683?mt=2   https://www.cordantwealth.com

Everyone wants to be more organized in life, and most need to downsize their belongings along the journey. Today’s guest will help you with these goals. Beth Giles is the Professional Organizer/Senior Move Manager at NW Organizing Solutions, LLC. Beth works with people and their possessions and their systems of life - helping them to flow more smoothly. Often people wait too long to organize their lives and they become overwhelmed. Join us and learn how we can keep our lives organized and we’ve got some great tools to share with you too!   Show Highlights:  Background on Beth’s company and what it does for people What systems of life are What drew Beth to this line of work How each person thinks differently and 9 things Beth has each person organize to get a feel how they organize Home downsizing and why it can be an issue for so many people Why organizing/downsizing can be so hard for some people Example of final goals in this industry How to go through old pictures The wonderful feeling after downsizing What weighs people down Resources to help you Setting deadlines for yourself How to start preparing for the process of downsizing Example of the most difficult job she had complete   Resources:    Beth Giles Website National Association of Productivity & Organizing Website

We all want to be financially educated and invest in companies we believe will be the most impactful in regards to what we believe in, all while reaching our financial goals. In order to do this, it’s vital for you to reach out to a knowledgeable financial advisor and to set realistic financial goals. Today’s guest, Apollo Lupescu, is the Vice President and “secretary of explaining stuff” at Dimensional (the 7th largest mutual fund company). He talks about how to determine which companies to invest in, how to evaluate funds, and gives helpful tips on building financial competence. Tune into this episode of Your Best Financial Life with Scott Malbasa to start making better and smarter financial decisions.  Show Highlights:  Distilling concepts without jeopardizing their complexity  Financial competence  Equity and buying ownership in public companies  How to evaluate whether you’re on or off track  Why the MPR and the yardstick is pushed  How people should benchmark  Being on track with financial goals  Understanding risks and potential outcomes of financial plans  Using a sensitivity analysis  The benefits of going beyond the limited models  Why people should be corporally diversified  Investing in companies you believe in  Dictating the best countries to invest in  Benefits of diversification Being aware of the currency exchange rate  Distinction between active and index funds  Market timing  Betting your opinion against the market  Managing odds  Resources: https://www.dimensional.com http://cordantwealth.com  

Preparing for retirement doesn’t have to be difficult or overwhelming. Professional investment advisors are trained to help assist with each individual case and to help you make the most beneficial financial decisions.  One of these professionals is Michelle Kohlbush, who has over 23 years of accounting experience and has expertise proven to help you financially prepare for your future. Tune into this episode of Your Best Financial Life with Scott Malbasa to learn about the best tax planning opportunities for you.  Show Highlights:  Benefits of working at a smaller firm  Maintaining growth and retaining a hands-on approach  Best tax opportunities  Benefits of charitable contributions  Advantages of a qualified contribution versus a donor advised fund  Working closely with investment advisors  The biggest impact tax changes have made  Holes that need to be fixed in tax codes Fee deductions  States with income tax  Pit falls when going into retirement  Factors to consider when budgeting for retirement  Tapping into retirement sources for easy cash  Tax consequences of purge spending  The benefits of record keeping  1031 exchanges and how to avoid paying taxes  Converting to business use property  Problems that DIY software can cause  Things people overlook when planning for retirement  Advantages of using a tax preparer  Built-in tax issues  References applicable to tax planning   Resources:  Tony Nitti’s Tax Tuesday articles on Forbes: https://www.forbes.com/sites/anthonynitti/#30e7d9c27a36 Michelle's Website    

We all have questions when it comes to planning for our future and how to implement the best plan of action when it comes to setting a legal plan in place. When it comes to finances the majority of us have an overwhelming amount of questions and anxiety, which is why it is highly suggested you consult an estate attorney when putting a will or trust-fund in place.  In this interview, Melanie Marmion, an estate planning attorney in partnership with the law firm of Fitzwater, Meyer, Hollis, and Marmion, will discuss some of the most commonly misunderstood aspects of implementing a will or trust-fund - such as how to decided which document would be more beneficial in specific cases, whether or not you should consult an attorney or use online software, and how to minimize taxes on your trust-fund.  Tune into this episode of Your Best Financial Life with your host, Scott Malbasa, to take the next step in your estate planning process.   Show Highlights: How to get involved in estate planning  Doing personal financial training  Working with families’ finances  Different elements of estate planning  Finding solutions for what to do with your money  Updating estate plans  The differences between automatic taxes and disclaimer taxes Defining the Trustee Preserving benefits for disabled or special needs families  Questions to consider before approaching an attorney  Determining what benefits are necessary   Complications with retirement assets  Preparing for taking funds out of a trust-fund  Directing trustee’s on how income can be spent  Having people hold the trustee accountable  Why a will and trust is necessary  What happens if you become incapacitated  Taking a will through probate  Establishing a revocable living trust  Automatically managing assets  Why online programs are not sufficient  Mistakes in pre-set state plans  Finding simple solutions for trust-fund complications  How to minimize taxes  Optimizing the gift rules and filing gift tax returns  Giving charitably and implementing a charity plan  The difficulties of transitioning estate in and out of a trust  Explaining a pour over will  Giving someone power of attorney  Facilitating a meeting before naming someone the trustee  Avoiding conflict by communicating  Flat fee billing for a basic will and trust plan  Doing research and thinking outside the box  Transfer of wealth    Resources: Article by Melanie

Working in the financial industry, I get asked a lot of questions about money everywhere I go. No one is immune from the stress that money creates in our lives. We all have questions that keep us up at night, and I want to bring you answers to those questions! Today, you'll learn why I decided to start this show and how I hope it can impact your life. Resources: www.cordantwealth.com