Your Money Puzzle

How much should I have saved? If you’ve ever asked that question, this episode might give you the insight you’re looking for. Join us as we explain the difference between the average and median, and then tell you how much experts think you should have saved in your 30s, 40s, 50s, and at retirement.   Read more and get additional financial resources here: https://wp.me/paQKv1-et     Watch the video podcast: https://youtu.be/dTJWFIgSm_I    What we discuss on this show:  1:10 – What we’re talking about on the show   2:24 – News headline: Bangkok cat cafe 4:45 – Election impact 8:04 – The difference between average and median   10:02 – Why most experts only talk about averages 10:56 – Where you should be at each decade of your life starting with 30s. 13:19 – In your 40s  15:42 – When you reach your 50s 17:01 – What you should have when you reach retirement 20:25 – How do you get to these savings goals? 23:00 – Think about tax considerations on accounts 24:28 – Final thoughts on this conversation

We all need insurance, but do you know what you’re paying for? Why is insurance so important? We dive into the things you really need to know about protecting yourself and your assets.   Read more and get additional financial resources here: https://wp.me/paQKv1-eo    Watch the video podcast: https://youtu.be/pFCFqtIuJmk    What we discuss on this show: 0:34 - Robert introduces our important and interesting topic. 2:31 - In the News: Is your toilet talking to you? 5:01 - What kind of insurance do you need?  6:40 - What’s the premise of insurance? 8:04 - What does full coverage car insurance mean? 9:42 - What’s the importance of uninsured motorist coverage? 11:43 - What are your liability limits? 14:29 - What about property damage liability? 16:18 - What discounts should you look for in auto insurance?  18:18 - What’s the most important reason to have renter’s insurance? 19:56 - What kind of medical insurance do you get on renter’s insurance? 21:40 - With a condo, what is loss assessment coverage? 23:17 - Should you increase your home insurance? 24:09 - What property insurance discounts should you look for? 26:03 - Are you doing an insurance review? 

Today’s episode is a change of pace from what we usually cover on this show but we really wanted to sit down and talk with Melvin Young of Modewealth Advisors. He has a unique approach that centers around entrepreneurship, purpose, and humanity. There’s a lot to learn from Young during this conversation and we think it might even change your way of thinking.   Read more and get additional financial resources here: https://wp.me/paQKv1-e8    Connect with our guest: https://www.modewealthadvisors.com/    What we discuss on the show:  0:55 – Background on our conversation 2:36 – Beginning of interview 4:28 – Background on our guest 7:45 – How long have you been in this industry? 10:24 – Not in the wealth management business 11:47 – Job security isn’t what most people think 17:03 – How he teaches the steps to success. 19:45 – Is insurance and finance still good industries to enter? 22:49 – The mantra of purpose over opinion 27:12 – His experiences as a black business owner.   36:09 – What is your purpose in life?       40:58 – His feelings on reparations 50:10 – Do you consider yourself to have a superpower? 52:48 – A final message for everyone

Are you up to the challenge? Brian takes on the FINRA Investor Knowledge quiz on today’s podcast.   Read more and get additional financial resources here: https://wp.me/paQKv1-e2    Watch the video podcast: https://youtu.be/hfQTvy7PAyQ   What we discuss on the show:  0:58 - Brian from the Denver office joins us today. 2:04 - A recent 4-H event meant Brian bought a goat. 4:47 - Today we’re going to quiz Brian on FINRA’s Investor Knowledge quiz. 5:57 - In the News: AARP says backyard chicken industry is booming. 10:18 - What is the FINRA Investor quiz? 11:47 - If you buy a company’s stock, what does that mean? 12:30 - If you buy a company’s bond, what does that mean? 13:52 - Which type of bond is the safest? 14:49 - If interest rates go down, where do bond prices go? 15:48 - What is the definition of a junk bond? 17:05 - A no-load mutual fund carries what? 19:13 - Do investments that are riskier provide higher returns? 21:05 - Should we all be investing more in risky investments? 21:50 - Which organization insures you against your losses in the stock market? 22:54 - What happens if a company files for bankruptcy? 23:43 - Why do many municipal bonds payer lower than government bonds? 24:33 - If you buy on margin, what does your investment yield? 26:07 - What’s the best definition of selling short? 26:56 - Are the rules for hedge funds and mutual funds the same? 27:39 - What’s the difference between mutual fund share classes? 28:23 - A 529 plan is used for what?

A lack of financial education faces many people as they begin their working careers and start saving towards retirement. This leads to bad decision-making and a lack of awareness for how to best manage your money. On today’s show, we’re going to present a 6-question financial literacy test that the majority of Americans don’t pass. Let’s find out how you do.   Read more and get additional financial resources here: https://wp.me/paQKv1-dU   Watch the video podcast: https://youtu.be/H5Sx6zI-cN0    On today's show:  0:53 –  An update on where Brian is. 2:24 – Some background on this literacy test.   2:54 – Listener question on choosing a life insurance policy.. 7:50 – In the news: Now you can dine out with dummies 9:37 – Why do we need to be financially literate? 11:36 – Financial Literacy Question #1 13:10 – Financial Literacy Question #2 14:47 – Financial Literacy Question #3 17:06 – Financial Literacy Question #4 19:33 – Financial Literacy Question #5 21:27 – Financial Literacy Question #6

Today we’re covering three different things that will all benefit you financially no matter where you are in the planning process and how you’re dealing with the coronavirus. Plus, we’re introducing a 30-day challenge that will help you track your spending.   Read more and get additional financial resources here: https://wp.me/paQKv1-dy    Watch the video podcast here: https://youtu.be/hGMkCIXEg9g    Today's show schedule:  1:49 – How is Brian adapting to the current environment? 2:42 – Still doing a lot of Zoom meetings with clients. 3:22 – A book Robert has been reading talks about 3 areas people spend significantly more than they thought they did. 3:52 – First area: Your car 7:16 – Second area: Grabbing a bite to eat 8:21 – Third area: The little stuff 9:06 – 30 Day Tracking Challenge 12:10 – Detours from our retirement planning.  13:21 – You need a map and a destination, much like financial planning. 14:56 – Just because detours get in the way, your destination doesn’t change. 16:29 – Last thing we want to talk about is emergency funds. 17:26 – What is truly an emergency? 20:45 – We think 3 months is better than focusing on 9 or 12 months. 22:05 - Tips for each of these financial mistakes.   

Today we’re joined by Taylor Jade, an independent business woman making it on her own in Los Angeles. We talk about the journey, how to chase your dreams, her business strategies, and the financial lessons she applies to her life.   Read more and get additional resources here: https://wp.me/paQKv1-do    Watch the video podcast here: https://youtu.be/xxvLzbdH-cs    Check out Taylor Jade and her work here: https://www.instagram.com/tayloredgin/ and https://www.instagram.com/jadeddirections/   Today's show schedule:  0:49 – Robert’s daughter, Taylor Jade, is our guest today to discuss growing a business. 2:52 – A little background on Taylor Jade. 5:06 – Moving from in front of the camera to behind the camera. 6:45 – She’s always wanted to run her own business. 7:41 – How do you get clients and what do you do for them? 10:03 – What do you to continue improving your skills? 10:56 – Reading fiction sparks creativity. 13:40 – How planning plays a role in her life. 16:11 – How important is a guaranteed paycheck? 19:26 – How do you deal with income fluctuations and expenses? 21:01 – How has the quarantine impacted work and finding clients? 22:06 – Saving over spending 23:31 – Her generation’s view on debt. 25:26 – Being raised thinking about money played an important role.  28:16 – What financial lessons have you held onto? 30:11 – What encouragement would you give young people thinking about starting a business? 31:39 - How to connect socially with Taylor.

It’s time to finish up our two-part series on the 6 P’s of financial success. Last episode we focused on improving yourself first. Now we turn to the final 3 P’s, which are all external – plan, preserve, and protect.   Check out part 1 here: https://yourmoneypuzzle.com/podcast/ep-53-the-6-ps-of-financial-success-part-1-the-internal-ps/    Check out the video podcast here: https://youtu.be/x1IuZkXMlIw    Read more on this topic and get additional resources here: https://wp.me/paQKv1-d8    Today's show schedule:  1:21 – Are you glad to be back in the office again? 3:02 – Back into the conversation on the 6 Ps of Finance.   3:45 – This week’s news article 6:07 – Today’s hot topic. 1st P: Plan. 8:37 – Another example of why it’s so important to have a plan.   9:56 – What should you plan? 12:06 – Actions steps for creating a plan. 14:35 – 2nd P: Preserve 17:35 – What are the things that we need to preserve? 18:40 – Action steps to preserve your family’s lifestyle. 21:03 – 3rd P: Protect 25:31 – What are the biggest assets that you need to protect? 26:30 – Actions steps for Protect

The search for financial wisdom will lead you down a never-ending rabbit hole with all kinds of answers and tips, but we subscribe to the idea that financial success can be boiled down to six simple P’s. On part one, we’re looking at the first three, which are all about improving yourself first.   Read more and get additional resources here: https://wp.me/paQKv1-cO    Check out our videos: https://www.youtube.com/channel/UCn9CFQ9hPFerEevW7fiSkUA/   Today's show schedule:  0:54 – Things are beginning to get back to normal.   1:46 – 6 P’s to financial success 2:30 – Preparation is the key to coming out of this crisis successfully.   4:53 – Let’s talk about the 6 P’s and what they are. 6:27 – 1st P: Your Person 9:01 – Do you know the 80/20 rule? 11:12 – How do you improve yourself? 14:54 – Put in 10 minutes a day to 16:17 – 2nd P: Your Peers 23:14 – 3rd P: Your Process 25:12 – Schedule your tomorrows today. 27:48 – An app Robert is using for improving his processes. 28:36 – Previewing part two with the external P’s.

The long bull run made a lot of people forget about the feeling of losing money but these turbulent times have reminded us that sometimes zero is your friend. Let’s talk the stats surrounding a correction and a bear market and what strategies you can incorporate into your financial plan to limit losses.   Read more and get additional resources here: https://wp.me/paQKv1-cB    Watch the podcast video: https://youtu.be/5ze47X4QnaE    Today's show schedule:  1:46 – What we’re talking about on today’s show. 2:06 – Robert and Brian share something new they’ve done during quarantine. 7:12 – No one wants to lose money but it’s just as important to minimize losses as it is to grab gains. 9:27 – Correction vs Bear Market 10:55 – Markets have always recovered after a down period but what’s the duration? 13:24 - What are Warren Buffett’s two rules of investing? 13:55 - Buffett’s last big loss 14:45 - It’s a paper loss until you sell out. 16:12 - What percentage do you need to gain in order to get back to even? Let’s do some math. 19:09 - Why your allocation is so important once your’e in the retirement redzone. 21:34 - How have investors performed vs the S&P 500? 23:58 - Investor behaviors is what drives underperformance. 25:10 - Strategies you can utilize to improve investing. 26:31 - Rebalance your account every 6-12 months. 27:28 - Using the bucket strategy 29:26 - Adjusting your portfolio as you get older. The rule of 100. 30:27 - Diversification strategy 31:59 - Working with someone that can spot-check your work. 32:29 - How to get in touch with us with any questions.

History has shown us that some of the most successful companies in our country began during tough economic times. Today we’ll use the story of Airbnb, which came out of the 2008 crash, to find the lessons that we can use to be successful after the current crisis comes to an end.   Read more and get additional resources here: https://wp.me/paQKv1-ct    Watch the video podcast here: https://youtu.be/nHcs5Z4-CnI    Today's show rundown:  1:16 – We’re going through a lot of financial craziness right now. 2:21 – News headline: More than $40K found inside couch purchased from thrift store. 4:41 – Hot Topic for the Day: How this crisis compares to 2007-08. 6:09 – Crazy story about two college graduates in 2007 that started Airbnb out of financial desperation. 9:40 – They were turned down by many investors as they pitched the idea. Here’s how they persevered. 11:16 - The Airbnb story teaches us you can be successful during difficult economic times. 12:45 - Other companies that were started in difficult financial times. 13:48 - There are opportunities available right now and new innovation will come from this lockdown.  15:11 - That doesn’t mean things are going to be easy right now. 17:07 - 5 advantages to starting a side business or side hustle in tough times. 19:54 - How are you going to prepare and ready yourself to come out on top after this quarantine?

A lot of Americans have been hit hard on the financial side due to the coronavirus pandemic and need help navigating this uncertain time. Let’s talk about five steps you can take right now to improve your situation and set yourself up for a positive future.    Read more and get additional resources here: https://wp.me/paQKv1-cj   Watch the video podcast here: https://youtu.be/P4-QsF1-Nuc   Today's show rundown:  0:46 – Times are different right now and that’s the same for us. 2:06 – Today we’ll talk about dealing with a financial crisis and things to know/do. 3:22 – First tip: Spend less than you make.  3:40 – Second tip: Talk to your mortgage and utility companies about pausing bill payments without penalty. 7:00 – Third tip: Continue to invest in your 401k or IRA. 8:47 – Can we count on the market to rise back up? 11:07 - Fourth tip: Remember your long-term plans and goals.  12:17 - Fifth tip: Don’t borrow money to use for investing. 14:13 - Pause and think about all of these things right now. Take time to review.

One of our goals with the Money Puzzle podcast is to help people be financially confident. Well, the country is currently in the midst of full-blown coronavirus craziness and you may be wondering, 'Can I be financially confident?' Will I ever have that future that I dream of? The short answer is yes and we'll talk about ways to handle a market crash.   Read more and get additional resources here: https://yourmoneypuzzle.com/podcast/money-puzzle-49-4-ways-to-handle-a-crashing-stock-market/    Watch the video podcast here: https://youtu.be/TYLFkgwxHcA 

Most retirees will depend on Medicare for the health insurance needs and it's important to understand your options. There are four parts to Medicare - A, B, C, D - and they all serve different purposes. Today we brought on a Medicare specialist to help us understand all four parts and what they mean to you.   Read more here: https://wp.me/paQKv1-c4    Watch the video here: https://youtu.be/H3vX8LjjDN0 

It’s time to talk about IRA’s. What’s the difference between traditional and Roth IRA’s and, since it’s tax season, how do they each affect your taxes? By now, you should have received your W2s and 1099s and be well under way towards filing your taxes. But before you do, you still have time to get some extra deductions AND save a little extra for retirement at the same time with a traditional IRA. Or, depending on your situation, save more for retirement and save taxes in the future with a Roth IRA. Either way, you need to know how they work in order to choose which one is right for you. Here’s the breakdown!   Read more and get additional resources here: https://wp.me/paQKv1-bX    Watch the podcast video: https://youtu.be/kdGqPStQ0hA 

Unless you’ve been living in a cave for the past few weeks, you’ve probably heard about the Coronavirus. Even if you HAVE been living in a cave, you’ve probably still heard of it. The topic is dominating the news, the internet and the financial markets, and it’s been causing some extra volatility and fear lately. The thought of a worldwide pandemic is scary, but should it be driving the stock markets down, and should you be listening and buying into everything you’re hearing?   Read more on the topic here: https://yourmoneypuzzle.com/podcast/money-puzzle-46-news-noise-and-the-coronavirus/    Watch the video podcast here: https://youtu.be/g8_VeH5l0O8 

There is plenty of misinformation spread across the financial world. Unfortunately, many people base their planning decisions based on these rumors and myths. On this episode, Robert and Brian tackle four of the biggest investing myths so you don't end up going down the wrong path in retirement.    Get the show notes here: https://yourmoneypuzzle.com/podcast/money-puzzle-45-4-big-investing-myths/    Watch the video: https://youtu.be/5Ov6wgmCtjU 

In honor of Valentine's Day, which also happens to be the wedding anniversary for Robert and his wife, we talk about promises we make to our loved ones and how financial planning is one of those. This February, and every February, is “Insure Your Love” month, which is sponsored and run by the Life Happens Foundation. It’s a month-long dedication across America to looking at and reviewing your life insurance, and this year’s theme is about keeping your promises. It got me thinking - that’s exactly what ALL financial planning is about – keeping the promises you’ve made to the people you care about. So that's what we'll talk about on this episode.   Check out the full show notes here: https://wp.me/paQKv1-bt    Watch the video podcast here: https://youtu.be/qfK5UEWWWvQ 

There are a lot of big mindset changes that need to take place in your 60s. You no longer have places to go unless you want to go. You’ve basically got 6 Saturdays and Sunday every week. You’re going into a whole new phase of life and a completely different style of life. It takes some getting used to, and it takes a little bit of planning to make sure you get it right! So, let’s wrap up the top three things to get done. Read more about this topic and see the video here: https://wp.me/paQKv1-bj

Let's keep rolling through our 60s as we prepare to move into retirement by talking about money moves number four and five on our list.    Get the show notes and video podcast here: https://wp.me/paQKv1-b9    If you missed any of our previous episodes, check them out:  Part one: Money Moves to Make in Your 20s Part two: Money Moves to Make in Your 30s (5-8) Part three: Money Moves to Make in Your 30s (Nos. 1-4) Part four: Money Moves to Make in Your 40s Part five: Money Moves to Make in Your 40s - Part 2   Part six: Money Moves to Make in Your 50s – Part 1    Part seven: Money Moves to Make in Your 50s – Part 2   Part eight: Money Moves to Make in Your 60’s - Nos. 6-9  

All right, we finally made it into our 60’s and we are headed into retirement. You’re so excited I can hardly wait, BUT WAIT, there are still some very, very important things to get done this decade to MAKE SURE that your retirement doesn’t just start great, but to make sure it stays great! Unfortunately, not all retirements last. Sometimes, people run out of money before they run out of life and end up having to either go back to work or change their lifestyle. Making smart money moves in your 60’s will help prevent either of those things from happening to you!   Show notes and additional resources:  https://wp.me/paQKv1-b7   See the video: https://youtu.be/IBEk5EzIwZc

We've traveled through four decades of life to reach the end of our 50s for this series on money moves. Last episode we discussed four of the moves you need to make before you turn 60 and this episode will wrap up the top 3.  See the video and show notes: https://wp.me/paQKv1-aY 

We started a series last year to break down the financial decisions and goals you should have for every decade of your life. Now we move into the 50s, where you start ramping up preparations for retirement. This is a great earning decade so let's discuss what money moves you should be making before you hit 60.    Read more here: https://yourmoneypuzzle.com/podcast/money-puzzle-39-money-moves-to-make-in-your-50s-part-1/ 

So here we are, kicking off 2020, which is crazy because I remember being scared about Y2K making my computers all stop working like it was just last year! But any way, it’s January and it’s time to get rolling into 2020. One of the big problems with resolutions is that people aren’t really making resolutions, they’re just listing their dreams and fantasies. The other problem with resolutions is that most people go overboard and have TOO MANY things they want to accomplish all at once. Fortunately, when it comes down to it, there is really only ONE financial resolution that you need for the new year. In fact, if this was your only financial resolution each year for the rest of your working life, you’d be better off (financially) than most of the world. Is this the ONLY financial thing you should do? No, of course not. But if you were only going to have one resolution, this would be THE ONE! Read more and see the video here: https://yourmoneypuzzle.com/podcast/money-puzzle-38-the-only-financial-resolution-you-need/ 

We move along in our series about how to be investing your money over each decade of your life. We started with your 20s, spent two shows on your 30s, and now we conclude our two-part show on your 40s. It's important to take advantage of this decade and we'll tell you how.    Show notes and video: https://wp.me/paQKv1-aD 

We move along in our series about how to be investing your money over each decade of your life. We started with your 20s, spent two shows on your 30s, and now we move into the 40s. This is an important decade as you become established in your career and likely have more money to set aside.   Show notes: https://wp.me/paQKv1-ay 

Once you’re in your 30s, you are likely (and hopefully) in full-blown adult mode. This means that your finances need to be in adult mode too! In episode 34,we started counting down the best money moves to make in your 30s. There are eight big moves to make in your 30s – enough to break into two shows. Today we'll finish it out with numbers 1-4.    Show Notes: https://yourmoneypuzzle.com/podcast/money-puzzle-35-money-moves-to-make-in-your-30s-nos-1-4/ 

Once you’re in your 30s, you are likely (and hopefully) in full-blown adult mode. This means that your finances need to be in adult mode too! In episode 33, we went over the 5 big money moves you should make in your 20s, in order to get your adult life started down the right financial track. In episode 34, we’re counting down the best money moves to make in your 30s. There are eight big moves to make in your 30s – enough to break into two shows. Let’s start the countdown from 8 – 5 in order of the most important money moves to make during your 3rd decade of life. We’ll finish the top 4 money moves in next week’s show!  Show Notes and Video: https://yourmoneypuzzle.com/podcast/money-puzzle-34-how-should-you-be-investing-in-your-30s/ 

If your goal is to have the best retirement possible, and whose isn't right, then you need to be taking steps towards that as early as possible. The ideal retirement plan is a process that takes five decades of work and dedication, and today we discuss what you need to be doing in your 20s to reach that retirement goal.   Show Notes: https://wp.me/paQKv1-a1

Have you ever considered getting into real estate and building a rental porfolio that generates cash flow for you each month? Your dream can become a reality if you put a plan in place and have the determination to follow it. Let me introduce you to Jeff and Lisa, who just added their fifth rental property after setting the goal just years prior. Their story will show you that it's possible and hopefully inspire you to get out there and chase your dreams.  Show notes: https://yourmoneypuzzle.com/podcast/money-puzzle-32-jeff-lisas-story-from-start-to-5-rental-properties/

When was the last time you checked your credit score? Some of us would probably rather not know what our number is, but credit is tied to pretty much everything we do and buy today. Let's explore credit on this episode by looking at how your score is calculated and discuss ways to improve that number.   Show Notes: https://yourmoneypuzzle.com/podcast/whats-credit-got-to-do-with-it/

It seems like a silly question at first, do returns really matter? At first, the obvious answer is, YES, of course they do! It makes sense - if your investments get 8% instead of 6%, or 5% instead of 3%, your money will grow faster and you’ll be better off so, yes, returns matter! While the simple math of better returns makes sense, there is more to it than just simple math. Check out the full show notes for the episode by clicking here: https://yourmoneypuzzle.com/podcast/money-puzzle-30-do-returns-really-matter/

Last week we started down the road towards better fitness – both physically and financially – and we went over three tips to help us be more fit. The first three were:  1. Repetition Is Key2. Diet Matters3. Getting A Workout Buddy (Accountability Buddy) We also talked about what it means to be motivated (properly) as well as the importance of choosing a good lifestyle vs. trying extreme diets, whether they be physical or financial. Now, it’s time for three more tips (numbers 4,5,6) to better fitness, with your wallet AND your waistline! See the full show notes and video here: https://yourmoneypuzzle.com/podcast/money-puzzle-29-financial-fitness-part-2-3-more-lessons-ive-learned/

Living a long, prosperous life requires you to have both your physical and financial health in order. With both working in unison, you'll be able to fully enjoy each day all the way through retirement. This two part series will discuss the importance of wellness in health and finance.  Show notes: https://yourmoneypuzzle.com/podcast/money-puzzle-28-…ially-fit-part-1/

If you’ve listened to any of the shows with my business partner on as my co-host, you’ve probably figured out we’re pretty different from each other. He’s a mountain man, I’m a city guy. I like to take place in action sports and high-adrenaline activities (outside of the office), and Brian likes to hunt and fish and hike. I’m an empty nester and Brian still has 4 kids at home (and they home-school their kids). But for all of our differences, we’ve got quite a few things in common too! We are both from Michigan. We both dealt with some poverty as children as well as some prosperity. We both fell in love with financial planning at young ages and we both believe that our job is to help each individual client reach their specific goals for their family. Brian and I have been working “around” each other for almost 20 years, and we always had an appreciation for how the other does business and cares for their clients. So, when the opportunity to partner up and work more closely together, it made sense to both of us immediately. If you’re curious about how either Brian Johnson or myself, Robert Edgin, got into the business or about some of our early failures and learning experiences in life, this episode will get you all caught up on the story of us! Video Version of Podcast: https://yourmoneypuzzle.com/podcast/money-puzzle-27-the-story-of-us/ Today's News Story: https://news.yahoo.com/report-petty-crooks-5m-lottery-win-raises-suspicions-111119951.html  

It’s easy to think, “it’ll never happen to me” or “I’m too young for life insurance.” But what if it does happen to you, regardless of how young or old you are? Eryn has a personal and moving story about a new relationship, an illness, way too much time in hospitals and, you guessed it, some advice about life insurance! See the show notes and video here: https://yourmoneypuzzle.com/podcast/money-puzzle-26-a-cautionary-tale-about-life-insurance/

After the past two weeks of talking about life insurance, you might be on the verge of making a decision on a policy. We've already talked about what life insurance is and what types of policies are available. Now let's talk about the situations where your insurance policy might not actually pay you out. These are scenarios you need to be aware of before making a decision. Read more and see the video here: https://yourmoneypuzzle.com/podcast/times-when-life-insurance-doesnt-always-pay-out/

So, you’ve decided you need some life insurance and, after listening to last week’s episode, you know how much you need and what kind to buy. Great, but now that you know how much overage you need, what do you do about it and where do you get your shiny new life insurance? There are other places you can get the coverage you need BESIDES a life insurance company. The first place to look for coverage is where you work! Read everything about today's episode in the show notes here.

This week let's talk Liam. No, not the actors Neeson or Hemsworth but Life Insurance Awareness Month. There are two types of life insurance that most people think about - Term and Permanent - and that will be our focus on this episode.  Click here to see the full show notes for this episode. 

Long-term care might not be the first thing that comes to mind when you think about retirement, but it's often an important part of the puzzle that impacts both time and money. This is part 5 of a series that dives into the topic and discusses how you might be affected. In this episode, we talk about some of the options you have to get assistance with payment. Click here for the full show notes.

Long-term care might not be the first thing that comes to mind when you think about retirement, but it's often an important part of the puzzle that impacts both time and money. This is part 4 of a series that dives into the topic and discusses how you might be affected. There are a lot of ways to put together a long-term care plan and there are a lot of options in paying for care. In Episode 21, we reviewed some of the most common self-pay options, including writing checks and paying as you go, using a reverse mortgage, life settlement or a bridge loan. If you do need care and plan on writing checks each month (or using any of the other options listed above), there are a few things you should take into consideration. Read more on the topic and see the video by clicking here.

Long-term care might not be the first thing that comes to mind when you think about retirement, but it's often an important part of the puzzle that impacts both time and money. This is part 3 of a series that dives into the topic and discusses how you might be affected. In this episode, we get into the transition from in-home care to a facility and eventually hospice. Erin Johnson joins as a special guest to share her family's personal story.

Long-term might not be the first thing that comes to mind when you think about retirement, but it's often an important part of the puzzle that impacts both time and money. This is part 2 of a series that dives into the topic and discusses how you might be affected. In this episode, we take a 10,000 foot view at the costs by using some surprising statistics. Read more about the topic by clicking here. 

Long-term care might not be the first thing that comes to mind when you think about retirement, but it's often an important part of the puzzle that impacts both time and money. This is part 1 of a series on long-term care where we'll dive into the topic in great detail and answer many of the questions associated with it. In this episode, we're talk Clarissa, who has been providing care to her mother-in-law, to get her perspective on how it's affected her family's retirement. You can read more on the topic and watch the podcast by clicking here.

Are you normally a do-it-yourselfer and you want to apply the same strategy to your finance? That's awesome and it can definitely be done but certain people don’t have the proper skillset or mindset when it comes to finances. And certain parts of your financial life might require some expert help. Your finances are just like everything else in life – some people have the skills to do it yourself, others do not! For more on this topic, check out our blog by clicking here.

Financial advisors are always talking about financial plans; well, we are on this show, at least! But are they really THAT important and, if so, what goes into it, what can you skip over and what does it even do for you? First, is it really that important? In a word, YES! However, don’t take my one-word answer, let’s look and see what other smart people say... Forbes: 10 Reasons why financial plans aren’t just for the 1%Motley Fool: Do you have a financial plan? Here’s why you need one.US News: 6 Reasons You Need a financial planNerd Wallet: What is a financial plan and why is it important? For the full corresponding blog post for this episode, visit: https://wp.me/paQKv1-7E

This episode is focused on earning more, right where you’re already at – your current job. There are two things to look at here, getting a raise or promotion and, second, increasing your take home pay by adjusting your withholdings. Read more about this topic and see the resources here. 

If you’re going to invest for your future (which you should), you may come across arguments for and against different styles of investing, like passive investing and active investing. There are plenty of “money gurus” out there who are very vocal about both styles, so let’s break them down so you can have the information needed to decide which one is right for you and your personal situation! First, what exactly IS passive and active investing? Full show notes: https://yourmoneypuzzle.com/podcast/money-puzzle-14-passive-vs-active-what-are-they-and-whats-right-for-you Main Story:   Passive investing, according to Investopedia, is an investment strategy to maximize returns by minimizing buying and selling. Index investing is one common passive investing strategy whereby investors purchase a representative benchmark, such as the S&P 500 index, and hold it over a long-time horizon. Passive investment is cheaper, less complex, and often produces superior after-tax results over medium to long time horizons than actively managed portfolios. The most common type of passive investing is index investing, which is akin to investing directly in the overall “stock market”, or one of the markets. It has long been argued that it is difficult, or perhaps impossible, to beat the stock market’s performance over a long period of time by picking individual stocks, mutual funds, bonds, etcetera. Investing in an index is considered one of the least expensive ways to invest. The fees are typically very low because there are not very many moving parts – no individual investments that need to be managed. Passive investing’s goal is to build wealth gradually. Also known as a buy-and-hold strategy, passive investing means buying a security with the intention to own it long-term. Unlike active traders, passive investors do not seek to profit from short-term price fluctuations or market timing. The underlying assumption of passive investment strategy is that the market posts positive returns over time. Active investing, according to Investopedia, an investment strategy that involves ongoing buying and selling activity by the investor. Active investors purchase investments and continuously monitor their activity to exploit profitable conditions. Active investing is highly involved. Unlike passive investors, who invest in a stock when they believe in its potential for long-term appreciation, active investors typically look at the price movements of their stocks many times a day (or week, at least). Usually, active investors are seeking short-term profits. Active investing’s goal is to out-perform the stock market by choosing individual stocks that can be bought and sold under the right conditions to turn a bigger profit than simply leaving money invested in the market itself, which should post positive returns over a long period of time. Which investment style does better? The short answer is, it depends on what your goals are. We’ve talked about the Warren Buffett challenge before, where he bet $1 million dollars that no hedge fund manager using active investing could beat the performance of the S&P 500 over a 10-year period. One hedge fund manager accepted the bet and was subsequently beaten. The market (passive investing) outperformed the hedge fund (active investing) by almost 5% per year over the next 10 years! But what if your goal is NOT to outperform the markets? What if your goal is to get similar returns as the market, but do it in a safer way? What if your top priority is to produce income, and growth of your investments is a secondary priority? If either of these cases are true, active investing in specific portfolios that help you achieve those goals might be your better option, even IF the stock market has higher, long-term returns. There are other considerations that might make one style of investing better for your personal situation, such as tax-efficiency and diversification. Which investment style should you choose? Again, the short answer is, it depends on what your goals are. Both styles of investing can and do work, and it might be that you need to invest using some of each style! You may choose to invest some of your money passively and some actively if that is the best way to reach your goals. This is where a professional advisor can help, by designing a plan and portfolio specific to your needs AND give you guidance as to which style of investing is right for you. The bottom line is this. Passive investing, active investing – these are just tools to use to reach your goals. Don’t be afraid of either of them or let anyone talk you into believing that only one style works. Evaluate both based on what you’re trying to do so you can make the best decision for your family. News Story: Elevated testosterone causes bull market trading. Additional Resources:   Edgin Insurance & Financial Services Website Contact Robert

Earning More with Side hustles Today we’re following up on the conversation we started a few weeks ago about earning more vs spending less and which is better for getting ahead. We talked about spending less being better if you’re in a financial crisis or in need of some very fast acting money fixes, because spending less is IMMEDIATE! But there is only so much cutting you can do.   We also talked about earning more being better for the long-term, big picture, MULTIPLIER of your finances, and there are really only four ways you could increase your earnings – ask for a raise or promotion, get a side-gig or side-hustle, start a business or adjust your paycheck withholdings. Today’s episode focuses on side-hustles.   When I was 19, I opened an insurance agency for Allstate and, for a short time, I was the youngest Allstate agent in the country. My agency paid my bills, barely. And my wife worked to help pay them too! On the side, I also owned a magic shop at a kiosk in one of our local malls. It was called Hocus Pocus. I wore a name tag that said master illusionist, which I was not. I paid someone to run the shop during the day and then, on nights and weekends, I was there selling magic tricks for extra money.   I wasn’t working on the side to pay my bills; it was to get ahead. My wife and I were living in a crappy little apartment and we wanted to buy a house. My side hustle was going to provide the money for the down payment.   A few years later, when my agency was more established, my wife and I, and now our new daughter, were living in a house instead of that crappy apartment. My agency was paying my bills, but I was going out at night and selling vacuums. That’s right, I was a vacuum salesman! The vacuum sales were for extra money. We were paying our bills with our jobs, but we weren’t getting ahead. We weren’t creating any wealth. Selling vacuums allowed us to earn some extra to pay off some debts and accelerate our wealth.   Years later, after I had been in the financial industry for about 12 years, I started a side business selling little rubber thumb bands that said things like, TXTNG KLLS and DNT TXT N DRIVE. They were called texting thumb bands, and we sold millions of them! My dad got involved and helped run it because I was working full-time in my financial planning practice. We were selling these little bands online and through the mail along with other anti-texting schwag for parents and schools to use with young drivers who are prone to text and drive.   I wasn’t selling the bands to pay my bills, my financial planning practice did that just fine. My wife and I, and now our two kids, were living in a bigger home and were very comfortable. My side hustle wasn’t for the house, it was to help me buy rental properties. It helped pay for two, AND do some awesome extra stuff, like taking a week-long rafting trip through the Grand Canyon with my son and dad. It also paid for my wife and I to take our kids to Maui for a few weeks.   A side hustle is not what you do to pay your bills, it’s something extra that you use to accelerate your wealth. It helps you put together all the pieces of your money puzzle faster! It might be a part-time job, or a speaking gig, or selling things online, but it’s for the EXTRA earnings. The “above and beyond” money that you DON’T need to use to pay your bills.     If you need to work overtime or get a second job to pay your bills, then you’re living beyond your means and that needs to be adjusted. But that’s a different conversation. This conversation is about the 6 reasons to think about getting a side hustle, depending on your age and financial situation. Let’s break them down!   First, you may find yourself in some kind of debt situation that you don’t want to be in. Maybe you’re not sure how you got into all this debt, but you know it doesn’t feel good and you know you want out. Earning an extra $500 on the side each month and using it to pay down debts like credit cards, student loans or car payments will accelerate your wealth, because most debt is an enemy of wealth.   Second, maybe you have some big financial goal you are trying to accomplish, like moving out of a crappy apartment and into a nice home for your family. Maybe you want to take your entire family on a 2-week tour of Italy or do something on your bucket list. Your job pays you enough to pay your bills and save some, but something on the side could help you accomplish your BIG goals YEARS faster.   Third, you want to accelerate your retirement date or build some passive income streams. You want to create more wealth! Maybe you want to own rental properties or retire 5 years earlier. It just makes sense that getting more money working for you will accelerate your timeframe to reach your goals.   Fourth, maybe you’re getting close to retirement and you hate your job! You’ve been doing it forever,   and you want to spend more time with the grandkids or traveling or…whatever else it is you dream of. A side hustle can help you have a semi-retirement. I’ve got these clients; we’ll call them John and Jane. Jane is a few years older than John and she’s already retired. John and Jane did a good job of saving, paying down debt and doing all the other things that needs to be done before you retire but, based on what they want to do IN retirement, we had calculated that John would have to work for 3 more years. Unless…   John has a pretty cool set of skills that he’s acquired over his working years., so we looked at the numbers and the money puzzle that John and Jane were trying to put together and, instead of working full-time for 3 more years, If John would get a little side-hustle and earn just $1000 a month, he could retire within 6 months from the job he didn’t care for and travel with Jane, which is what he really wanted to do.   Even better, he could do his side-gig for the next 5 years, online, from anywhere they happen to be. It was a personal choice that doesn’t work for everyone, but John would much rather spend 10 hours a week for 5 years doing something little on the side, than 40 hours a week for 3 years doing something he didn’t like doing. It’s a choice they made for the lifestyle, and they couldn’t be happier about it.   The fifth reason to get a little side hustle is sometimes considered to be a hidden reason, and that’s the tax benefits! What?!? Tax benefits from making some extra money?!? That’s right! If you’re a W2 employee for someone right now, you’re limited on your tax deductions. If you’re married, you’re probably using your standard deduction to lower your taxes owed, but that’s about it.   We’ll talk about deductions in a different podcast, but that’s what the IRS allows you to use to lower what they consider to be your “income”, for tax purposes. If you have a little side hustle, it may work out to provide you some big tax breaks. If you have an office in your house and you use it for your side hustle, you may be able to get a deduction on your taxes for a part of your mortgage or rent payment. If     you start using your car for your side hustle, you might be able to write off some of the payment or get a deduction for miles driven. Do you use your cell phone for your side-gig? That’s a possible deduction.   If your hobby was collecting dinosaur bones, and you now start selling some of those bones online, the costs you have in collecting the bones may now be a deduction for you. Suddenly, you’re not paying for that hotel room in the middle of Africa for your bone collecting hobby, now you’re possibly deducting that hotel stay as a cost of collecting those bones, so you have them to sell online! I don’t know if you go to Africa to collect bones, by the way, just a guess. The point is, when you have some kind of side-hustle, it gives you the opportunity to deduct things on your taxes that you cannot deduct if you are just a W2 employee.   Finally, the sixth reason. I was meeting with a retired client just this past week who has been retired for a few years now. He has enough money to live the life he wants in retirement, but he told me he’s getting ready to go back to work for about 12 hours a week. I asked him if we needed to look at increasing what he was taking out of his investment accounts and he said he was good on money. It wasn’t that he needed more money, it was that he needed something to do. Some kind of purpose, and a good opportunity to meet new people and have some new relationships in his life.   The extra money he does earn will be nice, but that $500 a month could have come right out of his investments. He’s not even sure what he’s going to do with the extra money he earns. My guess is we’ll end up adding it to his investment accounts and letting it grow for the future. The side hustle is for his sanity and to keep him busy.   So, there you have it, six reasons to earn more through side hustles, and different ways you can use that extra money to further your future wealth and get your money puzzle put together faster. Now that we’ve done the learning, it’s time to put it into practice and do some extra earning! What kind of side hustle do you have? If you don’t have one, what can you do on the side to earn an extra $500 or $1000 a month?   We’ll be looking at some different ways that some of our clients do it over the next few weeks while we go through the three ways to increase your take home pay, but now it’s your turn! Learning what to do will make you wise, but only doing what you learn will make you wealthy. I’d love to hear about what kind of side hustle you come up with and the earnings you generate!   News Topic   “Three sought in $450k colonoscopy instruments theft at hospital”   https://news.yahoo.com/3-sought-450k-colonoscopy-instruments-theft-hospital-180359105.html

Episode 12 is all about the common investment terms that financial planners, investment advisors, bankers and others working in financial industries use every day. You may have heard them before but, even if you haven’t, these are the terms you should be familiar with if you are going to do some investing. For the full show notes of today's episode click here:https://yourmoneypuzzle.com/podcast/money-puzzle-12-common-investment-terms-you-probably-dont-know So you want to do some investing and, you go meet with your advisor. Or, maybe you’re watching some Jim Kramer or other investment show and they’re throwing around words that sound pretty cool but make no sense to you. They’re talking about alpha and beta and what the standard deviation is of a certain investment. You don’t want to seem like you don’t know what you’re talking about, so you nod your head and say oh yeah, that makes sense… But secretly, on the inside, you’re like, what the heck is this guy talking about? Most industry people use a lot of industry jargon that only makes sense if you’ve studied the industry. A good financial advisor will act as a translator – they’ll bridge the gap between industry talk and the language that most people use – ENGLISH. I had my business partner from Denver, Brian, here in studio to review some of the investment terms that you’ve probably heard, or will hear, so that you know what the industry people are talking about when you hear them. Here are the definitions of a few that we covered: Basis points (bps/”bips”): Investopedia - Basis point (BPS) refers to a common unit of measure for interest rates and other percentages in finance. One basis point is equal to 1/100th of 1%, or 0.01%, or 0.0001, and is used to denote the percentage change in a financial instrument. The relationship between percentage changes and basis points can be summarized as follows: 1% change = 100 basis points, and 0.01% = 1 basis point. Dollar Cost Averaging: Investopedia - A strategy that allows an investor to buy the same dollar amount of an investment on regular intervals. The purchases occur regardless of the asset's price. Alpha: Investopedia - A term used in investing to describe a strategy's ability to beat the market, or it's "edge." Alpha is thus also often referred to as “excess return” or “abnormal rate of return,” which refers to the idea that markets are efficient, and so there is no way to systematically earn returns that exceed the broad market as a whole. Beta: Investopedia - a measure of the volatility, or systematic risk, of an individual stock in comparison to the unsystematic risk of the entire market. Standard Deviation: Investopedia - The standard deviation is a statistic that measures the dispersion of a dataset relative to its mean and is calculated as the square root of the variance. It is calculated as the square root of variance by determining the variation between each data point relative to the mean. If the data points are further from the mean, there is a higher deviation within the data set; thus, the more spread out the data, the higher the standard deviation. Monte Carlo Simulation: Investopedia - Used to model the probability of different outcomes in a process that cannot easily be predicted due to the intervention of random variables. It is a technique used to understand the impact of risk and uncertainty in prediction and forecasting models. News Story: Elevated testosterone causes bull market trading. Additional Resources:   Edgin Insurance & Financial Services Website Contact Robert

Most financial gurus’ messages can be broken down into two camps. The first are all about keeping your costs down and living well below your means – the spend less camp. The other camp is all about making more, more, more money. But which camp is right? Full show notes here: https://yourmoneypuzzle.com/money-puzzle-11-earning-more-vs-spending-less